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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has announced the resignation of chief operating officer Simon Tyrrell, with the executive stepping down from the role as the company begins a formal process to recruit a permanent successor.

Tyrrell will remain available to Greatland until 30 June 2026 to support the transition, the miner said.

Otto Richter has been appointed acting COO. Richter has served as Greatland’s group mining engineer since 2021 and brings more than 25 years of experience, predominantly across open pit and underground gold mining. Greatland said he has been a key member of the senior leadership team involved in operational and mine planning decisions and has a detailed understanding of the company’s assets.

"Simon has been an important part of Greatland's management team and we appreciate his positive contribution towards the Company's safety and operational outcomes," said managing director Shaun Day. "I thank Simon for his efforts and commitment to Greatland and wish him well in his future endeavours."

, /PRNewswire/ -- A transformative year with record financial results 

Events during the fourth quarter 2025

Leqembi® Iqlik™ was launched for weekly maintenance dosing and Eisai completed rolling sBLA submission for subcutaneous initiation treatment in the US Leqembi was approved in Brazil and Canada Leqembi was approved for IV maintenance treatment in the United Kingdom Eisai submitted application for subcutaneous initiation treatment with Leqembi in Japan New Leqembi data presented at CTAD 2025 suggested potential to delay disease progression by up to 8.3 years with continuous treatment The first Nordic patient was treated with Leqembi at private clinic in Finland Events after the end of the fourth quarter

BLA for subcutaneous initiation treatment with Leqembi was accepted and designated for priority review in China Leqembi Iqlik sBLA for subcutaneous initiation dose was granted Priority Review by the US FDA Eisai submitted a Marketing Authorisation Variation to EMA for intravenous maintenance dosing every four weeks with Leqembi Financial summary October – December 2025

Net revenues amounted to SEK 184.0 M (101.2), of which SEK 127.0 M (96.7) in royalties for Leqembi and SEK 51.1 M (-) from the agreement with Novartis Operating profit amounted to SEK 33.2 M (-53.5) Profit for the period amounted to SEK -8.8 M (-31.5) Earnings per share before and after dilution amounted to SEK -0.10 (-0.36) Cash flow from operating activities amounted to SEK 313.3 M (-27.4) Cash and cash equivalents and short-term investments at the end of the period amounted to SEK 2,190.4 M (778.9) The Board of Directors proposes a dividend of 2.00 SEK per share to be paid for the financial year 2025 Comments from the CEO, '2025 was a record year for BioArctic, with an operating profit of more than SEK 1.2 billion'

2025 was a fantastic year for BioArctic, with record financial results, another partnership and new projects. We set a new course for the future and entered a new era, the growth era. For a long time, we have been building a solid foundation for the company's next phase of development, and I am proud of what we have achieved together with our employees and partners.

Leqembi is now approved in more than 50 markets and sales continue to grow every quarter. In the fourth quarter, our royalty revenues grew by 31 percent compared to the same quarter the year before, despite significant negative currency impact. In the US, Japan and China, the number of patients on treatment is steadily increasing. In Japan, despite solid demand, revenue in local currency was flat compared to the previous quarter in light of the 15 percent price reduction implemented in November. Similarly, China showed no significant revenue growth quarter-on-quarter as a consequence of the inventory build-up in the second quarter. Despite the impact of the above, Eisai is steadily progressing toward achieving their full-year sales forecast for Leqembi communicated in May 2025.

Also, in a regulatory context, Leqembi continues to develop positively. In October, the subcutaneous version, Leqembi Iqlik, was launched for maintenance treatment in the US, marking the first time the therapy can easily be administered at home via an autoinjector. The FDA is also reviewing Leqembi Iqlik for initial treatment under a priority review process, with a decision expected by the end of May. In China and Japan, the regulatory authorities are conducting similar reviews, with China also running a priority process. The only slow mover is Europe, where Leqembi, more than three years after the first approval in the US, is still only available in Germany and Austria and in the private market in a few other countries. Even though Europe is expected to represent a minor part of the global market, it is unfortunate that European patients are left behind, especially as the treatment was invented here. Hopefully, the strong efficacy and safety data from clinics in the US, Japan and China, together with data from 4-year Leqembi treatment, can help convince the authorities currently reviewing the treatment across Europe. In parallel, we are continuing our work together with Eisai to make Leqembi broadly available in the Nordic countries. The application for less frequent maintenance treatment with Leqembi, which has now been accepted for review by the EMA, is also an important piece of the puzzle, as it can make it easier for the authorities to assess the total cost of treatment over time.

At our Capital Markets Day in June, we clarified the importance of broadening and strengthening our pipeline to take the next step as a company. Since then, we have strengthened our project portfolio with two new projects, one in Huntington's disease and one related to Parkinson´s disease, as well as advanced our existing projects.

In the fourth quarter, we also nominated candidate drugs in two projects, and they are now being prepared for clinical studies. One project in ALS, BAN3014, and one in Parkinson-related disorders, BAN2238, where the latter is a successor to exidavnemab and linked to our BrainTransporter. The Phase 2a study with exidavnemab in Parkinson's disease and multiple system atrophy is also progressing well. In 2026, we expect to complete the Phase 2a study and the planning for Phase 2b is in full swing. We are continuing to invest in BrainTransporter, where we are broadening the platform to enable more efficient transportation of molecules beyond antibodies into the brain. We believe that we are onto something significant, and we hope to be able to present exciting new data within the coming year. All the work we are doing to further develop our platform is important for the discussions we have with potential collaboration and license partners. We see very strong interest in our technology and projects, and there are good opportunities for new strategic partnerships going forward. To be able to seize new opportunities faster and more proactively, we have strengthened both our business development and research teams.

2025 was a record year for BioArctic, with strong revenue growth, an operating profit of more than SEK 1.2 billion and a doubling of our cash position. Our strong financial position gives us fantastic opportunities to continue to develop and invest in research and development. The Board's assessment is that the company's financial strength enables both dividends to shareholders and continued investments in ongoing and new projects and therefore proposes a dividend of SEK 2.00 per share.

Finally, the year has got off to a flying start, marked by a new approval, the granting of priority review of two regulatory applications for Leqembi, and strong interest in BrainTransporter at the JP Morgan Healthcare Conference in San Francisco in early January. We look forward to another exciting year as we continue our journey toward becoming Sweden's next major pharmaceutical company. A big thank you to all shareholders, employees, and other stakeholders for joining us on this journey.

Gunilla Osswald
CEO, BioArctic AB

Invitation to presentation

BioArctic invites investors, analysts and media to an audiocast with teleconference (in English) today, February 18, at 9:30–10:30 a.m. CET. CEO Gunilla Osswald and CFO Anders Martin-Löf and colleagues will present BioArctic, comment on the report and answer questions.

If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.

Webcast: https://bioarctic.events.inderes.com/q4-report-2025/register

If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

https://events.inderes.com/bioarctic/q4-report-2025/dial-in 

The webcast will afterwards also be available on demand at BioArctic's corporate website

https://www.bioarctic.com/en/investors/financial-reports-and-presentations/

For more information, please contact
Anders Martin-Löf, CFO,
E-mail: [email protected] 
Telephone + 46 70-683 79 77

Oskar Bosson, VP Communications and Investor Relations
E-mail: [email protected] 
Tel: + 46 704 10 71 80

The interim report is such information as BioArctic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, though the agency of the named contact persons, at 8:00 a.m. CET on February 18, 2026.

About BioArctic AB

BioArctic AB (publ) is a Swedish research-based biopharma company focusing on innovative treatments that can delay or stop the progression of neurodegenerative diseases. The company invented Leqembi® (lecanemab) – the world's first drug proven to slow the progression of the disease and reduce cognitive impairment in early Alzheimer's disease. Leqembi has been developed together with BioArctic's partner Eisai, who are responsible for regulatory interactions and commercialization globally. In addition to Leqembi, BioArctic has a broad research portfolio with antibodies against Parkinson-related diseases and ALS as well as additional projects against Alzheimer's disease. Several of the projects utilize the company's proprietary BrainTransporter™ technology, which has the potential to actively transport antibodies across the blood-brain barrier to enhance the efficacy of the treatment. BioArctic's B share (BIOA B) is listed on Nasdaq Stockholm Large Cap. For further information, please visit www.bioarctic.com.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/bioarctic/r/interim-report-for-the-period-october---december-2025,c4309130

The following files are available for download:

SOURCE BioArctic

BAE Systems PLC has hiked its dividend 10% as it reported record sales and a swelling order book, as rising global defence spending feeds through into its numbers.

The UK defence contractor said sales rose 10% to £30.7 billion in 2025. Underlying earnings before interest and tax increased 12% to £3.3 billion, while underlying earnings per share climbed 12% to 75.2p. Earnings were roughly in line with City forecasts. 

Free cash flow came in at £2.16 billion, down from £2.5 billion the year before, reflecting the timing of customer advances and continued high levels of investment, but well ahead of expectations. 

Order intake reached £36.8 billion, with the order backlog of work already won but not yet delivered grew £5.8 billion to a record £83.6 billion to provide strong visibility over future revenues.

Major contract wins included an anticipated £4.6 billion deal linked to Türkiye’s planned purchase of 20 Typhoon aircraft, a £10 billion Government-to-Government agreement paving the way for Norway to select the Type 26 frigate, and $1.2 billion contract to provide the US Space Force with space-based missile tracking capabilities. 

Chief executive Charles Woodburn said: “In a new era of defence spending, driven by escalating security challenges, we're well positioned to provide both the advanced conventional systems and disruptive technologies needed to protect the nations we serve now and into the future.

"With a record order backlog and continuing investment in our business to enhance agility, efficiency and capacity, we're confident in our ability to keep delivering growth over the coming years."

The board recommended a final dividend of 22.8p, taking the total for 2025 to 36.3p, up 10%. The company also spent £502 million on share buybacks during the year.

Looking to the current year, BAE expects sales to rise 7-9%, underlying EBIT to increase 9-11% and underlying earnings per share to grow 9-11%. Free cash flow is forecast to exceed £1.3 billion.

The group also upgraded its three-year cash guidance, now expecting cumulative free cash flow for 2024 to 2026 to exceed £6 billion.

UPPSALA, SE / ACCESS Newswire / February 18, 2026 / Senzime AB's (publ.) (STO:SEZI)(OTCQX:SNZZF) year-end report for January - December 2025 is now available on the company's website www.senzime.com.

Financial summary October-December 2025

Net sales increased by 102 percent to MSEK 28.3 (14.0)

Currency-adjusted net sales amounted to MSEK 31.5, an increase of 125 percent

Gross margin before depreciation amounted to 25.1 percent (67.4) affected by currency effects, US tariffs and inventory write-down of MSEK 10.7

Gross margin adjusted for inventory write-down amounted to 62.7 percent

Operating profit before depreciation adjusted for inventory write-down amounted to MSEK -24.6 (-25.9)

Profit after financial items amounted to MSEK -43.1 (-27.8)

Earnings per share amounted to SEK -0.27 (-0.20)

Cash and cash equivalents as of 31 December 2025 amounted to MSEK 74.0 (100.9)

Financial summary January-December 2025

Net sales increased by 78 percent to MSEK 104.0

Currency-adjusted net sales increased by 90 percent to MSEK 111.2

System sales increased by 98 percent to MSEK 38.2 and sales of disposable sensors increased by 68 percent to MSEK 65.8

Gross margin before depreciation amounted to 52.6 percent (64.4)

Gross margin before depreciation adjusted for inventory write-down of MSEK 10.7 amounted to 62.9 percent.

