Engagement set to mark the first delivery of Majestic.ai as customer-operated licensed software, adding a software licensing model to Tiltan’s project-based services
NEW YORK and NETANYA, Israel, Aug. 26, 2026 (GLOBE NEWSWIRE) — T3 Defense Inc. (Nasdaq: DFNS) (“T3 Defense” or the “Company”), today announced that its wholly owned subsidiary, Tiltan Software Engineering Ltd. (“Tiltan”), has been selected by a sensor systems developer and manufacturer to license Majestic.ai, Tiltan’s generative artificial intelligence (AI) synthetic data platform. This marks the first time Majestic.ai will be delivered as software the customer operates itself, rather than as a service Tiltan performs.
Majestic.ai
Majestic.ai is Tiltan’s AI platform for synthetic data generation. The physics-based platform produces labeled image and video datasets that defense customers use to train and validate AI systems when real world data is costly or impossible to collect. The platform covers electro-optical (EO), infrared (IR), light detection and ranging (LiDAR), and synthetic aperture radar (SAR) across land, maritime, air, and space environments, and also supports sensor and hardware development programs.
To date, Majestic.ai has been sold as a managed service, with Tiltan producing each dataset for the customer. This engagement is set to mark the platform’s first delivery as licensed software operated by the customer. Management believes a licensed model can support more repeatable revenue per customer and allow Tiltan to serve more programs without adding project labor for each one.
The Majestic.ai license will be paired with Tiltan’s T-VERSE geospatial 3D content, so the customer receives both the generation engine and the underlying data. Bundling the two also gives Tiltan a second product to attach to future licenses.
Management Commentary
“Synthetic data has become one of the constraints on how quickly advanced sensors and AI systems can be developed and fielded,” said Menny Shalom, Chairman and Chief Executive Officer of T3 Defense. “Tiltan has spent years producing that data for its customers. Licensing Majestic.ai puts the engine, and the content behind it, directly into the customer’s hands. That is a different business than project-by-project services, and we believe it is a meaningful step towards a more scalable, repeatable revenue source from the AI and simulation assets we already own.”
“Our customers must train and validate systems against conditions they cannot practically capture in the field,” said Ehud Shafir, Chief Executive Officer of Tiltan. “With Majestic.ai delivered as licensed software and paired with T-VERSE content, this customer will be able to generate the volume of datasets it needs on its required schedules. Being selected for the first engagement of this kind validates the maturity of the platform and the demand for customer-operated synthetic data generation.”
Commercial Status
The Company is not disclosing the value, scope, or customer identity of the engagement. Majestic.ai has not yet been delivered under this engagement and no revenue has been recognized to date. There can be no assurance as to the timing of delivery, the amount or timing of any revenue recognition, the customer’s continued use or expansion of the license, or that the engagement will result in additional licensed-software programs with this or any other customer.
About Tiltan Software Engineering Ltd.
Tiltan Software Engineering Ltd., a wholly owned subsidiary of T3 Defense, is a leading solution provider specializing in simulation, 3D engines, generative AI training, geo-systems, 3D content, and operations center systems and tools. With over 30 years of experience, Tiltan’s simulation products provide a comprehensive one-stop solution for training, development, and hardware-in-the-loop systems, powered by a proprietary 3D engine and generative AI. Tiltan’s geo-system products support space, aerial, manned, and unmanned vehicles, addressing registration, localization, and navigation challenges, as well as geo-mapping systems. Its in-house content production delivers high-fidelity, geo-specific visual databases, 3D models, and mapping data for VIS, IR, LiDAR, and SAR applications. For more information, visit www.tiltan-se.com.
About T3 Defense Inc.
T3 Defense Inc. (Nasdaq: DFNS) is a defense company that acquires and operates mission-critical defense businesses involved in national security programs. It focuses on manufacturers with strong customer relationships and solid order backlogs, often capacity- and resource-constrained, in specialized areas such as drones and autonomous vehicles, counter-drone systems, advanced manufacturing, tactical robotics, and AI software and system integration. Through disciplined acquisitions, centralized capital and strategy, and decentralized day-to-day operations, T3 Defense aims to strengthen essential defense capabilities and build long-term value. For more information, visit www.t3dfns.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding Tiltan’s selection to deliver Majestic.ai as a licensed software product; the expectation that the engagement will mark the first delivery of Majestic.ai in a self-service, customer-operated model; the anticipated capabilities, configurations, and performance of Majestic.ai and T-VERSE; the timing or completion of delivery; expected demand for licensed, customer-operated synthetic data generation; the potential for additional orders, licenses, production programs, or recurring revenue; the potential for integration across T3 Defense’s portfolio companies; and the Company’s growth strategy. These statements are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks related to the absence of executed follow-on orders for the licensed model described herein; delivery, integration, and customer acceptance risk; market adoption and customer qualification and testing requirements; defense program funding, procurement cycles, and timing; dependence on government contracts and defense OEM relationships; protection of intellectual property in a licensed-software model; customer concentration; competitive and geopolitical conditions, including conditions in Israel; the Company’s liquidity and capital resources; the Company’s ability to maintain compliance with Nasdaq listing requirements; integration of acquired businesses; and other risks described in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update or revise them, except as required by law.
SHELTON, CT / ACCESS Newswire / August 31, 2026 / NanoViricides, Inc., a publicly traded company (NYSE American:NNVC) (the “Company”), and a clinical stage, leading global pioneer in the development of broad-spectrum antivirals based on host-mimetic nanomedicine technology that viruses cannot escape, provides an update on its Measles Drug Treatment Program.
While CDC is reviewing the two recent measles-related fatalities in Pennsylvania, the total number of confirmed measles cases in the USA has reached 2,903 as of August 27, 2026, in comparison to 2,289 confirmed cases in the whole year of 2025, indicating continuing expansion of measles1. Cases of Measles have been rising globally for different reasons. The measles outbreak in Bangladesh has continued to proliferate, claiming 19,218 confirmed cases with 99 fatalities in confirmed cases from 15 March to 30 August, 2026. During this period, a total of 1,37,347 patients with suspected measles were admitted to hospitals and 868 children have died of suspected measles, whereas 1,151 suspected measles cases with 4 deaths were reported in just the last 24 hours in Bangladesh2. The measles outbreak in Bangladesh has continued despite aggressive vaccination campaign that was undertaken since April-May 2026.
In the USA, since COVID-19 days, the MMR vaccination rate has fallen from 95.2% in 2019-2020 to an average of 92.4% in 2025-26, which can be clearly ascribed to the general public vaccine hesitancy that has resulted from the aggressive COVID vaccination policies. The current MMR vaccination rate is well below the 95% putative threshold that is generally agreed as necessary to block spread of measles, with approximately 280,000 unvaccinated kindergartners at risk of measles, according to CDC (ibid #1). The rate of “breakthrough” measles cases in the USA has remained steady at about 6% (~3% in single dose and ~3% in full 2-dose vaccinated individuals) (CDC data).
There is currently no approved drug for measles. Vaccine does not help a patient already infected with the measles virus. Vaccinating already measles-exposed persons to avoid disease spread is attempted yet measles has continued to spread in the USA.
Thus an effective treatment for Measles is an unmet medical need. NV-387 is the only drug candidate to our knowledge that has demonstrated strong in vivo activity against lethal infection with the Measles virus in a humanized animal model study.
NanoViricides is currently developing a Phase II clinical trial protocol for evaluating NV-387 as a treatment for measles. A draft is being circulated. The Company intends to bring this protocol under the purview of the US FDA in an IND process. Therefore, this work is expected to take some time.
NV-387 has been granted a “Rare Pediatric Disease Drug” (RPDD) Designation by the US FDA Office of Orphan Products Development (OOPD).
This RPDD designation enables that a Priority Review Voucher (PRV) can be issued to the Company upon a successful Marketing Application (i.e. New Drug Application) for the use of NV-387 as a treatment for Measles, provided all of the required conditions are met.
The Company can use the PRV, if granted, to reduce review times on another of its drug applications. Importantly, a PRV can be sold to another Pharma Company for accelerating their drug program as well, which provides a high value to the purchaser. Recently, a PRV has been sold for $195 Million3.
Sale of a PRV can bring cash to the Company even prior to revenues from commercialization of a drug product.
“The Rare Pediatric Disease Drug Designation and associated Priority Review Voucher that can be issued make a strong business case for development of NV-387 as a drug for the treatment of Measles,” said Anil R. Diwan, PhD., adding, “NV-387, as an effective drug would be an important tool to fight Measles resurgence in the USA and worldwide, when approved.”
FDA has granted both ODD and RPDD for NV-387 as a Treatment of Measles.
In addition to the PRV eligibility provided by the RPDD for NV-387 as a treatment of Measles, the Orphan Drug Designation qualifies NanoViricides for incentives including:
Tax credits for qualified clinical trials;
Exemption from certain user fees;
Potential seven years of market exclusivity after approval;
according to the US FDA4.
Measles continues to be a rare disease in the USA, with annual incidence rates well below 200,000 cases. Measles primarily affects children. These facts have qualified NV-387 for Measles Treatment for an Orphan Drug Designation, and also for a Rare Pediatric Disease Drug Designation. In a rare disease scenario, commercial revenue from the drug may be slow and small. The PRV is designed to incentivize drug development for rare pediatric diseases by providing additional business value.
Measles cases are rising across the Western world including several European countries and the UK, as well as the USA and Canada. Additionally Mexico and several other Central and South American countries have also been suffering from rising Measles outbreaks.
Measles is endemic globally; many countries that had achieved an elimination status for Measles have by now lost this status, due to severe outbreaks over the last three years5.
