Market Signal Briefing

Vancouver, British Columbia--(Newsfile Corp. - February 6, 2026) - Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") is pleased to announce that Andrew Pollard, President & Chief Executive Officer of the Company, will present live at the Precious Metals & Critical Minerals Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 10th, 2026 at 2PM ET

Blackrock invites individual and institutional investors, as well as advisors and analysts, to attend online at VirtualInvestorConferences.com.

DATE: February 10th
TIME: 2:00PM ET
LINK:https://www.virtualinvestorconferences.com/wcc/eh/4814904/lp/5226511/blackrock-silver-corp-otcqx-bkrrf-tsxv-brc

This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Marketing Agreement

The Company also announces that that it has entered into a marketing agreement (the "Agreement") with Epstein Research ("ER"), led by Peter Epstein, pursuant to which Mr. Epstein will provide investor relations services to the Company for a six (6) month term beginning on February 6, 2026 and ending on August 6, 2026 in consideration for a cash fee of US$2,500 per month, payable by way of a one time aggregate payment of US$15,000, paid in advance, subject to approval by the TSX Venture Exchange.

In accordance with the terms of the Agreement, ER will work with the Company on posting on social media and producing articles, interviews and commentary designed to increase awareness of the Company.

There are no performance factors contained in the Agreement and ER will not receive any securities of the Company as compensation.

Mr. Epstein does not beneficially own, directly or indirectly, any securities of the Company or any right to acquire securities of the Company. Mr. Epstein operates www.epsteinresearch.com, is an arm's-length party to the Company, and has over 20 years experience in buy-side analyst roles.

Epstein Research is a research and analysis firm operated by Peter Epstein, located in the state of New Jersey, USA, specializing in investor relations and market awareness for public companies.

About Blackrock Silver Corp.

Blackrock Silver Corp. is an American-focused emerging primary silver developer systematically advancing the high-grade Tonopah West Project, situated in the historic "Queen of the Silver Camps" in a jurisdiction consistently ranked as one of the top mining regions globally. The Company is backstopped by a veteran board and technical team with a proven track record of discovering, financing, and building major precious metal mines in Nevada and globally. Blackrock is committed to establishing a secure, high-margin, domestic supply of silver and gold.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282934

Source: Blackrock Silver Corp.

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Fourth Quarter and Full Year Highlights*

Record Diluted EPS for the Quarter of $2.97, Up 60 percent; Record Diluted EPS for the Full Year of $10.42, Up 45 percent Record Adjusted Diluted EPS1 for the Quarter of $3.06, Up 46 percent; Record Adjusted Diluted EPS1 for the Full Year of $10.67, Up 24 percent Record Net Revenue for the Quarter of $671.1 million, Up 28 percent; Record Net Revenue for the Full Year of $2.4 billion, Up 17 percent Establishing 2026 Organic Total Net Revenue Growth Target2 of 'mid single-digit' and Cboe Data Vantage3 Organic Net Revenue Growth Target2 of 'mid to high single-digit' Establishing 2026 Adjusted Operating Expense Guidance2 of $864 to $879 million , /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the fourth quarter of 2025 and full year.

"Cboe delivered an exceptional fourth quarter, marking the culmination of a year characterized by record growth – including 17 percent net revenue growth, 45 percent diluted EPS growth, and 24 percent adjusted diluted EPS1 growth," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "Our recent strategic realignment is enabling us to allocate more resources toward growth and value creation in our core businesses, while also better positioning Cboe to capitalize on emerging opportunities. We are starting 2026 with a very strong foundation – a focused growth strategy, a highly seasoned and impressive leadership team, and continued strong secular trends in our core businesses."

"Cboe produced another quarter of record net revenue, diluted EPS, and adjusted diluted EPS1 to conclude an extraordinary year," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "In our Derivatives business, record volumes across our index and multi-listed options products drove robust net revenue growth of 38 percent versus the fourth quarter of 2024. Cash and Spot Markets net revenue rose 27 percent, and Data Vantage net revenue increased 9 percent on a year-over-year basis. Moving forward, we anticipate 2026 total organic net revenue growth2 will be in the 'mid single-digit' range, and we anticipate 2026 Data Vantage organic net revenue growth2 will be in the 'mid to high single-digit' range. In addition, we are introducing our full year 2026 adjusted operating expense guidance2 range of $864 million to $879 million. We are pleased with the record results we achieved in 2025, and we remain focused on driving durable shareholder returns in the year ahead."

 *  All comparisons are fourth quarter 2025 or full year compared to the same period in 2024.

(1)

A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

(2)

Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

(3)

Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.

Consolidated Fourth Quarter Results 

Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended December 31, 2025 and 2024.

Table 1

Consolidated Fourth Quarter Results
($ in millions except per share
amounts and percentages)

4Q25

4Q24

Change

4Q25
Adjusted¹

4Q24
Adjusted¹

Change

Total Revenues Less Cost of
Revenues

$        671.1

$        524.5

28 %

$        671.1

$        524.5

28 %

Total Operating Expenses                                                

$        267.3

$        226.0

18 %

$        220.6

$        204.8

8 %

Operating Income

$        403.8

$        298.5

35 %

$        450.5

$        319.7

41 %

Operating Margin %

60.2 %

56.9 %

       3.3 pp

67.1 %

61.0 %

       6.1 pp

Net Income Allocated to Common
Stockholders

$        312.2

$        195.6

60 %

$        321.0

$        221.2

45 %

Net Income Allocated to Common
Stockholders Margin %

46.5 %

37.3 %

       9.2 pp

47.8 %

42.2 %

       5.6 pp

Diluted Earnings Per Share

$          2.97

$          1.86

60 %

$          3.06

$          2.10

46 %

Operating EBITDA1

$        435.1

$        330.6

32 %

$        464.7

$        331.2

40 %

Operating EBITDA Margin %1

64.8 %

63.0 %

       1.8 pp

69.2 %

63.1 %

       6.1 pp

EBITDA1

$        479.6

$        316.6

51 %

$        464.1

$        331.6

40 %

EBITDA Margin %1

71.5 %

60.4 %

         11.1 pp

69.2 %

63.2 %

       6.0 pp

Total revenues less cost of revenues (referred to as "net revenue"2) of $671.1 million increased 28 percent, compared to $524.5 million in the prior-year period, a result of increases across all net revenue2 captions. Total operating expenses were $267.3 million versus $226.0 million in the fourth quarter of 2024, an increase of $41.3 million. This increase was primarily due to the impairment of assets and higher compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance in the fourth quarter of 2025. Adjusted operating expenses1 of $220.6 were up $15.8 million compared to $204.8 million in the fourth quarter of 2024. This increase was primarily due to higher compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance. The effective tax rate for the fourth quarter of 2025 was 30.6 percent as compared with 29.7 percent in the fourth quarter of 2024. The higher effective tax rate in 2025 is primarily related to remeasuring deferred tax assets and liabilities due to changes in state and local filing positions. The effective tax rate on adjusted earnings1 was 28.9 percent, down 0.6 percentage points when compared with 29.5 percent in last year's fourth quarter. The change was primarily due to benefits recognized by filing 2024 tax returns. Diluted EPS for the fourth quarter of 2025 increased 60 percent to $2.97 compared to the fourth quarter of 2024. Adjusted diluted EPS1 of $3.06 increased 46 percent compared to 2024 fourth quarter results. Business Segment Information

Table 2

Total Revenues Less Cost of Revenues by Business Segment (in millions)                                 

4Q25

4Q24

Change

Options

$           433.1

$           324.3

34 %

North American Equities

110.7

94.9

17 %

Europe and Asia Pacific

69.9

56.2

24 %

Futures

33.7

30.2

12 %

Global FX

23.7

19.4

22 %

Digital3

—

(0.5)

*

Total

$           671.1

$           524.5

28 %

(1)

A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

(2)

See the attached tables on page 10 for "Net Revenue by Revenue Caption."

(3)

The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes.

