Market Signal Briefing

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

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

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.

TLDR: Alchemy Pay now holds Money Transmitter Licenses in 15 U.S. states after securing Delaware approval. The Delaware MTL authorizes Alchemy Pay to offer regulated money transmission services in the state. Alchemy Pay plans to launch a stablecoin and develop Alchemy Chain, backed by its growing MTL network. Beyond the U.S., Alchemy Pay holds regulatory approvals in Australia, South Korea, Switzerland, and Hong Kong.  Alchemy Pay has received a Money Transmitter License in Delaware, marking another regulatory step in the United States.

The fiat-crypto payment company now holds such licenses in 15 states nationwide. Delaware law requires entities transmitting money to be licensed under the state bank commissioner’s office.

This approval supports Alchemy Pay’s broader goal of building a compliant payment infrastructure across the country, including future plans for a stablecoin and a dedicated blockchain network.

Expanding Regulated Operations Across U.S. States Under Delaware law, transmitting money through checks, drafts, or monetary instruments is a regulated activity. Businesses must operate under the Delaware Office of the State Bank Commissioner.

Alchemy Pay has fulfilled these requirements and now holds a valid license. It can therefore offer fully compliant money transmission services within the state.

The Delaware approval brings the company’s total U.S. MTL count to fifteen states. The list includes Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, and Wyoming. Arizona, South Carolina, Kansas, West Virginia, South Dakota, and Nebraska also hold Alchemy Pay MTLs. More state applications remain active and are currently under regulatory review.

Alchemy Pay announced this milestone on social media, confirming the company’s progress:

“With this approval, #AlchemyPay now holds MTLs in 15 U.S. states, further strengthening its compliant fiat-crypto payment infrastructure and laying the groundwork for future stablecoin initiatives.”

Alchemy Pay has secured a Money Transmitter License in Delaware 🇺🇸

With this approval, #AlchemyPay now holds MTLs in 15 U.S. states, further strengthening its compliant fiat-crypto payment infrastructure and laying the groundwork for future stablecoin initiatives.

Learn more:… pic.twitter.com/gFBbPliKUP

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) March 4, 2026

This wider regulatory coverage helps the company reach more users across the country. It also supports access to compliant fiat-crypto on-ramps and off-ramps at a larger scale. The continued expansion reflects a deliberate, compliance-first growth strategy.

These licenses also lay the groundwork for Alchemy Pay’s future financial products. The company plans to launch a proprietary stablecoin, which requires strong regulatory backing.

It is also developing Alchemy Chain, a blockchain infrastructure built around stablecoin use. Both initiatives depend on the compliance foundation that these MTLs are building.

Regulatory Progress Extends Across Global Markets Alchemy Pay has also made meaningful regulatory progress in markets outside the U.S. The company registered as a Digital Currency Exchange Provider in Australia.

In South Korea, it completed an Electronic Financial Business registration. Both approvals strengthen its position in key Asia-Pacific financial markets.

In Switzerland, Alchemy Pay joined the VQF, a recognized Self-Regulatory Organisation. This admission places the company within a well-established Swiss financial oversight framework.

The VQF is an official SRO recognized by Swiss regulators. Membership confirms that the company meets quality assurance standards in Swiss financial services.

The company also gained regulated exposure to Hong Kong’s financial market. It did so through an investment in HTF Securities Limited.

HTF holds Hong Kong SFC Type 1, 4, and 9 licenses. This indirect participation adds another regulated market to Alchemy Pay’s global reach.

Taken together, these approvals show a pattern of consistent regulatory engagement worldwide. Alchemy Pay has pursued compliance across different legal systems and financial frameworks.

Each approval reinforces the company’s credibility with regulators, users, and institutional partners. The strategy positions the company to support the next generation of global digital payments.

Journalist

Posted: March 5, 2026

The cryptocurrency market staged a sharp rebound over the past 24 hours, with Bitcoin climbing above the $73,000 mark as a wave of short liquidations rippled across derivatives markets.

Liquidation data shows that more than $463 million in short positions were wiped out during the move, compared with roughly $79.9 million in long liquidations, highlighting a strong imbalance that favored bullish momentum.

