aweinsoff@channelchek.com, Author at Channelchek

Release – Snail, Inc. Reports First Quarter 2026 Financial Results

Posted on May 13, 2026May 13, 2026 by [email protected]

May 13, 2026 at 4:05 PM EDT

CULVER CITY, Calif., May 13, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 and Recent Operational Highlights

ARK Franchise Updates:

ARK: Survival Evolved (“ASE”):
- Units sold were approximately 573,000 for the first quarter of 2026
- During the first quarter of 2026, average daily active users (“DAU”) was 117,000 and peak DAU was 143,000
ARK: Survival Ascended (“ASA”):
- Units sold were approximately 1.4 million for the first quarter of 2026
- During the first quarter of 2026, average DAU was 127,000 and peak DAU was 188,000
ARK: Ultimate Mobile Edition (“ARK Mobile”):
- 11.9 million downloads as of March 31, 2026
- During the first quarter of 2026, average DAU was 141,000

Game Portfolio and Business Updates:

For The Stars
- Released new developer diary, offering an in-depth look at the upcoming AAA title’s current development progress, including new pre-alpha footage and previously unreleased concept art
- Revealed event-exclusive trailer during 2026 Games Developers Conference (“GDC”)
Introduced PixARK Worlds, a new title in development that features revolutionary user-generated content designed to further expand the ARK universe on Steam, Xbox, PlayStation, and the Nintendo Switch 2
Bellwright
- Surpassed 1 million downloads on Steam Early Access, announced console port plans to Xbox and PlayStation, and launched the Maiden Voyage update.
Launched Echoes of Elysium on Steam Early Access in partnership with Loric Games
Launched Survivor Merc’s 1.0 version across Steam, Xbox, and PlayStation
Launched Above the Snow on Steam
Announced publishing agreement for co-op party action title Dead Party
Unveiled new upcoming indie title, Gobby Gang, at 2026 GDC
As of March 31, 2026, SaltyTV released 250+ short film dramas

ARK Content Pipeline

Management Commentary

“We exited 2025 with tailwinds that positioned Snail for stronger and more stable growth and results,” said Company CEO Hai Shi. “Momentum from the ASA pipeline we announced in December, the launch of ARK Lost Colony DLC, and the subsequent Steam Winter Sale event supported net revenue growth and a return to net income positive. Looking ahead, we aim to deliver year-over-year growth in Q2, driven by several upcoming ARK content releases. We have a Fantastic Tames Season 1 Expansion Pack coming in May 2026, and ARK Tides of Fortune to launch alongside the remake of Genesis Part 1 coming to ASA in June 2026 to provide a foundation for the quarter to build on. Approximately $11 million from our deferred revenue backlog is expected to be recognized upon the release of Genesis Part 1.

“Beyond ARK, Snail Games continues to execute on its strategy to eventually become a fully integrated game developer and publisher. Our upcoming AAA titles represent an important step toward building new franchises with the potential for multi-year to multi-decade game lifespans that can complement the scale of ASE and ASA. As previously disclosed, these projects have entered their final phases of development, and the eventual launch of these games position us to meaningfully diversify our revenue mix beyond ARK. With multiple gaming events and planned updates throughout the year, we look forward to sharing additional information on For the Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu.

“The next 12-18 months will serve as an inflection period for Snail Games as we work to advance our ARK pipeline and deliver on the investments we have made across our broader pipeline. Over time, our ambition is for Snail Games to be recognized not only for ARK, but as a developer and publisher of multiple renown IPs and titles. We remain focused on unlocking the value of our pipeline and delivering results.”

First Quarter 2026 Financial Highlights

Net revenues increased 35.7% to $27.3 million compared to $20.1 million in the same period last year. The increase was primarily due to an increase of $4.2 million and $2.1 million in revenue related to ASA and Bellwright, respectively, and a $2.5 million increase in deferred revenue recognized during the period, offset by a decrease in revenue from ARK Mobile and ASE of $1.6 million.

Total units sold increased 42.6% to 2.2 million units compared to 1.5 million units in the same period last year, primarily driven by an increase in sales of ARK franchise IPs of 0.5 million units and Bellwright of 0.2 million units.

Net income increased 210% to $2.1 million compared to a net loss of $1.9 million in the same period last year. The increase was primarily due to an increase in net revenue of $7.2 million and a decrease in total operating expenses of $0.3 million partially offset by an increase in provision for income taxes of $1.6 million, an increase in cost of revenues of $1.4 million and a decrease in total other income, net of $0.5 million.

Bookings increased 21.1% to $26.9 million compared to $22.2 million in the same period last year. The increase was primarily due to better sales promotions in 2026 compared to 2025, tailwind momentum from the December 2025 ARK: Lost Colony DLC release, and Bellwright’s highly regarded content update in late 2025.

EBITDA increased 173.3% to $2.4 million compared to $(3.2) million in the same period last year. The increase was primarily due to an increase in net income of $4.1 million and a decrease in the benefit from income taxes of $1.6 million.

As of December 31, 2025, unrestricted cash was $14.3 million compared to $8.6 million as of December 31, 2025.

Use of Non-GAAP Financial Measures

In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.

Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.

Webcast Details

The Company will host a webcast at 4:30 PM ET today to discuss its first quarter 2026 financial and operational results. Participants may access the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.

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. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: exiting 2025 with tailwinds that position the Company for stronger and more stable growth and results; delivering year-over-year growth in Q2 driven by several upcoming ARK content releases; releasing Fantastic Tames Season 1 Expansion Pack in May 2026 and ARK Tides of Fortune alongside the remake of Genesis Part 1 coming to ASA in June 2026 providing a foundation for the quarter to build on; recognizing approximately $11 million of deferred revenue backlog upon the release of Genesis Part 1; continuing to execute on the Company’s strategy to become a fully integrated game developer and publisher; the upcoming AAA titles representing an important step toward building new franchises with the potential for multi-year to multi-decade game lifespans that can complement the scale of ASE and ASA; the eventual launch of the upcoming games positioning the Company to meaningfully diversify our revenue mix beyond ARK; sharing additional information on For the Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu; the next 12-18 months being an inflection period for the Company as it advances its ARK pipeline and delivers on the investments it has have made across its broader pipeline; the Company being recognized not only for ARK, but as a developer and publisher of multiple renown IPs and titles; and remaining focused on unlocking the value of the Company pipeline and delivering results.

Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Investor Contact:

John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
[email protected]

Snail, Inc. Reports First Quarter 2026 Financial Results — Snail, Inc

Release – Eledon Pharmaceuticals Reports First Quarter 2026 Financial Results and Recent Business Highlights

Posted on May 13, 2026May 13, 2026 by [email protected]

Research News and Market Data on ELDN

May 13, 2026

PDF Version

100% insulin independence achieved in 10 patients with type 1 diabetes treated with tegoprubart following islet transplantation in UChicago Medicine-led study

FDA Orphan Drug designation granted to tegoprubart for the prevention of allograft rejection in liver transplantation

Cash, cash equivalents and short-term investments totaled $111.1 million as of March 31, 2026

IRVINE, Calif., May 13, 2026 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (Nasdaq: ELDN) today reported its first quarter 2026 operating and financial results and provided recent business highlights.

“In the first quarter of 2026, we achieved significant milestones in our tegoprubart program, including important data updates in kidney and islet cell transplantation and FDA Orphan Drug designation for tegoprubart in liver transplantation,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. “Looking ahead, we expect multiple catalysts in 2026, including regulatory engagements supporting the advancement of tegoprubart into Phase 3 development in kidney transplantation and discussions regarding a potential path to market in islet cell transplantation. We also plan to initiate several new clinical trials, including an investigator sponsored study in liver transplantation, and share new kidney transplant data from our Phase 2 BESTOW long-term extension study, building on encouraging 24-month Phase 1b results that demonstrated a durable safety profile and improved graft function.”

First Quarter 2026 Business Highlights

In March 2026, announced updated results from an ongoing investigator-led trial at the University of Chicago Medicine Transplant Institute evaluating tegoprubart in 12 adults with high-risk type 1 diabetes undergoing allogenic islet transplantation. All 10 patients who are more than four weeks post-transplant achieved 100% insulin independence. There were no signs of graft rejection or de novo donor-specific HLA antibodies and no evidence of nephrotoxicity, hypertension, or neurotoxicity, which are commonly associated with tacrolimus-based immunosuppression regimens, the current standard of care.
The U.S. Food and Drug Administration (FDA) granted Orphan Drug designation to tegoprubart for the prevention of allograft rejection in liver transplantation.
Presented 24-month follow-up data from eight patients enrolled in the Phase 1b trial long-term extension trial evaluating tegoprubart in kidney transplantation at the American Society of Transplant Surgeons Winter Symposium in January 2026. Results showed there were no episodes of biopsy-proven acute rejection, graft loss, death, new-onset diabetes mellitus, or de novo donor-specific antibody formation during the study period. Mean estimated glomerular filtration rate (eGFR) increased over the measurement period, from 67.0 mL/min/1.73 m² at 12 months to 74.2 mL/min/1.73 m² at 24 months.

2026 Anticipated Upcoming Milestones

Receive FDA guidance on the Phase 3 trial design assessing tegoprubart in kidney transplantation, followed by initiation of the Phase 3 trial pending regulatory alignment.
Report long-term data from Phase 1b and Phase 2 BESTOW studies evaluating tegoprubart in kidney transplantation.
Receive FDA regulatory guidance on the path to market for tegoprubart in islet cell transplantation and xenotransplantation.
Initiate an investigator-led study evaluating tegoprubart for the prevention of organ rejection in patients with renal dysfunction receiving an islet cell transplant.
Initiate an investigator-led study evaluating tegoprubart for the prevention of organ rejection in patients receiving a de novo liver transplant.
Initiate an investigator-led study evaluating tegoprubart for kidney transplant tolerance induction.

First Quarter 2026 Financial Results

Cash, cash equivalents and short-term investments totaled $111.1 million as of March 31, 2026, compared to $133.3 million as of December 31, 2025. The company expects current cash, cash equivalents and short-term investments to fund operations into 2Q 2027.

Research and development (R&D) expenses for the first quarter of 2026 were $17.2 million, including $1.1 million of non-cash stock-based compensation expense, compared to $13.5 million, including $1.0 million of non-cash stock-based compensation expense, for the comparable period in 2025.

General and administrative (G&A) expenses for the first quarter of 2026 were $4.0 million, including $1.1 million of non-cash stock-based compensation expense, compared to $4.4 million, including $1.8 million of non-cash stock-based compensation expense, for the comparable period in 2025.

Net loss for the first quarter of 2026 was $39.0 million, or $0.33 per basic common share, compared to a net loss of $6.5 million, or $0.08 per basic common share, for the comparable period in 2025. Net loss in the first quarter of 2026 included a non-cash loss of $19.0 million from changes in the fair value of warrant liabilities, while the 2025 net loss included a non-cash gain of $10.1 million from such changes. Excluding the non-cash items related to changes in the fair value of warrant liabilities, Eledon would have recorded a net loss of $20.1 million for the three months ended March 31, 2026, and $16.6 million for the three months ended March 31, 2025.

About Eledon Pharmaceuticals and tegoprubart

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, islet cell transplantation, liver transplantation and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company’s website at www.eledon.com.

Follow Eledon Pharmaceuticals on social media: LinkedIn; X

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, the company’s capital resources and ability to finance planned clinical trials, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: our short operating history and shifts in our business strategy; our operating losses since inception; our need for additional funding to develop our lead drug candidate and our ability to secure additional funding on acceptable terms or at all; the impact of issuances of our common stock, including in the possibility of dilution or a decline in our stock price; our ability to successfully develop our product candidates; unfavorable global economic and financial market conditions; the regulatory environment of our business and our ability to obtain required regulatory approvals; results of non-clinical studies and clinical trials, and risks that non-clinical studies or early clinical trials may not be predictive of results of later-stage clinical trials; delays or difficulties in enrollment of patients in clinical trials; our ability to attract and retain our executives and key employees; legislation of the pharmaceutical and healthcare industries; cybersecurity and data privacy risks; the ability of our products to achieve marketing approval; competition in our industry; our ability to obtain

insurance coverage; our dependence on contract research organizations; our ability to protect our intellectual property; public health crises; our ability to maintain proper and effective internal control over financial reporting and other risks disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 19, 2026. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company’s actual results to differ materially from the forward-looking statements contained herein, are discussed in our Annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Stephen Jasper
Gilmartin Group
(858) 525 2047
[email protected]

Media Contact:

Jenna Urban
CG Life
(212) 253 8881
[email protected]

View full release here.