*Not meaningful

Discussion of Results by Business Segment1:

Options:

Record Options net revenue of $433.1 million was up $108.8 million, or 34 percent, from the fourth quarter of 2024. Net transaction and clearing fees2 increased primarily as a result of a 24 percent increase in total options average daily volume ("ADV") versus the fourth quarter of 2024. Access and capacity fees increased 13 percent as compared to the fourth quarter of 2024. Net transaction and clearing fees2 increased $112.4 million, or 40 percent, reflecting a 35 percent increase in index options ADV and a 20 percent increase in multi-listed options ADV. Total options revenue per contract ("RPC") increased 13 percent compared to the fourth quarter of 2024. The increase in total options RPC was primarily due to a mix shift, with index options representing a higher percentage of total options volume, and a 17 percent increase in multi-listed options RPC. Cboe's Options exchanges had total market share of 29.2 percent for the fourth quarter of 2025 compared to 30.4 percent in the fourth quarter of 2024. North American (N.A.) Equities:

Record N.A. Equities net revenue of $110.7 million increased $15.8 million, or 17 percent, from the fourth quarter of 2024, reflecting higher net transaction and clearing fees2, access and capacity fees, and market data fees. Net transaction and clearing fees2 increased by $5.4 million, or 18 percent, compared to the fourth quarter of 2024. The increase was driven by stronger industry volumes, partially offset by lower market share in on-exchange U.S. Equities as compared to the fourth quarter of 2024. Cboe's U.S. Equities exchanges had market share of 9.4 percent for the fourth quarter of 2025 compared to 10.8 percent in the fourth quarter of 2024. Cboe's U.S. Equities off-exchange market share was 17.0 percent, up 0.5 percentage points from 16.5 percent in the fourth quarter of 2024. Canadian Equities market share decreased to 12.7 percent as compared to 14.3 percent in the fourth quarter of 2024. Europe and Asia Pacific (APAC):

Europe and APAC net revenue of $69.9 million increased $13.7 million, or 24 percent, from the fourth quarter of 2024, reflecting growth in net transaction and clearing fees2 and non-transaction revenues. On a constant currency basis3, net revenues were $65.8 million, up 17 percent compared to the fourth quarter of 2024. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was €12.2 billion, up 17 percent compared to the fourth quarter of 2024 given a 16 percent increase in industry market volumes. Cboe Clear Europe net settlement volume reached 3,603.7 thousand shares, up 22 percent from the fourth quarter of 2024. Australian Equities ADNV was 28 percent higher than the fourth quarter of 2024. For the fourth quarter of 2025, Cboe European Equities had 24.8 percent market share, up compared to 24.6 percent in the fourth quarter of 2024. Cboe Australia had 20.6 percent market share for the fourth quarter of 2025, down from 20.8 percent in the fourth quarter of 2024. Futures:

Futures net revenue of $33.7 million increased $3.5 million, or 12 percent, from the fourth quarter of 2024 driven by a 13 percent increase in net transaction and clearing fees2. Net transaction and clearing fees2 increased $3.1 million, reflecting a 16 percent increase in ADV during the quarter. Global FX:

Record Global FX net revenue of $23.7 million increased $4.3 million, or 22 percent, from the fourth quarter of 2024. The increase was due to higher net transaction and clearing fees2. ADNV traded on the Cboe FX platform was $53.3 billion for the quarter, up 17 percent compared to last year's fourth quarter, and net capture rate per one million dollars traded was $2.95 for the quarter, up 8 percent compared to $2.72 in the fourth quarter of 2024. (1)

The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes.

(2)

See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment."

(3)

A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

2026 Fiscal Year Financial Guidance1

Cboe provided guidance for the 2026 fiscal year as noted below.

Organic total net revenue growth2 is expected to be in the 'mid single-digit' range in 2026. Organic net revenue growth2 from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026. Adjusted operating expenses2 in 2026 are expected to be in the range of $864 to $879 million. The guidance excludes the expected amortization of acquired intangible assets of $63 million; the company adjusts for this amount in its non-GAAP reconciliation. Depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets. The effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation. Capital expenditures for 2026 are expected to be in the range of $73 to $83 million. (1)

2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced.

(2)

Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

Capital Management

At December 31, 2025, the company had cash and cash equivalents of $2,216.5 million and adjusted cash3 of $2,216.8 million. Total debt as of December 31, 2025 was $1,442.9 million.

The company paid cash dividends of $75.8 million, or $0.72 per share, and there were no share repurchases in the fourth quarter of 2025. As of December 31, 2025, the company had approximately $614.5 million of availability remaining under its existing share repurchase authorizations.

Earnings Conference Call

Executives of Cboe Global Markets will host a conference call to review its fourth quarter financial results today, February 6, 2026, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 6775785. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.

(3)

A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about Cboe, visit www.cboe.com. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential", or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, 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.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisition, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.

Cboe Media Contacts:

Analyst Contact:

Angela Tu

Tim Cave

Kenneth Hill, CFA

(646) 856-8734

+44 (0) 7593 506 719

(312) 786-7559

[email protected]

[email protected]

[email protected]

CBOE-F

Trademarks:

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, Cboe Clear®, EDGX®, EDGA®, MATCHNow®, and VIX® are registered trademarks and Cboe Data VantageSM is a service mark of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc.

Key Performance Statistics by Business Segment

4Q 2025

3Q 2025

2Q 2025

1Q 2025

4Q 2024

Options

Total industry ADV (in thousands)

66,608

60,798

57,203

58,444

51,635

Total Company Options ADV (in thousands):

19,419

18,775

17,301

18,183

15,673

Multi-listed options

13,965

13,911

12,615

13,412

11,633

Index options

5,454

4,864

4,686

4,771

4,040

Total Options market share:

29.2 %

30.9 %

30.2 %

31.1 %

30.4 %

Multi-listed options

22.9 %

24.9 %

24.0 %

25.0 %

24.5 %

Total Options RPC:

$        0.317

$        0.281

$        0.300

$        0.287

$        0.281

Multi-listed options

$        0.075

$        0.055

$        0.068

$        0.066

$        0.064

Index options

$        0.938

$        0.926

$        0.923

$        0.908

$        0.905

North American Equities

U.S. Equities - Exchange:

Total industry ADV (shares in billions)

18.6

17.6

18.4

15.7

13.6

Market share %

9.4 %

9.8 %

10.5 %

10.5 %

10.8 %

Net capture (per 100 touched shares)

$        0.018

$        0.015

$        0.012

$        0.014

$        0.018

U.S. Equities - Off-Exchange:

ADV (touched shares, in millions)

197.0

202.3

125.5

90.6

80.0

Off-Exchange ATS Block Market Share %

17.0 %

17.9 %

14.9 %

17.1 %

16.5 %

Net capture (per 100 touched shares)

$        0.064

$        0.064

$        0.082

$        0.117

$        0.126

Canadian Equities:

ADV (matched shares, in millions)

195.9

163.8

150.6

159.6

157.4

Total market share %

12.7 %

12.5 %

12.7 %

13.8 %

14.3 %

Net capture (per 10,000 shares, in Canadian Dollars)

$        3.962

$        4.142

$        4.222

$        4.250

$        4.008

Europe and Asia Pacific

European Equities:

Total industry ADNV (Euros - in billions)

€          49.1

€          46.1

€          54.5

€          55.8

€          42.3

Market share %

24.8 %

25.4 %

25.1 %

24.8 %

24.6 %

Net capture (per matched notional value (bps), in Euros)

€        0.278

€        0.288

€        0.261

€        0.252

€        0.261

Cboe Clear Europe:

Trades cleared (in thousands)

322,339.2

329,293.1

400,935.8

412,072.2

328,976.1

Fee per trade cleared (in Euros)

€        0.010

€        0.010

€        0.008

€        0.008

€        0.008

Net settlement volume (shares in thousands)

3,603.7

3,541.9

3,289.3

3,200.7

2,962.6

Net fee per settlement (in Euros)

€        1.113

€        1.015

€        0.956

€        0.951

€        1.002

Australian Equities:

ADNV (Australian dollars - in billions)

$            1.0

$            1.0

$            1.0

$            0.8

$            0.8

Market share - Continuous

20.6 %

20.6 %

20.0 %

19.4 %

20.8 %

Net capture (per matched notional value (bps), in Australian Dollars)                                 

$        0.207

$        0.206

$        0.160

$        0.156

$        0.154

Futures

ADV (in thousands)

239.2

200.7

220.5

249.4

206.4

RPC

$        1.717

$        1.745

$        1.691

$        1.740

$        1.765

Global FX

ADNV ($ - in billions)

$          53.3

$          49.9

$          55.9

$          51.9

$          45.6

Net capture (per one million dollars traded)

$          2.95

$          2.89

$          2.81

$          2.77

$          2.72

*In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

ADV = average daily volume; ADNV = average daily notional value.

