Month: March 2026

Oil Spike Sends Airline Stocks Lower as Fuel Costs Surge

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Airline stocks moved sharply lower Monday as oil prices surged above $100 per barrel, raising concerns about rising jet fuel costs and pressure on industry profitability.

Shares of major U.S. carriers fell after crude oil briefly climbed above $110 per barrel, the highest level since 2022. The move followed escalating geopolitical tensions in the Middle East that disrupted shipping traffic through the Strait of Hormuz, one of the world’s most critical oil transit routes.

Delta Air Lines, American Airlines, and United Airlines all declined in early trading before trimming some losses. Domestic-focused carriers including Southwest Airlines, JetBlue Airways, and Alaska Air Group also traded lower as investors weighed the financial impact of higher fuel prices.

Fuel represents one of the largest operating expenses for airlines, typically accounting for roughly one-fifth to one-quarter of total costs. When oil prices climb quickly, airlines often face immediate margin pressure, particularly if ticket prices cannot be adjusted quickly enough to offset the increase.

Jet fuel prices have climbed significantly in recent weeks, rising by as much as $1.75 per gallon. At those levels, the largest U.S. airlines could see quarterly fuel expenses increase by roughly $1.5 billion each if elevated prices persist. Across the three largest carriers, the additional costs could approach $5 billion.

Higher fuel costs often translate into higher ticket prices as airlines attempt to protect margins. Carriers may adjust fares, reduce promotional pricing, or alter route capacity in response to sustained increases in fuel expenses.

The current price spike also highlights the industry’s increased exposure to energy market volatility. Many airlines previously used fuel hedging strategies to limit the impact of oil price swings. Over the past decade, however, most carriers have moved away from large-scale hedging programs after experiencing losses during periods of falling oil prices. Southwest Airlines, long known for its fuel hedging approach, ended its program in 2025.

In addition to rising energy costs, airlines are facing operational disruptions tied to the conflict. Thousands of flights have been grounded globally as airlines reroute aircraft away from affected airspace, leaving travelers stranded and adding complexity to airline scheduling.

European airline stocks also declined amid the developments. Lufthansa shares dropped roughly 5%, while International Consolidated Airlines Group, the parent company of British Airways and Aer Lingus, fell about 3%. Air France-KLM also moved lower during the session.

The latest selloff adds to a difficult year for airline equities. Shares of Delta, American, and United are down roughly 20% to 30% year to date. Domestic carriers such as JetBlue, Southwest, and Alaska Air have also experienced steep declines in recent weeks.

For investors, the move underscores how closely airline performance remains tied to global energy markets. Even with steady travel demand, sudden spikes in oil prices can quickly reshape the profitability outlook for carriers.

If crude oil remains elevated, airlines may continue adjusting pricing strategies and operating plans as they navigate the industry’s most volatile cost variable.

Oil Breaks $100 as Middle East Conflict Disrupts Global Supply

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Global oil markets have entered a new period of volatility as geopolitical tensions in the Middle East push crude prices sharply higher. Brent crude surged past $100 per barrel on Monday, briefly nearing $120 before easing, as disruptions to tanker traffic through the Strait of Hormuz threaten one of the world’s most critical energy supply routes.

The price spike follows escalating military conflict involving Iran, the United States, and Israel. The Strait of Hormuz — a narrow maritime corridor that typically carries about one-fifth of global oil shipments — has effectively halted most tanker traffic amid security threats and heightened military activity. With oil unable to move freely from the region, supply constraints are rapidly tightening global markets.

Producers across the Middle East are already responding to the bottleneck. Saudi Arabia has begun cutting production as storage facilities fill up due to limited export capacity. Neighboring producers including the United Arab Emirates, Kuwait, and Iraq have taken similar steps, reducing output as crude inventories accumulate while export routes remain restricted.

Analysts warn the supply impact could intensify if the disruption continues. JPMorgan estimates Middle Eastern production shut-ins could exceed four million barrels per day within weeks if the closure persists. The region accounts for roughly one-third of global oil output, making any sustained disruption highly significant for energy markets.

While producers attempt to redirect shipments through alternative routes, options remain limited. Saudi Arabia has increased shipments through pipelines to its Red Sea port of Yanbu, but the infrastructure cannot fully replace volumes normally transported through Hormuz.

The resulting supply uncertainty has sent shockwaves across energy markets. Diesel prices have surged alongside crude, with European gasoil futures climbing above $170 per barrel. Several governments are already weighing intervention measures. China has reportedly instructed major refiners to suspend gasoline and diesel exports, while South Korea is reviewing whether to implement an oil price cap for the first time in three decades.

Consumers are beginning to feel the impact. In the United States, gasoline prices have climbed nearly $0.50 per gallon in just one week, reaching a national average of roughly $3.47 per gallon, according to AAA. Analysts estimate prices could approach $4 per gallon within the next month if crude oil remains elevated.

The relationship between crude and retail fuel costs is direct. Industry estimates suggest every $10 increase in oil prices typically adds about $0.25 per gallon at the pump. With crude rising more than $20 in recent days, the upward pressure on gasoline prices is already visible.

Diesel costs are climbing even faster, with national averages approaching $4.66 per gallon. Because diesel powers the majority of freight transportation in the U.S., higher fuel prices could ripple through the broader economy by increasing the cost of moving goods. That dynamic often translates into higher prices for groceries, clothing, and construction materials.

Economists are also warning that the surge in energy prices could complicate the broader economic outlook. Rising fuel costs combined with slowing growth indicators have revived concerns about stagflation — a scenario where inflation accelerates even as economic activity weakens.

For now, markets remain focused on the duration of the Strait of Hormuz disruption. The longer shipping remains constrained, the more global inventories may tighten, potentially forcing prices higher until demand adjusts or supply routes reopen.