Release – GeoVax Highlights Emerging Role of Gedeptin® in Combination Immunotherapy Strategies Targeting Immunologically “Cold” Tumors

Posted on May 13, 2026May 13, 2026 by [email protected]

Research News and Market Data on GOVX

Company Expands Strategic Immuno-Oncology Positioning Around Tumor Microenvironment Modulation, Checkpoint Enhancement, and Multi-Tumor Development Potential

ATLANTA, GA – May 13, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing immunotherapies and vaccines for solid tumors and infectious diseases, today highlighted the expanding strategic relevance of its Gedeptin^® immuno-oncology program within the rapidly evolving landscape of combination immunotherapy and checkpoint inhibitor enhancement strategies.

GeoVax believes Gedeptin’s unique mechanism of localized tumor destruction combined with immune activation positions the program within a growing area of oncology focus: therapies designed to overcome immune resistance and enhance responsiveness to checkpoint inhibitors in immunologically “cold” tumors.

Checkpoint inhibitors targeting PD-1 and PD-L1 have transformed cancer treatment across multiple tumor types; however, many solid tumors remain insufficiently responsive due to immune-suppressive tumor microenvironments, inadequate immune-cell infiltration, and incomplete tumor antigen recognition. As a result, oncologists are increasingly focused on combination approaches capable of improving checkpoint inhibitor response rates and extending durability of benefit.

“Modern immuno-oncology is increasingly shifting toward combination strategies designed to improve the effectiveness of checkpoint inhibitors across broader patient populations,” said David Dodd, Chairman and Chief Executive Officer of GeoVax. “We believe Gedeptin aligns directly with this trend by functioning not simply as a localized tumor therapy, but as a potential immune-sensitization platform capable of enhancing anti-tumor immune responses in tumors where checkpoint inhibitors alone may be insufficient.”

Key characteristics of the Gedeptin platform include:

Tumor-agnostic mechanism of action independent of tumor histology or proliferation rate;
Strong bystander effect, allowing destruction of neighboring tumor cells even when only a fraction are directly transduced;
Tumor microenvironment remodeling and immune activation, potentially enhancing tumor recognition by the immune system;
Potential checkpoint sensitization, supporting combination strategies with PD-1 and PD-L1 inhibitors;
Compatibility with image-guided and intratumoral delivery approaches across multiple solid tumor settings.

GeoVax’s lead development focus for Gedeptin is a planned neoadjuvant combination study in recurrent head and neck squamous cell carcinoma (HNSCC), evaluating intratumoral Gedeptin together with PD-1 targeting immunotherapy in patients eligible for curative-intent surgery. The study is expected to evaluate pathologic response, immune biomarker modulation, and early event-free survival signals.

“The oncology field is increasingly recognizing that durable checkpoint inhibitor responses may require direct modulation of the tumor microenvironment in addition to checkpoint blockade alone,” continued Mr. Dodd. “We believe Gedeptin’s ability to induce localized tumor destruction while simultaneously promoting immune activation creates a compelling rationale for combination development approaches designed to broaden and deepen immunotherapy responses. Importantly, we believe this mechanism may ultimately extend beyond localized disease settings and support broader applicability across metastatic solid tumors where immune resistance remains a major therapeutic challenge.”

Beyond head and neck cancer, GeoVax believes Gedeptin may have broader applicability across solid tumors characterized by:

established checkpoint inhibitor treatment paradigms,
incomplete response durability,
immunologically suppressed tumor microenvironments,
and at least one lesion amenable to intratumoral or image-guided delivery.

Potential future tumor targets under evaluation include melanoma, triple-negative breast cancer, cutaneous malignancies, and additional metastatic solid tumor settings.

“As the oncology landscape evolves beyond single-agent checkpoint inhibition toward increasingly sophisticated combination approaches, we believe therapies capable of enhancing immune recognition and overcoming tumor resistance mechanisms may become increasingly important,” added Mr. Dodd. “Our objective is to position Gedeptin within that emerging therapeutic landscape as a differentiated immune-enabling platform with potential applicability across multiple solid tumor indications.”

About Gedeptin^®

Gedeptin^® is GeoVax’s proprietary gene-directed enzyme prodrug therapy (GDEPT) platform under development for the treatment of solid tumors. The therapy is designed for intratumoral administration and utilizes a non-replicating adenoviral vector to deliver purine nucleoside phosphorylase (PNP) directly into tumor tissue. Following administration of fludarabine, the PNP enzyme converts the prodrug into a potent localized cytotoxic agent that destroys tumor cells while simultaneously generating immune-activating signals within the tumor microenvironment.

GeoVax is advancing development plans to evaluate Gedeptin in combination with immune checkpoint inhibitors, including pembrolizumab, with the goal of amplifying anti-tumor immune activation and broadening therapeutic applicability across multiple solid tumor indications.

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’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. 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.

Company Contact:

[email protected]

678-384-7220

Media Contact:

Jessica Starman

[email protected]

Release – Power Metallic Partners with Ideon Technologies to Unlock Deep Discovery Potential at Nisk Lion Zone using Muon Tomography

Posted on May 13, 2026May 13, 2026 by [email protected]

Research News and Market Data on PNPNF

Power Metallic Mines Inc.

May 13, 2026, 02:30 ET

TORONTO, May 13, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce an engagement with Vancouver-based Ideon Technologies (“Ideon”) to activate a borehole muon tomography imaging program at the Lion Zone discovery within the Nisk Polymetallic project area in Quebec, Canada. A global leader in subsurface intelligence, the Ideon REVEAL™ solution will generate a high-resolution, three-dimensional density model of the rock composition in and around the Lion deposit.

Figure 1 – Plan view of muon survey overlain Lion (CNW Group/Power Metallic Mines Inc.)

Figure 2: Long section of muon survey overlain Lion (CNW Group/Power Metallic Mines Inc.)

Figure 3 - An example of a density model showing alignment with historic drilling and illumination of new exploration targets, from a muon program conducted at Fireweed Metals’ Macmillan Pass District, Yukon Territory. https://ideon.ai/results/fireweed-metals-macpass/ (CNW Group/Power Metallic Mines Inc.) — Figure 3 – An example of a density model showing alignment with historic drilling and illumination of new exploration targets, from a muon program conducted at Fireweed Metals’ Macmillan Pass District, Yukon Territory. https://ideon.ai/results/fireweed-metals-macpass/ (CNW Group/Power Metallic Mines Inc.)