RPC, average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.

Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.

Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.

U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.

Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market.

European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

Australian Equities data reflects data from Cboe Australia. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days.

Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.

Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

Three and Twelve Months Ended December 31, 2025 and 2024

Three Months Ended December 31,

Twelve Months Ended December 31,

(in millions, except per share amounts)

2025

2024

2025

2024

Revenues:

Cash and spot markets

$         431.3

$         468.6

$      1,834.8

$      1,670.0

Data Vantage

162.6

148.7

635.5

576.6

Derivatives markets

610.1

490.3

2,243.9

1,847.9

Total Revenues

1,204.0

1,107.6

4,714.2

4,094.5

Cost of Revenues:

Liquidity payments

443.6

365.7

1,709.7

1,329.1

Routing and clearing

20.1

18.3

80.4

68.3

Regulatory fees cost of revenues

0.3

142.1

238.7

391.4

Royalty fees and other cost of revenues

68.9

57.0

256.3

233.3

Total Cost of Revenues

532.9

583.1

2,285.1

2,022.1

Revenues Less Cost of Revenues

671.1

524.5

2,429.1

2,072.4

Operating Expenses:

Compensation and benefits

127.5

111.9

500.8

462.4

Depreciation and amortization

31.3

32.1

122.4

133.0

Technology support services

28.7

28.5

107.6

102.8

Professional fees and outside services

24.3

25.6

91.5

94.8

Travel and promotional expenses

15.5

16.4

42.1

45.8

Facilities costs

6.6

6.1

26.2

24.6

Acquisition-related costs

(0.1)

0.1

0.3

1.3

Impairment of assets

25.1

—

46.7

81.0

Other expenses

8.4

5.3

24.4

28.3

Total Operating Expenses

267.3

226.0

962.0

974.0

Operating Income

403.8

298.5

1,467.1

1,098.4

Non-operating Income (Expenses):

Interest expense

(13.3)

(12.9)

(52.3)

(51.5)

Interest income

15.4

7.2

49.4

27.3

Earnings (loss) on investments, net

44.5

(0.2)

92.8

29.0

Other income (expense), net

1.3

(12.9)

9.6

(19.4)

Total Non-operating Income (Expenses)

47.9

(18.8)

99.5

(14.6)

Income Before Income Tax Provision

451.7

279.7

1,566.6

1,083.8

Income tax provision

138.2

83.2

466.6

318.9

Net Income

313.5

196.5

1,100.0

764.9

Net income allocated to participating securities

(1.3)

(0.9)

(5.2)

(3.9)

Net Income Allocated to Common Stockholders

$          312.2

$          195.6

$      1,094.8

$          761.0

Net Income Per Share Allocated to Common Stockholders:

Basic earnings per share

$            2.98

$            1.87

$         10.46

$            7.24

Diluted earnings per share

2.97

1.86

10.42

7.21

Weighted average shares used in computing income per share:                                        

Basic

104.7

104.8

104.7

105.1

Diluted

105.0

105.1

105.1

105.5

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

December 31, 2025 and December 31, 2024

(in millions)

December 31,
2025

December 31,
2024

Assets

Current assets:

Cash and cash equivalents

$         2,216.5

$            920.3

Financial investments

36.1

110.3

Accounts receivable, net

391.4

444.6

Margin deposits, clearing funds, and interoperability funds

1,618.2

845.5

Income taxes receivable

67.9

73.8

Other current assets (includes restricted cash of $34.1 at December 31, 2025 and $— at
December 31, 2024)

91.3

84.6

Total current assets

4,421.4

2,479.1

Investments

32.4

383.7

Property and equipment, net

133.1

118.0

Operating lease right of use assets

111.0

124.5

Goodwill

3,150.5

3,124.2

Intangible assets, net

1,297.2

1,376.9

Other assets, net

159.7

182.7

Total assets

$         9,305.3

$         7,789.1

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities

$            686.9

$            359.7

Section 31 fees payable

0.2

182.0

Deferred revenue

6.9

6.4

Margin deposits, clearing funds, and interoperability funds

1,618.2

845.5

Income taxes payable

50.1

1.6

Total current liabilities

2,362.3

1,395.2

Long-term debt

1,442.9

1,441.0

Non-current unrecognized tax benefits

15.8

305.0

Deferred income taxes

185.3

186.8

Non-current operating lease liabilities

120.9

138.4

Other non-current liabilities

39.8

43.1

Total liabilities

4,167.0

3,509.5

Stockholders' equity:

Preferred stock

—

—

Common stock

1.0

1.0

Treasury stock, at cost

(1.5)

(1.4)

Additional paid-in capital

1,565.1

1,512.5

Retained earnings

3,543.6

2,815.9

Accumulated other comprehensive income (loss), net                                                                                                                                      

30.1

(48.4)

Total stockholders' equity

5,138.3

4,279.6

Total liabilities and stockholders' equity

$         9,305.3

$         7,789.1

Table 3

Net Transaction and Clearing
Fees by Business Segment
Three Months Ended December
31, 2025 and 2024 (in millions)

Consolidated

December 31,

Options

December 31,

N.A. Equities

December 31,

Europe and APAC

December 31,

Futures

December 31,

Global FX

December 31,

Digital1

December 31,

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Transaction and clearing fees

$ 977.4

$ 762.6

$ 559.7

$ 418.0

$ 316.3

$ 260.6

$   52.7

$   41.4

$  27.8

$  25.9

$  20.9

$  16.6

$     —

$    0.1

Liquidity payments

(443.6)

(365.7)

(160.7)

(131.7)

(272.6)

(222.2)

(8.8)

(8.5)

(1.5)

(2.7)

—

—

—

(0.6)

Routing and clearing

(20.1)

(18.3)

(4.6)

(4.3)

(9.0)

(9.1)

(6.0)

(4.5)

—

—

(0.5)

(0.4)

—

—

Net transaction and clearing fees

$ 513.7

$ 378.6

$ 394.4

$ 282.0

$  34.7

$  29.3

$   37.9

$   28.4

$  26.3

$  23.2

$  20.4

$  16.2

$     —

$  (0.5)

Table 4

Net Revenue by Revenue Caption Three Months Ended                           
December 31, 2025 and 2024 (in millions)

Cash and Spot Markets

December 31,

Data Vantage

December 31,

Derivatives Markets

December 31,

Total

December 31,

2025

2024

2025

2024

2025

2024

2025

2024

Transaction and clearing fees

$   390.0

$   318.6

$         —

$         —

$   587.4

$   444.0

$   977.4

$   762.6

Access and capacity fees

—

—

105.8

95.0

—

—

105.8

95.0

Market data fees

16.7

14.3

56.0

53.0

10.0

8.3

82.7

75.6

Regulatory fees

3.0

114.2

—

—

12.0

37.0

15.0

151.2

Other revenue

21.6

21.5

0.8

0.7

0.7

1.0

23.1

23.2

Total revenues

$   431.3

$   468.6

$   162.6

$   148.7

$   610.1

$   490.3

$ 1,204.0

$ 1,107.6

Liquidity payments

$   280.6

$   229.7

$         —

$         —

$   163.0

$   136.0

$   443.6

$   365.7

Routing and clearing

15.5

14.1

—

—

4.6

4.2

20.1

18.3

Regulatory fees cost of revenues

0.3

114.1

—

—

—

28.0

0.3

142.1

Royalty fees and other cost of revenues

9.3

11.8

3.1

2.8

56.5

42.4

68.9

57.0

Total cost of revenues

$   305.7

$   369.7

$        3.1

$        2.8

$   224.1

$   210.6

$   532.9

$   583.1

Net revenue

$   125.6

$     98.9

$   159.5

$   145.9

$   386.0

$   279.7

$   671.1

$   524.5

(1)

The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes.

