Market Signal Briefing

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Apollo Global Management, Inc. (“Apollo” or the “Company”) (NYSE: APO) securities between May 10, 2021 and February 21, 2026, inclusive (the “Class Period”). Apollo investors have until May 1, 2026 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR APOLLO GLOBAL MANAGEMENT, INC. (APO) INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS

What Happened?

On February 1, 2026, The Financial Times published an article titled “Apollo chief Marc Rowan consulted Epstein on firm’s tax affairs.” The article stated that files released by the U.S. Department of Justice showed that “Epstein requested and received internal Apollo financial documents and emailed, met and called some of the firm’s most senior decision makers on sensitive matters.”

On this news, Apollo’s stock price fell $7.89, or 5.7%, over two consecutive trading days, to close at $126.85 per share on February 3, 2026.

Then, on February 17, 2026, The Financial Times published an article titled, “SEC urged to investigate Apollo over Epstein ties.” The article reported that the American Federation of Teachers and the American Association of University Professors “told the SEC’s enforcement director Margaret Ryan in a letter on Tuesday that they believed Apollo’s communications to investors ‘give an inaccurate and incomplete picture of the firm and its partners’ connections to Epstein.’”

On this news, Apollo’s stock price fell $6.81, or 5.4%, over two consecutive trading days, to close at $118.34 per share on February 19, 2026.

Finally, on February 21, 2026, CNN published an article titled, “How Wall Street’s Apollo got tangled up again in the Epstein files.” The article contained new information and included reporting on Apollo Global’s response to the letter sent by the teacher’s union. The article further quoted Eleanor Bloxham, founder and CEO of The Value Alliance Company, which advises boards and executives, who said the unions have a “strong case” for pushing for an SEC investigation.

On this news, Apollo’s stock price fell $5.99, or 5%, to close at $113.73 per share on February 23, 2026.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Apollo CEO Marc Rowan and former CEO Leon Black, among other leadership figures at Apollo Global, frequently communicated with Jeffrey Epstein in the 2010s regarding Apollo’s business; (2) as a result, Apollo’s assertion that the Company had never done business with Jeffrey Epstein was untrue; (3) because of the entanglement between Apollo’s leaders and Jeffrey Epstein, the harm to Apollo’s reputation was more than a mere possibility; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Apollo securities during the Class Period, you may move the Court no later than May 1, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Charles Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Maplebear Inc. (CART) Morgan Stanley Technology, Media & Telecom Conference 2026 March 4, 2026 3:20 PM EST

Company Participants

Chris Rogers - Chairman, CEO & President

Conference Call Participants

Brian Nowak - Morgan Stanley, Research Division

Presentation

Brian Nowak
Morgan Stanley, Research Division

Before we get started, I have to read the research disclosures, all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public website. They are also available at www.morganstanley.com/researchdisclosures and at the registration desk.

Some of the statements made today by Instacart may be considered forward-looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Any forward-looking statements made today by the company are based on assumptions as of today. Instacart undertakes no obligation to update them. Please refer to Instacart's Form 10-K for a discussion of the risk factors that may impact actual results.

Chris may also reference certain non-GAAP financial metrics, and reconciliations are available on Instacart's Investor Relations website. The last part was unique. That was custom.

Question-and-Answer Session

Brian Nowak
Morgan Stanley, Research Division

So well, nice to meet you in 3D. So you've been at the role now for about 9 months.

Chris Rogers
Chairman, CEO & President

Yes, that's right.

Brian Nowak
Morgan Stanley, Research Division

You've been handling a lot of investor discussions, internal meetings, getting to know the company. As you sort of sit and sort of compare and contrast those, 2 questions. One, what has surprised you most or what you've learned about the company sort of going division by division? And then sort of like match that up with what do you think is the most misunderstood aspect of the company externally?

Chris Rogers
Chairman, CEO & President

Yes. I think -- okay, so a couple

Vancouver, British Columbia--(Newsfile Corp. - March 4, 2026) - Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: J5B) ("Aero"), Urano Energy Corp. (CSE: UE) (OTCQB: UECXF) ("Urano") and Pegasus Resources Inc. (TSXV: PEGA) ("Pegasus") are pleased to announce that, due to strong investor demand, they have increased the size of the previously announced subscription receipt financing to up to 26,250,000 subscription receipts ("Aero Subscription Receipts") at a price of $0.40 per Aero Subscription Receipt, for aggregate gross proceeds of up to $10,500,000 (the "Aero Subscription Receipt Financing"). The terms and size of the previously announced charity flow-through unit financing for gross proceeds of up to $1,000,000 (the "Aero Unit Financing" and, together with the Aero Subscription Receipt Financing, the "Financing") remain unchanged.

The Aero Subscription Receipt Financing is being conducted in connection with Aero entering into a definitive arrangement agreement with Urano (the "Urano Transaction") and Pegasus (the "Pegasus Transaction", and together with the Urano Transaction, the "Transactions") to combine the three companies by way of court-approved plan of arrangements. The combined company (the "Combined Company") is expected to continue under the name "Manhattan Uranium Discovery Corp." and trade under the symbol "MANU".

Upon the satisfaction of the Escrow Release Conditions (as defined herein) and without payment of any additional consideration and without further action on the part of the holder thereof, each Aero Subscription Receipt will convert into one unit of Aero (a "Aero Unit"), with each Aero Unit comprised of one common share of Aero (an "Aero Share") and one Aero Share purchase warrant (an "Aero Warrant"). Each Aero Warrant is exercisable to acquire one Aero Share at a price of $0.60 for a period of two years following the closing date.

The Combined Company plans to use the net proceeds of the Aero Subscription Receipt Financing as follows: (i) the advancement of the Company's uranium project portfolio in North American, (ii) the repayment of the Urano Bridge Loan, (iii) the costs of completing the Transactions, and (iv) working capital and general corporate purposes.

The Aero Subscription Receipt Financing is anticipated to close on or about March 23, 2026. The closing of the Aero Subscription Receipt Financing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange (the "TSXV").

Eventus Capital Corp. and PowerOne Capital Markets Limited have been appointed as Finders in connection with the Financing.

The gross proceeds of the Aero Subscription Receipt Financing (the "Escrowed Funds") will be deposited and held by an escrow agent (the "Escrow Agent") pursuant to the terms of a subscription receipt agreement to be entered into on the closing date among Aero and the Escrow Agent. The Escrowed Funds will be released from escrow to the Combined Company, as applicable, upon satisfaction of certain escrow release conditions (collectively, the "Escrow Release Conditions") no later than the 90th day following the closing date (the "Escrow Release Deadline").

If (i) the satisfaction of the Escrow Release Conditions does not occur on or prior to the Escrow Release Deadline, or (ii) Urano has advised Aero and/or the public that it does not intend to proceed with the Urano Transaction, then all of the issued and outstanding Aero Subscription Receipts shall be cancelled and the Escrowed Funds shall be used to pay holders of Aero Subscription Receipts an amount equal to the issue price of the Aero Subscription Receipts held by them (plus an amount equal to a pro rata share of any interest or other income earned thereon). If the Escrowed Funds are not sufficient to satisfy the aggregate purchase price paid for the then issued and outstanding Subscription Receipts (plus an amount equal to a pro rata share of the interest earned thereon), it shall be Aero's sole responsibility and liability to contribute such amounts as are necessary to satisfy any such shortfall.

About Aero Energy

Aero Energy Limited, following its successful merger with Kraken Energy Corp. ("Kraken"), has established a robust portfolio of uranium assets in North America. The company controls a district-scale land package in Saskatchewan's Athabasca Basin, including its Strike and Murmac projects, which collectively host dozens of shallow drill-ready targets on the north rim of the Athabasca Basin. These projects are guided by an award-winning technical team with a proven track record, responsible for major discoveries such as Gryphon, Arrow, and Triple-R. Additionally, Aero's portfolio includes Kraken's 100%-owned Apex Uranium Property, Nevada's largest past-producing uranium mine, and the Huber Hills Property, spanning 1,044 ha in Nevada and encompassing the historic Race Track open pit mine. This strategic merger combines Aero's extensive Canadian exploration assets with Kraken's high-grade U.S. properties, positioning Aero to unlock significant high-grade, unconformity-style uranium mineralization and capitalize on the growing global demand for uranium.

For more information about Aero, please visit: www.aeroenergy.ca.

About Urano

Urano is a mineral exploration company which holds numerous advanced conventional uranium projects hosting historic resources and mining lode claims in the Colorado Plateau, a region with a rich history of uranium and vanadium mining. As the need and support for domestic uranium and nuclear energy in the United States advances, Urano is well positioned to complete the necessary work to advance permitting for key projects.

For more information about Urano, please visit: www.uranoenergy.com.

About Pegasus

Pegasus Resources Inc. is a Canadian uranium exploration company focused on advancing high-potential projects in the United States. The Company's flagship asset, the Jupiter Uranium Project in Utah, is a drill-ready property positioned for resource expansion. With a commitment to strengthening domestic uranium supply, Pegasus is strategically developing its portfolio to capitalize on the growing demand for nuclear energy.

For more information about Pegasus, please visit: www.pegasusresourcesinc.com.

On Behalf of the Boards of Directors

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained herein may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, that involve known and unknown risks, assumptions, uncertainties and other factors. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "forecast", "intends", "may", "believes", "could", "should", "would", "plans", "proposed", "potential", "will", "target", "approximate", "continue", "might", "possible", "predicts", "projects" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include but are not limited to: Timing or completion of the Aero Subscription Receipt Financing or the release of any Escrowed Funds and all statements about strategy, plans, objectives, and priorities.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide Aero Shareholders with a more complete perspective on Aero's current and future operations and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits may be derived therefrom.

The forward-looking statements contained in this press release speak only as of the date of this press release. Accordingly, forward-looking statements should not be relied upon as representing Aero's views as of any subsequent date, and except as expressly required by applicable securities laws, Aero does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286282

Source: Aero Energy Limited

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The VanEck Oil Services ETF (NYSEARCA:OIH) gives energy investors broad exposure to the drilling cycle without picking individual stocks in one of the market’s most volatile corners. Right now, that exposure matters.

OIH is up roughly 39% year to date through February 27, with more than 15% of that gain coming in the past month alone, driven by a crude recovery and strong Q4 earnings from top holdings.

The Macro Factor That Will Define the Next 12 Months The most important variable for OIH is global upstream capital spending, which hinges on crude prices. WTI is currently around $66 per barrel, having recovered roughly 19% from a January low near $56. Oil services companies get paid when producers drill, and producers drill based on price expectations.

SLB’s CEO was direct on this during the Q4 earnings call. “Assuming oil prices remain range-bound in the high fifties to low sixties range, we expect 2026 revenue to be between $36.9 billion to $37.7 billion,” he said. If WTI sustains above $65 and pushes toward $70, that guidance likely moves higher. A slide back toward $57 would pressure budgets across the board.

The EIA Weekly Petroleum Status Report, published every Wednesday, is the most direct real-time signal for crude direction.

The Divergence Inside the Fund SLB, Baker Hughes, and Halliburton together represent nearly 40% of the portfolio, but they are no longer moving in lockstep.

Baker Hughes and SLB are both diversifying away from pure drilling exposure. Baker Hughes (NASDAQ:BKR) has built a record backlog in its Industrial and Energy Technology segment — $32.4 billion — tied to LNG infrastructure and AI data center power demand, revenue streams that don’t depend on rig counts. SLB (NYSE:SLB) is making a similar pivot, with annual recurring digital revenue surpassing $1 billion, shifting its earnings mix toward software and production technology.

Halliburton tells a different story. Halliburton (NYSE:HAL) remains the most North America-facing of the three majors, and management has already warned that North America revenue is expected to decline high single digits in 2026. That makes HAL the fund’s most rate-sensitive holding and the clearest indicator of how U.S. drilling budgets are holding up.

Transocean (NYSE:RIG), a pure-play offshore driller with significant debt and a beta of 1.46, amplifies every crude move. A Reddit thread in r/stocks recently speculated on a potential Transocean merger with Valaris. The post, titled “Transocean $RIG – Merging with Valaris,” drew neutral sentiment from the community. As the original poster put it: “Transocean $RIG – Merging with Valaris,” with discussion centered on the structural uncertainty hanging over offshore drilling and what a combined fleet might mean for contract pricing and debt loads across the sector.

Monitor OIH’s monthly holdings file on the VanEck fund page. If BKR’s weighting grows while HAL’s shrinks, the fund becomes less sensitive to North American rig counts and more tied to long-cycle infrastructure spending. HAL’s domestic exposure makes it the fund’s most vulnerable major position if drilling budgets tighten further in 2026.

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

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While the S&P 500 has slipped over the past month, a quiet corner of the commodity market has moved in the opposite direction. Teucrium Corn Fund (NYSEARCA:CORN) gained 2.64% over the past month while SPY dropped 1.36%. That divergence is exactly what CORN was designed to deliver: pure exposure to corn prices, completely disconnected from equity market swings.

CORN holds a blend of CBOT corn futures contracts across near-month, second-to-expire, and December delivery dates. That structure reduces over-concentration in a single contract month, which limits but does not eliminate futures roll costs. The fund launched in June 2010 and holds roughly $45 million in net assets, making it a small but functional vehicle for those seeking direct corn price exposure without a futures brokerage account.

The Macro Signal That Moves Corn Prices Most The single biggest macro driver for CORN is the USDA’s World Agricultural Supply and Demand Estimates report, known as the WASDE. Released monthly by the USDA’s National Agricultural Statistics Service, the WASDE sets global expectations for corn production, consumption, and ending stocks. When the report shows tighter-than-expected supplies, corn futures typically rally sharply in the session following the release.

Weather patterns tied to La Nina and El Nino cycles also shape growing conditions across the U.S. Corn Belt and South America. A drought during the U.S. pollination window, typically July, can sharply reduce yield forecasts and push futures higher. Export demand from China adds another layer: when China steps in as a large buyer, it tightens the U.S. supply picture quickly. WASDE releases are published on the second Tuesday of each month on the USDA website.

The ETF Mechanic That Can Quietly Eat Your Returns The most important fund-specific factor is roll yield. CORN must periodically sell expiring futures contracts and buy new ones further out on the curve. When the futures curve is in contango, meaning later-dated contracts are priced higher than near-term ones, each roll costs the fund money. The reverse, backwardation, works in the fund’s favor.

Investors can monitor the corn futures curve through the CME Group’s corn futures quotes page, updated daily. When the curve steepens into contango, the fund’s returns tend to lag spot corn price movements. When backwardation develops, CORN tends to outperform its underlying commodity.

What to Watch Over the Next 12 Months If WASDE reports through mid-2026 show tightening global corn stocks driven by weather disruptions or renewed Chinese buying, corn futures prices could remain elevated. However, persistent contango has historically caused commodity ETFs like CORN to lag spot price movements even in bullish supply environments, meaning fund returns may not fully reflect any commodity price gains.

By

Kara Greenberg

Kara Greenberg is a senior news editor for Investopedia, where she does work writing, editing, and assigning daily markets and investing news. Prior to joining Investopedia, Kara was a researcher and editor at The Wire. Earlier in her career, she worked in financial compliance and due diligence at Loomis, Sayles & Company, and The Bank of New York Mellon.

Published March 04, 2026

05:42 PM EST

Broadcom shares have lost ground in recent weeks, amid a broader pullback in AI-exposed stocks. Jonathan Raa / NurPhoto / Getty Images

Key Takeaways Broadcom posted quarterly results that topped analysts' estimates, thanks to strong demand for its AI offerings. The stock has lost more than a fifth of its value from its December highs amid a broader pullback in AI-exposed stocks. Can Broadcom's latest quarterly results revive enthusiasm for its stock?

Shares of Broadcom (AVGO) were recently up more than 4% in extended trading, after the chipmaker posted better-than-expected results for its fiscal first quarter.

Broadcom posted adjusted earnings per share of $2.05 on a 29% year-over-year jump in revenue to a record $19.31 billion as AI sales more than doubled. Both figures topped analysts' estimates compiled by Visible Alpha.

Why This Is Significant The strong results could help revive flagging enthusiasm for Broadcom's stock, though analysts warned it may face an uphill battle from weak sentiment around parts of the AI trade.

CEO Hock Tan said Broadcom saw "robust demand for custom AI accelerators and AI networking," and that he sees that momentum continuing in the current quarter.

The supplier for Meta (Meta) and Alphabet's (GOOGL) Google forecast second-quarter revenue of $22 billion, above the $20.31 billion analysts called for.

If Broadcom's gains hold, they could help the shares recover some of their recent losses. They were down about 8% for 2026 through Wednesday's close, after a broader pullback in many AI-exposed stocks in recent weeks.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

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New York, New York--(Newsfile Corp. - March 4, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Alight, Inc. (NYSE: ALIT) resulting from allegations that Alight may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Alight securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=54542 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On February 19, 2026, before the market opened, Alight issued a press release entitled "Alight Reports Fourth Quarter and Full Year 2025 Results". Among other metrics, the release stated disclosed results of "[g]ross profit of $240 million and gross profit margin of 36.8%, compared to $271 million and 39.9% in the prior year period, respectively, and adjusted gross profit of $272 million and adjusted gross profit margin of 41.7%, compared to $300 million and 44.1% in the prior year period, respectively[.]"

