CHICAGO, Feb. 23, 2026 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today announced that it will release its fourth quarter and full year 2025 financial results on Monday, March 9, 2026, after the market close, and host a teleconference to discuss its fourth quarter and full year 2025 results on the following day. Teleconference details are as follows:
Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.
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 Tuesday, 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 An archived version of the webcast will also be available on the FreightCar America Investor Relations website.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.
Record full year revenue of $888.3 million Full year net income of $73.5 million (Adjusted net income of $81.6 million) Record full year Adjusted EBITDA of $171.3 million
HOUSTON, Feb. 23, 2026 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the fourth quarter and year ended December 31, 2025 and the signing of two international offshore energy contracts.
Fourth Quarter 2025 Highlights
Revenue was $256.5 million
Total operating income was $32.6 million
Net income was $12.6 million
Adjusted net income was $20.7 million
Adjusted EBITDA was $44.0 million
Full Year 2025 Highlights
Revenue was $888.3 million
Total operating income was $127.8 million
Net income was $73.5 million
Adjusted net income was $81.6 million
Adjusted EBITDA was $171.3 million
Backlog as of December 31, 2025 was $888.1 million
Previously Announced Saltchuk Transaction
On February 11, 2026, Great Lakes announced that it had entered into a definitive agreement for Saltchuk Resources, Inc. (“Saltchuk”) to acquire the Company. The closing of the transaction will be subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Act waiting period and the tender of shares representing at least one share more than a majority of Great Lakes’ outstanding shares of common stock, and is expected to close in Q2 2026.
Offshore Energy
Great Lakes entered into two new international offshore energy contracts with a major offshore wind developer. The awarded work will keep the Acadia utilized in Europe for the majority of 2027.
Operational Update
Fourth Quarter 2025
Revenue was $256.5 million, an increase of $53.7 million from the fourth quarter of 2024. The higher revenue in the fourth quarter of 2025 was due primarily to the first full quarter of the Amelia Island working and higher capital and offshore energy revenue as compared to the same period in the fourth quarter last year, partially offset by lower coastal protection and maintenance project revenue.
Gross profit of $53.6 million increased from the fourth quarter of 2024 gross profit of $48.9 million primarily due to improved project performance. Gross profit margin decreased to 20.9% from 24.1% in the fourth quarter of 2024 primarily due to increased drydocking expenses.
Operating income was $32.6 million, increasing from $30.0 million in the prior year’s fourth quarter primarily due to the improved gross profit partially offset by higher general and administrative expenses primarily due to increased incentive compensation and expenses related to the Saltchuk transaction.
Net income was $12.6 million, decreasing from net income of $19.7 million in the prior year fourth quarter. The decrease was primarily driven by an $8.1 million one-time expense, net of tax impact, from the extinguishment of our second lien notes. Excluding this one-time expense, adjusted net income was $20.7 million.
Full Year 2025
Revenue was $888.3 million, an increase of $125.6 million from 2024. The higher revenue in 2025 was due primarily to the delivery of the Amelia Island and higher capital, coastal protection, and offshore energy revenues, partially offset by decrease in maintenance revenue.
Gross profit and gross profit margin of $203.5 million and 22.9%, respectively, increased from full year 2024 gross profit and gross profit margin of $160.6 million and 21.1%, respectively. The increases were driven by higher revenues as well as improved utilization and project performance in the current year.
Operating income for the full year 2025 was $127.8 million, which is a $35.0 million improvement from the prior year. The year-over-year increase is primarily a result of higher gross profit in the current year when compared to prior year, partially offset by higher general and administrative expenses primarily due to increased incentive pay in the current year when compared to prior year.
Net income for the full year 2025 was $73.5 million, which is a $16.2 million improvement compared to $57.3 million for the full year 2024. This increase is primarily driven by improvements to operating income in the current year when compared to prior year, partially offset by an increase in the income tax provision in the current year when compared to prior year as well as by the $8.1 million one-time expense, net of tax impact, from the extinguishment of our second lien notes. Excluding this one-time expense, adjusted net income was $81.6 million.
Balance Sheet, Backlog & Capital Expenditures
At December 31, 2025, the Company had $13.4 million in cash and cash equivalents, total long-term debt of $378.2 million and liquidity of over $330 million.
At December 31, 2025, the Company had $763.2 million in dredging backlog compared to $1.2 billion at December 31, 2024. Dredging backlog as of December 31, 2025 does not include approximately $200.2 million of awards and options pending.
At December 31, 2025, the Company had $124.8 million in offshore energy backlog compared to $44.9 million at December 31, 2024. Offshore energy backlog does not include approximately $2.9 million of options pending.
Total capital expenditures for the full year 2025 were $143.9 million including $69.1 million for the construction of the Acadia, $32.3 million for the Amelia Island, $13.7 million for support equipment, and $28.8 million for maintenance and growth.
Conference Call Information
As previously communicated, in light of the pending transaction with Saltchuk, Great Lakes will not host a conference call and webcast in conjunction with the quarter and year-end report.
Use of Non-GAAP Measures
Adjusted EBITDA, as provided herein, represents net income from continuing operations, adjusted for net interest expense, income taxes, depreciation and amortization expense, debt extinguishments, accelerated maintenance expense for new international deployments, goodwill or asset impairments and gains on bargain purchase acquisitions. Adjusted EBITDA is not a measure derived in accordance with GAAP. The Company presents Adjusted EBITDA as an additional measure by which to evaluate the Company’s operating trends. The Company believes that Adjusted EBITDA is a measure frequently used to evaluate the performance of companies with substantial leverage and that the Company’s primary stakeholders (i.e., its stockholders, bondholders and banks) use Adjusted EBITDA to evaluate the Company’s period to period performance. Additionally, management believes that Adjusted EBITDA provides a transparent measure of the Company’s recurring operating performance and allows management to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. For this reason, the Company uses a measure based upon Adjusted EBITDA to assess performance for purposes of determining compensation under the Company’s incentive plan. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, amounts determined in accordance with GAAP including: (a) net income as an indicator of operating performance or (b) cash flows from operations as a measure of liquidity. As such, the Company’s use of Adjusted EBITDA, instead of a GAAP measure, has limitations as an analytical tool, including the inability to determine profitability or liquidity due to the exclusion of accelerated maintenance expense for new international deployments, goodwill or asset impairments, gains on bargain purchase acquisitions, net interest expense and income tax expense and the associated significant cash requirements and the exclusion of depreciation and amortization, which represent significant and unavoidable operating costs given the level of indebtedness and capital expenditures needed to maintain the Company’s business. For these reasons, the Company uses net income to measure the Company’s operating performance and uses Adjusted EBITDA only as a supplement. Adjusted EBITDA is reconciled to net income in the table of financial results. For further explanation, please refer to the Company’s Securities and Exchange Commission (“SEC”) filings.
Adjusted net income and adjusted diluted earnings per share, as provided herein, represent net income and diluted earnings per share, adjusted for loss on extinguishment of debt. We believe adjusted net income and adjusted diluted earnings per share provide useful information about the Company’s operating performance. We believe excluding the [non-recurring loss on extinguishment of debt] provides investors with an alternative and supplemental understanding of our core business. Adjusted net income and adjusted diluted earnings per share are reconciled to net income and diluted earnings per share in the table of financial results. For further explanation, please refer to the Company’s SEC filings.
