Market Signal Briefing

The XRP price has climbed roughly 5% over the past 24 hours as the broader crypto market rebounds. The move has helped the token recover about 16% from its February 28 low. That has helped form a bullish cup pattern that could support further gains.

However, the rally arrives as underlying support weakens. Exchange flows are turning toward selling pressure, derivatives traders are increasing leverage, and activity on the XRP Ledger has cooled sharply since February. Together, these factors suggest the bullish setup could face pressure if demand fails to recover.

Cup-and-Handle Pattern Targets 17% XRP Price Rally, but Institutional Wall RemainsOn the 8-hour chart, XRP appears to be forming a cup-and-handle pattern, a structure often associated with continuation rallies.

The right side of the cup formed after XRP rebounded nearly 16% from its February 28 low, and the asset is now consolidating inside the handle. If buyers push the price above the neckline, the breakout could trigger a measured move toward $1.72 (the $1.70 zone), a 17% projection from the neckline.

However, institutional momentum has not fully confirmed the move.

The Chaikin Money Flow (CMF) indicator, which tracks capital entering and leaving the market, has repeatedly struggled to break above 0.04, suggesting institutional participation remains limited.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

XRP Price Structure: TradingViewThat hesitation may reflect broader cooling in XRP activity across the Ripple ecosystem. Since early February, XRP has been down roughly 11%, and key activity metrics on the XRP Ledger have declined as well. Lower transaction activity and reduced liquidity can make it harder for sustained buying pressure to support a breakout.

This weakening demand becomes more evident when examining exchange flows.

Exchange Flows Shift Toward Selling as XRPL Activity CoolsOn-chain data suggests that some investors may already be preparing to sell into the recent rebound. The Exchange Net Position Change, which tracks whether coins move into or out of exchanges, has recently flipped positive after nearly two weeks of consistent outflows.

Outflows typically signal accumulation, as investors move assets into private wallets. Inflows, however, often indicate that traders are positioning to sell. The shift toward inflows comes just as XRP attempts to consolidate inside the handle portion of its bullish structure.

Exchange Flows: GlassnodeAt the same time, broader XRP Ledger activity has slowed. The number of payment transactions on XRP Ledger peaked at around 2.18 million in early February but has since dropped to roughly 1.03 million, representing a decline of about 53%.

Payments On XRP Ledger: XRP ScanMeanwhile, trading activity on XRPL’s decentralized exchange has weakened sharply, with DEX volume falling from $30.85 million to about $5.09 million, marking an approximately 83% drop.

XRP DEX Volume: DuneThis decline in on-ledger activity suggests reduced organic demand for XRP as a bridge asset or trading instrument. That can limit the amount of spot buying needed to support a strong rally. It also shows that the lack of conviction is making traders book profits or minimize losses by selling into the recent bounce.

If spot demand weakens while traders attempt to push prices higher, the market can become increasingly dependent on leverage.

Rising Open Interest Shows Traders Are Betting on the Rally — Not Exactly A Good Thing?Derivatives markets indicate that traders have begun increasing bullish exposure. Open interest in XRP futures climbed from roughly $728 million to around $859 million between March 2 and March 5, showing an 18% surge in leveraged positions.

Funding rates also shifted from slightly negative levels to positive territory near 0.0088, indicating that long traders are paying a premium to maintain their positions. However, the past few trading sessions show signs of cooling leverage. Both open interest and funding rates have started to decline as XRP consolidates inside the handle portion of the pattern.

This shift suggests that some long positions may already be closing or getting liquidated as price momentum slows.

Open Interest: SantimentWhile this positioning initially reflected growing optimism, it also increases liquidation risk. If prices fail to break higher and the handle continues to weaken, heavily leveraged long positions could be forced to close. That could accelerate a price decline.

The situation weakens as underlying liquidity thins. Capital locked in XRPL automated market maker pools has declined as well. The AMM TVL fell from about $57.6 million to roughly $34.1 million since early January, representing a drop of roughly 41%.

XRP TVL: DuneLower liquidity and declining transaction activity mean there may be less organic demand available to absorb selling pressure if leveraged positions unwind.

Key XRP Price Levels to Watch NowThe XRP price is currently trading near $1.42, leaving several important levels that could determine the next move. A breakout above $1.46–$1.47 would confirm the cup-and-handle pattern. It could then push the price toward $1.59, followed by $1.72 (the $1.70 zone) and potentially $1.76.

On the downside, the pattern remains intact as long as XRP holds above the $1.37–$1.33 support zone.

XRP Price Analysis: TradingViewHowever, a drop below $1.26 would invalidate the bullish structure entirely and could trigger a deeper correction. For now, XRP’s chart still points to a potential breakout.

But rising exchange inflows, growing leverage, and cooling activity across the XRP Ledger suggest the rally may face a critical test before the next leg higher can begin.

Journalist

Posted: March 5, 2026

SPX6900 has traded within a minimum ascending channel since it bounced back from a slip below $0.3. With the bullish structure still intact, the memecoin bounced back, holding the $0.35 level, and hiked to a high of $0.38.

In doing so, SPX flipped its short-term moving averages, the 20- and 50-EMAs, indicating strengthening upside momentum. As of this writing, SPX6900 [SPX] traded at $0.35, up 10.5% on the daily charts.

Likewise, the volume rose 105% to $22 million, reflecting increased trading activity as investors stepped in to anticipate further gains. 

SPX6900 sees renewed speculative demand The broader crypto market rebounded on the 4th and the 5th of March, recording substantial gains. Amid this market recovery, AMBCrypto observed that SPX6900 made considerable gains as speculators returned to the market. 

According to CoinGlass data, the memecoin’s Open Interest climbed 15% to $27 million, while Derivatives Volume rose 95% to $94 million.

Often, when OI and volume rise in tandem, it signals increased participation and capital flows into Futures.

Source: CoinGlass

In fact, the memecoin saw over $28 million flow into strategic positions. Meanwhile, the memecoin’s Long/Short Ratio jumped to 1.02, with Binance traders leading. 

The ratio above 1 across exchanges suggests that most participants are bullish and expect higher prices.

Buyers defy market trend, defend higher levels On the Spot side, market demand recovered – the Demand Index jumped to 0.13, indicating sustained buying pressure. 

With the Demand Index holding within the positive zone for three consecutive days, it showed that buyers stepped in and bought the dip. Thus, even after the markets slipped, the memecoin avoided any panic sell-off. 

Source: TradingView

Instead, buyers have dominated the market, as evidenced by the Seller Buyer Dominance indicator. So, buyers have outpaced sellers for five consecutive days, and currently, buyer dominance sits at 17 million. 

Historically, a sustained period of accumulation has accelerated upside momentum, leading to higher prices.

Can the momentum hold? SPX6900 has shown strong upside momentum since the memecoin rebounded from $0.27 a week ago, as evidenced by the Relative Strength Index (RSI).

The memecoin’s RSI has remained above its signal line for seven consecutive days, hiking to 57 at press time. At the current levels, the RSI holds within a bullish zone, indicating strong demand.

Source: TradingView

Although sellers remain relatively active, buyers have shown greater determination to hold the market consistently at higher levels. With demand remaining consistent, the memecoin could make further gains if it holds.

The continuation of the prevailing sentiment could see SPX flip $0.4 and target EMA200 at $0.49. However, if the demand turns out to be short-term speculation, the memecoin will retrace to $0.30.

Final Summary SPX6900 bounced back from a $0.32 slip, held $0.35, and touched a high of $0.38  SPX saw renewed speculative demand as the market signaled recovery, with buyers consistently defending higher levels. 

Billionaire Venture capitalist points to privacy and fungibility concerns, while debate grows over corporate bitcoin strategies such as Strategy’s massive holdings. Mar 5, 2026, 11:07 a.m.

Billionaire investor Chamath Palihapitiya, a venture capitalist and former Facebook executive, recently argued that bitcoin has a “structural failing” that could limit its long term adoption by governments and central banks.

Speaking on People by WTF podcast during the World Government Summit, Palihapitiya said that for a digital asset to become widely accepted at the sovereign level it must possess characteristics that make it suitable for central bank reserves.

According to Palihapitiya, bitcoin falls short on two important dimensions, privacy and fungibility. Fungibility refers to the idea that each unit of an asset is interchangeable and indistinguishable from another. With physical cash or gold, one unit is effectively identical to any other unit.

Bitcoin, however, operates on a transparent blockchain where transaction histories are permanently recorded. Because coins can be traced back through prior transactions, some units can become associated with illicit activity, meaning certain coins may be treated differently than others.

Palihapitiya argues that this traceability weakens bitcoin’s fungibility and reduces its suitability as a reserve asset for central banks.

So far, only one central bank has publicly disclosed purchasing bitcoin, the Czech National Bank.

By contrast, he says gold satisfies both privacy and fungibility requirements for sovereign institutions, which is why central banks continue to hold large gold reserves.

For that reason, Palihapitiya suggested bitcoin may struggle to achieve another tenfold increase in market capitalization driven by central bank demand. Instead, he hinted that other crypto projects or smaller tokens may eventually address these limitations.

Palihapitiya remains optimistic about innovation in digital finance, particularly stablecoins, which are cryptocurrencies designed to maintain a stable value by being pegged to assets such as the US dollar or commodities.

He pointed to the potential for gold backed stablecoins as an example of financial innovation that could reduce friction in payments and settlement.

Meanwhile, Jason Calacanis, another venture investor and co host of the All In podcast, discussed bitcoin related corporate strategies with crypto entrepreneur Erik Voorhees on the This Week in Startups podcast. Calacanis asked Voorhees about Strategy (MSTR), formerly MicroStrategy, the public company known for holding the largest corporate treasury of bitcoin.

Voorhees, a longtime Bitcoin advocate and founder of crypto exchange ShapeShift, said the strategy of accumulating as much bitcoin as possible is coherent if the company strongly believes in bitcoin’s long term value. Calacanis was more skeptical. He said that when financial structures become difficult to explain or rely on new metrics, such as “community EBITDA”, it raises red flags for him as an investor.

This comes as hedge fund billionaire Ray Dalio recently remarked that “there is only one gold.

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IREN to expand processing capacity by 50%, prepares at-the-market offering

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The company ordered more than 50,000 Nvidia GPUs and filed for a potential $6 billion at-the-market share sale, sending the stock lower in pre-market trading.

What to know:

IREN agreed to buy over 50,000 Nvidia B300 GPUs, bringing its total fleet to about 150,000 GPUs, with deployment expected during the second half across its data centers in British Columbia and Texas.The shares fell around 5% in pre-market trading after the company disclosed plans for a potential at-the-market equity offering of up to $6 billion.

The crypto market is back in the green today, as major cryptocurrencies post strong gains after days of uncertainty. Top gainers include Bitcoin, Ethereum, XRP, Solana, and Dogecoin, all experiencing notable surges. The rally comes amid easing geopolitical concerns and renewed optimism in the broader financial markets.

Crypto Market: Bitcoin and Altcoins Rebound Strongly According to the CoinMarketCap data, the crypto market has once again sparked optimism as the global tensions ease. The total market cap has reportedly reached $2.44 trillion, up 3.31%.

In line with this major crypto market recovery today, the Bitcoin price has also seen significant upticks. At present, the BTC price is valued at $71,926, marking a remarkable hike of 3.8% in a day. Despite an 8% monthly decline, the coin has surged by nearly 6% in a week.

However, experts like Arthur Hayes remain less optimistic about this Bitcoin price rally. As CoinGape reported earlier today, Hayes posits that this hike is a “dead cat bounce,” meaning the surge is temporary.

Unveiling Top Gainers of the Day Besides Bitcoin, other major cryptocurrencies have also experienced significant upticks over the past day. These altcoins include Ethereum, XRP, Solana, and Dogecoin.

Source: CoinMarketCap; Crypto Market Surges Ethereum Up 5% Ethereum is currently trading above the critical $2k level, posting a nearly 5% daily surge. Valued at $2,099, the altcoin has seen 2.16% weekly uptick, but a 9% monthly decline. The trading volume has also reflected the current positive trend, with the activity hitting $33.12 billion, up 35%.

XRP Price Soars 3% XRP is also sparking renewed hopes as the crypto market moves to the green zone. Currently, the XRP price is recorded at $1.41, up by nearly 3% in a day. However, the altcoin’s weekly and monthly performances remain negative with 2.5% and 12% drops, respectively.

Solana Moves Beyond $90 Aligning with the global crypto market trend, Solana is also surging. SOL, currently at $90.5, is up by about 4% in a day. While the token has soared by 2% in a week, it has slipped by about 14% in a month.

Dogecoin Rises with the Crypto Market Dogecoin is one of the largest gainers in the meme coin market. As of press time, DOGE price is valued at $0.0957, boasting a significant uptick of 6.5%. But the meme token has seen plummets of 4% and 11% over the past seven days and 30 days, respectively.

3 Reasons Why Crypto Prices Are Rising Today Interestingly, there are three major reasons for the crypto market rally today. One of the key reasons is the easing of geopolitical tensions. Other factors include Trump’s call for CALRITY Act passage and major crypto regulatory updates.

Possible US–Iran Peace Talks Iran has reportedly hinted at its willingness to hold talks with the Central Intelligence Agency to discuss ending the ongoing war. Although US officials cited no official negotiations, there are increasing hopes for easing geopolitical tensions.

Trump Pushes for CLARITY Act Passage As CoinGape reported yesterday, Donald Trump has urged Congress to pass the CLARITY Act as soon as possible. The growing hopes for regulatory clarity have significantly influenced the crypto market.

SEC Submits New Regulatory Guidelines The US SEC has submitted interpretive guidance to the White House. The paper outlines how existing federal securities laws may apply to cryptocurrencies. The proposal also includes plans to establish a regulatory framework for crypto-based prediction markets.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

On-chain data tracker Lookonchain has identified an old Bitcoin whale that has stirred after eight months of inactivity and moved an enormous amount of BTC to the world’s largest crypto exchange, Binance.

$36.4 million in Bitcoin shoveled to Binance by crypto OGLookonchain shared a chart by Arkham Research, showing the details of a large recent Bitcoin transfer to Binance made by a Bitcoin OG after remaining inactive for approximately eight months. The old whale shoveled 500 coins to the world’s most popular crypto exchange. 

Arkham reveals that this whale bought around 950 BTC eight months ago, likely at around $100,000 per coin. Now, the whale has 450 Bitcoins left in his wallet. This move suggests that the whale has decided to take profit after the fresh Bitcoin price surge to the $74,000 level or that he is simply repositioning his Bitcoin holdings amid Bitcoin’s 28% price decline since the purchase.

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Bitcoin outperforming stock marketEarlier this week, the world’s largest cryptocurrency demonstrated significant resilience, while the leading stock indexes, such as the Nasdaq and the S&P 500, flashed a substantial decline amid the current geopolitical situation in the Middle East.