The liquidation spike suggests a classic short squeeze, in which traders betting on falling prices were forced to close their positions as the market moved higher.

Bitcoin leads the rally Bitcoin was trading around $73,770 at the time of writing, up 8% over the past 24 hours. The move pushed the asset back above a key psychological threshold after recent periods of consolidation.

Source: TradingView

The sudden upward momentum likely triggered forced liquidations among leveraged short traders, accelerating the rally as exchanges automatically closed positions.

Altcoins follow with broad gains The rally was not limited to Bitcoin; major altcoins also posted strong gains over the same period.

Ethereum rose 9.66% to around $2,173, while Solana climbed 8.94% to roughly $92.69. XRP gained 7.23%, trading near $1.46, and BNB advanced 4.64% to about $662.

Among large-cap tokens, Dogecoin recorded the strongest move, surging 15.06% over the past 24 hours.

The broad-based gains suggest renewed risk appetite across the market rather than a Bitcoin-only price move.

Liquidation imbalance signals short squeeze Liquidation data shows a significant imbalance between bearish and bullish positions.

Total short liquidations reached approximately $463.56 million, while long liquidations totaled about $79.9 million. This indicates that traders positioned for downside were disproportionately affected by the price surge.

Source: Coinglass

Such imbalances often occur when markets move quickly against heavily leveraged positions, triggering cascading liquidations that can intensify volatility.

Market momentum returns The latest price action suggests bullish momentum has returned to the crypto market in the short term, with traders rotating back into risk assets after recent volatility.

While liquidation-driven rallies can sometimes cool once forced position closures subside, the scale of the short squeeze highlights how quickly market sentiment can shift when leverage builds up on one side of the trade.

Final Summary Bitcoin rose above $73,000, helping drive a broad rally across major cryptocurrencies. The move triggered roughly $463 million in short liquidations, pointing to a short squeeze that amplified upward momentum across the market.

TL;DR

Whale Alert detected a transfer of 77,000 ETH from Binance. The transaction occurred when ether’s price reached $2,000. An anonymous wallet received the funds on March 3. On March 3, 2026, a computer program that tracks large crypto transactions recorded a move. The program,  Whale Alert, posted data showing that  77,000 ether coins  left the  Binance  exchange. At that time, the price of ether was near  $2,000. The total value of the transaction was about  $152.6 million.

A separate wallet received the funds. The owner of that wallet is not known to the public. The transfer happened at a time when world events made stock markets fall, but digital assets like ether were gaining value.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 77,000 #ETH (152,621,215 USD) transferred from #Binance to unknown wallethttps://t.co/y9zaa16Blf

— Whale Alert (@whale_alert) March 4, 2026

When large amounts of coins move off an exchange, people who watch these markets often take notice. However, moving coins to a private wallet does not mean the owner plans to sell them right away.

The first and most common explanation is  storage An investor who buys a large number of coins on an exchange will often move them to a personal wallet. This keeps the coins under their direct control. Personal wallets that are not connected to the internet, often called  cold wallets , are seen as safer than leaving funds on an exchange.

Another possibility is that the coins were moved to prepare for  staking. The Ethereum network allows owners to lock up their coins to help run the network and earn rewards. This process requires moving ether from an exchange to a specific type of wallet. The transaction could also be an exchange moving funds between its own wallets. Companies that run exchanges sometimes move money in the background for security or organization.

There is also the chance that this move was part of an  over-the-counter (OTC) trade. In an OTC trade, two parties agree on a price and exchange assets directly. This type of deal avoids placing a large buy or sell order on the public market, which can shift the price.

Around the same time, another address bought  4,900 ETH  on Binance. A market maker called  GSR  also moved  3,000 ETH. These were smaller transactions but happened in the same period.

The money left the exchange. The reasons for this type of move are usually simple. An investor bought a large amount of ether and decided to hold it themselves.

Bitcoin (BTC)

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30 minutes ago

The crypto market just caught a strong macro hint that fueled a bullish Bitcoin price prediction.

BTC pushed above the key $72,000 level after investors reacted to new signals that the Federal Reserve could still cut interest rates.