Measles is a highly contagious disease, and spreads via virus particles in bodily fluids upon close contact. A population vaccination rate of at least 95% is required to provide “herd immunity” and block community spread. Such a high rate is difficult to maintain for several reasons. Firstly, vaccine hesitancy is rising globally. Secondly, persons with co-morbidities such as immune-compromise status, diabetes, obesity, etc. do not respond fully to any vaccination. Even if vaccinated, such a person can still get Measles, suffering from possibly a mild disease, but will still be contagious and spread Measles. Additionally, the Measles virus continues to change, with the B and D genotypes in circulation currently, while the vaccines in use are still the ones developed for the A genotype in the 1960’s.
Further, very high rates of infections in vaccinated subjects (called “breakthrough cases”), from 14% to 57%, have occurred in some outbreaks6 suggesting that resistant virus strains may have been involved.
Therefore, an effective treatment for Measles is an unmet medical need, that is expected to become even more important in the near future than it is today. Only an effective treatment can help the patient and can avoid the potential severe disease scenarios such as encephalitis, neurological disabilities, and potential fatalities as well as immune amnesia that can result from severe disease.
Quicker recovery of a patient means less chances for spread and thus better ability to control an outbreak. This would require an effective treatment.
NV-387 is an extremely broad-spectrum antiviral drug that has demonstrated strong effectiveness in relevant animal models of multiple human viral infections. These include RSV, COVID, Influenza, Mpox, Smallpox, and Measles.
NanoViricides, Inc. (the “Company”) (www.nanoviricides.com) is a publicly traded (NYSE-American, stock symbol NNVC) clinical stage company that is creating special purpose nanomaterials for antiviral therapy. The Company’s novel nanoviricide™ class of drug candidates and the nanoviricide™ technology are based on intellectual property, technology and proprietary know-how of TheraCour Pharma, Inc. The Company has a Memorandum of Understanding with TheraCour for the development of drugs based on these technologies for all antiviral infections. The MoU does not include cancer and similar diseases that may have viral origin but require different kinds of treatments.
The Company has obtained broad, exclusive, sub-licensable, field licenses to drugs developed in several licensed fields from TheraCour Pharma, Inc. The Company’s business model is based on licensing technology from TheraCour Pharma Inc. for specific application verticals of specific viruses, as established at its foundation in 2005.
Our lead drug candidate is NV-387, a broad-spectrum antiviral drug that we plan to develop as a treatment of RSV, COVID, Long COVID, Influenza, and other respiratory viral infections, as well as MPOX/Smallpox infections. Our other advanced drug candidate is NV-HHV-1 for the treatment of Shingles. The Company cannot project an exact date for filing an IND for any of its drugs because of dependence on a number of external collaborators and consultants. The Company is currently focused on advancing NV-387 into Phase II human clinical trials.
The Company is also developing drugs against a number of viral diseases including oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others. NanoViricides’ platform technology and programs are based on the TheraCour® nanomedicine technology of TheraCour, which TheraCour licenses from AllExcel. NanoViricides holds a worldwide exclusive perpetual license to this technology for several drugs with specific targeting mechanisms in perpetuity for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Rabies, Herpes Simplex Virus (HSV-1 and HSV-2), Varicella-Zoster Virus (VZV), Influenza and Asian Bird Flu Virus, Dengue viruses, Japanese Encephalitis virus, West Nile Virus, Ebola/Marburg viruses, and certain Coronaviruses. The Company intends to obtain a license for RSV, Poxviruses, and/or Enteroviruses if the initial research is successful. As is customary, the Company must state the risk factor that the path to typical drug development of any pharmaceutical product is extremely lengthy and requires substantial capital. As with any drug development efforts by any company, there can be no assurance at this time that any of the Company’s pharmaceutical candidates would show sufficient effectiveness and safety for human clinical development. Further, there can be no assurance at this time that successful results against coronavirus in our lab will lead to successful clinical trials or a successful pharmaceutical product.
This press release contains forward-looking statements that reflect the Company’s current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by NanoViricides, Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Although it is not possible to predict or identify all such factors, they may include the following: demonstration and proof of principle in preclinical trials that a nanoviricide is safe and effective; successful development of our product candidates; our ability to seek and obtain regulatory approvals, including with respect to the indications we are seeking; the successful commercialization of our product candidates; and market acceptance of our products.
The phrases “safety”, “effectiveness” and equivalent phrases as used in this press release refer to research findings including clinical trials as the customary research usage and do not indicate evaluation of safety or effectiveness by the US FDA.
FDA refers to US Food and Drug Administration. IND application refers to “Investigational New Drug” application. cGMP refers to current Good Manufacturing Practices. CMC refers to “Chemistry, Manufacture, and Controls”. CHMP refers to the Committee for Medicinal Products for Human Use, which is the European Medicines Agency’s (EMA) committee responsible for human medicines. API stands for “Active Pharmaceutical Ingredient”. WHO is the World Health Organization. R&D refers to Research and Development.
VNCE Will Own OVO’s Operating Business and a 5% Stake in OVO’s Intellectual Property Alongside Authentic Brands Group and OVO Co-Founder Aubrey “Drake” Graham
Transaction Expected to be Accretive to VNCE in Fiscal 2027
VNCE Expects to Deliver Second Quarter Fiscal 2026 Results At the High End of Guidance
NEW YORK–(BUSINESS WIRE)– Vince Holding Corp. (Nasdaq: VNCE) (“VNCE” or the “Company”), a global retail platform today announced it has completed the acquisition of the operating business of October’s Very Own (“OVO”), a globally recognized lifestyle brand. VNCE now will own and operate OVO’s business as OVO’s core apparel and retail licensee, marking the first expansion of its multi-brand platform strategy beyond Vince, and will build on OVO’s existing operations using its scale and infrastructure to support the brand’s next phase of growth.
This transaction also further deepens VNCE’s partnership with Authentic Brands Group (“Authentic”), a global entertainment platform, who has acquired a majority stake in OVO’s intellectual property (“OVO IP”). A portion of the proceeds from the sale of OVO IP will be used to strengthen OVO’s balance sheet and support VNCE’s growth strategy for the business. This transaction combines Authentic’s brand management expertise with VNCE’s proven capabilities in merchandising and operating ready-to-wear brands, creating a new revenue stream for VNCE. As part of this expanded partnership, VNCE will own 5% of the OVO IP and has entered into a long-term license agreement for use of the OVO IP.
This transaction advances VNCE’s strategy to diversify its revenue and earnings by leveraging its platform and operating expertise. This transaction is expected to:
Provide VNCE access to the fast growing global streetwear market.
Fuel OVO’s U.S. growth by:
Store and e-commerce expansion by leveraging VNCE’s scale and infrastructure.
Launch OVO’s wholesale business through VNCE’s established wholesale relationships with key national department store partners.
Optimize OVO’s operations while design and creative functions for each brand remain separate.
Give VNCE the Canadian-based infrastructure to open Vince stores and expand e-commerce and wholesale.
Founded by Aubrey “Drake” Graham, Oliver El-Khatib, and Noah “40” Shebib, OVO has established itself as one of the most recognized brands in contemporary streetwear. Known for its distinctive owl logo and black-and-gold aesthetic, the brand has built its reputation on collaboration-led product drops and a close connection to its customer base. OVO currently operates 12 stores across Canada, the United States, and the United Kingdom, in addition to its e-commerce platform.
“We are thrilled to welcome OVO into our portfolio and to partner with Drake and Authentic in building on the brand’s strong foundation to support its next phase of growth,” said Brendan Hoffman, Chief Executive Officer of VNCE. “This transaction also deepens our relationship with Authentic Brands Group, a partner supporting our multi-brand platform strategy to broaden our portfolio of brands, business models, and distribution channels, and drive long-term value for all stakeholders. We are committed to preserving the authenticity and meaningful customer relationships that have driven OVO’s success to date.”
“We are proud to welcome OVO to Authentic and to expand our partnership with VNCE, whose operating expertise makes them an ideal partner to grow the business,” said Jamie Salter, Founder and Executive Chairman of Authentic. “Together, we see significant opportunity to introduce OVO into new categories, channels, and markets while staying true to the creative vision and community that have made the brand so special. The success we’ve had partnering with VNCE gives us great confidence in their stewardship of OVO’s business and we look forward to exploring future opportunities to utilize the VNCE platform.”
“We’re just a couple kids from Toronto who started something we believed in, here we are 20 years later, same kids with bigger dreams. Authentic and VNCE are the perfect partners to help us continue to grow,” said Drake.
Transaction Details
Under the terms of the transaction, Authentic formed a new subsidiary which holds OVO’s IP, under which Authentic owns 51%, Drake owns 44%, and VNCE owns the remaining 5%. A portion of the proceeds from the sale of OVO’s IP was used to strengthen the balance sheet of OVO’s operating business, which VNCE then acquired. VNCE remains well-capitalized, with a strong balance sheet that supports both this transaction and its continued growth in the Vince business.
VNCE and Authentic have entered into a license agreement granting VNCE the exclusive right to use OVO’s IP to manufacture and sell licensed apparel worldwide, in exchange for payment of a royalty fee to Authentic.
VNCE’s acquisition includes all of OVO’s existing operating companies, assets and liabilities, including its retail stores, e-commerce platform, and wholesale relationships across Canada, the United States, and the United Kingdom. VNCE will retain OVO’s existing team and continue to operate the business from its Toronto headquarters as it builds out the brand’s next phase of growth.