Bitcoin remained at the $65,000 level, while the stocks went down, taking a big dent. By now, BTC has rebounded, briefly reaching the $74,000 level after soaring by 9.48% within a single day, showing a decoupling from stocks. At the time of this writing, Bitcoin is changing hands at $72,629 per coin as the hopes of resolving the aforementioned geopolitical conflict have become high. The stock market has followed suit, going back into the green zone.

Meanwhile, some of the large Bitcoin holders — BTC mining companies with assets of more than $8 billion worth of Bitcoin — have begun actively selling their crypto holdings, according to Chinese crypto journalist and insider Colin Wu.

As Bitcoin has fallen more than 40% from its roughly $126,000 peak in October last year, major mining companies holding more than $8 billion in BTC combined are showing signs of accelerating coin sales. Unlike previous downcycles, when sales were mainly used to cover operating…

— Wu Blockchain (@WuBlockchain) March 5, 2026 As for Bitcoin treasury companies, they continue to accumulate BTC, increasing their long-term bet. In particular, Michael Saylor’s Strategy, the biggest among them, announced a large purchase of 3,015 BTC for approximately $204.1 million. The company now brags holding a total of 720,737 Bitcoin valued at $52,363,734,090.

In a tweet that followed the purchase, Saylor announced that he was himself buying more Bitcoin.

Bitcoin’s price recovered to around $73,000 in early March, after having fallen to the mid-$60,000 range from late January due to geopolitical unrest.

What The Data Says Bitcoin’s price notable instability during the first trimester of the year seems to have a direct geopolitical correlation, CryptoQuant reports. Bitcoin dropped to around $63,000 on February 29, following the U.S.-Israel military strike on Iran on February 28 and the Iran heightened tensions in the Middle East. BTC had recovered near $70,000 by March 2, and by March 4 and 5 the price pushed to above $73,000 due to strong buying pressure.

Geopolitics In The Bitcoin Price CryptoQuant highlights a classic short squeeze dynamic on the derivatives side. A short squeeze happens when when the price of an asset rises very suddenly and to the upside, which forces traders to buy back their shorts as price reverses. As the sellers get pushed out, the price rises even further due to liquidations.

Funding rates turned negative and futures open interest climbed during the dump, signaling that many traders were opening or adding short positions into the Iran headlines.

Bitcoin price on Coinbase Premium Index. Source: CryptoQuant As the conflict failed to escalate further and ETF demand stayed positive, Bitcoin’s price pushed higher, triggering liquidations of late shorts and driving funding back toward neutral, rebounding toward the high‑$60K / $70K area. In CryptoQuant’s words, the episode looks like a temporary liquidity and positioning shock layered on top of the existing trend, not the start of a new war‑driven regime.

Bitcoin: Open Interest - All Exchanges, All Symbol. Source: CryptoQuant The Iran‑related sell‑off was primarily a flow‑event rather than a structural shift in holder behavior: it was less about investors “fleeing to safety” and more about how positioning and liquidity interacted around the shock.

A Broader Picture This episode is not an outlier but part of a pattern in Bitcoin’s price on‑chain behavior across major conflicts. From Ukraine and Gaza to the recent crisis in Venezuela, they all display the same signature: a sharp, fear‑driven spike in coins moving onto exchanges around the event window, followed by a rapid normalization back to baseline as price re‑anchors to its prior trajectory. That was exactly what emerged during the Venezuela escalation, where military headlines amplified intraday volatility but failed to trigger a sustained distribution phase or a structural trend change.

Wars and geopolitical conflicts inject short‑term stress into flows, but once the initial panic fades, Bitcoin tends to revert to the macro trend that was already in place.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview Cover image from ChatGPT, BTCUSD chart from Tradingview

Trump-backed American Bitcoin board members scoop up stock following earningsBoard members Justin Mateen and Richard Busch bought roughly 1.6 million shares after the trading window reopened following the bitcoin miner’s latest earnings report. Mar 5, 2026, 11:30 a.m.

Two board members of American Bitcoin (ABTC), the bitcoin mining company backed by the Trump family, have made significant open-market share purchases of the firm's stock, according to a Thursday filing.

Justin Mateen, co-founder of Tinder and an ABTC board member since March 2025, bought approximately 1.3 million shares at an average price of about $1 per share. The stock closed at $1.15 on Wednesday.

Fellow board member Richard Busch, a partner at law firm King & Ballow, purchased about 330,000 shares over the last two days.

The timing is notable, as the trading window opened after ABTC released its latest earnings report, making these the first purchases insiders could make following the disclosure.

The bitcoin mining firm reported a $59 million loss in the fourth quarter of 2025, as the sharp decline in the price of the largest cryptocurrency reduced the value of its holdings.

Eric Trump said in a Wednesday post on X that American Bitcoin now holds more than 6,500 BTC, an increase of over 500 BTC since the last disclosure. The update places the firm among the world’s 17 largest publicly traded bitcoin holders.

The miner went public in September, less than a month before bitcoin reached a record high. The stock has struggled along with the price of BTC, the shares tumbling from about the $8 level to the current $1.15.

ABTC is following a dual strategy of BTC mining and direct purchases. About one-third of its bitcoin comes from mining operations, while the remainder is acquired through open-market purchases and strategic transactions, largely financed by stock sales. The firm is 20% owned by Eric Trump and Donald Trump Jr.

The company announced Tuesday that it had bought 11,298 ASIC miners, a move that it said will increase its mining capacity by about 12%.

Read more: Eric Trump’s American Bitcoin buys 11,298 ASIC miners, increasing mining capacity by 12%

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Andreessen Horowitz crypto arm said to seek $2 billion for fifth fund: Fortune

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The venture firm led by Chris Dixon is reportedly aiming to close its fifth crypto fund in the first half of 2026, signaling continued bets on blockchain startups.

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Andreessen Horowitz’s crypto arm is seeking to raise a $2 billion fifth venture fund, with a target close in the first half of 2026, according to Fortune.The planned fund is less than half the size of a16z crypto’s $4.5 billion fourth fund raised in 2023, reflecting a more cautious venture environment even though it would still rank among the larger crypto funds.The firm's head, Chris Dixon, argues the industry is entering a "financial era" focused on blockchain-based financial applications.

Ethereum price has reclaimed the $2,150 level after a strong bounce from the recent lows, signaling a shift in short-term market momentum. The second-largest cryptocurrency is now approaching a crucial resistance near $2,200, a level that has repeatedly capped upside attempts over the past sessions.

Bitcoin has edged closer to reviving its reputation as a geopolitical hedge after a wave of institutional inflows pushed the foremost cryptocurrency toward the mid-$70,000 range despite escalating tensions in the Middle East.

Spot bitcoin exchange-traded funds have attracted roughly $1.1 billion in net inflows across three trading sessions from March 2 through March 4, according to data compiled by ETF trackers including Farside Investors and CoinGlass.

The latest surge follows weeks of outflows that had weighed on sentiment earlier this year.

On March 4 alone, spot bitcoin ETFs recorded about $461.9 million in net inflows, with BlackRock’s IBIT leading the pack on $306.6 million, according to CoinGlass data.

The renewed demand from Wall Street has coincided with bitcoin’s latest price advance. Bitcoin briefly touched $74,000 during Wednesday’s rally and was trading above $73,000 on Thursday, according to The Block’s BTC price page, leaving it roughly 6% higher for the week.

Safe haven For some analysts, the timing of the rally has been as important as the magnitude.

"Bitcoin has rallied past $71,000 as gold and oil have retreated from recent highs, but the headline number isn’t the most important signal," said Nic Puckrin, co-founder of Coin Bureau and a former Goldman Sachs quantitative analyst. "What’s more interesting is the return of large ETF inflows even as global equity markets remain volatile."

Puckrin said the flows could indicate that institutional allocators are beginning to treat bitcoin as a hedge during periods of geopolitical stress or rising inflation risk.

"These ETF flows suggest this isn’t just a short squeeze," he said. "They point to investors potentially viewing bitcoin as a geopolitical crisis hedge."

Market participants have long debated whether bitcoin behaves more like a risk asset similar to technology stocks or a store-of-value asset akin to gold. The latest price action has reopened that discussion as bitcoin has held up better than several traditional markets during the recent escalation between the U.S., Israel, and Iran.

Cross-asset movements over the past several sessions have added to that narrative. While equities and the U.S. dollar have fluctuated with geopolitical headlines, bitcoin has continued to trend higher.

Kyle Rodda, senior financial market analyst at Capital.com, said the cryptocurrency’s resilience during the conflict stands out against the broader market backdrop.

"Bitcoin pushed higher even as volatility persisted in other risk assets," Rodda said. "Once upon a time, bitcoin tended to rally whenever geopolitical tensions escalated, particularly when sanctions or conflicts involving Iran were involved. That relationship appears to be reasserting itself."

Macro jitters Still, macro uncertainty remains a powerful driver of sentiment across markets.

Analysts said geopolitical headlines around the Strait of Hormuz, global energy supply risks, and the prospect of new U.S. trade tariffs are creating a volatile backdrop for risk assets.

At the same time, a recent batch of U.S. economic data has offered a "Goldilocks" signal for investors, showing continued economic expansion while price pressures in some areas have begun to moderate.

Michael Brown, senior research strategist at Pepperstone, said markets have begun to stabilize after an initial wave of de-risking triggered by the conflict.

"Participants reached for the classic risk-on playbook," Brown said, pointing to volatility in equities and a softer dollar as evidence that sentiment had shifted after extreme bearish positioning earlier in the week.

Bitcoin and the broader crypto market’s rebound has also unfolded alongside shifting currency dynamics. The U.S. Dollar Index has struggled to maintain momentum despite geopolitical tension, suggesting that traditional safe-haven flows into the dollar may be losing strength.

Rania Gule, senior market analyst at XS.com, argued the dollar’s inability to sustain gains above key technical levels indicates that markets may be reassessing risk more calmly than earlier in the week.

In that environment, bitcoin’s performance has drawn particular attention, in Puckrin’s view.

"If the current divergence continues — with bitcoin holding firm while other assets fluctuate — it could strengthen the argument that the asset is regaining a safe-haven narrative," Puckrin said.

Whether that shift becomes durable may depend largely on whether ETF inflows continue in the days ahead, according to analyst notes reviewed by The Block. Glassnode said spot bitcoin ETF flows appear to be stabilizing after a period of sustained outflows. The analytics firm noted that the 14-day net flow trend has turned positive, suggesting selling pressure is easing as bitcoin moves back above the $70,000 level.

14-day spot Bitcoin ETF netflow trend | Image: GlassnodeDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin holds above $72,000 as crypto market pauses after breakoutBitcoin and ether edged higher as traders assessed macro risks, derivatives positioning and whether bitcoin can sustain a push toward $80,000. Mar 5, 2026, 11:39 a.m.

Bitcoin remains calm after breakout (Ian McGrory/Unsplash)What to know: Bitcoin traded around $72,700, holding above $70,000, but failing to extend the rally toward the $80,000 level analysts had forecast.Equities rose on reports Iran reached out to the U.S. While the Dollar Index slipped, it remains up 3.5% since late January.The CoinDesk 5 and CoinDesk 10 indices gained about 3% over 24 hours, while DeFi and computing tokens barely moved. MANTRA surged after its token migration and redenomination.The crypto market was little changed on Thursday, with bitcoin BTC$72,823.83 and ether (ETH) posting gains of less than 1% as investors consolidated following Wednesday's breakout.

While bitcoin crucially held above the $70,000 level that had rebuffed ealier rallies, it has failed to deliver an upside shift to $80,000 that some analysts predicted.

Global equities responded well to reports that Iran had secretly reached out to the U.S. in hopes of making an agreement to end the war in return for limiting its missile production.

The Dollar Index (DXY) fell as a result, but remains up by 3.5% since late January as traders attempt to rationalize potential interest rate changes by the Federal Reserve. Disruption in the Strait of Hormuz would increase inflation, forcing the Fed's hand to raise rates to keep deposits high.

Bitcoin typically rallies when the dollar weakens and falls when the currency is bullish.

Derivatives positioningBitcoin futures open interest (OI) picked up, with the tally increasing to 680K BTC, the most in almost two weeks. This pattern confirms the spot price gains.Ether's OI increased to 13.41 million ether, the highest since Jan. 31. Activity in XRP futures remains subdued, with OI stuck at recent lows below 1.70 billion XRP. The same can be said for Solana's SOL. OI in futures tied to gold tokens Tether gold (XAUT) and PAXG$5,167.90 continues to drop as cryptocurrencies rise. Investors could be rotating money into majors as the gold price rally stalls. Privacy-focused ZEC's futures activity is also picking up, with total OI ending a two-month downtrend. Annualized perpetual funding rates for bitcoin and ether remain mildly positive, pointing to a bullish bias. Rates, however, remain slightly negative for XRP and SOL. Bitcoin and ether's 30-day implied volatility indexes remain steady in recent ranges, indicating market stability. Wall Street's volatility index, VIX, has pulled back to 21% from Monday's high of 28%. On Deribit, put skews in bitcoin and ether options have weakened, but persist alongside increased activity in higher strike calls, or bullish bets. Block flows in options featured demand for call calendar diagonal spreads on bitcoin and ether. Token talkLayer-1 token MANTRA completed a token migration and rebrand, replacing the legacy OM token with the MANTRA ticker and implementing a 1:4 redenomination, leading to a 25% rise in token price over the past 24 hours.The bullish privacy token narrative at the turn of the year fell flat on its face in February as ZEC, DASH and XMR entered a deep correction, but monero (XMR) appears to now be bucking that trend, rising by 5.2% since midnight UTC and notching a 9.8% gain over the past week.Crypto majors dominated market gains over the past 24 hours, with the CoinDesk 5 (CF5) and CoinDesk 10 (CD10) indexes each rising around 3.1%. The DeFi Select Index and Computing Select Index were up by just 0.4% and 0.7%, respectively, over the same period.If bitcoin can continue to move towards $80,000 and consolidate, profits may then be rolled into more speculative altcoin bets, but for now the market remains cautious.More For You

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What to know:

Chamath Palihapitiya argues bitcoin lacks the privacy and fungibility required for central banks to hold it as a structural reserve asset, suggesting gold still better satisfies those criteria.On a separate podcast discussion, Erik Voorhees defended Strategy’s approach of accumulating bitcoin, while investor Jason Calacanis raised concerns about complex financial metrics and transparency.Top Stories

Journalist

Posted: March 5, 2026

Bitcoin [BTC] entered late January with elevated leverage as Open Interest (OI) hovered near $31–$32 billion while the price traded around $90,000. Gradually, derivatives exposure began easing as risk sentiment weakened, pushing OI toward $28 billion while price drifted lower.

Soon after, geopolitical headlines around Iran escalated uncertainty, and Bitcoin quickly dropped toward the $63,000 zone. During this decline, OI collapsed from roughly $29 billion to nearly $21 billion, signaling a broad leveraged flush.