The breakout helped revive optimism across the broader crypto market.

The rally accelerated after comments from Federal Reserve official Stephen Miran, who reiterated support for potential rate cuts despite ongoing inflation concerns. He argued the labor market still shows signs of weakness and could benefit from easier monetary policy.

Not everyone at the Fed shares that view. Recent meeting minutes show several policymakers remain cautious about easing too quickly, noting that inflation has stayed above the 2% target for years.

Geopolitics added another layer to the narrative. Reports that Iran had reached out to the United States about possible talks helped lift risk sentiment across global markets, even as tensions in the region remain elevated.

Bitcoin Price Prediction: Is a Larger Rally Forming?Bitcoin finally did what traders had been waiting for.

Price pushed through the descending trendline that had been squeezing the market for weeks and reclaimed $72,000.

That level was rejected several times before, so breaking it is the first real shift in short-term momentum.

Source: BTCUSD / TradingViewIf Bitcoin holds above $72,000 and flips it into support, the upside opens quickly. $80,000 is the first target, then $84,000, with $90,000 back in the conversation if momentum builds.

But the breakout still needs proof. If price slips back below $72,000, the move could fade and drag Bitcoin back into the old range. In that case, $64,000 becomes the key support again, with $60,000 as the next major floor.

For now, the barrier is broken. The next few sessions will show whether this is the start of a real rally or just another fake breakout.

Bitcoin Hyper: Could This Layer-2 Be The Next Big Thing?Bitcoin Hyper ($HYPER) aims to address one of Bitcoin’s biggest problems: speed and usability.

Right now, Bitcoin is mostly something people just watch on a chart and hope it goes up. Bitcoin Hyper wants to change that.

The idea is simple. Use Solana-style speed to make Bitcoin faster, cheaper, and actually usable for things like payments, staking, and real apps, while still leaning on Bitcoin’s security.

And people are clearly paying attention. The presale has already raised over $32 million, with $HYPER currently trading at $0.0136751 before the next price jump.

Staking is also part of the appeal. Early participants can earn up to 37% rewards right now, which is exactly the kind of yield that tends to attract early momentum.

To buy HYPER before it lists on exchanges, simply visit the official Bitcoin Hyper website and connect a wallet (such as Best Wallet).

Visit the Official Bitcoin Hyper Website Here

Data shows social media mentions related to “altseason” have hit a low recently, something that has often been relevant for Dogecoin in the past.

Altseason Social Volume Has Plummeted In a new post on X, analytics firm Santiment has talked about the latest trend in the Social Volume of “altseason.” The Social Volume refers to an indicator that tracks the weekly total number of posts/messages/threads on the major social media platforms that contain mentions of a given term or topic.

Since Santiment has filtered the metric for altseason here, its value would provide a look into the amount of comments that are discussing the possibility of an altcoin season.

As the below chart shows, this indicator’s value has declined recently, indicating that interest in the altcoin market has gone down.

How the Social Volume for this term has changed over the last couple of years | Source: Santiment on X In the same graph, the analytics firm has also attached the data for the Dogecoin price. Santiment’s reasoning behind doing so is that “‘altseason’ is synonymous with FOMO and greed toward more speculative, emotionally driven assets like $DOGE, meme coins, or hyper-volatile and often mid to lower cap altcoins.” As such, the Social Volume of the term altseason can contain hints about interest around DOGE itself.

Historically, digital asset markets have often tended to be affected by the sentiment among the retail crowd. The relationship between the two, however, has generally been an inverse one, meaning that hype can lead to tops while despair to bottoms.

This same pattern has emerged in this chart as well. It would appear that a high value on the altseason Social Volume has been bearish for Dogecoin during the last two years, while low levels have acted as local bottom signals.

With the recent decline in the altseason Social Volume, its value has dropped to an extreme low. Considering the past pattern, it’s possible that this market disinterest could allow the memecoin to rebound.

It only remains to be seen, however, how Dogecoin and other altcoins will develop in the near future. Santiment has cautioned that the metric isn’t a perfect trading signal, noting that “disinterest in altcoins doesn’t always necessarily justify an imminent alt surge.”