Vince and OVO will maintain separate brand operations and creative teams, with VNCE serving its contemporary customer and OVO continuing to serve its streetwear audience.
Second Quarter Fiscal 2026 Outlook
Based on continued momentum in the business, VNCE expects to deliver Q2 fiscal 2026 results at the high-end of its prior guidance ranges, excluding any benefit from tariff refunds.
These amounts are based on currently available information and are subject to change, including potential adjustments related to customary financial closing procedures and period-end accruals for the fiscal quarter ending August 1, 2026.
The Company plans to share more on its results when its report its second quarter fiscal 2026 results by September 15, 2026.
DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS
This document, and any statements incorporated by reference herein, contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the statements under “Transaction Details” and “Second Quarter Fiscal 2026 Outlook” above as well as statements regarding, among other things, our current expectations about possible or assumed future results of operations of the Company and are indicated by words or phrases such as “may,” “will,” “should,” “believe,” “expect,” “seek,” “anticipate,” “intend,” “estimate,” “plan,” “target,” “project,” “forecast,” “envision” and other similar phrases. Although we believe the assumptions and expectations reflected in these forward-looking statements are reasonable, these assumptions and expectations may not prove to be correct and we may not achieve the results or benefits anticipated. These forward-looking statements are not guarantees of actual results, and our actual results may differ materially from those suggested in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, including, without limitation: the expected effects of the acquisition of OVO’s existing operations, assets and liabilities (the “OVO Acquisition”) on the Company; our ability to integrate OVO with the Company, changes to and unpredictability in the trade policies and tariffs imposed by the U.S. and the governments of other nations; general economic conditions; our ability to maintain adequate cash flow from operations or availability under our revolving credit facility to meet our liquidity needs; restrictions on our operations under our credit facilities; our ability to improve our profitability; our ability to maintain our larger wholesale partners; our ability to accurately forecast customer demand for our products; our ability to maintain the license agreement relating to the Vince brand with ABG Vince; ABG Vince’s expansion of the Vince brand into other categories and territories; ABG Vince’s approval rights and other actions; our ability to realize the benefits of our strategic initiatives; our ability to make lease payments when due; our ability to open retail stores under favorable lease terms and operate and maintain new and existing retail stores successfully; our operating experience and brand recognition in international markets; our ability to remediate the identified material weakness in our internal control over financial reporting; our ability to comply with domestic and international laws, regulations and orders; increased scrutiny regarding our approach to sustainability matters and environmental, social and governance practices; competition in the apparel and fashion industry; our ability to attract and retain key personnel; seasonal and quarterly variations in our revenue and income; the protection and enforcement of intellectual property rights relating to the Vince brand; the extent of our foreign sourcing; our reliance on independent manufacturers; our ability to ensure the proper operation of the distribution facilities by third-party logistics providers; fluctuations in the price, availability and quality of raw materials; the ethical business and compliance practices of our independent manufacturers; our ability to mitigate system or data security issues, such as cyber or malware attacks, as well as other major system failures; our ability to adopt, optimize and improve our information technology systems, processes and functions; our ability to comply with privacy-related obligations; our status as a “controlled company”; our status as a “smaller reporting company”; and other factors as set forth from time to time in our Securities and Exchange Commission filings, including those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We intend these forward-looking statements to speak only as of the time of this release and do not undertake or revise them as more information becomes available, except as required by law.
About Vince Holding Corp.
Vince Holding Corp. is a global retail platform that operates the Vince brand women’s and men’s ready-to-wear business. Vince, established in 2002, is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for everyday effortless style. Vince Holding Corp. operates 42 full-price retail stores, 12 outlet stores, and its e-commerce site, as well as through premium wholesale channels globally. Please visit www.vince.com for more information.
About October’s Very Own
October’s Very Own (OVO) is a Canadian lifestyle brand led by CEO Drex Jancar and founded by Aubrey “Drake” Graham, Oliver El-Khatib, and Noah “40” Shebib. OVO offers premium apparel and accessories and is known for its distinctive owl logo and black-and-gold aesthetic. The brand has grown into a globally recognized enterprise with 12 flagship stores and a worldwide e-commerce presence.
About Authentic Brands Group
Authentic Brands Group (Authentic) is a global brand and entertainment platform that owns and invests in iconic intellectual property and cultural assets. It accelerates brands through a set of specialized businesses that combine powerful storytelling, premium content, unforgettable live experiences and global commerce. Through a network of more than 1,700 best-in-class licensees and strategic partners across 150 countries and expansive distribution, Authentic’s brands drive more than $38 billion in annual systemwide retail sales worldwide.
Authentic’s diversified portfolio spans more than 50 brands and reaches nearly one billion social media followers. Its roster includes Reebok, Champion, Shaquille O’Neal, David Beckham, Kevin Hart, Sports Illustrated, Elvis Presley, Muhammad Ali, Marilyn Monroe, GUESS, Care Bears, Aéropostale, Nautica, Eddie Bauer, Lucky Brand, Nine West, Brooks Brothers, Juicy Couture, Vince Camuto, Izod, Van Heusen, Dockers, Ted Baker, Hart Schaffner Marx, Vince, OVO, Barneys New York, Judith Leiber, Quiksilver, Spyder, Billabong, Volcom, Roxy, RVCA, DC Shoes, Prince, Sperry and Hunter.
CULVER CITY, Calif., Aug. 27, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading independent global developer and publisher of interactive digital entertainment, showcased a broad portfolio of established intellectual properties, internally developed titles, major content launches, and upcoming releases during the first day of Gamescom 2026.
Snail Games CEO, Hai Shi, officially unveiled 9 Yin Sutra: Wuxia, an internally developed AAA title expanding the universe inspired by the Company’s Age of Wushu. The Age of Wushu IP now serves as the foundation for two creative universes: 9 Yin Sutra: Wuxia and 9 Yin Sutra: Immortal. While both titles originate from the same underlying IP, the games are being developed as distinct interpretations of that universe. 9 Yin Sutra: Wuxia draws more heavily from historical Wuxia traditions and represents the closest sequel to Age of Wushu, while 9 Yin Sutra: Immortal offers a more fantastical take on the fast-growing cultivation genre. This differentiated approach is intended to broaden the creative potential of the IP while providing each title with its own unique identity, setting, tone, and gameplay experience. Players can watch the Gamescom 2026 official announcement trailer and wishlist 9 Yin Sutra: Wuxia and 9 Yin Sutra: Immortal.
Snail Games also showcased For The Stars, another internally developed AAA title, through a new gameplay trailer and exclusive demos for members of the media attending Gamescom. The demos provided media with an opportunity to experience the game ahead of its broader release and offered additional insight into the title’s development.
The Company views internally developed titles For The Stars, 9 Yin Sutra: Wuxia, and 9 Yin Sutra: Immortal as an important component of its broader portfolio strategy, providing opportunities to develop new intellectual properties and expand existing franchises through proprietary development capabilities.
Snail Games also highlighted continued investment in its established portfolio. PixARK is officially launching its premium Terracrypt DLC, adding 200+ hours of new content to the survival sandbox experience. While ARK: Survival Ascended is launching a major ARK: Astraeos update alongside a new trailer, further expanding the ARK ecosystem.
Bellwright was featured at Gamescom with a new playable demonstration. The demo provides an early look at planned traversal features. The continued development of community inspired features is intended to expand player loyalty as the title progresses.
And Honeycomb: The World Beyond received an exclusive Gamescom showcase ahead of its September 8 launch. Gamescom attendees were given access to the latest playable demo, providing an opportunity to experience the game ahead of release. Players unable to attend Gamescom will also have an opportunity to experience the new demo, which is scheduled to become available on August 31, ahead of the game’s official launch.
Snail Games’ first day at Gamescom highlighted a portfolio strategy built around multiple avenues of growth: extending successful intellectual properties, launching new premium content, developing new titles internally, and expanding access through additional platforms and player experiences.
For creators interested in collaborations please contact [email protected].
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. These forward-looking statements include information about possible or assumed future results of Snail Games’ business, financial condition, results of operations, liquidity, plans and objectives. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the Company’s strategy of expanding established intellectual properties while investing in internally developed games and new experiences; the differentiated approach broadening the creative potential of the IP while providing each title with its own distinct identity, setting, tone, and gameplay experience; internally developed titles being an important component of Snail Games’ broader portfolio strategy; providing opportunities to develop new intellectual properties and expand existing franchises through proprietary development capabilities; continuing investment in the Company’s established portfolio; planned traversal features for Bellwright; launching Honeycomb: The World Beyond on September 8; the new demo becoming available on August 31; Snail Games’ portfolio strategy being built around multiple avenues of growth: extending successful intellectual properties, launching new premium content, developing new titles internally, and expanding access through additional platforms and player experiences; and assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail Games’ financial results and business include Snail Games’ ability to develop new intellectual properties and expand existing franchises through its proprietary development capabilities; Snail Games’ ability to incorporate traversal features for Bellwright, crossplay integration across Steam, Xbox, and PlayStation and launch Honeycomb: The World Beyond and its new demo as planned; Snail Games’ ability to achieve multiple avenues of growth by extending successful intellectual properties, launching new premium content, developing new titles internally, and expanding access through additional platforms and player experiences; Snail Games’ ability to retain its key employees or maintain its Nasdaq listing; and the risks that are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail Games, and Snail Games does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 [email protected]
PLANTATION, Fla., Aug. 27, 2026 (GLOBE NEWSWIRE) — Alliance Entertainment Holding Corporation (Nasdaq: AENT), a premier distributor, logistics provider, and omnichannel fulfillment partner to the entertainment and pop culture collectibles industry, supplying more than 340,000 unique SKUs across physical media, video games, toys, licensed merchandise, and exclusive collectibles to over 35,000 retail and e-commerce storefronts, will hold a conference call on Thursday, September 10, at 4:30 p.m. Eastern Time to discuss its results for the fiscal year ended June 30, 2026. A press release detailing these results will be issued prior to the call.