On this news, Alight's stock fell 38.2% on February 19, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286296

Source: The Rosen Law Firm PA

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New York, New York--(Newsfile Corp. - March 4, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of American Depositary Shares ("ADS") of Mereo BioPharma Group plc (NASDAQ: MREO) between June 5, 2023 and December 26, 2025, inclusive (the "Class Period"), of the important April 6, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Mereo ADSs during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Mereo class action, go to https://rosenlegal.com/submit-form/?case_id=52452 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 6, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants provided investors with material information concerning their expected results for the Phase 3 Orbit and COSMIC studies for setrusumab in Osteogenesis Imperfecta (OI). Defendants' statements included, among other things, confidence in setrusumab's ability to ultimately reduce the annualized fracture rates of the tested patients and in the study itself to put setrusumab in an opportunity to succeed in reaching statistical significance of this key endpoint.

The defendants, the lawsuit claims, provided these positive statements to investors while, at the same time, disseminating false and materially misleading statements and/or concealing material adverse facts concerning the true state of the Phase 3 ORBIT and COSMIC programs; neither of which hit their primary endpoints of reducing annualized clinical fracture rate compared to the placebo or bisphosphonate control groups, respectively. Such statements absent these material facts caused investors to purchase Mereo's ADSs at artificially inflated prices. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Mereo class action, go to https://rosenlegal.com/submit-form/?case_id=52452 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286297

Source: The Rosen Law Firm PA

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Morgan Stanley is slashing about 3% of its global workforce — roughly 2,500 jobs — across its key divisions, as the Wall Street giant realigns priorities amid a banner year for profits, according to a report.

The cuts hit the Ted Pick-led lender’s investment banking, trading, and wealth management units, the Wall Street Journal reported earlier on Wednesday.

Layoffs began last week, and both Morgan Stanley’s US and international offices will be impacted, the newspaper said.

The Ted Pick-led lender, which has around 83,000 employees, posted record revenue in 2025 after a revival in dealmaking. Morgan Stanley The bank, which has around 83,000 employees, posted record revenue in 2025 after a revival in dealmaking, market volatility that boosted the bottom line of its trading desks, and spending by wealthy clients.

Its wealth unit, which generates nearly half the firm’s income, saw fourth-quarter revenue jump 13%.

Despite the strong results, Morgan Stanley has trimmed staff multiple times in recent years. This round includes private bankers and back-office roles in wealth management, some handling client mortgages.

The Post has sought comment from a bank spokesperson.

Wall Street peers like Goldman Sachs and JPMorgan Chase have also shed jobs amid efficiency drives, including AI adoption.

Block CEO Jack Dorsey said that he would layoff half of his workforce owing to AI gains. AP Big corporations axed thousands of white-collar positions last year, often citing tech gains. Twitter founder Jack Dorsey announced earlier this week that his new venture, Block, would shed 4,000 jobs, which is equivalent to half of its workforce.

The moves underscore how even top performers are pruning costs in a volatile economy.

Amplifon S.p.A. (AMFPF) Q4 2025 Earnings Call March 4, 2026 12:30 PM EST

Company Participants

Francesca Rambaudi - Investor Relations Director
Enrico Vita - CEO, MD, GM & Executive Director
Gabriele Galli - Chief Financial Officer

Conference Call Participants

Andjela Bozinovic - BNP Paribas, Research Division
Niccolò Guido Storer - Kepler Cheuvreux, Research Division
Julien Ouaddour - BofA Securities, Research Division
Domenico Ghilotti - Equita SIM S.p.A., Research Division
Veronika Dubajova - Citigroup Inc. Exchange Research
Oliver Metzger - ODDO BHF Corporate & Markets, Research Division
David Adlington - JPMorgan Chase & Co, Research Division
Susannah Ludwig - Bernstein Institutional Services LLC, Research Division
Giorgio Tavolini - Intermonte SIM S.p.A., Research Division

Presentation

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Amplifon Fourth Quarter and Full Year 2025 Results Conference Call. [Operator Instructions].

At this time, I would like to turn the conference over to Ms. Francesca Rambaudi, Investor Relations and Sustainability Senior Director of Amplifon. Please go ahead, Madam.

Francesca Rambaudi
Investor Relations Director

Thank you. Good afternoon, and welcome to Amplifon's conference call on fourth quarter and full year 2025 results. Before we start, a few logistic comments. Earlier, we issued a press release related to our results, and this presentation is posted on our website in the Investors section. The call can be accessed also via webcast and dial-in details are on Amplifon's website as well as on our press release. I have to bring your attention to the disclaimer on Slide 2, as some of the statements made during this call may be considered forward-looking statements.

With that, I'm now pleased to turn the call over to Amplifon's CEO, Enrico Vita.

Enrico Vita
CEO, MD, GM & Executive Director

Thank you, Francesca. Good afternoon, everyone, and thank you for joining us. Let me begin with a few remarks on the

Dan Ives, Wedbush Securities, joins 'Power Lunch' to discuss the recent Apple product launch, Nvidia's investments in OpenAI and much more.

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HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Convertible & Income Fund (NYSE: NCV) and Virtus Convertible & Income Fund II (NYSE: NCZ) today announced the following distributions on their respective common shares:

Virtus Convertible & Income Fund:

Ticker

Amount of Distribution

Ex-Date/Record Date

Payable Date

NCV

$0.136

March 16, 2026

March 30, 2026

NCV

$0.136

April 13, 2026

April 29, 2026

NCV

$0.136

May 11, 2026

May 28, 2026

Virtus Convertible & Income Fund II:

Ticker

Amount of Distribution

Ex-Date/Record Date

Payable Date

NCZ

$0.120

March 16, 2026

March 30, 2026

NCZ

$0.120

April 13, 2026

April 29, 2026

NCZ

$0.120

May 11, 2026

May 28, 2026

The amounts of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

About the Funds

Virtus Convertible & Income Fund and Virtus Convertible & Income Fund II each have an investment objective to provide total return through a combination of capital appreciation and high current income. Virtus Investment Advisers, LLC, a registered investment adviser affiliated with Virtus Investment Partners, Inc., is the investment adviser to each fund and Voya Investment Management is the subadviser.

For more information on these funds, contact shareholder services at (866) 270-7788, by email at [email protected], or through the Closed-End Funds section on the web at virtus.com.

Fund Risks

An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund’s shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a premium or discount to their net asset value. For more information about each fund’s investment objective and risks, please see the funds’ annual report. A copy of the funds’ most recent annual report can be accessed through the Closed-End Funds section of virtus.com and may be obtained free of charge by contacting “Shareholder Services” as set forth at the end of this press release.

About Virtus Investment Partners, Inc.

Virtus Investment Partners (NYSE: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment products and services from our investment managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs. Additional information about our firm, investment partners, and strategies is available at virtus.com.

More News From Virtus Convertible & Income Fund and Virtus Convertible & Income Fund II

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THE WOODLANDS, Texas, March 04, 2026 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the fourth quarter and full year 2025, year-end 2025 proved reserves and provided 2026 operational and financial guidance.

Fourth Quarter 2025 Highlights

Sold 13,124 barrels of oil per day (“Bo/d”), near the mid-point of guidance and 20,508 barrels of oil equivalent per day (“Boe/d”) which was above the mid-point of guidance;Reported a net loss of $12.8 million, or $(0.06) per diluted share, which included a $35.9 million of non-cash ceiling test impairment, and Adjusted Net Income1 of $3.6 million, or $0.02 per diluted share;Remained cash flow positive for the 25th consecutive quarter, generating Adjusted Free Cash Flow (“AFCF”)1 of $5.7 million;Reduced debt $8.0 million after retiring a $10.0 million deferred payment obligation;Lowered Lease Operating Expense (“LOE”) to $10.02 per Boe, 7% below the low end of guidance; andCapital expenditures of $24.3 million, which was within guidance; Full Year 2025 Highlights

Increased sales volumes year-over-year (“YoY”) by 3% to a record 20,253 Boe/d with oil sales essentially flat at 13,263 Bo/d;Reported a net loss of $34.7 million, or $(0.17) per diluted share, which included a $108.8 million non-cash ceiling test impairment, and Adjusted Net Income1 of $38.4 million, or $0.19 per diluted share;Generated record Adjusted Free Cash Flow1 of $50.1 million, despite an 18% reduction in realized prices, and remained cash flow positive for over 6 consecutive years;Proved reserves increased by 14%, or 19.1 MMBoe, to 153.3 MMBoe;Decreased capital expenditures by 35% YoY to $98.2 million;Paid down $40.0 million of debt since closing the acquisition of Central Basin Platform (“CBP”) assets from Lime Rock Resources IV, LP (“Lime Rock”) on March 31, 2025;Reaffirmed the borrowing base at $585 million, exited 2025 with ~$166 million of liquidity, and borrowings of $420 million; andFully integrated Lime Rock acquisition with production, capex and LOE beating expectations to date. 2026 Outlook

Targeting essentially flat sales from the prior year after the disposition of approximately 200 Boe/d of non-operated production; Production midpoint of 20,150 Boe/d and 12,950 Bo/d Disciplined capital spending program with a midpoint of $115 million; Total wells drilled, completed and online (midpoint) of ~28 wells. _______________________________________
1. Non-GAAP financial measure. Please see “Non-GAAP Financial Information” at the end of this release for details and reconciliations of GAAP to Non-GAAP.

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented:

“Ring Energy delivered strong operational and financial results in 2025, demonstrating the effectiveness of our disciplined, value focused strategy. While the year presented significant challenges across the oil and gas sector, including a roughly 18% year over year decline in realized prices, we responded decisively early in the first quarter. By adjusting our drilling plans, reducing our capital spending, focusing investment on our highest return opportunities and taking advantage of the production from the Lime Rock acquisition, we protected margins, improved efficiency, and performed well despite a volatile macroeconomic backdrop.

Overall, Ring increased production by 3% year over year, and in the last six months, we reduced our lease operating expenses by approximately $1.4 million per month – an 18% reduction2. In addition to the new reserves added by the Lime Rock transaction, we replaced 169% of our 2025 production organically which contributed to our strong 14% increase in year-over-year reserves.

These operational improvements drove strong financial results. We generated a record $50 million of Adjusted Free Cash Flow, a 15% increase year over year, paid down $40 million of debt since closing the Lime Rock acquisition, and paid the $10 million deferred cash payment for the Lime Rock acquisition. Importantly, we extended our record to 25 consecutive quarters of positive cash flow generation. Our consistent execution continues to support sustainable free cash flow across commodity cycles.”

Mr. McKinney concluded, “In 2026, we are focused on improving capital efficiency through cost reductions, improving the horizontal mix of our capital program, and drilling longer lateral wells. At a $60 oil price, we intend to maintain production, reduce debt, and continue growing our inventory and reserves. If prices continue above $60, we will accelerate debt reduction. On behalf of the Board and management team, we thank our employees for their disciplined execution in 2025 and look forward to our continued success and creating value for our stockholders in 2026.”

Summary Results

 QuarterYear Q4 2025Q3 2025Q4 2025 to Q3 2025 % ChangeQ4 2024Q4 2025 to Q4 2024 % ChangeFY 2025FY 2024FY % ChangeAverage Daily Sales Volumes (Boe/d)20,50820,789(1)%19,6584%20,25319,6483%Crude Oil (Bo/d)13,12413,332(2)%12,9162%13,26313,283—%Net Sales (MBoe)1,886.81,912.6(1)%1,808.54%7,392.57,191.13%Realized Price - All Products ($/Boe)$35.45$41.10(14)%$46.14(23)%$41.55$50.94(18)%Realized Price - Crude Oil ($/Bo)$57.47$64.32(11)%$68.98(17)%$63.53$74.87(15)%Revenues ($MM)$66.9$78.6(15)%$83.4(20)%$307.2$366.3(16)%Net Income (Loss) ($MM)$(12.8)$(51.6)75%$5.7(325)%$(34.7)$67.5(151)%Adjusted Net Income1($MM)$3.6$13.1(73)%$12.3(71)%$38.4$69.5(45)%Adjusted EBITDA1($MM)$38.4$47.7(19)%$50.9(25)%$184.0$233.3(21)%Capital Expenditures ($MM)$24.3$24.6(1)%$37.6(35)%$98.2$151.9(35)%Adjusted Free Cash Flow1($MM)$5.7$13.9(59)%$4.721%$50.1$43.615% Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.” In addition, see section titled “Condensed Operating Data” for additional details concerning costs and expenses discussed below.
_______________________________________
2. Based on the comparison of the pro forma lease operating expenses of Ring and Lime Rock during the six months prior to the closing date of the Lime Rock acquisition and the last six months of the period.

Select Expenses and Other Items

 QuarterYear Q4 2025Q3 2025Q4 2025 to Q3 2025 % ChangeQ4 2024Q4 2025 to Q4 2024 % ChangeFY 2025FY 2024FY % ChangeLease operating expenses (“LOE”) ($MM)$18.9$20.5(8)%$20.3(7)%$79.4$78.31%Lease operating expenses ($/BOE)$10.02$10.73(7)%$11.24(11)%$10.73$10.89(1)%Depreciation, depletion and amortization ($MM)$23.0$25.2(9)%$24.5(6)%$96.4$98.7(2)%Depreciation, depletion and amortization ($/BOE)$12.19$13.19(8)%$13.57(10)%$13.04$13.73(5)%General and administrative expenses (“G&A”) ($MM)$8.0$8.1(1)%$8.0—%$31.9$29.68%General and administrative expenses ($/BOE)$4.26$4.26—%$4.44(4)%$4.32$4.125%G&A excluding share-based compensation ($MM)$6.6$6.52%$6.43%$25.8$24.17%G&A excluding share-based compensation ($/BOE)$3.47$3.412%$3.52(1)%$3.49$3.364%G&A excluding share-based compensation & transaction costs ($MM)$6.5$6.5—%$6.33%$25.8$24.17%G&A excluding share-based compensation & transaction costs ($/BOE)$3.46$3.411%$3.51(1)%$3.49$3.354%Interest expense ($MM)$9.1$10.1(10)%$10.1(10)%$40.4$43.3(7)%Interest expense ($/BOE)$4.83$5.26(8)%$5.59(14)%$5.47$6.02(9)%Gain (loss) on derivative contracts ($MM) (1)$17.5$0.44275%$(6.3)378%$31.7$(2.4)1421%Realized gain (loss) on derivative contracts ($MM)$2.7$2.58%$0.7286%$5.5$(5.2)206%Unrealized gain (loss) on derivative contracts ($MM)$14.8$(2.1)805%$(7.0)311%$26.2$2.8836% (1) A summary listing of the Company’s outstanding derivative positions at December 31, 2025 is included in the tables shown later in this release. For full year 2026, the Company currently has approximately 2.3 million barrels of oil (approximately 48% of oil sales guidance midpoint) hedged at an average downside protection price of $65.21 and approximately 4.7 billion cubic feet of natural gas (approximately 66% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.79.

Balance Sheet and Liquidity: Total liquidity at December 31, 2025 was $165.9 million, a 5% increase from September 30, 2025 and a 24% decrease from December 31, 2024. Liquidity at December 31, 2025 consisted of cash and cash equivalents of $0.9 million and $165.0 million of availability under Ring’s revolving credit facility, which includes a reduction of $35 thousand for letters of credit. On December 31, 2025, the Company had $420.0 million in borrowings outstanding on its revolving credit facility that has a current borrowing base of $585.0 million. Ring paid down $8 million of debt during the fourth quarter of 2025 and $40.0 million since the closing of the Lime Rock Acquisition in March 2025. The Company is targeting further debt reduction during 2026 dependent on market conditions, the timing of capital spending, and other considerations.

During the fourth quarter of 2025, the Company’s borrowing base of $585 million under its revolving credit facility was reaffirmed. The next regularly scheduled bank redetermination is scheduled to occur during May 2026. Ring is currently in compliance with all applicable covenants under its revolving credit facility.

Ceiling Test Impairment

The Company accounts for its assets under the full cost method of accounting, which requires calculation of the limitation on capitalized costs (the full cost ceiling) each quarter. Due to a decrease in the twelve month average commodity pricing, the Company recorded a non-cash impairment charge of $35.9 million in the fourth quarter of 2025. This non-cash charge had no net impact on cash flows.

Drilling and Completion Activity

In 4Q 2025 the Company finished drilling and completed a 1.5-mile horizontal well in the Northwest Shelf in which drilling began in the third quarter of 2025. The Company drilled and completed two additional 1-mile horizontal wells in the Central Basin Platform, one in Andrews County and one in Crane County (both with a working interest of 100%). Also in Crane County the Company drilled and completed one vertical well (with a working interest of 100%).