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted revenues less cost of revenues, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted income before income taxes, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenues in constant currency.

Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.

The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures. 

Reconciliation of GAAP and Non-GAAP Information

Three Months Ended

Twelve Months Ended

Table 5

December 31,

December 31,

(in millions, except percentages and per share amounts)

2025

2024

2025

2024

Reconciliation of Net Income Allocated to Common
Stockholders to Non-GAAP (As shown on Table 1)

Net income allocated to common stockholders

$          312.2

$          195.6

$       1,094.8

$          761.0

Non-GAAP adjustments

Acquisition-related costs (1)

(0.1)

0.1

0.3

1.3

Amortization of acquired intangible assets (2)

17.1

20.6

69.9

88.7

Business realignment costs (3)

4.0

0.5

7.0

2.1

Cboe Digital syndication wind down (4)

—

—

—

(1.0)

Change in contingent consideration (5)

—

—

—

2.1

Non-operating investment adjustments, net (6)

(45.1)

14.4

(96.8)

31.4

Executive compensation adjustment (7)

0.6

—

1.6

—

Gain on Cboe Digital non-recourse notes and warrants wind                                            
down (8)

—

—

—

(1.4)

Gain on sale of property held for sale (9)

—

—

—

(1.0)

Impairment of assets (10)

25.1

—

46.7

81.0

Total Non-GAAP adjustments

1.6

35.6

28.7

203.2

Income tax expense related to the items above

(0.5)

(7.9)

(8.2)

(52.2)

Deferred tax re-measurements (11)

14.3

—

13.3

—

Tax reserves (11)

(6.6)

(2.5)

(6.6)

(8.1)

Valuation allowances (12)

—

0.6

—

5.0

Net income allocated to participating securities - effect on
reconciling items

—

(0.2)

(0.3)

(0.9)

Adjusted earnings

$          321.0

$          221.2

$       1,121.7

$          908.0

Reconciliation of Diluted EPS to Non-GAAP

Diluted earnings per common share

$            2.97

$            1.86

$          10.42

$            7.21

Per share impact of non-GAAP adjustments noted above

0.09

0.24

0.25

1.40

Adjusted diluted earnings per common share

$            3.06

$            2.10

$          10.67

$            8.61

Reconciliation of Operating Margin to Non-GAAP

Revenues less cost of revenue

$          671.1

$          524.5

$       2,429.1

$       2,072.4

Non-GAAP adjustments noted above

—

—

—

(1.0)

Adjusted revenues less cost of revenue

$          671.1

$          524.5

$       2,429.1

$       2,071.4

Operating expenses (13)

$          267.3

$          226.0

$          962.0

$          974.0

Non-GAAP adjustments noted above

46.7

21.2

125.5

175.2

Adjusted operating expenses

$          220.6

$          204.8

$          836.5

$          798.8

Operating income

$          403.8

$          298.5

$       1,467.1

$       1,098.4

Non-GAAP adjustments noted above

46.7

21.2

125.5

174.2

Adjusted operating income

$          450.5

$          319.7

$       1,592.6

$       1,272.6

Adjusted operating margin (14)

67.1 %

61.0 %

65.6 %

61.4 %

Reconciliation of Income Tax Rate to Non-GAAP

Income before income taxes

$          451.7

$          279.7

$       1,566.6

$       1,083.8

Non-GAAP adjustments noted above

1.6

35.6

28.7

203.2

Adjusted income before income taxes

$          453.3

$          315.3

$       1,595.3

$       1,287.0

Income tax expense

$          138.2

$            83.2

$          466.6

$          318.9

Non-GAAP adjustments noted above

(7.2)

9.8

1.5

55.3

Adjusted income tax expense

$          131.0

$            93.0

$          468.1

$          374.2

Adjusted income tax rate

28.9 %

29.5 %

29.3 %

29.1 %

(1)

This amount includes acquisition-related costs primarily from the company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which are included in acquisition-related costs on the condensed consolidated statements of income.

(2)

This amount represents the amortization of acquired intangible assets related to the company's acquisitions, which is included in depreciation and amortization on the condensed consolidated statements of income.

(3)

This amount represents certain business realignment costs related to announced business realignment initiatives. For the three and twelve months ended December 31, 2025, the costs included $2.1 million and $5.1 million in compensation and benefits, respectively, $0.5 million in professional fees and outside services, and $1.4 million in other expenses, respectively, on the condensed consolidated statements of income. For the three and twelve months ended December 31, 2024, the costs included $0.5 million and $2.1 million in compensation and benefits, respectively, on the condensed consolidated statements of income.

(4)

This amount represents the contra-revenue that was reversed as a result of the Cboe Digital syndication wind down, which is included in transaction and clearing fees on the condensed consolidated statements of income.

(5)

This amount represents the gains and losses related to contingent consideration liabilities achieved related to the acquisitions of Cboe Canada and Cboe Asia Pacific, which is included in other expenses on the condensed consolidated statements of income.

(6)

This amount represents the net gains associated with the partial sale of PYTH token intangible assets and from the company's various minority investments, as well as the gain associated with the completion of the investment transaction within the company's investment in the 7Ridge Fund (which owned Trading Technologies International Inc.), which included $45.1 million, and $96.8 million in earnings on investments, net on the condensed consolidated statements of income, for the three and twelve months ended December 31, 2025, respectively, and the net impairments related to the company's minority investments, which included $14.4 million and $31.6 million in other income (expense), net on the condensed consolidated statements of income, for the three and twelve months ended December 31, 2024, respectively, and $0.2 million in earnings on investments, net on the condensed consolidated statements of income for the twelve months ended December 31, 2024.

(7)

This amount represents the CEO sign-on long-term equity awards with a grant date value of $6.0 million (comprised of a mixture of time and performance-based awards) and subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include the CEO's annual long-term equity incentive awards that were prorated for 2025.

(8)

This amount represents the revaluation and the gain associated with the wind down of the Cboe Digital non-recourse notes and warrants, which is included in other income (expense), net on the condensed consolidated statements of income.

(9)

This amount represents the net gain on the sale of the company's former headquarters, which is included in other income (expense), net on the condensed consolidated statements of income.

(10)

This amount represents the impairment of assets related to Cboe Canada, Cboe European Derivatives ("CEDX"), and Cboe Japan in 2025, as well as the impairment of assets related to the Cboe Digital wind down in 2024, which are included in impairment of assets on the condensed consolidated statements of income.

(11)

These amounts represent the tax impact related to changes in state and local filing positions for the three and twelve months ended December 31, 2025 and the tax reserves related to Section 199 matters for the three and twelve months ended December 31, 2024, respectively.

(12)

This amount represents the valuation allowances related to the impairments of the company's minority investments in Globacap Technology Limited and StratiFi Technologies Inc.

(13)

The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in compensation and benefits ($1.9 million and $1.4 million in expense for the three months ended December 31, 2025 and 2024, respectively, and $4.5 million and $3.6 million in expense for the twelve months ended December 31, 2025 and 2024, respectively), and are directly offset by deferred compensation income, expenses and dividends included within other income (expense), net ($1.9 million and $1.4 million in income, expense and dividends in the three months ended December 31, 2025 and 2024, respectively, and $4.5 million and $3.6 million in income, expense and dividends in the twelve months ended December 31, 2025 and 2024, respectively), on the condensed consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have an impact on income before income taxes.