Release – Tonix Pharmaceuticals Presented Data on TONMYATM in Treating Patients with Fibromyalgia at the 2026 AAPM PainConnect Annual Meeting

Posted on by [email protected]

Research News and Market Data on TNXP

March 09, 2026 4:30pm EDTDownload as PDF

TONMYA (cyclobenzaprine HCl sublingual tablets) for the treatment of fibromyalgia in adults, was commercially launched in November 2025

Treatment with TONMYA provided statistically significant pain reduction in two Phase 3 trials and was generally well tolerated

BERKELEY HEIGHTS, N.J., March 09, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, presented data on TONMYATM (cyclobenzaprine HCl sublingual tablets), at the 2026 American Academy of Pain Medicine (AAPM) PainConnect Annual Meeting, in Salt Lake City, Utah.

“The data presented at the AAPM PainConnect Annual Meeting support TONMYA’s role as a safe and effective non-opioid analgesic for daily use at bedtime in fibromyalgia,1,2” said Gregory Sullivan, M.D., Chief Medical Officer of Tonix Pharmaceuticals. “TONMYA is designed to target nonrestorative sleep and is a first-in-class tertiary amine tricyclic for long-term use. As the first approved therapy for fibromyalgia in over 15 years, TONMYA is an alternative to three currently FDA-approved medicines, which are limited by side effects, adherence, and high discontinuation rates. TONMYA’s unique sublingual formulation enables cyclobenzaprine to bypass first-pass hepatic metabolism. Relative to off-label oral swallowed cyclobenzaprine, TONMYA treatment results in reduced formation of the active, persistent metabolite norcyclobenzaprine, which we believe interferes with the durability of cyclobenzaprine’s treatment effect in fibromyalgia with long term dosing. Oral cyclobenzaprine failed in development because it provided only short-term (one month) benefit3, which is not sufficient for the treatment of fibromyalgia, a chronic condition that requires a sustained treatment effect.”

Data presented at the AAPM PainConnect Annual Meeting are from the Phase 3 RESILIENT trial, a 14-week randomized, double-blind, placebo-controlled study that assessed the safety and efficacy of TONMYA in 457 patients who met the 2016 American College of Rheumatology (ACR) diagnostic criteria for fibromyalgia. In addition to showing a statistically significant reduction in mean daily pain at 14 weeks, TONMYA treatment resulted in an increase over placebo in the number of individuals with a 30% reduction in daily pain, which is considered a clinically meaningful response. The most common adverse events were mild and self-limited oral cavity reactions that uncommonly led to study withdrawal. TONMYA was approved by the FDA in August 2025 in part based on the Phase 3 RESILIENT trial results and was commercially launched in the U.S. in November 2025.

A copy of the Company’s poster presentation, “Treatment with TNX-102 SL Produces Clinically Meaningful Improvements in Patient-Centered Outcomes in Fibromyalgia,” is available under the Presentations tab of the Tonix website at https://ir.tonixpharma.com/presentations.

Citations

1Carette S, et al. Arthritis Rheum. 1994. 37(1):32-40. doi: 10.1002/art.1780370106.
2Lederman S, et al. Arthritis Care Res (Hoboken). 2023. 75(11):2359-2368. doi: 10.1002/acr.25142.
3Lederman S, et al. Pain Med. 2026. 27(1):86-94. doi: 10.1093/pm/pnaf089.

About Fibromyalgia

Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system. Fibromyalgia afflicts an estimated 6-12 million adults in the U.S., approximately 90% of whom are women. Symptoms of fibromyalgia include chronic widespread pain, nonrestorative sleep, fatigue, and morning stiffness. Other associated symptoms include cognitive dysfunction and mood disturbances, including anxiety and depression. Individuals suffering from fibromyalgia struggle with their daily activities, have impaired quality of life, and frequently are disabled. Physicians and patients report common dissatisfaction with currently marketed products.

About TONMYA™ (cyclobenzaprine HCl sublingual tablets)

TONMYA (cyclobenzaprine HCl sublingual tablets) is a patented sublingual tablet formulation of cyclobenzaprine hydrochloride which provides rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism. As a multifunctional agent with potent binding and antagonist activities at the 5-HT2A serotonergic, α1-adrenergic, H1-histaminergic, and M1-muscarinic receptors, TONMYA was approved on August 15, 2025, by the FDA for the treatment of fibromyalgia in adults. TONMYA is the first new prescription medicine approved for fibromyalgia in more than 15 years. TONMYA was investigated as TNX-102 SL. TNX-102 SL is also being developed to treat acute stress reaction (ASR)/acute stress disorder (ASD), and major depressive disorder (MDD). The United States Patent and Trademark Office (USPTO) issued United States Patent No. 9636408 in May 2017, Patent No. 9956188 in May 2018, Patent No. 10117936 in November 2018, Patent No. 10,357,465 in July 2019, and Patent No. 10736859 in August 2020. The Protectic™ protective eutectic and Angstro-Technology™ formulation claimed in the patent are important elements of Tonix’s proprietary TONMYA composition. These patents are expected to provide TONMYA with U.S. market exclusivity until 2034/2035.

Tonix Pharmaceuticals Holding Corp.

Tonix Pharmaceuticals* is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYATM (cyclobenzaprine HCl sublingual tablets 2.8 mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® SymTouch® and Tosymra®. Tonix is maximizing the science behind TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.

*Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.

Tonmya, Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Investor Contacts
Jessica Morris
Tonix Pharmaceuticals
[email protected]
(862) 799-8599

Brian Korb
astr partners
(917) 653-5122
[email protected]  

Media Contacts
Deborah Elson
Tonix Pharmaceuticals 
[email protected]

Ray Jordan
Putnam Insights
[email protected]  

INDICATION

TONMYA is indicated for the treatment of fibromyalgia in adults.