The table below sets forth Ring’s drilling and completions activities by quarter for 2025 and for the full year:

Quarter Area Wells Drilled Wells Completed       1Q 2025 Northwest Shelf (Horizontal) 4 4  Central Basin Platform (Vertical) 3 3  Total 7 7       2Q 2025 Central Basin Platform (Horizontal) 1 1  Central Basin Platform (Vertical) 1 1  Total 2 2       3Q 2025 Central Basin Platform (Horizontal) 4 4  Central Basin Platform (Vertical) 1 1  Total 5 5       4Q 2025 Northwest Shelf (Horizontal) 1 1  Central Basin Platform (Horizontal) 2 2  Central Basin Platform (Vertical) 1 1  Total 4 4       FY 2025 Northwest Shelf (Horizontal) 5 5  Central Basin Platform (Horizontal) 7 7  Central Basin Platform (Vertical) 6 6  Total 18 18        2026 Capital Investment, Sales Volumes, and Operating Expense Guidance

Sales volumes for the first quarter 2026 were temporarily impacted by a winter storm reducing volumes over a five day period. Oil sales reduction was approximately 39,050 Bo (430 Bo/d), and Boe sales reduction was approximately 48,250 Boe (540 Boe/d). All production has been restored. Additionally, Ring Energy sold approximately 150 Bo/d or 200 Boe/d of non-operated production.

The guidance in the table below represents the Company's current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.

  Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026           Sales Volumes:          Total Oil (Bo/d) 12,100 – 12,500 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 12,500 – 13,400Midpoint (Bo/d) 12,300 12,950 13,250 13,300 12,950Total (Boe/d) 19,100-19,600 19,400 – 21,000 19,700 – 21,300 19,800 – 21,400 19,500 - 20,800Midpoint (Boe/d) 19,350 20,200 20,500 20,600 20,150Oil (%) 64% 64% 65% 65% 64%NGLs (%) 20% 20% 20% 20% 20%Gas (%) 16% 16% 15% 15% 16%           Capital Program:          Capital spending(1)(2)(millions) $28 - $34 $28 - $36 $27 - $35 $17 - $25 $100 - $130Midpoint (millions) $31 $32 $31 $21 $115New Hz wells drilled 5 - 6 5 - 7 5 - 7 3 - 5 18 - 25New Vertical wells drilled 1 1 - 2 1 - 2 1 4 - 6Completion of DUC wells 1 0 0 0 1Wells completed and online 7 - 8 6 - 9 6 - 9 4 - 6 23 - 32           Operating Expenses:          LOE (per Boe) $10.75 - $11.25 $10.05 - $11.05 $10.00 - $11.00 $10.00 - $11.00 $10.15 - $11.15Midpoint (per Boe) $11.00 $10.55 $10.50 $10.50 $10.65 (1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades and well reactivations. Also included is anticipated spending for leasing acreage and non-operated drilling, completion, capital workovers, and facility improvements.

(2) Based on the $115 million midpoint of spending guidance, the Company expects the following estimated allocation of capital investment:

• 68% for drilling, completion, and related infrastructure, and conversions;
• 26% for recompletions and capital workovers;
• 5% for land and non-operated capital; and
• 1% for environmental and emission reducing facility upgrades.

Year-End 2025 Proved Reserves

The Company's year-end 2025 SEC proved reserves were 153.3 MMBoe, up 14% compared to 134.2 MMBoe at year-end 2024. During 2025, Ring recorded reserve additions of 14.0 MMBoe for acquisitions, 11.2 MMBoe for extensions, discoveries and improved recovery, and 1.3 MMBoe of positive revisions related to changes in pricing and performance. Offsetting these additions was 7.4 MMBoe of production.

The SEC twelve-month first day of the month average prices used for year-end 2025 were $61.82 per barrel of crude oil and $3.387 per MMBtu of natural gas, both before adjustment for quality, transportation, fees, energy content, and regional price differentials, while for year-end 2024 they were $71.96 per barrel of crude oil and $2.130 per MMBtu of natural gas — a decrease of 14% and an increase of 59%, respectively.

Year-end 2025 SEC proved reserves were comprised of approximately 59% crude oil, 19% natural gas, and 22% natural gas liquids. At year end, approximately 68% of 2025 proved reserves were classified as proved developed and 32% as proved undeveloped. This is compared to year-end 2024 when approximately 69% of proved reserves were classified as proved developed and 31% were classified as proved undeveloped. The Company’s year-end 2025 proved reserves were prepared by Cawley, Gillespie & Associates, Inc., an independent petroleum engineering firm.

The PV-10 value at year-end 2025 was $1,318.2 million versus $1,462.8 million at the end of 2024.

  Oil (Bbl) Gas (Mcf) Natural Gas Liquids (Bbl) Net
(Boe) PV-10(1)           Balance, December 31, 2024 80,904,071  149,817,162  28,303,085  134,176,684  $1,462,827,136           Purchase of minerals in place 9,915,483  10,067,543  2,373,336  13,966,743   Extensions, discoveries and improved recovery 7,281,553  10,624,783  2,133,786  11,186,136   Sales of minerals in place —  —  —  —   Production (4,841,164) (6,980,958) (1,387,818) (7,392,476)  Revisions of previous quantity estimates (2,939,895) 12,652,046  2,171,955  1,340,734              Balance, December 31, 2025 90,320,048  176,180,576  33,594,344  153,277,821  $1,318,208,128 (1) PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure of Discounted Future Net Cash Flows, which is the most directly comparable generally accepted accounting principles in the United States (“GAAP”) measure.

In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2025 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average commodity price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the year ended December 31, 2025. The SEC average prices used for year-end 2025 were $61.82 per barrel of crude oil (WTI) and $3.387 per MMBtu of natural gas (Henry Hub), both before adjustment for quality, transportation, fees, energy content, and regional price differentials. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalations.

Standardized Measure of Discounted Future Net Cash Flows

Ring’s standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and changes in the standardized measure as described below were prepared in accordance with GAAP.

As of December 31,  2025   2024      Future cash inflows $5,976,599,552  $6,165,487,616 Future production costs  (2,473,482,048)  (2,432,555,200)Future development costs(1)  (573,423,296)  (536,825,664)Future income taxes  (402,808,797)  (465,768,645)Future net cash flows  2,526,885,411   2,730,338,107 10% annual discount for estimated timing of cash flows  (1,403,392,079)  (1,497,401,764)     Standardized Measure of Discounted Future Net Cash Flows $1,123,493,332  $1,232,936,343  (1) Future development costs include not only development costs but also future asset retirement costs.

Reconciliation of PV-10 to Standardized Measure

PV-10 is derived from the Standardized Measure of Discounted Future Net Cash Flows (“Standardized Measure”), which is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. Moreover, GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves or for reserves calculated using prices other than SEC prices. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to represent the fair value of our oil and natural gas reserves.

The following table reconciles the PV-10 value of the Company’s estimated proved reserves as of December 31, 2025 to the Standardized Measure:

SEC Pricing Proved ReservesStandardized Measure Reconciliation  Present value of estimated future net revenues (PV-10) $1,318,208,128Future income taxes, discounted at 10%  194,714,796Standardized measure of discounted future net cash flows $1,123,493,332     Conference Call Information

Ring will hold a conference call on Thursday, March 5, 2026 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its fourth quarter and full year 2025 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 2025 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

Safe Harbor Statement

This 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. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for quarterly and full year 2026 guidance for sales volumes, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities, particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary, tax and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other SEC filings. The Company undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

Contact Information

Al Petrie Advisors
Al Petrie, Senior Partner
Phone: 281-975-2146
Email: [email protected]

RING ENERGY, INC.
Condensed Statements of Operations   (Unaudited)     Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024           Oil, Natural Gas, and Natural Gas Liquids Revenues$66,882,770  $78,601,336  $83,440,546  $307,178,072  $366,327,414           Costs and Operating Expenses         Lease operating expenses 18,911,801   20,518,472   20,326,216   79,353,806   78,310,949 Gathering, transportation and processing costs 121,097   126,569   130,230   585,087   506,333 Ad valorem taxes 2,279,266   2,446,565   2,421,595   7,906,586   8,069,064 Oil and natural gas production taxes 3,224,183   3,670,987   3,857,147   14,312,232   16,116,565 Depreciation, depletion and amortization 23,002,908   25,225,345   24,548,849   96,414,150   98,702,843 Ceiling test impairment 35,913,116   72,912,330   —   108,825,446   — Asset retirement obligation accretion 390,892   390,563   323,085   1,490,255   1,380,298 Operating lease expense 175,090   175,091   175,090   700,362   700,362 General and administrative expense 8,030,310   8,139,771   8,035,977   31,928,576   29,640,300           Total Costs and Operating Expenses 92,048,663   133,605,693   59,818,189   341,516,500   233,426,714           Income (Loss) from Operations (25,165,893)  (55,004,357)  23,622,357   (34,338,428)  132,900,700           Other Income (Expense)         Interest income 56,910   74,253   124,765   290,879   491,946 Interest (expense) (9,122,419)  (10,052,320)  (10,112,496)  (40,430,929)  (43,311,810)Gain (loss) on derivative contracts 17,495,270   444,305   (6,254,448)  31,658,839   (2,365,917)Gain (loss) on disposal of assets 60,855   105,642   —   446,400   89,693 Other income 29,582   —   80,970   189,294   106,656 Net Other Income (Expense) 8,520,198   (9,428,120)  (16,161,209)  (7,845,517)  (44,989,432)          Income (Loss) Before Benefit from (Provision for) Income Taxes (16,645,695)  (64,432,477)  7,461,148   (42,183,945)  87,911,268           Benefit from (Provision for) Income Taxes 3,800,401   12,800,947   (1,803,629)  7,452,746   (20,440,954)          Net Income (Loss)$(12,845,294) $(51,631,530) $5,657,519  $(34,731,199) $67,470,314           Basic Earnings (Loss) per Share$(0.06) $(0.25) $0.03  $(0.17) $0.34 Diluted Earnings (Loss) per Share$(0.06) $(0.25) $0.03  $(0.17) $0.34           Basic Weighted-Average Shares Outstanding 207,233,067   206,688,003   198,166,543   204,984,223   197,937,683 Diluted Weighted-Average Shares Outstanding 207,233,067   206,688,003   200,886,010   204,984,223   200,277,380                      RING ENERGY, INC.
Condensed Operating Data
(Unaudited)  Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024           Net sales volumes:         Oil (Bbls) 1,207,425   1,226,537   1,188,272   4,841,164   4,861,628 Natural gas (Mcf) 1,808,355   1,853,599   1,683,793   6,980,958   6,423,674 Natural gas liquids (Bbls) 377,937   377,141   339,589   1,387,818   1,258,814 Total oil, natural gas and natural gas liquids (Boe)(1) 1,886,755   1,912,611   1,808,493   7,392,476   7,191,054           % Oil 64%  64%  66%  65%  68%% Natural gas 16%  16%  15%  16%  15%% Natural gas liquids 20%  20%  19%  19%  17%          Average daily sales volumes:         Oil (Bbls/d) 13,124   13,332   12,916   13,263   13,283 Natural gas (Mcf/d) 19,656   20,148   18,302   19,126   17,551 Natural gas liquids (Bbls/d) 4,108   4,099   3,691   3,802   3,439 Average daily equivalent sales (Boe/d) 20,508   20,789   19,658   20,253   19,648           Average realized sales prices:         Oil ($/Bbl)$57.47  $64.32  $68.98  $63.53  $74.87 Natural gas ($/Mcf) (2.49)  (1.22)  (0.96)  (1.33)  (1.44)Natural gas liquids ($/Bbls) 5.29   5.22   9.08   6.43   9.23 Barrel of oil equivalent ($/Boe)$35.45  $41.10  $46.14  $41.55  $50.94           Average costs and expenses per Boe ($/Boe):         Lease operating expenses$10.02  $10.73  $11.24  $10.73  $10.89 Gathering, transportation and processing costs$0.06  $0.07  $0.07  $0.08  $0.07 Ad valorem taxes$1.21  $1.28  $1.34  $1.07  $1.12 Oil and natural gas production taxes$1.71  $1.92  $2.13  $1.94  $2.24 Depreciation, depletion and amortization$12.19  $13.19  $13.57  $13.04  $13.73 Ceiling test impairment$19.03  $38.12  $—  $14.72  $— Asset retirement obligation accretion$0.21  $0.20  $0.18  $0.20  $0.19 Operating lease expense$0.09  $0.09  $0.10  $0.09  $0.10 G&A (including share-based compensation)$4.26  $4.26  $4.44  $4.32  $4.12 G&A (excluding share-based compensation)$3.47  $3.41  $3.52  $3.49  $3.36 G&A (excluding share-based compensation and transaction costs)$3.46  $3.41  $3.51  $3.49  $3.35  (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly.

RING ENERGY, INC.
Condensed Balance Sheets As of December 31,  2025   2024 ASSETS    Current Assets    Cash and cash equivalents $902,913  $1,866,395 Accounts receivable  30,938,908   36,172,316 Joint interest billing receivables, net  1,623,991   1,083,164 Derivative assets  21,468,134   5,497,057 Inventory  5,312,715   4,047,819 Prepaid expenses and other assets  1,822,751   1,781,341 Total Current Assets  62,069,412   50,448,092 Properties and Equipment    Oil and natural gas properties, full cost method  1,891,510,431   1,809,309,848 Financing lease asset subject to depreciation  3,633,586   4,634,556 Fixed assets subject to depreciation  3,504,788   3,389,907 Total Properties and Equipment  1,898,648,805   1,817,334,311 Accumulated depreciation, depletion and amortization  (569,180,901)  (475,212,325)Net Properties and Equipment  1,329,467,904   1,342,121,986 Operating lease asset  1,285,159   1,906,264 Derivative assets  9,739,430   5,473,375 Deferred financing costs  9,337,344   8,149,757 Total Assets $1,411,899,249  $1,408,099,474      LIABILITIES AND STOCKHOLDERS’ EQUITY    Current Liabilities    Accounts payable $97,522,809  $95,729,261 Income tax liability  356,436   328,985 Financing lease liability  730,564   906,119 Operating lease liability  586,614   648,204 Derivative liabilities  841,193   6,410,547 Notes payable  505,752   496,397 Asset retirement obligations  418,526   517,674 Total Current Liabilities  100,961,894   105,037,187      Non-current Liabilities    Deferred income taxes  20,764,119   28,591,802 Revolving line of credit  420,000,000   385,000,000 Financing lease liability, less current portion  593,146   647,078 Operating lease liability, less current portion  819,223   1,405,837 Derivative liabilities  2,512,692   2,912,745 Asset retirement obligations  29,972,429   25,864,843 Total Liabilities  575,623,503   549,459,492 Commitments and contingencies    Stockholders' Equity    Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding  —   — Common stock - $0.001 par value; 450,000,000 shares authorized; 207,656,929 shares and 198,561,378 shares issued and outstanding, respectively  207,657   198,561 Additional paid-in capital  812,777,586   800,419,719 Retained earnings (Accumulated deficit)  23,290,503   58,021,702 Total Stockholders’ Equity  836,275,746   858,639,982 Total Liabilities and Stockholders' Equity $1,411,899,249  $1,408,099,474           RING ENERGY, INC.
Condensed Statements of Cash Flows(Unaudited)         Three Months Ended Twelve Months Ended  December 31, September 30, December 31, December 31, December 31,   2025   2025   2024   2025   2024 Cash Flows From Operating Activities          Net income (loss) $(12,845,294) $(51,631,530) $5,657,519  $(34,731,199) $67,470,314 Adjustments to reconcile net income (loss) to net cash provided by operating activities:          Depreciation, depletion and amortization  23,002,908   25,225,345   24,548,849   96,414,150   98,702,843 Ceiling test impairment  35,913,116   72,912,330   —   108,825,446   — Asset retirement obligation accretion  390,892   390,563   323,085   1,490,255   1,380,298 Amortization of deferred financing costs  691,228   693,625   1,299,078   4,459,520   4,969,174 Share-based compensation  1,474,560   1,618,600   1,672,320   6,135,957   5,506,017 Credit loss expense  —   907   (26,747)  19,029   160,847 (Gain) loss on disposal of assets  (60,855)  (105,642)  —   (446,400)  (89,693)Deferred income tax expense (benefit)  (3,650,179)  (12,964,252)  1,723,338   (7,858,446)  19,935,413 Excess tax expense (benefit) related to share-based compensation  (201,533)  123,533   9,011   30,763   104,344 (Gain) loss on derivative contracts  (17,495,270)  (444,305)  6,254,448   (31,658,839)  2,365,917 Cash received (paid) for derivative settlements, net  2,741,821   2,586,230   745,104   5,452,300   (5,193,673)Changes in operating assets and liabilities:          Accounts receivable  2,153,443   4,672,943   349,474   4,452,926   3,594,504 Inventory  (327,355)  399,193   580,161   (1,264,896)  2,089,116 Prepaid expenses and other assets  454,986   439,087   295,555   (41,410)  93,509 Accounts payable  12,513,783   841,492   4,462,089   474,744   (5,076,738)Settlement of asset retirement obligation  (67,428)  (265,794)  (613,603)  (904,493)  (1,588,480)Net Cash Provided by Operating Activities  44,688,823   44,492,325   47,279,681   150,849,407   194,423,712            Cash Flows From Investing Activities          Payments for the Lime Rock Acquisition  (9,293,884)  (1,709,776)  —   (81,863,429)  — Payments to purchase oil and natural gas properties  (1,016,517)  (715,126)  (1,423,483)  (2,528,932)  (2,210,826)Payments to develop oil and natural gas properties  (24,955,052)  (20,995,094)  (36,386,055)  (95,207,027)  (153,945,456)Payments to acquire or improve fixed assets subject to depreciation  (4,402)  (5,708)  —   (179,771)  (185,524)Proceeds from sale of fixed assets subject to depreciation  —   —   —   17,360   10,605 Proceeds from divestiture of oil and natural gas properties  —   100   121,232   100   121,232 Proceeds from sale of New Mexico properties  —   —   —   —   (144,398)Proceeds from sale of CBP vertical wells  —   —   —   —   5,500,000 Insurance proceeds received for damage to oil and natural gas properties  —   160,533   —   260,446   — Net Cash Used in Investing Activities  (35,269,855)  (23,265,071)  (37,688,306)  (179,501,253)  (150,854,367)           Cash Flows From Financing Activities          Proceeds from revolving line of credit  30,500,000   31,000,000   22,000,000   231,822,997   130,000,000 Payments on revolving line of credit  (38,500,000)  (51,000,000)  (29,000,000)  (196,822,997)  (170,000,000)Payments for taxes withheld on vested restricted shares, net  (228,359)  (8,000)  —   (1,189,805)  (919,249)Proceeds from notes payable  —   —   58,774   1,648,539   1,560,281 Payments on notes payable  (496,077)  (486,590)  (475,196)  (1,639,184)  (1,597,618)Payment of deferred financing costs  66,871   (332,376)  (42,746)  (5,647,107)  (88,450)Reduction of financing lease liabilities  (145,397)  (113,381)  (265,812)  (484,079)  (954,298)Net Cash Provided by (Used in) Financing Activities  (8,802,962)  (20,940,347)  (7,724,980)  27,688,364   (41,999,334)           Net Increase (Decrease) in Cash  616,006   286,907   1,866,395   (963,482)  1,570,011 Cash at Beginning of Period  286,907   —   —   1,866,395   296,384 Cash at End of Period $902,913  $286,907  $1,866,395  $902,913  $1,866,395                       RING ENERGY, INC.
Financial Commodity Derivative Positions
As of December 31, 2025  The following tables reflect the details of current derivative contracts as of December 31, 2025 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts).