Source: CryptoQuant

At the same time, the Coinbase Premium Index remained deeply negative, falling near −0.25 as U.S. spot demand weakened. However, selling pressure slowly stabilized as the price consolidated between $65,000 and $68,000.

Source: CryptoQuant

Meanwhile, derivatives positioning stayed compressed near $21–$22 billion, indicating reduced speculative exposure across exchanges. As March approached, conditions began shifting as the Coinbase Premium Index moved back toward neutral levels.

Shortly afterward, Bitcoin rebounded sharply above $73,000 while OI surged toward $24.7 billion. This combination suggests short covering entered the market, turning the geopolitical shock into liquidity for the rebound.

Altcoins surge as liquidity shifts beyond Bitcoin Following the earlier rebound phase, market attention gradually shifted toward higher-beta assets. As volatility eased, traders began reallocating capital to altcoins that typically react more quickly once stability returns.

Within this rotation, several major altcoins quickly outperformed. Solana [SOL] climbed about +9% in a day, signaling renewed speculative appetite.

At the same time, Chainlink [LINK] advanced roughly +7%, reinforcing the shift toward liquid large-cap alternatives. Meanwhile, Hyperliquid [HYPE] posted nearly +12% over the seven days, showing sustained accumulation rather than a short-lived bounce.

Source: Santiment

However, broader sentiment still reflected lingering geopolitical fear. Many retail participants had already exited positions during the earlier panic selling triggered by macro headlines. This behavior reduced immediate sell-side liquidity across several altcoin markets.

As a result, even moderate inflows began pushing prices higher. Traders increasingly targeted assets with stronger short-term upside potential.

Taken together, extreme fear first forced weak hands to exit. Once stability returned, that same liquidity rotated into altcoins, allowing Solana, Chainlink, and Hyperliquid to outperform during the recovery phase.

Derivatives short squeeze strengthens Bitcoin’s rally

Ethereum price is beginning to show early signs of recovery after weeks of downside pressure. The second-largest cryptocurrency has gained roughly 4% this week, pushing back above the $2,150 level, suggesting that bearish momentum may be starting to weaken. The rebound comes as the broader crypto market attempts to stabilize, but what is happening beneath the surface is drawing even more attention. On-chain data now reveals large Ethereum whales quietly accumulating massive amounts of ETH, while institutional demand indicators are turning positive again.

At the same time, valuation metrics suggest Ethereum could be approaching levels that historically coincide with cycle bottoms and early accumulation phases. With these signals starting to align, market participants are now asking an important question: Is Ethereum price preparing for a rally toward $2,600 next?

Whale Accumulation Accelerates as $250M+ ETH Leaves ExchangesOne of the strongest bullish signals currently emerging for Ethereum comes from large-scale whale withdrawals from centralized exchanges.

Whale data highlighted that an unknown Ethereum whale withdrew approximately 77,000 ETH, worth over $150 million, from Binance. Large withdrawals of this size are often interpreted as accumulation signals because they typically indicate investors are moving assets into cold storage rather than leaving them on exchanges for potential selling.

In a separate development, wallets associated with institutional trading firm Cumberland reportedly withdrew around 46,620 ETH, valued at nearly $98 million, from exchanges including Binance, Coinbase, and Copper within a short period.

When combined, these transactions represent more than 120,000 ETH, or roughly $250 million leaving exchange liquidity pools. Historically, sustained exchange outflows have often preceded major crypto rallies, as reduced exchange balances tighten the available supply for sellers.

Coinbase Premium Turns Positive, Signaling Institutional DemandAnother signal strengthening Ethereum’s outlook comes from the Coinbase Premium Index, a metric used to gauge institutional demand. The indicator tracks the price difference between ETH on Coinbase and global exchanges like Binance. When the premium turns positive, it typically reflects strong buying activity from U.S.-based investors, who predominantly trade through Coinbase.

Recent data shows the premium has shifted back into positive territory, suggesting that institutional buyers may be returning to the market after weeks of reduced activity. Historically, sustained periods of positive Coinbase Premium have often coincided with major Ethereum rallies, as institutional capital plays a significant role in driving large price movements.

MVRV Bands Suggest Ethereum May Be Near a Market BottomOn-chain valuation indicators are also beginning to support the possibility of a recovery. Ethereum’s MVRV (Market Value to Realized Value) pricing bands currently place the asset within a zone that has historically aligned with market bottoms.

The MVRV ratio compares Ethereum’s market value to the average cost basis of all coins in circulation. When ETH trades near the lower MVRV bands, it typically suggests the asset is undervalued relative to historical market cycles. Previous cycles have shown that Ethereum often begins strong upward trends after entering these valuation zones, as long-term investors start accumulating at discounted prices.

Ethereum Price Analysis: $2,600 Breakout Level in FocusEthereum price is now testing the upper boundary of a key consolidation range after weeks of sideways movement. The chart structure shows ETH attempting to break above a resistance zone that has capped price action during the recent correction phase. If buyers manage to sustain momentum above this level, the next major resistance appears near $2,600, which aligns with a higher timeframe supply zone.

Momentum indicators are also beginning to support this outlook. The Relative Strength Index (RSI) has started trending upward, indicating strengthening bullish momentum after the recent bounce. However, if Ethereum fails to maintain its breakout attempt, price could revisit the lower demand zone below $2,050, where buyers previously stepped in to defend the market.

Final WordsEthereum price is beginning to stabilize as whale accumulation strengthens and institutional demand signals improve. With ETH reclaiming the $2,150 region, market structure suggests early recovery momentum may be building. If buyers maintain control above key support levels, Ethereum price could attempt a move toward the $2,400–$2,600 resistance zone. However, failure to hold above $2,100 may reopen downside risk in the near term.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

HomeStock IdeasLong IdeasHealthcare 

SummaryRelay Therapeutics is approaching a pivotal clinical catalyst with the March 16th zovegalisib Phase 1/2 data readout at ESMO TAT.RLAY’s financials show improved operational efficiency, with reduced R&D and G&A expenses, but the company remains in a high-investment, pre-commercial phase.Breakthrough Therapy Designation for zovegalisib in metastatic breast cancer signals strong regulatory momentum and potential differentiation in a large, underserved market.RLAY’s $554.5M cash position supports operations into 2029, with valuation driven by pipeline potential rather than current revenues. janiecbros/E+ via Getty Images

Thesis Relay Therapeutics (RLAY) reported earnings in late February. My initial thoughts were that the numbers are pretty much as you would expect. We saw that spending is still very high with the ongoing zovegalisib trials. However, there

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Sterling Infrastructure, Inc. (STRL - Free Report) : This company which, operates through subsidiaries within segments specializing in E-Infrastructure, Building and Transportation Solutions principally in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and the Rocky Mountain States, has seen the Zacks Consensus Estimate for its current year earnings increasing 2.5% over the last 60 days.

Helios Technologies (HLIO - Free Report) : This industrial technology company which, develops and manufactures hydraulic and electronic control solutions, has seen the Zacks Consensus Estimate for its current year earnings increasing 1.5% over the last 60 days.

Taboola.com (TBLA - Free Report) : This company which, provides platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement, has seen the Zacks Consensus Estimate for its current year earnings increasing 22.5% over the last 60 day.

BrightSpring Health Services, Inc. (BTSG - Free Report) : This company which, provide complementary home- and community-based pharmacy and provider health solutions for complex populations in need of specialized and/or chronic care, has seen the Zacks Consensus Estimate for its current year earnings increasing 10% over the last 60 days.

XP (XP - Free Report) : This company which, provides a technology-driven financial services platform that offers financial products and services primarily in Brazil, has seen the Zacks Consensus Estimate for its current year earnings increasing 4.7% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Dividend Power's March 2026 list highlights 35 high-yield, low-priced financial stocks, with five 'safer' picks showing free cash flow yields above dividend yields. Analyst forecasts project average net gains of 43.15% by March 2027 for the top ten DiviPower stocks, with MFA Financial leading at a projected 57.75% return. All 35 stocks meet the dogcatcher standard: projected annual dividends from $1K invested exceed their single share prices, signaling deep value opportunities.

TSX: MFI

Maple Leaf Foods reports fourth quarter Revenue growth of 8.1% and Adjusted EBITDA growth of 8.3%

, /PRNewswire/ - Maple Leaf Foods Inc. ("Maple Leaf Foods" or "the Company") (TSX: MFI) today reported its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights(ii)

Sales were $991 million compared to $917 million for the same period last year, an increase of 8.1%. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")(i) grew to $117 million, an 8.3% increase from the same period last year, with Adjusted EBITDA Margin of 11.8% in line with last year. Earnings were $391 million ($3.14 earnings per basic share) compared to $54 million ($0.43 earnings per basic share) last year. Adjusted Earnings per Share(i) was $0.32 for the fourth quarter compared to $0.18 for the same period last year. Increased return of capital to shareholders through payment of a $75 million special cash dividend. 2025 Highlights(ii)

Sales were $3,913 million compared to $3,633 million last year, an increase of 7.7%. Adjusted EBITDA(i) grew to $476 million, a 21% increase compared to last year, with Adjusted EBITDA Margin increasing from 10.8% to 12.2%. Earnings were $542 million ($4.36 earnings per basic share) compared to $97 million ($0.79 earnings per basic share) last year. Adjusted Earnings per Share(i) was $1.09 for 2025 compared to $0.15 last year. Net Debt(i) was $995 million, with Net Debt to Trailing Twelve Months Adjusted EBITDA(i) of 2.1x improving from 2.7x at the same time a year ago. Executive Commentary

"Our fourth-quarter results capped off another year of substantial operational and financial progress for Maple Leaf Foods," said Curtis Frank, President and Chief Executive Officer of Maple Leaf Foods. "In 2025, disciplined execution of the Maple Leaf Blueprint delivered revenue growth of nearly 8%, a 21% increase in Adjusted EBITDA, and a 140-basis-point expansion in Adjusted EBITDA margin to 12.2%, while further strengthening our balance sheet and unlocking shareholder value."

"We are now seeing the tangible benefits of our transformation into a simpler, purpose-driven, protein-centric, brand-led CPG company," continued Frank. "The strength of our portfolio of leading brands, the resilience of our proven growth platforms, and the returns from major capital projects and initiatives such as Fuel for Growth are driving margin expansion and improving consistency across the business."

"Having entered a new phase defined by balance sheet strength and financial flexibility, we are well positioned to pursue a disciplined, investor-focused approach to capital allocation while driving mid-single-digit revenue growth and continued margin expansion. This supports our expectation of $520 to $540 million of Adjusted EBITDA in 2026 and reflects the focus and execution of our teams as they continue to translate our strategy into results."

Outlook

The Company expects the following for fiscal 2026: Mid-single-digit increase in revenue from 2025, driven by the execution of proven growth strategies along with strong and growing consumer demand for protein. Adjusted EBITDA(ii) of approximately $520 - $540 million, driven by revenue growth and margin improvement from operational discipline and the benefits from the Company's Fuel for Growth initiative. Maintain an investment-grade balance sheet with Net Debt to Trailing Twelve Months Adjusted EBITDA(ii) below 3.0x supported by strong free cash flow and prudent capital allocation. Disciplined capital investment of approximately $160 - $180 million in spend focused on maintenance and productivity enhancement investments. Dividend growth of approximately 10% with the quarterly dividend increasing from $0.19 to $0.21 per share, underscoring Maple Leaf Foods' commitment to delivering shareholder returns. Maple Leaf Foods recognizes that macro-economic factors may continue to strongly influence the operating environment, creating uncertainty and potential volatility. This has a number of implications for the Company's business, including the influence these dynamics have on consumer sentiment, supply chain activity, access to markets, barriers to trade, and foreign exchange rates. The Company leverages its data-driven insights to stay close to these evolving circumstances and is confident in the resilience of its brands, business model and strategy to manage through prevailing economic conditions. At the same time, it recognizes that its ability to deliver its 2026 guidance could be impacted by these conditions. Refer to section 23. Risk Factors in the Company's Management's Discussion and Analysis for the year ended December 31, 2025 as filed on the System for Electronic Data Analysis and Retrieval ("SEDAR+").

(i)    Refer to the section titled Non-IFRS Financial Measures in this news release.

(ii)   Prior year amounts have been restated to reflect results from continuing operations with the exception of Net Debt to Trailing Twelve Months Adjusted EBITDA.

Financial and Operating Highlights

On October 1, 2025 the Company completed the spin-off of its pork operations, which have been presented as discontinued operations in the Company's Consolidated Statements of Earnings. The continuing operations of the Company are comprised of two operating units, Prepared Foods and Poultry, which account for approximately 75% and 25% of sales, respectively.

As at or for the

$ millions except earnings per share

(Unaudited)

Three months ended December 31,

Twelve months ended December 31,

2025

2024

Change

2025

2024

Change

Sales(i)

$     991.2

$     917.1

8.1 %

$    3,912.7

$  3,633.4

7.7 %

Gross profit(i)

$     158.4

$     143.5

10.4 %

$       662.8

$     557.3

18.9 %

Selling, general and administrative expenses(i)

$       93.2

$       90.0

3.6 %

$       397.4

$     391.7

1.5 %

Earnings (Loss) from Continuing Operations(i)

$      (34.4)

$         6.4

nm(iii)

$         43.9

$      (11.9)

nm(iii)

Earnings

$     391.2

$       53.5

nm(iii)

$       541.6

$       96.6

nm(iii)

Earnings (Loss) per Basic Share from Continuing Operations(i)  

$      (0.28)

$       0.05

nm(iii)

$         0.35

$      (0.10)

nm(iii)

Earnings per Basic Share

$       3.14

$       0.43

nm(iii)

$         4.36

$       0.79

nm(iii)

Adjusted Operating Earnings(i)(ii)

$       67.2

$       52.8

27.3 %

$       270.3

$     181.9

48.6 %

Adjusted EBITDA(i)(ii)

$     117.3

$     108.3

8.3 %

$       475.7

$     392.7

21.1 %

Adjusted EBITDA Margin(i)(ii)

11.8 %

11.8 %

0 bps

12.2 %

10.8 %

140 bps

Adjusted EBT(i)(ii)

$       54.6

$       27.8

96.4 %

$       189.6

$       33.0

nm(iii)

Adjusted Earnings per Share(i)(ii)

$       0.32

$       0.18

77.8 %

$         1.09

$       0.15

nm(iii)

Free Cash Flow(ii)

$       69.8

$     129.8

(46.2) %

$       318.4

$     385.3

(17.4) %

 Net Debt(ii)

$       995.2

$  1,516.0

(34.4) %

(i)    2024 amounts have been restated to exclude discontinued operations related to the pork operations.

(ii)    Refer to the section titled Non-IFRS Financial Measures in this news release.

(iii)   Not meaningful.

Fourth Quarter 2025

Sales for the fourth quarter of 2025 were $991.2 million compared to $917.1 million last year, an increase of 8.1%. Prepared Foods sales increased by 6.1% driven by pricing and improved mix, which were partially offset by increased trade promotions. Poultry sales increased by 13.1% driven by improved channel mix tied to retail and foodservice volume growth and pricing, which were partially offset by increased trade promotions.