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 136-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Certain statements in this press release may constitute “forward-looking” statements, as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by SEC, all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “would,” “could,” “should,” “seeks,” “are optimistic,” “commitment to” or “scheduled to,” or other similar words, or the negative of these terms or other variations are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements have the benefit of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes include, but are not limited to: failure to satisfy the conditions to the transaction with Saltchuk; uncertainties associated with the transaction with Saltchuk; failure to complete the transaction with Saltchuk within the expected timeframe or at all; provisions in the definitive agreement with Saltchuk limiting our ability to pursue alternatives to the transaction with Saltchuk; restrictions on the conduct of our business under the definitive agreement with Saltchuk; potential lawsuits arising out of the proposed transaction with Saltchuk; stockholders’ inability to benefit from future Company growth if the transaction with Saltchuk is completed; unexpected difficulties related to the transaction with Saltchuk and integration of both companies; a reduction in government funding for dredging and other contracts, or government cancellation of such contracts, or the inability of the Corps to let bids to market; our ability to qualify as an eligible bidder under government contract criteria and to compete successfully against other qualified bidders in order to obtain government dredging and other contracts; the political environment and governmental fiscal and monetary policies; cost over-runs, operating cost inflation and potential claims for liquidated damages, particularly with respect to our fixed price contracts; the timing of our performance on contracts and new contracts being awarded to us; significant liabilities that could be imposed were we to fail to comply with government contracting regulations; project delays related to the increasingly negative impacts of climate change or other unusual, non-historical weather patterns; costs necessary to operate and maintain our existing vessels and the construction of new vessels, including with respect to changes in applicable regulations or standards; equipment or mechanical failures; pandemic, epidemic or outbreak of an infectious disease; disruptions to our supply chain for procurement of new vessel build materials or maintenance on our existing vessels; capital and operational costs due to environmental regulations; market and regulatory responses to climate change, including proposed regulations concerning emissions reporting and future emissions reduction goals; contract penalties for any projects that are completed late; force majeure events, including natural disasters, war and terrorists’ actions; changes in the amount of our estimated backlog; significant negative changes attributable to large, single customer contracts; Our ability to obtain financing for the construction of new vessels; our ability to secure contracts to utilize our new offshore energy vessel; unforeseen delays and cost overruns related to the construction of our new vessels; any failure to comply with the Jones Act provisions on coastwise trade, or if those provisions were modified, repealed or interpreted differently; our ability to comply with anti-discrimination laws, including those pertaining to diversity, equity and inclusion programs; fluctuations in fuel prices, particularly given our dependence on petroleum-based products; impacts of nationwide inflation on procurement of new build and vessel maintenance materials; our ability to obtain bonding or letters of credit and risks associated with draws by the surety on outstanding bonds or calls by the beneficiary on outstanding letters of credit; acquisition integration and consolidation, including transaction expenses, unexpected liabilities and operational challenges and risks; divestitures and discontinued operations, including retained liabilities from businesses that we sell or discontinue; potential penalties and reputational damage as a result of legal and regulatory proceedings; any liabilities imposed on us for the obligations of joint ventures, and similar arrangements and subcontractors; increased costs of certain material used in our operations due to newly imposed tariffs; unionized labor force work stoppages; any liabilities for job-related claims under federal law, which does not provide for the liability limitations typically present under state law; operational hazards, including any liabilities or losses relating to personal or property damage resulting from our operations; our substantial amount of indebtedness, which makes us more vulnerable to adverse economic and competitive conditions; restrictions on the operation of our business imposed by financing terms and covenants; impacts of adverse capital and credit market conditions on our ability to meet liquidity needs and access capital; limitations on our hedging strategy imposed by statutory and regulatory requirements for derivative transactions; foreign exchange risks, in particular, related to the new offshore energy vessel build; losses attributable to our investments in privately financed projects; restrictions on foreign ownership of our common stock; restrictions imposed by Delaware law and our charter on takeover transactions that stockholders may consider to be favorable; restrictions on our ability to declare dividends imposed by our financing agreements or Delaware law; significant fluctuations in the market price of our common stock, which may make it difficult for holders to resell our common stock when they want or at prices that they find attractive; changes in previously recorded net revenue and profit as a result of the significant estimates made in connection with our methods of accounting for recognized revenue; maintaining an adequate level of insurance coverage; our ability to find, attract and retain key personnel and skilled labor; disruptions, failures, data corruption, cyber-based attacks, security breaches, or regulatory non-compliance affecting our information technology and operational technology systems; and failure of our share repurchase program to be fully implemented or enhance long-term shareholder value. For additional information on these and other risks and uncertainties, please see Item 1A. “Risk Factors” of Great Lakes’ Annual Report on our most recent Form 10-K, Item 1A. “Risk Factors” of Great Lakes’ Quarterly Report on Form 10-Q’s and in other securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes’ future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
Additional Information and Where to Find It
The tender offer for the outstanding common stock of the Company has not yet commenced. The communication referenced above are for information purposes only and do not constitute an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of Company common stock will be made only pursuant to an offer to purchase and related materials that Saltchuk and its subsidiary (“Sub”) intend to file with the U.S. Securities and Exchange Commission (the “SEC”). If the tender offer is commenced, Saltchuk and Sub will file a Tender Offer Statement on Schedule TO with the SEC, and thereafter the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. BEFORE MAKING ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE CONSIDERED BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. These materials will be sent free of charge to Company stockholders when available, and may also be obtained free of charge by contacting the Company’s Investor Relations Department c/o Eric Birge, Vice President of Investor Relations, Great Lakes Dredge & Dock Corporation, 9811 Katy Freeway, Suite 1200, Houston, Texas, 77024, 313-220-3053 or [email protected]. In addition, all of these materials (and all other tender offer documents filed with the SEC) will be available at no charge from the SEC through its website at www.sec.gov. Copies of the documents filed with the SEC by the Company will also be available free of charge under the “Investors—Financials & Filings—SEC filings” section of the Company’s website at gldd.com.
For further information contact: Eric Birge Vice President of Investor Relations 313-220-3053
Fourth Quarter 2025 Revenues of $345.1 Million Reflect 21.9 Percent Growth and 20.0 Percent Organic Growth Over Fourth Quarter 2024 Revenues of $283.1 Million
Unmanned Systems Fourth Quarter 2025 Revenues of $68.5 Million Reflect 12.1 Percent Organic Growth Over Fourth Quarter 2024 Revenues of $61.1 Million
Kratos Government Solutions Fourth Quarter 2025 Revenues of $276.6 Million Reflect 22.2Percent Organic Growth Over Fourth Quarter 2024 Revenues of $222.0 Million
Fourth Quarter 2025 Consolidated Book to Bill Ratio of 1.3 to 1 and Bookings of $438.3 Million
Full Year 2025 Consolidated Revenues of $1.347 Billion Reflect 16.6 Percent Organic Growth Over Full Year 2024 Consolidated Revenues of $1.136 Billion
Last Twelve Months Ended December 28, 2025, Consolidated Book to Bill Ratio of 1.1 to 1 and Bookings of $1.475 Billion
Fiscal 2026 Base Case Revenue Forecast of $1.595 Billion to $1.675 Billion and Adjusted EBITDA Forecast of $157.0 million to $167.0 million or 9.9% to 10.0% of Revenue, including Recently Closed Nomad Global Communication Solutions Acquisition
SAN DIEGO, Feb. 23, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology, Hardware, Products, System and Software Company addressing the Defense, National Security and Commercial Markets, today reported its fourth quarter 2025 financial results, including Revenues of $345.1 million, Operating Income of $8.2 million, Net Income of $5.9 million, Adjusted EBITDA of $34.1 million and a consolidated book to bill ratio of 1.3 to 1.0.
Fourth quarter 2025 Net Income and Operating Income includes non-cash stock compensation expense of $9.1 million, and Company-funded Research and Development (R&D) expense of $9.8 million, including efforts in our Space, Satellite, Unmanned Systems and Microwave Electronic businesses.
Kratos reported in the fourth quarter 2025 GAAP Net Income of $5.9 million and GAAP Net Income per share of $0.03, compared to GAAP Net Income of $3.9 million and GAAP Net Income per share of $0.03, for the fourth quarter of 2024. Adjusted earnings per share (EPS) were $0.18 for the fourth quarter of 2025, compared to $0.13 for the fourth quarter of 2024.
Fourth quarter 2025 Revenues of $345.1 million increased $62.0 million, reflecting 20.0 percent organic growth from fourth quarter 2024 Revenues of $283.1 million. Organic revenue growth was reported in our Unmanned Systems segment of 12.1 percent and in our KGS segment of 22.2 percent. The most notable growth in our KGS Segment was in our Defense Rocket Systems, Microwave Products, and Space, Training and Cyber businesses, with organic revenue growth rates of 47.4 percent, 32.4 percent and 22.7 percent, respectively, compared to the fourth quarter of 2024.
Fourth quarter 2025 Cash Flow Generated by Operations was $12.1 million, primarily reflecting the working capital requirements related to the 21.9 percent revenue growth impacting our receivables, and also including increases in inventory balances related to ramps in production and investments we are making related to certain development initiatives in our Unmanned Systems (KUS) segment, aggregating approximately $51.8 million in working capital use for these items during the quarter. Free Cash Flow Used in Operations for the fourth quarter of 2025 was $0.1 million after funding of $24.2 million of capital expenditures, and net of $12.0 million of proceeds from the sale of Valkyrie units which were previously built as company owned assets and reflected as capital expenditures and therefore the receipt of these sales is reflected in cash flows from investing activities.
For the fourth quarter of 2025, KUS generated Revenues of $68.5 million, compared to $61.1 million in the fourth quarter of 2024, with the increase primarily driven by Valkyrie related activity. KUS’s Operating Income was $1.9 million in the fourth quarter of 2025, compared to an Operating Loss of $0.7 million in the fourth quarter of 2024. KUS’s Adjusted EBITDA for the fourth quarter of 2025 was $6.4 million, compared to $2.6 million for the fourth quarter of 2024, reflecting the impact of the revenue volume and mix. KUS’s book-to-bill ratio for the fourth quarter of 2025 was 1.9 to 1.0 and 1.2 to 1.0 for the twelve months ended December 28, 2025, with bookings of $127.7 million for the three months ended December 28, 2025, and bookings of $358.6 million for the twelve months ended December 28, 2025. Total backlog for KUS at the end of the fourth quarter of 2025 was $361.7 million, compared to $302.5 million at the end of the third quarter of 2025.
For the fourth quarter of 2025, Kratos’ Government Solutions (KGS) segment Revenues of $276.6 million increased from Revenues of $222.0 million in the fourth quarter of 2024, reflecting a 22.2 percent organic growth rate, excluding the impact of the February 2025 acquisition of certain assets of Norden Millimeter, Inc. The increased Revenues includes organic revenue growth across all KGS businesses, with the most notable growth in our Defense and Rocket Support business, Microwave Products business and in our Space, Training and Cyber businesses with organic revenue growth rates of 47.4 percent, 32.4 percent, and 22.7 percent, respectively, over the fourth quarter of 2024.
KGS reported Operating Income of $17.3 million in the fourth quarter of 2025 compared to $11.0 million in the fourth quarter of 2024, primarily reflecting the mix in revenues and increased volume. Fourth quarter 2025 KGS Adjusted EBITDA was $27.7 million, compared to fourth quarter 2024 KGS Adjusted EBITDA of $22.6 million, primarily reflecting the volume and mix in revenues and resources.
KGS reported a book-to-bill ratio of 1.1 to 1.0 for the fourth quarter of 2025, a book-to-bill ratio of 1.1 to 1.0 for the last twelve months ended December 28, 2025, and bookings of $310.7 million and $1.117 billion for the three and last twelve months ended December 28, 2025, respectively. KGS’s total backlog was $1.212 billion at the end of the fourth quarter of 2025, compared to $1.178 billion at the end of the third quarter of 2025.
Kratos reported consolidated bookings of $438.3 million and a book-to-bill ratio of 1.3 to 1.0 for the fourth quarter of 2025, and consolidated bookings of $1.475 billion and a book-to-bill ratio of 1.1 to 1.0 for the last twelve months ended December 28, 2025. Consolidated backlog was $1.573 billion on December 28, 2025, as compared to $1.480 billion on September 28, 2025. Kratos’ bid and proposal pipeline was $13.7 billion on December 28, 2025, as compared to $13.5 billion at September 28, 2025. Backlog on December 28, 2025, included funded backlog of $1.232 billion and unfunded backlog of $341.4 million.
Full Year 2025 Results
Kratos reported its full year 2025 financial results, including Revenues of $1.347 billion, Operating Income of $25.6 million, Net Income of $22.0 million, Adjusted EBITDA of $119.9 million and a consolidated book to bill ratio of 1.1 to 1.0.