                Oil Hedges (WTI)Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027                Swaps:               Hedged volume (Bbl) 608,350  577,101  171,400  529,000  509,500  492,000  432,000  412,963Weighted average swap price$67.95 $66.50 $62.26 $65.34 $62.82 $60.45 $61.80 $57.59                Two-way collars:               Hedged volume (Bbl) —  —  379,685  —  —  —  —  —Weighted average put price$— $— $60.00 $— $— $— $— $—Weighted average call price$— $— $72.50 $— $— $— $— $—                 Gas Hedges (Henry Hub)Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027                NYMEX Swaps:               Hedged volume (MMBtu) 448,854  1,165,628  600,016  1,072,305  439,678  423,035  1,079,906  1,046,151Weighted average swap price$4.19 $3.82 $4.19 $3.99 $4.02 $4.02 $3.86 $4.02                Two-way collars:               Hedged volume (MMBtu) 456,850  139,000  648,728  128,000  717,000  694,000  —  —Weighted average put price$3.50 $3.50 $3.10 $3.50 $3.99 $3.00 $— $—Weighted average call price$5.11 $5.42 $4.24 $5.42 $5.21 $4.32 $— $—                Gas Hedges (Henry Hub)Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029                NYMEX Swaps:               Hedged volume (MMBtu) 1,012,567  984,322  956,865  931,539  908,117  886,933  866,585  846,134Weighted average swap price$3.77 $3.77 $3.77 $3.77 $3.67 $3.67 $3.67 $3.67 Gas Hedges (basis differential)Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027                El Paso Permian Basin basis swaps:               Hedged volume (MMBtu) —  —  —  —  960,307  636,710  615,547  596,306Weighted average spread price(1)$— $— $— $— $0.72 $0.67 $0.67 $0.67                Waha basis swaps:               Hedged volume (MMBtu) —  —  —  —  196,372  480,325  464,360  449,846Weighted average spread price(1)$— $— $— $— $0.78 $0.78 $0.78 $0.78                Gas Hedges (basis differential)Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029                El Paso Permian Basin basis swaps:               Hedged volume (MMBtu) 577,163  561,064  545,413  530,977  517,628  505,552  493,953  482,296Weighted average spread price(1)$0.60 $0.60 $0.60 $0.60 $0.57 $0.57 $0.57 $0.57                Waha basis swaps:               Hedged volume (MMBtu) 435,403  423,259  411,453  400,562  390,490  381,381  372,632  363,837Weighted average spread price(1)$0.68 $0.68 $0.68 $0.68 $0.63 $0.63 $0.63 $0.63 (1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.

RING ENERGY, INC.Non-GAAP Financial Information

  Certain financial information included in this release are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding Share-Based Compensation,” “G&A Excluding Share-Based Compensation and Transaction Costs,” “Leverage Ratio,” “Current Ratio,” “Cash Return on Capital Employed” or “CROCE,” “All-In Cash Operating Costs,” and “Cash Operating Margin.” Management uses these non-GAAP financial measures in its analysis of performance. In addition, Adjusted EBITDA is a key metric used to determine a portion of the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)  “Adjusted Net Income (Loss)” is calculated as net income (loss) minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare the Company’s results with its peers.

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024  Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - diluted Total Per share - dilutedNet Income (Loss)$(12,845,294) $(0.06) $(51,631,530) $(0.25) $5,657,519  $0.03  $(34,731,199) $(0.17) $67,470,314  $0.34                     Share-based compensation 1,474,560   0.01   1,618,600   0.01   1,672,320   0.01   6,135,957   0.03   5,506,017   0.03 Ceiling test impairment 35,913,116   0.17   72,912,330   0.35   —   —   108,825,446   0.54   —   — Unrealized loss (gain) on change in fair value of derivatives (14,753,449)  (0.07)  2,141,925   0.01   6,999,552   0.03   (26,206,539)  (0.13)  (2,827,756)  (0.02)Transaction costs - A&D 25,000   —   10   —   21,017   —   27,786   —   24,556   — Tax impact on adjusted items (6,213,517)  (0.03)  (11,920,971)  (0.06)  (2,008,740)  (0.01)  (15,670,138)  (0.08)  (628,405)  —                     Adjusted Net Income (Loss)$3,600,416  $0.02  $13,120,364  $0.06  $12,341,668  $0.06  $38,381,313  $0.19  $69,544,726  $0.35                     Diluted Weighted-Average Shares Outstanding 207,233,067     206,688,003     200,886,010     204,984,223     200,277,380                       Adjusted Net Income per Diluted Share$0.02    $0.06    $0.06    $0.19    $0.35                                  Reconciliation of Net Income (Loss) to Adjusted EBITDA  The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024           Net Income (Loss)$(12,845,294) $(51,631,530) $5,657,519  $(34,731,199) $67,470,314           Interest expense, net 9,065,509   9,978,067   9,987,731   40,140,050   42,819,864 Unrealized (gain) loss on change in fair value of derivatives (14,753,449)  2,141,925   6,999,552   (26,206,539)  (2,827,756)Ceiling test impairment 35,913,116   72,912,330   —   108,825,446   — Income tax (benefit) expense (3,800,401)  (12,800,947)  1,803,629   (7,452,746)  20,440,954 Depreciation, depletion and amortization 23,002,908   25,225,345   24,548,849   96,414,150   98,702,843 Asset retirement obligation accretion 390,892   390,563   323,085   1,490,255   1,380,298 Transaction costs - A&D 25,000   10   21,017   27,786   24,556 Share-based compensation 1,474,560   1,618,600   1,672,320   6,135,957   5,506,017 (Gain) loss on disposal of assets (60,855)  (105,642)  —   (446,400)  (89,693)Other income (29,582)  —   (80,970)  (189,294)  (106,656)          Adjusted EBITDA$38,382,404  $47,728,721  $50,932,732  $184,007,466  $233,320,741           Adjusted EBITDA Margin 57%  61%  61%  60%  64%                     Reconciliations of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA to Adjusted Free Cash Flow  The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities (as reflected on the Company’s Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures (“A&D”), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024           Net Cash Provided by Operating Activities$44,688,823  $44,492,325  $47,279,681  $150,849,407  $194,423,712 Adjustments - Condensed Statements of Cash Flows         Changes in operating assets and liabilities (14,727,429)  (6,086,921)  (5,073,676)  (2,716,871)  888,089 Transaction costs - A&D 25,000   10   21,017   27,786   24,556 Income tax expense (benefit) - current 51,311   39,772   71,280   374,937   401,197 Capital expenditures (24,343,200)  (24,589,282)  (37,633,168)  (98,211,527)  (151,946,171)Proceeds from divestiture of equipment for oil and natural gas properties —   100   121,232   100   121,232 Credit loss expense —   (907)  26,747   (19,029)  (160,847)Other income (29,582)  —   (80,970)  (189,294)  (106,656)          Adjusted Free Cash Flow$5,664,923  $13,855,097  $4,732,143  $50,115,509  $43,645,112   (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024           Adjusted EBITDA$38,382,404  $47,728,721  $50,932,732  $184,007,466  $233,320,741           Net interest expense (excluding amortization of deferred financing costs) (8,374,281)  (9,284,442)  (8,688,653)  (35,680,530)  (37,850,690)Capital expenditures (24,343,200)  (24,589,282)  (37,633,168)  (98,211,527)  (151,946,171)Proceeds from divestiture of equipment for oil and natural gas properties —   100   121,232   100   121,232           Adjusted Free Cash Flow$5,664,923  $13,855,097  $4,732,143  $50,115,509  $43,645,112                      Reconciliation of Net Cash Provided by Operating Activities to Adjusted Cash Flow from Operations  The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in the Company’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this financial performance measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector.

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025   2025   2024   2025   2024          Net Cash Provided by Operating Activities$44,688,823  $44,492,325  $47,279,681  $150,849,407  $194,423,712          Changes in operating assets and liabilities (14,727,429)  (6,086,921)  (5,073,676)  (2,716,871)  888,089          Adjusted Cash Flow from Operations$29,961,394  $38,405,404  $42,206,005  $148,132,536  $195,311,801                    Reconciliation of General and Administrative Expense (G&A) to G&A Excluding Share-Based Compensation and Transaction Costs  The following table presents a reconciliation of General and Administrative Expense (“G&A”), a GAAP measure, to G&A excluding share-based compensation, and G&A excluding share-based compensation and transaction costs for acquisitions and divestitures (A&D).

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025  2025  2024  2025  2024          General and administrative expense (G&A)$8,030,310 $8,139,771 $8,035,977 $31,928,576 $29,640,300Shared-based compensation 1,474,560  1,618,600  1,672,320  6,135,957  5,506,017G&A excluding share-based compensation 6,555,750  6,521,171  6,363,657  25,792,619  24,134,283Transaction costs - A&D 25,000  10  21,017  27,786  24,556G&A excluding share-based compensation and transaction costs$6,530,750 $6,521,161 $6,342,640 $25,764,833 $24,109,727                Calculation of Leverage Ratio  “Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility.

The Company defines “Consolidated Total Debt” in accordance with its existing senior revolving credit facility and means, as of any date, all Indebtedness of the Company on a consolidated basis as of such date, but excluding hedging obligations.

The Company defines “Indebtedness” in accordance with its existing senior revolving credit facility and generally means (i) all obligations of the Company for borrowed money, (ii) all obligations of the Company evidenced by notes or other similar instruments, (iii) all obligations of the Company in respect of the deferred purchase price of property or services, (iv) all obligations of the Company under any conditional sale relating to property acquired the Company, (v) all capital lease obligations of the Company, (vi) all obligations, contingent or otherwise, of the Company in respect of letters of credit or similar extensions of credit, (vii) all guarantees of the Company of the type of Indebtedness described in clauses (i) through (vi) above, (viii) all Indebtedness of a third party secured by any lien on property owned by the Company, whether or not such Indebtedness has been assumed by the Company, (ix) all off-balance sheet liabilities, (x) all hedging obligations and (xi) the undischarged balance of any production payment created by the Company or for the creation of which the Company directly or indirectly received payment.

The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility and means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of.

The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. The following tables show the leverage ratio calculations for the quarters ended December 31, 2025 and December 31, 2024.

 (Unaudited) Three Months Ended   March 31, June 30, September 30, December 31, Last Four Quarters  2025  2025   2025   2025  Consolidated EBITDAX Calculation:         Net Income (Loss)$9,110,738 $20,634,887  $(51,631,530) $(12,845,294) $(34,731,199)Plus: Consolidated interest expense 9,408,728  11,687,746   9,978,067   9,065,509   40,140,050 Plus: Income tax provision (benefit) 3,041,177  6,107,425   (12,800,947)  (3,800,401)  (7,452,746)Plus: Depreciation, depletion and amortization 22,615,983  25,569,914   25,225,345   23,002,908   96,414,150 Plus: non-cash charges reasonably acceptable to Administrative Agent 2,392,703  (12,236,121)  77,063,418   23,025,119   90,245,119 Consolidated EBITDAX$46,569,329 $51,763,851  $47,834,353  $38,447,841  $184,615,374 Plus: Pro Forma Acquired Consolidated EBITDAX$7,392,359 $—  $—  $—  $7,392,359 Less: Pro Forma Divested Consolidated EBITDAX 8,855  —   —   —   8,855 Pro Forma Consolidated EBITDAX$53,970,543 $51,763,851  $47,834,353  $38,447,841  $192,016,588           Non-cash charges reasonably acceptable to Administrative Agent:         Asset retirement obligation accretion$326,549 $382,251  $390,563  $390,892   Unrealized loss (gain) on derivative assets 375,196  (13,970,211)  2,141,925   (14,753,449)  Ceiling test impairment —  —   72,912,330   35,913,116   Share-based compensation 1,690,958  1,351,839   1,618,600   1,474,560   Total non-cash charges reasonably acceptable to Administrative Agent$2,392,703 $(12,236,121) $77,063,418  $23,025,119              As of         December 31, Corresponding        2025 Leverage Ratio      Leverage Ratio Covenant:         Revolving line of credit$420,000,000  2.19       Notes payable 505,752  —       Capital lease obligations 1,323,710  0.01       Consolidated Total Debt$421,829,462  2.20       Pro Forma Consolidated EBITDAX 192,016,588        Leverage Ratio 2.20        Maximum Allowed≤ 3.00x          (Unaudited) Three Months Ended   March 31, June 30, September 30, December 31, Last Four Quarters  2024   2024   2024   2024 Consolidated EBITDAX Calculation:         Net Income (Loss)$5,515,377  $22,418,994  $33,878,424  $5,657,519 $67,470,314 Plus: Consolidated interest expense 11,420,400   10,801,194   10,610,539   9,987,731  42,819,864 Plus: Income tax provision (benefit) 1,728,886   6,820,485   10,087,954   1,803,629  20,440,954 Plus: Depreciation, depletion and amortization 23,792,450   24,699,421   25,662,123   24,548,849  98,702,843 Plus: non-cash charges acceptable to Administrative Agent 19,627,646   1,664,064   (26,228,108)  8,994,957  4,058,559 Consolidated EBITDAX$62,084,759  $66,404,158  $54,010,932  $50,992,685 $233,492,534 Plus: Pro Forma Acquired Consolidated EBITDAX$—  $—  $—  $— $— Less: Pro Forma Divested Consolidated EBITDAX (124,084)  (469,376)  (600,460)  77,819  (1,116,101)Pro Forma Consolidated EBITDAX$61,960,675  $65,934,782  $53,410,472  $51,070,504 $232,376,433           Non-cash charges acceptable to Administrative Agent:         Asset retirement obligation accretion$350,834  $352,184  $354,195  $323,085  Unrealized loss (gain) on derivative assets 17,552,980   (765,898)  (26,614,390)  6,999,552  Ceiling test impairment —   —   —   —  Share-based compensation 1,723,832   2,077,778   32,087   1,672,320  Total non-cash charges acceptable to Administrative Agent$19,627,646  $1,664,064  $(26,228,108) $8,994,957             As of         December 31,          2024         Leverage Ratio Covenant:         Revolving line of credit$385,000,000         Pro Forma Consolidated EBITDAX 232,376,433         Leverage Ratio 1.66         Maximum Allowed≤ 3.00x         Calculation of Current Ratio  The “Current Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification (“ASC”) 815, plus the unused line of credit. The Company’s non-cash current assets include the derivative asset marked to market value. Based on its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.