Alliance Entertainment Chief Executive Officer Jeff Walker, Chief Financial Officer Amanda Gnecco, and Executive Chairman Bruce Ogilvie will host the conference call, which will be followed by a question-and-answer session. A presentation will accompany the call and can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
To access the call, please use the following information:
Date:
Thursday, September 10, 2026
Time:
4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time
Toll-free dial-in number:
1-877-407-0784
International dial-in number:
1-201-689-8560
Conference ID:
13762431
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact RedChip Companies at 1-407-644-4256.
A telephone replay of the call will be available approximately three hours after the call concludes and can be accessed through October 10, 2026, using the following information:
Toll-free replay number:
1-844-512-2921
International replay number:
1-412-317-6671
Replay ID:
13762431
About Alliance Entertainment
Alliance Entertainment (NASDAQ: AENT) is a premier distributor and fulfillment partner for the entertainment and pop culture collectibles industry. With more than 340,000 unique in-stock SKUs – including over 57,300 exclusive titles across compact discs, vinyl LPs, DVDs, Blu-rays, and video games – Alliance offers the largest selection of physical media in the market. Our vast catalog also includes licensed merchandise, toys, retro gaming products, and collectibles, serving over 35,000 retail locations and powering e-commerce fulfillment for leading retailers. Alliance also owns and operates proprietary collectibles brands, including Handmade by Robots™, a stylized vinyl figure line featuring licensed characters from leading entertainment franchises, and Alliance Authentic™, a premium platform for authentic, certified, and individually numbered entertainment collectibles. In addition, Alliance operates Endstate Authentic, a dedicated NFC-enabled authentication and digital product identity platform supporting authenticated collectibles, resale, and brand protection. Leveraging decades of operational expertise, exclusive sourcing relationships, and a capital-light, scalable infrastructure, Alliance connects fans and collectors to the products, franchises, and experiences they value across formats and generations. For more information, visit www.aent.com.
For investor inquiries, please contact:
Dave Gentry RedChip Companies, Inc. 1-800-REDCHIP (733-2447) 1-407-644-4256 [email protected]
Total Revenue Growth of 0.9% in Fourth Quarter 2026
Continued expansion of Lucky Strike brand with 159 current Lucky Strike locations
Continued efforts to deploy capital efficiently, driving long-term returns
RICHMOND, Va.–(BUSINESS WIRE)– Lucky Strike Entertainment (NYSE: LUCK), one of the world’s premier owner/operators of location-based entertainment, today provided financial results for the fourth quarter and full year of fiscal year 2026, which ended on June 28, 2026.
Quarter Highlights:
Total revenue increased 0.9% to $303.9 million versus 4Q25
Same-Store Revenue decreased 2.5% versus 4Q25
Net loss of $26.2 million versus net loss of $74.7 million in 4Q25
Adjusted EBITDA of $74.1 million versus $88.7 million in 4Q25
Fiscal Year Highlights:
Revenue increased 3.7% to $1,245.3 million versus the prior year
Same Store Revenue decreased 0.2% versus the prior year
Net loss of $35.8 million versus prior year net loss of $10.0 million
Adjusted EBITDA of $333.2 million versus prior year of $367.7 million
Added six locations during the fiscal year, five through acquisitions and one new build. Additionally, closed five underperforming locations
Total locations in operation as of August 27, 2026, were 366
“Fiscal 2026 marked a meaningful step forward for our business, with our strongest same-store sales performance in years and clear momentum across many of our key revenue streams,” said Thomas Shannon, Founder and CEO. “Importantly, that momentum is broadening. Cumulative organic growth was positive through the first eleven months of the fiscal year, with June driving the full-year decline. Leagues grew and accelerated through the spring, food remained strongly positive, retail bowling continued to grow, and Events turned positive in late spring for the first time in years and remained positive throughout the summer. It is the strongest sustained performance we have seen from that business in a long time.”
“June temporarily interrupted that progress. The first World Cup on American soil in a generation drew millions of consumers to their screens on nights they would typically be out, resulting in sharply negative comps for the month and pulling an otherwise positive quarter and year slightly below zero. We believe it is important to distinguish that temporary disruption from the underlying health of the business. Trends improved immediately following the World Cup Final, and this headwind will not repeat next summer. At our waterparks, a cool and wet start to the summer pressured attendance, but strong pricing and disciplined cost management helped protect profitability.”
“Waterparks represented the biggest operational step forward for us this summer. A year ago, we directly managed only a couple of parks. This summer, we operated a diverse portfolio, including our newest park in Los Angeles, and the organization executed exceptionally well. Per-capita spending increased meaningfully, labor costs declined as we aligned staffing more closely with demand, and both revenue and profitability grew substantially year over year. Importantly, the majority of the summer earnings contribution will be recognized in our September quarter.”
“I have described our business as a coiled spring, and that is exactly how we see it. We are pairing operating momentum with a structurally more disciplined approach to capital allocation. Capital expenditures are down approximately $80 million from their fiscal 2024 peak, and we expect to continue reducing capital spending as we further rationalize the portfolio and complete several existing investment programs. That creates a clear path to meaningfully higher free cash flow and accelerated deleveraging as earnings improve. As we enter fiscal 2027, our guidance is intentionally prudent and reflects the way we are approaching the current environment. We believe the combination of operating momentum, declining capital intensity and financial discipline positions us to deliver profitable growth, stronger free cash flow and a meaningfully improved balance sheet.”
Fiscal Year 2027 Guidance
We remain focused on delivering sustainable, profitable growth and creating meaningful long-term shareholder value. Our strategy is centered on accelerating revenue growth, expanding operating cash flow, and driving higher free cash flow per share through earnings growth and disciplined capital allocation. Looking ahead, our outlook reflects continued organic revenue growth, targeted investments in marketing and technology to strengthen our platform, and incremental contributions from our waterparks in FY27. Together, these initiatives position us to generate stronger cash flow, improve returns on invested capital, and build a more durable earnings growth profile.
Total Revenue Growth:
3% to 5%
Total Revenue:
$1,280M to $1,310M
Adjusted EBITDA:
$340M to $360M
Capital Expenditures:
Approximately $90M
Dividend Declaration
On August 27, 2026, the Board of Directors declared a quarterly cash dividend of $0.06 per share of common stock for the first quarter of fiscal year 2027. The dividend will be payable on September 22, 2026, to stockholders of record on September 8, 2026.
Investor Webcast Information
Listeners may access an investor webcast hosted by Lucky Strike Entertainment. The webcast and results presentation will be accessible at 9:00 AM ET on August 27, 2026, in the Events & Presentations section of the Lucky Strike Entertainment Investor Relations website at https://ir.luckystrikeent.com/.
About Lucky Strike Entertainment
Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The Company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit IR.LuckyStrikeEnt.com.
Forward Looking Statements
Some of the statements contained in this press release are 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, that involve risk, assumptions, and uncertainties, such as statements of our plans, objectives, expectations, intentions, and forecasts. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs, and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our locations; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; failure to hire and retain qualified employees and personnel; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on August 27, 2026, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, except as required by applicable law.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose Same Store Revenue and Adjusted EBITDA as “non-GAAP measures”, which management believes provide useful information to investors because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue or net income as calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our fiscal year 2027 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition-related expenses, share-based compensation, and other items not reflective of the company’s ongoing operations.
Same Store Revenue represents total Revenue less Non-Location Related Revenue, Revenue from Closed Locations, Service Fee Revenue, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest Expense, Income Taxes, Depreciation and Amortization, Impairment and Other Charges, Share-based Compensation, EBITDA from Closed Locations, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, System modernization costs, changes in the value of earnouts, and other.
The Company considers Same Store Revenue as an important financial measure because it provides comparable revenue for locations open for the entire duration of both the current and comparable measurement periods.
The Company considers Adjusted EBITDA as an important financial measure because it provides a financial measure of the quality of the Company’s earnings. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure. Adjusted EBITDA is used by management in addition to and in conjunction with the results presented in accordance with GAAP. We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
ATHENS, Greece, Aug. 25, 2026 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract extension for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $26,000. The new period will commence at the end of October 2026, following the completion of the vessel’s scheduled dry-dock, and will run in direct continuation of the current charter contract.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce the extension of the time charter contract for our feeder containership, M/V Jonathan P, in direct continuation of her present charter, for 24-26 months at a profitable rate of $26,000/day. Despite the typical summer slowdown and ongoing geopolitical uncertainty, the containership charter market has remained active with strong operator demand and limited vessel availability continuing to firm charter terms both in terms of rates and contract periods. The charter is expected to generate approximately $12.7 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 97%, 86% and 50%, respectively.”
Fleet Profile: The Euroseas Ltd. fleet profile is currently as follows:
Notes: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+). (**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period. (***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 33 vessels with a total carrying capacity of 97,396 teu.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Selections of CRO and European Clinical Sites Represent Significant Milestones Toward Initiation of the GEO-MVA Immunobridging Study
ATLANTA, GA – August 25, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and solid tumor cancers, today announced that it has selected the contract research organization (CRO) and European clinical trial sites planned to support the critical immunobridging portion of GEO-MVA-301, the Company’s pivotal Phase 3 clinical program evaluating GEO-MVA as a vaccine against mpox and smallpox.