Figure 4: High-density iso-surfaces of BHP's Nickel West from muon tomography data (blue) are identified within the survey region of interest. The joint inversion of airborne, ground gravity and muon tomography (green) is also shown. The main N-S trending structure is clearly aligned with a mafic intrusion, as described earlier. The massive sulphide structure to the East is seen in the muon tomography inversion, but is not apparent in the gravity inversions – though there is some slight density variation seen in the airborne data. The joint inversion is very compatible with the presence of the massive sulphide. https://ideon.ai/results/bhp-leinster-mine/ (CNW Group/Power Metallic Mines Inc.) — Figure 4: High-density iso-surfaces of BHP’s Nickel West from muon tomography data (blue) are identified within the survey region of interest. The joint inversion of airborne, ground gravity and muon tomography (green) is also shown. The main N-S trending structure is clearly aligned with a mafic intrusion, as described earlier. The massive sulphide structure to the East is seen in the muon tomography inversion, but is not apparent in the gravity inversions – though there is some slight density variation seen in the airborne data. The joint inversion is very compatible with the presence of the massive sulphide. https://ideon.ai/results/bhp-leinster-mine/ (CNW Group/Power Metallic Mines Inc.)

The program is structured in two stages: first, validating the Ideon density model against Power Metallic’s existing 100-plus hole drill dataset at Lion; then applying the calibrated mineralization fingerprint to rank and test deep targets across the 330 km² Nisk district scale property that are below the detection limit of conventional surface-based geophysical methods (i.e., below 200 m).

About the Technology: Seeing Deep into the Earth using Energy from Space

The Ideon REVEAL™ Platform detects cosmic-ray muons — naturally occurring subatomic particles created by supernova explosions in deep space. Muons lose energy progressively in direct proportion to the density of the material they pass through. By positioning arrays of muon detectors in boreholes at varying depths, Ideon can construct 3D tomographic models of subsurface density over millions of cubic metres of earth, potentially replacing hundreds of drillholes while providing greater subsurface visibility at a fraction of the cost and time, and with significantly less environmental impact.

The Ideon REVEAL™ Platform and is designed for the most demanding of exploration and mining environments. It uses proprietary hardware, software and imaging systems with advanced AI-powered analysis and data fusion capabilities. It has been field-proven at some of the world’s most demanding mine sites, including at Rio Tinto’s Kennecott Utah Copper operation at Bingham Canyon, BHP’s Nickel West and Olympic Dam mines in Australia, Vale Base Metals’ Creighton and Totten mines in Sudbury, Ontario, and Fireweed Metals’ remote Macmillan Pass District in the Yukon Territory.

Why Lion Is an Exceptional Muon Target

The mineralogy of the Lion Zone is ideally suited to muon tomography. The deposit’s high-grade core is dominated by massive to brecciated chalcopyrite, cubanite, pyrrhotite, pentlandite, and pyrite — minerals with bulk densities of 4.0 to 5.0+ g/cc. These contrast sharply with the surrounding felsic, mafic and ultramafic host rocks, which carry background densities of approximately 2.8 to 3.0 g/cc. The Ideon solution will be used to produce 3D density models of individual dipping stratigraphic horizons and potential extensions of the deposit at multi-metre scale resolution.

The initial phase of the program will deploy borehole muon detectors into dedicated drill holes at the Lion Zone. The imaging program will run autonomously, passively and continuously collecting data over several months and delivering to Power Metallic a three-dimensional density model of the deposit. This phase will be conducted blindly, meaning that no constraining data (other than surface topography) will be provided.

In total the survey will map the density of over 55,000,000 m³ of rock volume. The imaging program is planned to run for 6 months in duration, with the option to extend to 8 months if needed to optimize resolution and establish the Lion Zone ore signature.

The Lion imaging program is designed as a validation exercise. Power Metallic holds an extensive drill dataset at Lion built from more than 100 holes across multiple campaigns. By producing an unconstrained muon inversion and then comparing it directly against the known resource model, the Company will establish the geophysical fingerprint of a Lion-style polymetallic massive sulfide system. Once the density signature of Lion mineralization is confirmed to match the tomographic model, that calibrated signature will become the search template for the broader Nisk project district.

District Scale: Opening a New Search Space

The most transformative potential of this program lies beyond Lion itself.

Power Metallic’s Nisk project encompasses ~330 km² of land including approximately 20 km of strike on the northern basin margin and 30 km on the southern basin margin — a contiguous belt hosting the Nisk Main deposit, the Lion discovery, and numerous additional untested geophysical anomalies. To date, surface and near-surface exploration methods including airborne magnetics, ground gravity, and Airborne EM have provided effective screening tools for targets shallower than approximately 200 m depth. Below that threshold, surface-based techniques are unable to detect deposit-scale targets.

“One of the challenges in exploring any deposit is false positives. Borehole EM continues to be the gold standard, but increasingly we are looking to combine it with other techniques that can image thicker mineralization. We are excited to integrate our current best practice workflow with muon tomography, a technique that’s demonstrated it can discover thicker intersections of sulfides. By incorporating an additional physical property beyond BHEM, we aim to improve our probability of target success and better discriminate high-quality conductors. We are always striving to discover better ore, not just more ore.” commented Steve Beresford, Director.

Muon tomography will be used to target a search space below 200 meters. Ideon muon sensors can image key geological features in the deep subsurface extending the effective targeting depth range where the next Lion-scale discovery may be hiding.

The geological rationale for deep exploration at Nisk is compelling. The Tiger Zone, located approximately 700 m east of Lion, has already returned Lion-style polymetallic mineralization, confirming the mineralizing system is not confined to Lion alone. The 5.5-km corridor between Lion and Nisk Main remains largely untested at depth. Company geologists have interpreted an easterly plunging structural control on high-grade Lion mineralization that acts as a vector toward a potential source body at greater depth. Regional structural analysis has identified a fold-hinge zone on newly acquired ground that covers an extension of the Lion mineralizing system previously outside the property boundary.

Once a validated muon signature of Lion mineralization is in hand, Power Metallic intends to conduct phased muon surveys across priority targets within this district, applying the calibrated density fingerprint of its known deposit type to rank and test anomalies that otherwise would have to be evaluated with blind drilling.

Learn more about how muon tomography works at this link.