Also set forth in our existing senior revolving credit facility is the minimum permitted Current Ratio of 1.00. The following table shows the Current Ratio calculation for the Company’s most recent fiscal quarter.

  As of  December 31,  2025Current assets 62,069,412Less: Current derivative assets 21,468,134Current assets less Current derivative assets 40,601,278Revolver Availability (Facility less debt less LCs) 164,965,000Current Assets per Covenant 205,566,278   Current liabilities 100,961,894Less: Current derivative liabilities 841,193Current Liabilities per Covenant 100,120,701   Current Ratio 2.05Minimum Allowed > or = 1.00x    Calculation of Cash Return on Capital Employed  The Company defines “Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and stockholder equity for the period. Management believes that CROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. CROCE is not considered to be an alternative to net income reported in accordance with GAAP.

CROCE (Cash Return on Capital Employed):As of and for the twelve months ended December 31, December 31, December 31,  2025   2024   2023       Total long term debt (i.e. revolving line of credit)$420,000,000  $385,000,000  $425,000,000 Total stockholders' equity$836,275,746  $858,639,982  $786,582,900       Average debt$402,500,000  $405,000,000  $420,000,000 Average stockholders' equity 847,457,864   822,611,441   723,843,146 Average debt and stockholders' equity 1,249,957,864   1,227,611,441   1,143,843,146       Net Cash Provided by Operating Activities$150,849,407  $194,423,712  $198,170,459 Less change in WC (Working Capital) 2,716,871   (888,089)  1,180,748 Adjusted Cash Flows From Operations (ACFFO)$148,132,536  $195,311,801  $196,989,711       CROCE (ACFFO)/(Average D+E) 11.9%  15.9%  17.2%             All-In Cash Operating Costs  The Company defines All-In Cash Operating Costs, a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company.

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025  2025  2024  2025  2024All-In Cash Operating Costs:         Lease operating expenses (including workovers) 18,911,801  20,518,472  20,326,216  79,353,806  78,310,949G&A excluding share-based compensation 6,555,750  6,521,171  6,363,657  25,792,619  24,134,283Net interest expense (excluding amortization of deferred financing costs) 8,374,281  9,284,442  8,688,653  35,680,530  37,850,690Operating lease expense 175,090  175,091  175,090  700,362  700,362Oil and natural gas production taxes 3,224,183  3,670,987  3,857,147  14,312,232  16,116,565Ad valorem taxes 2,279,266  2,446,565  2,421,595  7,906,586  8,069,064Gathering, transportation and processing costs 121,097  126,569  130,230  585,087  506,333All-in cash operating costs 39,641,468  42,743,297  41,962,588  164,331,222  165,688,246          Boe 1,886,755  1,912,611  1,808,493  7,392,476  7,191,054          All-in cash operating costs per Boe$21.01 $22.35 $23.20 $22.23 $23.04                Cash Operating Margin  The Company defines Cash Operating Margin, a non-GAAP financial measure, as realized revenues per Boe less “all-in cash operating costs” per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company.

 (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31,  2025  2025  2024  2025  2024Cash Operating Margin         Realized revenues per Boe$35.45 $41.10 $46.14 $41.55 $50.94All-in cash operating costs per Boe 21.01  22.35  23.20  22.23  23.04Cash Operating Margin per Boe$14.44 $18.75 $22.94 $19.32 $27.90

Wednesday, 04 March 2026 04:45 PM

Topic: 

Earnings LAFAYETTE, LA / ACCESS Newswire / March 4, 2026 / Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national provider of technology-enabled, home-based healthcare solutions and chronic disease management, announced today that it has reported its financial results for the three months and year ended December 31, 2025, and issued its guidance for the full year ending December 31, 2026.

Fourth Quarter and Full Year Operational Highlights (all dollar amounts are USD):

Net revenues for the quarter ended December 31, 2025 were a company record $76.2 million, an increase of $15.5 million, or 26%, over net revenues reported for the comparable quarter ended December 31, 2024. Total net revenues for the year ended December 31, 2025 were $270.3 million, an increase of $46.0 million, or 21%, over the year ended December 31, 2024, reflecting continued strong organic growth complemented by revenue contributions from our 2025 acquisition of Lehan's Medical Equipment.

Net income attributable to Viemed for the quarter ended December 31, 2025 totaled $5.6 million, or $0.14 per diluted share, an increase of 31% over net income attributable to Viemed reported for the comparable quarter ended December 31, 2024. Net income attributable to Viemed for the year ended December 31, 2025 totaled $14.9 million, or $0.37 per diluted share, an increase of 33% over the year ended December 31, 2024, marking the Company's ninth consecutive year of positive net income.

Adjusted EBITDA for the quarter and year ended December 31, 2025 totaled $18.2 million and a record $61.4 million, respectively.

The Company continued to generate strong free cash flow while delivering robust growth. Net cash provided by operating activities for the year ended December 31, 2025 totaled $51.9 million compared with $39.1 million for the year ended December 31, 2024. Free cash flow for the year ended December 31, 2025 totaled $28.1 million compared with $11.6 million for the year ended December 31, 2024.

The Company's ventilator patient count totaled 12,259 as of December 31, 2025, an increase of 4% over December 31, 2024.

The Company increased its PAP therapy patient count to 34,528 as of December 31, 2025, an increase of 62% over December 31, 2024. The Company also increased its sleep resupply patient count to 36,561 as of December 31, 2025, an increase of 49% over December 31, 2024.

As of December 31, 2025, the Company maintained a cash balance of $13.5 million, and an overall working capital balance of $7.4 million. Long-term debt totaled $11.3 million and the Company had $46 million available under existing credit facilities.

Full Year 2026 Guidance (all dollar amounts are USD):

The Company is providing the following financial guidance for the year ending December 31, 2026:

Net revenue is expected to be in the range of $310 million to $320 million.

Adjusted EBITDA is expected to be in the range of $65 million to $69 million.

Net capital expenditures are expected to be in the range of 10% to 11.5% of net revenue.

See "Use of Non-GAAP Financial Information and Financial Guidance" below for further information about non-GAAP financial measures and non-GAAP financial guidance.

Casey Hoyt, Viemed's Chief Executive Officer, commented, "Our 2025 performance reflects the continued strength of our technology-enabled home care model and the growing demand for high-quality chronic care management delivered in the home. We delivered strong double-digit organic growth by providing consistent, high-quality care that patients value and referral partners trust, driving deeper penetration across our markets. Leveraging our long-established nationwide payor network, we are expanding our maternal health offerings and extending our reach to serve more patients. With disciplined execution and platform-enhancing acquisitions, we enter 2026 with momentum and a clear focus on operational excellence, innovation, and long-term value creation."

Todd Zehnder, Viemed's Chief Operating Officer, added, "Our strong free cash flow generation and disciplined financial management continue to provide us with significant flexibility. Based on the strength of our balance sheet and our confidence in the durability of our cash flows, our Board has authorized a new share repurchase program for 2026. This authorization reflects our ongoing commitment to thoughtful capital allocation, allowing us to return capital to shareholders while continuing to invest in organic growth and strategic opportunities."

Conference Call Details

The Company will host a conference call to discuss its fourth quarter and year end results, as well as its 2026 guidance, on Thursday, March 5, 2026 at 11:00 a.m. ET.

Interested parties may participate in the call by dialing:

877-407-6176 (US Toll-Free)
+1-201-689-8451 (International)

Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=hp8iUwVS

Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.

ABOUT VIEMED HEALTHCARE, INC.

Viemed is a provider of home medical equipment and post-acute healthcare services in the United States, with a focus on respiratory, chronic care, and women's health products and services. Viemed's model emphasizes efficient, high-quality care delivered in the home through a combination of high-touch clinical support and technology-enabled services, including therapy, education, and counseling provided by our clinical practitioners. For more information, visit our website at www.viemed.com.

For further information, please contact:

Investor Relations
[email protected]

Trae Fitzgerald
Chief Financial Officer
(337) 504-3802

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" as such term is defined in applicable Canadian securities legislation (collectively, "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "projects", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "will", "should", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue and Adjusted EBITDA guidance for 2026 and capital allocation priorities, including share repurchases, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which we are exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by us; the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns; and the use of artificial intelligence technologies; as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedarplus.ca. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

Use of Non-GAAP Financial Information and Financial Guidance

This press release includes references to financial measures that are calculated and presented using methodologies other than those in accordance with generally accepted accounting principles in the United States ("GAAP"), including Adjusted EBITDA and free cash flow. Any non-GAAP financial measures presented herein are intended to supplement, and not to be considered superior to or as a substitute for, the Company's consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures exclude significant expense and income items required by GAAP, and are subject to inherent limitations, including the exercise of judgment by management regarding which items to exclude or include. Non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. The reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the tables accompanying this release.

This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company's non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company's future GAAP results. The Company's financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.

VIEMED HEALTHCARE, INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)

At

December 31, 2025

At

December 31, 2024

ASSETS

Current assets

Cash and cash equivalents

$

13,501

$

17,540

Accounts receivable, net

25,586

24,911

Inventory

5,047

4,320

Income tax receivable

227

-

Prepaid expenses and other assets

4,132

6,109

Total current assets

$

48,493

$

52,880

Long-term assets

Property and equipment, net

78,775

76,279

Finance lease right-of-use assets

-

50

Operating lease right-of-use assets

3,580

2,831

Equity investments

2,794

2,794

Deferred tax asset

5,289

8,398

Identifiable intangibles, net

1,285

848

Goodwill

58,938

32,989

Total long-term assets

$

150,661

$

124,189

TOTAL ASSETS

$

199,154

$

177,069

LIABILITIES

Current liabilities

Trade payables

$

7,333

$

5,322

Deferred revenue

7,520

6,694

Income taxes payable

-

3,883

Accrued liabilities

23,910

20,157

Finance lease liabilities, current portion

-

50

Operating lease liabilities, current portion

1,203

811

Current portion of long-term debt

1,090

409

Total current liabilities

$

41,056

$

37,326

Long-term liabilities

Accrued liabilities

922

846

Operating lease liabilities, less current portion

2,364

2,007

Long-term debt

11,291

3,589

Total long-term liabilities

$

14,577

$

6,442

TOTAL LIABILITIES

$

55,633

$

43,768

Commitments and Contingencies

-

-

SHAREHOLDERS' EQUITY

Common stock - No par value: unlimited authorized; 38,019,082 and 39,132,897 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

16,912

23,365

Additional paid-in capital

21,742

18,337

Retained earnings

102,891

89,691

TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY

$

141,545

$

131,393

Noncontrolling interest in subsidiary

1,976

1,908

TOTAL SHAREHOLDERS' EQUITY

143,521

133,301

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

199,154

$

177,069

VIEMED HEALTHCARE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Revenue

$

76,181

$

60,695

$

270,280

$

224,257

Cost of revenue

32,078

24,557

114,822

91,054

Gross profit

$

44,103

$

36,138

$

155,458

$

133,203

Operating expenses

Selling, general and administrative

32,219

28,211

121,366

106,199

Research and development

598

803

3,017

3,068

Stock-based compensation

2,300

1,521

9,132

6,285

Depreciation and amortization

387

343

1,485

1,483

Loss (gain) on disposal of property and equipment

289

(1,104

)

(2,239

)

(1,905

)

Other expense (income), net

(61

)

(88

)

(252

)

173

Income from operations

$

8,371

$

6,452

$

22,949

$

17,900

Non-operating income and expenses

Income (loss) from investments

-

-

-

(954

)

Interest expense, net

(364

)

(147

)

(1,182

)

(776

)

Net income before taxes

8,007

6,305

21,767

16,170

Provision for income taxes

2,191

1,881

6,391

4,761

Net income

$

5,816

$

4,424

$

15,376

$

11,409

Net income attributable to noncontrolling interest

177

108

442

144

Net income attributable to Viemed Healthcare, Inc.

$

5,639

$

4,316

$

14,934

$

11,265

Net income per share

Basic

$

0.15

$

0.11

$

0.38

$

0.29

Diluted

$

0.14

$

0.10

$

0.37

$

0.28

Weighted average number of common shares outstanding:

Basic

38,018,546

39,027,522

38,895,228

38,754,893

Diluted

40,156,552

41,522,457

40,823,823

40,805,085

VIEMED HEALTHCARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)

Year Ended December 31,

2025

2024

Cash flows from operating activities

Net income

$

15,376

$

11,409

Adjustments for:

Depreciation and amortization

28,613

25,368

Stock-based compensation expense

9,132

6,285

Distributions of earnings received from equity method investments

-

147

Income from equity method investments

-

(261

)

Loss (income) from debt investment

-

1,344

Loss (gain) on disposal of property and equipment

(2,239

)

(1,905

)

Amortization of deferred financing costs

228

187

Deferred income tax expense (benefit)

3,109

(3,840

)

Changes in working capital:

Accounts receivable, net

1,158

(6,073

)

Inventory

59

574

Prepaid expenses and other assets

(503

)

544

Trade payables

479

359

Deferred revenue

359

364

Accrued liabilities

255

2,857

Income tax payable/receivable

(4,110

)

1,730

Net cash provided by operating activities

$

51,916

$

39,089

Cash flows from investing activities

Purchase of property and equipment

(39,985

)

(37,771

)

Investment in equity investments

-

(1,000

)

Cash paid for acquisitions, net of cash acquired

(26,332

)

(2,999

)

Proceeds from sale of debt security

-

750

Proceeds from sale of property and equipment

16,151

10,321

Net cash used in investing activities

$

(50,166

)

$

(30,699

)

Cash flows from financing activities

Proceeds from exercise of options

1,439

1,017

Proceeds from term notes

9,000

-

Principal payments on term notes

(730

)

(1,071

)

Proceeds from revolving credit facilities

13,000

3,000

Principal payments on revolving credit facilities

(13,000

)

(5,000

)

Payments for debt issuance costs

(115

)

(192

)

Shares redeemed to pay income tax

(1,734

)

(1,069

)

Shares repurchased under the share repurchase program

(13,225

)

-

Repayments of finance lease liabilities

(50

)

(338

)

Distributions to non-controlling interest

(374

)

(36

)

Net cash used in financing activities

$

(5,789

)

$

(3,689

)

Net increase (decrease) in cash and cash equivalents

(4,039

)

4,701

Cash and cash equivalents at beginning of year

17,540

12,839

Cash and cash equivalents at end of period

$

13,501

$

17,540

Supplemental disclosures of cash flow information

Cash paid during the period for interest

$

874

$

950

Cash paid during the period for income taxes, net of refunds

$

7,390

$

6,827

Supplemental disclosures of non-cash transactions

Equipment and other fixed asset purchases payable at end of period

$

3,221

$

2,179

Equipment sales receivable at end of period

$

-

$

2,844

Non-cash consideration received for sale of debt security

$

-

$

125

Reconciliation from GAAP Net Income to Non-GAAP Adjusted EBITDA

This press release refers to "Adjusted EBITDA", which is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management believes Adjusted EBITDA provides helpful information with respect to the Company's operating performance as viewed by management, including a view of the Company's business that is not dependent on the impact of the Company's capitalization structure and items that are not part of the Company's day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company's operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company's employees, (iii) for planning purposes, including the preparation of the Company's internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company's operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company's operating performance in the same manner as management. Adjusted EBITDA is not a measurement of the Company's financial performance under GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company's operating results as reported under GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company's industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income attributable to Viemed Healthcare, Inc., including depreciation and amortization of capitalized assets, net interest expense, stock based compensation, transaction costs, impairment of assets, and taxes.

The following unaudited table is a reconciliation of net income attributable to Viemed Healthcare, Inc., the most directly comparable GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:

(Expressed in thousands of U.S. Dollars)

For the quarter ended

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

Net Income attributable to Viemed Healthcare, Inc.

$

5,639

$

3,513

$

3,157

$

2,625

$

4,316

$

3,878

$

1,468

$

1,603

Add back:

Depreciation & amortization

7,570

7,539

6,891

6,613

6,366

6,408

6,309

6,285

Interest expense, net

364

507

132

179

147

225

254

150

Stock-based compensation(a)

2,300

2,180

2,341

2,311

1,521

1,712

1,620

1,432

Transaction costs(b)

139

847

53

85

11

12

221

110

Impairment of assets(c)

-

-

-

-

-

125

2,173

-

Income tax expense

2,191

1,535

1,713

952

1,881

1,594

768

518

Adjusted EBITDA

$

18,203

$

16,121

$

14,287

$

12,765

$

14,242

$

13,954

$

12,813

$

10,098

For the year ended

December 31, 2025

December 31, 2024

Net Income attributable to Viemed Healthcare, Inc.