Included in the full year 2025 Net Income and Operating Income is non-cash stock compensation expense of $35.5 million, Company-funded Research and Development (R&D) expense of $40.0 million, including ongoing development efforts in our Space and Satellite Communications business to develop our first to market, virtual, software-based OpenSpace command & control (C2), telemetry tracking & control (TT&C) and other ground system solutions, and ongoing development efforts in our Unmanned Systems and Microwave Products businesses.
Kratos reported full year 2025 GAAP Net Income of $22.0 million and GAAP Net Income per share of $0.13, compared to $16.3 million and GAAP Net per share of $0.11, for the full year 2024. Adjusted earnings per share (EPS) were $0.55 for the full year 2025, compared to $0.49 for the full year 2024.
Full year 2025 Revenues of $1.347 billion increased $210.5 million from 2024, reflecting 18.5 percent growth and 16.6 percent organic growth. Full year 2025 Cash Flow Used in Operations was $42.1 million, reflecting the working capital uses to fund revenue growth resulting primarily in increases in receivables, inventories, prepaid assets and investments in other assets and reduction of deferred revenues or advanced customer payments. Free Cash Flow Used in Operations was $125.4 million after funding $95.3 million of capital expenditures, and net of $12.0 million of proceeds from sale of Valkyrie units which were previously built as company owned assets and reflected as capital expenditures. Full year 2025 capital expenditures were elevated due primarily to the manufacture of the two production lots of Valkyries prior to contract award to meet anticipated customer orders and requirements and due to investments related to the expansion and addition of production facilities.
For full year 2025, KUS generated Revenues of $292.0 million, as compared to $270.5 million in the full year 2024, reflecting 7.9 percent organic growth, primarily reflecting increased Valkyrie and tactical drone activity. KUS’s Operating Income was $2.6 million in full year 2025 compared to $2.9 million in full year 2024. KUS’s Adjusted EBITDA for full year 2025 was $18.1 million, compared to full year 2024 Adjusted EBITDA of $16.3 million, reflecting the increased volume partially offset by increased material and subcontractor costs on multi-year fixed price contracts.
For full year 2025, KGS Revenues of $1.055 billion increased $189.0 million, reflecting 19.3 percent organic growth from Revenues of $865.8 million in full year 2024. The increased Revenues includes organic revenue growth across all of our business units, with the most notable increases in our Defense Rocket Support, Microwave Products, and Space, Training and Cyber businesses, with organic revenue growth rates of 56.3 percent, 17.1 percent and 13.6 percent, respectively.
KGS reported operating income of $60.6 million in full year 2025 compared to $56.6 million in full year 2024, primarily reflecting the increased revenue volume. Full year 2025 KGS Adjusted EBITDA was $101.8 million, compared to full year 2024 KGS Adjusted EBITDA of $89.4 million, primarily reflecting the increased revenue.
Eric DeMarco, Kratos’ President and CEO, said, “We finished 2025 exceeding our financial objectives for the fourth quarter, generating approximately 20 percent Q4 year- over-year organic Revenue growth, generating a 1.3 to 1.0 book to bill ratio on top of this 20 percent organic growth, having a record backlog of $1.573 billion, and a record opportunity pipeline of $13.7 billion, with the opportunity set for Kratos having never been stronger and continuing to increase. Kratos is positioned to achieve our previously communicated 2026 and 2027 financial targets, and similar to 2025, for 2026 we expect our business to accelerate throughout the year, with increasing Revenue volume and Adjusted EBITDA margins, as several new programs, contracts and initiatives begin, ramp and expand.”
Mr. DeMarco continued, “Since our last report, the global National Security opportunity and funding environment for the industry and for Kratos has significantly improved, including the extended U.S. Federal Government shutdown being resolved, the Continuing Resolution being resolved, the 2026 NDAA being signed and the fiscal 2026 Defense Appropriations Bill being signed, bringing the total 2026 National Security related approved spend to approximately $1 trillion. There is a generational recapitalization of the defense industrial base underway due to the geopolitical and related global threat environment, one that we believe that Kratos is uniquely positioned to address. Rapidly manufacturing and delivering affordable military grade hardware, at scale, that must work every time, is hard, and our customers and partners recognize this as one of Kratos’ key differentiators.”
Mr. DeMarcowent on, “We recently announced that our teammate Northrop Grumman received the MUX TACAIR Collaborative Combat Aircraft, or CCA, program award, with Kratos Valkyrie as the CCA aircraft, equipped with Northrop’s mission systems. Additionally, Kratos has now successfully received another tactical drone program of record contract award, and I believe that we are in a sole source position for two additional tactical drone program opportunities, including for Valkyrie. As a result of our progress and based upon expected future customer contractually required delivery schedules, we will be executing a plan in 2026 to increase our rate of production up to approximately 40 Valkyries annually by the end of 2027.”
Mr. DeMarco added, “We now have 120 Kratos Zeus and Oriole solid rocket motors on order, with deliveries of the SRMs to Kratos expected to begin in Q3 of this year and expected to ramp into 2027, and the SRMs are either under customer contract or are directly related to expected hypersonic or “other” vehicle system integration and launch efforts to be performed. Additionally, it was recently announced that Kratos was selected to develop a next generation, highly maneuverable hypersonic missile, with certain other non-traditional vendors. We are also hoping to receive an additional approximate $1 Billion hypersonic program related opportunity by the end of this year, which we believe will be sole source to Kratos as prime. Kratos’ hypersonic franchise is expected to be a primary driver of our expected future revenue growth.”
Mr. DeMarcoconcluded, “We believe that Kratos’ strategy and consistent business plan since inception, including making true internally funded investments ahead of government commitment, for facilities, manufacturing capability and relevant products for the warfighter, while not paying dividends or buying back our stock, are aligned with the current Administration and is an important differentiator for Kratos. I believe that due to the global threat environment, certain customers are out of time, have limited immediate resources, and that the significant investments that Kratos has made to be first-to-market with relevant systems, hardware and software are now invaluable. We believe that the scarcity value of Kratos is clear, and we are laser focused on our balanced business model of making investments, rapidly delivering affordable products and systems to the warfighter at scale, and generating a financial return for our investors.”
Financial Guidance We are providing our first quarter and full year Base Case 2026 guidance, which includes our assumptions, including as related to: current forecasted business mix, expected employee sourcing, hiring and retention; potential manufacturing, production and supply chain disruptions; potential parts shortages and related continued significant cost and price increases in each of these areas, all of which are impacting the industry and Kratos. We are also making significant investments in bid, proposal and other new program opportunity areas, which are currently adversely impacting our profit margins. These investments are expected to continue at least into Kratos’ fiscal 2027, as our opportunity pipeline continues to increase.
Kratos’ operating cash flow guidance also assumes certain investments in our Rocket Systems and Unmanned Systems businesses, related to the procurement of rocket and related systems and our plan to begin producing approximately 40 Valkyries annually beginning by the end of 2027 as well as the completion of certain of our unmanned systems and related derivatives and vehicles. Additional forecasted investments in 2026 include our funding of the Prometheus joint venture established last year, our Anaconda radar program, our Helios hypersonic and arc chamber program, our Indiana hypersonic integration facility, our Birmingham advanced manufacturing facility for hypersonics, expansion and new microwave electronics facilities in Israel and the US, our GEK and BladeWorks engine facilities, the continued build of our second lot of 12 Valkyrie aircraft, and our Vulcan, Kraken, Elysium, Nemesis, Hermes and other initiatives. In summary, Kratos continues to make the required investments to support the rebuild of the U.S. defense industrial base and related infrastructure, take advantage of the ongoing generational recapitalization of strategic and other weapon and National Security related systems, and generate value for all Kratos stakeholders, including the warfighter and Kratos shareholders.
Our first quarter and full year Base Case 2026 guidance ranges, which includes the recently closed Nomad Global Communication Solutions acquisition, and a summary of the forecasted investments for new programs and opportunities are presented below.
For Kratos’ Base Case fiscal year 2026 forecast, we currently expect the first fiscal quarter to be the lowest in both revenue and Adjusted EBITDA, including as a result of the extended U.S. Federal Government shutdown in the fourth quarter of fiscal 2025, which impacted government contracting, program, administrative and other functions and offices. The impact of the shutdown, we believe, resulted in among other issues, the delay of certain “short turn” contract awards to Kratos, including certain expected software, data related and product sales, which typically generate higher than our normal profit margins. We believe the government shutdown also resulted in a delay in the award of certain longer-term contracts, programs and funding. With the government shutdown now over and the Department of War (DoW) and related Federal Agencies at full function again, we expect to receive these contract and program awards, sales and funding, beginning in our second quarter of 2026. The expected overall lower revenue in our first fiscal quarter is expected to result in lower Adjusted EBITDA, including as a result of the loss of financial leverage on certain of our fixed general, administrative, overhead, infrastructure, bid, proposal and other costs, with a more pronounced impact as we have expanded our infrastructure to support our growing businesses.
Also contributing to our expectation that Kratos second half of fiscal 2026 will have significantly higher Revenue and Adjusted EBITDA than the first half, we expect to begin to receive in the second half of 2026 certain long lead items related to existing customer funded programs, including solid rocket motors and other hardware related to certain hypersonic and other programs, hardware and components related to jet engine and propulsion system development and production, and hardware related to air defense, missile, radar and other National Security system production.
As a result of all of the above, we expect Kratos’ second quarter of fiscal 2026 to have somewhat increased Revenue and Adjusted EBITDA over our fiscal first quarter, and we expect Kratos’ second half of fiscal year 2026 Revenue, Adjusted EBITDA and operating cash flow to be greater than our first half, as our Revenue increases, Adjusted EBITDA margins are expected to expand and contract funding is expected to increase. All financial forecasts provided today include the expected contribution from the recently closed acquisition of Nomad Global Communication Solutions, Incorporated.