Operating profit before depreciation adjusted for inventory write-down improved by 16 percent to MSEK -88.4 (-105.5)

Strategic events during and after the end of the fourth quarter

Senzime welcomes the first ever guidelines for EMG-based neuromuscular monitoring of children

• Launch of EMGINE™ Sirius, next generation software for the TetraGraph system

• Senzime secures major orders for TetraGraph systems from leading NHS hospital systems in the UK

• Next-generation TetraGraph system receives regulatory PMDA approval in Japan

• Senzime secures major agreements with leading Ivy League hospitals in the US

Senzime secures credit facility totaling SEK 50 million on market terms

Philip Siberg, CEO, comments:

2025 was the year we increased the growth rate and exceeded SEK 100 million in sales. We won a number of major strategic deals, consolidated our leading market position and now have a clearly defined path to profitability ahead of us. Growth in 2025 amounted to 90 percent in constant currencies, corresponding to sales of SEK 111 million. In actual currencies, growth amounted to 78 percent. Behind the increase are even more hospital contracts won and increased utilization rates among existing customers. The fourth quarter ended the year strong with 125 percent growth in constant currencies and 102 percent in actual currencies.

We achieved our communicated target for sales growth in constant currencies and kept costs according to plan. The strengthened krona negatively affected sales figures in 2025 by approximately SEK 7.3 million. This hit the gross margin, which was also negatively affected by new US tariffs. Regardless of these items, the underlying gross margin improved through lower manufacturing costs and an increasing share of sales of disposable sensors.

In 2026, we aim for profitability by the end of the year. Given the large fluctuations in the dollar exchange rate, we clarify the goals for 2026 to maintain strong sales growth in line with recent years and achieve positive cash-flow within the fourth quarter. We do this through the expected strengthened gross margin, stable operating expenses and sales growth with an increasing share of recurring revenues.

Presentation of Senzime's Year-End Report January - December 2025
Senzime invites you to a webcast presentation of the 2025 Year-End Report on February 18, 2026 at 09:00. The presentation will be held by CEO Philip Siberg and will be in English. The webcast and presentation can be viewed on Senzime's website via the link www.senzime.com/sv/investerare.

For further information, please contact:

Philip Siberg, CEO of Senzime AB
Phone: +46 (0) 707 90 67 34, e-mail: [email protected]

Slavoljub Grujicic, CFO
Phone: +46 (0) 76 306 60 11, e-mail: [email protected]

About Senzime

Senzime is a leading medical device company at the forefront of a changing healthcare market, driven by new clinical guidelines and emerging technologies. Established in 1999, Senzime develops and markets precision-based monitoring systems that improve outcomes, reduce costs, and advance perioperative patient safety. The flagship solution is the TetraGraph® system, proven best-in-class for accurate monitoring of neuromuscular transmission during surgery and used in thousands of operating rooms across the globe. The system helps to secure precise dosing of paralytic drugs and provides enhanced insights to safeguard every patient's journey, from anesthesia to recovery.

Headquartered in Uppsala, Sweden, Senzime is publicly traded on the Nasdaq Stockholm Main Market (SEZI), with cross-trading on the US OTCQX Market (SNZZF), and backed by long-term investors. More information is available at senzime.com.

Attachments

Senzime Year End Report Q4 2025

SOURCE: Senzime

London Stock Exchange Group is upgraded to 'BUY' with a new £78/share price target, citing a compelling valuation after a 22% share price decline. LSEG's operational results remain strong, with net income and total income up, despite market concerns over AI disruption and London's post-Brexit status. The current 18x P/E is below the 20-year average, offering 15%+ annualized upside potential, supported by 9-11% forecasted annual EPS growth.

MILPITAS, Calif.--(BUSINESS WIRE)--Sandisk Corporation (Nasdaq: SNDK) (the “Company” or “Sandisk”) announced today the pricing of a secondary public offering (the “Offering”) of 5,821,135 shares of its common stock (the “SNDK Shares”) currently owned by Western Digital Corporation, the Company’s former parent (“WDC”). The SNDK Shares will be offered at a public offering price of $545.00 per share. Sandisk is not selling any shares of common stock and will not receive any proceeds from the sale of the SNDK Shares in the Offering or from the debt-for-equity exchange (described below).

Prior to the closing of the Offering, WDC is expected to exchange the SNDK Shares for certain indebtedness of WDC held by affiliates of J.P. Morgan Securities LLC and BofA Securities (such affiliates, the “debt-for-equity exchange parties”). Upon the consummation of the debt-for-equity exchange, WDC is expected to deliver the SNDK Shares, at the request of the debt-for-equity exchange parties, to J.P. Morgan Securities LLC and BofA Securities, in their capacity as selling stockholders in the Offering (in such capacity, the “Selling Stockholders”). Following the debt-for-equity exchange, if consummated, the Selling Stockholders intend to sell the SNDK Shares to the underwriters in the Offering.

Immediately after the completion of the debt-for-equity exchange, WDC is expected to own 1,691,884 shares of the Company’s common stock, which it intends to dispose of in one or more subsequent exchanges for outstanding shares of WDC common stock and/or through pro rata distributions to WDC stockholders.

J.P. Morgan Securities LLC and BofA Securities are acting as the joint lead book-runners for the Offering and the representatives of the underwriters of the Offering. The Offering is expected to close on February 19, 2026, subject to customary closing conditions.

The Offering is being made pursuant to the Company’s effective shelf registration statement on Form S-3, including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) and a prospectus supplement relating to the Offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus relating to the Offering, when available, may be obtained from J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by e-mail at [email protected] and [email protected]; or BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, or by e-mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sandisk

Sandisk is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology. With a differentiated innovation engine driving advancements in storage and semiconductor technologies, its broad and ever-expanding portfolio delivers powerful flash storage solutions for artificial intelligence workloads in datacenters, edge devices, and consumer applications. Sandisk’s technologies enable everyone from students, gamers, and home offices to the largest enterprises and public clouds to produce, analyze, and store data. The Company’s solutions include a broad range of solid-state drives, embedded products, removable cards, universal serial bus drives and wafers and components.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, including statements about the timing of completion of the Offering and the expected completion of the debt-for-equity exchange. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, please refer to the risks discussed under the caption “Risk Factors” in the Company’s Registration Statement on Form S-3 filed on February 17, 2026, Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 27, 2025 filed on August 21, 2025 and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update or revise these forward-looking statements, except as required by law.

Solid execution in 2025: 2025 was a year of disciplined execution, with revenue growing 10.1% year over year to $430.9 million and Adjusted EBITDA margin reaching 21.3%. We accelerated top-line growth compared to 2024 while maintaining strong profitability and cash generation. These results reflect the structural strength of our marketplace model and our continued financial discipline.Continued expansion into complex, high-value projects: Our marketplace continued to evolve toward high-value work. Spend per buyer increased 13.3% year over year, accelerating from the prior year, while GMV from transactions over $1,000 grew 22.8%. The number of buyers spending over $10,000 annually also accelerated 7%. These trends validate our upmarket strategy and demonstrate the growing adoption of Dynamic Matching and Managed Services, enabling us to capture larger, more complex projects.Transformation plan underway: Since our restructuring in September, we have initiated a focused transformation to scale trust, quality, and AI-native capabilities across the platform. Anchored around upgrades in matching infrastructure, product experience, go-to-market execution, and operational excellence, this multi-year plan is designed to extend our leadership in high-value work while maintaining a disciplined cost structure. We expect to see measurable progress within the next four to six quarters.Resetting expectations to invest for long-term growth: As we execute this transformation, we are aligning expectations around a disciplined investment phase. While near-term growth may be volatile due to market conditions and the scope of our initiatives, we are committed to protecting structural profitability and generating healthy cash flow. We believe these investments position Fiverr to accelerate growth and drive value creation in 2027 and beyond. NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Fiverr International Ltd. (NYSE: FVRR), the company that is transforming the way the world creates and works together, today reported financial results for the fourth quarter and full year 2025. Additional operating results and management commentary can be found in the Company’s shareholder letter, which is posted to its investor relations website at investors.fiverr.com.

“As we close 2025, a year of disciplined execution for us, it is clear that we are living through a significant shift in AI adoption. We are seeing a profound migration on our marketplace where humans are becoming more essential, not less. By moving toward an agentic economy, where AI helps navigate complexity, we are ensuring that we remain the bridge between businesses and the most exceptional human talent. With our expansive global talent network, outcome based hiring model, and depth of proprietary data, Fiverr has a unique right to win in this new age of AI,” said Micha Kaufman, founder and CEO of Fiverr. “We have a multi-year plan to lead this transition, and I have never been more excited about the road ahead.”

"We finished the year with a record Adjusted EBITDA margin, a testament to the health of our business as we pivot upmarket. To accelerate our next phase of execution, we are aligning our leadership structure to better support this scalability. I am thrilled to see Esti step into the role of CFO, her knowledge and disciplined financial leadership provide the exact continuity we need to navigate this transformation. As President, my focus will remain on our long-term strategic investments and M&A efforts,” said Ofer Katz, President and CFO of Fiverr. “Looking towards 2026, we are prioritizing product innovation and platform re-architecture investments, while also maintaining a disciplined capital allocation strategy that ensures we have the flexibility to act on opportunities that align with our AI-native future.”

Fourth Quarter 2025 Financial Highlights

Revenue in the fourth quarter of 2025 was $107.2 million, compared to $103.7 million in the fourth quarter of 2024, an increase of 3.4% year over year.Marketplace revenue in the fourth quarter of 2025 was $71.5 million, compared to $73.5 million in the fourth quarter of 2024, a decline of 2.7% year over year.Annual active buyers1 as of December 31, 2025, were 3.1 million, compared to 3.6 million as of December 31, 2024, a decline of 13.6% year over year.Annual spend per buyer1 as of December 31, 2025, reached $342, compared to $302 as of December 31, 2024, an increase of 13.3% year over year.Marketplace take rate1 for the twelve months period ended December 31, 2025, was 27.7%, an increase of 10 basis points from 27.6% for the twelve months period ended December 31, 2024.Services revenue in the fourth quarter of 2025 was $35.6 million, compared to $30.2 million in the fourth quarter of 2024, an increase of 18.2% year over year.GAAP gross margin in the fourth quarter of 2025 was 82.4%, an increase of 190 basis points from 80.5% in the fourth quarter of 2024. Non-GAAP gross margin1 in the fourth quarter of 2025 was 84.7%, an increase of 70 basis points from 84.0% in the fourth quarter of 2024.GAAP net income in the fourth quarter of 2025 was $11.5 million, or $0.32 basic net income per share and $0.31 diluted net income per share, compared to $12.8 million GAAP net income, or $0.36 basic net income per share and $0.33 diluted net income per share in the fourth quarter of 2024.Non-GAAP net income1 in the fourth quarter of 2025 was $32.1 million, or $0.89 basic non-GAAP net income per share1 and $0.86 diluted non-GAAP net income per share1, compared to $24.9 million non-GAAP net income1, or $0.70 basic non-GAAP net income per share1 and $0.64 diluted non-GAAP net income per share1, in the fourth quarter of 2024.Net cash provided by operating activities in the fourth quarter of 2025 was $21.9 million, compared to $30.0 million in the fourth quarter of 2024, a decrease of 27.2% year over year. Excluding one-time escrow payment for contingent consideration of $5.7 million in the fourth quarter of 2025, net cash provided by operating activities decreased by 8.1% year over year.Free cash flow1 in the fourth quarter of 2025 was $21.8 million, compared to $29.6 million in the fourth quarter of 2024, a decrease of 26.5% year over year. Excluding one-time escrow payment for contingent consideration of $5.7 million in the fourth quarter of 2025, free cash flow decreased by 7.1% year over year.Adjusted EBITDA1 in the fourth quarter of 2025 was $26.5 million, compared to $20.7 million in the fourth quarter of 2024. Adjusted EBITDA margin1 was 24.7% in the fourth quarter of 2025, compared to 20.0% in the fourth quarter of 2024, representing a 470 basis points improvement year over year. Full Year 2025 Financial Highlights