“We have been excited about Nisk’s geological potential for many years and of course with the amazing success of the Lion Zone Discovery we entered a new frontier. With the guidance of our technical director Steve Beresford and the Geovector team led by our VP of Exploration Joe Campbell we have continuously pushed the targeting envelope to discover thicker massive Cu-PGE sulfides. Historically we know the polymetallic discoveries around the world are some of the largest and most profitable mines ever discovered. These discoveries are an order of magnitude bigger than what we have currently discovered. Even the smallest polymetallic discovery is more than 50% larger. What that means in practical terms is we have probably only scratched the surface at Nisk. Even as we are planning to publish our inaugural MRE (Mineral Resource Estinate) this summer to demonstrate that the current discoveries have exciting commercial potential, we remain focused on uncovering Nisk’s full potential. Our team believes that muon tomography is the next tool that can accelerate our discovery process and everything I have seen makes me confident that they have once again chosen wisely.” commented Terry Lynch, CEO & Director.

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.

On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling
GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All core in this news release is either HQ or NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.

Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. 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, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

SOURCE Power Metallic Mines Inc.

For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862, [email protected]

Release – Beachbody (BODi) Reports First Quarter Financial Results

Posted on May 12, 2026May 12, 2026 by [email protected]

Research News and Market Data on BODI

May 12, 2026

Net Income and Operating Income Reported for Third Consecutive Quarter
Revenues, Net Income and Adjusted EBITDA Exceed High End of Guidance
Tenth Consecutive Quarter of Positive Adjusted EBITDA

EL SEGUNDO, Calif.–(BUSINESS WIRE)– The Beachbody Company, Inc. (NASDAQ: BODi) (“BODi” or the “Company”), the proactive wellness company delivering nutrition, supplements, and proven fitness programs that help people take control of their health inside and out, today announced financial results for its first quarter ended March 31, 2026.

“Q1 marks our third consecutive quarter of profitability on both net income and operating income, validating the strength of our transformed business model,” said Carl Daikeler, co-founder and BODi’s Chief Executive Officer. “We’re now deploying this efficient platform to capitalize on a major market opportunity in nutrition, a massive global category that’s more than 12 times the size of digital fitness. With attractively priced supplements under iconic brands like P90X and Shakeology, we can acquire nutrition customers and seamlessly migrate them to our digital fitness platform, delivering the Total Solution that has always driven our best customer results.”

“Our strong balance sheet and substantially improved financial position provide the flexibility to fund our retail expansion and innovation pipeline,” said Mark Goldston, BODi’s Executive Chairman. “With ten consecutive quarters of positive Adjusted EBITDA and a dramatically lowered breakeven point that creates massive operating leverage, we’ve built a resilient financial foundation that positions us to capitalize on significant growth opportunities in both nutrition and digital fitness.”

First Quarter 2026 Results

Total revenue was $54.3 million compared to $72.4 million in the prior year period.
- Digital revenue was $33.6 million compared to $42.9 million in the prior year period and digital subscriptions totaled 0.81 million in the first quarter.
- Nutrition and Other revenue was $20.7 million compared to $28.7 million in the prior year period and nutritional subscriptions totaled 0.06 million in the first quarter.
- Connected Fitness revenue was $0.0 million compared to $0.8 million in the prior year period as we ceased the sale of bike inventory in the first quarter of 2025.
Gross margin was 71.8% compared to 71.2% in the prior year period.
Total operating expenses were $35.9 million compared to $55.2 million in the prior year period.
Operating income improved by $6.8 million to $3.1 million, the Company’s third consecutive quarter of operating income, compared to an operating loss of $3.7 million in the prior year period.
Net income was $2.3 million, the Company’s third consecutive quarter of net income, compared to a net loss of $5.7 million in the prior year period.
Adjusted EBITDA ¹was $8.0 million compared to $3.7 million in the prior year period.
Adjusted net income ¹ was $2.5 million compared to a loss of $5.1 million in the prior year period.
Cash used in operating activities for the three months ended March 31, 2026 was $1.0 million compared to cash provided by operating activities of $2.3 million in the prior year period, and cash used in investing activities was $0.7 million compared to cash used in investing activities of $0.7 million in the prior year period. Free cash flow ¹ was $(1.7) million compared to $1.6 million in the prior year period.

¹Definitions of (1) Adjusted EBITDA, (2) adjusted net income (loss), (3) free cash flow and (4) net cash position, and reconciliations to the comparable GAAP metrics, are at the end of this release.

Key Operational and Business Metrics

Outlook for The Second Quarter of 2026

Conference Call and Webcast Information

BODi will host a conference call at 5:00 pm ET on Tuesday, May 12, 2026, to discuss its financial results and matters other than past results, such as guidance. To participate in the live call, please dial (833) 461-5787 (U.S. & Canada) and provide the conference identification number: 684011158. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.

After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.

About BODi and The Beachbody Company, Inc.

BODi is a proactive wellness company delivering nutrition, supplements, and proven fitness programs that help people take control of their health inside and out. With nearly three decades of experience, BODi, formerly Beachbody, has evolved from a leader in home fitness into a comprehensive health and fitness ecosystem designed to help people achieve their goals and lead healthier, more fulfilling lives. Anchored by science-backed nutrition solutions like Shakeology and supported by its portfolio of proven fitness and habit-building programs, including P90X and INSANITY, BODi is creating a more accessible and effective path to long-term health. Since its inception, BODi has supported more than 30 million customers in achieving lasting results. The company continues to innovate across nutrition and digital fitness to deliver simple, proven solutions for modern lifestyles. For more information, please visit TheBeachBodyCompany.com.

Safe Harbor Statement

This press release of The Beachbody Company, Inc. (“we,” “us,” “our,” and similar terms) 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, which are statements other than statements of historical facts and statements in future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including expected financial results for the second quarter and full year, our business strategy, our plans, and our objectives and future operations.

Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as “believe”, “plans”, “expect”, “will”, “should,” “could”, “estimate”, “anticipate” or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the “Risk Factors” section of our Securities and Exchange Commission (“SEC”) filings, including those risks and uncertainties included in the Form 10-K filed with the SEC on March 10, 2026 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC’s website at www.sec.gov.

All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.

View full release here.

Investor Relations
[email protected]

Source: The Beachbody Company, Inc.

Release – Unicycive Therapeutics Announces First Quarter 2026 Financial Results and Provides Business Update

Posted on May 12, 2026May 12, 2026 by [email protected]

Research News and Market Data on UNCY

May 12, 2026 7:05am EDT Download as PDF

U.S. Food and Drug Administration (FDA) review of oxylanthanum carbonate (OLC) New Drug Application (NDA) resubmission remains on track, with a Prescription Drug User Fee Act (PDUFA) target action date of June 29, 2026

Commercial readiness activities continue in anticipation of the potential commercial launch of OLC

MOUNTAIN VIEW, Calif., May 12, 2026 (GLOBE NEWSWIRE) — Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced its financial results for the first quarter ended March 31, 2026, and provided a business update.