CONTRAINDICATIONS

TONMYA is contraindicated: In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs. During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism.

WARNINGS AND PRECAUTIONS

Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.

Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.

Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.

Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.

CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.

ADVERSE REACTIONS

The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.

DRUG INTERACTIONS

MAO inhibitors: Life-threatening interactions may occur. Other serotonergic drugs: Serotonin syndrome has been reported. CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced. Tramadol: Seizure risk may be enhanced. Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.

USE IN SPECIFIC POPULATIONS

Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED). Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition. Pediatric use: The safety and effectiveness of TONMYA have not been established. Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients. Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.

Please see additional safety information in the full Prescribing Information.

To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

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Source: Tonix Pharmaceuticals Holding Corp.

Released March 9, 2026

Release -FreightCar America, Inc. Reports Fourth Quarter and Full Year 2025 Results

Posted on by [email protected]

Research News and Market Data on RAIL

03/09/2026

Strong full year gross profit growth and over 260 basis points of gross margin expansion despite challenging industry environment

Operating cash flow of $35 million and Adjusted Free Cash Flow of $31 million, up 45% year over year

Projecting growth in 2026

CHICAGO, March 09, 2026 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Highlights

  • Revenues of $125.6 million, compared to $137.7 million in the fourth quarter of 2024, with railcar deliveries of 1,172 units compared to 1,019 units in the prior year period
  • Gross margin of 13.4% with gross profit of $16.8 million, compared to gross margin of 15.3% with gross profit of $21.0 million in the fourth quarter of 2024
  • Recorded $19.9 million of non-cash adjustments related to share price appreciation accounting, partially offset by a $2.1 million non-cash acquisition-related gain, resulting in a net loss of $16.6 million, or $0.52 per share, and adjusted net income of $4.9 million, or $0.16 per share
  • Adjusted EBITDA was $10.4 million, representing a margin of 8.3%, compared to $13.9 million and a margin of 10.1% in the fourth quarter of 2024
  • Ended the quarter with a backlog of 1,926 units valued at $137.5 million, reflecting a diversified mix of railcar conversion programs and new railcar builds
  • Completed the acquisition of Carly Railcar Components, LLC, a leading distributor of railcar components, to strengthen aftermarket footprint

Fiscal Year 2025 Highlights

  • Revenues of $501.0 million, compared to $559.4 in fiscal year 2024, with railcar deliveries of 4,125 units compared to 4,362 units in the prior year
  • Gross margin of 14.6% with gross profit of $73.2 million, compared to gross margin of 12.0% with gross profit of $67.0 million in fiscal year 2024
  • Net income of $38.1 million, or $1.09 per share, and Adjusted net income of $18.1 million, or $0.50 per share, after adjusting primarily for non-cash items including a $51.9 million release of valuation allowance on deferred taxes, offset by a $32.2 million non-cash adjustment warrant liability due to share price appreciation
  • Adjusted EBITDA of $44.8 million, representing a margin of 8.9%, compared to Adjusted EBITDA of $43.0 million and a margin of 7.7% in fiscal year 2024
  • Delivered operating cash flow of $34.8 million and $31.4 million in adjusted free cash flow, up 44.8% year-over-year, and optimized balance sheet through lower cost refinancing

“In 2025, FreightCar America executed with discipline amid a challenging industry environment, delivering revenue in line with our expectations while producing exceptional profitability,” said Nick Randall, President and Chief Executive Officer of FreightCar America. “During the year, we capitalized on demand by leveraging our customer-centric approach of tailored solutions, including conversions and customized offerings, while also growing market share in new car deliveries. This execution, combined with our manufacturing flexibility and ongoing implementation of operational initiatives such as our TruTrack program, contributed to improved Adjusted EBITDA margins and strong free cash flow generation, further strengthening our financial position.”

Randall continued, “As we enter 2026, we remain focused on converting backlog into profitable deliveries while continuing to invest for growth. We are deploying capital effectively to diversify our revenue base, expand our aftermarket business and presence in the tank car market to further strengthen our offerings and capture demand, while continuing to evaluate strategic opportunities that fuel future growth. Overall, with a strong commercial strategy, a lean and flexible operating model, and an efficient manufacturing footprint, we are well positioned to perform in the current environment and to accelerate as industry fundamentals improve.

Fiscal Year 2026 Outlook

The Company has issued outlook for fiscal year 2026 as follows:

Mike Riordan, Chief Financial Officer of FreightCar America, added, “2025 demonstrated the durability of our operating model. We made continued progress strengthening the quality and consistency of our cash flows while maintaining a disciplined approach to capital allocation. During the year, we also advanced our aftermarket strategy, including the addition of Carly Railcar Components, which enhances this growing part of our business and supports more stable, recurring revenue across market cycles. Looking ahead to 2026, our guidance reflects ongoing industry uncertainty while reinforcing our confidence in the underlying strength and resilience of the business.”

Fourth Quarter and Full Year 2025 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, March 10, at 11:00 a.m. (Eastern Time) to discuss its fourth quarter and full year 2025 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call. Teleconference details are as follows:

An audio replay of the conference call will be available beginning at 3:00 p.m. An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, March 10, 2026, until 11:59 p.m. (Eastern Time) on Monday, March 24, 2026. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13758379. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); the scope and duration of the government shutdown; and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss), Adjusted EPS, Free cash flow and Adjusted free cash flow. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact:[email protected]

View full release here.

Source: FreightCar America, Inc.

Release – Bitcoin Depot Schedules Fourth Quarter and Full Year 2025 Conference Call for Monday, March 16th at 10:00 a.m. ET

Posted on by [email protected]

Research News and Market Data on BTM

March 09, 2026 4:05 PM EDT Download as PDF

ATLANTA, March 09, 2026 (GLOBE NEWSWIRE) — Bitcoin Depot (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, will hold a conference call and live audio webcast on Monday, March 16th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2025. Bitcoin Depot plans to release its results before the market opens on the same day.