$

14,934

$

11,265

Add back:

Depreciation & amortization

28,613

25,368

Interest expense, net

1,182

776

Stock-based compensation(a)

9,132

6,285

Transaction costs(b)

1,124

354

Impairment of assets(c)

-

2,298

Income tax expense

6,391

4,761

Adjusted EBITDA

$

61,376

$

51,107

(a) Represents non-cash, equity-based compensation expense associated with option and RSU awards.
(b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions.
(c) Represents impairments of the fair value of investment and litigation-related assets.

Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow

This press release refers to "free cash flow" which is a non-GAAP financial measure that does not have a standardized meaning prescribed by GAAP. Free cash flow is defined as net cash provided by operating activities less net capital expenditures ("Net CAPEX"). Net CAPEX is calculated as purchases of property and equipment minus proceeds from the sale of property and equipment. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.

The Company presents free cash flow as a supplemental liquidity measure. Management believes free cash flow provides investors with useful insight into the Company's ability to generate cash, fund growth initiatives, and return capital to shareholders.

The following unaudited table is a reconciliation of net cash provided by operating activities, the most directly comparable U.S. GAAP measure, to free cash flow on a historical basis for the periods indicated:

Year Ended December 31,

(in thousands)

2025

2024

Net cash provided by operating activities

$

51,916

$

39,089

Less:

Purchase of property and equipment

(39,985

)

(37,771

)

Proceeds from sale of property & equipment

16,151

10,321

Net CAPEX

(23,834

)

(27,450

)

Free cash flow

$

28,082

$

11,639

The revenues from each major source are summarized in the following table:

Year Ended December 31,

2025

% of Total Revenue

2024

% of Total Revenue

$

Change

%

Change

Net revenue from rentals

Ventilator rentals, non-invasive and invasive

$

136,749

50.6

%

$

124,577

55.6

%

$

12,172

9.8

%

Other home medical equipment rentals

58,386

21.6

%

48,651

21.7

%

9,735

20.0

%

Net revenue from sales and services

Equipment and supply sales

50,254

18.6

%

30,896

13.7

%

19,358

62.7

%

Service revenues

24,891

9.2

%

20,133

9.0

%

4,758

23.6

%

Total net revenue

$

270,280

100.0

%

$

224,257

100.0

%

$

46,023

20.5

%

SOURCE: Viemed Healthcare, Inc.

Cigna Group CEO David Cordani reflects on the resilience, innovation and commitment to customers that have sustained the company for more than two centuries and continue to shape its future.

, /PRNewswire/ -- 

Q4 Highlights:

Gross profit of $12.0 million increased 42% from 2024 on 5% lower revenue Operating profit of $7.6 million up 95% over 2024 and 12% over Q3 2025 Net loss of $3.8 million compared with net income of $7.6 million in 2024 2025 net loss includes a $6.0 million after-tax, non-cash pension settlement charge Adjusted EBITDA of $14.3 million improved 59% over 2024 and 14% over Q3 2025 FY Highlights:

Net income of $17.6 million, or $2.35/share, versus $33.7 million, or $4.55/share, in 2024 Adjusted EBITDA of $48.9 million compared with $59.4 million in 2024 2024 included $13.6 million of business interruption insurance recoveries NACCO Industries® (NYSE: NC) today announced financial results for the three months and year ended December 31, 2025. Fourth-quarter 2025 operating profit increased over the prior year, reflecting improved results across all three reportable segments, led by Utility Coal Mining. Higher unallocated expenses partly offset these improvements.

During the 2025 fourth quarter, the Company recorded a $7.8 million pension settlement charge, $6.0 million after tax, associated with the planned termination of its pension plan. This charge and a significant unfavorable tax effect, primarily due to the true-up of tax expense to the annual effective tax rate, resulted in a net loss for the quarter.

"We delivered a strong close to 2025 as our fourth-quarter operating profit built upon the improving profitability and growth we experienced in the third quarter," said J.C. Butler, NACCO President and Chief Executive Officer. "While reported earnings were impacted by the pension settlement charge, our underlying results reflect a business delivering on its potential. We enter 2026 with clear opportunities to build on this momentum as we execute our growth strategy and create long-term value for our shareholders."

Three Months Ended

($ in thousands except per share amounts)

12/31/25

12/31/24

Year/Year

$ Change

9/30/25

Sequential

$ Change

Revenues

$66,778

$70,418

$(3,640)

$76,614

$(9,836)

Gross profit

$12,028

$8,476

$3,552

$9,971

$2,057

Operating profit

$7,573

$3,883

$3,690

$6,777

$796

Net income (loss)

$(3,840)

$7,564

$(11,404)

$13,254

$(17,094)

Diluted EPS

$(0.52)

$1.02

$(1.54)

$1.78

$(2.30)

Consolidated Adjusted EBITDA*

$14,309

$8,994

$5,315

$12,530

$1,779

*Non-GAAP financial measures are defined and reconciled on pages 8 to 10.

Liquidity

At December 31, 2025, NACCO had outstanding debt of $100.9 million. Total liquidity was $124.2 million, which consisted of $49.7 million of cash and $74.5 million of availability under our revolving credit facility. For the 2025 full year, we generated cash from operations of $50.9 million compared with $22.3 million in 2024.

Detailed Discussion of 2025 Fourth Quarter Compared to 2024 Fourth Quarter

Utility Coal Mining Segment 

2025

2024

Tons of coal delivered

(in thousands)

        Unconsolidated operations

5,579

5,563

        Consolidated operations

640

570

                        Total deliveries

6,219

6,133

2025

2024

(in thousands)

Revenues

$

20,669

$

20,364

Gross profit (loss)

$

922

$

(3,876)

Earnings of unconsolidated operations

$

14,041

$

13,987

Operating expenses(1)

$

7,808

$

8,088

Operating profit

$

7,155

$

2,023

Segment Adjusted EBITDA(2)

$

9,685

$

4,235

(1) Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets.

(2) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 9.

The year–over–year operating profit and Segment Adjusted EBITDA improvement primarily reflects stronger operating performance at Mississippi Lignite Mining Company. Mississippi Lignite Mining Company produced and sold more tons during the quarter and, as a result, benefited from higher production efficiency and a lower cost per ton sold. In addition, production outpaced deliveries in the period, resulting in certain production costs being capitalized into inventory. These factors drove a meaningful improvement in results compared with the prior year, when earnings were affected by a significant inventory write down. Lower general and administrative employee-related expenses also contributed to the improvement in the segment operating profit.

Contract Mining Segment 

2025

2024

(in thousands)

Tons delivered

13,700

11,785

2025

2024

(in thousands) 

Revenues

$       32,153

$       34,871

Operating profit

$            858

$            806

Segment Adjusted EBITDA(1)

$         3,316

$         3,255

(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 9.

The year–over–year revenue decline is primarily due to lower reimbursed costs, which have a corresponding offset in cost of goods sold. Revenues, net of reimbursed costs, grew 9% over the prior year, primarily driven by higher parts sales partly offset by increased volumes of lower-priced tons.

Contract Mining continues to benefit from ongoing progress on operational and strategic initiatives designed to enhance profitability. Improved margins at the operations and higher parts sales were offset by a $1.1 million loss contingency recognized during the quarter and increased employee-related expenses, resulting in operating profit in line with the prior year.

Minerals and Royalties Segment

2025

2024

(in thousands)

Revenues

$       10,147

$         9,736

Operating profit

$         8,028

$         7,218

Segment Adjusted EBITDA(1)

$         8,919

$         8,083

(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 9.

Revenues, operating profit and Segment Adjusted EBITDA grew year over year primarily due to increased royalty revenues driven by improved natural gas pricing and increased production volumes. These benefits were partly offset by decreased oil revenues resulting from reduced oil prices and production volumes. Lower employee-related expenses and higher earnings from an equity investment also contributed to the year-over-year profit improvement.

Unallocated

2025

2024

(in thousands)

Operating loss

$       (8,398)

$       (6,197)

Segment Adjusted EBITDA(1)

$       (8,078)

$       (6,021)

(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 9.

Unallocated primarily includes public company administrative costs and the financial results of Bellaire Corporation, Mitigation Resources of North America®, ReGen Resources and other developing businesses that are not directly attributable to our reportable segments. While fourth-quarter unallocated employee-related costs decreased year over year, fewer credit sales and higher operating expenses at Mitigation Resources and an increase in outside services at other developing businesses drove the significant increase in the Unallocated operating loss.

Outlook

NACCO Industries is a growing diversified natural resources company with a unique business model strategically positioned to deliver stable and growing financial returns over the long term. Our business model is purposely built for durability and resilience with an expanding portfolio of long-term contracts, relationships and investments that leverage our proven operational expertise, disciplined capital allocation and an entrepreneurial yet patient approach. We have methodically built unique capabilities and clear competitive advantages that allow us to pursue a wide range of growth opportunities, often completely integrated into customers' operations in partnership-based relationships. We have multiple vectors for value creation, and we are steadfastly committed to delivering compounding returns and expanding investor value over the long term.

Our foundation rests on a stable base of long-term coal-mining contracts and legacy mineral and royalty assets, which generate dependable recurring cash flows. As new long-term contracts and investments are added across the Company, these new multi-year agreements create a "layering" effect as their contributions compound. This provides cash flow stability. The momentum our operations experienced in 2025, particularly in the second half, is expected to continue into 2026, with meaningful year-over-year improvements in consolidated operating profit, net income and EBITDA.

At our Utility Coal Mining segment, operated by North American Coal®, we expect an increase in operating profit compared with 2025. Improvements at Mississippi Lignite Mining Company as a result of an increase in the contractually determined per ton sales price are expected to be partly offset by lower earnings at the unconsolidated mining operations due to reduced income associated with the wind down of reclamation services at the Sabine Mining Company.

While we expect modest year-over-year improvements at Mississippi Lignite Mining Company, the customer's power plant began a maintenance outage in mid-February 2026. The power plant is expected to resume operations in mid-March. Any delay or further changes in demand, dispatch and/or reduced mechanical availability at the power plant could decrease current expectations.

The Contract Mining segment, operated by North American Mining®, serves as our primary mining growth platform. Through continued geographic and mineral expansion, we are building a growing portfolio of long-term contracts that strengthen the foundation for sustained profitability. In October 2025, we secured a multi-year dragline services contract as part of a U.S. Army Corps of Engineers construction project in Palm Beach County, Florida. We also anticipate commencing operations at a new limestone quarry in Arizona in 2026. We expect the segment to deliver a significant year-over-year increase in operating profit and Segment Adjusted EBITDA as a result of higher customer demand, earnings contributions from new contracts and continued momentum from 2025 activities.

Sawtooth Mining, a North American Mining subsidiary, provides exclusive comprehensive mining services at Thacker Pass, which is owned by a joint venture led by Lithium Americas Corp. (TSX: LAC; NYSE: LAC). Sawtooth will supply all of the lithium-bearing ore requirements for our customer's Thacker Pass lithium processing facility, which is currently under construction. This project is providing stable income during construction and is expected to contribute increased income and long-term cash flows once lithium production commences, which is targeted for late 2027.

The Minerals and Royalties segment, managed by Catapult Mineral Partners®, has constructed a high-quality, diversified portfolio of oil and gas mineral and royalty interests in the United States. The Catapult team is expanding its portfolio by leveraging a data-driven approach to capital deployment that incorporates a longer-term view of production and development. We believe this provides a competitive advantage in the U.S. market.

In July 2025, Catapult completed a $4.2 million acquisition of mineral interests within the Permian Basin. The acquisition includes a mix of producing wells, as well as additional development opportunities with existing operators in the area. This segment also has an investment in a company that holds operated and non-operated working interests in oil and natural gas assets. While these investments are expected to contribute favorably to 2026, commodity price forecasts as well as development and production assumptions are expected to result in an overall year-over-year decrease in Minerals and Royalties' operating profit and Segment Adjusted EBITDA, particularly in the second half of the year. Our forecast was developed prior to recent events in the Middle East. Any changes in commodity prices or production as a result of this conflict could alter current expectations.

Mitigation Resources of North America® provides natural resource restoration and reclamation services that include stream and wetland mitigation solutions. Mitigation Resources is successfully leveraging its strong reputation and clear competitive strengths to expand into additional mitigation, restoration and reclamation markets. Mitigation Resources is expected to deliver increasing profitability over time from the sale of mitigation credits and as reclamation and restoration services expand. This business, while currently variable in performance due to permit and project timing, is expected to generate a profit in the second half of 2026 and move toward more consistent results over time as the business expands.

We continue to invest in our businesses to drive future growth. In 2026, we anticipate total capital expenditures of up to $89 million. The majority of these expenditures relate to business development opportunities and will only be made if the projects meet our growth investment criteria. These anticipated capital investments are expected to result in a use of cash before financing greater than in 2025.

Our businesses provide critical inputs for electricity generation, construction and development, and the production of industrial minerals and chemicals. As the need for uninterrupted energy grows, industry fundamentals for natural resources are expected to continue to strengthen, reinforcing the critical need to keep existing, reliable baseload resources online. In 2026, the National Coal Council, an advisory committee to the U.S. Secretary of Energy, was re-established. This council is focused on advising the Department of Energy on reinforcing coal's strategic role in U.S. energy policy and providing actionable advice on sustaining coal plant operations and prioritizing coal to support grid reliability to support our country's economic competitiveness and national security. The re-establishment of this council and the underlying improving regulatory environment reinforce our confidence in our prospects for 2026, our overall business trajectory and longer-term growth opportunities.

Our conservative approach to maintaining a strong capital structure and operating discipline minimizes risk, while the compounding effect of a growing portfolio of long-term contracts and deliberate growth investments create a robust foundation for cash flow growth. With a perspective that spans decades, we are methodically building a strong, stable business that is expected to deliver annuity-like returns. This long-term view allows us to leverage our core skills for strategic, measured expansion and pursue opportunities with longer-term horizons and higher returns. We pursue opportunities that other companies with shorter time horizons might overlook. Our commitment is to generate increasing cash flows and return value to stockholders, whether through reinvestment for growth or direct returns such as share repurchases and payment of dividends. We remain confident in our ability to drive growth, expand our capabilities and reward shareholders over the long run.

****

Conference Call

In conjunction with this news release, the management of NACCO Industries will host a conference call on Thursday, March 5, 2026 at 8:30 a.m. Eastern Time. The call may be accessed by dialing (888) 880-3330 (North America Toll Free) or (646) 357-8766 (International), Conference ID: 5565879, or over the Internet through NACCO Industries' website at ir.nacco.com/home. For those not planning to ask a question of management, the Company recommends listening to the call via the online webcast. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. A replay of the call will be available shortly after the call ends through March 12, 2026. An archive of the webcast will also be available on the Company's website approximately two hours after the live call ends.

Annual Report on Form 10-K

NACCO Industries, Inc.'s Annual Report on Form 10-K has been filed with the Securities and Exchange Commission. This document may be obtained by directing such requests to NACCO Industries, Inc., 22901 Millcreek Blvd., Suite 600, Cleveland, Ohio 44122, Attention: Investor Relations, by calling (440) 229-5130, or from NACCO Industries, Inc.'s website at nacco.com.

Non-GAAP and Other Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (GAAP). Consolidated Adjusted EBITDA and Segment Adjusted EBITDA are provided solely as supplemental non-GAAP disclosures of operating results. Management believes that Consolidated Adjusted EBITDA and Segment Adjusted EBITDA assist investors in understanding the results of operations of NACCO Industries. In addition, management evaluates results using these non-GAAP measures.

Forward-looking Statements Disclaimer

The statements contained in this news release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) a significant reduction in demand by the Company's customers, (2) weather conditions, extended power plant outages, liquidity events or other events that would change the level of customers' coal or aggregates requirements, (3) changes to or termination of customer or other third-party contracts, or a customer or other third party default under a contract, (4) changes in the prices of hydrocarbons, particularly diesel fuel, natural gas, natural gas liquids and oil as a result of factors such as OPEC and/or government actions, geopolitical developments, economic conditions and regulatory changes, vehicle electrification, as well as supply and demand dynamics, (5) changes in development plans by third-party lessees of the Company's mineral interests, (6) failure or delays by the Company's lessees in achieving expected production of natural gas and other hydrocarbons; the availability and cost of transportation and processing services in the areas where the Company's oil and gas reserves are located; and the ability of lessees to obtain capital or financing needed for well-development operations and leasing and development of oil and gas reserves on federal lands, (7) any customer's premature facility closure or extended project development delay, (8) federal and state legislative and regulatory actions affecting fossil fuels, (9) supply chain disruptions, including price increases and shortages of parts and materials, inclusive of tariff effects, (10) failure to obtain adequate insurance coverages at reasonable rates, (11) changes in tax laws or regulatory requirements, including the elimination of, or reduction in, the percentage depletion tax deduction, changes in mining or power plant emission regulations and health, safety or environmental legislation, (12) impairment charges, (13) changes in costs related to geological and geotechnical conditions, repairs and maintenance, new equipment and replacement parts, fuel or other similar items, (14) equipment problems that could affect deliveries to customers, (15) changes in the costs to reclaim mining areas, (16) costs to pursue and develop new mining, mitigation, oil and gas and power generation development opportunities and other value-added service opportunities, (17) the ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives, (18) disruptions from natural or human causes, including severe weather, accidents, fires, earthquakes and terrorist acts, any of which could result in suspension of operations or harm to people or the environment, and (19) the ability to attract, retain, and replace workforce and administrative employees.