We continue to expect Base Case Kratos’ full year 2026 organic revenue growth to be approximately 15 percent to 20 percent above our full year fiscal 2025 revenue financial forecast, which we previously provided in November 2025, and which we exceeded. We continue to expect Kratos’ Base Case full year 2027 organic revenue growth to be approximately 18 percent to 23 percent above the full year fiscal 2026 revenue forecast we provided today. We continue to expect Kratos’ full year 2026 Adjusted EBITDA margin rates to be approximately 100 bps greater than our reported 2025 Adjusted EBITDA margin rates. And we continue to expect our current forecast 2027 Adjusted EBITDA margin rates to increase an additional 100 bps above 2026 Adjusted EBITDA margin rates. Kratos’ Base Case Revenue and Adjusted EBITDA forecasts do not include large scale production of Kratos Valkyrie or other tactical drone production, which will only be included once Kratos receives definitized customer delivery schedules that we can accurately forecast. Additionally, none of the above financial information includes the estimated impact from the pending Orbit Technologies Ltd acquisition, which financial information will only be included once the acquisition closes.
Management will discuss the Company’s financial results at a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern) today. The call will be available at www.kratosdefense.com. Participants may register for the call using this Online Form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. For those who cannot access the live broadcast, a replay will be available on Kratos’ website.
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing, which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe our probability of win is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, command, control, communication, computing, combat, intelligence surveillance and reconnaissance (C5ISR) and microwave electronic products for missile, radar, air defense, missile defense, space, satellite, counter unmanned aircraft systems (CUAS), directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com
Notice RegardingForward–LookingStatements This news release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, express or implied statements concerning the Company’s expectations regarding its future financial performance, including the Company’s expectations for its first quarter, second quarter, first half, second half, and full year 2026 revenues, R&D, operating income, depreciation, amortization, stock based compensation expense, and Adjusted EBITDA, and full year 2026 operating cash flow, capital expenditures, investments, and free cash flow, forecasted company and business unit organic revenue growth, estimated revenue and organic revenue growth for 2026 and 2027, Adjusted EBITDA margins in 2026 and 2027, future initiation of higher margin programs and negotiation of lower margin contracts which are expected to be renewed in the future, expected future investments in property, plant, facilities, and equipment (including expected investments in the Prometheus joint venture and other programs, opportunities, and initiatives), expected future production of Valkyries, the ability of the Company’s customers to respond to industry and market conditions, the impact of acquired companies and businesses on the Company’s operations and financial condition, the Company’s bid and proposal pipeline and backlog, including the Company’s ability to timely execute on its backlog, demand for its products and services, including the Company’s alignment with today’s National Security requirements and the positioning of its C5ISR and other businesses, ability to successfully compete and expected new customer awards, the impact of federal government shutdowns on the Company’s operations and financial condition, the availability and timing of government funding for the Company’s offerings, availability of an experienced skilled workforce, inflation and increased costs, risks related to potential cybersecurity events or disruptions of our information technology systems, and delays in our financial projections, industry, business and operations, including projected growth. Such statements are only predictions, and the Company’s actual results may differ materially from the results expressed or implied by these statements. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Factors that may cause the Company’s results to differ include, but are not limited to: risks to our business and financial results related to the reductions and other spending constraints imposed on the U.S. Government and our other customers, including as a result of sequestration and extended continuing resolutions, the Federal budget deficit and Federal government shut-downs; risks of adverse regulatory action or litigation; risks associated with debt leverage; risks that our cost-cutting initiatives will not provide the anticipated benefits; risks that changes, cutbacks or delays in spending by the DoW may occur, which could cause delays or cancellations of key government contracts; risks of delays to or the cancellation of our projects as a result of protest actions submitted by our competitors; risks that changes may occur in Federal government (or other applicable) procurement laws, regulations, policies and budgets; risks of the availability of government funding for the Company’s products and services due to performance, cost growth, or other factors, changes in government and customer priorities and requirements (including cost-cutting initiatives, the potential deferral of awards, terminations or reduction of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional committee recommendations or automatic sequestration under the Budget Control Act of 2011, as amended); risks that the unmanned aerial systems and unmanned ground sensor markets do not experience significant growth; risks that products we have developed or will develop will not become programs of record; risks that we cannot expand our customer base or that our products do not achieve broad acceptance which could impact our ability to achieve our anticipated level of growth; risks of increases in the Federal government initiatives related to in-sourcing; risks related to security breaches, including cyber security attacks and threats or other significant disruptions of our information systems, facilities and infrastructures; risks related to our compliance with applicable contracting and procurement laws, regulations and standards; risks related to the new DoW Cybersecurity Maturity Model Certification; risks relating to the ongoing conflict in Ukraine and the Israeli-Palestinian military conflict; risks to our business in Israel; risks related to contract performance; risks related to failure of our products or services; risks associated with our subcontractors’ or suppliers’ failure to perform their contractual obligations, including the appearance of counterfeit or corrupt parts in our products; changes in the competitive environment (including as a result of bid protests); failure to successfully integrate acquired operations and compete in the marketplace, which could reduce revenues and profit margins; risks that potential future goodwill impairments will adversely affect our operating results; risks that anticipated tax benefits will not be realized in accordance with our expectations; risks that a change in ownership of our stock could cause further limitation to the future utilization of our net operating losses; risks that we may be required to record valuation allowances on our net operating losses which could adversely impact our profitability and financial condition; risks that the current economic environment will adversely impact our business, including with respect to our ability to recruit and retain sufficient numbers of qualified personnel to execute on our programs and contracts, as well as expected contract awards and risks related to increasing interest rates; currently unforeseen risks associated with any public health crisis, and risks related to natural disasters or severe weather. These and other risk factors are more fully discussed in the Company’s Annual Report on Form 10-K for the period ended December 28, 2025, and in our other filings made with the Securities and Exchange Commission.
Note Regarding Use of Non-GAAP Financial Measures and Other Performance Metrics This news release contains non-GAAP financial measures, including organic revenue growth rates, Adjusted EPS (computed using income before income taxes, excluding depreciation, amortization of intangible assets, amortization of capitalized contract and development costs, stock-based compensation expense, acquisition and restructuring related items and other, which includes, but is not limited to, legal related items, non-recoverable rates and costs, and foreign transaction gains and losses, less the estimated impact to income taxes) and Adjusted EBITDA (which excludes, among other things, acquisition and restructuring related items, stock compensation expense, foreign transaction gains and losses, and the associated margin rates). Additional non-GAAP financial measures include Free Cash Flow from Operations computed as Cash Flow from Operations less Capital Expenditures plus proceeds from sale of assets and Adjusted EBITDA related to our KUS and KGS businesses. Kratos believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the actual and forecasted operating performance of the Company’s business and the Company’s cash flow, excluding non-recurring items and non-cash items that would normally be included in the most directly comparable measures calculated and presented in accordance with GAAP. The Company’s management uses these non-GAAP financial measures, along with the most directly comparable GAAP financial measures, in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and investors should carefully evaluate the Company’s financial results calculated in accordance with GAAP and reconciliations to those financial results. In addition, non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this news release.
Another Performance Metric the Company believes is a key performance indicator in our industry is our Book to Bill Ratio as it provides investors with a measure of the amount of bookings or contract awards as compared to the amount of revenues that have been recorded during the period and provides an indicator of how much of the Company’s backlog is being burned or utilized in a certain period. The Book to Bill Ratio is computed as the number of bookings or contract awards in the period divided by the revenues recorded for the same period. The Company believes that the rolling or last twelve months’ Book to Bill Ratio is meaningful since the timing of quarter-to-quarter bookings can vary.
Net income of $22.8 million; adjusted net income1 of $49.3 million, up 16% year-over-year
Adjusted EBITDA1 of $88.7 million; adjusted EBITDA1 margin of 7.3%
Diluted EPS of $0.72; record adjusted diluted EPS1 of $1.56, up 17% year-over-year
Cash flow from operations of $209.5 million
Full-Year Highlights
Revenue of $4.48 billion, up 4% year-over-year
Net income of $77.9 million; adjusted net income1 of $166.8 million, up 20% year-over-year
Adjusted EBITDA1 of $323.3 million, with a margin of 7.2%
Diluted EPS of $2.45; adjusted diluted EPS1 of $5.24, up 21% year-over-year
Cash flow from operations of $182.0 million
Achieved net debt reduction of $116 million and 2.2x net leverage ratio1
2026 Guidance
Establishing full-year 2026 guidance with 6% revenue and adjusted EBITDA1 growth at mid-point
RESTON, Va., Feb. 23, 2026 /PRNewswire/ — V2X, Inc. (NYSE:VVX) today announced financial results for the fourth quarter and full-year 2025 ended December 31, 2025, and established guidance for full-year 2026.
“V2X ended 2025 with another quarter of strong performance, underscoring our team’s successful execution of our strategy,” said Jeremy C. Wensinger, President and Chief Executive Officer. “We are entering 2026 with significant momentum. Our recent awards and alignment to National Security priorities for readiness and modernization are creating tailwinds for continued growth. Additionally, we are continuing to prioritize investments and expand partnerships to deliver innovative solutions that anticipate and fulfill our customers’ requirements. These growth priorities are further supported by the strength of our capital structure. As we look ahead, V2X is well positioned to continue to deliver readiness enabling solutions to support our customers’ evolving requirements, while generating enhanced value for our shareholders.”
Fourth Quarter 2025 Results
In the fourth quarter, V2X reported record revenue of $1.22 billion, which represents 5% year-over-year growth. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income1 and adjusted EPS1. Net income for the quarter was $22.8 million. Adjusted net income1 was $49.3 million, an increase of $6.6 million dollars, or 16%, year-over-year. Fourth quarter GAAP diluted EPS was $0.72. Adjusted diluted EPS1 for the quarter increased 17% year-over-year to $1.56.
V2X delivered record adjusted EBITDA1 of $88.7 million, with a margin of 7.3%, representing an increase of $2.6 million dollars, or 3%, from the prior year.