The selections represent another important operational readiness milestone as GeoVax advances preparations for the European immunobridging study. The randomized, double-blind study is designed to compare the immunogenicity and safety of GEO-MVA with the licensed MVA vaccine in healthy adults.
The selected European clinical sites have extensive experience conducting late-stage vaccine studies and were evaluated for their ability to support timely recruitment across the study’s required adult age groups, intensive immunogenicity sampling, participant retention and high-quality clinical execution. GeoVax has also established contingency site capacity intended to provide additional recruitment flexibility if required. The immunobridging study is designed to be completed within 8-12 weeks, initiated in Q4 2026, with results announced by mid-2027.
“Selection of our CRO and European clinical sites moves GEO-MVA another important step from development planning toward clinical execution,” said David Dodd, Chairman and Chief Executive Officer of GeoVax. “We now have critical components of the pivotal study infrastructure identified and aligned, and the program is increasingly taking shape as an execution-ready clinical program.”
Dodd continued, “These milestones are particularly important because they reflect progress across multiple workstreams – not simply clinical-site selection. Manufacturing readiness, regulatory planning, clinical operations, comparator strategy and site preparation are being brought together around a defined pivotal development pathway. We believe these activities position us to move efficiently toward study initiation as the remaining requirements are completed.”
A Focused Pivotal Development Strategy
The immunobridging study is planned to enroll 500 healthy adult participants at European clinical sites and evaluate whether immune responses generated by GEO-MVA are non-inferior to those generated by the licensed MVA comparator vaccine. GeoVax expects meeting the non-inferiority criteria will form the basis for approval by the European Medicines Agency (EMA), providing eligibility for GEO-MVA procurement.
The study will evaluate neutralizing antibody responses and seroconversion against vaccinia and mpox viruses, together with additional immunogenicity and safety measures. Enrollment is planned across multiple adult age groups to support a representative clinical dataset.
The study design incorporates an initial safety lead-in cohort, followed by enrollment of the remaining immunobridging study participants. The CRO and site-selection process emphasized capabilities considered important for efficient execution of the pivotal program, including:
Experience conducting Phase 2 and Phase 3 vaccine trials;
Established clinical and regulatory infrastructure in Europe;
Ability to support intensive immunogenicity sampling and rigorous safety oversight; and
Recruitment capacity and contingency planning designed to protect program timelines.
“Our objective has been to systematically remove the operational dependencies between GEO-MVA and initiation of the pivotal study,” Dodd said. “With each readiness milestone, the program becomes more tangible: the clinical pathway is defined, the vaccine has been manufactured, and we are now putting the clinical execution infrastructure in place. There is still work ahead, including regulatory and financing requirements, but the pieces necessary to execute the program are increasingly coming together.”
About GEO-MVA
GEO-MVA is GeoVax’s MVA-based vaccine candidate being developed for prevention of mpox and smallpox. GEO-MVA is a highly attenuated, replication-deficient poxvirus vaccine derived from the same original MVA lineage as currently licensed MVA vaccines. The planned GEO-MVA-301 pivotal program is designed to evaluate the immunogenicity and safety of GEO-MVA relative to an approved MVA comparator vaccine and, if successful, support regulatory submissions seeking marketing authorization.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Multiple High-Grade Drill Intercepts, Broad Intervals and Holes Ending in Mineralization Signal a Growing Gold System; Six Additional Drill Holes Pending
VANCOUVER, B.C., August 25, 2026 – Tectonic Metals Inc. (“Tectonic” or the “Company”) (TSX-V: TECT; OTCQX: TETOF) today reported new drill assay results from Black Creek, one of six intrusion-related district targets located within the Company’s flagship 99,840-acre Flat Gold Project (“Flat”) in southwest Alaska, U.S. The results confirm a second consecutive season of high-grade gold mineralization at Black Creek and strengthen the Company’s view that the target has the potential to emerge as a second gold intrusive centre at Flat, approximately six kilometres (“km”) northeast of the main bulk-tonnage, heap leach Chicken Mountain target.
2026 Black Creek Drill Assay Highlights
CMR26-152: 5.09 grams per tonne gold (“g/t Au”) over 21.34 metres (“m”) including 17.34 g/t Au over 6.10 m;
CMR26-153:1.89 g/t Au over 57.91.c m, including 2.75 g/t Au over 38.10 m with 6.31 g/t Au over 7.62 m and 3.89 g/t Au over 6.10 m; and,
CMD26-041: 3.26 g/t Au over 5.06m and 16.73 g/t Au over 2.20 m, including 29.91 g/t Au over 1.22 m.
Importantly, both reverse-circulation (“RC”) holes CMR26-152 and CMR26-153 ended in mineralization, providing clear opportunities to expand the system further at depth and along strike.
Assays are also pending from six additional Black Creek drill holes, including holes that intersected prospective hornfels and mafic dykes, features typically associated with higher-grade mineralization at Black Creek and other Reduced Intrusion Related Gold Systems (RIRGS).
The latest results build on Black Creek’s initial 2025 drilling, reported by the Company on January 29, 20261, which returned 4.50 g/t Au over 48.77 m, including 7.79 g/t Au over 24.38 m and 15.19 g/t Au over 6.10 m. Together, the recurring high-grade results, broad mineralized intervals, large exploration footprint and improving geological model strengthen Tectonic’s view that Black Creek has the potential to emerge as a second gold intrusive centre at Flat.
Tony Reda, Co-Founder, President & CEO of Tectonic Metals, commented:
“Our 2025 drilling established Black Creek as a compelling high-grade discovery. These 2026 results take it further, delivering multiple high-grade intercepts over meaningful widths with the system remaining open in all directions. Importantly, high-grade gold is now recurring across multiple holes and successive drill programs within the same prospective hornfelsed intrusion-margin setting. Together, these results are defining a coherent geological pattern and providing growing evidence of a potentially significant gold system.
“I have always believed that big gold systems leave big footprints. At Black Creek, drilling lies within a much larger, kilometre-scale convergence of gold-in-soil anomalies, geophysics, favourable geology and significant historical placer and lode gold production. We have tested only a small portion of that footprint, yet we are already seeing important indicators of grade and scale. Our next step is to further understand the geological controls, establish continuity and systematically test the scale of the system.
“Located six kilometres from Chicken Mountain, Black Creek is emerging as a potential second significant gold centre within Flat’s more than 20-kilometre-long volcano-plutonic complex. Its high-grade mineralization occurs in a different host rock than the monzonite-dominant mineralization at Chicken Mountain, demonstrating that gold at Flat is not confined to a single intrusion or geological setting. Black Creek is one of six kilometre-scale intrusion-related targets identified to date, collectively highlighting an opportunity that extends well beyond one potential deposit, one intrusion and one host rock.”
Figure 1: Simplified regional geology map of the Flat Gold Project, highlighting the Black Creek drilling area.
Black Creek: Building Evidence of a Second Gold Centre
Tectonic prioritized Black Creek for follow-up drilling in 2026 after its first-ever program at the target returned near-surface high-grade gold in hornfelsed sedimentary rock: 4.50 g/t Au over 48.77 m in hole CMR25-059, including 7.79 g/t Au over 24.38 m and 15.19 g/t Au over 6.10 m. The 2026 program was designed to test whether the 2025 drill discovery was part of a broader mineralized system.
The new drilling was successful in expanding the Black Creek system. High-grade gold has now been intersected in multiple holes and successive drill campaigns, with broad mineralized envelopes surrounding higher-grade internal intervals. Both 2026 RC holes ended in mineralization, and the deepest high-grade interval in diamond hole CMD26-041 occurs at approximately 202 m downhole, demonstrating gold mineralization through a substantial vertical range.
Broader mineralization of 0.39 g/t Au over 29.50 m, 0.66 g/t Au over 16.68 m and 0.41 g/t Au over 27.25 m was hosted in heavily fractured oxidized and non-oxidized hornfels and altered mafic dyke units with centimetre- to millimetre-scale quartz-to-quartz carbonate veining. Higher grade intervals, represented by 16.73 g/t Au over 2.22 m. were hosted within quartz-carbonate-stibnite veining. This newly intersected mineralization in the diamond drilling suggests that mineralization continues at depth from near-surface high-grade mineralization and remains open in all directions.
The Black Creek intrusion lies approximately six km northeast of Chicken Mountain within the more than 20-kilometre-long Flat volcano-plutonic complex. The target is supported by a 2.3 km by 1.5 km resistive electromagnetic anomaly and an approximately 1,500 m by 700 m gold-in-soil anomaly, providing a large exploration framework relative to the area tested by drilling to date.
The broader target area also has a substantial historical gold endowment and a long history of placer gold production, totalling approximately 450,000 ounces from Black Creek and upper Otter Creek. The historical hard rock mine at Black Creek reportedly produced approximately 2,707 ounces of gold at an average grade of 12.00 g/t Au between 1925 and 1938.2,
The convergence of historical gold production, kilometre-scale soil and electromagnetic anomalies, and repeat high-grade bedrock intercepts signals a compelling, multi-dataset exploration vector. Drilling has tested only a small portion of that broader footprint.
Figure 2: Black Creek regional geology, drilling area, and soil contour map, highlighting the mineralized corridors and the gold-in-soil anomaly
Drilling Refines the Geological Model at Black Creek and Other Regional Targets, Providing Clearer Vectors to Higher-Grade Gold
The 2026 program is materially improving Tectonic’s understanding of the lithological and structural controls on gold at Black Creek and providing a vectoring framework that may be applicable elsewhere across the Flat district.