In related news, social media sentiment related to Bitcoin saw a sharp surge just before the asset’s Monday rally to levels near $70,000, as the analytics firm has highlighted in another X post.

The positive comments related to BTC saw a spike on social media | Source: Santiment on X While Bitcoin initially rallied, that specific run fizzled out, which could be a potential consequence of it being fueled by retail greed.

DOGE Price At the time of writing, Dogecoin is floating around $0.093, down 1% in the last seven days.

The trend in the price of the memecoin over the last five days | Source: DOGEUSDT on TradingView Featured image from Dall-E, chart from TradingView.com

TLDR The Ethereum Foundation plans to position Ethereum as a trust layer for AI systems. The organization will focus on coordination and verification instead of building AI models. Davide Crapis said Ethereum can serve as a public verification layer for autonomous agents. The foundation supports ERC-8004 to standardize agent identity and trust. The strategy promotes privacy, local AI processing, and stronger cryptographic security. The Ethereum Foundation has outlined a strategy to position Ethereum as a trust layer for AI systems. The organization said it will not compete in building large AI models. Instead, it plans to anchor identity, payments, and verification for autonomous agents.

Ethereum Foundation Outlines Coordination Role for AI Agents The Ethereum Foundation said it will focus on coordination rather than raw AI computation. Davide Crapis, the AI lead at the EF, presented the plan at NEARCON 2026. He said Ethereum can serve as a “public, governance-less verification layer for AI.”

He explained that AI systems now handle trades, applications, and software tasks. However, centralized control could weaken decentralization and privacy. “If AI doesn’t have the properties we care about, and then we use AI for everything, basically no one has those properties anymore,” Crapis said.

He stated that Ethereum can help agents identify themselves and build trust. The network can also route payments and anchor cryptographic proofs. Heavy computing will remain off-chain on traditional servers.

The EF has supported standards such as ERC-8004 for agent identity and trust. Crapis said developers outside Ethereum have shown interest in these standards. He compared the system to a decentralized review network combined with payment rails.

He said Ethereum can maintain transparent histories for agents. Those records can help assess reputation and past actions. As a result, agents can transact without relying on centralized platforms.

Ethereum Extends Core Principles to AI Security and Privacy The Ethereum Foundation also aims to bring privacy and censorship resistance into AI systems. Crapis referred to this effort as “Props AI” inside the organization. The program promotes privacy, openness, and security in AI design.

He warned that centralized AI services can build detailed user profiles over time. Queries and usage patterns can reveal personal data. Therefore, the EF supports more local AI processing on user devices.

“We want to create a world where users retain as much data and power as possible,” Crapis said. He added, “We just don’t give it to operators.” The approach seeks to limit unnecessary data transfer to large platforms.

Security forms another part of the initiative. Crapis predicted that AI systems will automate cyberattacks and impersonation. “We will probably see hacks orchestrated by AI,” he said.

He argued that traditional authentication models may fail under AI-driven impersonation. In response, he emphasized the importance of cryptographic keys. Control of a private key provides mathematical proof of ownership.

“In a world where AI is in the wild, we want Ethereum to be the place with the big lock,” Crapis said. He added, “If I have the keys, I still have power.” The EF described the AI program as one of several ongoing priorities.

Bitwise’s spot XRP ETF trading under the ticker $XRP has officially become the largest fund of its kind in the United States, following a surge of $10 million in weekly inflows that pushed it ahead of competing products. The milestone was confirmed by Bitwise CEO Hunter Horsley earlier today, marking a significant development in the rapidly expanding U.S. market for spot XRP exchange-traded funds.

The Bitwise Asset Management product now leads the domestic XRP ETF segment with $269.05 million in assets under management. The strong weekly inflow was decisive in allowing the fund to overtake its closest rivals in what remains a highly competitive landscape. In a public statement, the firm expressed gratitude to investors for entrusting Bitwise with their capital.

According to comprehensive market data from SoSoValue, the sector continues to demonstrate steady capital accumulation, including $7.53 million in daily net inflows and nearly $39 million in trading volume recorded on March 3.