Gross profit for the fourth quarter of 2025 was $158.4 million (gross margin(i) of 16.0%) compared to $143.5 million (gross margin of 15.6%) last year. The increase in gross profit was driven by favourable Poultry channel mix, improved operating efficiencies, and pricing impacts which were partially offset by input cost inflation and higher trade promotion costs.

Selling, General and Administrative ("SG&A") expenses for the fourth quarter of 2025 were $93.2 million compared to $90.0 million last year. The increase in SG&A expenses was primarily driven by higher variable compensation.

Loss from continuing operations for the fourth quarter of 2025 was $34.4 million ($0.28 loss per basic share from continuing operations), compared to earnings of $6.4 million ($0.05 earnings per basic share from continuing operations) last year. Loss from continuing operations was impacted by the same factors as noted above for gross profit and SG&A, a non-cash impairment of plant protein intangible assets and higher income tax expense, partly offset by a non-cash settlement gain on a pension annuity purchase, reduced interest expense due to lower debt levels, and lower restructuring charges.

Earnings for the fourth quarter of 2025 were $391.2 million ($3.14 earnings per basic share) compared to $53.5 million ($0.43 earnings per basic share) last year. The increase was driven by the factors noted above for the decrease in earnings from continuing operations and the foregone earnings from the divested business, which were more than offset by a gain from the disposal of the pork operations.

Adjusted Operating Earnings for the fourth quarter of 2025 were $67.2 million compared to $52.8 million last year, and Adjusted Earnings per Share for the fourth quarter of 2025 was $0.32 compared to $0.18 last year. The increase was driven by factors consistent with those noted above for gross profit and SG&A.

Adjusted EBITDA for the fourth quarter was $117.3 million, compared to $108.3 million last year, driven by factors consistent with those noted above for Adjusted Operating Earnings.  Adjusted EBITDA Margin for the fourth quarter of 2025 was 11.8%, flat to last year, also driven by factors consistent with those noted above.

Adjusted Earnings Before Taxes ("Adjusted EBT") for the fourth quarter of 2025 was $54.6 million compared to $27.8 million last year, driven by factors noted above.

Free Cash Flow for the fourth quarter of 2025 was $69.8 million compared to $129.8 million in the prior year. Free Cash Flow decreased due to lower cash earnings as a result of the spin-out of the pork operations, income tax refunds in the prior year and higher maintenance capital expenditures, partially offset by lower interest payments.

Full Year 2025

Sales for 2025 were $3,912.7 million compared to $3,633.4 million last year, an increase of 7.7%. Prepared Foods sales increased by 6.5% driven by pricing, improved mix, and volume growth, which were partially offset by higher trade promotions. Poultry sales increased by 10.8% driven by improved channel mix tied to retail and foodservice volume growth and pricing, which were partially offset by increased trade promotions.

Gross profit for 2025 increased to $662.8 million (gross margin(i) of 16.9%) compared to $557.3 million (gross margin of 15.3%) last year. The increase in gross profit was driven by favourable mix in Prepared Foods and Poultry, positive operating efficiencies inclusive of benefits from the investments in the London poultry and Bacon Centre of Excellence facilities, a reduction in start-up expenses, lower depreciation, and pricing impacts which were partially offset by input cost inflation and higher trade promotion costs.

SG&A expenses for 2025 were $397.4 million compared to $391.7 million last year. The increase was driven by higher variable compensation and higher advertising and promotional expenses, which were partially offset by lower consulting fees.

Earnings from continuing operations for 2025 were $43.9 million ($0.35 earnings per basic share from continuing operations) compared to a loss of $11.9 million ($0.10 loss per basic share from continuing operations) last year. Earnings from continuing operations were impacted by the same factors as noted above for gross profit and SG&A, reduced interest expense due to lower debt levels and interest rates, a non-cash settlement gain on a pension annuity purchase, and lower restructuring costs, all partly offset by a non-cash impairment of plant protein intangible assets and higher income tax expense.

Earnings for 2025 were $541.6 million ($4.36 earnings per basic share) compared to $96.6 million ($0.79 earnings per basic share) last year. The increase was driven by earnings from continuing operations as noted above as well as a gain from the disposal of the pork operations, partially offset by the foregone earnings from the divested business for the fourth quarter, both of which are reflected within discontinued operations.

Adjusted Operating Earnings for 2025 were $270.3 million compared to $181.9 million last year, and Adjusted Earnings per Share for 2025 was $1.09 compared to $0.15 last year. The increase was driven by factors consistent with those noted above excluding the impact of start-up expenses.

Adjusted EBITDA for 2025 was $475.7 million compared to $392.7 million last year, driven by factors consistent with those noted above for Adjusted Operating Earnings excluding the reduction of depreciation expense. Adjusted EBITDA Margin for 2025 was 12.2% compared to 10.8% last year, also driven by factors consistent with those noted above.

Adjusted EBT for 2025 was $189.6 million compared to $33.0 million last year due to similar factors as noted above.

Free Cash Flow for 2025 was $318.4 million compared to $385.3 million in the prior year. Free Cash Flow decreased due to income tax refunds in the prior year and investments in working capital offset by lower interest paid and improved earnings after the removal of non-cash items.

Net Debt as at December 31, 2025 was $995.2 million, a decrease of $520.9 million compared to the prior year. For discussion of changes in Net Debt see section 12. Cash Flow and Financing of the Company's Management's Discussion and Analysis for the year ended December 31, 2025 as filed on SEDAR+.

(i)    Gross margin is defined as gross profit divided by sales.

Note: Several items are excluded from the discussions of underlying earnings performance as they are not representative of ongoing operational activities. Refer to the section entitled Non-IFRS Financial Measures at the end of this news release for a description and reconciliation of all non-IFRS financial measures.

Other Matters

On January 12, 2026, the Board of Directors approved an increase in the quarterly dividend from $0.19 per share to $0.21 per share, or $0.84 per share on an annual basis. With this increase, the dividend payment for the first quarter of 2026 will be $0.21 per common share, payable on March 31, 2026, to shareholders of record at the close of business on March 9, 2026. Unless indicated otherwise by the Company at or before the time the dividend is paid, the dividend will be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System". The Company's Dividend Reinvestment Plan ("DRIP") permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. For those who wish to reinvest their dividends under the DRIP, Maple Leaf Foods intends to issue common shares from treasury at a price equal to 100% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP, including how to enroll in the program, are available at https://www.mapleleaffoods.com.

Conference Call

A conference call will be held at 8:00 a.m. ET on March 5, 2026, to review Maple Leaf Foods' fourth quarter and full-year 2025 financial results. To participate in the call, please dial 1-416-945-7677 or 1-888-699-1199. For those unable to participate, a playback will be made available an hour after the event at 1-289-819-1450 or 1-888-660-6345 (Passcode: 76986#).

A webcast of the fourth quarter and full-year 2025 conference call will also be available at: https://app.webinar.net/bMg8pdBoGyY.

The Company's full audited consolidated financial statements ("Consolidated Financial Statements") and related Management's Discussion and Analysis are available on the Company's website and on SEDAR+ at www.sedarplus.ca.

An investor presentation related to the Company's fourth quarter and full-year 2025 financial results will be available at www.mapleleaffoods.com/investors.

Non-IFRS Financial Measures

The Company uses the following non-IFRS measures: Adjusted Operating Earnings, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBT, Construction Capital, Net Debt, Net Debt to Trailing Twelve Months Adjusted EBITDA and Free Cash Flow. Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS.  

Adjusted Operating Earnings, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBT  

Adjusted Operating Earnings, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBT are non-IFRS measures used by Management to evaluate financial operating results. Adjusted Operating Earnings is defined as earnings before income taxes adjusted for items that are not considered representative of ongoing operational activities of the business and certain items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. Adjusted EBITDA is defined as Adjusted Operating Earnings plus depreciation and intangible asset amortization, adjusted for items included in other expense that are considered representative of ongoing operational activities of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by sales. Adjusted EBT is used annually by the Company to evaluate its performance and is a component of calculating bonus entitlements under the Company's short term incentive plan. It is defined as Adjusted EBITDA plus interest income, less depreciation and amortization, and interest expense and other financing costs.

The table below provides a reconciliation of earnings before income taxes as reported under IFRS in the Consolidated Financial Statements to Adjusted Operating Earnings, Adjusted EBITDA and Adjusted EBT for the years ended December 31, as indicated below. Management believes that these non-IFRS measures are useful in assessing the performance of the Company's ongoing operations and its ability to generate cash flows to fund its requirements.   

Three months ended December 31,  

Twelve months ended December 31,

($ millions)(i)(ii)
(Unaudited)

2025

2024

2025

2024

Earnings (loss) before income taxes

$                      (9.9)

$                        8.5

$                   103.6

$                      (8.3)

Interest expense and other financing costs

17.6

34.6

95.2

158.1

Other expense (income)

(33.2)

(2.0)

(30.2)

(4.1)

Impairment of intangible assets

85.0

—

85.0

—

Restructuring and other related costs

6.5

12.4

12.7

19.9

Equity loss (earnings) of associate

(0.9)

—

(0.9)

—

Earnings from operations

$                     65.2

$                      53.4

$                   265.4

$                   165.6

Start-up expenses from Construction Capital(iii)  

0.4

0.9

3.3

20.6

Decrease (increase) in derivative contracts

1.6

(1.5)

1.6

(4.3)

Adjusted Operating Earnings

$                     67.2

$                      52.8

$                   270.3

$                   181.9

Depreciation and amortization(iv)

48.2

50.7

196.1

209.3

Items included in other income (expense)

    representative of ongoing operations(v)

1.9

4.8

9.3

1.5

Adjusted EBITDA

$                   117.3

$                    108.3

$                   475.7

$                   392.7

Adjusted EBITDA Margin

11.8 %

11.8 %

12.2 %

10.8 %

Interest expense and other financing costs

(17.6)

(34.6)

(95.2)

(158.1)

Interest income

3.0

4.8

5.2

7.6

Depreciation and amortization

(48.2)

(50.7)

(196.1)

(209.3)

Adjusted EBT

$                     54.6

$                      27.8

$                   189.6

$                     33.0

(i)

Totals may not add due to rounding.

(ii)

2024 amounts have been restated to exclude discontinued operations related to the pork operations.

(iii)

Start-up expenses are temporary costs as a result of operating new facilities that are or were previously classified as Construction Capital. These costs can include training, product testing, yield and labour efficiency variances, duplicative overheads including depreciation and other temporary expenses required to ramp-up production.

(iv)

Depreciation included in start-up expenses and restructuring and other related costs is excluded from this line.

(v)

Primarily includes certain costs associated with sustainability projects, gains and losses on the impairment and sale of long-term assets, and other miscellaneous expenses.

Adjusted Earnings per Share

Adjusted Earnings per Share, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as earnings per basic share and is adjusted on the same basis as Adjusted Operating Earnings. The table below provides a reconciliation of  earnings per basic share as reported under IFRS in the Consolidated Financial Statements to Adjusted Earnings per Share for the years ended December 31, as indicated below. Management believes this basis is the most appropriate on which to evaluate financial results as they are representative of the ongoing operations of the Company.   

($ per share)

(Unaudited)

Three months ended December 31,

Twelve months ended December 31,

2025

2024

2025

2024

Earnings (loss) per basic share from continuing operations

$          (0.28)

$           0.05

$           0.35

$          (0.10)

Impairment of intangible assets

0.72

—

0.72

—

Restructuring and other related costs(i)

0.04

0.07

0.08

0.12

Items included in other expense not considered representative of ongoing operations(ii)  

(0.17)

0.05

(0.09)

0.03

Start-up expenses from Construction Capital(iii)

—

0.01

0.02

0.12

Change in unrealized and deferred loss (gain) on derivative contracts

0.01

(0.01)

0.01

(0.03)

Adjusted Earnings per Share(iv)

$           0.32

$           0.18

$           1.09

$           0.15

(i)

Includes per share impact of restructuring and other related costs, net of tax.

(ii)

Primarily includes legal fees, vacancy costs on investment property, settlement gain on purchased buy-out annuities, spin-off transaction related costs and costs associated with "Fuel for Growth", net of tax.

(iii)

Start-up expenses are temporary costs as a result of operating new facilities that are or were previously classified as Construction Capital. These costs can include training, product testing, yield and labour efficiency variances, duplicative overheads and other temporary expenses required to ramp-up production, net of tax.

(iv)

Totals may not add due to rounding.

Net Debt 

The following table reconciles Net Debt and Net Debt to Trailing Twelve Months Adjusted EBITDA ratio to amounts reported under IFRS in the Company's Consolidated Financial Statements as at December 31, as indicated below. The Company calculates Net Debt as cash and cash equivalents, less current and long-term debt and bank indebtedness and calculates Net Debt to Trailing Twelve Months Adjusted EBITDA as the absolute value of Net Debt divided by Trailing Twelve Months Adjusted EBITDA. Management believes this measure is useful in assessing the amount of financial leverage employed.

As at December 31,

($ thousands)

(Unaudited)

2025

2024

Cash and cash equivalents

$         143,409

$         175,908

Current portion of long-term debt

$            (2,096)

$        (301,478)

Long-term debt

(1,136,493)

(1,390,479)

Total debt

$     (1,138,589)

$     (1,691,957)

Net Debt

$        (995,180)

$     (1,516,049)

Adjusted EBITDA(i)

$         475,715

$         553,224

Net Debt to Trailing Twelve Months Adjusted EBITDA  

2.1

2.7

(i)   2025 Adjusted EBITDA is from continuing operations and 2024 is presented as originally stated.  

Free Cash Flow 

Free Cash Flow, a non-IFRS measure, is used by Management to evaluate cash flow after investing in the maintenance of the Company's asset base. It is defined as cash provided by operations, less Maintenance Capital(i) and associated interest paid and capitalized. The following table calculates Free Cash Flow for the periods indicated below:   

($ thousands)

(Unaudited)

Three months ended December 31,

Twelve months ended December 31,

2025

$                2024

2025

2024

Cash provided by operating activities

$           113,605

155,904

$          435,455

$          464,920

Maintenance Capital(i)

(43,531)

(25,862)

(116,138)

(78,571)

Interest paid and capitalized related to Maintenance Capital  

(254)

(260)

(936)

(1,007)

Free Cash Flow

$             69,820

$           129,782

$          318,381

$          385,342

(i)

Maintenance Capital is defined as non-discretionary investment required to maintain the Company's existing operations and competitive position. For the twelve months ended December 31, total capital spending of $125.3 million (2024: $95.5 million) shown on the Consolidated Statements of Cash Flows is made up of Maintenance Capital of $116.1 million (2024: $78.6 million), and Growth Capital of $9.2 million (2024: $16.9 million). For the three months ended December 31, total capital spending of $48.4 million (2024: $29.2 million) is made up of Maintenance Capital of $43.5 million (2024: $25.9 million), and Growth Capital of $4.9 million (2024: $3.3 million). Growth Capital is defined as discretionary investment meant to create stakeholder value through initiatives that for example, expand margins, increase capacities or create further competitive advantage.