Revenue in 2025 was $430.9 million, compared to $391.5 million in 2024, an increase of 10.1% year over year.Marketplace revenue in 2025 was $297.5 million, compared to $303.1 million in 2024, a decline of 1.8% year over year.Services revenue in 2025 was $133.4 million, compared to $88.4 million in 2024, an increase of 50.9% year over year.GAAP gross margin in 2025 was 81.6%, a decrease of 40 basis points from 82.0% in 2024. Non-GAAP gross margin1 in 2025 was 84.4%, an increase of 10 basis points from 84.3% in 2024.GAAP net income in 2025 was $21.0 million, or $0.58 basic net income per share and $0.56 diluted net income per share, compared to a net income of $18.2 million, or $0.49 basic net income per share and $0.48 diluted net income per share in 2024.Non-GAAP net income1 in 2025 was $115.1 million, or $3.17 basic Non-GAAP net income per share1 and $2.95 diluted Non-GAAP net income per share1, compared to $95.1 million, or $2.57 basic Non-GAAP net income per share1 and $2.38 diluted Non-GAAP net income per share1, in 2024.Net cash provided by operating activities in 2025 was $104.6 million, compared to $83.1 million in 2024, an increase of 25.9% year over year. Net cash provided by operating activities, excluding one-time escrow payment for contingent consideration of $5.7 million in 2025 and $12.2 million in 2024, was $110.3 million in 2025, compared to $95.2 million in 2024, an increase of 15.9% year over year.Free cash flow1 in 2025 was $103.3 million, compared to $81.7 million in 2024, an increase of 26.5% year over year. Free cash flow1, excluding one-time escrow payment for contingent consideration of $5.7 million in 2025 and $12.2 million in 2024, was $109.0 million in 2025 compared to $93.8 million in 2024, an increase of 16.2% year over year.Adjusted EBITDA1 in 2025 was $91.6 million, compared to $74.2 million in 2024. Adjusted EBITDA margin1 was 21.3% in 2025, an increase of 230 basis points from 19.0% in 2024. Financial Outlook

For Q1'26 and full-year 2026 guidance, the wider-than-normal revenue range reflects the elevated uncertainty on our business as the transformation plan underway focuses on high-value work, and intentionally deprioritizes incremental optimization of low-end transactions. This is coupled with the continued uncertainty around external market conditions. On Adjusted EBITDA, the updated guidance for this year reflects the revenue trends we see, as well as the impact from investments we’re making in foundational work. The core business unit economics remain structurally sound, and our ability to drive intrinsic leverage in the marketplace business model remains intact.

 Q1 2026FY 2026Revenue$100 – $108 million$380 – $420 milliony/y growth(7)% – 1%(12)% – (3)%Adjusted EBITDA(1)$19 – $23 million$60 – $80 million
Leadership Transition

To support long-term growth and operational complexity, we are refining our executive leadership structure:

President: Ofer Katz will continue to serve as President. By transitioning the CFO title, Ofer will now dedicate his time to driving strategic investments and leading M&A efforts.Chief Financial Officer: Esti Levy Dadon is being promoted to CFO, alongside overseeing multiple business and operational responsibilities. Esti has been with Fiverr for nearly a decade, serving as EVP Finance for the past four years.Chief Business Officer: Jinjin Qian is being promoted to the newly created CBO role, where she will oversee revenue, talent, fulfillment, and business operations. Jinjin has been leading IR and Strategy for the last seven years. Conference Call and Webcast Details

Fiverr’s management will host a conference call to discuss its financial results on Wednesday, February 18, 2026, at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Fiverr’s Investor Relations website. An archived version will be available on the website after the call. To participate in the conference call, please dial: Toll-Free: 1-833-630-1956 or International: 1-412-317-1837.

About Fiverr

Fiverr’s mission is to transform the way the world creates and works together. We’re shaping the future of work with the world’s leading open platform, seamlessly connecting top talent and cutting-edge technology with businesses around the globe. From expert freelancers in over 750 skilled categories to best-in-class GenAI models and agents, Fiverr provides the most advanced and comprehensive talent and tools for digital services—helping businesses get mission-critical projects done fast and cost-effectively.

From small businesses to Fortune 500 companies, millions trust Fiverr for projects in software and AI development, digital marketing, finance, business consulting, video animation, music, architecture, and more.

Learn how to future-proof your business with exceptional talent and cutting-edge tools at fiverr.com. Follow us on LinkedIn, Instagram, TikTok, and Facebook.

Investor Relations:
Jinjin Qian
Emily Greenstein
[email protected]

Press:
Jenny Chang
Tommy Lee
[email protected]

Source: Fiverr International Ltd.

CONSOLIDATED BALANCE SHEETS
(in thousands)
       December 31,December 31,   2025   2024   (Unaudited) (Audited)Assets    Current assets:    Cash and cash equivalents $125,215  $133,472 Marketable securities  117,705   288,947 User funds  159,849   153,309 Bank deposits  40,000   144,843 Restricted deposit  3,409   1,315 Other receivables  32,970   34,198 Total current assets  479,148   756,084      Long-term assets:    Marketable securities  –   122,009 Property and equipment, net  3,360   4,271 Operating lease right of use asset  3,513   5,122 Deferred Tax Assets, net  26,423   22,517 Intangible assets, net  36,554   41,882 Goodwill  126,313   110,218 Other non-current assets  7,795   7,871 Total long-term assets  203,958   313,890      TOTAL ASSETS $683,106  $1,069,974      Liabilities and Shareholders' Equity    Current liabilities:    Trade payables $9,081  $5,533 User accounts  149,454   141,691 Deferred revenue  18,567   20,090 Other account payables and accrued expenses  66,931   57,167 Operating lease liabilities  3,365   2,608 Convertible notes, net  –   457,860 Total current liabilities  247,398   684,949      Long-term liabilities:    Operating lease liabilities  798   2,747 Other non-current liabilities  22,926   19,628 Total long-term liabilities  23,724   22,375      TOTAL LIABILITIES $271,122  $707,324      Shareholders' equity:    Share capital and additional paid-in capital  786,195   727,176 Accumulated deficit  (377,739)  (366,193)Accumulated other comprehensive income  3,528   1,667 Total shareholders' equity  411,984   362,650      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $683,106  $1,069,974  CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and pfb share data)
            Three Months Ended Year Ended  December 31, December 31,   2025   2024   2025   2024   (Uaudited) (Unaudited)(Audited)Revenue $107,174  $103,666  $430,909  $391,481 Cost of revenue  18,870   20,201   79,416   70,566 Gross profit  88,304   83,465   351,493   320,915           Operating expenses:         Research and development  17,893   22,329   90,664   90,241 Sales and marketing  43,772   45,232   176,675   171,678 General and administrative  20,736   21,782   85,331   74,814 Total operating expenses  82,401   89,343   352,670   336,733 Operating income (loss)  5,903   (5,878)  (1,177)  (15,818)Financial income and other, net  3,899   5,662   24,593   27,706 Income (loss) before taxes on income  9,802   (216)  23,416   11,888 Tax benefit (taxes on income)  1,658   13,054   (2,433)  6,358 Net income attributable to ordinary shareholders $11,460  $12,838  $20,983  $18,246 Basic net income per share attributable to ordinary shareholders $0.32  $0.36  $0.58  $0.49 Basic weighted average ordinary shares  36,107,120   35,658,287   36,281,883   36,984,757 Diluted net income per share attributable to ordinary shareholders $0.31  $0.33  $0.56  $0.48 Diluted weighted average ordinary shares  36,669,122   38,947,644   37,174,763   37,840,154  CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
           Three Months Ended Year Ended  December 31, December 31,   2025   2024   2025   2024   (Uaudited) (Unaudited) (Audited)Cash flows from operating activities:        Net income $11,460  $12,838  $20,983  $18,246 Adjustments to reconcile net income to net cash provided by operating activities:        Depreciation and amortization  3,245   4,328   14,692   10,476 Amortization of premium and accretion of discount of marketable securities, net  (309)  (1,647)  (1,134)  (4,753)Amortization of discount and issuance costs of convertible notes  214   640   2,140   2,555 Shared-based compensation  9,655   18,020   51,389   73,942 Exchange rate fluctuations and other items, net  122   166   (391)  226 Gain from sale of subsidiary  (750)  –   (750)  – Impairment of intangible assets  –   –   2,400   – Revaluation of earn outs  5,955   3,059   15,558   3,202 Changes in assets and liabilities:        User funds  8,442   6,017   (6,540)  (1,707)Operating lease ROU assets and liabilities  52   89   417   (104)Other receivables  4,190   10,267   7,262   4,201 Deferred tax assets, net  1,000   (22,517)  (3,785)  (22,517)Trade payables  3,231   2,653   2,589   (409)Deferred revenue  (1,057)  484   (1,523)  2,275 User accounts  (6,250)  (6,597)  7,763   (512)Payment of earn out  –   (843)  (2,714)  (843)Escrow payment for contingent consideration  (5,746)  –   (5,746)  (12,168)Other accounts payable and accrued expenses  (12,691)  1,098   983   7,967 Non-current liabilities  1,107   1,979   996   2,991 Net cash provided by operating activities  21,870   30,034   104,589   83,068          Investing Activities:        Investment in marketable securities  –   (56,606)  (55,652)  (87,340)Proceeds from maturities of marketable securities  35,399   25,361   352,175   159,216 Investment in short-term bank deposits  (2,867)  (20,007)  (5,054)  (66,357)Proceeds from short-term bank deposits  –   –   107,843   8,213 Acquisition of business, net of cash acquired  (20,147)  (383)  (20,147)  (39,738)Gain from sale of subsidiary  750   –   750   – Acquisition of intangible asset  –   (1,106)  –   (1,106)Purchase of property and equipment  (98)  (326)  (647)  (1,303)Capitalization of internal-use software  –   (83)  (661)  (103)Other receivables and non-current assets  –   –   –   (300)Net cash provided by (used in) investing activities  13,037   (53,150)  378,607   (28,818)         Financing Activities        Repurchases of common stock  (10,009)  –   (32,529)  (100,081)Proceeds from exercise of share options  160   989   3,371   3,349 Payment of earn out  –   (4,357)  (2,486)  (4,357)Proceeds from withholding tax related to employees' exercises of share options and RSUs  632   879   (153)  859 Repayment of debt to previous shareholder of the acquired business  –   –   –   (3,992)Repayment of convertible notes at maturity  (460,000)  –   (460,000)  – Net cash (used in) financing activities  (469,217)  (2,489)  (491,797)  (104,222)         Effect of exchange rate fluctuations on cash and cash equivalents  (136)  (168)  344   (230)         Decrease in cash, cash equivalents  (434,446)  (25,773)  (8,257)  (50,202)Cash, cash equivalents at the beginning of period  559,661   159,245   133,472   183,674 Cash and cash equivalents at the end of period $125,215  $133,472  $125,215  $133,472  REVENUE BREAKDOWN
(in thousands1)
           Three Months Ended Year Ended  December 31, December 31,   2025   2024   2025   2024 Marketplace Revenue $71,534  $73,510  $297,489  $303,069 Annual Active Buyers  3,135   3,630   3,135   3,630 Annual Spend per Buyer $342  $302  $342  $302 Marketplace Take Rate  27.7%  27.6%  27.7%  27.6%         Services Revenue $35,640  $30,156  $133,420  $88,412 Total Revenue $107,174  $103,666  $430,909  $391,481          1. Except for Annual Spend per Buyer and Marketplace Take Rate.
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(in thousands, except gross margin data)
                 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP gross profit $83,465  $86,788  $88,264  $88,137  $88,304  $320,915  $351,493 Add:              Share-based compensation  445   423   403   365   39   2,136   1,230 Depreciation and amortization  3,198   3,164   3,155   2,186   2,446   7,017   10,951 Restructuring costs  –   –   –   238   (35)  –   203 Earn-out revaluation, acquisition related costs and other  17   44   –   (43)  6   28   7 Non-GAAP gross profit $87,125  $90,419  $91,822  $90,883  $90,760  $330,096  $363,884 Non-GAAP gross margin  84.0%  84.4%  84.5%  84.2%  84.7%  84.3%  84.4%                              RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME AND NET INCOME PER SHARE
(in thousands, except share and per share data)
                 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP net income attributable to ordinary shareholders $12,838  $798  $3,188  $5,537  $11,460  $18,246  $20,983 Add:              Depreciation and amortization  4,328   4,284   4,089   3,074   3,245   10,476   14,692 Share-based compensation  18,020   15,754   14,055   11,925   9,655   73,942   51,389 Impairment of intangible assets  –   –   –   2,400   –   –   2,400 Restructuring costs  –   –   –   3,567   (143)  –   3,424 Earn-out revaluation, acquisition related costs and other  4,240   4,599   5,294   3,111   7,854   5,631   20,858 Convertible notes amortization of discount and issuance costs  640   641   642   643   214   2,555   2,140 Taxes on income related to non-GAAP adjustments  (16,249)  (380)  (351)  (235)  (268)  (16,610)  (1,234)Exchange rate (gain)/loss, net  1,108   (642)  531   431   126   859   446 Non-GAAP net income $24,925  $25,054  $27,448  $30,453  $32,143  $95,099  $115,098 Weighted average number of ordinary shares - basic  35,658,287   36,019,143   36,585,998   36,415,189   36,107,120   36,984,757   36,281,883 Non-GAAP basic net income per share attributable to ordinary shareholders $0.70  $0.70  $0.75  $0.84  $0.89  $2.57  $3.17                Weighted average number of ordinary shares - diluted  38,947,644   39,446,707   39,653,165   39,391,560   37,387,076   39,994,015   38,969,647 Non-GAAP diluted net income per share attributable to ordinary shareholders $0.64  $0.64  $0.69  $0.77  $0.86  $2.38  $2.95                               RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
(in thousands, except adjusted EBITDA margin data)
                 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP net income $12,838  $798  $3,188  $5,537  $11,460  $18,246  $20,983 Add:              Financial income and other  (5,662)  (7,325)  (6,554)  (6,815)  (3,899)  (27,706)  (24,593)Taxes on income (tax benefit)  (13,054)  1,332   1,377   1,382   (1,658)  (6,358)  2,433 Depreciation and amortization  4,328   4,284   4,089   3,074   3,245   10,476   14,692 Share-based compensation  18,020   15,754   14,055   11,925   9,655   73,942   51,389 Impairment of intangible assets  –   –   –   2,400   –   –   2,400 Restructuring costs  –   –   –   3,567   (143)  –   3,424 Earn-out revaluation, acquisition related costs and other  4,240   4,599   5,294   3,111   7,854   5,631   20,858 Adjusted EBITDA $20,710  $19,442  $21,449  $24,181  $26,514  $74,231  $91,586 Adjusted EBITDA margin  20.0%  18.1%  19.7%  22.4%  24.7%  19.0%  21.3%                              RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES
(In thousands)
                 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP research and development $22,329  $23,627  $23,994  $25,150  $17,893  $90,241  $90,664 Less:              Share-based compensation  5,563   4,730   4,129   3,229   2,333   23,569   14,421 Depreciation and amortization  247   265   313   309   301   831   1,188 Restructuring costs  –   –   –   2,258   (85)  –   2,173 Earn-out revaluation, acquisition related costs and other  (672)  65   62   (83)  137   28   181 Non-GAAP research and development $17,191  $18,567  $19,490  $19,437  $15,207  $65,813  $72,701                GAAP sales and marketing $45,232  $47,390  $44,844  $40,669  $43,772  $171,678  $176,675 Less:              Share-based compensation  3,162   2,246   1,369   1,338   1,079   13,592   6,032 Depreciation and amortization  770   716   550   507   429   2,308   2,202 Impairment of intangible assets  –   –   –   –   2,400   –   2,400 Restructuring costs  –   –   –   829   (2)  –   827 Earn-out revaluation, acquisition related costs and other  1,811   1,197   1,147   805   1,263   1,878   4,412 Non-GAAP sales and marketing $39,489  $43,231  $41,778  $37,190  $38,603  $153,900  $160,802                GAAP general and administrative $21,782  $20,966  $21,415  $22,214  $20,736  $74,814  $85,331 Less:              Share-based compensation  8,850   8,355   8,154   6,993   6,204   34,645   29,706 Depreciation and amortization  113   139   71   72   69   320   351 Impairment of intangible assets  –   –   –   2,400   (2,400)  –   – Restructuring costs  –   –   –   242   (21)  –   221 Earn-out revaluation, acquisition related costs and other  3,084   3,293   4,085   2,432   6,448   3,697   16,258 Non-GAAP general and administrative $9,735  $9,179  $9,105  $10,075  $10,436  $36,152  $38,795                               RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
                 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)Net cash provided by operating activities $30,034  $28,309  $25,204  $29,206  $21,870  $83,068  $104,589 Purchase of property and equipment  (326)  (287)  (185)  (77)  (98)  (1,303)  (647)Capitalization of internal-use software  (83)  (661)  –   –   –   (103)  (661)Free cash flow $29,625  $27,361  $25,019  $29,129  $21,772  $81,662  $103,281 
Key Performance Metrics and Non-GAAP Financial Measures