Competition among issuers remains tight. Canary’s XRPC fund follows closely behind Bitwise with $262.17 million in assets, while Franklin Templeton’s XRPZ holds $230.20 million, securing the third position. 

21Shares and Grayscale complete the top five issuers, managing $166.96 million and $72.49 million respectively. The narrow asset gap between the leading funds suggests that leadership in the segment could shift again depending on future inflow.

Source: Report on Bitwise XRP ETF

Disclaimer: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Cryptocurrency-related investment products are volatile and involve significant risk.

Kimchi, a Shiba Inu, became the first dog to appear at a Nasdaq bell ringing event as Dogecoin's TDOG ETF launched and DOGE surged nearly 13%.

A Shiba Inu named Kimchi has made history. On February 18, the dog became the first canine ever to appear at a Nasdaq bell ringing event, marking a milestone that blends internet culture with institutional finance in a way few could have predicted.

The event was tied to the launch of 21Shares' Dogecoin ETF, trading under the ticker TDOG. House of Doge, Dogecoin's official corporate arm, coordinated Kimchi's appearance through a community-driven campaign called "ChooseMyShibe," hosted on X. The campaign generated more than 1.2 million impressions globally, reflecting the reach and enthusiasm of the Dogecoin community.

Kimchi's owner won the campaign and earned the right to bring their dog to one of Wall Street's most iconic ceremonies. The moment was not staged by a corporation. It came from the community, and that distinction matters.

From Meme to Market: Dogecoin's Evolving IdentityDogecoin launched in 2013 as a joke. Over a decade later, it has a dedicated corporate entity, a spot ETF, and a dog on the floor of Nasdaq. The trajectory is difficult to ignore.

House of Doge framed the bell ringing as evidence of Dogecoin's transition from internet novelty to recognized financial and cultural brand. That framing is not without merit. The presence of an ETF product on a major exchange signals that institutional interest has moved beyond speculation. Asset managers now see Dogecoin as a vehicle worth structuring regulated investment products around.

The grassroots campaign that brought Kimchi to Nasdaq reinforces something else: retail communities still hold significant influence in how crypto assets are perceived and promoted. The combination of institutional products and community engagement is increasingly how crypto projects attempt to sustain relevance across different investor segments.

Dogecoin Price ReboundsAlongside the cultural milestone, Dogecoin's price moved sharply on Wednesday. The token rose 13.7% in the last 24 hours, climbing from a session low of $0.087 to $0.1017 at the time of writing.

The rebound was not isolated to Dogecoin. Broader crypto markets recovered after a sell-off earlier in the week, with Bitcoin and major altcoins posting gains across the board.

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In brief Morgan Stanley's amended S-1 names BNY Mellon and Coinbase Custody as custodians for its spot Bitcoin ETF. The SEC has not yet approved the Morgan Stanley Bitcoin ETF for trading. The bank's digital assets head says Morgan Stanley plans to build in-house Bitcoin custody, trading, and lending capabilities. Morgan Stanley intends to custody Bitcoin related to its proposed Morgan Stanley Bitcoin Trust with The Bank of New York Mellon and Coinbase Custody Trust Company, the firm said in an amended copy of its S-1 registration on Wednesday.

The setup is similar to that used by existing Bitcoin ETFs, like BlackRock's iShares Bitcoin Trust. IBIT initially relied on Coinbase alone for its Bitcoin custody, but added Anchorage as a second custodian in April 2025. The BlackRock Bitcoin fund also uses BNY, but as its cash custodian and administrator.

The Wall Street giant first filed its S-1 registration for the spot Bitcoin ETF in January. It also filed to register Ethereum and Solana ETFs. At the time, the firm hadn't provided any details about who it intended to use as custodian for its Bitcoin fund.

The new Bitcoin ETF has not yet been approved for trading by the Securities and Exchange Commission.

Morgan Stanley's suite of planned crypto ETFs are just one step towards a fuller embrace of cryptocurrency, according to Amy Oldenburg, the bank's recently appointed digital assets strategy head.

She said last week that the bank will "absolutely" offer Bitcoin custody, trading, yield, and lending services in time.