Fourth quarter net cash provided by operating activities was $209.5 million. Adjusted net cash provided by operating activities1 increased 3% year-over-year to $172.4 million.
At the end of the fourth quarter, net debt for V2X was $758 million, representing an improvement of $116 million year-over-year and achieving its 2.2x net leverage ratio1.
Total backlog as of December 31, 2025 was $11.1 billion. Funded backlog1 was $2.3 billion. Book-to-bill1 in the quarter was approximately 0.7x.
Full-Year 2025 Results
Full-year revenue was $4.48 billion, representing a 4% increase compared to the previous year.
Net income for the year was $77.9 million. Adjusted net income1 was $166.8 million, an increase of $27.9 million dollars, or 20%, year-over-year. Full-year GAAP diluted EPS was $2.45. Adjusted diluted EPS1 for 2025 was $5.24, increasing 21% year-over-year. Full-year adjusted EBITDA1 was $323.3 million with a margin of 7.2%.
Net cash provided by operating activities in 2025 was $182.0 million. Adjusted net cash provided by operating activities1 was $148.3 million.
2026 Guidance
Expectations for the Company’s full year 2026 financial results are as follows:
$ millions, except for per share amounts
2026 Guidance
2026 Mid-Point
Revenue
$4,675
$4,825
$4,750
Adjusted EBITDA1
$335
$350
$343
Adjusted Diluted Earnings Per Share1
$5.50
$5.90
$5.70
Adjusted Net Cash Provided by Operating Activities1
$150
$170
$160
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Fourth Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 23, 2026. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/3do4py9pnRx
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 9, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
___________________________
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,200 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under “2026 Guidance” above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; statements about the benefits and expectations with respect to the strategic acquisition; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
CERRITOS, Calif., Feb. 23, 2026 (GLOBE NEWSWIRE) — The Oncology Institute, Inc. (“TOI”) (NASDAQ: TOI), one of the largest value-based oncology groups in the United States, today announced the appointment of Kim Tzoumakas to its Board of Directors, effective February 23, 2026. Ms. Tzoumakas brings more than two decades of executive leadership experience across oncology, pharmacy services and healthcare operations. Notably, she is Chief Executive Officer for VytlOne National Pharmacy Services, and previously held the CEO role at 21st Century Oncology, where she successfully led the organization through a multi-year operational turnaround, culminating in its strategic sale. She also has served on the board of several private and public healthcare companies including SeaSpine, Coherus BioSciences, Ob Hospitalist Group and most recently, VytlOne.
“We are thrilled to welcome Kim to our Board of Directors,” said Daniel Virnich, MD, CEO of The Oncology Institute. “Her deep experience in both oncology and pharmacy services are particularly relevant at this point in TOI’s journey as we expand our care delivery model across employed and MSO networks and grow our pharmacy business. Kim’s proven track record of expanding access, improving cost management, and advancing integrated care delivery models, will be invaluable as to our company and further strengthen our already outstanding board of directors.”
“It’s an honor to have been selected as a Board member of The Oncology Institute,” said Ms. Tzoumakas. “I look forward to utilizing my background and experience in healthcare services to advise this dedicated team and help them accomplish their mission of improving cancer outcomes and streamlining the patient journey.”
About The Oncology Institute (www.theoncologyinstitute.com): Founded in 2007, The Oncology Institute (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of approximately 1.9 million patients, including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With over 180 employed and affiliate clinicians and over 100 clinics and affiliate locations of care across five states and growing, TOI is changing oncology for the better.
PDF VersionJoint team will complete preliminary design of the GEK1500 engine to meet high performance and aggressive cost targets, leveraging GEK800 maturation to accelerate delivery
SAN DIEGO, Feb. 23, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leader in defense, national security and global markets, and GE Aerospace (NYSE: GE), today announced a joint U.S. Air Force contract for $12.4M to design a next generation engine for small Collaborative Combat Aircraft (CCA). The initial phase of the program will complete the preliminary design of the GEK1500 engine to meet demanding performance requirements while achieving aggressive cost targets for affordable mass.
Stacey Rock, President of Kratos Turbine Technologies Division, said, “Building on the success of our GEK800 engine program, the development of the GEK1500 further demonstrates our team’s ability and commitment to deliver high-performance, affordable, jet engines that can be rapidly produced to meet the demands of our defense customers.”
“Lessons learned from recent GEK800 altitude testing are directly informing GEK1500 —improving thrust, power generation, and lifecycle cost — so we can meet CCA requirements without compromising affordability or schedule,” said Steve “Doogie” Russell, Vice President and General Manager of Edison Works at GE Aerospace.
The GEK1500 is a 1,500-lb thrust jet engine that could potentially power unmanned aerial systems (UAS), collaborative combat aircraft (CCAs), and missiles. The design of the GEK1500 leverages the GEK800 cruise missile engine architecture which is successfully completing technical maturation. An additional option on the contract, if exercised, would enable the team to assess key design risks and characterize engine performance under relevant flight and installation conditions for the GEK1500 engine. The Air Force has prioritized the development of high performing and low-cost engines to enable the disruptive capabilities of small CCAs.
GEK1500 Engine (Concept Rendition: Kratos and GE Aerospace)
Recent altitude testing of the GEK800 engine demonstrated critical technologies that will provide future systems increased range, increased thrust, decreased life cycle cost, and increased electrical power. The investments and progress made to date on the GEK800 will reduce the cost and schedule timelines for the GEK1500 and provide enhanced performance for small CCAs.
In June, Kratos and GE Aerospace announced the signing of a formal teaming agreement to advance propulsion technologies for the next generation of affordable unmanned aerial systems and CCA-type aircraft, covering the GEK800 and a framework for partnering on additional engines. The result is another formal teaming agreement covering the GEK1500. This collaboration strengthens the companies’ ongoing partnership and builds on a 2024 Memorandum of Understanding (MOU) to advance the development and production of small, cost-effective engines for unmanned platforms. The teaming agreement expanded on that MOU and provided the framework for the two companies to develop, manufacture, test, and field the GEK800 and additional GEK engines in higher thrust classes.
Kratos brings more than 25 years of experience developing and producing small, affordable engines for UAS, drones, and missile platforms. GE Aerospace adds a century of expertise in propulsion technology and the ability to scale advanced designs into high-rate production, helping bridge the gap from prototype to deployment.
About GE Aerospace GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 49,000 commercial and 29,000 military aircraft engines. With a global team of approximately 53,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow and the future at www.geaerospace.com.
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that it will release its fourth quarter and full year 2025 earnings before the market opens on March 9, 2026. The Company will host a conference call and webcast to discuss the results on March 9 at 8:30 a.m. EST. The webcast can be accessed through the Investor Relations section of www.accobrands.com and will be available for replay.
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.
VIRGINIA CITY, NEVADA, February 23, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) and its subsidiary, Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels and the only certified, zero-landfill solar recycling solution in North America, today announced that following the opening of its facility in Kings County, CA, it has received approval from California’s Department of Toxic Substances Control (“DTSC”) and has been placed on a very select list of companies authorized as universal waste recyclers that can treat photovoltaic (“PV”) modules. The recently opened facility in combination with this new “certification” now avails California companies with a true “California solution” for recycling end of life PV solar panels that is authorized by the DTSC and supported by several strategic customers.
This new California facility, and recent certification, marks a regional expansion and optimization of Comstock Metals’ southwestern recycling network, reinforcing the company’s commitment to serving high-demand California-based renewable energy customers. Strategically located to optimize logistics and support customers across California—the single largest end-of-life U.S. solar panel market by far—the site will operate as a centralized hub for the collection, preparation, storage, and aggregation of decommissioned PV solar panels.
As increasing numbers of solar panels reach the end of their useful life across California, Arizona and Nevada, demand is rapidly growing for compliant, environmentally responsible recycling solutions. The California facility is purpose-built to meet this need, providing major utilities, developers, engineering and construction firms (EPCs), installers, decommissioning contractors, and asset owners with a dependable, locally based option for managing these environmental liabilities. Through advanced recovery processes, valuable materials—including aluminum, silver, copper, gallium, and other metals—can eventually be extracted and returned to the supply chain for reuse.
“Opening a facility in California positions us to better serve the region’s increasing demand for end-of-life solar panel disposal while delivering a streamlined, cost-effective logistics solution for our customers,” said Dr. Fortunato Villamagna, President of Comstock Metals. “Our mission is to close the loop on solar energy by ensuring the environmental liabilities associated with these retired panels are safely, cleanly and completed eliminated so they do not find their way into landfills and ultimately, our natural water and broader eco-systems.”
By delivering timely, efficient, and fully compliant decommissioning, transportation, and recycling services, Comstock’s zero-landfill solution minimizes waste, preserves natural resources, and advances the long-term sustainability of the solar industry. The Company is also completing permit applications and preparing submission plans for a second, integrated, industry-scale facility in Nevada, with final site selection expected later this month.
“As the number of end-of-life solar panels nationwide rises into the tens and eventually hundreds of millions, our ability to scale responsibly and efficiently ensures meaningful sustainability outcomes—and confidence—for our customers and partners,” said Corrado De Gasperis, Executive Chairman and CEO of Comstock. “Our team is establishing a new benchmark for solar panel recycling through a growing, fully integrated national network.”
About Comstock Inc.
Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries: Judd B. Merrill, Chief Financial Officer Tel (775) 413-6222 [email protected]
For media inquiries: Zach Spencer, Director of External Relations Tel (775) 847-7573 [email protected]
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: expectations regarding the completion of the proposed securities offering, future market conditions; future explorations or acquisitions, divestitures, spin-offs or similar distribution transactions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources;; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
After-tax NPV (using 8% discount rate) of $4.01 billion based on price assumptions of $24,000 per tonne (“/t”) for lithium carbonate (“Li2CO3”) and $750/dry metric tonne (“dmt”) for Sodium Hydroxide (“NaOH”)
After-tax internal rate of return (“IRR”) of 27.4%
Integrated patent-pending processing flowsheet, incorporating hydrochloric acid leaching, Direct Lithium Extraction (“DLE”), chlor-alkali processing, and on-site production of battery-grade lithium carbonate, validated through four years of pilot plant operations in Nevada
Large, long-life U.S.-based lithium development project, with Proven and Probable Reserves supporting a mine life exceeding 60 years
Economic analysis based on a 40-year production schedule, with planned life-of-mine average production of approximately 26,500 tonnes per annum (“tpa”) of battery-grade lithium carbonate
Initial Phase 1 throughput of 7,500 tonnes per day (“tpd”), expanding to 15,000 tpd in Year 5 (Phase 2)
Capital and Operating Costs
Phase I capital cost of $997 million compared to $1.537 billion in the 2024 Study
Phase 2 expansion capital of $660 million compared to $651 million in the 2024 Study
Average operating cost of $22.45 per tonne of mill feed, equivalent to $4,389 per tonne of lithium carbonate, compared to $8,223 per tonne in the 2024 Study
Project revenues from surplus sodium hydroxide equivalent to $5,393/t of lithium carbonate produced. When treated as a co-product credit, this would result in a net operating cost below zero
Mineral Resource and Reserve
Measured and Indicated Mineral Resources of 1.138 billion tonnes at 966 parts per million (“ppm”) lithium, containing 5.582 million tonnes lithium carbonate equivalent (“LCE”)
Proven and Probable Mineral Reserves of 287.65 million tonnes at 1,149 ppm lithium, containing 1.759 million tonnes LCE
February 23, 2026 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) is pleased to announce the results of an updated National Instrument 43-101 (“NI 43-101”) compliant Feasibility Study (“2026 Feasibility Study”) for its 100%-owned Angel Island Lithium Project (“Angel Island”) located in Esmeralda County, Nevada, USA.
The 2026 Feasibility Study incorporates the results of continued metallurgical testing, engineering optimization, refinement of the mine plan, and updated capital and operating cost estimates for Angel Island. The study demonstrates strong project economics, including an after-tax net present value (“NPV”) of $4.01 billion.
No material changes were made to the Mineral Resource or Mineral Reserve estimates used in the “NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada, USA”, dated April 29, 2024 (“2024 Study”) and are used in their entirety in the 2026 Feasibility Study.
All currency amounts in this news release are expressed in U.S. dollars.
2026 FEASIBILITY STUDY SUMMARY
The 2026 Feasibility Study confirms the technical and economic viability of developing the Angel Island project as a significant domestic source of battery-grade lithium carbonate in the United States.
Mining is planned as a conventional open-pit operation extracting lithium-bearing claystone mineralization. Mined material will be processed on-site using hydrochloric acid leaching, solid-liquid separation, Direct Lithium Extraction (“DLE”), lithium carbonate precipitation, and an integrated chlor-alkali plant, resulting in on-site production of battery-grade lithium carbonate.
The 2026 Feasibility Study reconfigures Angel Island into a two-phase development plan, consisting of an initial 7,500 tpd operation with expansion to 15,000 tpd. The third expansion phase contemplated in the 2024 Study was removed, simplifying project execution and reducing overall capital requirements.
Bill Willoughby, President and CEO of Century Lithium commented:
“The results of the 2026 Feasibility Study represent a material improvement. These results were made possible by Century Lithium’s team who, through many steps of optimization including those at the Company’s pilot plant, have delivered a more efficient development plan for the Project. In the 2026 Feasibility Study, this streamlined process is reflected in equipment and related infrastructure, importantly in electrical demand, and is seen in the resulting capital and operating cost estimates.”
CAPITAL AND OPERATING COSTS
A Class 3 capital cost estimate was prepared in accordance with AACE guidelines, and Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Best Practices. The updated costs were developed using second-quarter 2025 data.
Phase 1 (7,500 tpd) initial capital cost: $997 million
Phase 2 (15,000 tpd) expansion capital cost: $660 million
Reductions to estimated capital costs in the 2026 Feasibility Study relative to the 2024 Study are attributable to:
Elimination of a previously planned third production phase
Simplification of project scope and installed capacity
Refinement of the mine scheduling and equipment selection
Processing flowsheet optimization informed by pilot plant operations
Updated vendor pricing and construction cost inputs
Operating costs benefit materially from Angel Island’s planned vertically integrated chlor-alkali facility, which generates hydrochloric acid and produces surplus sodium hydroxide for sale.
Average operating cost – Phase 1: estimated $30.58/t of mill feed
Average operating cost – Phase 2: estimated $22.16/t of mill feed
MINERAL RESOURCES AND MINERAL RESERVES
Mineral Resource and Mineral Reserve estimates used in the 2026 Feasibility Study are unchanged from the prepared in accordance with NI 43-101 and CIM Definition Standards.
Mineral Resources (inclusive of Mineral Reserves):
Measured and Indicated: 1.138 billion tonnes at 966 ppm lithium, containing 5.582 million tonnes LCE
Inferred: 187.28 million tonnes at 820 ppm lithium
Mineral Reserves:
Proven and Probable: 287.65 million tonnes at 1,149 ppm lithium, containing 1.759 million tonnes LCE
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
ECONOMIC ANALYSIS indicates Angel Island remains economically attractive across a wide range of commodity price and cost assumptions, with lithium price representing the most significant driver of Angel Island’s value.
Using a base-case lithium carbonate price of $24,000/t and an 8% discount rate, Angel Island generates:
After-tax NPV: $4.01 billion
After-tax IRR: 27.4%
Profitability Index: 4.0
Sensitivity analysis indicates Angel Island remains economically attractive across a wide range of commodity price and cost assumptions, with lithium price representing the most significant driver of Angel Island’s value.
NEXT STEPS
Century Lithium will continue to advance Angel Island toward development through submission of plan of operations, permitting, detailed engineering, and engagement with interested parties as the Project progresses toward a construction decision. Integral to these key steps are:
Recent appointment of Cormac O’Laoire, PhD to advise the Company in discussions with potential downstream partners and offtake interests. The Company continues to make inroads in Washington DC and Nevada to convey the importance of Angel Island for a secure North American supply chain.
Further evaluation of the economic potential for rare earth elements (“REE”) recovery at Angel Island.
Engagement of BMO Capital Markets to assist the Company in its efforts towards securing strategic interests and development funding.
Addition, in 2025 to the US Federal Permitting Dashboard for FAST-41 transparency status. Inclusion to FAST-41 increases the Project’s exposure to federal agencies and stakeholders to accelerate the permitting process.
SUMMARY OF 2026 NI 43-101 FEASIBILITY STUDY
This summary forms an integral part of this news release.
An NI 43-101 Feasibility Study on the Angel Island Lithium Project was prepared to update metallurgical results, mine planning assumptions, and capital and operating cost estimates relative to the 2024 Study.
Unless otherwise stated herein, Mineral Resource and Mineral Reserve estimates, geological interpretations, and environmental and permitting assumptions remain materially unchanged from the 2024 Study.
Property Description, Location, and Tenure
Angel Island is located in Esmeralda County, Nevada, USA, approximately 354 km southeast of Reno. Angel Island comprises 503 unpatented mining claims (276 placer and 227 lode claims) covering approximately 2,286 hectares, held 100% by Cypress Holdings (Nevada) Ltd., a wholly owned subsidiary of Century Lithium Corp. Existing royalty arrangements remain unchanged.
Geology, Mineralization, and Deposit Type
Angel Island hosts a large, flat-lying sedimentary lithium claystone deposit within the Esmeralda Formation. Lithium mineralization occurs primarily within claystone, tuffaceous mudstone, and siltstone units. No material changes were made to the geological model, mineralization interpretation, or deposit classification from the 2024 Study.
Exploration, Drilling, Sampling, and Data Verification
The Mineral Resource and Mineral Reserve estimates are supported by 45 drill holes totaling approximately 3,955 meters, completed between 2017 and 2022. Drilling includes conventional core and sonic drilling. Sample preparation, analytical methods, QA/QC protocols, and data verification procedures remain unchanged from the 2024 Study and meet CIM and NI 43-101 standards.
Mineral Resource Estimate (Unchanged from 2024 Study)
The Mineral Resource estimate has an effective date of April 29, 2024, and remains unchanged in the 2026 Feasibility Study.
Measured and Indicated Mineral Resources:
1.138 billion tonnes at an average grade of 966 ppm lithium, containing 5.582 million tonnes LCE
Inferred Mineral Resources:
187.28 million tonnes at an average grade of 820 ppm lithium, containing 0.817 million tonnes LCE
Mineral Resources are constrained by a pit shell using a 200 ppm lithium cut-off grade and assume a bulk density of approximately 1.5 tonnes per cubic meter (“t/m³”). Mineral Resources are inclusive of Mineral Reserves. Higher recoveries demonstrated through pilot-scale testing were determined to not materially affect the selected cut-off grade or the reported Mineral Resource tonnage or grade.
Mineral Reserve Estimate (Unchanged from 2024 Study)
The Mineral Reserve estimate also has an effective date of April 29, 2024, and remains unchanged.
Proven and Probable Mineral Reserves:
287.65 million tonnes at an average grade of 1,149 ppm lithium, containing 1.759 million tonnes LCE
Mineral Reserves are reported at a 900 ppm lithium cut-off grade, which is approximately 4.5 times the calculated break-even cut-off grade, and support a mine life exceeding 60 years, with a 40-year production schedule used in the economic analysis.
Mining Methods and Production Schedule
Mining will be conducted as a conventional open-pit operation using free-digging equipment, including dozers, shovels, and haul trucks. No drilling or blasting is required.
The mine plan reflects a two-phase development strategy:
Phase 1: 7,500 tpd of mill feed
Phase 2: expansion to 15,000 tpd
A previously planned third expansion phase was eliminated. The production schedule prioritizes near-surface, higher-grade mineralization in the early years, reducing waste movement and improving capital efficiency.