(14)

Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.

EBITDA Reconciliations

EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company's core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA relevant adjustments. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest (income) expense, net, income tax expense, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow as a measure of the company's liquidity. In addition, because Operating EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.

Table 6

Three Months Ended

Twelve Months Ended

(in millions, except percentages)

December 31,

December 31,

Reconciliation of Operating Income to Operating EBITDA and
Adjusted Operating EBITDA (Per Table 1)

2025

2024

2025

2024

Operating income

$         403.8

$         298.5

$      1,467.1

$      1,098.4

Depreciation and amortization

31.3

32.1

122.4

133.0

Operating EBITDA

$         435.1

$         330.6

$      1,589.5

$      1,231.4

Operating EBITDA Margin

64.8 %

63.0 %

65.4 %

59.4 %

Non-GAAP adjustments not included in above line items                                           

Acquisition-related costs

(0.1)

0.1

0.3

1.3

Business realignment costs

4.0

0.5

7.0

2.1

Cboe Digital syndication wind down

—

—

—

(1.0)

Change in contingent consideration

—

—

—

2.1

Executive compensation adjustment

0.6

—

1.6

—

Impairment of assets

25.1

—

46.7

81.0

Adjusted Operating EBITDA

$         464.7

$         331.2

$      1,645.1

$      1,316.9

Adjusted Operating EBITDA Margin

69.2 %

63.1 %

67.7 %

63.5 %

Reconciliation of Net Income Allocated to Common Stockholders
to EBITDA and Adjusted EBITDA (Per Table 1)

2025

2024

2025

2024

Net income allocated to common stockholders

$         312.2

$         195.6

$      1,094.8

$         761.0

Interest expense, net

(2.1)

5.7

2.9

24.2

Income tax provision

138.2

83.2

466.6

318.9

Depreciation and amortization

31.3

32.1

122.4

133.0

EBITDA

$         479.6

$         316.6

$      1,686.7

$      1,237.1

EBITDA Margin

71.5 %

60.4 %

69.4 %

59.7 %

Non-GAAP adjustments not included in above line items

Acquisition-related costs

(0.1)

0.1

0.3

1.3

Business realignment costs

4.0

0.5

7.0

2.1

Cboe Digital syndication wind down

—

—

—

(1.0)

Change in contingent consideration

—

—

—

2.1

Non-operating investment adjustments, net

(45.1)

14.4

(96.8)

31.4

Executive compensation adjustment

0.6

—

1.6

—

Gain on Cboe Digital non-recourse notes and warrants wind down

—

—

—

(1.4)

Gain on sale of property held for sale

—

—

—

(1.0)

Impairment of assets

25.1

—

46.7

81.0

Adjusted EBITDA

$         464.1

$         331.6

$      1,645.5

$      1,351.6

Adjusted EBITDA Margin

69.2 %

63.2 %

67.7 %

65.2 %

Table 7

(in millions)

December 31,

Reconciliation of Cash and Cash Equivalents to Adjusted Cash

2025

2024

Cash and cash equivalents

$        2,216.5

$            920.3

Financial investments

36.1

110.3

Less deferred compensation plan assets                                                                                                                                               

(35.8)

(40.3)

Less cash collected for Section 31 Fees

—

(110.8)

Adjusted Cash

$        2,216.8

$            879.5

Table 8

Three Months Ended

Twelve Months Ended

(in millions)

December 31,

December 31,

Reconciliation of GAAP Net Revenue to Net Revenue in
Constant Currency

2025

2024

2025

2024

Europe and Asia Pacific net revenue                                                                                        

$              69.9

$              56.2

$            273.5

$            220.2

Constant currency adjustment

(4.1)

—

(8.4)

—

Europe and Asia Pacific net revenue in constant currency1

$              65.8

$              56.2

$            265.1

$            220.2

(1)

Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.

SOURCE Cboe Global Markets, Inc.

EDMONTON, Alberta, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Papa Johns Canada is launching Pizza My Heart, a new limited-time heart pizza available nationwide for Valentine’s Day.

On menus from February 9 through February 15, Pizza My Heart is a one-topping heart pizza on thin crust, made with Papa Johns’ signature fresh, never frozen dough, vine-ripened tomato sauce, and real mozzarella cheese. Priced at $17.99, the limited-time offering gives customers a festive way to mark Valentine’s Day at home.

Whether it’s a date night in, a family dinner, or something in between, Pizza My Heart brings a Valentine’s Day twist to a familiar favourite—one that people already love to share.

“Valentine’s Day and good food tend to go hand in hand,” said Michael Prentice, Senior Franchise Growth Director at Papa Johns Canada. “Pizza My Heart is one of those items people get genuinely excited about, and we’re excited to bring it to Canada for the first time.”

The limited-time Pizza My Heart will be available for carryout and delivery at participating Papa Johns locations across Canada, while supplies last.

About Papa Johns
Papa John’s International, Inc. (Nasdaq: PZZA) opened its doors in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.® Papa Johns believes that using high-quality ingredients leads to superior quality pizzas. Its original dough is made of only six ingredients and is fresh, never frozen. Papa Johns tops its pizzas with real cheese made from mozzarella, pizza sauce made with vine-ripened tomatoes that go from vine to can in the same day and meat free of fillers. It was the first national pizza delivery chain to announce the removal of artificial flavors and synthetic colors from its entire food menu. Papa Johns is co-headquartered in Atlanta, Ga. and Louisville, Ky. and is the world’s third-largest pizza delivery company with approximately 6,000 restaurants in approximately 50 countries and territories. For more information about the company or to order pizza online, visit www.PapaJohns.ca or download the Papa Johns mobile app for iOS or Android.

Media:

Michelle Philippe
Communications Manager, Brand PR & Campaigns
Papa John’s International
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68142719-8a2c-4895-b28e-8940dd5a64c2

Papa Johns Canada - Pizza My Heart Pizza My Heart is a one-topping heart pizza on thin crust, made with Papa Johns’ signature fresh, ne...

MIAMI, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in non-lethal response and public safety technology, today highlighted the successful implementation of its WrapReality™ virtual reality platform by Clinton County Probation Services (“Clinton County”), a Pennsylvania-based corrections agency.

Led by Ed Hosler, a 20-year probation professional and certified instructor across defensive tactics, firearms, and other tools for law enforcement, Clinton County adopted WrapReality with the goal to enhance realism, improve decision-making under stress, and support consistent Non-Lethal Response training across probation officers, jail staff, and partner agencies. Clinton County initially evaluated WrapReality VR as part of a grant-funded initiative focused on expanding training realism beyond legacy laser-based simulators. According to Hosler, traditional 2D systems failed to fully immerse officers or reflect real-world positioning, movement, and decision-making challenges commonly encountered in corrections, probation, and reentry settings.

Clinton County reported that WrapReality’s immersive 360-degree environments, instructor-controlled avatars, and dynamic scenario flow enabled officers to physically move, seek cover, and engage in realistic verbal and tactical interactions. The capabilities of WrapReality were described as “unsurpassed” in terms of realism and officer engagement.

Clinton County integrated WrapReality VR into its 3,000-square-foot training facility, where the system is used not only by probation officers, but also by jail staff, local law enforcement agencies, and first responders. The platform is designed to support pre-certification exposure for firearms, scenario-based training, and after-action review, allowing instructors to pause, reset, and replay scenarios to reinforce learning and review their own decision-making under stress. Clinton County’s use of WrapReality extends beyond traditional patrol scenarios to corrections-specific and reentry-focused use cases, including verbal de-escalation, crisis intervention, and community reintegration encounters, which is an area where many agencies have reportedly struggled to establish consistent non-lethal training models.

Hosler emphasized that the instructor-driven functionality of WrapReality allows training to be tailored to agency-specific realities, including rural environments, custody settings, and probation encounters. In Clinton County’s experience, instructors can dynamically adapt avatar behavior, alter starting positions, and test decision-making across multiple force options, including verbal skills, OC spray, conducted electrical weapons, firearms, and BolaWrap®. Clinton County emphasized that it incorporated the WrapReality system to drive continuous education for firearms training and recruit onboarding, enabling officers to safely make mistakes, receive immediate feedback, and re-enter scenarios with improved tactics and mentality.