Call Date: Monday, March 16, 2026
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)

Phone Instructions
U.S. and Canada (toll-free): 888-596-4144
U.S. (toll): 646-968-2525
Conference ID: 8347121

Webcast Instructions
Webcast link: https://edge.media-server.com/mmc/p/ajn5q2kf/

A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 27, 2026.

U.S. & Canada (toll-free) replay number: 800-770-2030
U.S. toll number: 609-800-9909
Conference ID: 8347121

If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 949-574-3860.

About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America and operates over 9,000 kiosk locations globally as of August 2025. Learn more at www.bitcoindepot.com. 

Contacts:

Investors & Media
Gateway Group, Inc. 
949-574-3860 
[email protected]

Primary Logo

Source: Bitcoin Depot Inc.

Released March 9, 2026

Release – Nicola Mining Provides Update On Nasdaq Listing

Posted on by [email protected]

Research News and Market Data on HUSIF

March 9, 2026

News Releases

VANCOUVER, B.C., March 9, 2026, – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX.V: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to provide an update on its proposed NASDAQ listing, which it originally disclosed in its news release of October 27, 2025.  There are approximately 220 Canadian companies trading via cross listing in the United States[1]; however, Nicola hopes to be one of the first Canadian companies to list via American Depositary Receipts(“ADRs”)[2].  The rational of pioneering the structure is explained below.

Listing ADRs on NASDAQ offers foreign companies a strategic pathway to U.S. capital markets while preserving their existing capital structure on their home exchange, such as the Toronto Stock Exchange or the TSX Venture Exchange. Unlike a reverse share consolidation undertaken solely to meet minimum price thresholds, an ADR program allows a foreign company to establish an ADR-to-ordinary-share ratio that achieves the required trading price without altering the underlying share count. This structure avoids the negative market optics frequently associated with rollbacks and preserves the integrity of a foreign company’s capital structure.

Key advantages include:

  • No need for a reverse split: ADR ratios can be structured (e.g., 1 ADR representing multiple common shares) to achieve NASDAQ price requirements.
  • Preservation of capital structure: Existing shares, warrants, options and convertible instruments remain unchanged.
  • Improved market perception: Avoiding a rollback reduces the stigma often associated with distressed or low-priced issuers.

ADRs also provide operational and market-structure advantages by enabling dual-market liquidity and facilitating access to U.S. investors while maintaining a foreign company’s primary listing. Because ADRs are issued through a depositary bank that holds the underlying shares, a foreign company can expand its investor base without restructuring its domestic listing. This dual-trading framework allows Canadian and international investors to continue trading the ordinary common shares while U.S. investors transact in ADRs denominated in U.S. dollars. Important benefits include:

  • Broader investor access: U.S. institutional investors can purchase ADRs through familiar U.S. market infrastructure.
  • Maintenance of home-market liquidity: Trading continues on the Canadian exchange alongside the NASDAQ ADR listing.
  • Administrative simplicity: The ADR program is administered by a depositary bank (commonly institutions such as BNY Mellon, JPMorgan Chase, or Citibank), reducing the need for structural changes to a foreign company’s share capital.

Nicola is currently subject to review by NASDAQ under Rule IM-5101-3, a new interpretive rule adopted by NASDAQ in December 2025 that significantly expands NASDAQ’s discretionary authority to deny a company’s initial listing even if it meets all quantitative listing requirements.

Previously, companies that satisfied the formal listing requirements—such as minimum share price, market capitalization, shareholder count, and corporate governance standards— expected to receive approval to list on NASDAQ. The adoption of Rule IM-5101-3 changes this framework by allowing NASDAQ to conduct a qualitative risk assessment and reject a listing if it believes the security could be susceptible to manipulation or other market integrity risks. 

Peter Espig, CEO of Nicola, stated, “Nicola, its legal team, and NASDAQ continue to work sedulously towards assuring a sound structure as we move forward with this strategic structure.  We remain committed to prudently move forward in a structure beneficial to the US markets while striving for stability to our Canadian shareholders.”

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which is a fully-permitted high grade silver mine and includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig”  
Peter Espig
CEO & Director

For additional information

Contact:  Peter Espig
Phone: (778) 385-1213
Email: [email protected]
URL: www.nicolamining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable securities laws.  All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. Investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements in this news release include, but are not limited to, statements concerning the proposed listing of ADRs on Nasdaq and the benefits from the listing of ADRs on Nasdaq.

Forward-looking statements are based upon certain assumptions and other key factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the ability to obtain required regulatory approvals for the proposed listing of ADRs on Nasdaq.  Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risk that the Company may not receive the required regulatory approvals for the proposed listing of ADRs on Nasdaq.

There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Nicola.  Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF NICOLA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE NICOLA MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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

[1] Source:  Mandarin Capital Link and Investopedia Link

[2] ADR definition:  Link

Europe-US Cross-Border Deals

Posted on by [email protected]

Welcome to a multi-part article series authored by leading cross-border M&A professionals from CBIZ, Greenberg Traurig LLP, Noble Capital Markets, and Pathfinder Advisors LLC. This series provides a comprehensive guide for middle-market and larger European companies and investors seeking strategic acquisitions in the U.S. across the manufacturing, distribution, logistics, business services, and retail sectors. It will illuminate the compelling market dynamics, operational advantages, and strategic imperatives driving these transatlantic deals now, while also offering practical insights on navigating the complexities of U.S. market entry, robust financial and operational due diligence, talent integration, and regulatory considerations. The series aims to equip company owners, corporate development executives, family offices, and private equity professionals with the knowledge to unlock significant value and establish a resilient U.S. presence.