This release includes certain key performance metrics and financial measures not based on GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow, as well as operating metrics, including marketplace Gross Merchandise Value or GMV, annual active buyers, annual spend per buyer and marketplace take rate. Some amounts in this release may not total due to rounding. All percentages have been calculated using unrounded amounts.

We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the above tables, adjusted for, as applicable, depreciation and amortization, share-based compensation expenses, contingent consideration revaluation, acquisition related costs and other, income taxes, amortization of discount and issuance costs of convertible note, financial (income) expenses, net and other. Amortization of acquired intangible assets is excluded from the measures, however, the revenue from the acquired companies is included, and their assets actively contribute to revenue generation. Non-GAAP gross profit margin represents non-GAAP gross profit expressed as a percentage of revenue. We define non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by GAAP weighted-average number of ordinary shares basic and diluted. We use free cash flow as a liquidity measure and define it as a net cash provided by operating activities less capital expenditures.

We define GMV or marketplace Gross Merchandise Value as the total value of transactions ordered through our marketplace, excluding value-added tax, goods and services tax, service chargebacks and refunds. Annual active buyers on any given date is defined as buyers who have ordered a Gig on our marketplace within the last 12-month period, irrespective of cancellations. Annual spend per buyer on any given date is calculated by dividing our GMV within the last 12-month period by the number of annual active buyers as of such date. Marketplace take rate for a given period means marketplace revenue for such period divided by GMV for such period. When we refer in this release to the marketplace we refer to transactions conducted between buyers and freelancers on Fiverr.com. When we refer to the platform we refer to the marketplace and our additional services. We define Rule-of-30 as percentage of revenue growth plus Adjusted EBITDA Margin.

Management and our board of directors use certain metrics as supplemental measures of our performance that are not required by, or presented in accordance with GAAP because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations. We also use these metrics for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives and capital expenditures and to evaluate our capacity to expand our business. In addition, we believe that free cash flow, which we use as a liquidity measure, is useful in evaluating our business because free cash flow reflects the cash surplus available or used to fund the expansion of our business after the payment of capital expenditures relating to the necessary components of ongoing operations. Capital expenditures consist primarily of property and equipment purchases and capitalized software costs.

Free cash flow should not be used as an alternative to, or superior to, cash from operating activities. In addition, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share as well as operating metrics, including GMV, annual active buyers, annual spend per buyer and marketplace take rate should not be considered in isolation, as an alternative to, or superior to net income (loss), revenue, cash flows or other performance measure derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business.

These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management's discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non-GAAP metrics as supplemental measures of our performance. Our measures of Adjusted EBITDA, free cash flow and other non-GAAP metrics used herein are not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.

See the tables above regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

We are not able to provide a reconciliation of Adjusted EBITDA guidance to net income (loss), the nearest comparable GAAP measure, and Adjusted EBITDA margin guidance for the first quarter of 2026, the fiscal year ending December 31, 2026, or the period ending December 31, 2027, because certain items that are excluded from Adjusted EBITDA and Adjusted EBITDA margin cannot be reasonably predicted or are not in our control. In particular, in the case of Adjusted EBITDA and Adjusted EBITDA margin, we are unable to forecast the timing or magnitude of share based compensation, amortization of intangible assets, impairment of intangible assets, income or loss on revaluation of contingent consideration, other acquisition-related costs, convertible notes amortization of discount and issuance costs and exchange rate income or loss, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance including, our business plans and strategy, our multi-year plan and expected business transitions, the long term growth of our business, AI services and developments, future investments and investment strategy, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our recent reduction in force could adversely affect our business, results of operations and financial condition; AI developments may present challenges for our industry and reduce the demand for some of our service offerings; our ability to successfully implement our business plan within adverse economic conditions that may impact consumers, business spending and the demand for our services or have a material adverse impact on our business, financial condition and results of operations; our ability to attract and retain a large community of buyers and freelancers; our ability to generate sufficient revenue to maintain profitability or positive net cash flow generated by operating activities; our ability to maintain and enhance our brand; our dependence on the continued growth and expansion of the market for freelancers and the services they offer; our dependence on traffic to our websites; our ability to maintain user engagement on our websites and to maintain and improve the quality of our platform; our operations within a competitive market; political, economic and military instability in Israel, including related to the war in Israel; our ability and the ability of third parties to protect our users’ personal or other data from a security breach and to comply with laws and regulations relating to data privacy, data protection and cybersecurity; our ability to manage our current and potential future growth; our dependence on decisions and developments in the mobile device industry, over which we do not have control; our ability to detect errors, defects or disruptions in our platform; our ability to comply with the terms of underlying licenses of open source software components on our platform; our ability to expand into markets outside the United States and our ability to manage the business and economic risks of international expansion and operations; our ability to achieve desired operating margins; our ability to comply with a wide variety of U.S. and international laws and regulations, including with regulatory frameworks around the development and use of AI; our ability to attract, recruit, retain and develop qualified employees; our reliance on Amazon Web Services; our ability to mitigate payment and fraud risks; our dependence on relationships with payment partners, banks and disbursement partners; and the other important factors discussed under the caption “Risk Factors” in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on February 19, 2025, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

________________________________
1 See “Key Performance Metrics and Non-GAAP Financial Measures” and reconciliation tables at the end of this release for additional information regarding the non-GAAP metrics and Key Performance Metrics used in this release.

-

MARSEILLE, France--(BUSINESS WIRE)--Regulatory News:

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”), a clinical-stage biotechnology company developing immunotherapies for cancer patients, today announced that members of its executive team will participate in a fireside chat and one-on-one meetings at the following conference:

Leerink Partners Global Healthcare Conference 2026

Dates: March 8–11, 2026 Location: Miami, Florida, United States Fireside chat:

Date: March 9, 2026 Time: 3:40 PM ET / 8:40 PM CET To enter the live webcast, please click here The link to access the live webcast of the presentation will be available on the Events page of the Investors section of Innate Pharma’s website. A replay of the presentation will be available following the event.