Integration into a Non-Lethal Response Program

Clinton County’s experience reinforces Wrap’s broader Non-Lethal Response strategy, which emphasizes the integration of technology, training, and policy with the aim to drive safer, more consistent outcomes. WrapReality is designed to enable agencies to train not just on individual tools, but on when, why, and how non-lethal options should be deployed within the totality of circumstances, particularly in correctional and custodial environments where de-escalation and containment are critical.

“We believe non-lethal tools are only effective if they are integrated into a well-structured training program,” said Ed Hosler, Deputy Chief Probation Officer. “WrapReality allows us to test judgment, reinforce verbal skills, and build confidence across different force options. In less than a year, we have seen improvements in awareness, de-escalation, and more deliberate decision-making.”

Strategic Value

Clinton County Probation Services represents a compelling example of how immersive training can support corrections, probation, jail operations, and community reentry programs, expanding the addressable use cases for non-lethal response solutions beyond traditional patrol environments. We believe Clinton County’s success in utilizing WrapReality underscores the importance of realistic training, instructor control, and integrated policy in driving sustainable adoption of non-lethal solutions.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

Wrap's complete public safety portfolio includes the non-lethal BolaWrap® 150 device, WrapReality™ immersive training platform, WrapVision™ body-worn camera system, WrapTactics™ training programs, and next-generation CUAS solutions like PAN-DA and the 1KC Kinetic Anti-Drone Cassette, all of which supports the Company's mission to provide safer, scalable, and cost-effective technologies for public safety, defense, and critical infrastructure markets. Wrap's BolaWrap® 150 solution leads in pre-escalation intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption that leverages sight, sound and sensation to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap® 150 is not pain-based compliance. It does not shoot, strike, shock, or incapacitate, instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap's commitment to public safety through cutting-edge technology and expert training.

WrapReality™ VR is a fully immersive training simulator to enhance decision-making under pressure.

As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, WrapReality™ is intended to equip officers with the skills and confidence to navigate high-stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve.

WrapVision is an all-new body-worn camera and evidence management system built for efficiency.

Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video picture quality and field of view.

The WrapVision camera, powered by IONODES, boasts streamlined cloud integration and final North American assembly, with country-of-origin (COO) United States. This track helps ensure data integrity and helps eliminate critical concerns over unauthorized access or foreign surveillance risks.

Trademark Information

Wrap, the Wrap logo, BolaWrap®, WrapReality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements - Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "anticipate," "should", "believe", "target", "project", "goals", "estimate", "potential", "predict", "may", "will", "could", "intend", and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control and include, but are not limited to, statements relating to Wrap's planned future products, technologies, integration, intended product designs and expected benefits therefrom, expected market opportunities and outcomes related to Wrap's products to increase officer and public safety. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:

(800) 583-2652
[email protected]

VANCOUVER, British Columbia, Feb. 06, 2026 (GLOBE NEWSWIRE) -- SAGA Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company focused on critical mineral discoveries, acknowledges the recent announcement by The White House and Donald Trump of “Project Vault,” a large-scale U.S. strategic stockpile initiative intended to strengthen domestic supply chains, advance national security priorities, and reduce reliance on foreign-controlled sources of critical minerals and raw materials.

Project Vault—announced in the Oval Office with participation from Export-Import Bank of the United States (“EXIM”) — establishes the U.S. Strategic Critical Minerals Reserve as an independently governed public-private partnership designed to store essential raw materials across U.S. facilities.

EXIM has approved a Direct Loan of up to US$10 billion to support Project Vault, providing long-term financing for a partnership between original equipment manufacturers and private-sector capital providers—an effort EXIM has positioned as strengthening U.S. production and processing capacity, insulating manufacturers from supply shocks, and advancing U.S. national economic security objectives.

The stockpile is the latest move by the Trump administration to build a Western supply chain to counter China’s dominance in critical minerals — especially when it comes to refining. Beijing sought to cut off exports of rare earths, a subset of critical minerals, last year during trade disputes with the U.S.

A Media Snippet accompanying this announcement is available by clicking on this link.

Preferential trade alignment and allied coordination on display at the Critical Minerals Ministerial in Washington, D.C.

The U.S. efforts to diversify and stabilize critical minerals supply chains are expanding beyond domestic stockpiling toward allied coordination. On February 4, U.S. Vice President JD Vance outlined plans aimed at organizing partners into a preferential trade framework for critical minerals, including mechanisms intended to promote market stability and reduce vulnerability to price undercutting and supply disruption.

Canada’s Foreign Affairs Minister Anita Anand was in Washington on Wednesday as the Trump administration made a case for international partners to join a preferential trade zone for critical minerals with forced price floors.

Canada and the U.S. Department of Defense already have a co-investment deal to accelerate Canadian mining development and strengthen critical minerals supply chains.

A Media Snippet accompanying this announcement is available by clicking on this link.

Titanium: A national defense critical mineral facing supply chain constraints

Titanium remains a cornerstone material for aerospace and defense platforms, infrastructure, and high-performance industrial uses, and continues to be a strategic concern for Western supply chains due to limited domestic sourcing and processing capacity. Titanium is deemed a critical metal by the U.S., EU and Canada and is essential for defense and aerospace applications due to its strength-to-weight ratio and corrosion resistance.

Titanium is characterized as a critical mineral for defense and aerospace, with supply-chain risk concentrated in titanium metal pathways (including aerospace-grade sponge capacity and certification) rather than in pigment markets. The vast majority – over 90% globally of mined titanium is processed into the pigment – a looming supply chain gap UK-headquartered market intelligence company Project Blue outlines in a recent report.

“Titanium is essentially a defence metal – it can be up to 20% or more of the markets for total titanium consumption that goes into defence. An F 15 can be up to 40% in weight of titanium. There’s some serious volume going in these jet planes,” Project Blue Founder and Director, Dr. Nils Backeberg

Saga Metals’ Project Focus: Critical Minerals and Titanium Exploration in Labrador

Saga Metals believes the evolving policy environment reinforces the strategic relevance of North American Critical Minerals projects that can support secure, resilient supply chains for defense, aerospace, and advanced manufacturing. The Company’s flagship Radar Ti-V-Fe Project is located in Labrador near the port community of Cartwright and is supported by existing infrastructure, including road access and proximity to tidewater logistics. Saga recently announced a 100% drilling success rate in 2025 with exceptional grades of titanium, vanadium, and iron in all 15 drill holes completed at the Radar Critical Minerals Project. The company is advancing towards a Mineral Resource Estimate and has completed four diamond drill holes in 2026 to start the year.

Mike Stier, CEO & Director of Saga Metals commented: “The U.S. government’s focus on critical mineral stockpiling reinforces the strategic importance of secure, allied sources of materials such as titanium—particularly for North American national security and defense-related supply chains. Saga Metals continues to advance its portfolio with a focus on critical minerals that support supply-chain security, advanced manufacturing, and future-facing technologies. We believe this policy momentum highlights the importance of investing in strategic mining projects that can help build resilience—diversifying supply, strengthening domestic and allied production capacity, and supporting stable investment conditions for the critical materials that power our economies and protect our industries.”

Key implications Saga Metals sees from Project Vault and allied initiatives

Saga Metals recognizes several key implications from Project Vault and the broader allied push toward critical-minerals security:

Rising strategic value of titanium and other critical metals in defense readiness, aerospace manufacturing, and industrial policy.Potential acceleration of investment in North American exploration, development, and processing capacity as governments prioritize secure supply.Expanded public-private cooperation to create resilient, domestically aligned supply chains and mitigate market disruption risk.Increased allied coordination on pricing stability, trade frameworks, and supply diversification to reduce dependency on concentrated refining and processing pathways. About Critical Minerals

Critical minerals are the foundation upon which modern technology is built. They are used in a wide range of essential products ranging from mobile phones and solar panels to electric vehicle batteries, medical devices and defense applications. Canada’s critical minerals list identifies 34 minerals and metals while the U.S.A identifies 60 minerals and metals as critical.