Oldenburg said the investment bank has looked at the market and decided that it needs to build its own in-house capabilities before rolling out Bitcoin offerings to its clients.

"We really need to build this out internally. We can't just primarily rent the technology to do this. People expect Morgan Stanley—they trust our brand—to be no-fail," she said while speaking to Strategy CEO Phong Le last week at a conference in Las Vegas. "When you sit in that position, you have a significant responsibility to your clients to make sure that you're delivering that in any level of technology."

When Le asked her how much the investment bank estimates its clients hold in cryptocurrency—and therefore, currently, off its banking platform—Oldenburg said it's "a considerable number." But she added that she doesn't necessarily expect the bank's clients to want to move all their BTC into their custody solutions.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Bitcoin price surged above $70,000, trading at $73,187 at press time, up by 7.52% in 24 hours and by 6.48% weekly. The move comes despite geopolitical fears and rising oil prices, as crypto markets extend gains. Veteran trader Peter Brandt said this week that the current setup could signal a shift from the bearish trend that followed October’s peak.

Bitcoin Price Action Prompts Peter Brandt’s Shift Peter Brandt’s comment follows months of bearish calls after the October high. Brandt previously lowered his BTC price crash target, with him projecting a longer-term cycle bottom around October 2026. 

However, his latest remarks suggest a near-term change. He addressed the latest Bitcoin price structure in a post on X. He said, “I view this as potentially the significant change of price behavior since the top in Oct.”

According to Brandt’s shared chart, Bitcoin formed a clear bearish structure from the late October peak near $127,500. Price then broke below $105,000 and later lost key support around $82,500. That breakdown confirmed downside momentum and led to a sharp drop toward the $65,000 to $60,000 zone.

Source: Peter Brandt

A brief recovery attempt failed, which led to another sell-off before February’s low. However, Bitcoin price now trades near $73,187, consolidating inside a short-term rising channel. Immediate resistance is between $75,000 and $78,000. Support levels are at $65,000 and then $60,000.

Tom Lee and Analysts Weigh In Following Brandt’s post, Bitmine chairman Tom Lee reacted to Brandt’s post on X, writing, “Potential inflection/ change Bitcoin.” Recently, as CoinGape reported, Lee said the structure is looking like the makings of a bottom. Tom Lee pointed to a possible March turnaround to support broader crypto recovery.

Meanwhile, analyst Ted Pillows cited Coinbase data to highlight demand. According to him, the Coinbase Bitcoin Premium reached its highest level since October 2025. He described the activity as continuous buying pressure.

Source: Ted

In addition, Milk Road analyzed repeated Bitcoin price resistance near $71,500. He noted that Bitcoin faced four rejections at that level within a month. However, he argued that supply conditions may be shifting.

Milk Road pointed to $225.2 million in Bitcoin ETF inflows in one day and $458.2 million the previous day. That totals nearly $700 million in 48 hours. He also added that such flows could push year-to-date ETF totals back into positive territory.

Source: Milk Road

Tariff Pressure and Policy Developments Despite the positive price momentum, macro risks remain in focus. U.S. Treasury Secretary Scott Bessent said a 15% global Trump tariff rate will likely begin this week, which could influence the Bitcoin price. He added that rates could return to prior levels within five months.

However, policy developments also matter. Milk Road cited comments from President Donald Trump regarding the crypto market bill, or CLARITY Act. Trump urged lawmakers to pass market structure legislation quickly, framing crypto regulation as critical for U.S. competitiveness.

According to Milk Road, the proposed bill would provide regulatory clarity for institutional investment beyond major tokens like Bitcoin, Ethereum, and Solana. It could further boost the Bitcoin price and broader crypto market outlook. He argued that combined ETF inflows, potential seller exhaustion, and legislative support create a different setup from prior rejection attempts.

Journalist

Posted: March 5, 2026

Riot Platforms has recently released its full-year 2025 results, and the numbers show a clear case of rapid growth but rising pressure on profits.

The company reported record revenue of $647.4 million, marking a 72% increase compared to 2024, when it recorded $376.7 million in revenue.