Gold is hosted principally in altered and hornfelsed Kuskokwim Group clastic sedimentary rocks and is associated with quartz to quartz-carbonate-stibnite veining, oxidation, fracturing and mafic dykes. Higher-grade intervals occur within this broader mineralized hornfels package, locally near mapped or modelled mafic dykes.
This host setting is geologically important because hornfelsed sedimentary rocks occur along intrusion margins elsewhere at Flat, including Chicken Mountain, Golden Apex, Horseshoe, Jam and Caribou. As a result, Black Creek establishes a district-relevant exploration model in a host rock that significantly expands the prospective search space beyond intrusion-hosted mineralization alone.
Updated geologic modelling is integrating lithology, hornfels intensity, mafic dykes, intrusion contacts, veining and assay data. The emerging model will be used to test whether higher-grade shoots are controlled by intrusive contacts, dyke margins, structural permeability, or the intersection of these features. Oriented follow-up drilling is required to resolve geometry and true widths.
Figure 3: Updated geological model of the Black Creek Target Area, notably updated hornfels and mafic dyke units that have been observed and characterized to host higher-grade gold mineralization.
Maggie Layman, Vice President Exploration, commented:
“The 2026 drilling is providing an important step forward in our understanding of Black Creek. The association of mineralization with hornfels, mafic dykes and intrusion contacts is helping us refine our geological model and identify priority targets for follow-up drilling.
“With mineralization remaining open in multiple directions and additional assays pending, we see a strong opportunity to continue expanding and defining not only the Black Creek system but also to apply these geological insights to other priority targets across the Flat district.”
Multiple Catalysts Ahead
Tectonic is advancing Black Creek alongside Chicken Mountain and a portfolio of kilometre-scale intrusion-related targets as part of a systematic strategy to test the full district-scale potential of Flat. Near-term catalysts and exploration activities include:
Assays pending from six additional Black Creek drill holes, several of which intersected prospective hornfels and mafic dykes;
Follow-up drilling below CMR26-152 and CMR26-153 and along strike to test continuity, orientation and true width;
Integration of assay, structural, lithological and geophysical data into the three-dimensional geological model; and
Application of the emerging Black Creek targeting model to other intrusion-margin targets across the Flat district.
Additional assay results from Chicken Mountain are also expected as Tectonic continues expansion and resource-definition drilling toward a maiden mineral resource estimate targeted for early 2027.
Figure 4: Cross section L1-L1’ showing updated Mafic Dyke units and Hornfels, highlighting the higher-grade mineralization across the drilled section
Figure 5: Cross section L2-L2’ showing updated geological model, highlighting the latest high-grade drill composites and holes with assays pending.
A summary of the assay results is presented in Table 1.
Table 1 – 2026 Black Creek Drill Assay Results
Note: All reported intercepts are downhole lengths, as insufficient data exist to determine true widths. Select composites utilize 0.10, 0.30 or 0.50 g/t Au cut-offs, with a maximum continuous interval of 3.20 m (two sample) below the applicable cut-off inclusion.
Table 2. Drill Hole Details at Black Creek
Qualified Person
Tectonic Metals’ disclosure of technical or scientific information in this press release has been reviewed, verified and approved by Peter Kleespies, M.Sc., P.Geo., Chief Geological Officer, who is a Qualified Person in accordance with Canadian regulatory requirements set out in National Instrument 43-101.
Analytical work for the 2026 Flat project drilling program was performed by ALS Global (“ALS”), an internationally recognized and accredited laboratory independent of Tectonic. On-site, core and reverse circulation samples were sealed in security-tagged bags and shipped under strict chain-of-custody protocols to the Lynden Transport logistics operator in Anchorage, Alaska, for delivery to ALS facilities in Vancouver, British Columbia.
Upon arrival at the laboratory, samples were dried, crushed to 2 mm and riffle split into nominal 500-gram subsample aliquots (prep codes CRU-31, SPL-32a). One portion was analyzed for gold using PhotonAssay™ (ALS code Au-PA01). PhotonAssay™ uses high-energy X-rays to determine gold content from a large sample aliquot, typically 500 g of crushed material. The method is non-destructive and is particularly suited to gold systems where larger sample aliquots may improve representativity. If additional nominal 500-gram PhotonAssayTM analysis splits are conducted for a given sample, results from all splits are combined on a weight average basis. A second portion was pulverized such that 85% of the sample passed 75 µm, (PUL-31) and was analyzed by four-acid digestion with ICP-MS finish for 48 elements (ME-MS61), along with aqua regia digestion with ICP-MS finish for trace levels of mercury (Hg-MS42).
Quality assurance and quality control (QA/QC) protocols included the insertion of certified reference material every 20 samples, blank samples at rate of approximately every 25 samples and field duplicate samples (split from the original approximately 1.5 m for RC or 1.5 m for core intervals) every 25 samples. All QA/QC results returned values within acceptable limits.
About Tectonic Metals Inc.
Tectonic Metals Inc. is a mineral exploration company led by an experienced and well-respected technical and financial team with a track record of wealth creation for shareholders. The Company is focused on exploring and developing its flagship Flat Gold Project in southwestern Alaska, covering 99,840 acres of predominantly Native-owned land belonging to Doyon, Ltd., a leading Alaska Native Regional Corporation and one of Tectonic’s largest shareholders. The current focus is on advancing the Chicken Mountain target, one of six multi-kilometre-scale intrusion zones at the Flat Gold Project, where drilling has achieved a 100% success rate across 191 holes to date.
Founded by key members of the Kaminak Gold team behind the discovery and advancement of the Coffee Gold Project, which was acquired by Goldcorp for $520 million in 2016, Tectonic brings a proven track record in exploration, project advancement, capital markets and value creation. Collectively, the team has helped identify more than 30 million ounces of gold, advanced 18 projects through to feasibility, permitted 20 projects, completed over $3 billion in mergers and acquisitions and raised more than $2 billion in capital.
Tectonic ’s mission is to be a shift in the game: working for our shareholders and the communities where we operate, putting people first, playing big and staying true to our word every step of the way.
On behalf of Tectonic Metals Inc.,
Tony Reda President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact:
Cautionary Note Regarding Forward-Looking Statements, Historical Information and Visual Observations
This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by words such as “may,” “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “potential,” “target,” or similar terminology, or that events or conditions “may” or “will” occur.
Forward-looking statements in this release include, but are not limited to, statements regarding: the potential for mineralization at Tectonic’s projects; the nature, scope, and timing of future exploration activities; the interpretation of geological observations; the possible size or scale of mineralized systems; the receipt of regulatory approvals, and the anticipated benefits of current and future exploration programs.
This release also refers to historical information, including results from past exploration activities and placer production figures. Such historical information has not been independently verified by Tectonic, may not be reliable, and should not be relied upon as current, NI 43-101 compliant data.
In addition, this release contains, detailed geological notes, and descriptive observations such as alteration styles, mineralogy and visible gold. These observations are preliminary in nature, may not be representative of the entire interval or system, and should not be relied upon as a guarantee of mineralized assay results or as the basis for any investment decision. Investors and readers are cautioned that visual estimates, core photographs, and geological descriptions are not substitutes for laboratory assay results and do not demonstrate the economic viability of any mineral deposit.
Forward-looking statements are not guarantees of future performance. They are based on a number of assumptions made as of the date such statements are provided, including, among others: assumptions regarding future gold and other metal prices; currency exchange and interest rates; favourable operating and political conditions; timely receipt of permits and regulatory approvals; availability of labour, equipment, and services; stability of financial and capital markets; availability of financing on acceptable terms; accuracy of exploration data and geological models; and the ability to successfully advance planned exploration programs. Many of these assumptions are beyond the control of Tectonic and may prove to be incorrect.
Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, without limitation: risks inherent to mineral exploration and development; volatility of commodity prices; changes in laws, regulations, and policies; delays or inability to obtain required approvals and permits; availability of financing; general economic, political, and market conditions; labour disputes and shortages; equipment and supply risks; environmental and social risks; competition; inaccuracies in exploration results or geological interpretations; and other risks detailed from time to time in the Company’s continuous disclosure filings.
Although management believes the expectations expressed in such forward-looking statements are reasonable as of the date made, there can be no assurance they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, historical information, or preliminary visual geological observations. Actual results and future events may differ materially from those anticipated. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Tectonic disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fourth Quarter of Fiscal Year 2026 – Consolidated Earnings Highlights
Revenue of $321.7 million
Net loss of $(16.8) million
Adjusted EBITDA* of $11.9 million
Fiscal Year 2027 Guidance Ranges:
Revenue expected in a range of $1.35 billion to $1.45 billion
Adjusted EBITDA* expected in a range of $90 million to $115 million
Operating Cash Flow expected to be more than $60 million
Fourth Quarter Fiscal Year 2026 – Segment Highlights
Senior
Revenue of $72.5 million
Adjusted EBITDA of $8.0 million
Approved Medicare Advantage policies of 72,180
Healthcare Services
Revenue of $193.5 million
Adjusted EBITDA of $12.1 million
109,039 SelectRx members
Life
Revenue of $47.9 million
Adjusted EBITDA of $9.8 million
OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT) reported consolidated revenue for the fourth quarter of fiscal year 2026 of $321.7 million compared to consolidated revenue for the fourth quarter of fiscal year 2025 of $345.1 million. Consolidated net loss for the fourth quarter of fiscal year 2026 was $16.8 million compared to consolidated net income for the fourth quarter of fiscal year 2025 of $12.9 million. Consolidated Adjusted EBITDA* for the fourth quarter of fiscal year 2026 was $11.9 million compared to consolidated Adjusted EBITDA* for the fourth quarter of fiscal year 2025 of $2.7 million. Consolidated cash used in operations during the fourth quarter of fiscal year 2026 was $3.3 million compared to $37.5 million used during the fourth quarter of fiscal year 2025.