Investor Relations Agreement

Additionally, the Company and GRA Enterprises LLC DBA National Inflation Association ("NIA") entered into a consulting agreement (the "NIA Agreement") for investor relations and communication services. The NIA Agreement has an initial term of twelve (12) months, at an aggregate cost of USD$100,000 for the term. Following the initial term, the NIA Agreement can be extended by three (3) months for an additional USD$30,000, six (6) months for an additional USD$50,000 or one year for an additional USD$100,000. NIA will leverage its expansive distribution channels - including targeted email lists, website features, and blog content - to highlight the Company's growth story and project developments.

NIA, based in Mooresville, North Carolina, has a strong track record of investor communications for publicly traded companies. The Company will not issue any securities to NIA as compensation. NIA and its principals are at arm's length to the Company. NIA currently has no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest.

For more information about NIA: Contact [email protected] or visit them at 112 Camp Lane, Mooresville, North Carolina, 28117.

Qualified Person

Paul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

About SAGA Metals Corp.

SAGA Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar Ti-V-Fe Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including 4,250 m of drilling, has confirmed a large, mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares and features uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U3O8. Uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, SAGA is strategically positioned to play an essential role in critical mineral security.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
SAGA Metals Corp.
Tel: +1 (844) 724-2638
Email: [email protected]
www.sagametals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s Radar Project and IR agreements listed herein. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

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

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

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

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

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

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

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

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

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

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

Cautionary Statement Regarding Forward-Looking Information

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

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

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

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

India and potential Boeing orders  Copy link to section

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

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

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

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

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

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

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

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

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

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

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

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

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

Boeing stock price technical analysis  Copy link to section

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

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

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

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

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

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

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

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

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

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

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

Conference Call and Webcast Details

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

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

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

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

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

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

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

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

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

Why is BellRing Being Sued for Securities Fraud?

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

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

Why did BellRing's Stock Drop?

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

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

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

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

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

What Can You Do?

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

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

Submit your information by visiting:

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

Why Bleichmar Fonti & Auld LLP?

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

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

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

Attorney advertising. Past results do not guarantee future outcomes.

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

Source: Bleichmar Fonti & Auld

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

Contact Us

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

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

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

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

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

Why did Wealthfront's Stock Drop?

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

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

What Can You Do?

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

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

Submit your information by visiting:

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

Why Bleichmar Fonti & Auld LLP?

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

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

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

Attorney advertising. Past results do not guarantee future outcomes.

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

Source: Bleichmar Fonti & Auld

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

Contact Us

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

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

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

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

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

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

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

Why did Fermi's Stock Drop?

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

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

What Can You Do?

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

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

Submit your information by visiting:

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

Why Bleichmar Fonti & Auld LLP?

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

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

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

Attorney advertising. Past results do not guarantee future outcomes.

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

Source: Bleichmar Fonti & Auld

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

Contact Us

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

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

Highlights

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

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

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

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

Fourth Quarter and Full Year 2025 Financial Performance

  (dollars in thousands, except per share amounts)

Year Ended

December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net sales

$

116,457

$

143,998

$

134,217

$

504,134

$

538,782

Net loss

$

(65,116

)

$

(28,482

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Loss per share(1)

$

(2.50

)

$

(1.10

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Net cash (used in) provided by operating activities

$

(20,894

)

$

24,700

$

(26,417

)

$

(81,616

)

$

(40,093

)

Adjusted net loss(2)

$

(63,886

)

$

(26,788

)

$

(33,143

)

$

(167,076

)

$

(106,144

)

Adjusted loss per share(1)(2)

$

(2.45

)

$

(1.03

)

$

(1.28

)

$

(6.42

)

$

(4.12

)

Adjusted EBITDA(2)

$

(21,900

)

$

13,013

$

(6,859

)

$

(9,088

)

$

1,632

Adjusted free cash flow(2)

$

(39,265

)

$

18,376

$

(20,960

)

$

(114,500

)

$

(56,153

)

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

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

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

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

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

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

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

Operational and Commercial Update

Key Operating Metrics

Year Ended

December 31,

(in thousands, except percentages)

Q4 2025

Q3 2025

Q4 2024

2025

2024

Sales volume (MT)

27.1

28.8

27.2

109.2

103.2

Production volume (MT)

27.8

26.6

25.1

112.3

97.3

Production capacity (MT)(3)(4)

46.0

42.0

46.0

178.0

178.0

Capacity utilization(5)

60

%

63

%

55

%

63

%

55

%

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

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

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

Capital Structure and Liquidity

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

Outlook

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

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

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

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

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

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

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

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

Conference Call Information

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

About GrafTech

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

____________________ (1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

Non‑GAAP Financial Measures

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

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

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

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

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

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

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

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

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

(Unaudited)

  December 31,

2025

December 31,

2024

ASSETS

Current assets:

Cash and cash equivalents

$

138,427

$

256,248

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

73,235

93,576

Inventories

224,692

231,241

Prepaid expenses and other current assets

48,180

55,732

Total current assets

484,534

636,797

Property, plant and equipment

986,946

910,247

Less: accumulated depreciation

497,016

427,548

Net property, plant and equipment

489,930

482,699

Deferred income taxes

9,318

53,139

Other assets

45,007

51,639

Total assets

$

1,028,789

$

1,224,274

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$

67,017

$

72,833

Accrued income and other taxes

8,047

9,642

Other accrued liabilities

53,127

55,432

Tax Receivable Agreement

—

2,022

Total current liabilities

128,191

139,929

Long-term debt

1,094,706

1,086,915

Other long-term obligations

40,388

48,559

Deferred income taxes

25,132

23,971

Tax Receivable Agreement long-term

—

3,802

Stockholders’ deficit:

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

—

—

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

2,582

2,572

Additional paid-in capital

759,710

755,338

Accumulated other comprehensive loss

(8,972

)

(43,359

)

Accumulated deficit

(1,012,948

)

(793,453

)

Total stockholders’ deficit

(259,628

)

(78,902

)

Total liabilities and stockholders’ deficit

$

1,028,789

$

1,224,274

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

(Unaudited)

  Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net sales

$

116,457

$

134,217

$

504,134

$

538,782

Cost of goods sold

128,805

131,698

501,496

533,757

Lower of cost or market inventory valuation adjustment

11,989

12,962

18,315

24,878

Gross loss

(24,337

)

(10,443

)

(15,677

)

(19,853

)

Research and development

1,609

1,387

6,475

5,706

Selling and administrative expenses

13,241

13,075

54,914

46,510

Rationalization expenses

—

—

—

3,156

Operating loss

(39,187

)

(24,905

)

(77,066

)

(75,225

)

Other (income) expense, net

(2,212

)

200

(4,049

)

(1,569

)

Interest expense

24,281

37,575

104,057

85,313

Interest income

(1,448

)

(1,226

)

(6,632

)

(5,701

)

Loss before income taxes

(59,808

)

(61,454

)

(170,442

)

(153,268

)

Income tax expense (benefit)

5,308

(11,978

)

49,393

(22,103

)

Net loss

$

(65,116

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Basic loss per common share:

Net loss per share

$

(2.50

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Weighted average common shares outstanding

26,043,244

25,796,851

26,004,964

25,766,825

Diluted loss per common share:

Net loss per share

$

(2.50

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Weighted average common shares outstanding

26,043,244

25,796,851

26,004,964

25,766,825

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

  Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Cash flow from operating activities:

Net loss

$

(65,116

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Adjustments to reconcile net loss to cash used in operations:

Depreciation and amortization

15,799

16,110

61,643

62,245

Deferred income tax (benefit) expense

2,010

(15,891

)

42,792

(27,634

)