“As we approach the June 29th PDUFA target action date, we remain optimistic about the potential approval of OLC and focused on preparations for the subsequent launch of OLC,” said Shalabh Gupta, M.D., Chief Executive Officer of Unicycive. “Our ongoing dialogue with the FDA during the review cycle has been constructive and timely. Uncontrolled hyperphosphatemia remains a significant health concern, affecting nearly 75% of U.S. patients with chronic kidney disease who are undergoing dialysis. OLC has the potential to improve adherence and phosphorus control with reduced pill burden, compared with currently available phosphate binders.”

Key Highlights & Upcoming Milestones

In January 2026, the Company announced the FDA accepted the resubmission of its NDA for OLC, an investigational oral phosphate binder for the treatment of hyperphosphatemia in patients with CKD on dialysis. The FDA set a PDUFA target action date of June 29, 2026. The NDA is supported by data from three clinical studies (a Phase 1 study in healthy volunteers, a bioequivalence study in healthy volunteers, and a tolerability study in patients with CKD on dialysis), multiple preclinical studies, and chemistry, manufacturing, and controls (CMC) data. The FDA did not raise any concerns regarding the preclinical, clinical, or safety data for OLC included in the original NDA submission. The December 2025 resubmission was based on progress made by the third-party manufacturing vendor responsible for the drug product.
In preparation for a potential launch of OLC later this year, the Company continues to strengthen its commercial infrastructure and advance market readiness initiatives. Unicycive’s goal is to optimize patient access across all reimbursement settings and intends to provide dedicated access and reimbursement support services for all patients through Unicycive’s UniSource™ reimbursement hub.

Financial Results for the Quarter Ended March 31, 2026

As of May 11, 2026, unaudited cash, cash equivalents, and marketable securities totaled $57.1 million. The Company believes that it has sufficient resources to fund planned operations into 2027.

Research and Development (R&D) expense were $1.6 million for the quarter ended March 31, 2026, compared to $2.2 million for the three months ended March 31, 2025. The decrease in research and development expense was primarily attributed to a decrease in drug development costs as well as consulting and professional fees.

General and Administrative (G&A) expense were $6.8 million for the quarter ended March 31, 2026, compared to $5.8 million for the three months ended March 31, 2025. The increase was primarily attributed to an increase in consulting, professional services, and labor costs.

Other income (expense) was $(4.4) million for the quarter ended March 31, 2026, compared to $8.6 million income for the three months ended March 31, 2025, attributed primarily to an increase in the fair value of the Company’s warrant liability.

Net comprehensive income (loss) attributable to common stockholders, basic for the quarter ended March 31, 2026, was $(12.8) million, or $(0.54) per share of common stock, compared to $0.5 million income, or $0.04 per share of common stock, for the three months ended March 31, 2025. Net comprehensive income (loss) attributable to common stockholders, diluted for the quarter ended March 31, 2026, was $(12.8) million, or $(0.54) per share of common stock, compared to $(6.2) million, or $(0.50) per share of common stock, for the three months ended March 31, 2025. The increased net loss for the quarter ended March 31, 2026, was attributed primarily to an increase in the fair value of the Company’s warrant liability.

About Unicycive Therapeutics

Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers. For more information, please visit Unicycive.com and follow us on LinkedIn and X.

Forward-looking statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Unicycive’s expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; our dependence on third parties for manufacturing; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; market acceptance of our products; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2025, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contacts:

Kevin Gardner
LifeSci Advisors
[email protected]

Media Contact:

Layne Litsinger
Real Chemistry
[email protected]

SOURCE: Unicycive Therapeutics, Inc.

View full release here.

Release – Conduent Reports Significantly Improved First Quarter 2026 Financial Results

Posted on May 12, 2026May 12, 2026 by [email protected]

Research News and Market Data on CNDT

May 11, 2026

Earnings/Financial

Key Q1 2026 Highlights

Revenue: $723M, down 3.7%. Growth in Government and Transportation segments
Pre-tax Income (Loss): $(27)M, improved by $29M year-over-year
Adj. EBITDA⁽¹⁾: $49M, improved by $12M year-over-year
Adj. EBITDA Margin⁽¹⁾: 6.8%, improved by 190 bps year-over-year
Cash flow from operating activities: $(8)M, improved by $50M year-over-year
New Business Signings ACV⁽²⁾: $114M, improved by $5M year-over-year

FLORHAM PARK, N.J., May 11, 2026 — Conduent Incorporated (Nasdaq: CNDT), a global technology driven business process solutions and services company, today announced its first quarter 2026 financial results.

Harsha V. Agadi, Chief Executive Officer, stated, “Q1 2026 marked the start of a rapid and sustainable transformation at Conduent. In the quarter we started to develop a comprehensive cost reduction and technology optimization strategy. In addition, we enhanced our go-to-market approach, all while driving an improvement in our operating model, achieving EBITDA margins of 6.8% for the quarter, and generated a significant year‑over‑year improvement in adjusted free cash flow. Looking ahead to 2027, we see a clear path to positive adjusted free cash flow and continued improvement in adjusted EBITDA.”

“We also took decisive steps to strengthen execution. In April, I streamlined leadership of our Commercial organization to sharpen accountability and accelerate decision‑making, aligning client relationships and sales execution under a simplified reporting structure that reports directly to me.”

“Portfolio optimization remains a critical pillar of our turnaround. I am extremely confident we will be able to reduce complexity, improve operating performance and continue to strengthen our balance sheet as we use proceeds to reduce debt.”

Agadi continued, “Our priorities are clear: accelerating execution, enforcing financial discipline, reducing our cost structure, optimizing the portfolio, converting pipeline into growth, and simplifying the organization. In Q1, we made meaningful, sustainable progress across each of these priorities, and we are building momentum as we move forward.”

Key Financial Q1 2026 Results

Performance Commentary
At the end of the first quarter of 2026, Conduent maintained a cash balance of $228 million along with $190 million of unused capacity under its credit facility.

Q1 2026 pre-tax income (loss) was $(27) million versus $(56) million in the prior year period. This improvement was primarily caused by the absence of the discrete event-related costs from the prior year.