Mineral Processing and Metallurgy
The processing flowsheet consists of:
High-pH attrition scrubbing
Hydrochloric acid leaching
Neutralization and pressure filtration with dry-stack tailings
Direct Lithium Extraction
Lithium carbonate precipitation, drying, and packaging
Reagent generation via on-site chlor-alkali plant
Metallurgical assumptions are supported by multi-year pilot plant operations through mid-2025. Leach extraction of approximately 90% was demonstrated, resulting in an overall lithium recovery of approximately 84%. A final lithium carbonate product grading >99.9% purity was consistently achieved.
Angel Island facilities include an integrated chlor-alkali plant producing hydrochloric acid and sodium hydroxide. Surplus sodium hydroxide, as produced in excess in conjunction with the design production of hydrochloric acid, is expected to be sold, contributing substantial additional revenue and thereby reducing effective operating cost.
Capital Costs
A Class 3 capital cost estimate was prepared in accordance with AACE International guidelines. The updated costs were developed using second-quarter 2025 data:
Phase 1 (7,500 tpd) initial capital cost: estimated $997.4 million
Phase 2 (15,000 tpd) expansion capital cost: estimated $660.2 million
Reductions to estimated capital costs relative to the 2024 Study are attributable to the elimination of a third production phase, simplification of installed capacity, processing flowsheet optimization, and updated vendor and construction cost inputs.
The chlor-alkali plant cost is $481.5 million in Phase 1 and $256.8 million in Phase 2, included in Processing Facilities, and is vendor all-in turn-key constructed costs, inclusive of indirect costs, owners’ costs and contingency.
Operating Costs
Average operating cost estimates were updated based on refined mine scheduling, updated reagent consumption, and pilot-validated process parameters.
Average operating cost: approximately $22.45/t of mill feed, or $4,389/t of lithium carbonate.
Sodium hydroxide by-product revenue is equivalent to $5,393/t of lithium carbonate. If credited against operating costs (which was not done in the average operating cost above), base operating costs would be negative.
Economic Analysis
The economic analysis of Angel Island was done using a discounted cash flow (“DCF”) model using only the first 40 years of project life. Cash flows in the model were based on second-quarter 2025 U.S. dollars with no escalation of costs or revenues. The DCF model uses a base-case discount rate of 8%. Financing costs were excluded from the valuation.
The analysis includes generating gross sales from lithium carbonate and sodium hydroxide, before-tax cash flow, which is gross sales minus operating costs, and after-tax cash flow, which is before-tax cash flow minus taxes and capital costs. The NPV and IRR were calculated from the DCF.
The economic analysis uses a base-case lithium carbonate price of $24,000/t and an 8% discount rate.
After-tax NPV: $4.01 billion
After-tax IRR: 27.4%
Profitability Index: 4.0
Sensitivity to Lithium Carbonate Price
Sensitivity analyses demonstrate Angel Island economics are most sensitive to lithium price and remain robust across a wide range of cost and price assumptions.
Environmental, Permitting, and Social Considerations
Baseline environmental studies are complete. Permitting is expected to proceed under the National Environmental Policy Act (“NEPA”) through the US Bureau of Land Management. Angel Island is currently in the permitting stage, with no material changes to the permitting pathway outlined in the 2024 Study.
Interpretation and Conclusions
The 2026 Feasibility Study concludes that the Angel Island project is technically and economically viable, with improved capital efficiency, reduced execution risk, and robust long-term economics. The simplified two-phase development plan, extensive metallurgical validation, and integrated chlor-alkali process support Angel Island’s competitiveness as a domestic US. source of battery-grade lithium carbonate.
In addition, the integrated chlor-alkali process also provides environmental and operational advantages relative to sulfuric acid-based systems, including on-site reagent production.
Recommendations
Work recommended to advance Angel Island and continue project development is as follows:
A Plan of Operations (“PoO”) should be completed and filed with the BLM to initiate the National Environmental Policy Act (“NEPA”) process; and begin the permitting process with the State of Nevada to work concurrently with the federal process.
Additional geotechnical data should be collected to supplement the existing characterization data and further support the tailings storage facility (TSF) design and foundation, foundation infrastructure requirements for the processing plant, and traffic management and load bearing capacity of materials in the pit during mining.
Additional pilot testing should be completed on deeper material from claystone zones 1 and 2 collected previously, to further confirm the metallurgy of these materials.
Infrastructure work should be completed as follows: 1) initiate preliminary engineering studies with NV Energy for the interconnection of the Project to the electrical grid, 2) define a water source for the Project with a drilling program using piezometers and other pumping tests to be developed under the Company’s water rights permit, and 3) locate local sources of barrow material for construction use at the Project.
Detailed engineering should begin when the NEPA process commences and be completed in appropriate phases to develop the Project design to a level sufficient to support procurement, construction planning, and financing.
A supplemental infill drilling program is recommended, though not required, with the following goals: 1) collect additional data for the Project’s Phase 1 economic and mining models, 2) material for additional density test work, and 3) material for geotechnical test work.
QUALIFIED PERSON
The technical information contained in this news release has been reviewed and approved by Richard W. Jolk, P.E., an independent Qualified Person as defined under National Instrument 43-101.
Further information about Angel Island, including a description of the key assumptions, parameters, description of sampling methods, data verification and quality assurance/quality control programs, methods relating to Mineral Resources and Mineral Reserves and factors that may affect those estimates will be contained in a NI 43-101 Technical Report on the Feasibility Study of the Angel Island Lithium Project. Following Section 3.4 of NI 43-101 the report will be available on SEDAR+ and on the Company’s website within 45 days of the date of this news release.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced-stage lithium development company focused on its 100%-owned Angel Island lithium project in Esmeralda County, Nevada. Angel Island hosts one of the largest known sedimentary lithium deposits in the United States and is designed with an integrated, end-to-end process for the on-site production of battery-grade lithium carbonate to support the electric vehicle and battery storage markets.
The Company has developed a patent-pending process that incorporates hydrochloric acid leaching combined with direct lithium extraction to produce battery-grade lithium carbonate. As part of the integrated chlor-alkali process, Angel Island is designed to produce sodium hydroxide as a co-product, with planned surplus sales expected to lower operating costs, reduce reliance on externally sourced reagents, and minimize environmental impacts.
The Angel Island Project is currently advancing through the permitting process.
Century Lithium trades on the TSX Venture Exchange under the symbol “LCE” the OTCQX under the symbol “CYDVF”, and on the Frankfurt Stock Exchange under the symbol “C1Z”.
WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer For further information, please contact: Spiros Cacos | Vice President, Investor Relations Direct: +1 604 764 1851 Toll Free: 1 800 567 8181 [email protected] centurylithium.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.
Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein.These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
CHARLOTTE, N.C., Feb. 19, 2026 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that it will release its fourth quarter and full year 2025 financial results for the period ended December 31st, 2025, after the close of the market on Wednesday, March 4th, 2026. The Company will hold a related conference call on Thursday, March 5th, 2026, at 9:00 a.m. E.T. Participants on the call are asked to register five to ten minutes prior to the scheduled start time by dialing 1-877-255-4315 and from outside the U.S. at 1-412-317-6579.
The conference call will be webcast simultaneously and in its entirety through the NN, Inc. Investor Relations website. Shareholders, media representatives and others may participate in the webcast by registering through the Investor Relations section on the company’s website at https://investors.nninc.com/.
For those who are unavailable to listen to the live call, a replay will be available shortly after the call on NN’s website through March 12th, 2027.
About NN, Inc. NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com.
Investor Relations: Joe Caminiti or Abe Plimpton [email protected] 312-445-2870
SKYX Announced Collaboration with NVIDIA AI Ecosystem Connect Program and Expects to Grow its Collaboration with NVIDIA into its Existing and Future Smart Home Projects
SKYX Announced Launch of its Patented Advanced SKYFAN and Turbo Heater to U.S. Leading Retailer Home Depot Including a New SkyPlug Branding Page on Homedepot.com
Additionally, SKYX has Recently Announced Launches of its Turbo Heater Fan at U.S. leading Retailers Target, Walmart, Lowe’s and on its E-commerce Platform with 60 Websites
Company Expects to Continue its Significant Growth with its SKYFAN & Turbo Heater in 2026 to Advance its Path to Cash-Flow Positive
SKYX Revenues Increased for 7 Consecutive Comparable Quarters from Q1 2024 through Q3 2025 and Expects to Continue its Quarterly Growth and Anticipates Securing Additional Significant Business Opportunities on Several Fronts During 2026
SKYX is Expected to Supply its Advanced and Smart Home Technologies to Upcoming and Future Key Projects in the U.S. and Globally including a North Carolina Smart Home Community, Austin Texas, San Antonio Texas, Miami Florida New $4 Billion Smart City, Saudi Arabia, and Egypt Among Others
SKYX is Expected to Deploy Over 1 million Units of its Advanced and Smart Home Plug & Play Technologies During the Course of these Projects
SKYX Continues to Grow its Market Penetration and Expects to Deploy over 100,000 of its Products into Homes/Units by the end of 2026 through Retail and Pro Segments
SKYX’s Safety Code Standardization Team is Continuing its Progress Towards its Goal of a Safety Mandatory Standardization in Homes and Buildings of its Ceiling Outlet/Receptacle Technology
MIAMI, Feb. 19, 2026 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive smart home platform technology company with over 100 pending and issued patents globally and 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today provides a corporate update.
Highlights, Recent and Future Events
Since reporting $13 million in total cash, cash equivalents, restricted cash, and receivables as of September 30, 2025, the Company has raised over $33 million in cash from fundamental institutions and existing investors, with a $25 million investment from one fundamental institution at $2.50 per share in straight common with no warrants. All investments were made with no warrants.
In light of its strengthened balance sheet following recent capital raises, management believes the Company is well capitalized to execute its growth initiatives while progressing toward sustained cash-flow generation and profitability.
Company has extended and converted $13.5 million in notes coming due with maturity out to 5 years until 2030.
SKYX will be launching a new AI driven software for its e-commerce platform of 60 websites, expected to increase its conversion rate and sales up to 30%.
SKYX has successfully demonstrated its technology during a Marriott Hotel renovation and expects to grow its hotel segment during 2026.