About Innate Pharma

Innate Pharma S.A. is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Leveraging its expertise on antibody-engineering and innovative target identification, Innate Pharma is developing innovative and differentiated next-generation antibody therapeutics.

Innate Pharma is advancing a portfolio of differentiated potential first and/or best-in-class assets, focused on areas of high unmet medical need, including IPH4502, a differentiated Nectin-4 ADC developed in solid tumors, lacutamab, an anti-KIR3DL2 antibody developed in cutaneous T cell lymphomas and peripheral T cell lymphomas, and monalizumab, an anti-NKG2A antibody developed in collaboration with AstraZeneca in non-small cell lung cancer.

Innate Pharma has established collaborations with leading biopharmaceutical companies, including Sanofi and AstraZeneca, as well as renowned academic and research institutions, to advance innovation in immuno-oncology.

Headquartered in Marseille, France with a US office in Rockville, MD, Innate Pharma is listed on Euronext Paris and Nasdaq in the US.

Learn more about Innate Pharma at www.innate-pharma.com and follow us on LinkedIn and X.

Information about Innate Pharma shares

Disclaimer on forward-looking information and risk factors

For a discussion of risks and uncertainties, please refer to the Risk Factors (“Facteurs de Risque") section of the Universal Registration Document filed with the French Financial Markets Authority (“AMF”), which is available on the AMF website (http://www.amf-france.org) or on Innate Pharma’s website (www.innate-pharma.com), and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public by the Company. References to the Company’s website and the AMF website are included for information only and the content contained therein, or that can be accessed through them, are not incorporated by reference into, and do not constitute a part of, this press release.

This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in Innate Pharma in any country.

More News From Innate Pharma SA

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SSR Mining Inc. (SSRM:CA) Q4 2025 Earnings Call Transcript

This Dividend King remains one of the best buy-and-hold investments out there.

Altria Group (MO 1.06%), parent company of Philip Morris USA, is not without its controversy. Some may object to adding this quintessential "sin stock" to their portfolios. However, many past investors have benefited from buying and holding this tobacco stock.

Including dividends reinvested, Altria shares have generated annualized returns nearing 18% over the past five years. For comparison, the S&P 500 index has delivered annualized total returns of around 13% during this same time frame.

Today's Change

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Altria may be lagging its competitors in industry innovation, but if it can make progress resolving this issue, the impact on the stock's performance could be substantial.

Image source: Getty Images.

This tobacco stock has smoked its competition A high dividend, coupled with steady dividend growth, has played a big role in Altria Group's strong long-term performance. Currently, Altria has a forward dividend yield of 6.3%. This stock is also one of the Dividend Kings, or a stock with over 50 years of consecutive dividend growth.

Assuming dividends are reinvested, Altria has outperformed not just the S&P 500 but also other consumer goods Dividend Kings. Since February 2021, Altria's total returns have totaled 128.6% versus 85.8% for the S&P 500, 81.7% for Coca-Cola shares, and 41.6% for Procter & Gamble shares.

This wave of outperformance comes despite Altria's lack of progress in adapting to changing nicotine and tobacco consumption habits.

The silver lining to Altria's smoke-free dilemma In recent years, there have been plenty of headlines about how Philip Morris International (PM 1.77%), itself an Altria Group spinoff, has had greater success going smoke-free. Philip Morris International currently generates around 41.5% of its total net revenue from smoke-free products, including its Iqos heated tobacco device and Zyn nicotine pouches.

Altria, on the other hand, still generates around 88% of its total net revenue from smokeable products. Worse yet, its past smoke-free endeavors, including its investment in Juul Labs and its acquisition of Njoy, led to billions in impairment losses. Altria exited Juul at a loss due to legal and regulatory issues. Ironically, Altria's Njoy acquisition has largely failed due to losing a patent infringement suit filed against it by Juul Labs.

That said, Altria has continued to counter declining cigarette volumes with price increases. As a result, the company has continued to experience steady, albeit modest, earnings and dividend growth in the low single-digit range. Moreover, with smoke-free expectations set so low, even modest success with future smokeless products could significantly impact Altria's valuation.

Shares remain a strong buy-and-hold opportunity With modest earnings growth expected to help Altria maintain its 6.3% dividend, shares remain well positioned to deliver solid returns for years to come. Better yet, future totals could continue to align with recent performance if the company finally executes a winning smoke-free strategy.

To further bolster its nicotine pouch business, now mostly made up of its On! brand, Altria could expand its product offering through acquisitions, such as acquiring a small competitor like Turning Point Brands.

Following smokeless success, the stock could benefit not only from stronger earnings growth but also from potential valuation expansion. Right now, Altria trades for just 12 times forward earnings, while PMI trades for over 22 times forward earnings. With this in mind, consider Altria a still-great buy-and-hold opportunity for dividend investors.

Beneficient (BENF) Q3 2026 Earnings Call Transcript

Gold (XAU/USD) rebounds above $4,935 despite a stronger US Dollar and easing geopolitical tensions, while silver eyes $79 resistance.

Meta Platforms remains a top holding among elite investors, reflecting strong institutional and professional fund manager confidence. META's recent FQ4 earnings and elevated 2026 CAPEX guidance triggered a market overreaction, which ignored the company's robust free cash flow and AI expansion. Despite higher expense forecasts, META's FCF is projected to average $35B in 2026–2027, comfortably covering dividends, buybacks, and strategic initiatives.

Highlights

Proportionate power generation amounted to 800 GWh for the year, with additional 39 GWh of compensated volumes from ancillary services and availability warranties, bringing the total proportionate power generation, including these volumes, to 839 GWh.Entered into agreements to sell a portfolio of three German solar projects totalling 234 MW in December 2025 for a total consideration of up to MEUR 14, subject to the achievement of development milestones, bringing the total project sales agreements signed during the year to MEUR 18, representing 310 MW of projects.Secured grid connections for six large-scale solar and data centre projects in the UK, with a combined estimated capacity of 2.9 GW, and successfully progressed solar projects in Germany with a combined capacity of 280 MW towards ready-to-permit following municipal approvals.Maintained carbon neutrality across Scope 1 and 2 emissions, alongside improved ESG-ratings, and 100 percent EU Taxonomy alignment of revenues and operating expenditure. Consolidated financials – 12 months

Cash flows from operating activities amounted to MEUR -9.9. Proportionate financials - 12 months

Achieved electricity price amounted to EUR 36 per MWh, which, combined with the consideration from the first German solar project sale, resulted in a proportionate EBITDA of MEUR -4.5.Proportionate net debt of MEUR 89, with significant liquidity headroom available through the MEUR 170 revolving credit facility. Financial Summary
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials in addition to the consolidated financial reporting under IFRS to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

Financial performance Q4 Jan-DecMEUR 20252024 20252024Revenue from power generation 7.57.1 24.925.7Revenue from project sales 2.0- 4.0-EBITDA 0.7- 2.5 - 10.3-1.6Operating profit (EBIT) - 3.5- 6.3 - 27.2- 17.5Net result - 2.3- 6.6 - 26.3- 13.3Earnings per share – EUR - 0.01- 0.03 - 0.09- 0.05Earnings per share diluted – EUR - 0.01- 0.03 - 0.09- 0.05Alternative performance measures      Proportionate financials1      Power generation (GWh) 226287 800907Average price achieved per MWh – EUR 3830 3634Operating expenses per MWh – EUR 2014 2417Revenue from power generation 8.78.7 28.630.7Revenue from project sales 2.0- 4.0-EBITDA 2.00.1 - 4.57.0Operating profit (EBIT) - 3.1- 4.8 - 25.0- 12.91 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures.
Comment from Daniel Fitzgerald, CEO of Orrön Energy
“2025 marks a formative year for our business, with the first revenues coming in from project sales, grid secured for six large-scale projects in the UK and additional projects reaching key milestones. Operationally, I am proud of what our teams achieved in adapting our approach to mitigate the impacts from increasing costs and continued price volatility, demonstrating our capacity to respond to and remain resilient in a challenging market.

Market conditions in the Nordics remained challenging throughout 2025, characterised by continued price volatility, increased costs, and a growing importance of operational controls across our assets. We achieved an average realised price of 36 EUR per MWh in 2025, with volatility causing prices to range from periods of zero or negative pricing, to high-price levels as we enter 2026. Balancing costs were higher than normal in 2025 as a result of a structural change in settlement periods, however the underlying operating expenses, excluding these costs, remained stable and in line with guidance. We have implemented a flexible operational approach to manage this volatility, including voluntary curtailments to optimise production during low-price periods, and technologies to reduce exposure to balancing costs. While these measures impacted our production volumes, they in turn improved our financial performance, contributing more than MEUR 1 during 2025. We also hedged a portion of our 2025 and 2026 volumes to secure revenues in the short term.

Proportionate power generation, including compensated volumes, amounted to 839 GWh for the year, which was below our production outlook. The results are mainly due to weak winds, combined with periods of low electricity prices leading to higher levels of curtailed volumes. While the results are disappointing, I am encouraged by the high technical availability we have across our portfolio, underlining our capacity to deliver higher production as wind and market conditions normalise. In 2026, we expect proportionate power generation, including compensated volumes, between 800 and 950 GWh, which allows for uncertainties such as weather variability, curtailment and ancillary services. The long-term market fundamentals in the Nordics remain strong, with energy demand expected to grow, fuelled by the electrification of industry and transport, and rising consumption from AI and data centres. We therefore remain well positioned to capture long-term value from our operational portfolio.

During the fourth quarter, our greenfield business reached a significant milestone with the agreement to sell three solar projects in Germany for a total consideration of up to MEUR 14, clearly demonstrating the value of our greenfield platform. With this transaction, we have now signed agreements to sell more than 300 MW of projects in 2025. The main financial impact from these transactions lies ahead, with MEUR 14 in outstanding contingent payments at year-end, subject to achieving development milestones over the coming 24 months.

We also made good progress in advancing our project pipeline. In the UK, we secured grid access for a total of 2.9 GW of solar and data centre projects under the grid reform. Binding grid offers, with details on connection dates, will be awarded during the second half of 2026, but we are already seeing a strong interest in these projects, driven by continued high demand for the technologies and scarcity of grid-secured projects following the reform. In Germany, we successfully progressed solar projects with a combined capacity of 280 MW towards ready-to-permit following municipal approvals, with a large pipeline maturing behind them. With an average sales price of around TEUR 55 per MW in 2025, combined with the scale and quality of our greenfield pipeline, I am confident that this platform will be able to deliver significant value for us going forward.

Revenues from project sales led to a stronger financial performance during the quarter compared to the same period last year, however, full-year results were impacted by lower power generation volumes and higher balancing costs. Our proportionate revenues, including other income and projects sales, amounted to MEUR 10.9 for the fourth quarter, and MEUR 33.5 for the year. This resulted in a proportionate EBITDA of MEUR 2.0 for the fourth quarter and MEUR -4.5 for the year, including MEUR 7 of costs related to the Sudan trial. We are reducing our cost expenditure guidance for 2026, through cost savings on general and administrative costs and significantly reduced legal costs related to the Sudan case.

I am optimistic as we head into 2026, with higher electricity prices year-to-date and a strong futures price for 2026. Our greenfield business has been validated through sales in 2025, and combined with our large-scale pipeline I expect this business to generate strong returns over the coming years. We will also see the District Court trial in the Sudan legal case conclude in the second quarter of 2026, with a verdict expected later in the year. In addition to lowering our costs, I expect the conclusion of the trial to improve the stock’s accessibility to a broader group of investors. Based on the evidence presented during the proceedings, I remain convinced that the Company and its former representatives will be fully acquitted by the Court.