Forward-Looking Statements

This document contains, and the Company's oral and written public communications often contain, "forward-looking information" within the meaning of applicable securities law. These statements are based on current expectations, estimates, projections, beliefs, judgments and assumptions based on information available at the time the applicable forward-looking statement was made and in light of the Company's experience combined with its perception of historical trends. Such statements include, but are not limited to, statements with respect to objectives and goals, in addition to statements with respect to beliefs, plans, targets, goals, objectives, expectations, anticipations, estimates, and intentions. Often, but not always, forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "could", "would", "believe", "plan", "intend", "design", "target", "undertake", "view", "indicate", "maintain", "explore", "entail", "schedule", "objective", "strategy", "likely", "potential", "outlook", "aim", "propose", "goal", or positive or negative variations of such words and similar expressions suggesting future events or future performance. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. 

Specific forward-looking information in this document may include, but is not limited to, statements with respect to:

the Company's ability to pursue a disciplined, investor focused approach to capital allocation while driving mid-single digit revenue growth and continued Adjusted EBITDA margin expansion; the Company's fiscal 2026 outlook, including its expected outlook for Sales, Adjusted EBITDA, the Company's balance sheet, Net Debt to Trailing Twelve Months Adjusted EBITDA, capital investments and dividend growth and the anticipated drivers thereof; the Company's dividend policy, including future levels and sustainability of cash dividends, the tax treatment thereof and future dividend payment dates; Various factors or assumptions are typically applied by the Company in drawing conclusions or making the forecasts, projections, predictions or estimations set out in the forward-looking statements. These factors and assumptions are based on information currently available to the Company, including information obtained by the Company from third-party sources and include but are not limited to the following:

the benefits and impacts of the Spin-Off being realized, including the projected risks, costs, dis-synergies, and tax consequences; compliance by Maple Leaf Foods, Canada Packers and "specified shareholders", as defined in the Income Tax Act (''ITA"), with the rules related to butterfly transactions under the ITA both before and after the completion of the Spin-Off; the ability of Canada Packers to meet the Company's demand for pork for its Prepared Foods operations, including pork that meets the Company's sustainability requirements and claims; expectations regarding the adaptations in operations, supply chain, customer and consumer behaviour, economic patterns, foreign exchange rates, tariffs and other international trade dynamics, access to capital, and potential structural changes in global economic patterns; the competitive environment, associated market conditions (including tariffs) and market share metrics, category growth or contraction, the expected behaviour of competitors and customers and trends in consumer preferences; the success of the Company's business strategy and the relationship between pricing, inflation, volume and sales of the Company's products; prevailing commodity prices, implications of tariffs, interest rates, tax rates and exchange rates; impacts related to cybersecurity matters, including security costs, the potential for a future incident, the risks associated with data breaches, the availability of insurance, the effectiveness of remediation and prevention activities, third party activities, ongoing impacts, customer, consumer and supplier responses and regulatory considerations; geopolitical conditions and the ability of the Company to access markets and source ingredients and other inputs in light of global sociopolitical disruption, and the ongoing impact of global conflicts on inflation, trade and markets; the extent of potential outbreaks and/or spread of animal disease and implications for all protein markets; the availability of and access to capital to fund future capital requirements and ongoing operations; expectations regarding participation in and funding of the Company's pension plans; the availability of insurance coverage to manage certain liability exposures; the extent of future liabilities and recoveries related to legal claims; prevailing regulatory, tax and environmental laws; and future operating costs and performance, including the Company's ability to achieve operating efficiencies and maintain sales volumes, turnover of inventories and turnover of accounts receivable. Factors that could cause actual results or outcomes to differ materially from the results expressed, implied, or projected in the forward­ looking statements contained in this document include, among other things, risks associated with the following:

the Spin-Off not delivering the anticipated long-term strategic and financial advantages for the Company, and the degree to which benefits are realized or not and the timing to realize those benefits, including the implications on the Company's financial condition, results of operations and cash flows; continued exposure to risks associated with the pork operations business and inability of Canada Packers to supply the Company with an adequate volume of pork to support its Prepared Foods operations, particularly pork that meets its sustainability and product claim requirements; failure of the Company, Canada Packers or a "specified shareholder," as defined in the ITA, to comply with the rules related to butterfly transactions under the ITA which could result in significant tax becoming payable by the Company; potential structural changes in global market and economic conditions which may have implications for the operations and financial performance of the Company, as well the ongoing implications for macro socio-economic trends, trade instability and global tensions; macro economic trends, including inflation, consumer behaviour, recessionary indicators, labour availability and labour market dynamics and international trade trends, including tariffs, duties and global pork markets developments in international trade and access to markets and supplies, as well as social, political and economic dynamics, including global conflicts; competition, market conditions, and the activities of competitors, customers and consumers, including the expansion or contraction of key categories, inflationary pressures and the Company's ability to secure pricing and appeal to evolving consumer trends; pricing of products; cybersecurity and maintenance and operation of the Company's information systems, policies. processes and data, recovery, restoration and long term impacts of the cybersecurity event, the risk of future cybersecurity events, actions of third parties, risks of data breaches, effectiveness of business continuity planning and execution, and availability of insurance; geopolitical instability; the Company's inability to successfully and efficiently adjust operations to account for consolidated production; the results of the Company's execution of its business plans, the degree to which benefits are realized or not, and the timing associated with realizing those benefits, including the implications on cash flow; the health status of livestock, including the impact of potential pandemics; successful management of the Company's supply chain; cost savings and efficiency gains; operating performance, including manufacturing operating levels, fill rates and penalties; availability and quality of ingredients, including plant protein ingredients; availability of and access to capital, and compliance with credit facility covenants; fluctuations in the debt and equity markets; food safety, consumer liability and product recalls; reputation and public opinion; intellectual property, including product innovation, product development, brand strategy and trademark protection; the execution of capital projects and deployment of maintenance capital; climate change, climate regulation and the Company's sustainability performance; strategic risk management; decisions respecting the return of capital to shareholders; share trading price volatility; acquisitions and divestitures; pension plan assets and liabilities; the effectiveness of commodity and interest rate hedging strategies; impact of changes in the market value of hedging instruments; the supply management system for poultry in Canada; actual and threatened legal claims; the use of contract manufacturers; compliance with government regulation and adapting to changes in laws; fluctuations in interest rates and currency exchange rates; consumer trends and changes in consumer tastes and buying patterns; environmental regulation and potential environmental liabilities; consolidation in the retail environment; consolidation of operations and focus on protein seasonality and changes in promotional activities; unpredictable catastrophic events; weather; employment matters, including complying with employment laws across multiple jurisdictions, the potential for work stoppages due to non-renewal of collective agreements, recruiting and retaining qualified personnel, reliance on key personnel and succession planning; workplace health and safety; and changes in International Financial Reporting Standards and other accounting standards that the Company is required to adhere to for regulatory purposes. Readers are further cautioned that some of the forward-looking information, such as statements concerning future capital expenditures, revenue growth expectations, Adjusted EBITDA expectations, Adjusted EBITDA Margin expansion, and expected leverage ratios, and the Company's ability to achieve its financial targets or projections may be considered to be financial outlook for purposes of applicable securities legislation. Our financial outlook is presented to evaluate potential future earnings and anticipated future uses of cash flows and may not be appropriate for other purposes. Readers should not assume that the Company's financial outlook will be achieved.

Many factors could cause our actual results, performance, achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements herein, including, without limitation, the factors found under the heading "Risk Factors"  in this MD&A. The reader should review such section in detail. Additional information concerning the Company, including the Company's Annual Information Form for the year ended December 31, 2025, is available under the Company's profile on the System for Electronic Data Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca.

The Company cautions that the foregoing list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. The Company operates in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for management to predict all risks, nor assess the impact of all risk 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. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this document represents management's expectations as of the date of this document (or as of the date they are otherwise stated to be made) and are subject to change after such date. Maple Leaf disclaims any intention, obligation or undertaking to update or revise any forward-looking information, whether written or oral, as a result of new information, future events or otherwise, except as required under applicable securities laws.

About Maple Leaf Foods Inc.

Maple Leaf Foods (TSX: MFI) is a leading, protein-focused consumer packaged goods company headquartered in Mississauga, Ontario. It proudly produces responsibly made, delicious food under powerhouse brands that include Maple Leaf®, Maple Leaf Prime®, Maple Leaf ® Natural Selections®, Maple Leaf Mighty Protein™, Musafir™, Schneiders®, Mina® Halal, Greenfield Natural Meat Co.®, LightLife® and Field Roast™. Committed to Raising the Good in Food and bringing customers protein with purpose, Maple Leaf Foods delivers shared value for all its stakeholders by leading the way in safety and sustainability, building loved brands, operating with excellence, developing extraordinary talent, and broadening its impact through innovation and geographic reach.

Consolidated Balance Sheets

(In thousands of Canadian dollars)

(Audited)

As at December 31, 
2025 

As at December 31, 
2024 

ASSETS

Cash and cash equivalents

$                         143,409

$                       175,908

Accounts receivable

139,075

170,919

Notes receivable

62,116

37,978

Inventories

472,296

553,398

Biological assets

10,921

169,399

Income and other taxes recoverable

2,604

7,551

Prepaid expenses and other assets

24,386

42,342

Assets held for sale

—

22,769

Total current assets

$                         854,807

$                    1,180,264

Property and equipment

1,716,370

2,123,167

Right-of-use assets

71,182

160,922

Investments

121,830

12,763

Investment property

55,656

42,588

Employee benefits

50,576

22,429

Other long-term assets

8,132

24,918

Deferred tax asset

36,117

46,588

Goodwill

387,353

477,353

Intangible assets

239,907

339,526

Total long-term assets

$                      2,687,123

$                    3,250,254

Total assets

$                      3,541,930

$                    4,430,518

LIABILITIES AND EQUITY

Accounts payable and accruals

$                         514,585

$                       561,179

Current portion of provisions

10,364

14,482

Current portion of long-term debt

2,096

301,478

Current portion of lease obligations

18,457

39,900

Income taxes payable

92,314

2,595

Other current liabilities

23,526

37,587

Total current liabilities

$                         661,342

$                       957,221

Long-term debt

1,136,493

1,390,479

Lease obligations

75,464

147,892

Employee benefits

56,106

62,395

Provisions

2,719

3,912

Other long-term liabilities

4,589

5,205

Deferred tax liability

284,223

325,137

Total long-term liabilities

$                      1,559,594

$                    1,935,020

Total liabilities

$                      2,220,936

$                    2,892,241

Shareholders' equity

Share capital

$                         930,411

$                       897,839

Retained earnings

343,108

587,393

Contributed surplus

11,950

12,482

Accumulated other comprehensive income  

40,964

43,994

Treasury shares

(5,439)

(3,431)

Total shareholders' equity

$                      1,320,994

$                    1,538,277

Total liabilities and equity

$                      3,541,930

$                    4,430,518

Consolidated Statements of Earnings

Three months ended December 31,

Twelve months ended December 31,

(In thousands of Canadian dollars, except share amounts)

2025

2024(i)

2025

2024(i)

(Unaudited)

(Unaudited)

(Audited)

(Audited)

Sales

$       991,242

$       917,050

$    3,912,665

$    3,633,404

Cost of goods sold

832,827

773,589

3,249,899

3,076,055

Gross profit

$       158,415

$       143,461

$       662,766

$       557,349

Selling, general and administrative expenses

93,226

90,049

397,383

391,733

Earnings before the following:

$         65,189

$         53,412

$       265,383

$       165,616

Restructuring and other related costs

6,503

12,356

12,713

19,922

Other expense (income)

(33,180)

(1,990)

(30,212)

(4,133)

Impairment of intangible assets

85,000

—

85,000

—

Equity loss (earnings) of associate

(888)

—

(888)

—

Earnings before interest and income taxes

$           7,754

$         43,046

$       198,770

$       149,827

Interest expense and other financing costs

17,610

34,594

95,191

158,124

Earnings (loss) before income taxes

$          (9,856)

$           8,452

$       103,579

$         (8,297)

Income tax expense

24,555

2,020

59,634

3,570

Earnings (loss) from continuing operations

$        (34,411)

$           6,432

$         43,945

$        (11,867)

Earnings from discontinued operations

425,644

47,104

497,685

108,466

Earnings

$       391,233

$         53,536

$       541,630

$         96,599

Earnings (loss) per share attributable to common

    shareholders:

Basic earnings per share

$             3.14

$             0.43

$             4.36

$             0.79

Diluted earnings per share

$             3.06

$             0.43

$             4.25

$             0.78

Basic earnings (loss) per share from continuing operations

$            (0.28)

$             0.05

$             0.35

$            (0.10)

Diluted earnings (loss) per share from continuing operations  

$            (0.28)

$             0.05

$             0.34

$            (0.10)

Weighted average number of shares (millions):

Basic

124.6

123.5

124.2

123.0

Diluted

128.0

124.6

127.4

124.3

(i)   2024 amounts have been restated to exclude discontinued operations related to the pork operations.

Consolidated Statements of Other Comprehensive
Income (Loss)

(In thousands of Canadian dollars)

Three months ended December 31, 

Twelve months ended December 31, 

2025

2024(i) 

2025

2024(i)

(Unaudited) 

(Unaudited) 

(Audited) 

(Audited) 

Earnings

$     391,233

$       53,536

$     541,630

$       96,599

Other comprehensive (loss) income

Actuarial gain (loss) that will not be reclassified to
   profit or loss (Net of tax of $1.6 million and $0.1
   million; 2024: $2.4 million and $0.6 million)

$       (4,248)

$       (6,885)

$           (378)

$         1,908

Change in revaluation surplus (Net of tax of $1.2
   million and $1.2 million; 2024: $0.0 million and
   $0.0 million)

3,263

—

3,263

—

Share of other comprehensive income of
   associates (Net of tax of $0.0 million and $0.0

   million; 2024: $0.0 million and $0.0 million)

115

—

115

—

Total items that will not be reclassified to profit or loss

$           (870)

$       (6,885)

$         3,000

$         1,908

Items that are or may be reclassified subsequently to
 profit or loss:

Change in fair value of investments (Net of tax of
   $0.0 million and $0.0 million; 2024: $0.0 million
   and $0.0 million)

$               —

$       (4,082)

$       (3,371)

$       (4,082)

Change in accumulated foreign currency translation
   adjustment (Net of tax of $0.0 million and $0.0
   million; 2024: $0.0 million and $0.0 million)

(4,711)

23,080

(17,686)

30,392

Change in foreign exchange on long-term debt
   designated as a net investment hedge (Net of tax
   of $0.5 million and $2.3 million; 2024: $3.3 million
   and $4.5 million)

3,244

(17,885)

12,658

(24,237)

Change in cash flow hedges (Net of tax of $0.2
   million and $0.4 million; 2024: $0.1 million and
   $0.2 million)

627

(47)

(1,247)

(3,763)

Share of other comprehensive income of associates
   (Net of tax of $0.0 million and $0.0 million; 2024:

   $0.0 million and $0.0 million)

40

$               —

40

$               —

Total items that are or may be reclassified

  subsequently to profit or loss

$           (800)

$         1,066

$        (9,606)

$        (1,690)

Other comprehensive (loss) income from continuing

  operations

$        (1,670)

$        (5,819)

$        (6,606)

$            218

Other comprehensive (loss) income from

  discontinued operations(i) (Net of tax of $0.0 million

  and $0.1 million; 2024: $0.5 million and $0.7 million)  

(4)

(1,599)

625

(2,145)

Total other comprehensive loss

$        (1,674)

$        (7,418)

$       (5,981)

$        (1,927)

Comprehensive income

$     389,559

$        46,118

$     535,649

$       94,672

(i)   2024 amounts have been restated to exclude discontinued operations related to the pork operations.