In an era defined by rapid economic shifts and evolving global dynamics, European enterprises may now have unprecedented opportunities to look across the Atlantic for strategic growth opportunities. The U.S. market, with its vast scale and inherent resilience, could present a compelling landscape for inbound M&A.

This first article in our series explores why the current climate favors European acquirers and how strategic U.S. acquisitions could unlock significant value and establish a robust, resilient long-term presence.

Capitalizing on Change: Why Now is the Right Time For European Enterprises to Acquire U.S. Companies

The webinar below is for company owners, corporate development executives, family offices and private equity professionals considering U.S. acquisitions of expansion.

Article 2:

Expanding Your Footprint: Strategic Opportunities in U.S. Manufacturing, Distribution & Logistics

This article delves into the specific operational and technological advantages awaiting European acquirers in U.S. manufacturing, distribution, and logistics. Acquiring existing U.S. assets in these sectors provides a potent pathway to not only immediate market entry but also the creation of a more resilient, efficient, and technologically advanced global enterprise.

Article 3:

Seizing the U.S. Edge – Strategic M&A for European Industrial & Commercial Leaders

As European manufacturing and logistics firms solidify their North American foundations, a parallel wave of strategic acquisition is transforming the U.S. service and retail landscape. For the European acquirer, the U.S. “Service Economy” represents more than just a massive consumer base; it is a gateway to specialized talent pools, cutting-edge digital platforms, and a resilient commercial ecosystem that can de-risk a global portfolio.

Navigating this transition from “Industrial Footprint” to “Commercial Dominance” requires a nuanced understanding of the U.S. consumer and the specialized expertise that defines American business services.

Additional article in this series will be published periodically. Please follow Noble Capital Markets on LinkedIn to be among the first to know when those are available.

Release – First Subjects Dosed in Cocrystal Pharma’s Phase 1b Study Evaluating CDI-988 for Norovirus Prevention and Treatment

Posted on by [email protected]

Research News and Market Data on COCP

March 09, 2026

 Download as PDF

  • CDI-988 is a direct-acting, oral antiviral being developed for norovirus
  • Norovirus challenge study is underway at Emory University School of Medicine to evaluate efficacy and safety of CDI-988
  • No approved treatments or vaccines are available for norovirus treatment and prevention, posing a significant unmet need and contributing to a global economic burden of $60 billion annually

BOTHELL, Wash., March 09, 2026 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces the first subjects have been dosed in a Phase 1b norovirus challenge study (NCT07198139) to evaluate CDI-988 as both a preventive and treatment for norovirus infections. This cohort is to assess the infectivity rate of the challenge inoculum, GII.2 (Snow Mountain Virus). CDI-988 is a direct-acting, oral antiviral designed to inhibit a highly conserved region of the viral 3CL protease present in all known norovirus strains, including GII.2, GII.4 and recently re-emerging GII.17 variants. It is the first oral antiviral drug candidate developed for norovirus acute gastroenteritis.

“Commencement of this study is a significant milestone for Cocrystal and a critical step toward addressing a serious global unmet medical need, given the debilitating symptoms and high societal cost of norovirus outbreaks,” said Sam Lee, Ph.D., President and co‑CEO of Cocrystal Pharma. “CDI-988 has particular potential in high‑risk environments such as hospitals, nursing homes, cruise ships, schools and military facilities. The human challenge model is designed to provide proof‑of‑concept for our compound in a tightly controlled setting.”

The Phase 1b randomized, double-blind, placebo-controlled study is being conducted at Emory University School of Medicine and will enroll up to 40 healthy subjects ages 18–49. All participants will be infected with the norovirus GII.2 (Snow Mountain Virus) strain.

  • The first cohort will evaluate the infectivity rate of the challenge inoculum, GII.2 norovirus
  • Subsequent cohorts will be orally administered CDI-988 or placebo
  • The primary endpoint is efficacy versus placebo in reducing the incidence of clinical symptoms
  • Secondary endpoints include reduction of viral shedding and disease severity, and safety and pharmacokinetic profiles

“This challenge study is the first clinical trial involving a direct-acting antiviral specifically targeting norovirus infections. The efficacy and safety data from this study are expected to provide a strong rationale for further clinical advancement of CDI-988, and validate our proprietary structure-based drug discovery platform technology,” added Dr. Lee. “We would like to thank the volunteers for the norovirus challenge study and staff from Emory University School of Medicine who are currently participating in the study.”

CDI-988 previously demonstrated favorable safety and tolerability in a Phase 1 study across all dose levels, including the highest dose of 1200 mg being administered in the Phase 1b human challenge study. In September 2025 Cocrystal received a Study May Proceed Letter from the FDA and in December 2025 received Institutional Review Board approval from Emory University School of Medicine.

About Norovirus

With an estimated 685 million global cases annually and a $60 billion worldwide economic impact, norovirus represents one of healthcare’s most pressing unmet needs. In the U.S., noroviruses are responsible for an estimated 21 million infections annually, including 109,000 hospitalizations, 465,000 emergency department visits and an estimated 900 deaths. The annual burden of norovirus to the U.S. is estimated at $10.6 billion. Noroviruses are responsible for up to 1.1 million hospitalizations and 218,000 deaths annually in children in the developing world.

Cocrystal Pharma’s Structure-Based Drug Discovery Platform Technology

Cocrystal’s proprietary structural biology, along with its expertise in enzymology and medicinal chemistry, enable its development of novel antiviral agents. The Company’s platform provides a three-dimensional structure of inhibitor complexes at near-atomic resolution, providing immediate insight to guide Structure Activity Relationships. This helps identify novel binding sites and enables a rapid turnaround of structural information through highly automated X-ray data processing and refinement. The goal of this technology is to facilitate the development of novel broad-spectrum antivirals for the treatment of acute, chronic and potentially pandemic viral diseases.