Marriott Hotel chain owner, The Shaner Group, led a $16.5 million round. The Shaner Group is an owner and developer of more than 70 hotels worldwide.
SKYX revenues increased for 7 prior period comparable quarters from Q1 2024 through Q3 2025 and are expected to continue to grow.
Company is expecting to secure additional significant business opportunities in 2026.
SKYX continues its growth and expects to deploy over 100,000 of its products into homes/units during 2026 through retail and pro segments.
SKYX’s technologies expansion provides additional opportunities for future recurring revenues through interchangeability, upgrades, AI services, monitoring, subscriptions, and more.
The Company secured U.S. and global strategic manufacturing partnerships with premier manufacturers including in the U.S., Vietnam, Taiwan, China, and Cambodia.
Safety Standardization Mandatory Code / Insurance Specification and Recommendation:
SKYX’s Safety Code Standardization Team is receiving support from a new significant prominent leader with its government safety agency’s process for a safety mandatory standardization of its electrical ceiling outlet/receptacle technology.
SKYX’s code team is led by industry veterans Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). The Company’s safety Code Standardization team believes it will garner assistance from additional safety organizations with its code mandatory safety standardization efforts based on the product’s significant safety aspects. Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Both strongly believe that, considering the Company’s standardization progress including its product specification approval voting for by ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturers Association) and being voted into 10 segments in the NEC Code Book, it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings.
With respect to insurance companies, the Company strongly believes its products can save insurance companies many billions of dollars annually by reducing fires, ladder falls, and electrocutions among other things. Management expects that once it completes an entire range and variations of its safe advanced plug & play products it will start being recommended by insurance companies.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
SKYX’s technologies provide opportunities for recurring revenues through interchangeability, upgrades, AI services monitoring, and subscriptions. Company is focused on the “Razor & Blades” model and its product range includes its advanced ceiling electrical outlet (Razor) and its advance and smart home plug & play products (Blades) including its advance and smart home plug & play platform products, lighting, recessed lights, down lights, EXIT signs, emergency lights, ceiling fans, chandeliers/pendants, holiday/kids/themes lights, indoor/outdoor wall lights and others. Company’s plug & play technology enables an installation of lighting, fans, and smart home products in high-rise buildings and hotels within days rather than months.
Company’s total addressable market (TAM) in the U.S. is roughly $500 billion with over 4.2 billion ceiling applications in the U.S. alone. Expected revenue streams from retail and professional segments include product sales, royalties, licensing, subscription, monitoring, and sale of global country rights.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with First-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions, including recent measures adopted by the federal government, on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
ATLANTA, Feb. 19, 2026 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (NASDAQ: BTM) (the “Company”) announced today that it will effect a one-for-seven (1:7) reverse stock split (“Reverse Split”) of its Common Stock (as defined below) that will become effective on February 23, 2026, at 12:01 a.m., Eastern time (the “Effective Time”). The Company’s Class A Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the symbol “BTM” and will begin trading on a split-adjusted basis when the market opens on February 23, 2026. The new CUSIP number for the Class A Common Stock following the Reverse Split will be 09174P 303. The Company’s publicly traded warrants will continue to be traded on the Nasdaq under the symbol “BTMWW,” and the CUSIP number for the publicly traded warrants will remain unchanged.
On January 12, 2026, stockholders holding a majority of the voting power of the then outstanding shares of Voting Stock (as defined below) took action by written consent to authorize the Company’s board of directors (the “Board”) to effect a reverse stock split with a ratio in a range from and including one-for-five (1:5) up to and including one-for-twenty (1:20). On February 12, 2026, the Board approved a one-for-seven (1:7) Reverse Split ratio. The Company has filed a Certificate of Amendment to the Company’s Second Amended and Restated Certificate of Incorporation (the “Charter Amendment”) with the Secretary of State for the State of Delaware to effect the Reverse Split at the Effective Time.
For purposes of this press release: “Voting Stock” means, collectively, shares of our (i) Class A Common Stock, (ii) Class B Common Stock, (iii) Class M Common Stock, (iv) Class O Common Stock, and (v) Class V Common Stock, in each case with a par value $0.0001 per share; and “Common Stock” means, collectively, the Voting Stock and shares of our (i) Class E-1 Common Stock, (ii) Class E-2 Common Stock, and (iii) Class E-3 Common Stock, in each case with a par value $0.0001 per share.
Following the Reverse Split, the par value of each applicable series of Common Stock will remain unchanged. The Charter Amendment will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the Reverse Split. Stockholders who would otherwise be entitled to receive a fractional share of Common Stock as a result of the Reverse Split will instead receive a cash payment, without interest or deduction, equal to (a) the fraction of one share to which such holder would otherwise be entitled multiplied by (b) the volume weighted average price per share of Class A Common Stock on the Nasdaq (as reported by Bloomberg L.P. or, if not reported therein, in another authoritative source selected by the Company) for the period of the five consecutive trading days ending on and including the full trading day prior to the Effective Time (before giving effect to the Reverse Split). The Reverse Split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity (other than as a result of the treatment of fractional shares).
As of the Effective Time, and in proportion to such decrease in the aggregate number of shares of Class A Common Stock outstanding, we will also decrease the number of shares of Class A Common Stock issuable upon exercise of, and increase the exercise price of, each whole warrant exercisable for one share of Class A Common Stock. Specifically, as of the Effective Time, every seven shares of Class A Common Stock that may be purchased pursuant to the exercise of warrants will represent one share of Class A Common Stock that may be purchased pursuant to such warrants. The exercise price per share for each warrant following the Reverse Split will equal $80.50, which is equal to $11.50, the exercise price per share immediately prior to the Reverse Split, multiplied by a fraction (x) the numerator of which shall be the number of shares of Class A Common Stock purchasable upon the exercise of the warrants immediately prior to the Reverse Split, and (y) the denominator of which shall be the number of shares of Class A Common Stock so purchasable immediately thereafter.
Additionally, outstanding equity-based awards granted pursuant to the Company’s 2023 Omnibus Incentive Plan and the number of shares of Class A Common Stock reserved for issuance under thereunder and other outstanding securities convertible or exchange into Common Stock will be proportionately adjusted in accordance with the terms thereof or as otherwise specified by the Board.
Shortly following the Effective Time, stockholders of record will be receiving information from Continental Stock Transfer & Trust, the Company’s transfer agent, regarding their stock ownership following the Reverse Split. Stockholders who hold their shares in brokerage accounts or in “street name” are not required to take any action in connection with the Reverse Split.
Additional information on the Reverse Split can be found in the Company’s definitive information statement filed with the Securities and Exchange Commission on January 23, 2026, which is available on the SEC’s website at www.sec.gov and on the Company’s website.
About Bitcoin Depot
Bitcoin Depot 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 Cody Slach Gateway Group, Inc. 949-574-3860 [email protected]
Media Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 [email protected]
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements are subject to a number of risks and uncertainties which are described in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed on March 24, 2025 and our subsequent Quarterly Reports on Form 10-Q. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
NEW YORK, Feb. 19, 2026 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO):
Revenue of $22.5 million, up 9% year-over-year
Consolidated operating profit of $0.6 million
Non-GAAP consolidated operating profit of $0.9 million
Cash flow from operations of $1.5 million
Earnings per share (EPS) of $0.00
Travelzoo, the club for travel enthusiasts, today announced financial results for the fourth quarter ended December 31, 2025. Consolidated revenue was $22.5 million, up 9% from $20.7 million year-over-year. In constant currencies, revenue was $22.1 million, up 7% year-over-year. Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.
In Q4, we continued to invest significantly in acquiring more Club Members when we saw that we can achieve a positive return on investment (ROI). Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. The effect is a sizable reduction in EPS. We refer to our investor presentation.
Net loss attributable to Travelzoo was $19,000 for Q4 2025, or $0.00 per share, compared with $0.26 per share in the prior-year period.
Non-GAAP operating profit was $0.9 million. Non-GAAP operating profit excludes amortization of intangibles ($2,000) and stock option expenses ($339,000). Please refer to “Non-GAAP Financial Measures” and the tabular reconciliation below.
“We will continue to leverage Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight,” said Holger Bartel, Travelzoo’s Global CEO. “Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do.”
Travelzoo North America North America business segment revenue increased 6% year-over-year to $14.8 million. Operating profit for Q4 2025 was $1.5 million, or 10% of revenue, compared to operating profit of $4.6 million or 33% of revenue in the prior-year period.
Travelzoo Europe Europe business segment revenue increased 16% year-over-year to $6.3 million. Operating loss for Q4 2025 was $1 million, or 16% of revenue, compared to operating profit of $159,000, or 3% of revenue in the prior-year period. The reported operating loss occurred because we acquired more Club Members.
Jack’s Flight Club Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue increased 2% year-over-year to $1.3 million. The number of premium subscribers remained flat year-over-year. Jack’s Flight Club’s revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating profit for Q4 2025 was $153,000, compared to operating profit of $150,000 in the prior-year period.
New Initiatives New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $16,000. Operating loss for Q4 2025 was $34,000.
In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo’s brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from the licensee in Australia was $8,000 for Q4 2025. Licensing revenue from the licensee in Japan was $7,000 for Q4 2025. Licensing revenue is expected to increase going forward.
Reach Travelzoo reaches 30 million travelers. This includes Jack’s Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.
Income Taxes The reported income tax provision and reserves for Q4 2025 are $521,000. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its tax liability for Q4 2025.
Balance Sheet As of December 31, 2025, cash, cash equivalents and restricted cash were $10.8 million. Cash flow from operations was $1.5 million.
Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.
Share Repurchase Program During Q4 2025, the Company didn’t repurchase shares of its outstanding common stock.
Looking Ahead For Q1 2026, we expect year-over-year revenue growth to continue. We expect continued revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we acquire new members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We expense marketing costs immediately.
In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.
Non-GAAP Financial Measures Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.
Conference Call Travelzoo will host a conference call to discuss fourth quarter 2025 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to
download the management presentation (PDF format) to be discussed in the conference call
access the webcast.
About Travelzoo We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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