Consolidated Statements of Changes in Total Equity

Accumulated other comprehensive income (loss)

(In thousands of Canadian dollars)

Share 

capital 

Retained 

earnings 

Contributed 

surplus 

Foreign 
currency 
translation 
adjustment(i) 

Unrealized 
gains 
(losses) on 
cash flow 
hedges(i) 

Unrealized 
gains (losses) 
on fair value 
of 
investments(i) 

Revaluation 
surplus 

Treasury 

stock 

Total 

equity 

Balance at December 31, 2024

$  897,839

587,393

12,482

14,545

(1,257)

(6,641)

37,347

(3,431)

$ 1,538,277

Earnings

—

541,630

—

—

—

—

—

—

541,630

Other comprehensive income (loss)(ii)

—

(1,222)

—

(4,649)

(2)

(3,371)

3,263

—

(5,981)

Disposal of pork operations AOCI

—

—

—

1,619

110

—

—

—

1,729

Dividends declared ($1.51 per share)

10,261

(188,050)

—

—

—

—

—

—

(177,789)

Distribution of Canada Packers

—

(596,643)

—

—

—

—

—

—

(596,643)

Share-based compensation expense

—

—

23,419

—

—

—

—

—

23,419

Deferred taxes on share-based compensation  

—

—

4,275

—

—

—

—

—

4,275

Exercise of stock options

27,178

—

—

—

—

—

—

—

27,178

Shares purchased by RSU trust

—

—

—

—

—

—

—

(9,042)

(9,042)

Shares re-purchased

(4,867)

—

(14,071)

—

—

—

—

—

(18,938)

Settlement of share-based compensation

—

—

(14,155)

—

—

—

—

7,034

(7,121)

Balance at December 31, 2025

$  930,411

343,108

11,950

11,515

(1,149)

(10,012)

40,610

(5,439)

$ 1,320,994

Accumulated other comprehensive income (loss)

(In thousands of Canadian dollars)

Share 

capita l

Retained 

earnings 

Contributed 

surplus 

Foreign 
currency 
translation 
adjustment(i) 

Unrealized 
gains 
(losses) on 
cash flow 
hedges(i) 

Unrealized 
gains (losses) 
on fair value 
of 
investments(i) 

Revaluation 
surplus 

Treasury 

stock 

Total 

equity 

Balance at December 31, 2023

$  873,477

597,429

3,227

8,625

4,416

(2,559)

37,347

(7,183)

$ 1,514,779

Earnings

—

96,599

—

—

—

—

—

—

96,599

Other comprehensive income (loss)(ii)

—

1,908

—

5,920

(5,673)

(4,082)

—

—

(1,927)

Dividends declared ($0.88 per share)

21,864

(108,543)

—

—

—

—

—

—

(86,679)

Share-based compensation expense

—

—

21,910

—

—

—

—

—

21,910

Deferred taxes on share-based compensation

—

—

(1,325)

—

—

—

—

—

(1,325)

Exercise of stock options

2,498

—

—

—

—

—

—

—

2,498

Settlement of share-based compensation

—

—

(11,330)

—

—

—

—

3,752

(7,578)

Balance at December 31, 2024

$  897,839

587,393

12,482

14,545

(1,257)

(6,641)

37,347

(3,431)

$ 1,538,277

(i) 

Items that are or may be subsequently reclassified to profit or loss. 

(ii) 

Included in other comprehensive income (loss) is the change in actuarial gains and losses that will not be reclassified to profit or loss and has been reclassified to retained earnings.

Consolidated Statements of Cash Flows

(In thousands of Canadian dollars)

Three months ended December 31,

Twelve months ended December 31,

2025

2024

2025

2024

CASH PROVIDED BY (USED IN):

(Unaudited) 

(Unaudited) 

(Audited) 

(Audited) 

Operating activities

Earnings

$      391,233

$        53,536

$      541,630

$        96,599

Add (deduct) items not affecting cash:

Change in fair value of biological assets

—

(43,210)

(3,440)

(63,582)

Depreciation and amortization

48,187

64,883

234,926

265,173

Share-based compensation

5,215

4,296

23,419

21,910

Deferred income tax (recovery) expense

2,291

17,738

(37,577)

30,651

Current income tax expense

22,264

3,097

127,714

13,619

Interest expense and other financing costs

17,610

35,793

98,486

162,600

Gain on sale of long-term assets

(3,169)

(6,466)

(14,305)

(9,299)

Impairments

85,104

538

87,261

667

Change in fair value of long-term assets

5,932

10,707

5,932

5,669

Gain on buy-out of pension annuities

(35,530)

—

(35,530)

—

Gain on disposal of Canada Packers

(428,879)

—

(428,879)

—

Equity earnings of associate

(888)

—

(888)

—

Change in net pension obligation

(1,523)

1,953

1,164

5,063

Net income taxes (paid) refunded

3,595

31,197

(2,890)

75,712

Interest paid, net of capitalized interest

(17,979)

(34,926)

(97,337)

(148,925)

Change in provision for restructuring and other

    related costs

3,720

8,025

(5,226)

6,570

Change in derivatives margin

(797)

(2,764)

856

2,235

Cash settlement of derivatives

—

2,878

—

—

Other

926

(10,512)

(10,150)

(6,499)

Change in non-cash operating working capital  

16,293

19,141

(49,711)

6,757

Cash provided by operating activities

$      113,605

$      155,904

$      435,455

$      464,920

Investing activities

Additions to long-term assets

$      (48,443)

$      (29,205)

$    (125,296)

$      (95,489)

Interest paid and capitalized

(279)

(289)

(1,008)

(1,128)

Proceeds from sale of long-term assets

5,612

8,433

21,616

14,081

Dividends from associate

1,094

—

1,094

—

Other

(16,056)

—

(16,056)

—

Cash used in investing activities

$      (58,072)

$      (21,061)

$    (119,650)

$      (82,536)

Financing activities

Dividends paid

$      (96,511)

$      (21,803)

$    (177,789)

$      (86,679)

Net decrease in long-term debt

27,740

(110,893)

(102,593)

(290,981)

Payment of lease obligation

(3,463)

(8,026)

(28,336)

(32,353)

Exercise of stock options

939

—

27,178

2,498

Purchase of treasury shares

(4,948)

—

(9,042)

—

Payment of financing fees

(5,958)

—

(6,506)

(2,324)

Repurchase of shares

(10,002)

—

(18,938)

—

Disposal of pork operations

(32,278)

—

(32,278)

—

Cash used in financing activities

$    (124,481)

$    (140,722)

$    (348,304)

$    (409,839)

Decrease in cash and cash equivalents

$      (68,948)

$        (5,879)

$      (32,499)

$      (27,455)

Cash and cash equivalents, beginning of period

212,357

181,787

175,908

203,363

Cash and cash equivalents, end of period

$      143,409

$      175,908

$      143,409

$      175,908

SOURCE Maple Leaf Foods Inc.

Toronto, Ontario--(Newsfile Corp. - March 5, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands across Canada, is pleased to announce that iQ Food Co. ("iQ") has secured a real estate location for its first restaurant in Western Canada, located in Calgary, Alberta. With the signing of this lease, it marks the 1st location expansion outside of Ontario for the brand, so it is a significant milestone in iQ's national expansion strategy and supports the Company's continued execution against its organic growth pipeline. iQ is a premium healthy-eating quick service restaurant ("QSR") concept known for its vibrant menu of nourishing, clean-eating dishes including healthy bowls, smoothies, sandwiches, soups, and salads, crafted to satisfy a wide range of tastes and lifestyles.

Happy Belly 1

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"Securing our first Western Canada location marks an important step in our national expansion plan for iQ and for Happy Belly," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "Calgary is a compelling, health-forward market with strong customer fundamentals which is an ideal fit for iQ's positioning. This location reflects our disciplined approach to expansion by prioritizing high-quality real estate that supports consistent daily demand and attractive unit economics."

"The momentum behind iQ continues to validate both the strength of the concept and our execution. At the time of acquisition in Q3 2024, iQ operated four locations. We have since grown our footprint to 7 opened locations, with number 8 opening in Q2 2026, so Calgary will be our 9th location in Canada. With Area Development Agreements across Alberta, Ontario, and British Columbia totaling 65 committed units, we are building the foundation to scale iQ into a nationally recognized brand and drive sustained expansion in Canada's most attractive urban markets."

Happy Belly 2

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"Our focus remains on accelerating growth through organic development and targeted acquisitions. With a growing pipeline of restaurants across Canada, iQ continues to strengthen Happy Belly's broader portfolio of 666 contractually committed retail franchise locations across multiple emerging brands, spanning various stages of development, construction, and operation. Our disciplined, predictable growth engine is delivering measurable results as we expand our brands across Canada and the U.S., creating long-term value for shareholders."

"We are just getting started," added Sean Black.

About iQ Food Co.
iQ is a flagship brand in Canada's premium healthy eating market and is strategically located in urban and central business districts. iQ serves a variety of delicious and wholesome food options such as healthy bowls, smoothies, sandwiches, soups, and salads, along with other flavorful clean-eating dishes that the whole family can enjoy. iQ caters to thousands of health-conscious customers from local businesses, while expanding into catering services to service an even greater audience in downtown densely populated areas. This strategy has fostered strong brand recognition and a loyal customer base driven by word-of-mouth and, most importantly, satisfied customers.

Franchising
For franchising inquiries, please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands. The Company's portfolio includes Heal Wellness, Rosie's Burgers, Yolks Breakfast, Via Cibo Italian Street Food, iQ Food Co., and others.

Happy Belly 3

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Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, Chief Operating Officer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286348

Source: Happy Belly Food Group Inc.

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PHILADELPHIA, March 05, 2026 (GLOBE NEWSWIRE) -- Kaskela Law LLC is investigating the recently announced buyout of Clearwater Analytics Holdings, Inc. (NYSE: CWAN) (“Clearwater”) shareholders to determine whether the $24.55 per share buyout offer is fair to the company’s investors or if it undervalues the company’s shares.

Click here for additional information: https://kaskelalaw.com/case/clearwater-analytics-buyout/

On December 21, 2025, Clearwater announced that it had agreed to be acquired by a group of private equity funds at a price of $24.55 per share in cash. Following the closing of the proposed transaction the company’s shares will no longer be publicly traded.

The investigation seeks to determine whether Clearwater investors will be receiving sufficient financial consideration for their CWAN shares, or if the proposed buyout price is inadequately low. Notably, at the time the buyout transaction was announced, several stock analysts were maintaining price targets of over $35.00 per share for Clearwater shares – 40% higher than the buyout proposal.

Clearwater investors who would like to learn more about the investigation and their legal rights and options are encouraged to contact lead investigative attorney Adrienne Bell, Esq. at (484) 229 – 0750 or by email at [email protected]. You can also click on the following link or paste it into your browser to learn more:

https://kaskelalaw.com/case/clearwater-analytics-buyout/

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation in contingent litigation. For additional information about Kaskela Law LLC, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 - 0750
www.kaskelalaw.com
This communication may constitute attorney advertising in certain jurisdictions.

Zepbound® (tirzepatide) KwikPen® for single-patient use available from Lilly at $449 across all doses through the Lilly Employer Connect platform, with reduced cost-share pricing available to employees

Flexible benefit designs expand access to obesity treatment while aligning with employer needs and budgets

, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced the launch of its Employer Connect platform, introducing new options to help close the access gap in U.S. obesity care. Lilly's platform expands choice, empowering employers to coordinate with independent program administrators to develop flexible, transparent solutions that enable employee access to obesity management medicines.

Obesity affects over 100 million American adults and costs the U.S. economy more than $1.7 trillion annually—including $480 billion in direct medical costs and $1.24 trillion in lost productivity.1 Although obesity is a chronic disease, coverage for obesity management medications remains inconsistent across employer-sponsored plans, leaving roughly half of commercially insured employees without covered access.2

"For far too many people living with obesity, starting or staying on treatment isn't just a medical decision, it's an access decision driven by coverage and cost," said Ilya Yuffa, executive vice president and president, Lilly USA and Global Customer Capabilities, Eli Lilly and Company. "To address these challenges, we're building an employer program that connects employers to a range of independent program administrators and cost-sharing solutions—from those providing holistic obesity management to those focused on benefits administration—so their employees can access prescribed treatment at reduced out-of-pocket costs."

Scaling Access Through Independent Program Administrators

Lilly's employer access program is launching with over fifteen independent program administrators and nationwide pharmacy support delivered through a dedicated network, including dispensing pharmacies HealthDyne and CenterWell. These administrators range from organizations offering low-cost benefits administration to more holistic solutions that provide comprehensive obesity care and wraparound support services. This breadth of offerings allows employers to design programs tailored to their needs, while preserving both provider and patient choice.

"By enabling coverage outside traditional benefit designs, we lower barriers to treatment and give employers greater control over how they support employee access to obesity care," said Kevin Hern, senior vice president, Lilly Employer, Eli Lilly and Company. "This innovation can help employees access authentic obesity management medicines with more affordable out-of-pocket costs."

Lowering Cost Barriers to Obesity Care for Employees

Lilly Employer Connect is designed to expand access to obesity care by lowering cost barriers for employees while giving employers greater cost predictability and transparency. Lilly's pricing model helps operationalize this for employers, enabling access for patients. From in-person or virtual clinical care to behavior-change support, employers can pair medication access with a range of services that fit their workforce needs.

Through this employer platform, Lilly's Zepbound® (tirzepatide) KwikPen® is available from Lilly to network pharmacies at a discounted price of $449 for all doses. Final cost to the employer may vary based on their choice of pharmacy and program administrator; and out-of-pocket patient costs for employees will vary based on the costshare model an employer chooses and the dispensing and service fees agreed to with independent program administrators. Fundamentally, this approach provides employees access to obesity management medicines at lower out-of-pocket costs, and gives employers greater choice and clarity, along with the ability to expand coverage in a way that aligns with their benefits strategy and budget.