SelectQuote reported consolidated revenue for the fiscal year 2026 of $1.6 billion compared to consolidated revenue for fiscal year 2025 of $1.5 billion. Consolidated net income for the fiscal year 2026 was $62.2 million compared to consolidated net income for fiscal year 2025 of $47.6 million. Consolidated Adjusted EBITDA* for the fiscal year 2026 was $109.1 million compared to consolidated Adjusted EBITDA* for the fiscal year 2025 of $126.3 million. Consolidated cash generated from operations was $31.9 million for the fiscal year 2026 compared to consolidated cash used in operations of $11.7 million during the fiscal year 2025. For the fiscal year 2026, SelectQuote improved operating cash flow by $44 million compared to fiscal 2025, driven largely by the scale in Healthcare Services and improved operating efficiency across SelectQuote.
SelectQuote Chief Executive Officer Tim Danker commented, “It was a highly successful 4th quarter and full-year fiscal 2026 for our business. Our Senior Medicare Advantage distribution business excelled through another turbulent year for the industry. Insurance carriers continued to modify policy benefits and optimize volumes but through it all, SelectQuote remained the reliable partner of choice. SelectQuote’s Senior business delivered another strong year with an Adjusted EBITDA margin of 26%, which marks the 4th consecutive year with margins solidly above our long-term 20%+ operating target. We have high confidence in our Senior platform’s ability to generate durable returns across a range of Medicare Advantage environments and view fiscal 2027 as an important year to further compound cash flow while remaining disciplined in our growth investments as carrier profitability improves.”
* See “Non-GAAP Financial Measures” below.
“We also increasingly realized our goal to scale Healthcare Services profitability and cash flow through our SelectRx business. We are excited to exit fiscal 2026 with run-rate Adjusted EBITDA of nearly $50 million, which will increasingly drive operating cash flow and ultimately accrue value to our shareholders.”
Mr. Danker continued, “Looking to fiscal 2027, we have conviction that the $44 million improvement in operating cash flow in fiscal 2026 will continue. As we have emphasized, our highest strategic priority is to deliver shareholder value through growth in profitability and scaled cash flow. In the year ahead, we plan to accelerate equity value accretion in multiple ways. Exiting 2026, we have successfully implemented technology-enabled workstream efficiencies that we expect will drive annual expense savings of over $30 million. Paired with the demonstrated durability of our Senior profitability and continued scale of Healthcare Services, we expect full-year 2027 operating cash flow to approximately double to over $60 million, with free cash flow generation of around $50 million. Best of all, we see opportunity to compound cash flow growth in the future through continued optimization of our leverage and funding costs, and we are excited to deliver this value to our shareholders in the years ahead.”
Segment Results
We currently have three reportable segments: 1) Senior, 2) Healthcare Services and 3) Life. The performance measures of the segments include total revenue and adjusted EBITDA. Costs of commissions and other services revenue, cost of goods sold-pharmacy revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses that are directly attributable to a segment are reported within the applicable segment. Indirect costs of revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses are allocated to each segment based on varying metrics such as headcount.
Senior
Financial Results
The following table provides the financial results for the Senior segment for the periods presented:
Operating Metrics
Submitted Policies
Submitted policies are counted when an individual completes an application with our licensed agent and provides authorization to the agent to submit the application to the insurance carrier partner. The applicant may have additional actions to take before the application will be reviewed by the insurance carrier.
The following table shows the number of submitted policies for the periods presented:
Approved Policies
Approved policies represents the number of submitted policies that were approved by our insurance carrier partners for the identified product during the indicated period. Not all approved policies will go in force.
The following table shows the number of approved policies for the periods presented:
Lifetime Value of Commissions per Approved Policy
Lifetime value of commissions per approved policy represents commissions estimated to be collected over the estimated life of an approved policy based on multiple factors, including but not limited to, contracted commission rates, carrier mix and expected policy persistency with applied constraints. The lifetime value of commissions per approved policy is equal to the sum of the commission revenue due upon the initial sale of a policy, and when applicable, an estimate of future renewal commissions.
The following table shows the lifetime value of commissions per approved policy for the periods presented:
Healthcare Services
Financial Results
The following table provides the financial results for the Healthcare Services segment for the periods presented:
Operating Metrics
Members
The total number of SelectRx members represents the amount of active customers to which an order has been shipped and the prescriptions per day represents the total average prescriptions shipped per business day. These two metrics are the primary drivers of revenue for Healthcare Services.
The following table shows the total number of SelectRx members as of the periods presented:
The total number of SelectRx members increased by 1% as of June 30, 2026, compared to June 30, 2025, due to a growth in membership during the AEP season.
The following table shows the average prescriptions shipped per day for the periods presented:
Combined Senior and Healthcare Services – Consumer Per Unit Economics
Combined Senior and Healthcare Services consumer per unit economics represents total MA and MS commissions; other product commissions; other revenues, including revenues from Healthcare Services; and operating expenses associated with Senior and Healthcare Services, each shown per number of approved MA and MS policies over a given time period. Management assesses the business on a per-unit basis to help ensure that the revenue opportunity associated with a successful policy sale is attractive relative to the marketing acquisition cost. Because not all acquired leads result in a successful policy sale, all per-policy metrics are based on approved policies, which is the measure that triggers revenue recognition.
The MA and MS commission per MA/MS policy represents the LTV for policies sold in the period. Other commission per MA/MS policy represents the LTV for other products sold in the period, including DVH prescription drug plan, and other products, which management views as additional commission revenue on our agents’ core function of MA/MS policy sales. Pharmacy revenue per MA/MS policy represents revenue from SelectRx, and other revenue per MA/MS policy represents revenue from Healthcare Select, production bonuses, marketing development funds, lead generation revenue, and adjustments from the Company’s reassessment of its cohorts’ transaction prices. Total operating expenses per MA/MS policy represents all of the operating expenses within Senior and Healthcare Services. The revenue to customer acquisition cost (“CAC”) multiple represents total revenue as a multiple of total marketing acquisition cost, which represents the direct costs of acquiring leads. These costs are included in marketing and advertising expense within the total operating expenses per MA/MS policy.
The following table shows combined Senior and Healthcare Services consumer per unit economics for the periods presented. Based on the seasonality of Senior and the fluctuations between quarters, we believe that the most relevant view of per unit economics is on a rolling 12-month basis. All per MA/MS policy metrics below are based on the sum of approved MA/MS policies, as both products have similar commission profiles.
Total revenue per MA/MS policy increased 13% for the twelve months ended June 30, 2026, compared to the twelve months ended June 30, 2025, primarily due to the increase in pharmacy revenue. Total operating expenses per MA/MS policy increased 13% for the twelve months ended June 30, 2026, compared to the twelve months ended June 30, 2025, driven by an increase in cost of goods sold-pharmacy revenue for Healthcare Services due to the growth of the business.
Life
Financial Results
The following table provides the financial results for the Life segment for the periods presented:
Operating Metrics
Life premium represents the total premium value for all policies that were approved by the relevant insurance carrier partner and for which the policy document was sent to the policyholder and payment information was received by the relevant insurance carrier partner during the indicated period. Because our commissions are earned based on a percentage of total premium, total premium volume for a given period is the key driver of revenue for our Life segment.
The following table shows term and final expense premiums for the periods presented:
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Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we have presented in this release Adjusted EBITDA, which, when presented on a consolidated basis, is a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to any similarly titled measure presented by other companies. We define Adjusted EBITDA as net income plus interest expense, income taxes, depreciation and amortization, changes in fair value of warrant liabilities, loss on extinguishment of debt, and certain add-backs for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. The most directly comparable GAAP measure is net income. We monitor and have presented in this release Adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, establish budgets, and develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance.
A reconciliation of the differences between Adjusted EBITDA and its most directly comparable GAAP measure, net income, is presented below on page 13. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable GAAP measure without unreasonable effort because it is not possible to predict certain information included in the calculation of such GAAP measure, including the fair value of outstanding warrants to purchase shares of the Company’s common stock. The unavailable information could have a significant impact on the Company’s GAAP financial results.
Forward Looking Statements
This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and other legal proceedings or inquiries; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; our ability to regain and maintain compliance with NYSE listing standards; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, changes in reimbursement rates under our contracts with pharmacy benefit managers, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in the most recent Annual Report on Form 10-K (the “Annual Report”) and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies, allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. Today, the Company operates an ecosystem offering high touchpoints for consumers across insurance, pharmacy, and virtual care.
With an ecosystem offering engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, the company now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs.
Emerging Evidence of Potential Protection From Authorized Ebola Zaire Vaccine Against Bundibugyo Virus Provides Rationale for Evaluating GeoVax’s MVA-Based Ebola Vaccine Candidates
ATLANTA, GA – August 24, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancers, today announced that it has expanded outreach to global and regional public health organizations regarding the potential relevance of its Modified Vaccinia Ankara (MVA)-based hemorrhagic fever vaccine portfolio amid the expanding Ebola disease outbreak caused by Bundibugyo virus (BDBV) in various regions of Africa.
The outreach follows GeoVax’s recent announcement highlighting its willingness to contribute vaccine candidates, materials and scientific expertise to the global response. GeoVax is seeking to determine whether its existing hemorrhagic fever vaccine candidates and MVA platform capabilities may warrant evaluation or could support broader Ebola preparedness and response efforts.