Non-cash stock-based compensation expense

1,518

1,589

4,952

6,035

Non-cash interest expense

1,947

1,550

7,791

(2,028

)

Lower of cost or market inventory valuation adjustment

11,989

12,962

18,315

24,878

Other adjustments

(2,858

)

(3,891

)

8,525

(7,348

)

Net change in working capital*

13,817

10,543

25

40,254

Change in Tax Receivable Agreement

—

87

(5,824

)

(5,330

)

Net cash used in operating activities

(20,894

)

(26,417

)

(81,616

)

(40,093

)

Cash flow from investing activities:

Capital expenditures

(18,371

)

(12,792

)

(38,885

)

(34,309

)

Proceeds from the sale of fixed assets

256

—

554

100

Net cash used in investing activities

(18,115

)

(12,792

)

(38,331

)

(34,209

)

Cash flow from financing activities:

Proceeds from Initial First Lien Term Loan due 2029

—

175,000

—

175,000

Principal payments on long-term debt

—

(137

)

—

(137

)

Debt issuance and modification costs

—

(18,945

)

—

(18,945

)

Payments for taxes related to net share settlement of equity awards

—

(36

)

(230

)

(118

)

Principal payments under finance lease obligations

(31

)

(24

)

(111

)

(82

)

Net cash (used in) provided by financing activities

(31

)

155,858

(341

)

155,718

Net change in cash and cash equivalents

(39,040

)

116,649

(120,288

)

81,416

Effect of exchange rate changes on cash and cash equivalents

(168

)

(1,807

)

2,467

(2,046

)

Cash and cash equivalents at beginning of period

177,635

141,406

256,248

176,878

Cash and cash equivalents at end of period

$

138,427

$

256,248

$

138,427

$

256,248

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

Accounts and notes receivable, net

$

14,683

$

(6,682

)

$

23,825

$

4,519

Inventories

6,445

18,727

(8,589

)

68,832

Prepaid expenses and other current assets

6,750

6,296

487

9,106

Income taxes payable

568

1,067

(123

)

(1,549

)

Accounts payable and accruals

(508

)

9,165

(18,270

)

(39,501

)

Interest payable

(14,121

)

(18,030

)

2,695

(1,153

)

Net change in working capital

$

13,817

$

10,543

$

25

$

40,254

NON-GAAP RECONCILIATIONS

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

(Unaudited)

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

  Reconciliation of Net Loss to Adjusted Net Loss

Year Ended

December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net loss

$

(65,116

)

$

(28,482

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Diluted loss per common share:

Net loss per share

$

(2.50

)

$

(1.10

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Weighted average shares outstanding

26,043,244

25,933,254

25,796,851

26,004,964

25,766,825

Adjustments, pre-tax:

Pension and OPEB plan expenses(1)

(3,109

)

719

967

(1,129

)

2,270

Rationalization expenses(2)

—

—

—

—

3,156

Rationalization-related expenses(3)

—

—

—

—

2,655

Foreign currency remeasurement(4)

867

41

(507

)

2,254

(1,949

)

Stock-based compensation expense(5)

1,518

1,012

1,589

4,952

6,035

Proxy contest expenses(6)

—

—

—

—

752

Tax Receivable Agreement adjustment(7)

—

—

87

(3,791

)

124

Debt modification costs(8)

—

—

18,369

6,293

18,369

Total non-GAAP adjustments pre-tax

(724

)

1,772

20,505

8,579

31,412

Valuation allowance adjustment(9)

—

—

—

(42,624

)

—

Income tax impact on non-GAAP adjustments(10)

(1,954

)

78

4,172

(1,556

)

6,391

Adjusted net loss

$

(63,886

)

$

(26,788

)

$

(33,143

)

$

(167,076

)

$

(106,144

)

Reconciliation of Loss Per Share to Adjusted Loss Per Share

Year Ended

December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Loss per share

$

(2.50

)

$

(1.10

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Adjustments per share:

Pension and OPEB plan expenses(1)

(0.12

)

0.03

0.04

(0.04

)

0.09

Rationalization expenses(2)

—

—

—

—

0.12

Rationalization-related expenses(3)

—

—

—

—

0.10

Foreign currency remeasurement(4)

0.03

—

(0.02

)

0.08

(0.07

)

Stock-based compensation expense(5)

0.06

0.04

0.06

0.19

0.23

Proxy contest expenses(6)

—

—

—

—

0.03

Tax Receivable Agreement adjustment(7)

—

—

—

(0.14

)

—

Debt modification costs(8)

—

—

0.72

0.24

0.71

Total non-GAAP adjustments pre-tax per share

(0.03

)

0.07

0.80

0.33

1.21

Valuation allowance adjustment(9)

—

—

—

(1.64

)

—

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

(0.08

)

—

0.16

(0.06

)

0.24

Adjusted loss per share

$

(2.45

)

$

(1.03

)

$

(1.28

)

$

(6.42

)

$

(4.12

)

Reconciliation of Net Loss to Adjusted EBITDA

Year Ended
December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net loss

$

(65,116

)

$

(28,482

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Add:

Depreciation and amortization

15,799

16,499

16,110

61,643

62,245

Interest expense

24,281

24,517

37,575

104,057

85,313

Interest income

(1,448

)

(1,383

)

(1,226

)

(6,632

)

(5,701

)

Income taxes

5,308

90

(11,978

)

49,393

(22,103

)

EBITDA

(21,176

)

11,241

(8,995

)

(11,374

)

(11,411

)

Adjustments:

Pension and OPEB plan expenses(1)

(3,109

)

719

967

(1,129

)

2,270

Rationalization expenses(2)

—

—

—

—

3,156

Rationalization-related expenses(3)

—

—

—

—

2,655

Foreign currency remeasurement(4)

867

41

(507

)

2,254

(1,949

)

Stock-based compensation expense(5)

1,518

1,012

1,589

4,952

6,035

Proxy contest expenses(6)

—

—

—

—

752

Tax Receivable Agreement adjustment(7)

—

—

87

(3,791

)

124

Adjusted EBITDA

$

(21,900

)

$

13,013

$

(6,859

)

$

(9,088

)

$

1,632

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

Year Ended
December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net cash (used in) provided by operating activities

$

(20,894

)

$

24,700

$

(26,417

)

$

(81,616

)

$

(40,093

)

Capital expenditures

(18,371

)

(6,324

)

(12,792

)

(38,885

)

(34,309

)

Free cash flow

(39,265

)

18,376

(39,209

)

(120,501

)

(74,402

)

Debt modification costs(11)

—

—

18,249

6,001

18,249

Adjusted free cash flow

$

(39,265

)

$

18,376

$

(20,960

)

$

(114,500

)

$

(56,153

)

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

Year Ended
December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Cost of goods sold

$

128,805

$

132,041

$

131,698

$

501,496

$

533,757

Less:

Depreciation and amortization(12)

14,229

14,905

14,466

55,224

55,602

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

5,672

7,840

6,094

30,512

32,801

Rationalization-related expenses(3)

—

—

—

—

2,655

Cash cost of goods sold

108,904

109,296

111,138

415,760

442,699

Sales volume (in thousands of MT)

27.1

28.8

27.2

109.2

103.2

Cash cost of goods sold per MT

$

4,019

$

3,795

$

4,086

$

3,807

$

4,290

(1)

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

(2)

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

(3)

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

(4)

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

(5)

Non-cash expense for stock-based compensation awards.

(6)

Expenses associated with our proxy contest.

(7)

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

(8)

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

(9)

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

(10)

Represents the tax impact on the non-GAAP adjustments.

(11)

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

(12)

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

(13)

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

More News From GrafTech International Ltd.

By Reuters

February 6, 202611:41 AM UTCUpdated 10 mins ago

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

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

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

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

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

By PYMNTS  |  February 6, 2026

 | 

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

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

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

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

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

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

Advertisement: Scroll to Continue

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Loan Facility

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

About Auramet

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

About Canada Nickel Company

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

For further information, please contact:

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

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual 2 results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canada Nickel Company Inc.