Lilly will continue to grow the program administrator options for employers on the platform, which already includes 9amHealth, Andel, Calibrate Health, Crux Health, eMed, FlyteHealth, Form Health, Goodpath, GoodRx, Ilant Health, Mark Cuban Cost Plus Drug Company, Onsera Health, ReviveHealth, SALTA Direct Primary Care, Sesame, Teladoc Health, Transcarent and Waltz Health. Employers, benefit consultants, or other stakeholders interested in learning more about the program should contact [email protected].

Enabling Access to One of the Most Prescribed Obesity Management Medications

As part of Lilly's employer platform, Zepbound® KwikPen® is available to eligible employees, offering access to one of the most prescribed weight management medications in the U.S. The U.S. Food and Drug Administration (FDA) recently approved the single-patient use Zepbound KwikPen, which delivers four weekly injections from a single device. Zepbound was the most prescribed weight management medication in 2025.³ The demand for Zepbound highlights its strong efficacy profile.

Zepbound is an injectable prescription medicine that may help adults with obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off. Zepbound may also help adults with moderate-to-severe obstructive sleep apnea (OSA) and obesity to improve their OSA. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known whether Zepbound is safe and effective for use in children.

Zepbound is available in 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, or 15 mg doses. The 2.5 mg is a starting dose and not an approved maintenance dose. The recommended maintenance doses are 5 mg, 10 mg, or 15 mg injected subcutaneously once per week for weight reduction and long-term maintenance. The recommended maintenance doses are 10 mg or 15 mg for OSA.

In the SURMOUNT-1 trial, adults taking Zepbound 15 mg lost an average of 20.9% of their body weight over 72 weeks, compared to 3.1% with placebo. In the SURMOUNT-5 open-label study, people who took Zepbound on average lost 50 lbs (20.2% weight loss) compared to people who took injectable Wegovy and on average lost 33 lbs (13.7% weight loss). See additional data below. To learn more about Zepbound and KwikPen, visit Lilly.com/lillydirect/medicines/zepbound?device=kwikpen.

Individual results vary. Zepbound is not for cosmetic weight loss. Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing or shortness of breath. If you have any of these symptoms, tell your health care provider. Do not use Zepbound if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Zepbound if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Zepbound if you have had a serious allergic reaction to tirzepatide or any of the ingredients in Zepbound.

About Zepbound (tirzepatide) injection
Zepbound is the first and only dual GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist obesity medication. Zepbound tackles an underlying cause of excess weight. It reduces appetite and how much you eat. Zepbound is indicated for adults with obesity, or some adults who are overweight and also have at least one weight-related medical problem, to lose weight and keep it off. Additionally, Zepbound is FDA-approved to treat adults with moderate-to-severe obstructive sleep apnea and obesity. Zepbound should be used with a reduced-calorie diet and increased physical activity. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children.

About SURMOUNT-1
Throughout the 72 week clinical trial, people who took Zepbound sustained weight loss—whether taking the 5 mg, 10 mg, or 15 mg dose along with diet and exercise. In a 72-week study of adults without diabetes, average weight loss was 15.0% (34 lbs) for 5 mg, 19.5% (44 lbs) for 10 mg, 20.9% (48 lbs) for 15 mg, and 3.1% (7 lbs) for placebo. Average starting weights were 226.8 lbs for 5 mg, 233.3 lbs for 10 mg, 232.8 lbs for 15 mg, and 231.0 lbs for placebo.

About SURMOUNT-5
SURMOUNT-5 was a 72-week, multi-center, randomized, open-label, Phase 3b trial evaluating the efficacy and safety of Zepbound (tirzepatide) compared with injectable Wegovy (semaglutide) in adults with obesity, or overweight with at least one of the following comorbidities: hypertension, dyslipidemia, obstructive sleep apnea (OSA) or cardiovascular disease, who did not have diabetes. Data collected in a less rigorous study so findings are less certain. Factors beyond studied medications may have contributed to weight loss. In the 72-week study participants on Zepbound Maximum Tolerated Dose (MTD) (10 mg or 15 mg, the max dose a participant could tolerate) experienced on average a 20.2% (50 Ibs) weight loss compared to an average of 13.7% (33 Ibs) weight loss for participants on Wegovy MTD (1.7 mg or 2.4 mg, the max dose a participant could tolerate). Average starting weights were 248.4 lbs for Zepbound MTD and 250 lbs for Wegovy MTD. Wegovy® is a registered trademark of Novo Nordisk A/S.

INDICATIONS AND SAFETY SUMMARY WITH WARNINGS
Zepbound® (ZEHP-bownd) is an injectable prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with:

obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off. moderate-to-severe obstructive sleep apnea (OSA) and obesity to improve their OSA. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children.

Warnings - Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Zepbound if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Zepbound if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Zepbound if you have had a serious allergic reaction to tirzepatide or any of the ingredients in Zepbound. KwikPen®: Do not share your KwikPen with other people, even if the pen needle has been changed. You may give other people a serious infection or get a serious infection from them.

Zepbound may cause serious side effects, including:

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Zepbound. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration.

Gallbladder problems. Gallbladder problems have happened in some people who use Zepbound. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Inflammation of the pancreas (pancreatitis). Stop using Zepbound and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without vomiting. You may feel the pain from your abdomen to your back.

Serious allergic reactions. Stop using Zepbound and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Zepbound with medicines that can cause low blood sugar, such as a sulfonylurea or insulin. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness or feeling jittery.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Zepbound.

Depression or thoughts of suicide. You should pay attention to changes in your mood, behaviors, feelings or thoughts. Call your healthcare provider right away if you have any mental changes that are new, worse, or worry you.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Zepbound may increase the chance of food getting into your lungs during surgery or other procedures. Tell all your healthcare providers that you are taking Zepbound before you are scheduled to have surgery or other procedures.

Common side effects
The most common side effects of Zepbound include nausea, diarrhea, vomiting, constipation, stomach (abdominal) pain, indigestion, injection site reactions, feeling tired, allergic reactions, belching, hair loss, and heartburn. These are not all the possible side effects of Zepbound. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before using Zepbound

Your healthcare provider should show you how to use Zepbound before you use it for the first time. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. If you take birth control pills by mouth, talk to your healthcare provider before you use Zepbound. Birth control pills may not work as well while using Zepbound. Your healthcare provider may recommend another type of birth control for 4 weeks after you start Zepbound and for 4 weeks after each increase in your dose of Zepbound. Review these questions with your healthcare provider:

❑ Do you have other medical conditions, including problems with your pancreas, or severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?

❑ Do you take diabetes medicines, such as insulin or sulfonylureas?

❑ Do you have a history of diabetic retinopathy?

❑ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?

❑ Do you take any other prescription medicines or over-the-counter drugs, vitamins, or herbal supplements?

❑ Are you pregnant, plan to become pregnant, breastfeeding, or plan to breastfeed? Zepbound may harm your unborn baby. Tell your healthcare provider if you become pregnant while using Zepbound. Zepbound may pass into your breast milk. You should talk with your healthcare provider about the best way to feed your baby while using Zepbound.

Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Zepbound during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Lilly at 1-800-LillyRx (1-800-545-5979). How to take

Read the Instructions for Use that come with Zepbound. Use Zepbound exactly as your healthcare provider says. Use Zepbound with a reduced-calorie diet and increased physical activity. Inject Zepbound under the skin (subcutaneously) of your stomach (abdomen), thigh, or have another person inject in the back of the upper arm. Do not inject ZEPBOUND into a muscle (intramuscularly) or vein (intravenously). Use Zepbound 1 time each week, at any time of the day. Change (rotate) your injection site with each weekly injection. Do not use the same site for each injection. If you take too much Zepbound, call your healthcare provider, call the Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away.

Zepbound is approved as a 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg injection.

Learn more
Zepbound is a prescription medicine. For more information, call 1-800-LillyRx (1-800-545-5979) or go to www.zepbound.lilly.com.

This summary provides basic information about Zepbound but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your healthcare provider. Be sure to talk to your healthcare provider about Zepbound and how to take it. Your healthcare provider is the best person to help you decide if Zepbound is right for you.

ZP CON BS Q12026

Zepbound®, its delivery device base and KwikPen® are registered trademarks owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates.

Endnotes and References

Milken Inst Waters H et al America Obesity Crisis Oct 2018. International Foundation of Employee Benefit Plans. Pulse Survey: GLP-1 Drugs Coverage. Published 2024. Accessed November 5, 2025. https://www.ifebp.org/docs/default-source/pdf/resources---news/pulse-surveys/survey-glp-drugs-2024.pdf  Based on IQVIA® National Prescription Audit Data, representing 94% of US prescription data as of 01/10/2025. About Lilly 
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY

Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are references in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Cautionary Statement Regarding Forward-Looking Statements 
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995), including statements about the supply and access of Zepbound (tirzepatide) as a treatment for adults with obesity or overweight and reflects Lilly's current belief and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development, and commercialization. Among other things, there can be no guarantee that future study results will be consistent with the results to date, that Zepbound will receive additional regulatory approvals, or that Lilly will execute its strategy as planned. For further discussion of these and other risks and uncertainties, see Lilly's most recent Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

CMAT-13769 3/2026 ©Lilly USA, LLC 2026. All rights reserved.

SOURCE Eli Lilly and Company

, /PRNewswire/ -- Hyperscale Data, Inc. (NYSE American: GPUS), an artificial intelligence ("AI") data center company anchored by Bitcoin ("Hyperscale Data" or the "Company"), today announced that its indirectly wholly owned subsidiary askROI, Inc. ("askROI"), has deployed Claude Opus 4.6, Anthropic's frontier large language model, which is now accessible through the askROI platform (the "Platform"). The Platform previously used an older version of a large language model developed by Anthropic.

The integration significantly enhances the Platform's reasoning depth, contextual comprehension and multi-step analytical performance, which is anticipated to enable users to obtain more precise answers, automate complex workflows, and deploy more intelligent AI agents across business operations.

With Opus 4.6 now included, askROI has expanded the Platform's model architecture to ensure that users benefit from the most advanced AI systems available while maintaining flexibility, speed and enterprise-grade scalability. The deployment of Opus 4.6 strengthens the Platform's ability to handle high-complexity enterprise tasks, including:

Multi-document financial and operational analysis; AI-driven investor and stakeholder communications; Automated diligence and underwriting support; Customer relationship management and sales pipeline intelligence; Long-form research synthesis and reporting; and Advanced coding, modeling and technical workflows. The Platform's expanded reasoning and contextual retention capabilities allow askROI to process large data environments with greater coherence and accuracy, particularly in use cases requiring sustained analytical depth. Opus 4.6 will also serve as a core intelligence layer behind the Platform's growing AI agent framework including voice agents, customer interaction systems and enterprise automation tools.

By combining proprietary data aggregation with Opus 4.6's frontier model reasoning, AI agents created on the Platform can interpret structured and unstructured enterprise data, execute multi-step decision workflows, provide real-time operational recommendations and automate customer and internal communications. This positions the Platform as more than a conversational interface; it provides an evolution into a full AI operating layer for business intelligence and automation.

"The deployment of Opus 4.6 represents a meaningful step forward in our mission to deliver the most powerful AI insight platform in the market," said Ryan Doucette, Head of Product at askROI. "As frontier models continue to advance, our strategy is to integrate best-in-class intelligence into the Platform so our users benefit from deeper reasoning, more accurate outputs and the ability to automate increasingly complex business processes. The addition of Opus 4.6 reflects askROI's commitment to remaining at the forefront of applied AI infrastructure while delivering practical business outcomes. This is about turning AI into measurable productivity and decision advantage for our customers."

The Platform's architecture is designed to remain model-agnostic enabling the platform to deploy and optimize multiple leading AI systems as they evolve. In addition to Opus 4.6, askROI supports a broad range of leading large language models across writing, reasoning, coding, and analytical tasks. These include models from the GPT, Gemini, Qwen, Grok and other frontier and open-model families, allowing users to select the best model for each use case based on performance, efficiency, and response characteristics.

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

About Hyperscale Data, Inc.

Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data's other wholly owned subsidiary, Ault Capital Group, Inc. ("ACG"), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

Hyperscale Data currently expects the divestiture of ACG (the "Divestiture") to occur in the fourth quarter of 2026. Upon the occurrence of the Divestiture, the Company would be an owner and operator of data centers to support high-performance computing services, as well as a holder of the digital assets. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data's headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the "Series F Preferred Stock") to all common stockholders and holders of the Series C Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the "ACG Shares"). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be shareholders of ACG upon the occurrence of the Divestiture.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at hyperscaledata.com.

SOURCE Hyperscale Data Inc.

PHILADELPHIA, March 05, 2026 (GLOBE NEWSWIRE) -- Kaskela Law LLC has launched an investigation into the fairness of the recently announced proposed buyout of Enhabit, Inc. (NYSE: EHAB) shareholders to determine whether the $13.80 per share buyout price undervalues the company’s shares. 

Click here to request additional information: https://kaskelalaw.com/case/enhabit/

On February 23, 2026, Enhabit announced that it had agreed to be acquired by private equity firm Kinderhook Industries at a price of $13.80 per share in cash. Following the closing of the proposed transaction, Enhabit’s shareholders will be cashed out of their investment position and the company's shares will no longer be publicly traded.

The investigation seeks to determine whether Enhabit investors will be receiving sufficient financial consideration for their shares, and whether the company's officers and/or directors breached their fiduciary duties or violated the securities laws in agreeing to the proposed buyout.

Enhabit shareholders who believe the buyout price is too low are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) for additional information about this investigation and their legal rights and options at (484) 229 – 0750. Alternatively, investors may contact the firm via email at [email protected], or by clicking on the following link (or if necessary, by copying and pasting the link into your browser): 

https://kaskelalaw.com/case/enhabit/

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation in contingent litigation. For additional information about Kaskela Law LLC, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.

CONTACT: 

KASKELA LAW LLC 
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 - 0750
www.kaskelalaw.com.

This communication may constitute attorney advertising in certain jurisdictions.

Eli Lilly on Thursday launched a new program designed to help more employers cover obesity drugs in the U.S., targeting a major barrier to access for patients. 

Lilly and its chief rival, Novo Nordisk, have moved to slash the cash prices of their popular obesity injections for those who want to pay entirely out-of-pocket. But employer coverage of obesity drugs remains uneven due to high costs, leaving roughly half of people with commercial insurance unable to start or stay on treatment, Lilly said in a release. List prices for Lilly's weight loss and diabetes treatments, Zepbound and Mounjaro, top $1,000 per month.

Nearly one-fifth of firms with over 200 workers, including 43% with 5,000 or more workers, said they cover GLP-1 drugs for weight loss as of October, according to a survey by the Peterson-KFF Health System Tracker.