About Cocrystal Pharma, Inc.

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. Cocrystal employs unique structure-based technologies to create viable antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our norovirus study, the potential of CDI-988 for treatment and prevention of norovirus infections, and expectations that the outcome of the study will provide proof-of-concept and validation for further clinical advancement of our CDI-988 product candidate. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from inflation, affordability, the possibility of a recession, the impact of future interest rate changes on the economy, uncertainty surrounding and impacts arising from tariffs and litigation and developments relating thereto, and geopolitical conflicts including those in the Middle East and Ukraine on our Company, our collaboration partners, and on the U.S. and global economies, including manufacturing and research delays arising from raw materials and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our ability to obtain raw materials for and otherwise proceed with the norovirus study or subsequent studies as well as similar problems with our vendors and our current and any future clinical research organizations (CROs) and contract manufacturing organizations (CMOs), the progress and results of the studies including any adverse findings or delays, the ability of us and our CROs to recruit volunteers for, and to otherwise proceed with, clinical studies, our and our collaboration partners’ technology and software performing as expected, financial difficulties experienced by certain partners, the results of any current and future preclinical and clinical studies, general risks arising from clinical studies, receipt of regulatory approvals, regulatory changes and any adverse developments which may arise therefrom, potential mutations in a virus we are targeting that may result in variants that are resistant to a product candidate we develop, the potential for the development of effective treatments by competitors which could reduce or eliminate a prospective future market share commercializing any product candidates we may develop in the future, and our ability to meet our future liquidity needs. Further information on our risk factors is contained in our filings with the SEC, including the “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and the Prospectus dated September 25, 2025. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:

Alliance Advisors IR
Jody Cain
310-691-7100
[email protected]

# # #

Primary Logo

Source: Cocrystal Pharma, Inc.

Released March 9, 2026

Release – ACCO Brands Reports Fourth Quarter and Full Year Results and Provides Outlook for 2026

Posted on by [email protected]

Research News and Market Data on ACCO

03/09/2026

Full Year 2025

  • Reported net sales of $1.525 billion; in line with the Company’s outlook
  • Diluted earnings per share of $0.44, adjusted diluted earnings per share of $0.84, in line with the Company’s outlook
  • In the Americas segment sales trends improved, reflecting growth in Technology Accessories and moderating declines in core categories; 2026 outlook anticipates continued trend improvement
  • Multi-year cost reduction program has yielded more than $60 million of savings since inception, on track to deliver $100 million by the end of 2026
  • On January 30, 2026 closed on the EPOS acquisition, part of the Company’s strategic pivot to higher growth technology peripherals

LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today reported financial results for its fourth quarter and twelve-months ended December 31, 2025.

“In the fourth quarter we delivered sales and adjusted EPS in line with our outlook. I am proud of how our teams responded to the ever-changing operating dynamics throughout 2025. We executed well on our multi-year cost reduction program delivering approximately $35 million of savings in 2025, bringing the cumulative total to $60 million. We recently closed on the acquisition of EPOS, a premium audio solutions company, which strengthens our technology peripherals business in markets we know well. This acquisition is another step in our repositioning of ACCO Brands toward higher growth technology peripheral categories,” stated ACCO Brands’ President and Chief Executive Officer, Tom Tedford.

Mr. Tedford continued, “We remain confident in our ability to deliver future value creation for our shareholders. Our proven ability to acquire and manage a portfolio of leading brands, our optimized operational structure, strong cash flows and refined strategic focus, provide a strong platform to support our growth initiatives.”

Fourth Quarter Results

Net sales were $428.8 million, down 4.3 percent from $448.1 million in 2024. Favorable foreign exchange increased sales by $15.8 million, or 3.5 percent. Comparable sales decreased 7.8 percent. The decline in net sales reflects softer global demand for some of our core products, partially offset by growth in gaming accessories.

Operating income was $40.0 million, versus $42.0 million in 2024. Restructuring expense was $8.4 million, compared to $10.7 million in the prior year. Adjusted operating income was $60.1 million, compared to $64.2 million in 2024. The decline in adjusted operating income reflects lower sales volume, reduced fixed-cost absorption, and unfavorable product mix, which were partially offset by cost savings and lower incentive compensation expense.

Net income was $21.3 million, or $0.23 per share, compared with prior-year net income of $20.6 million, or $0.21 per share. The increase in net income reflects items noted above in operating income, as well as the benefit of discrete tax items of $2.0 million, compared to expense of $0.8 million in the prior year. Adjusted net income was $35.5 million, compared to adjusted net income of $37.5 million in 2024, and adjusted earnings per share were $0.38, compared to $0.39 in 2024.

Full Year Results

Net sales were $1.525 billion, down 8.5 percent from $1.666 billion in 2024. Net sales declines reflect the impact of softer global demand and tariff-related disruptions.

Operating income was $92.3 million, versus an operating loss of $37.0 million in 2024, primarily due to non-cash impairment charges of $165.2 million related to goodwill and intangible assets within the Americas segment in the prior year. Restructuring expense associated with our multi-year cost reduction program was $21.6 million, compared to $16.8 million in the prior year. Current year operating income benefited from a net gain on sale of assets of $6.8 million. Adjusted operating income was $153.3 million, down from $189.7 million in 2024. Adjusted operating income decline reflects lower sales volume and tariff-related impacts, which were partially offset by cost savings and lower incentive compensation expense.

Net income was $41.3 million, or $0.44 per share, compared to a net loss of $101.6 million, or $(1.06) per share, in 2024. Current year net income was positively impacted by $13.0 million as a result of the reversal of tax reserves for Brazil. The prior year loss reflects the items noted above in operating income. Adjusted net income was $78.8 million, compared to $99.2 million in 2024, and adjusted earnings per share were $0.84 per share, compared to $1.02 per share in 2024.