Q1 2026 Adjusted EBITDA of $49 million and Adjusted EBITDA margin of 6.8% increased, respectively, versus the prior year.

Revenue benefited from continued strength in Government and Transportation, with Government up approximately $10 million and Transportation up approximately $3 million year‑over‑year, reflecting solid demand and execution across both segments.

Cash flow from operating activities increased by $50 million year‑over‑year, reflecting a clear improvement from the prior year period.

Sales momentum continued to strengthen, with New Business ACV of $114 million for the quarter and the qualified pipeline expanding to approximately $3.5 billion, up from $3.2 billion in the prior year period, reinforcing improved growth visibility.

Key Achievements and Industry Accolades

Business Execution & Contract Wins

Medicaid Enterprise Systems and Fiscal Agent Services renewal for up to 14 years, expanding a multi-decade partnership to modernize claims processing, finance, and customer operations
5-year Centralized Collections Processing Unit renewal for a state child support program, extending a 25+ year relationship and digital payment capabilities
Expanded relationships with 20–25+ year healthcare clients, including new geographies and additional lines of business across customer experience, payment integrity, and analytics

Industry Recognition & Market Positioning

Named a Leader in the 2026 Healthcare Payer Agility & Innovation NEAT Evaluation by NelsonHall, reflecting ability to deliver near-term value while supporting payer transformation
Named a Leader in the 2026 Healthcare Payer Intelligent Operations PEAK Matrix® Assessment by Everest Group, highlighting AI, automation, and platform-led capabilities
Named to the 2026 GovTech 100 list by Government Technology magazine and GovTech.com for the fifth consecutive year, recognizing leadership in improving digital government services

Thought Leadership & Ecosystem Partnerships

Co-authored “Humanizing Human Resources: The 2026 State of Experience in the New World of Work” with Mercer, showing that employees who feel valued and recognized drive higher satisfaction, engagement, and retention
Published findings from Conduent’s 2026 “Blueprint for Smarter Health” survey, highlighting employer challenges in balancing rising benefits costs with employee expectations, and the role of AI in addressing both concerns

Operational Excellence & Delivery

Customer Experience team in the Philippines received the Trailblazer Award from a leading telecommunications provider, recognizing proactive, data-driven customer engagement through social listening and outreach

FY 2026 and 2027 Outlook⁽³⁾

Conference Call
Management will present the results during a conference call and webcast on May 11, 2026 at 5:00 p.m. ET.

The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/.

The conference call will also be available by calling 877-407-4019 toll-free. If requested, the conference ID for this call is 13760102.

The international dial-in is 1-201-689-8337. The international conference ID is also 13760102.

A recording of the conference call will be available by calling 1-877-660-6853 three hours after the conference call concludes. The replay ID is 13760102.

The telephone recording will be available until May 25, 2026

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 48,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at www.conduent.com.

Non-GAAP Financial Measures
We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with U.S. GAAP, to exclude the effects of certain items as well as their related tax effects. Management believes that these non-GAAP financial measures provide an additional means of analyzing the results of the current period against the corresponding prior period. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with U.S. GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. Our management regularly uses our non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. Providing such non-GAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. Refer to the “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” sections attached to this release for a discussion of these non-GAAP measures and their reconciliation to the reported U.S. GAAP measures.

Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “expectations,” “in front of us,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “looking to continue,” “endeavor,” “if,” “growing,” “projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” “as we progress,” “going to,” “path from here forward,” “think,” “path to deliver,” “from here,” “on track,” “remain” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding our financial results, condition and outlook; changes in our operating results; general and market and economic conditions; and our projected financial performance, including all statements made under the section captioned “FY 2026 and Mid-Term Outlook” within this release. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make.

Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: government appropriations and termination rights contained in our government contracts, the competitiveness of the markets in which we operate and our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; the impact of geopolitical events and geopolitical tensions (such as the war in Ukraine and conflict in the Middle East), macroeconomic conditions, natural disasters and other factors in a particular country or region on our workforce, customers and vendors; our reliance on third-party providers; our ability to deliver on our contractual obligations properly and on time; changes in continued interest in outsourced business process services; the adverse effect of claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; expectations relating to environmental, social and governance considerations; utilization of our stock repurchase program; the effects related to our use of artificial intelligence on our business; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; risks related to hacking or other cybersecurity threats to our data systems, information systems and network infrastructure and other service interruptions, including relating to the previously disclosed cyber event that took place in January 2025 (the “January 2025 Cyber Event”), including Conduent’s investigation of such incident and mitigation and remediation efforts, the nature and extent of such incident, the potential disruption to our business or operations, the potential impact on Conduent’s reputation, and Conduent’s assessments of the likely financial and operational impacts of such incident; our ability to comply with data security standards; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; risks related to divestiture transactions, including but not limited to the Company’s ability to realize the benefits anticipated from such transactions, and unexpected costs or liabilities in connection with such transactions, the impact of potential goodwill and other asset impairments on our results of operations; our significant indebtedness and the terms of such indebtedness; our failure to obtain or maintain a satisfactory credit rating and financial performance; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; increases in the cost of voice and data services or significant interruptions in such services; our ability to receive dividends or other payments from our subsidiaries; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections in our 2025 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.

View full release here.

Media Contacts

Sean Collins

Conduent

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+1-310-497-9205

Joshua Overholt

Conduent

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Release – Star Equity Holdings Reports 2026 First Quarter Results

Posted on May 11, 2026May 12, 2026 by [email protected]

Research News and Market Data on STRR

May 11, 2026

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Significant New Business Wins and Contract Renewals
Realized Merger Synergies of $2.6 Million ⁽¹⁾

OLD GREENWICH, Conn., May 11, 2026 (GLOBE NEWSWIRE) — Star Equity Holdings, Inc. (Nasdaq: STRR and STRRP) (“Star” or the “Company”), a diversified holding company, announced today financial results for the first quarter ended March 31, 2026.

2026 First Quarter Summary

Revenue of $50.1 million increased 57.1% from the first quarter of 2025.
Gross profit $20.6 million increased 25.4% from the first quarter of 2025.
Net loss attributable to common shareholders was $4.4 million, or $1.17 per diluted share, compared to net loss attributable to common shareholders of $1.8 million, or $0.59 per diluted share, for the first quarter of 2025. Adjusted net loss per diluted share (non-GAAP measure)* was $0.99 compared to adjusted net loss per diluted share of $0.38 in the first quarter of 2025. Pro forma adjusted net loss per diluted share was $0.22 in the first quarter of 2025.
Adjusted EBITDA loss (non-GAAP measure)* increased to $1.6 million versus adjusted EBITDA loss of $0.7 million in the first quarter of 2025; pro forma adjusted EBITDA loss was $1.2 million in the first quarter of 2025.
Total cash including restricted cash was $10.3 million at March 31, 2026.