I would like to thank all of our shareholders for your continued support and look forward to updating you on our progress.”

Webcast
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast today at 14.00 CET. The presentation will be followed by a question-and-answer session.

Follow the presentation live on the below webcast link:
https://orron-energy.events.inderes.com/cmd-2026

For further information, please contact:

Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
[email protected]

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
[email protected]

This information is information that Orrön Energy AB is required to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CET on 18 February 2026.

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

Orron Energy - Q4 Report 2025 - English

February 18, 2026 01:30 ET  | Source: Zealand Pharma

Press release – No. 4 / 2026

Zealand Pharma announces positive Phase 1a topline results with Kv1.3 channel blocker ZP9830

Single doses of ZP9830 were well tolerated, with no serious or severe adverse events or dose-limiting safety findings observed at any dose levelZP9830 exhibited a pharmacokinetic profile in line with predictions based on preclinical data, and exploratory pharmacodynamic biomarkers showed robust, dose-dependent activity consistent with Kv1.3 target engagementZP9830 is a highly potent and selective Kv1.3 channel blocker with potential to address a broad range of immune-mediated inflammatory disordersDevelopment program is progressing rapidly and as planned, with Phase 1a multiple ascending dose data and Phase 1b/2a initiation expected in H2 2026 Copenhagen, Denmark, February 18, 2026 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, today announced positive Phase 1a single ascending dose (SAD) topline results for the company’s Kv1.3 channel blocker, ZP9830. The first-in-human, single-center, randomized, double-blind, placebo-controlled, SAD part of the combined SAD/multiple ascending dose (MAD) Phase 1a trial was designed to evaluate safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) of ZP9830 following administration to healthy male participants.

ZP9830 was well tolerated in this single ascending dose trial, with no dose-limiting safety findings or other safety concerns observed. All treatment-emergent adverse events (TEAEs) were non-serious and mild in severity. No clinically relevant safety findings were observed in vital signs, 12-lead electrocardiogram (ECG) recordings, physical examinations, or safety laboratory parameters. PK parameters increased in a dose-proportional manner across the investigated dose range, and data from the intravenous cohort indicated a very high bioavailability of the subcutaneous formulation.

“We are very pleased with the Phase 1a single ascending dose results, which demonstrated favorable safety and tolerability, and a PK/PD profile consistent with our expectations for a highly differentiated, immunological therapy with a novel mechanism of action,” said David Kendall, MD, Chief Medical Officer of Zealand Pharma. “Importantly, these data also underscore the strength of Zealand Pharma’s proprietary peptide engineering capabilities in addressing historically challenging targets and further reinforce our confidence in ZP9830 as a promising Kv1.3 channel blocker with potential in multiple autoimmune and inflammatory diseases with unmet medical need.”

About the Phase 1a trial
The first-in-human single ascending dose (SAD) part of the combined SAD/multiple ascending dose (MAD) Phase 1a trial (ClinicalTrials.gov ID: NCT06682975) was conducted in healthy male participants to investigate the effects of single ascending doses of ZP9830 administered subcutaneously across a wide dose range, as well as intravenously at one dose level. The main objectives were to assess safety, tolerability, and pharmacokinetics, with proof of mechanism as an additional exploratory objective. The SAD part of the trial included a suitable pharmacological model to explore immunomodulatory activity and provide early confirmation that ZP9830 affects immune cell biology as intended. The MAD part of this Phase 1a trial is ongoing and is evaluating the effects associated with extended exposure to ZP9830.

About ZP9830
ZP9830 is a potent and selective Kv1.3 channel blocker with the potential to treat a broad range of immune-mediated inflammatory diseases. Kv1.3 is a potassium ion channel that is selectively upregulated on effector memory T cells, which play a central role in autoimmunity and chronic inflammation through the release of pro-inflammatory cytokines that drive tissue damage.

The anti-inflammatory effects of Kv1.3 channel blockade have been demonstrated in preclinical models of immunological disorders. The selective expression of Kv1.3 on effector memory T cells makes it an attractive therapeutic target, as inhibition is expected to preserve the protective functions of the broader immune system.

About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data‑driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health.

To date, more than ten Zealand Pharma‑invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The Company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization.
Founded in 1998, Zealand Pharma is headquartered in Copenhagen, Denmark, with a U.S. presence in Boston, Massachusetts. Learn more at www.zealandpharma.com.

Forward-looking statements
This press release contains “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended, even though no longer listed in the United States this is used as a definition to provide Zealand Pharma’s expectations or forecasts of future events regarding the research, development and commercialization of pharmaceutical products, the timing of the company’s pre-clinical and clinical trials and the reporting of data therefrom. These forward-looking statements may be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,” “would” and other words and terms of similar meaning. You should not place undue reliance on these statements, or the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events, patient recruitment or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government-mandated or market-driven price decreases for our products; introduction of competing products; production problems at third party manufacturers; dependency on third parties, for instance contract research or development organizations; unexpected growth in costs and expenses; our ability to affect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labeling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this company announcement and are based on information available to Zealand Pharma as of the date of this announcement. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice.

Contacts
Adam Lange (Investors)
Vice President, Investor Relations
Zealand Pharma
[email protected]

Neshat Ahmadi (Investors)
Investor Relations Manager
Zealand Pharma
[email protected]

Rachel James-Owens (Media)
Vice President, Corporate Communications and Media Relations
Zealand Pharma
[email protected]

Amber Fennell, Jessica Hodgson, Sean Leous (Media)
ICR Healthcare
[email protected]
+44 (0) 7739 658 783

, /PRNewswire/ -- Photocure ASA (OSE: PHO) today reported Hexvix®/Cysview® revenues of NOK 135.1 million in the fourth quarter of 2025 (Q4 2024: NOK 128.6 million), and a commercial EBITDA of NOK 8.4 million (Q4 2024: NOK 3.9 million) for the company. In 2026, Photocure expects product revenue growth in the range of 7% to 11% on a constant currency basis and continued operating leverage flow-through in its core Hexvix®/Cysview® commercial business.

"Photocure delivered a strong fourth quarter, finishing the year at the top end of guidance on revenue. Operating leverage was proven with commercial EBITDA margins expanding from 7% to 11% for the full year. We executed with discipline across our core business while accelerating strategic initiatives that reinforce Photocure's position as a foundational diagnostics platform in bladder cancer," says Dan Schneider, President & Chief Executive Officer of Photocure.

The company continued to execute on its plan to expand blue light cystoscopy (BLC®) use in Q4 2025 with the installation of 7 new Saphira towers in the U.S. — 1 new account and 6 blue light tower upgrades. Photocure had 384 active accounts in the U.S. at the end of the quarter, an increase of 22% versus the second quarter of 2024. Across Europe, a total of 60 Olympus Visera Elite III blue light cystoscopy (BLC) capable systems were installed since the launch in Q1 2025.

Total revenues ended at NOK 136.7 million in the fourth quarter of 2025, down from NOK 141.7 million in Q4 2024 which included a milestone payment, with a group EBITDA of NOK 1.9 million (NOK 8.5 million). The EBIT ended at NOK -5.5 million (NOK 1.2 million). Cash and cash equivalents were NOK 238.9 million at the end of the period.

"We made important progress advancing Photocure's next phase of growth in precision diagnostics. The uro-oncology landscape is rapidly shifting toward personalized treatment pathways, increasing the need for accurate, real-time diagnostics that inform clinical decision-making across the patient care continuum," Schneider added and continues:

"Our partnership with Claritas, together with other strategic initiatives spanning cytology, biomarkers, and digital pathology, represents a natural evolution of our platform and expands our addressable opportunity. By layering AI software, enhanced data, and biomarker-driven diagnostic capabilities onto our existing leading franchise, we are building an integrated molecular-digital ecosystem designed to drive differentiation and scalability, while maintaining high gross margins and supporting operating leverage."

Photocure sees multiple drivers supporting continued growth of the base business, including sustained rigid kit adoption, expansion of mobile BLC, and ongoing equipment upgrades that increase utilization across the installed base. The company also appreciates several potential catalysts that could further enhance the growth trajectory, including CMS reimbursement developments, the reintroduction of flexible BLC solutions, additional equipment manufacturing partnerships, and a potential FDA reclassification of BLC. In addition, the licensing agreement with Asieris for Cevira includes a significant milestone payment upon regulatory approval in China, with future royalties and milestone payments based on sales and other regional approvals.

"Entering 2026, we are confident in Photocure's momentum and trajectory. We expect product revenue growth of 7% to 11% on a constant currency basis, and continued operating leverage within the core commercial business, reflecting disciplined execution and scalable growth as we build long-term shareholder value," Schneider concludes.

Please find the full financial report and presentation enclosed.

EBITDA* and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the fourth quarter 2025 financial report on page 25.

The quarterly report and presentation will be published at 07:00 CET and will be publicly available at www.photocure.com. Dan Schneider, CEO, Erik Dahl, CFO, and Priyam Shah, VP of IR will host a live webcast at 14:00 CET.

The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available through: https://qcnl.tv/p/0MElVGJID9j2vJqcZ9_SbA

The presentation is scheduled to conclude at 14:45 CET.

For further information, please contact:
Dan Schneider
President and CEO
Photocure ASA
Email: [email protected]

Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: [email protected]

Priyam Shah
Vice President Investor Relations
Tel: +1 7176815072
Email:

[email protected]Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: [email protected]

About Photocure ASA

Photocure: The Bladder Cancer Company delivers transformative solutions to improve the lives of bladder cancer patients. Our unique technology, making cancer cells glow bright pink, has led to better health outcomes for patients worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange (OSE: PHO). For more information, please visit us at www.photocure.com/news

All trademarks mentioned in this release are protected by law and are registered trademarks of Photocure ASA.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Tolv Hillestad, Photocure ASA, on 18 February 2026 at 07:00 CET.

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/photocure/r/photocure-asa--results-for-the-fourth-quarter-of-2025,c4309132

The following files are available for download:

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Brian Armstrong breaks his silence. The Coinbase CEO addressed the rumors swirling on social media regarding Bitcoin ETFs during an AMA session. He refused to let accusations of “paper Bitcoin” go unanswered.

James Seyffart from Bloomberg asked the tough question. Armstrong then revealed a striking figure: Coinbase controls more than 80% of Bitcoin ETF custody in the United States. It’s a dominant position that the CEO fully embraces. “We have a fairly dominant market share in terms of custody for ETFs. I see that as a strength,” he stated bluntly. For him, it’s a huge competitive advantage. Coinbase has established itself as the trusted counterpart on the institutional side, and Armstrong intends to maintain this lead. However, this concentration raises eyebrows.

Too Many Risks?

Armstrong acknowledges that this concentration raises legitimate questions. Large ETFs often diversify their custodians as assets grow. As a result, competitors have gradually chipped away at some market share. But according to him, there’s no need to panic.

Security is the key battleground for Coinbase. Armstrong detailed the arsenal deployed: regularly tested cold storage systems, repeated audits, and patents on custody technology. The company employs cryptographers to bolster defenses against attacks. And that’s not all. Leading financial institutions and government clients conduct their own checks. Double security, double control.

On Twitter and Reddit, the chatter is intense. Some claim that Bitcoin ETFs are not truly backed by real Bitcoin. Armstrong admits he doesn’t understand where these rumors come from. “Spot Bitcoin ETFs must be fully backed by the underlying asset,” he reminds. End of story.