Cash Flow, Debt and Dividend

For the full year, operating cash flow was $68.7 million versus $148.2 million in the prior year. Adjusted free cash flow of $69.5 million, which includes $18.7 million from asset sales, compared to $132.3 million in the prior year. The Company’s consolidated leverage ratio as of December 31, 2025 was 4.1x.

In 2025, the Company paid dividends of $27.0 million and repurchased 3.2 million shares of common stock for $15.1 million.

On February 27, 2026, ACCO Brands announced that its board of directors declared a regular quarterly cash dividend of $0.075 per share. The dividend will be paid on March 26, 2026 to stockholders of record at the close of business on March 20, 2026.

Business Segment Results

ACCO Brands Americas – Fourth quarter segment net sales of $244.4 million decreased 2.7 percent from $251.3 million in the prior year. Net sales in the quarter were negatively impacted by softer demand in core categories, partly offset by growth in gaming and computer accessories and price increases.

Fourth quarter operating income was $31.4 million, compared to $31.2 million a year earlier. Restructuring expense associated with the multi-year cost reduction program was $4.5 million, compared to $3.1 million in the prior year. Adjusted operating income was $43.3 million, up from $41.6 million in the prior year. The increase in adjusted operating income reflects cost savings, price realization and lower incentive compensation, more than offsetting lower sales volume, reduced fixed-cost absorption and unfavorable product mix.

ACCO Brands International – Fourth quarter segment net sales of $184.4 million decreased 6.3 percent from $196.8 million in the prior year. Favorable foreign exchange increased sales by 5.4 percent. Comparable sales were $173.7 million, down 11.7 percent versus the prior year. Comparable sales declines reflect reduced demand for our core product categories and a difficult sales comparison in Europe.

Fourth quarter operating income was $17.8 million, compared to $24.0 million in the prior year. Restructuring expense associated with the multi-year cost reduction program of $3.9 million, compared to $4.2 million in the prior year. Adjusted operating income was $26.0 million, compared with $32.4 million in the prior year. The decrease in adjusted operating income reflects the impact of lower sales volume and unfavorable product mix, partially offset by price increases and cost savings.

2026 Outlook

“We expect the combination of the EPOS acquisition, improved end markets and foreign exchange to drive positive revenue growth in 2026. Our commitment to operational excellence through continued cost management and productivity programs position us to deliver improved profits and cash flow. With our optimized operational structure and portfolio of leading brands, we have a strong platform to generate consistent free cash flow while investing in faster growing categories,” concluded Mr. Tedford.

For the full year, the Company expects reported sales to be in the range of flat to up 3.0%. Full year adjusted EPS is expected to be within the range of $0.84 to $0.89. The Company expects 2026 free cash flow to be within the range of $75 million to $85 million, with a consolidated leverage ratio within a range of 3.7x to 3.9x.

In the first quarter, the Company expects reported sales to be in the range of flat to up 3.0% and adjusted loss per share within a range of ($0.06) to ($0.03).

Webcast

At 8:30 a.m. ET on March 9, 2026, ACCO Brands Corporation will host a conference call to discuss the Company’s fourth quarter 2025 results. The call will be broadcast live via webcast. The webcast can be accessed through the Investor Relations section of www.accobrands.com. The webcast will be in listen-only mode and will be available for replay following the event.

About ACCO Brands Corporation

ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands, include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.

Non-GAAP Financial Measures

In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this earnings release to aid investors in understanding the Company’s performance. Each non-GAAP financial measure is defined and reconciled to its most directly comparable GAAP financial measure in the “About Non-GAAP Financial Measures” section of this earnings release.

Forward-Looking Statements

Statements contained herein, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, and those relating to cost reductions and anticipated pre-tax savings and restructuring costs are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “future”, “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company’s securities.

Our outlook is based on certain assumptions which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding consumer demand, tariffs, global geopolitical and economic uncertainties, and fluctuations in foreign currency exchange rates; and the other factors described below.

Among the factors that could cause our actual results to differ materially from our forward-looking statements are: changes in trade policy and regulations, including changes in trade agreements and the imposition of tariffs, and the resulting consequences; global political and economic uncertainties; a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; risks associated with foreign currency exchange rate fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality, the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights and receive certifications from equipment and software businesses to support our technology accessories business; the introduction by third parties of new and successful gaming consoles; our ability to grow profitably through acquisitions, and successfully integrate them; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; continued disruptions in the global supply chain; risks associated with inflation and other changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or their supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; risks associated with the use by us and other suppliers of artificial intelligence, risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other reports we file with the Securities and Exchange Commission.

View full release here.

Christopher McGinnis
Investor Relations
(847) 796-4320

Kori Reed
Media Relations
(224) 501-0406

Source: ACCO Brands Corporation

Release – Conduent Appoints Greta Van to Board of Directors

Posted on by [email protected]

Research News and Market Data on CNDT

March 06, 2026

Corporate

Finance and Technology Leader Brings Decades of Experience in Audit, Controls, Risk, Compliance and Strategy Across Global Public Companies

Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the appointment of Greta Van to its Board of Directors. Ms. Van brings more than two decades of progressive leadership experience spanning finance, audit, enterprise risk management, and strategic operations within global, publicly traded organizations.

Greta Van

Greta Van

Ms. Van currently serves as Chief Audit Executive at Jack Henry & Associates, a leading financial technology and payment processing provider. In this role, she advises the Board and Audit Committee on governance, internal controls, and enterprise risk while overseeing public company compliance and high‑value strategic consulting initiatives. She has transformed the company’s internal audit function, expanded its consulting mandate, delivered cost reductions in external audit engagements, and is valued as a strategic business partner to the operations team.