About NACCO Industries

NACCO Industries® brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through its robust portfolio of NACCO Natural Resources businesses. Learn more about our companies at nacco.com, or get investor information at ir.nacco.com.

*****

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

Three Months Ended December 31

Year Ended December 31

2025

2024

2025

2024

(In thousands, except per share data)

Revenues

$              66,778

$              70,418

$            277,198

$            237,708

Cost of sales

54,750

61,942

238,725

207,952

Gross profit

12,028

8,476

38,473

29,756

Earnings of unconsolidated operations

16,205

15,422

61,823

57,476

Business interruption insurance recoveries

—

—

—

13,612

Operating expenses

Selling, general and administrative expenses

20,661

20,094

77,851

69,754

Amortization of intangible assets

176

158

750

531

Gain on sale of assets

(177)

(237)

(286)

(5,146)

20,660

20,015

78,315

65,139

Operating profit

7,573

3,883

21,981

35,705

Other expense (income)

Interest expense

949

1,758

5,754

5,566

Interest income

(709)

(1,179)

(3,052)

(4,428)

Closed mine obligations

(997)

992

457

2,381

Loss (gain) on equity securities

489

(586)

726

(1,805)

Gain on settlement of excess funding liability

—

—

(3,590)

—

Pension settlement charge

7,804

—

7,804

—

Other, net

(29)

185

738

345

7,507

1,170

8,837

2,059

Income before income tax expense (benefit)

66

2,713

13,144

33,646

Income tax expense (benefit)

3,906

(4,851)

(4,430)

(95)

Net income (loss)

$               (3,840)

$                 7,564

$               17,574

$               33,741

Earnings (loss) per share:

Basic earnings (loss) per share

$                 (0.52)

$                   1.04

$                   2.37

$                   4.58

Diluted earnings (loss) per share

$                 (0.52)

$                   1.02

$                   2.35

$                   4.55

Basic weighted average shares outstanding

7,452

7,297

7,423

7,363

Diluted weighted average shares outstanding

7,452

7,422

7,481

7,411

CONSOLIDATED ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

Three Months Ended

Year Ended

12/31/2025

12/31/2024

9/30/25

12/31/2025

12/31/2024

(in thousands)

Net income (loss)

$            (3,840)

$              7,564

$           13,254

$           17,574

$           33,741

Pension settlement charge

7,804

—

—

7,804

—

Income tax expense (benefit)

3,906

(4,851)

(7,297)

(4,430)

(95)

Interest expense

949

1,758

1,087

5,754

5,566

Interest income

(709)

(1,179)

(708)

(3,052)

(4,428)

Depreciation, depletion and amortization expense

6,199

5,702

6,194

25,277

24,652

Consolidated Adjusted EBITDA*

$           14,309

$              8,994

$           12,530

$           48,927

$           59,436

*Consolidated Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Consolidated Adjusted EBITDA as net income (loss) before pension settlement charge, income taxes, net interest expense and depreciation, depletion and amortization expense. Consolidated Adjusted EBITDA is not a measure under U.S. GAAP and is not necessarily comparable to similarly titled measures of other companies.

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

FINANCIAL SEGMENT HIGHLIGHTS AND SEGMENT ADJUSTED EBITDA RECONCILIATIONS (UNAUDITED)

Three Months Ended December 31, 2025

Utility Coal
Mining

Contract
Mining

Minerals and
Royalties

Unallocated
Items

Eliminations

Total

(In thousands)

Revenues

$        20,669

$        32,153

$         10,147

$          5,499

$       (1,690)

$        66,778

Cost of sales

19,747

30,444

1,315

4,864

(1,620)

54,750

Gross profit (loss)

922

1,709

8,832

635

(70)

12,028

Earnings of unconsolidated operations

14,041

1,514

655

(5)

—

16,205

Gain on sale of assets

—

(160)

(17)

—

—

(177)

Operating expenses*

7,808

2,525

1,476

9,028

—

20,837

Operating profit (loss)

$          7,155

$              858

$           8,028

$        (8,398)

$            (70)

$          7,573

Segment Adjusted EBITDA**

Operating profit (loss)

$          7,155

$              858

$           8,028

$        (8,398)

$            (70)

$          7,573

Depreciation, depletion and amortization

2,530

2,458

891

320

—

6,199

Segment Adjusted EBITDA**

$          9,685

$           3,316

$           8,919

$        (8,078)

$            (70)

$        13,772

Three Months Ended December 31, 2024

Utility Coal
Mining

Contract
Mining

Minerals and
Royalties

Unallocated
Items

Eliminations

Total

(In thousands)

Revenues

$        20,364

$        34,871

$           9,736

$          6,134

$          (687)

$        70,418

Cost of sales

24,240

33,517

1,083

3,822

(720)

61,942

Gross profit (loss)

(3,876)

1,354

8,653

2,312

33

8,476

Earnings of unconsolidated operations

13,987

1,075

361

(1)

—

15,422

(Gain) loss on sale of assets

(198)

(46)

—

7

—

(237)

Operating expenses*

8,286

1,669

1,796

8,501

—

20,252

Operating profit (loss)

$          2,023

$              806

$           7,218

$        (6,197)

$              33

$          3,883

Segment Adjusted EBITDA**

Operating profit (loss)

$          2,023

$              806

$           7,218

$        (6,197)

$              33

$          3,883

Depreciation, depletion and amortization

2,212

2,449

865

176

—

5,702

Segment Adjusted EBITDA**

$          4,235

$           3,255

$           8,083

$        (6,021)

$              33

$          9,585

*Operating expenses consist of Selling, general and administrative expenses and Amortization of intangible assets.

**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies.

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

FINANCIAL SEGMENT HIGHLIGHTS AND SEGMENT ADJUSTED EBITDA RECONCILIATIONS

Year Ended December 31, 2025

Utility Coal
Mining

Contract
Mining

Minerals and
Royalties

Unallocated
Items

Eliminations

Total

(In thousands)

Revenues

$        88,188

$      140,013

$         37,630

$        15,080

$       (3,713)

$      277,198

Cost of sales

94,155

129,876

5,666

12,654

(3,626)

238,725

Gross profit (loss)

(5,967)

10,137

31,964

2,426

(87)

38,473

Earnings of unconsolidated operations

54,471

4,789

2,571

(8)

—

61,823

Gain on sale of assets

(103)

(162)

(17)

(4)

—

(286)

Operating expenses*

31,452

9,321

5,444

32,384

—

78,601

Operating profit (loss)

$        17,155

$          5,767

$         29,108

$      (29,962)

$            (87)

$        21,981

Segment Adjusted EBITDA**

Operating profit (loss)

$        17,155

$          5,767

$         29,108

$      (29,962)

$            (87)

$        21,981

Depreciation, depletion and amortization

8,815

10,854

4,579

1,029

—

25,277

Segment Adjusted EBITDA**

$        25,970

$        16,621

$         33,687

$      (28,933)

$            (87)

$        47,258

Year Ended December 31, 2024

Utility Coal
Mining

Contract
Mining

Minerals and
Royalties

Unallocated
Items

Eliminations

Total

(In thousands)

Revenues

$        68,611

$      119,600

$         34,579

$        17,707

$       (2,789)

$      237,708

Cost of sales

79,375

110,821

5,234

15,323

(2,801)

207,952

Gross profit (loss)

(10,764)

8,779

29,345

2,384

12

29,756

Earnings of unconsolidated operations

51,821

5,010

647

(2)

—

57,476

Business interruption insurance recoveries

13,612

—

—

—

—

13,612

Gain on sale of assets

(285)

(348)

(4,512)

(1)

—

(5,146)

Operating expenses*

30,643

8,365

5,577

25,700

—

70,285

Operating profit (loss)

$        24,311

$          5,772

$         28,927

$      (23,317)

$              12

$        35,705

Segment Adjusted EBITDA**

Operating profit (loss)

$        24,311

$          5,772

$         28,927

$      (23,317)

$              12

$        35,705

Depreciation, depletion and amortization

9,476

9,811

4,273

1,092

—

24,652

Segment Adjusted EBITDA**

$        33,787

$        15,583

$         33,200

$      (22,225)

$              12

$        60,357

*Operating expenses consist of Selling, general and administrative expenses and Amortization of intangible assets.

**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies.

SOURCE NACCO Industries

Toronto, Ontario--(Newsfile Corp. - March 4, 2026) - Matt Filgate, President and Chief Executive Officer, GreenLight Metals Inc. ("GreenLight Metals" or the "Company") (TSXV: GRL) and his executive team, joined Andrew Creech, President, TSX Venture Exchange ("TSXV"), to close the market and celebrate the Company's new listing on TSX Venture Exchange.

Cannot view this video? Visit:
https://www.youtube.com/watch?v=4YnakVI59gI

GreenLight Metals is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean Volcanic Belt (one of North America's most prospective VMS districts) and the Kalium Canyon epithermal gold project in Nevada's Walker Lane. In Wisconsin, their portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulfide targets. Guided by a team with deep roots in the state, they are building a modern minerals company for Wisconsin, by Wisconsin, and are committed to responsible exploration, transparent engagement, and creating durable local opportunities as we help supply the critical metals that power the energy transition.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286280

Source: Toronto Stock Exchange

Target Corporation is fresh off their Q4 earnings release, and the results were largely more of the same with regards to the top line. The outlook ahead appears promising, with new CEO, Michael Fiddelke, ready to initiate a +$6B turnaround plan. The plan includes stepped up investments in its stores and workers.

FREMONT, Calif.--(BUSINESS WIRE)---- $PENG #AI--Penguin Solutions announced the grant of inducement equity awards to SVP & Chief Product Officer Ian Colle for his employment starting March 2, 2026.

Q4: 2026-03-02 Earnings SummaryEPS of $1.65 beats by $0.18

 |

Revenue of

$695.07M

(26.75% Y/Y)

beats by $25.71M

MongoDB, Inc. (MDB) Morgan Stanley Technology, Media & Telecom Conference 2026 March 4, 2026 11:30 AM EST

Company Participants

Michael Berry - Chief Financial Officer
Chirantan Desai - President, CEO & Director

Conference Call Participants

Sanjit Singh - Morgan Stanley, Research Division

Presentation

Sanjit Singh
Morgan Stanley, Research Division

All right. Good morning. I'm Sanjit Singh. I cover the infrastructure software space on the Morgan Stanley research team. We are super thrilled to have the management team from MongoDB, CEO, CJ Desai; and Chief Financial Officer, Mike Berry. CJ, Mike, thank you for joining us. You guys reported earnings this week. So thank you for coming down and joining us at the TMT conference.

Michael Berry
Chief Financial Officer

Thanks for having us.

Chirantan Desai
President, CEO & Director

Thank you.

Question-and-Answer Session

Sanjit Singh
Morgan Stanley, Research Division

So before we get into the conversation, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. Today is like a special day, like a great lineup, and I think you guys have a great story. And so I want to dive in and tackle the debates on the story around AI. We'll talk about the quarter. So a lot to get through. But maybe to start off, CJ, investors are sort of getting back to basics in terms of thinking about these software companies, what's the value they create for their customers. So maybe you can walk us through that. What problems does MongoDB solve for customers today? And how will MongoDB create value for customers going forward?

Chirantan Desai
President, CEO & Director

Sanjit, I have been in the software industry for a long time. And one of the things that I would say is I constantly speak to customers on this question, why are you using us? If you're not using

Q4: 2026-03-03 Earnings SummaryEPS of -$2.06 misses by $0.83

 |

Revenue of

$923.20M

(-13.52% Y/Y)

beats by $6.77M

Hyster-Yale, Inc. (HY) Q4 2025 Earnings Call March 4, 2026 11:00 AM EST

Company Participants

Andrea Sejba
Rajiv Prasad - President, CEO, Interim Principal Financial Officer & Director
Alfred Rankin - Executive Chairman

Conference Call Participants

Alfred Moore - ROTH Capital Partners, LLC, Research Division
Edward Jackson - Northland Capital Markets, Research Division
Kirk Ludtke - Imperial Capital, LLC, Research Division

Presentation

Operator

Good day, and welcome to the Hyster-Yale Inc. Fourth Quarter and Full Year 2025 Earnings Call [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Ms. Andrea Sejba. Please go ahead, ma'am.

Andrea Sejba

Good morning, and thank you for joining us for Hyster-Yale's Fourth Quarter and Full Year 2025 Earnings Call. I am Andrea Sejba, Director of Investor Relations and Treasury. Joining me today are Al Rankin, Executive Chairman; and Rajiv Prasad, President and Chief Executive Officer. Yesterday, we filed our fourth quarter 2025 earnings release, which provides a comprehensive overview of our financial results and performance.

The discussion in this script serves as a supplement to the earnings release, offering additional insights and context for our results. You can find the release and a replay of this webcast on the Hyster-Yale website. The replay will remain available for approximately 12 months. Today's call contains forward-looking statements subject to risks that could cause actual results to differ from those expressed or implied. These risks are outlined in our earnings release and SEC filings.

We will be discussing adjusted results, which we believe are useful supplements to GAAP financial measures. Reconciliations of adjusted results to the most directly comparable GAAP measures are available in our earnings release and investor presentation. First, I will start with a brief overview of our fourth quarter and full year results before turning the call over to

Fears of slowing growth and AI disruption sent Gitlab NASDAQ: GTLB shares to long-term lows in early March, and the sell-off, overdone to begin with, has reached ultra-deep value levels, presenting an irresistible opportunity.

GitLab Today

$25.05 -1.65 (-6.18%)

As of 04:00 PM Eastern

52-Week Range$23.10▼

$64.42Price Target$40.19

While AI-related fears are affecting the near-term outlook, the company continues to grow and is well-positioned for the AI inference era. Its platform, along with newer products, embeds AI functionality throughout the software lifecycle, enabling efficiency and superior outcomes at every step while ensuring security, compliance, and governance standards are maintained. 

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Proof of its position and the strength of its outlook lies in its cash flow and balance sheet, which enabled the authorization of a share buyback. The company is cash flow positive despite aggressive investment, has a solid outlook for improvement, and plans to spend up to $400 million buying back shares.

This is worth approximately 10% of the post-release market cap, strengthening its already solid support base. Investors can expect GitLab to buy shares on price pullbacks, such as the one in early March, when GitLab shares hit record-low levels.

The balance sheet highlights a strong and strengthening capital position and improving shareholder value. Current assets were up across all categories at year’s end, with cash and equivalents well-above liability levels. The company has no long-term debt, has total liabilities less than its equity, and equity increased by 27% for the year. 

Valuation, Institutions, and Analysts Point to GTLB’s Robust Upside Potential  Gitlab’s shares could double from their March lows strictly on the strength of its earnings estimates. The forecasts imply a high-teens to low-20% compound annual growth rate (CAGR) through the middle of the next decade, putting the stock near 10x its 2035 consensus. In one scenario, it could rise by at least 100% to align with broad market averages, or by 200% or more to align with established blue-chip tech companies. 

GitLab Stock Forecast Today12-Month Stock Price Forecast:
$40.19
60.45% Upside

Hold
Based on 29 Analyst Ratings

Current Price$25.05High Forecast$67.00Average Forecast$40.19Low Forecast$25.00GitLab Stock Forecast Details

Proof of Gitlab’s value lies in its institutional and analyst trends. The institutions, including public and private capital, own approximately 95% of the stock and have been aggressively buying it up.

MarketBeat data reveal that they have been buying on balance for 13 consecutive quarters, with activity ramping in 2025 and again in early 2026.

This is a solid support base, likely to continue the trend in 2026, functioning a tailwind for stock prices once the rebound gains traction. 

Analysts responded bearishly to GitLab’s fiscal Q4 2026 earnings report, but that was relative to a high bar. MarketBeat tracked half a dozen revisions with the first 12 hours of the release, including one downgrade, five price target reductions, and one affirmation, but the impact on sentiment trends was minimal.

The six ratings suggest a stronger rating than the broad Moderate Buy consensus, and the price targets, while falling at the low end of the range, average to just below the broad consensus, which suggests a 65% upside is possible. 

Gitlab Offers Mixed Guidance After Strong Report Gitlab has a solid fiscal year 2026 (FY2026) and Q4. The company reported $260.4 million in net revenue, up more than 23.2% year-over-year and 320 basis points better than the consensus. Strength was driven by large clients, with an 8% gain across the board, led by an 18% and 26% increase in large and mega-sized businesses. Net retention rate (NRR), a measure of penetration, was also strong at 118%, as was the forward-looking remaining performance obligation (RPO). It increased by 24% on a current basis and 20% overall, suggesting strong growth will continue in the upcoming quarters.