Alesia Haas, the CFO, dives into the heart of the matter. Critics often demand a public “proof of reserves.” Like disclosing on-chain wallet addresses linked to ETF holdings. But Coinbase refuses to play along. “We would never disclose the addresses we hold on behalf of clients,” Haas asserts. It’s a matter of security and confidentiality. However, ETF issuers and custody clients can verify their assets on the blockchain on their own. This follows earlier reporting on Corporations Buy Bitcoin Aggressively Despite Major.

Haas emphasizes external audits. The custody sector undergoes separate scrutiny. Coinbase produces SOC 1 and SOC 2 reports showing that controls are working well. These audits verify that holdings match the blockchain and confirm that assets are separated by clients, including ETF issuers.

Each custody client sees their on-chain assets and knows the addresses linked to their holdings. Coinbase might explore tools for clients to disclose proof of reserves themselves if they wish. It remains to be seen if this will appease critics.

The discussion shifts to the CLARITY Act. Armstrong refutes rumors that Coinbase has withdrawn its support for the bill. “I think the bill will materialize. It’s in everyone’s interest at this point,” he says. The company only opposes a specific proposal it finds unworkable.

Negotiations continue between lawmakers, regulators, and industry players. Armstrong expects a market structure bill to be passed. Statutory clarity would provide long-term certainty, beyond the changing directions of agencies like the SEC. If legislation stalls, Coinbase will continue under existing rules while seeking clarifications through regulators or courts.

On February 17, 2026, Armstrong mentioned partnerships with several major banks. He refuses to name them specifically. But this institutional support strengthens Coinbase’s credibility as the primary custodian of Bitcoin ETFs, according to him. More on this topic: Binance Sees Bitcoin Surge While Ethereum.

Haas revealed that the company recently hired an independent audit firm to assess its security and compliance procedures. Results are expected in the coming months. This could offer more transparency on asset management under custody.

Armstrong also discussed Bitcoin’s volatility and its impact on ETFs. Despite price fluctuations, demand for Bitcoin ETFs remains strong. For him, this resilience proves that institutional investors see Bitcoin as a viable long-term asset class.

New ETF products could arrive this year. Armstrong mentioned it without giving a specific date. The ongoing expansion underscores Coinbase’s commitment to remain a leader in crypto innovation. Institutional traders seem convinced by the offering.

The Securities and Exchange Commission closely monitors this concentration. Gary Gensler had already expressed concerns about excessive centralization in the crypto ecosystem. BlackRock and Fidelity, the two giants behind the largest Bitcoin ETFs, are currently exploring alternatives to diversify their custody solutions. Several sources close to the matter indicate that discussions are underway with Bank of New York Mellon and State Street to spread the risks.

The issue goes beyond mere commercial competition. In the event of a major technical problem at Coinbase, nearly $900 billion in Bitcoin ETF assets could become temporarily inaccessible. This represents about 4.5% of the total global Bitcoin market capitalization. European regulators are closely watching the U.S. situation before finalizing their own crypto ETF rules. MiCA, the European regulatory framework, could include strict concentration limits to prevent this type of de facto monopoly.

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Big companies keep buying Bitcoin. They’re not scared by the massive price drops we’ve seen this year, and some are doubling down on their crypto bets even as regular investors panic.

Bitcoin’s price fell hard recently, hitting its lowest point in more than a year around $28,500. But companies like MicroStrategy and Tesla didn’t flinch – they bought more. MicroStrategy grabbed another 8,000 BTC in February, pushing their total stash past 150,000 Bitcoin. Tesla also added to their holdings, though they won’t say exactly how much. Square’s CFO Amrita Ahuja said on February 15 that these purchases are “part of a long-term strategy” and the company believes Bitcoin can “redefine financial systems.” She’s not worried about short-term volatility.

Not everyone’s convinced though.

Some analysts think these corporate moves show real confidence in Bitcoin’s future. Others see it as companies hedging against traditional financial risks. Either way, the buying spree shows institutional players aren’t backing down from crypto, even when prices get ugly. JPMorgan Chase released a report on February 13 analyzing corporate Bitcoin holdings, noting that while “short-term volatility is expected,” more corporate interest could eventually help stabilize Bitcoin’s price.

The crypto market’s seen this before. Bitcoin crashes, everyone freaks out, then it bounces back to new highs. For companies with deep pockets, current prices look like a bargain. Galaxy Digital CEO Mike Novogratz said in a February 16 interview that the price drop “offers a unique entry point for institutional investors” and that more corporate adoption “strengthens” Bitcoin’s credibility.

But retail investors are getting nervous.

Bitcoin’s down nearly 30% since January started, and that’s got regular folks worried about a long bear market. On February 10, the price dipped below $30,000 for the first time since late 2024. Some traders are wondering if corporate treasuries are making a mistake buying at these levels. Citigroup analysts warned on February 14 about “potential overvaluation risks,” saying corporate buying doesn’t guarantee quick price recovery.

Regulatory uncertainty keeps making things complicated. The SEC still hasn’t approved any Bitcoin ETFs, and that’s weighing on market sentiment. Everyone’s waiting for the SEC’s decision because ETF approval could bring way more mainstream adoption. Until then, it’s pretty much a waiting game.

Companies are taking the long view anyway. They’re treating Bitcoin as part of broader asset diversification strategies, trying to reduce risks from traditional currencies. PayPal’s CFO John Rainey said on February 16 that despite price drops, user engagement with digital assets “remains robust” on their platform. This follows earlier reporting on Strategy buys 8 million in bitcoin.

February 17 brought some interesting news when BlackRock CEO Larry Fink mentioned his firm is “closely monitoring” Bitcoin’s market dynamics. That got people speculating about whether the world’s largest asset manager might start buying Bitcoin too.

The corporate Bitcoin trend is definitely noteworthy. It shows digital assets are gaining acceptance in traditional finance circles. As more companies reveal their crypto positions, markets will be watching closely. Grayscale Investments reported on February 15 that institutional client inquiries jumped significantly, with CEO Michael Sonnenshein noting interest in Bitcoin and other digital currencies.

But questions about Bitcoin’s stability keep coming up. Investors and analysts can’t agree on where prices are headed next. The cryptocurrency hovered around $28,500 on February 17 before seeing a small rebound. Many traders see this price level as crucial for future buying or selling decisions.

MicroStrategy and Tesla’s moves are pretty bold. They show clear commitment to Bitcoin despite the volatility. Square remains committed too, viewing current market conditions as temporary setbacks rather than fundamental problems. These companies are basically betting that Bitcoin’s long-term potential outweighs short-term price swings.

The banking sector is watching all this with interest. Some banks see corporate Bitcoin adoption as validation of digital assets, while others remain cautious about the risks. The divide in opinion reflects broader uncertainty about cryptocurrency’s role in traditional finance.

Yet without clear regulatory guidance, markets will probably stay choppy. The SEC’s stance on Bitcoin ETFs remains a key factor that could change everything. A positive decision could trigger massive institutional adoption, while continued delays might keep uncertainty alive. For more details, see Binance Sees Bitcoin Surge While Ethereum.

Corporate treasuries aren’t waiting around though. They’re making their bets now, figuring that getting in early beats waiting for perfect regulatory clarity. These companies see Bitcoin as a hedge against inflation and currency devaluation, not just a speculative investment.

The trend of corporate Bitcoin accumulation reflects growing acceptance among institutional players. As traditional companies add crypto to their balance sheets, it legitimizes digital assets in ways that retail adoption alone couldn’t achieve. But the market remains unpredictable, and even corporate backing can’t guarantee smooth sailing ahead.

Bitcoin’s February performance has been particularly rough for individual investors, with many questioning whether corporate timing is right. Companies seem confident their long-term strategy will pay off, even if short-term volatility continues to shake out weaker hands in the market.

The Federal Reserve’s recent monetary policy signals have added another layer to corporate Bitcoin strategies. Fed Chair Jerome Powell’s February 12 comments about maintaining higher interest rates longer than expected pushed some treasury departments to accelerate their digital asset allocations. Goldman Sachs noted that three Fortune 500 companies quietly increased crypto exposure during the same week, though specific names weren’t disclosed.

Meanwhile, international corporations are joining the movement. Canadian mining giant Hut 8 announced plans to hold rather than immediately sell mined Bitcoin, while German software company SAP explored adding cryptocurrency to their corporate reserves. These global moves suggest the corporate Bitcoin trend extends beyond U.S. borders, potentially creating more widespread institutional demand.

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While much of the market’s attention remains fixed on the Bitcoin (BTC) short-term price outlook for the remainder of the year, some early industry voices are raising a far longer-term concern — one that could introduce as much as $274 billion in potential selling pressure over the next decade.

Quantum Risk Debate Grows  In a recent post on social media, market expert Crypto Rover pointed to what he described as a growing conversation among early Bitcoin analysts and long-time participants in the space. 

According to the analysis, the warning is not coming from retail traders reacting to daily price swings. Instead, it is being discussed by so-called “OG” holders — investors who have been involved with Bitcoin since its earliest years.

The issue at the center of the debate is not macroeconomics or regulatory shifts, but quantum computing. A segment of early adopters believes that advances in quantum technology may no longer be a distant or purely theoretical risk. 

Within the next five to ten years, they argue, quantum systems could become powerful enough to challenge the cryptographic foundations that secure the Bitcoin network.

If quantum machines were able to break or significantly weaken that encryption, older wallets — particularly those using early-generation security standards — could become vulnerable.

The concern is not that Bitcoin’s network is currently weak, but that a sufficiently advanced quantum breakthrough could expose dormant coins whose private keys were once thought secure. This is where the potential supply shock comes into focus.

Potential Return Of Early-Era Bitcoin An estimated 4 million BTC from Bitcoin’s early years, particularly before 2011, are considered inactive or lost. Markets generally treat those coins as permanently out of circulation, effectively reducing Bitcoin’s usable supply. 

However, Rover asserts that if quantum computing were ever able to unlock even a portion of those wallets, that supply could theoretically return to the market. 

To understand the magnitude of such a shift, Rover points to recent history. Since 2020, institutions and corporations have collectively accumulated roughly 3 million BTC, which played a key role in driving BTC from $10,000 to peak levels above $120,000. 

The expert warns that if 4 million Bitcoin were suddenly viewed as potentially liquid supply, it would represent a long-term overhang far exceeding the scale of recent institutional accumulation.

However, Rover highlighted that quantum computing does not represent an imminent danger to Bitcoin’s security. The technology is continuously evolving, and there is no confirmed ability to break modern cryptographic standards at scale. 

The daily chart shows BTC’s price in consolidation mode below the key $70,000 level. Source: TOTAL on TradingView.com BTC was trading at roughly $67,800 at the time of writing, representing a 2.6% decrease over the previous seven days, according to CoinGecko data. 

Featured image from OpenArt, chart from TradingView.com 

Dogecoin corrected some gains and traded below $0.1050 against the US Dollar. DOGE is now holding the $0.10 support and might aim for a fresh increase.

DOGE price started a fresh downside correction below $0.1120. The price is trading below the $0.1050 level and the 100-hourly simple moving average. There is a declining channel forming with resistance at $0.1020 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could aim for a fresh increase if it remains stable above $0.10. Dogecoin Price Faces Resistance Dogecoin price started a downside correction after it failed to stay above $0.1150, like Bitcoin and Ethereum. DOGE declined below the $0.1100 and $0.1080 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The price even spiked below $0.10 before the bulls appeared. The price is now forming a base above $0.10 and preparing for the next move.

There is also a declining channel forming with resistance at $0.1020 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.1050 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1020 level. The first major resistance for the bulls could be near the $0.1070 level.