Of particular interest is GeoVax’s Zaire Ebola vaccine candidate, GEO-EM01, which previously demonstrated 100% protection following a single intramuscular dose in a non-human primate lethal-challenge study. All vaccinated rhesus macaques survived lethal Zaire Ebola virus challenge, with no live virus detected in tissues from vaccinated animals. The research, conducted in collaboration with scientists at the National Institute of Allergy and Infectious Diseases’ Rocky Mountain Laboratories, was originally published in Scientific Reports.
Recent scientific evidence has increased interest in whether vaccines developed against Zaire ebolavirus may also provide some degree of cross-protection against Bundibugyo virus. WHO’s Technical Advisory Group on Candidate Vaccine Prioritization recently recommended that the licensed Ebola Zaire vaccine Ervebo® be prioritized for inclusion in a Phase 3 study during the current Bundibugyo outbreak, based on an evolving body of animal, laboratory and human immune-response data suggesting potential cross-protection. Importantly, the extent of such protection remains uncertain and must be established through controlled clinical evaluation.
“The evolving science raises an important question that we believe warrants evaluation,” said David A. Dodd, Chairman and Chief Executive Officer of GeoVax. “Our Ebola Zaire vaccine demonstrated compelling protection in a stringent non-human primate challenge model, including 100% survival following a single dose. We do not know whether that protection extends to Bundibugyo virus. However, emerging evidence that a Zaire-directed Ebola vaccine may provide some degree of protection against BDBV provides a scientific rationale for asking that question. We are reaching out to the appropriate global health organizations to determine whether our vaccine candidate, materials and MVA platform expertise warrant further evaluation.”
Seeking Various Paths for Evaluation and Development
GeoVax’s outreach is focused on organizations involved in global health security, epidemic preparedness, vaccine evaluation and outbreak response. The Company is exploring potential opportunities that could include independent evaluation of existing vaccine materials, scientific collaboration, public-private partnerships, licensing arrangements or other externally supported development pathways.
GeoVax believes this approach could provide a mechanism for assessing and potentially advancing its hemorrhagic fever vaccine portfolio while preserving the Company’s operational and capital focus on GEO-MVA, its lead infectious disease program targeting mpox and smallpox.
“We believe these assets represent strategic optionality for GeoVax, but our intention is not to divert resources from GEO-MVA,” Dodd continued. “The appropriate path is to determine whether public health organizations, development partners or other third parties see sufficient scientific and strategic value to support further evaluation. If so, we are prepared to explore collaborative structures capable of advancing these assets responsibly.”
GEO-MVA on Schedule for Pivotal Phase 3 Immunobridging Study Initiation in Q4 2026
GeoVax’s primary infectious disease development priority remains GEO-MVA, its MVA-based vaccine candidate for the prevention of mpox and smallpox. The Company is advancing toward a pivotal Phase 3 immunobridging clinical program designed to compare immune responses generated by GEO-MVA with those generated by an established MVA vaccine.
As part of its GEO-MVA activities, GeoVax is developing relationships with healthcare, research and public health organizations in regions confronting significant infectious disease challenges. The Company believes these relationships, together with its broader MVA expertise, provide a foundation for exploring collaborative opportunities involving other high-consequence infectious diseases.
“Our priority remains execution of the GEO-MVA program,” Dodd concluded. “At the same time, the current Ebola outbreak demonstrates why maintaining a portfolio of technologies addressing high-consequence pathogens can have strategic value. Where an opportunity exists to leverage external expertise and resources to evaluate those assets without distracting from our lead program, we believe it is appropriate – and potentially important – to pursue it.”
About GeoVax’s Hemorrhagic Fever Vaccine Portfolio
GeoVax has developed MVA-based vaccine candidates targeting Zaire ebolavirus, Sudan ebolavirus and Marburg virus. The programs have undergone preclinical evaluation, including lethal-challenge studies in non-human primates, and have demonstrated encouraging protective efficacy.
GeoVax’s Zaire Ebola vaccine candidate, GEO-EM01, utilizes the Company’s MVA-VLP technology and previously demonstrated 100% survival in a small rhesus macaque lethal-challenge study following either a single-dose or two-dose vaccination regimen. The single-dose study represented the first reported demonstration that a replication-deficient MVA vector could provide complete protection against lethal Zaire Ebola virus challenge following a single vaccination in rhesus macaques.
GeoVax is evaluating opportunities for collaboration, licensing, public-private partnerships and other externally supported structures that could enable further evaluation and development of these assets while maintaining the Company’s primary operational and capital focus on GEO-MVA.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Saguenay, Quebec–(Newsfile Corp. – August 24, 2026) – First Phosphate Corp (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce that the Company has filed its updated Mineral Resource Estimate (“MRE“) Technical Report for the Bégin-Lamarche project located 50 km northwest of the City of Saguenay, Quebec, Canada (the “Deposit”).
The Technical Report titled “Technical Report and Updated Mineral Resource Estimate of The Bégin-Lamarche Phosphate Property, Saguenay – Lac Saint-Jean Region, Northern Quėbec” dated August 24, 2026, with an effective date of May 1, 2026, was prepared by P&E Mining Consultants Inc. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supports the disclosures made by the Company in its news release dated May 26, 2026. A full copy of the Report is available on the First Phosphate website at https://firstphosphate.com/projects/begin-lamarche-3 and can be found at SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.
MRE Highlights include:
The updated MRE includes a 378% increase in Indicated Mineral Resources over the Company’s Initial MRE dated September 9, 2024.
Measured pit-constrained Mineral Resource: 6.2 Mt @ 7.70% P2O5 (phosphate).
Indicated pit-constrained Mineral Resource: 198.5 Mt @ 6.00% P2O5.
Inferred pit-constrained Mineral Resource: 89.5 Mt @ 6.16% P2O5.
The Deposit remains open at depth.
Metallurgical test work indicates an anticipated apatite concentrate grade of 40.4% P2O5 at an 88% process recovery rate, with very low levels of potentially deleterious elements, and has been qualified for production of battery-grade phosphoric acid for lithium iron phosphate (“LFP”) battery with a conversion ratio of 91.1%.
The Deposit is located next to existing road and hydroelectric infrastructure and at only 70 km driving distance from the deep-sea Port of Saguenay.
The Deposit benefits from definitive, long-term, partially prepaid offtake from an existing, creditworthy partner.
Apatite (phosphorus, phosphate) is listed on the critical minerals lists of Québec, Canada, the United States and the European Union.
The Bégin-Lamarche Deposit Updated Optimized Pit Shell
The Qualified Person, independent of the issuer, responsible for estimating the Mineral Resources of the Begin-Lamarche Property, within the meaning of NI 43-101, is Mr. Antoine Yassa, P.Geo., of the firm P&E Mining Consultants Inc. Mr. Yassa has read this press release and confirms that the scientific and technical information in this press release for accuracy and compliance with NI 43-101.
The scientific and technical disclosure for First Phosphate included in this News Release have been reviewed and approved by Steeve Lavoie, P.Geo. Mr. Lavoie is Chief Geologist of the Company and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).
About First Phosphate Corp
First Phosphate (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security. First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.
Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” 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”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; and the calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.
Kratos Recently Ordered Long-lead Components for Spartan Engines
SAN DIEGO, Aug. 24, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in defense, national security, and global markets, today announced an allocation of its expanded Spartan engine production capacity to support Boeing’s Joint Direct Attack Munition Long Range production program with TDI-J85 (J85) engines.
This month, the U.S. Air Force awarded Boeing a $75 million Undefinitized Contract Action (UCA) to acquire the BSU-111/B Payload Delivery Unit (PDU) Joint Direct Attack Munition Long Range (JDAM LR), a precision-guided munition that can travel over 300 nautical miles with a 500-pound class (226-kilogram) payload. The Kratos J85 engine has been selected as the engine source to power the munition, enhancing the affordable precision-strike capability with our high-volume, low-cost, military-grade propulsion systems for the U.S. military and allied partners.
“National security priorities demand affordable mass and resilient, domestic supply chains,” said Steve Fendley, President of Kratos Unmanned Systems. “Kratos’ internally funded and proactive supply-chain investments ensure we are not just preparing for future demand, and we are actively manufacturing the high-volume propulsion systems our customers require today.”
The J85 engines are produced in Kratos’ advanced 22,500-square-foot Propulsion Manufacturing Facility in Auburn Hills, Michigan, which is fully operational and optimized to sustain full-rate production.
To bolster and stabilize the defense industrial base supply chain, Kratos has initiated procurement of long-lead components for Spartan engines to support a large production run for a number of customers and applications in 2027, Boeing JDAM LR being key as the engine was originally designed to support this application. The large run enables economies of scale for cost and to address the published need by the Department of War to expand the U.S. industrial base and especially key technologies such as jet engines. Kratos is also executing a three-phase manufacturing infrastructure plan designed to expand production capacity, enabling rapid responsiveness to emerging customer requirements.
“The operational readiness of our Auburn Hills facility marks a pivotal transition from engineering development to high-rate tactical manufacturing,” said Joseph Kovasity, Senior Vice President of Kratos TDI. “Integrating the Spartan turbojet family into Boeing’s JDAM LR program provides a reliable, scalable, domestically sourced propulsion solution that meets urgent national defense needs.”
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 global 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, 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’ primary business areas include virtualized ground systems for satellites and space vehicles; jet-powered unmanned aerial drone systems; advanced vehicles and rocket systems; propulsion systems for drones, missiles, loitering munitions, supersonic systems, spacecraft, 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 and augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.
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, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