Margin news was also bullish. The company’s gross margin narrowed by 200 bps, but this was offset by improvements in operations quality. Adjusted operating margin improved by 300 basis points to drive an accelerated 42.8% growth in operating income. The only bad news was that spending increases cut into profits, leaving the adjusted EPS and free cash flow down on a year-over-year (YOY) basis. That said, the adjusted earnings of 30 cents were 7 cents above forecasts, providing no reason to sell the stock. 

Guidance, although mixed relative to consensus, was solid; the revenue forecast slightly missed expectations, and earnings were forecast to be strong. The company expects more than 17% revenue growth this year and wider margins, with the adjusted EPS target 250 bps above consensus and guidance likely to be cautious. The company revealed five initiatives to drive growth, including expanding the go-to-market presence, accelerating client acquisition, optimizing pricing/packaging, and executing its AI strategy.

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TLDR Table of Contents

TLDRBackpack and Superstate Plan Onchain IPO AccessTokenized Roadshow Model and Expansion PlansGet 3 Free Stock Ebooks Backpack partnered with Superstate to offer onchain IPO share allocations to its users. The platform will allow users to access official IPO shares before public trading begins. Superstate will issue legal shares as native tokens on Solana through its Opening Bell platform. The tokenized shares will represent real ownership recorded on an official shareholder registry. Backpack launched a waitlist to give early registrants priority access to upcoming IPO allocations. Backpack confirmed plans to offer onchain IPO share allocations through a new partnership with Superstate. The company will allow users to access official IPO shares directly on Solana before public trading begins. CEO Armani Ferrante said the initiative will expand Backpack’s utility and open a new distribution channel for issuers.

Backpack and Superstate Plan Onchain IPO Access Backpack will work with Superstate to distribute IPO allocations directly to its platform users. The companies will use Superstate’s Opening Bell infrastructure to issue legal shares as native tokens on Solana. Ferrante said Backpack aims to “become a stop on the roadshow” for companies preparing to list.

introducing the next Backpack token utility, we'll be building out this year. IPOs, on chain, directly on Backpack.

Normally when companies go public, the founders and executives go on a roadshow, sharing their story and garnering interest from Wall Street institutional buyers… https://t.co/pDU1OymEBl

— Armani Ferrante (@armaniferrante) March 4, 2026

Superstate operates an SEC-registered transfer agent that records tokenized shares on an official shareholder registry. The firms stated that the tokenized asset will represent the actual legal share, not a derivative. As a result, holders will receive direct ownership recorded onchain while maintaining stockholder rights.

Backpack opened a waitlist for users seeking early access to upcoming IPO allocations. The company said early registrants will receive priority once offerings launch. Ferrante added that user quality and activity will influence issuer interest in allocating shares.

He said the more active the community becomes, the more viable the venue appears to issuers. Therefore, Backpack will use the waitlist as a demand signal during issuer discussions. The company will pair tokenized equity issuance with traditional IPO processes.

Tokenized Roadshow Model and Expansion Plans Ferrante described the roadshow as the phase where founders present to institutions before listing. Through the new structure, companies can allocate shares directly to Backpack users during this stage. Superstate’s system will handle issuance and registry management on Solana and Ethereum.

Opening Bell will tokenize shares natively and maintain official ownership records. Consequently, the onchain token will function as the registered share itself. The infrastructure will preserve shareholder rights while enabling programmable settlement.

Backpack stated that it seeks to embed itself earlier in capital formation rather than focus only on secondary trading. Exchanges such as Binance and Coinbase have explored tokenized equities to compete with brokerage platforms. Trading apps like Robinhood also compete for retail equity participation.

Backpack was founded by former FTX employees and continues to expand its exchange services. In 2024, the company raised $17 million in Series A funding led by Placeholder VC. Other backers included Robot Ventures, which is associated with Superstate founder Robert Leshner.

Axios reported that Backpack is in talks to raise $50 million at a $1 billion pre-money valuation. Ferrante also said the company plans to launch an exchange token without “dumping on retail.” He stated that pre-IPO access and a post-IPO treasury allocation will define its value structure.

How Hyperliquid’s TradFi Edge Could Lift HYPE Price 90% — New All-Time High Coming? Prefer us on Google

HYPE price is up 31% since Feb 24 while BTC, ETH, and SOL remain in the red over 30 daysSmart money holds $8.5M in HYPE longs vs just $70K in shorts, per Nansen AI data. TradFi-driven burns outpace emissions 2:1 as Fibonacci levels target $62 for a new ATHHyperliquid (HYPE) price has risen almost 31% since Feb. 24, then gave up some of its gains. At press time, the token traded near $32, up roughly 4.5% on the day and approximately 20% over the past seven days. Over the past 30 days, the HYPE price has remained in positive territory, up around 5%, while most top cryptocurrencies, including Bitcoin, Ethereum, BNB, XRP, and Solana, have posted losses over the same period.

The rally ties into a structural shift: Hyperliquid is becoming the go-to venue for trading traditional financial assets like oil, gold, and stocks around the clock, and every one of those trades feeds directly into the token’s deflationary burn engine. Meanwhile, smart money wallets are overwhelmingly long on HYPE itself, even as retail positions lean short.

Hyperliquid Removes TradFi’s Biggest BottleneckTraditional financial markets close on weekends and after hours. Hyperliquid does not. Traders can trade oil, gold, silver, and even stocks like NVIDIA on Hyperliquid using perpetual futures: 24 hours a day, 7 days a week, with sizeable leverage. That edge became impossible to ignore during the March 1–2 weekend.

Oil Perps: HyperliquidPlatform volume jumped to over $6.4 billion on Sunday alone.

When the US struck Iran, commodity markets were shut.

Gold traders had nowhere to go. Oil traders had nowhere to go.

Hyperliquid did $6.4 billion in volume on a Sunday.

Decentralized finance doesn't close for war.

That used to be a talking point. Now it's proven… pic.twitter.com/egeNdKcpKA

— The DeFi Doctor (@the_defidoctor) March 3, 2026 Oil perpetuals on Hyperliquid reportedly surged nearly 20%. Open interest for commodities-focused derivatives allegedly reached an all-time high above $1.1 billion.

tradfi is closed. bombs are dropping. oil is about to gap up. gold just hit $5,300and Hyperliquid just did $4.4B in weekend volume on HIP-3 markets this month alone

OI broke $1.1B overnight. new all-time high. previous record was $1.06B from two weeks ago

silver perps. gold…

— Kenshin.hl (@ogBattosai) March 3, 2026 This was not a one-off spike.

According to Delphi Digital, tokenized TradFi assets hit 31.6% of all Hyperliquid trading volume in late January — up from under 5% just a month earlier. Metals, equity indices, and individual stocks possibly drove the rotation.

In Late January, tokenized TradFi hit 31.6% of all Hyperliquid volume.

A month earlier it sat under 5%.

Since late December, TradFi's 7-day average share climbed from 4.5% to over 20%.

Hyperliquid recorded $261.8 billion in total volume over the period with a growing slice… pic.twitter.com/mEvEdq8xFy

— Delphi Digital (@Delphi_Digital) February 20, 2026 On-chain data from Lookonchain showed one whale depositing $7.35 million in USDC into Hyperliquid to long NVDA and SNDK stocks; holding over $11.94 million in NVDA and $2 million in SNDK with additional limit orders worth $4.53 million pending. This happened right before NVIDIA announced the Q4 results.

Integrations have further accelerated this adoption.

Ripple Prime, launched in early February, gives institutions access to Hyperliquid on-chain perpetuals through a traditional prime brokerage wrapper.

Spot on! Ripple Prime integrating Hyperliquid is a game-changer for bridging TradFi and DeFi—finally giving institutions seamless access to crypto derivatives without the usual headaches. This could skyrocket XRPL’s role in global finance. How do you see this impacting XRP’s…

— BIZ (@Biz3215) February 9, 2026 Trojan (formerly Unibot) integrated non-custodial bot trading of real TradFi assets, including TSLA, AMZN, GOOGL, gold, and silver, directly on Hyperliquid’s orderbook.

And on Feb. 24, CoinShares launched a physically backed HYPE staking ETP (ticker: LIQD) on the Xetra exchange — the first regulated product giving traditional finance investors direct exposure to HYPE with staking yield. So the TradFi to crypto link now seems to be working both ways.

🚨 BIG NEWS: CoinShares just launched the **CoinShares Physical Hyperliquid Staking ETP**!
100% physically backed exposure to $HYPE (Hyperliquid's native token)
🔹 0% management fee
🔹 0.5% annual staking yield
🔹 Listed on Xetra (ticker: LIQD)

Institutional-grade… pic.twitter.com/kfHtTn9KoF

— JOVY (@Jovy_246) February 24, 2026 The volume surge, mentioned earlier, matters for HYPE price because of a direct mechanical link — and that is where the burn flywheel comes in.

Every Oil, Gold, and Stock Trade on Burns Tokens PermanentlyApproximately 97% of all core trading fees on Hyperliquid flow into the Assistance Fund: a system address that automatically buys HYPE on the open market and permanently burns the purchased tokens.

HyperEVM gas fees are also burned. This is not a governance vote or a manual marketing event. It is code-enforced, on-chain, and happens with every single trade; whether that trade is a Bitcoin perpetual, an oil future during a geopolitical crisis, or a leveraged NVIDIA position from a whale wallet.

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

100% agree — not retarded, just math. 97% of fees straight to $HYPE buybacks via Assistance Fund + HIP-3 permissionless perps launching more markets = insane revenue flywheel. Sitting at ~$33 with $1B+ annualized rev feels criminal. 🚀

— HyperliquidLab (@Hyperliquid_Lab) March 3, 2026 Recent on-chain data showed the platform generated $2.74 million in 24-hour fees, $16.96 million over seven days, and approximately $9.22 million worth of HYPE burned last week — up over 20% week-over-week.

HYPE Fee Generated: DeFillamaOn the supply side, only about 26,790 HYPE are minted daily as staking rewards. Recent daily burn figures have exceeded 48,000 HYPE, resulting in a net removal of over 17,000 tokens per day. Burns are currently running 1.8 to 2.3 times faster than emissions.

$HYPE deflation looks like this:

> 48,978 burned in 1 day
> 26,790 given to stakers and validators
> total: -22,188 out of circulation forever

and that's just from buybacks

Each new HIP-3 Provider adds another 500,000 to the lockup

The more activity, the less supply. The… https://t.co/09zKH5Ya7N pic.twitter.com/RYHMMQLID8

— vanvster (@vanvster) March 2, 2026 That makes HYPE structurally net deflationary at current volume levels, even after accounting for the scheduled March 6 unlock of roughly 9.92 million HYPE for core contributors.

Hyperliquid Unlocks: TokenomistThe flywheel is straightforward. More traders using Hyperliquid to trade oil, gold, stocks, and commodities around the clock generate higher fees. Higher fees mean more HYPE bought from the market and burned. More burning means a shrinking supply. And shrinking supply, combined with rising demand, creates price support, which is exactly what smart money appears to be positioning for.

Smart Money Goes All In While Retail Bets AgainstOn-chain positioning data on HYPE itself reveals a sharp divide between smart money and retail.

According to Nansen AI, overall sentiment on HYPE among tracked smart money wallets reads “strongly bullish.”

Nansen AI About HYPE: NansenNamed participants include Arrington XRP Capital with a $286,000 long entered near $31. Another one is Selini Capital with roughly $500,000 in combined longs across multiple wallets. Plus, there are several tracked smart Hyperliquid perps traders with entries ranging from $25 to $31 — all sitting on unrealized profits at press time.

Looking at the past week leaderboard for Smart Money funds on Hyperliquid perps

Manifold Trading led with $585K in PnL

But zoom out over 30D, things change.

Galaxy Digital crushed it with $31.99M

Selini Capital continued to dominate both views, with 9+ wallets across 30D and… pic.twitter.com/7YR2KfH2Vb

— Nansen 🧭 (@nansen_ai) February 13, 2026 Retail, however, is positioned in the opposite direction, especially in the broader timeframe. The Bybit HYPE/USDT 30-day liquidation map shows cumulative short liquidation leverage at approximately $33 million compared to roughly $23 million on the long side.

HYPE Liquidation Map: CoinglassShort leverage clusters build significantly above the $34 range, creating potential fuel for a short squeeze if the Hyperliquid price pushes through that zone.

The Smart Money Index, which tracks the positioning of informed traders, on the technical chart, adds further confirmation for what the Nansen AI highlighted. It crossed above the signal line around Feb. 28, coinciding with the price acceleration. During the late January rally, this same indicator turned down right as sellers rejected HYPE at $43. This time, the indicator is pointing up again, though it still needs to clear the nearest horizontal resistance to confirm stronger momentum.

HYPE Price Structure: TradingViewThe divide is clear: smart money is accumulating HYPE while retail leans short. That setup, combined with the liquidation clusters above the price, has historically preceded sharp upward moves in crypto markets. And the technical levels above map out exactly where the next legs could go.

HYPE Price Targets $62 for a New All-Time HighThe Hyperliquid price rally gained further technical significance when HYPE crossed and reclaimed the 20-day exponential moving average (EMA), a trend-following indicator. The last time this reclaim happened was in late January. HYPE subsequently rallied approximately 81% to $43 before sellers forced a correction.

Despite the current move measuring 31% from the swing low, HYPE is only about 15% above the 20-day EMA level itself. In the January instance, the token had moved much further above its EMA at the equivalent stage before accelerating into the full 81% rally. This suggests the current move may still be in its early stages if the pattern repeats.

Technical extension levels show that the immediate resistance sits near $34. It is also the zone where short liquidation leverage begins stacking heavily, making it the first real test. A break above $34 could trigger cascading short liquidations that accelerate the move.

The $39 represents one of the higher levels, followed by $43. Beyond $43, the technical extension reaches $48 and $62, which would represent a new all-time high, surpassing the September 2025 peak of over $59. From the current price near $32, that represents roughly 90% upside.

HYPE Price Analysis: TradingViewOn the downside, losing $30 would weaken the bullish structure. A drop below $25 would invalidate the setup entirely, regardless of how strong the TradFi burn flywheel remains.

Disclaimer

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TL;DR:

SharpLink earned $28.1M in staking rewards (14,516 ETH) after staking almost 100% of its treasury, but shows ~$1.39B unrealized losses. Bitmine reports 4.47M ETH (3.71% supply) and stakes 68% for ~$172M annual revenue; SharpLink holds ~864,840 ETH and targets a $3,588 cost basis. ETH hovered near $1,981 as ETFs saw $10.8M outflows; SharpLink sold 10,975 ETH ($33.54M) OTC in Nov 2025, signaling flexibility amid weaker crypto-linked stocks. SharpLink is drawing attention with a staking-heavy Ethereum treasury that is generating real yield while bleeding on paper. The firm reported about $28.1 million in staking rewards, equal to 14,516 ETH, after staking almost 100% of its ETH holdings. Yet CoinGecko data shows roughly $1.39 billion in unrealized losses as ether slid below $2,000. That contradiction is the story: staking revenue is rising even as mark-to-market losses deepen, forcing investors to separate operating momentum from price exposure. SharpLink controls about 0.717% of total ETH supply and compounds daily at current prices.

Staking Yield Meets Balance-Sheet Drawdown CoinGlass-style scoreboard comparisons are sharpening the narrative, and Bitmine Immersion Technologies is the clearest benchmark. Bitmine said its treasury reached 4.47 million ETH, about 3.71% of circulating supply, nearly four times SharpLink’s roughly 864,840 ETH. The firms are not running the same playbook. Bitmine is pursuing scale and market influence, and it stakes about 68% of its stash, roughly 3 million ETH, for an estimated $172 million in annual staking revenue. SharpLink is different: it is staking nearly everything to grind down a $3,588 average cost basis. That makes yield a balance-sheet lever, not optional.

The broader tape is not confirming the treasury enthusiasm. SharpLink’s stock (SBET) fell 1.76% to $7.26 and Bitmine’s (BMNR) dropped 4.16% to $19.57, while ether traded around $1,981, down 0.73% over 24 hours. ETF flows also flashed caution, with Ethereum ETFs recording $10.8 million in outflows on March 3. Put together, public-market buyers are hesitating near $2,000 even as corporate treasuries keep accumulating. That divergence matters for governance teams because funding costs, liquidity, and sentiment can decouple quickly. If ETH stays range-bound, staking income can soften drawdowns, but it cannot offset prolonged price weakness indefinitely.

SharpLink’s own chain history adds nuance. Onchain Lens reported that in November 2025 the company sold 10,975 ETH worth about $33.54 million via an OTC transaction with Galaxy Digital. That sale suggests the staking narrative is not a one-way lockup when pressure rises from losses and a high purchase price. Management is effectively running a treasury flywheel: stake to earn, and adjust exposure when needed. The report’s conclusion is blunt: the strategy works only if ETH recovers enough to outpace the loss overhang. Until then, rewards buy time, not certainty, and keep stakeholders aligned internally.