Source: DOGEUSD on TradingView.com The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward $0.1150. Any more gains might send the price toward $0.1180. The next major stop for the bulls might be $0.120.

Another Decline In DOGE? If DOGE’s price fails to climb above the $0.1020 level, it could continue to move down. Initial support on the downside is near the $0.10 level.

The next major support is near the $0.0945 level or the 76.4% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The main support sits at $0.0920. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might slide toward the $0.0875 level or even $0.0865 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1000 and $0.0945.

Major Resistance Levels – $0.1020 and $0.1070.

The divergence between Bitcoin and tech stocks is a warning sign of a potential artificial intelligence-driven credit crisis that will result in more central bank money printing, says Arthur Hayes. 

“Bitcoin is the global fiat liquidity fire alarm. It is the most responsive freely traded asset to the fiat credit supply,” said the crypto entrepreneur in his latest blog post on Wednesday.

Hayes went on to caution that the recent divergence between Bitcoin (BTC) and the tech-heavy Nasdaq 100 Index “sounds the alarm that a massive credit destruction event is nigh.”

When these two previously correlated asset classes diverge, “it warrants further investigation into any trigger that could cause a destruction of fiat” — mostly dollars and credit, which is also known as deflation, he said. 

Hayes believes that job losses due to AI adoption will have a major impact on consumer credit and mortgage debt “because of the inability of white-collar knowledge worker debt donkeys to meet their monthly payments.”

“That’s a bold statement to call for a financial crisis because of job losses caused by AI adoption.”AI job losses could trigger another banking crisis In 2025, companies cited AI when announcing 55,000 job cuts, more than 12 times the number of layoffs attributed to AI just two years earlier, reported CBS News in early February. 

“This AI financial crisis will restart the money printing machine for realz,” said Hayes. 

His loose model suggests that a 20% reduction in the 72 million “knowledge workers” in the US could produce around $557 billion in consumer credit and mortgage losses, representing a 13% write-down of US commercial bank equity.

Predicted losses assuming a 20% AI job loss. Source: MaelstromHayes speculates that weaker regional banks would buckle first, depositors would flee, and credit markets would seize. The Federal Reserve would eventually panic and start printing money. 

“While the Fed is fighting windmills, AI-related job losses will destroy the balance sheets of American banks,” he said. 

“Finally, the monetary mandarins panic and press that Brrrr button harder than I shred pow the morning after a one-meter dump.”Hayes predicted that this surge in fiat credit creation would “pump Bitcoin decisively off its lows,” and that the future expectation of increased fiat creation to save the banking system would “propel Bitcoin to a new all-time high.”

In addition to Bitcoin, Hayes said that the two altcoins that his company, Maelstrom, will “deploy excess stables into once the Fed blinks” are Zcash (ZEC) and Hyperliquid (HYPE). 

More money-printing theories abound However, this is not the first radical money-printing thesis Hayes has proposed.

In January, he said that the Federal Reserve would print money to alleviate the Japanese bond crisis. 

In December 2025, he predicted that BTC would surge to $200,000 by March due to money printing through a new Fed liquidity tool called Reserve Management Purchases, which resembles quantitative easing. 

Magazine: Chinese New Year boosts interest, TradFi buying crypto exchanges: Asia Express

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In brief A misconfigured oracle priced cbETH at about $1 instead of roughly $2,200. Liquidations seized 1,096.317 cbETH and wiped out borrower collateral. The protocol was left with $1.78 million in bad debt pending a governance fix. A Sunday morning pricing glitch turned into a multimillion-dollar headache for the DeFi lending platform Moonwell, after a "misconfigured oracle" briefly valued Coinbase Wrapped ETH (cbETH) at just $1.

The pricing error effected caused a 99.9% discount from the asset's actual market value of roughly $2,200. The error triggered a wave of liquidations, ultimately leaving the platform with approximately $1.78 million in bad debt.

“Once identified, our risk manager @anthiasxyz moved quickly to reduce the cbETH borrow cap to 0.01 to contain further risk to the protocol,” Moonwell wrote on X on Monday. “The supply cap was also reduced to 0.01 to prevent new users from unknowingly supplying to the affected market.”

In a Moonwell forum post on Monday, risk management firm Anthias Labs reported the error occurred at 6:01 PM UTC on February 15, when the Moonwell DAO governance proposal, MIP-X43, was executed, enabling Chainlink OEV wrapper contracts across markets on Base and Optimism. One of these oracles was misconfigured and failed to price cbETH’s USD value correctly.

Moonwell said that instead of multiplying the cbETH/ETH feed by the ETH/USD price, the system used only the raw cbETH/ETH exchange rate. As a result, the oracle reported cbETH at around $1.12.

Trading bots began targeting cbETH collateral positions, and because the system believed cbETH was worth just over $1, liquidators were able to repay roughly $1 of debt to seize a total of 1,096.317 cbETH, the company said.

“This wiped out most or all of the cbETH collateral for many borrowers, while leaving substantial bad debt on their positions since the repaid amount was far below the actual borrowed value,” Anthias Labs wrote.

The distorted pricing also enabled exploitation.

“A smaller number of users exploited the distorted pricing to supply minimal collateral, massively over-borrow cbETH at the artificially low reported price, and instantly generate additional bad debt denominated in cbETH,” the firm added.

While the misconfigured Oracle took much of the blame, users on X began circulating images of the MIP-X43 as being co-authored by Claude Opus 4.6, with some calling it a “vibe coding” error.

When asked by Decrypt about the error and resulting exploit, Moonwell spokesperson declined to comment.

Overall, Moonwell was left with $1,779,044 in total bad debt across various markets, according to the post.

According to Moonwell, a forthcoming governance vote will address the oracle configuration following the required timelock period.

Moonwell is the latest in a growing list of DeFi projects exploited due to misconfigured oracles. In December, Ribbon Finance lost about $2.7 million after a decimal mismatch in an oracle upgrade distorted asset pricing and enabled over-collateralization.

In January, DeFi platform Makina Finance was exploited via flash-loan-driven oracle manipulation, allowing an attacker to extract roughly $4 million in ETH.

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Posted: February 18, 2026

As many retail investors begin to lose confidence, the United States Government is drawing attention for its massive Bitcoin holdings.

As of the 17th February, Bitcoin has fallen 1.4% in the past 24 hours and is trading near $67,996.

Over the past month, it has lost more than 28% of its value and has failed several times to rise above the key $70,000 level. This has made many investors nervous.

However, data from Arkham Intelligence shows something surprising. Despite the market panic, the U.S. government still holds about 328,372 BTC, worth around $22.5 billion. 

Remarking on which, Arkham noted, 

“The US Government is bullish on Bitcoin.”

What’s behind this shift? Under U.S. President Donald Trump, the country has taken a more supportive approach.

The U.S. has started treating Bitcoin [BTC] as a strategic asset and has made plans to store its holdings in a permanent Digital Asset Stockpile.

Data from Bitbo shows that the U.S. now holds more Bitcoin than any other country, followed by China and Ukraine.

Meanwhile, according to Chainalysis, India ranked first in crypto adoption in 2025 for the third year in a row. This means millions of Indians are using crypto. However, the rules around it are still unclear.

Source: World Population Review

This issue was recently discussed in the Rajya Sabha during the Union Budget 2026–27 debate. MP Raghav Chadha criticized the government for earning money from crypto users without giving them clear legal protection.

Thus, while India leads in user numbers, the U.S. is focusing on building strong institutions around crypto.

Institutional interests in Bitcoin also rise At the same time, interest in Bitcoin ETFs is growing again.

On the 15th of February, ETFs recorded $15.1 million in inflows, pushing their total value close to $100 billion since launch. This shows that big investors are still confident in Bitcoin.

In simple terms, while prices may look weak today, the biggest players are thinking about tomorrow. 

However, it’s important to note that the excitement at the start of 2026 has now cooled down. A new report from CoinShares shows that crypto investment products have seen money leave the market for four weeks in a row.

Therefore, it is not yet clear whether this phase is just a short “crypto winter” or a necessary correction before the next rise. What is clear is that crypto is now a part of a serious global financial strategy.

Final Summary Under President Donald Trump, the U.S. is shifting from doubt to a strategic approach toward Bitcoin. By holding billions in seized Bitcoin, the U.S. has quietly built one of the world’s largest digital asset reserves.

Bitcoin continues to struggle to reclaim the $70,000 level, with price action increasingly confined to a broad range above $60,000. This consolidation reflects persistent selling pressure near resistance while buyers appear willing to defend lower levels, creating a temporary equilibrium rather than a clear directional trend. Market sentiment remains cautious, with traders closely watching liquidity conditions, macro signals, and on-chain flows for clues about the next decisive move.

A recent CryptoQuant analysis provides additional context by highlighting a noticeable shift in miner behavior. According to the data, the pace of Bitcoin withdrawals from trading platforms has accelerated significantly in recent weeks. Since the beginning of February, roughly 36,000 BTC have been withdrawn from exchanges — a substantial figure compared to previous months.

Such withdrawals are often interpreted as a reduction in immediate selling intent, as miners typically move coins off exchanges when prioritizing long-term holding or alternative liquidity strategies. While this does not guarantee bullish price action, it can reduce short-term supply pressure in spot markets.

Miner Withdrawals Signal Potential Shift In Bitcoin Supply Dynamics The analysis further highlights the scale and distribution of recent miner withdrawals from exchanges. More than 12,000 Bitcoin were reportedly withdrawn from Binance alone, while the remaining volume — exceeding 24,000 BTC — was spread across multiple other trading platforms. This broad-based movement suggests coordinated repositioning rather than isolated activity by a single entity, pointing to a wider shift in miner liquidity management strategies.

Bitcoin Exchange to Miner Flow | Source: CryptoQuant Such behavior is often interpreted as a move toward longer-term storage. Miners typically transfer holdings to cold wallets when they are less inclined to sell immediately, reducing the amount of Bitcoin readily available on exchanges. This can signal increased confidence in future price appreciation or a strategic decision to manage liquidity outside active trading venues.

Daily withdrawal intensity has also accelerated notably. At one point, more than 6,000 BTC were withdrawn in a single day, marking the highest daily level since last November. This pace clearly exceeds the activity observed in January, reinforcing the view that miners may be entering a repositioning phase.

While not inherently bullish, sustained exchange outflows from miners can contribute to tighter spot supply conditions, potentially influencing price stability and market sentiment over time.

Price Consolidates Below Resistance Bitcoin price action continues to reflect structural weakness, with the chart showing a clear downtrend following the rejection from the late-2025 highs. Successive lower highs and lower lows remain intact, confirming that bearish momentum has not yet been invalidated. The recent decline toward the mid-$60K range appears to be stabilizing temporarily, but price has not reclaimed any major technical resistance levels.

BTC testing critical demand level | Source: BTCUSDT chart on TradingView The moving average structure reinforces this view. Price remains below key trend indicators, which are sloping downward and acting as dynamic resistance. This alignment typically reflects sustained selling pressure rather than a completed correction. Until Bitcoin reclaims these averages convincingly, upside recoveries are likely to face repeated selling interest.

Volume behavior also deserves attention. The sharp spike accompanying the recent drop suggests forced selling or panic-driven liquidation rather than orderly distribution. However, the subsequent reduction in volume during consolidation indicates that aggressive sellers may be temporarily exhausted, though not necessarily absent.

From a technical standpoint, the $60K–$65K zone is emerging as an important short-term support area. A sustained breakdown below it could open the door to deeper downside. Conversely, recovery above the $70K region would be required to weaken the current bearish structure and signal potential stabilization.

Featured image from ChatGPT, chart from TradingView.com