This revenue came as a result of producing 5,686 BTC during the year, compared to 4,828 BTC mined in 2024, reflecting an expansion in its mining operations.

Riot’s CEO weighs in Remarking on the same, Jason Les, CEO of Riot, said, 

“2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory.”

Adding to the sentiment, he said,

“Supported by record annual revenue of $647 million and $302 million in gross profit, Riot has never been in a stronger position. I am incredibly excited about our momentum as we build the next generation of digital infrastructure.”

The company also generated $64.7 million in engineering revenue, compared to $38.5 million the previous year, supported by efficiencies from its ESS Metron acquisition.

Where does the company stand? Riot reportedly maintains a strong liquidity position, holding 18,005 Bitcoin [BTC], worth about $1.6 billion based on a year-end price of $87,498, along with $309.8 million in cash, including $76.3 million in restricted funds.

However, when we take a look at the charts from 2025, there is a clear gap that investors seem to be noticing.

Throughout the year, Bitcoin’s price kept rising, despite short-term volatility, and eventually ended the year at around $87,498.

However, the stock of Riot Platforms moved mostly sideways and failed to follow Bitcoin’s upward momentum, which is unusual for mining companies that typically move more aggressively than BTC itself.

Source: Google Finance

This gap reflects a bigger shift in the mining industry. Even though Bitcoin’s price is increasing, the cost of mining it is rising even faster.

This is supported by the fact that Riot’s reported average cost to mine one BTC reached $49,645 in 2025, up sharply from $32,216 in 2024.

Key reasons behind the rising cost and more One major reason behind the rising cost to mine Bitcoin was the 47% increase in the global network hash rate. This meant greater competition and higher computing power were required to mine each Bitcoin.

However, Riot entered 2026 with a strong liquidity position.

The company held 18,005 BTC, worth roughly $1.6 billion at current prices. This gave Riot time to expand its data center strategy and offset rising mining costs.

Overall Bitcoin miner revenue data Zooming out from Riot, Bitcoin Miner Revenue has shown several spikes in recent years. These spikes often appeared during major bull market phases.

However, long-term data since Bitcoin’s 2009 launch told a different story. Miner Revenue gradually declined relative to the network’s overall growth.

Source: Glassnode

Every Bitcoin halving historically reduced miner revenue by cutting block rewards in half. This forced miners to rely more on higher Bitcoin prices and transaction fees.

These factors became critical to maintain profitability after each halving cycle.

Recent data still showed short-term revenue surges during Bitcoin price rallies.

However, the broader trend pointed to growing pressure on mining profitability. In 2026, the industry also faced trade tariffs, geopolitical tensions, and economic uncertainty.

Against this backdrop, Riot Platforms’ revenue trajectory remained uncertain. The company may expand revenue streams or face another challenging year.

Final Summary Much of the revenue increase was driven by higher Bitcoin prices, not purely operational improvements. The sideways movement of Riot’s stock suggests investors remain cautious about the company’s long-term margins.

As demand for digital assets continues to accelerate, scaling solutions have become one of the most important challenges facing Ethereum. In a recent discussion, Robinhood’s Head of Crypto outlined the company’s ambitious strategy to tackle this problem by building its own ETH Layer-2 network to serve mainstream users. Rather than merely participating in the broader ecosystem, Robinhood aims to solve core usability barriers that have hindered mass adoption.

Why Ethereum Needs To Scale For Mass Adoption Robinhood’s head of crypto explains why they’re building an Ethereum layer-2. According to a video that was reported on X by Etherealize, Robinhood stated that many companies are launching their own layer-1 blockchain to gain full control over their ecosystems. Meanwhile, Robinhood is excited about the idea of building a stack, but creating the security of a real, proper, decentralized chain is extremely difficult, and only ETH can offer that for free.

In contrast, many newer layer-1 chains may appear as decentralized alternatives, but they often lack meaningful validator distribution or long-term security guarantees. Without deep decentralization, some of these chains risk becoming little more than a fancy database, slower than the actual database, and there’s no meaningful value in that.