"I think we'll learn in the coming months ahead, if this is a solution that maybe enables some employers who have been sitting on the sidelines to opt into obesity coverage for their employees," Kevin Hern, senior vice president of Lilly Employer, said in an interview. He added that some employers could opt to add coverage in the upcoming months, while others could wait until 2027.

Eli Lilly's new "Employer Connect" platform gives employers more flexibility in how they cover obesity treatments, aiming to broaden employee access to the drugs at low out-of-pocket costs, while also limiting expenses for companies. Hern said the program addresses some of the "core tensions" for employers when considering coverage of obesity drugs, including transparency around drug prices, flexibility in benefits design and the ability to choose among independent administrators.

Through the program, employers can pay a net discounted price of $449 per month for a new multi-dose form of Zepbound across all doses, Hern said. He added that the arrangement does not involve rebates, and that the net price gives employers clearer visibility to determine whether they can offer the drug.

Instead of relying on traditional benefit designs, employers can use Lilly's platform to connect with more than a dozen different third-party program administrators that help manage obesity treatment benefits and costs. 

"Every employer is different. They all want to design things according to their unique needs and workforce," Hern said.

Employers can choose among the 15 administrators to design benefits that fit their budget and workers' needs. Some of the administrators may focus on administering the obesity benefits to employees, dealing with core functions such as enrollment, eligibility, claims and more. Other administrators may specialize in comprehensive obesity management, offering telehealth, nutrition and lifestyle support for patients. 

Lilly plans to expand the number of program administrators on the platform, which already include GoodRx, Mark Cuban's Cost Plus Drug Company, Sesame, Teladoc Health, 9amHealth, Andel, Calibrate Health, Crux Health, eMed, FlyteHealth, Form Health, Goodpath, Ilant Health, Onsera Health, ReviveHealth, SALTA Direct Primary Care, Transcarent and Waltz Health.

"Our goal was to kind of create a platform where these firms could compete ... with the value of their services for the employers," Hern said. All of the administrators are offering the same medicine at the same price, so employers will determine "who can provide me the best service in terms of administering this program as I define that."

Those with government insurance could also see easier access to obesity drugs: Under landmark deals that Lilly and Novo struck with President Donald Trump, Medicare will cover those medicines for the very first time later this year. 

CHONGQING, CHINA - AUGUST 7: In this photo illustration, a smartphone displays the logo of The Trade Desk, Inc. (NASDAQ: TTD), a global technology company specializing in programmatic advertising, in front of a screen showing the company's latest stock market chart on August 7, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)

Getty Images

The Trade Desk stock (NYSE: TTD) has decreased by 63% over the past twelve months and 33% just in 2026. This significant downturn requires an explanation — as well as a candid evaluation of whether the punishment is warranted.

What went wrong?

Two factors.

The revenue growth consistently slowed from 25.4% in Q1 2025 to 14.3% in Q4 2025. For a stock that previously commanded a premium due to expected growth of over 25%, this adjustment was damaging.Investors are increasingly concerned about Amazon's expanding DSP, which utilizes its extensive first-party shopper data to attract advertisers away from independent platforms like TTD.Both concerns are valid.

However, here is the crucial difference: decelerating growth does not equate to deteriorating fundamentals. The business continues to expand, remains highly profitable, and is financially robust. The crucial question is whether the stock has already factored in the negative news — and then some. We believe it has.

But before we explore the details, if you are looking for upside with less volatility than holding an individual stock like TTD, consider the High Quality Portfolio. It has consistently outperformed its benchmark—a mix of the S&P 500, Russell, and S&P MidCap indexes—and has delivered returns exceeding 105% since its inception. Why is this the case? As a collection, HQ Portfolio stocks have generated better returns with less risk compared to the benchmark index; a more stable experience, as shown in HQ Portfolio performance metrics.

Is The Valuation Finally Reasonable?Close to it, and in some respects even better. On a price-to-sales basis, TTD at 4.8x remains above the S&P 500's 3.3x — but TTD is increasing revenues at approximately 3-4 times the market's rate, justifying the premium. More significantly, on a price-to-free-cash-flow basis, TTD at 19.8x is actually less expensive than the S&P 500 at 21.2x. For a high-quality, cash-generating business, this indicates that multiple compression has largely run its course.

MORE FOR YOU

Is The Growth Story Really Over?No. While it's true that growth has decelerated — it is from an exceptional starting point. In the past twelve months, The Trade Desk's revenues increased by 20.8% from $2.3B to $2.8B. The latest quarter's revenue was $739M, reflecting a 17.7% year-over-year increase. The three-year average annual growth rate stands at 23.5%. All of this is happening at approximately 3 times the pace of the S&P 500. A business that grows at an annual rate of 17-20% should not experience a 63% decline unless one believes that growth is fading to zero. The data do not substantiate that perspective.

What About Profitability?This is where TTD truly excels. Operating cash flow margin is at 31.6% — over 10 percentage points higher than the S&P 500 average of 20.8%. Net income margin is 15.7% compared to the market's 12.9%. These figures are not superficial metrics — they indicate a platform business with significant operating leverage that converts about a third of every revenue dollar into cash. Such a profitability profile tends to be resilient even when top-line growth slows.

Is The Balance Sheet A Concern?Not in the slightest. TTD holds $376M in debt against $1.4B in cash — a net cash position. Its debt-to-equity ratio is merely 2.8%, compared to 20.2% for the S&P 500. The company is not on the brink of a financing crisis due to a poor quarter. It has the bandwidth to invest through a downturn, manage competitive pressures, and seek new opportunities.

What About The OpenAI Partnership?On March 4, news surfaced that OpenAI is contemplating a partnership with TTD to enhance its AI-driven advertising capabilities. The stock rose 9% in after-hours trading. The rationale is logical: OpenAI needs to monetize its vast user base, and TTD has spent years developing the programmatic infrastructure to facilitate that. If OpenAI is building an advertising business, collaborating with a specialist is preferable to starting from scratch. For TTD, this opens a new demand channel that is entirely distinct from the traditional programmatic market where Amazon is a player.

This has not yet been confirmed as a finalized deal — investors should not assume it as certain. Nonetheless, even as a possibility, it denotes significant potential that was not reflected in the stock price prior to today.

What Could Go Wrong?Quite a bit. TTD has historically suffered much more than the market during downturns — plummeting 64% during the 2022 inflation crisis in contrast to the S&P 500's 25%, and falling 54% during COVID compared to the market's 34%. High beta has its downsides. If growth slows further, if Amazon gains more DSP share, or if the broader market declines, TTD shareholders will feel that impact acutely. The positive aspect: in both prior crashes, the stock made a full recovery.

What Does Wall Street Think?38 out of 42 analysts tracking TTD (WSJ) hold a Buy, Overweight, or Hold rating. The consensus price target of $32 suggests more than 25% upside from current prices, before any potential benefit from an OpenAI partnership. Only 4 analysts are underweight or recommend selling. The professional investment community has not turned its back on this stock.

The Bottom LineTTD is a fundamentally strong company — growing at 3-4 times the market rate, generating outstanding cash flows, and maintaining a net cash position — that has been sold off by 63% simply because its growth has slowed from exceptional to merely very good. This presents a disconnect between price and reality, where investment opportunities typically arise.

We may be mistaken. Investors might continue to penalize TTD for its slowing growth and increasing competition, and the OpenAI partnership could fail to materialize. However, multiple compression seems to have largely played out, the risk-reward profile appears attractive, and a new growth catalyst is now on the horizon. For investors with an appropriate risk appetite, the case for acquiring TTD at this point is strong.

Portfolios Win When Stock Picks Fall ShortStocks rise and fall – the key is to remain invested. A diversified portfolio enables you to withstand market volatility, enhances gains, and mitigates the risks of individual stocks. Consistently outperforming the market is challenging, yet the Trefis High Quality (HQ) Portfolio makes it seem attainable. By selecting 30 highly-convicted stocks, the HQ strategy has historically outperformed the S&P 500, S&P Mid-cap, and Russell 2000. Discover how this carefully selected group achieves superior risk-adjusted returns in our detailed performance factsheet.

Target to open more than 30 new stores in 2026, with the first seven opening this March

Retailer's 2,000th store to open in Fuquay-Varina, N.C., featuring Target's open-layout design that delivers an elevated guest experience 

, /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced plans to open more than 30 new stores in 2026, including its 2,000th location in Fuquay-Varina, N.C. The openings are part of a new chapter in the company's strategy to drive long-term, sustainable growth by investing in stores. This includes plans to add more than 300 new stores by 2035, with seven locations welcoming guests this March as part of the company's continued expansion.

Target's new stores and remodels are supported by its $5 billion capital investment plan for 2026 — reflecting its commitment to deliver a more consistent, elevated shopping experience, while leveraging technology to fulfill online orders faster and easier for guests. This comes alongside an investment of hundreds of millions of dollars in additional store payroll and training to improve guest service in 2026.  

These investments help Target deliver against the growth priorities laid out by CEO Michael Fiddelke that will guide the retailer's decision-making in 2026 and beyond.

"Guests tell us all the time they want a Target closer to home, and this investment helps us do exactly that," said Adrienne Costanzo, chief stores officer, Target. "That means even more neighborhoods will get the full Target experience: trend-forward style and value, technology that makes the trip effortless and awesome teams who deliver easy, inspiring and friendly moments every single day."

About Target's 2,000th store

The 148,000-square-foot North Carolina store, located near Raleigh, represents the future of Target's elevated guest experience with its open, easily navigable layout, convenient same-day services and winning team delivering a more relaxed and enjoyable shopping visit. In fact, 92% of shoppers at Target's newest store format are highly satisfied with the overall experience, according to guest surveys.

The Fuquay-Varina store is Target's latest food-forward prototype, with a food and beverage department that is 30% larger than the chain average, offering an extensive selection of guest-favorite owned and national brands. For added convenience, the store will feature same-day services including Drive Up with 24 pickup lanes, Order Pickup and same-day delivery, along with next-day delivery options throughout the Raleigh market. With a CVS Pharmacy, Starbucks Cafe and Disney Shop at Target, the store will deliver a true one-stop shopping experience. It will be Target's 55th store in North Carolina, where the retailer also operates a regional distribution center and has had a presence since 1995. Last year, Target donated $8.9 million in community giving across the state — part of the company's commitment to giving 5% of profits to communities*. Target team members also volunteered more than 25,000 hours with North Carolina nonprofits in 2025. Accelerating store investment progress 

Six other new Target stores open this March in Bakersfield and Delano, California; Springfield, Missouri; Jersey City and West Orange, New Jersey; and Dallas, Texas. They are among more than 30 new stores Target is opening this year, and more than 130 remodels. Next-day delivery will also launch in more than 20 new metro areas including Indianapolis, Memphis, Tenn., and Cincinnati, reaching 60% of the U.S. population. 

Like the Fuquay-Varina store, each new location is bringing the best of Target: an easy, inspiring and friendly experience that keeps guests coming back, whether they're stopping in, picking up or shopping digitally. The retailer is also making a commitment to the neighborhoods it calls home.

"Every time we open a new Target store, we're planting roots in that community," Costanzo said. "That means in addition to delivering a better shopping experience that's faster and more reliable, we're creating growth and opportunity — through good jobs, support for local nonprofits and long-term economic investment in the neighborhoods we serve. When our teams and communities thrive, so do we."

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center and by following @TargetNews.

* Since 1946, we have given 5% of our profits to communities in products, cash and through the Target Foundation, which today equals millions of dollars a week. Calculated based on the average of the prior three years of Target's pre-tax profits. Giving includes Target's product and cash donations and Target Foundation's cash donations. Excludes cash donations from Target to Target Foundation.

SOURCE Target Corporation

Solana Price Registers 14% Rally – What Helped SOL End Its 4-Week Consolidation? Prefer us on Google

Solana rallies 14%, breaking consolidation range, driven by investor support and demand.Daily new addresses on Solana rise 17%, indicating growing network engagement and interest.Whale dominance drops slightly, but smaller investors help stabilize Solana’s bullish momentum.Solana (SOL) has seen a significant 14% price rally over the last 24 hours, breaking out from a month-long consolidation range. This breakout has reignited the bullish sentiment for the altcoin, largely driven by growing investor support. 

Solana’s price is currently trading above the $88 support level, with the rally showing signs of continued strength.

Investors Turn To SolanaA positive trend for Solana is the increase in new addresses on the network. Over the past two weeks, daily new addresses on the Solana network have grown by 17%, rising from 7.42 million to 8.7 million. 

This spike indicates a rising demand for SOL, as new addresses are crucial for driving fresh capital into the market. As more users engage with Solana, the cryptocurrency benefits from renewed interest, which can help maintain the momentum of the recent rally.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Solana New Addresses. Source: GlassnodeThe Money Flow Index (MFI) is another indicator showing Solana’s positive market movement. The MFI, which tracks buying and selling pressure through volume, has been climbing steadily and has finally entered the positive zone after a period of sell pressure. This shift in the MFI indicates that buying demand is outpacing selling pressure, supporting Solana’s rally.

This move into positive territory suggests that capital is rotating back into SOL, driving its price higher without the need for external catalysts. The rally is thus more organic, powered by investors’ actions and sentiments, rather than speculative or random factors. Solana is returning to simpler days, where market fundamentals play a more significant role than volatile external triggers.

Solana MFI. Source: TradingViewSolana Whales Are Not HappyOn the macro level, Solana is also experiencing changes in the distribution of its supply. The cohort of whales holding over 100,000 SOL has seen a slight reduction in its dominance. Over the past two weeks, their share of the total supply dropped from 59% to 58.6%. This offloading by whales could indicate skepticism, as these large holders are selling into the current rally.

Despite the whales’ exit/selling, new addresses and smaller investors are picking up SOL, shifting the concentration of ownership to a more distributed base. This shift could help stabilize the market and maintain the bullish trend, as smaller holders are less likely to cause significant sell-offs compared to whales. However, the continued presence of skeptical whales may pose risks if they further reduce their holdings.

Solana Exchange Net Position Change. Source: GlassnodeSOL Price Escapes ConsolidationSolana’s price is currently at $90.5, up 14% in the last 24 hours and holding above the $88 support level. After escaping the consolidation range between $77 and $88, Solana appears poised to continue its upward momentum. If investor support remains strong, the altcoin could push further toward $97, which would be the next key resistance.

The factors driving the current rally, including increased new address activity and the shifting whale behavior, paint a positive outlook for SOL. If these conditions persist, Solana will likely secure $97 as support and aim for $105 in the short term. This target is well within reach if the positive market conditions continue.

Solana Price Analysis. Source: TradingViewHowever, if whales continue to exit or if selling pressure rises, the situation could quickly change. A drop below the $88 support would invalidate the bullish outlook, sending SOL back toward the $77 consolidation zone. If this support level also fails, the price could fall further to $67, ending the bullish trend and extending the current downward pressure.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.