Ms. Van also held senior leadership roles at PRGX, Infor Global Solutions, Crawford & Company, Internap, Comverge, and Accretive Solutions. Her experience also includes enterprise strategy, M&A governance, information security, business continuity, and operational integration.

“Greta is an exceptional leader with broad experience across governance, risk, and strategy, and her deep operational and financial expertise makes her a valuable addition to our Board,” said Harsha V. Agadi, Chief Executive Officer of Conduent. “Her ability to modernize complex functions, strengthen enterprise risk frameworks, and enhance board‑level reporting will help us advance our strategic priorities and deliver value to our clients, associates, and shareholders.”

“I am honored to join Conduent’s Board at such a pivotal time in the company’s evolution,” said Ms. Van. “Conduent’s focus on technology‑driven solutions, operational excellence, outstanding client service and quality, and disciplined transformation aligns strongly with my professional experience. I look forward to partnering with the Board and leadership team to help further accelerate performance and strengthen governance across the enterprise.”

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 51,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at www.conduent.com .

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit http://twitter.com/Conduent , http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent .

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contacts

Sean Collins

Conduent

[email protected]

+1-310-497-9205

Joshua Overholt

Conduent

[email protected]

Information Services Group (III) – AI Demand Drives Solid Results

Posted on by [email protected]


Monday, March 09, 2026

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q425. Operating performance in 4Q25 was solid and came in at the upper end of management’s guidance. Revenue came in at $61.2 million, up 6% y-o-y. Adjusted EBITDA grew 24% to $8.1 million, and adjusted EBITDA margin expanded 189 basis points to 13.2%. ISG reported GAAP net income of $2.6 million, or EPS of $0.05/sh, compared to $3.0 million, or EPS of $0.06/sh, last year, which included a $2.3 million gain from the sale of the automation unit. Adjusted EPS was $0.08 versus $0.06 last year.

AI and Recurring Revenue. Management noted AI-related activities represented nearly 35% of quarterly revenue, up from approximately 10% a year ago. For the full year, AI-related revenue accounted for nearly 30% of total revenue, roughly three times last year’s proportion. Recurring revenue totaled $112 million, representing 46% of annual revenue, while recurring revenues grew 13% year-over-year in the fourth quarter. We expect both AI-related and recurring revenue to increase going forward.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – February Ethereum Metrics

Posted on by [email protected]


Monday, March 09, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of February 2026. As of month end, the Company held approximately 155,434 ETH versus 155,239 ETH at the end of January. Included in the ETH holdings were approximately 15,283 ETH and ETH-equivalents held in an externally managed fund. The Company’s total staked ETH was approximately 138,269, or about 89% of its total holdings as of February 28th.

Yield and Value. Staking operations generated approximately 314 ETH in rewards during the period, representing an annualized yield of approximately 2.7%. Based on a closing ETH price of $1,965, as of February 28, 2026, the market value of the Company’s ETH holdings was approximately $305.4 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Weak Jobs Report and Oil Shock Leave Fed in Policy Limbo

Posted on by [email protected]

The Federal Reserve faces a complicated policy backdrop after a surprisingly weak February jobs report collided with rising oil prices tied to geopolitical tensions in the Middle East. The conflicting signals highlight the challenge policymakers face as they balance slowing labor market momentum with renewed inflation risks.

The Bureau of Labor Statistics reported that the U.S. economy lost 92,000 jobs in February, while the unemployment rate rose to 4.4% from 4.3% in January. Economists had expected modest job growth, making the decline a notable miss that suggests hiring momentum may be softening.

Despite the negative headline figure, policymakers appear unlikely to move quickly toward rate cuts. Higher oil prices linked to the conflict involving Iran could feed into broader inflation pressures, complicating the outlook for monetary policy.

Federal Reserve officials have indicated that the current environment presents risks on both sides of the economic outlook. Weak labor data could argue for easing policy, but persistent energy price increases could make inflation more difficult to contain.

Some economists believe February’s employment figures were distorted by temporary factors. Healthcare payrolls, one of the most consistent sources of job growth in recent years, were affected by a large Kaiser Permanente worker strike that temporarily removed roughly 30,000 employees from payroll counts. Those positions are widely expected to return in March once the strike activity ends.

Severe winter storms across parts of the country also likely disrupted hiring and payroll reporting during the survey period, potentially exaggerating the weakness in the data.

Even with those temporary disruptions, revisions to prior months suggest hiring momentum had already been slowing. Employment figures for December and January were revised lower by a combined 69,000 jobs, reinforcing the view that labor market growth has cooled compared with the stronger pace seen through much of 2024 and early 2025.

Recent employment gains have also fallen below what economists consider the break-even level needed to keep the unemployment rate stable. With slower population growth tied to declining birth rates and tighter immigration policies, that break-even threshold is now estimated around 30,000 jobs per month, significantly lower than historical levels.

At the same time, structural changes may be shaping hiring behavior across industries. Demographic shifts are gradually reducing labor force participation as older workers retire, while many companies are reassessing workforce needs as artificial intelligence and automation expand into more job functions.

Employers in some sectors appear to be slowing hiring decisions while evaluating how new technologies could fill skill gaps or improve productivity.

These dynamics leave the Federal Reserve navigating a narrow path. A sustained deterioration in labor market conditions could strengthen the case for rate cuts, but rising energy prices could revive inflation concerns just as policymakers believed price pressures were easing.

For now, the central bank may prefer to remain patient and wait for additional economic data before adjusting interest rates.

The February report underscores how quickly the economic narrative can shift. With labor market trends softening, geopolitical tensions influencing energy prices, and structural changes reshaping employment patterns, the Fed may remain in a holding pattern as it evaluates the evolving risks to growth and inflation.