Robinhood explains that ETH can offer security by default, and the second major factor that the company considered in choosing to build a layer-2 on top of ETH was liquidity, which is on every EVM-compatible chain, and was also an important decision factor for the company.

However, if the long-term goal is to bring traditional assets such as stocks on-chain, it will require liquidity, and this won’t be possible if it’s in a closed loop or closed chain that no individual can assess. For the company, these two elements were the main focus, which is why they decided to build on ETH.

ETH’s Role In The Sanctuary-Tech Movement Ethereum Daily revealed on X that Vitalik Buterin emphasized that ETH should not be reduced to a speculative finance tool or technology fad. Instead, it should be part of a foundational layer within a broader sanctuary-technology infrastructure ecosystem designed to provide an open-source, censorship-resistant way for individuals to store value, coordinate, and communicate safely without relying on centralized gatekeepers.

The idea goes beyond simple transactions. This includes building persistent digital spaces, programmable money, multigeniture wallets for collective asset security, and government contracts that allow communities to make decisions transparently and autonomously. When these components are integrated across all layers from user wallets to hardware, they form resilient digital islands capable of operating independently of any single authority.

By limiting concentrated control and distributing power through code, ETH can help create systems that enable users to retain custody, privacy, and security in a chaotic geopolitical environment.

ETH trading at $2,071 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Peakpx, chart from Tradingview.com

TLDR Table of Contents

TLDRCoinShares Lists BNB Staking ETP on SIX Swiss ExchangeZero-Fee Structure and Staking RewardsGet 3 Free Stock Ebooks CoinShares launched the BNB Staking ETP (CBNB) on the SIX Swiss Exchange. The product carries a 0.00% annual management fee. The ETP distributes a projected 0.25% annual staking yield to investors. The product is fully backed by on-chain BNB held in institutional custody. CoinShares previously charged 1.5% management fee on its earlier BNB ETP. CoinShares launched a zero-fee BNB staking exchange-traded product on SIX Swiss Exchange today. The product holds BNB on chain and distributes staking rewards to investors. The listing expands CoinShares’ regulated crypto offerings beyond earlier Bitcoin and Ethereum products.

CoinShares listed the BNB Staking ETP under the ticker CBNB on SIX Swiss Exchange. The issuer backs the product fully with on-chain BNB held in institutional custody.

CoinShares confirmed that custodians store the underlying BNB while the ETP mirrors market price movements. CEO Jean Marie Mognetti said the launch reflects the maturation of digital asset markets.

He said investors seek regulated access to assets beyond Bitcoin and Ethereum. The firm, therefore, expanded exchange-traded products tied to alternative blockchain networks.

BNB Chain supports large decentralized finance activity across trading, lending, and payment applications. Network data shows that more than 302 million transactions occur daily across the ecosystem.

The network also reports over 171 billion dollars locked in decentralized finance protocols. CoinShares said this scale supports institutional interest in products linked to BNB.

Zero-Fee Structure and Staking Rewards The BNB Staking ETP carries a zero percent annual management fee. CoinShares previously charged 1.5 percent on its earlier BNB exchange-traded product.

Instead of fees, the structure distributes projected staking rewards directly to investors. CoinShares estimates the BNB staking yield near 0.25 percent annually.

Proof-of-stake networks generate rewards when validators secure blockchain transactions. Many earlier crypto ETP issuers retained those rewards instead of distributing them.

CoinShares said the new structure returns those rewards rather than absorbing them internally. The company, therefore, presents the yield separately from management fees for investors globally.

CoinShares launched similar zero-fee staking ETPs in early 2026. The lineup includes products linked to Solana, Ethereum, and Toncoin.

The firm also introduced a Hyperliquid ETP under ticker LIQD in February. That product offers about 0.5 percent staking yield with the same fee structure.

CoinShares also launched a Sei ETP that targets about a 2% staking yield. All products maintain zero percent management fees across the staking suite.

The BNB Staking ETP still tracks BNB market price movements without built-in hedging. Validators on BNB Chain may face slashing penalties if they fail protocol requirements.

Staked tokens can also experience temporary network lockups during validator operations or maintenance periods across the staking infrastructure used widely.

Maxwell Mutuma

Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.