Jeff Eberwein, CEO of Star, noted, “The first quarter is almost always our weakest quarter of the year and in this year’s first quarter, startup delays for new projects and broader macroeconomic conditions caused our Building Solutions and Business Services divisions to perform worse than expected. Our Energy Services division, however, maintained solid momentum. We believe our focus on operational and cost improvements and continued investments in growth and innovation are strengthening our competitive position and will drive significantly improved results as the year progresses.”

Jake Zabkowicz, Global CEO of Hudson Talent Solutions (“HTS”), added, “Gross profit increased 6.4% at HTS year-over-year, reflecting steady improvement despite continued macroeconomic uncertainty and sustained pressure in the talent market. We have maintained a strong focus on innovation and operational efficiency, including the expanded deployment of agentic AI solutions to enhance recruiter productivity, improve candidate matching, and deliver greater value to clients. These efforts are helping our ability to navigate the current environment while positioning us to capitalize on improving market conditions in the future. As an example, new business activity and contract renewals with legacy clients accelerated meaningfully in the first quarter of 2026, exceeding levels seen in any quarter of 2025.”

¹ $2.6 million of synergies on an annualized basis. Please reference slide 4 of Star’s Q1 earnings call presentation.

Rick Coleman, COO of Star, added, “Residential and commercial construction markets remained soft in the first quarter causing our Building Solutions division to perform below internal expectations, primarily due to delays in several pending contract awards and severe winter weather in both of our key geographies. However, underlying demand remains intact, as evidenced by recently secured new business, including the $4.2 million multifamily housing project in New Hampshire for our KBS business we announced on April 30, 2026. In contrast, our Energy Services division delivered a strong quarter, continuing to gain share across core markets, with particularly strong performance in mining and geothermal end markets.”

Mr. Eberwein concluded, “We remain focused on disciplined execution, rigorous cost management, and prudent capital allocation, including the active evaluation of M&A opportunities across all three of our operating divisions, as we continue to advance our strategic priorities. We believe we are well positioned to navigate near-term market volatility while driving increased profitability and long-term shareholder value.”

* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the division / segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such division / segment tables.

Division Highlights

Building Solutions

First quarter Building Solutions revenue was $11.6 million and gross profit was $1.6 million. Adjusted EBITDA loss was $0.9 million.

Pro forma (“PF”)⁽¹⁾Building Solutions revenue was $12.1 million for the first quarter of 2025, and PF gross profit was $2.9 million. PF adjusted EBITDA was $0.3 million.

Building Solutions quarter-end backlog was $8.0 million, and the trailing 12-month book-to-bill ratio was 0.72.

Business Services

First quarter 2026 Business Services revenue was $35.0 million, up from $31.9 million in the prior year quarter, while gross profit was $17.4 million, up from $16.4 million a year ago. Business Services adjusted EBITDA loss was $0.3 million, down from adjusted EBITDA of $0.2 million in the prior year quarter.

Regionally, Americas and EMEA gross profit grew 21% and 11%, respectively. This growth was partially offset by APAC, where gross profit declined by 8%.

Energy Services

First quarter 2026 Energy Services revenue was $3.5 million. Gross profit was $1.5 million. Energy Services adjusted EBITDA was $1.0 million in the first quarter.

PF Energy Services revenue for the first quarter of 2025 was $2.6 million and PF gross profit was $1.3 million. First quarter 2025 PF adjusted EBITDA was $0.5 million.

⁽¹⁾ Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025.

Corporate Costs

In the first quarter of 2026, the Company’s corporate costs were $1.9 million, up from $0.9 million in the prior year quarter, but down $0.7 million on a PF basis. Corporate costs in the first quarter of 2026 and 2025 excluded non-recurring expenses of $0.2 million and $0.3 million, respectively. The decrease in corporate costs was primarily driven by the Merger.

Liquidity and Capital Resources

The Company ended the first quarter of 2026 with $10.3 million in cash, including $2.2 million in restricted cash. The Company used $1.4 million in cash flow from operations during the first quarter of 2026 compared to using $0.8 million in cash flow from operations in the first quarter of 2025.

Share Repurchase Program

In the first quarter of 2026, the Company repurchased 70,424 shares for approximately $0.7 million As of the end of the first quarter of 2026, the Company has approximately $1.8 million remaining under its $3 million repurchase program authorized in September 2025 and continues to view share repurchases as an attractive use of capital.

NOL Carryforward

As of December 31, 2025, Star had $215 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Star common stock to 4.99%. Stockholders who wish to own more than 4.99% of Star common stock, or who already own more than 4.99% of Star common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.

Conference Call/Webcast

The Company will conduct a conference call on Tuesday, May 12, 2026 at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company’s web site at www.starequity.com.

If you wish to join the conference call, please use the dial-in information below:

Toll-Free Dial-In Number: (833) 890-6161
International Dial-In Number: (412) 504-9848

The archived call will be available on the investor relations section of the Company’s website at www.starequity.com.

About Star Equity Holdings, Inc.
Star Equity Holdings, Inc. is a diversified holding company that seeks to build long-term shareholder value by acquiring, managing, and growing businesses with strong fundamentals and market opportunities. Its current structure comprises four divisions: Building Solutions, Business Services, Energy Services, and Investments. For more information visit www.starequity.com.

On August 22, 2025, the Company completed its previously announced acquisition of Star Operating Companies, Inc. (“Star Operating”, formerly known as Star Equity Holdings, Inc.), pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025 (the “Merger Agreement”), by and among the Company, Star Operating and HSON Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Sub”). Upon the terms and subject to the conditions of the Merger Agreement, on August 22, 2025, at the effective time of the merger pursuant to the Merger Agreement (the “Merger”), Merger Sub merged with and into Star Operating, with Star Operating continuing as the surviving corporation of the Merger as a wholly owned subsidiary of the Company. Effective September 5, 2025, the Company changed (i) its name to Star Equity Holdings, Inc. and (ii) its trading symbols on Nasdaq to STRR and STRRP.

Building Solutions
The Building Solutions division operates in three specialties: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.

Business Services
The Business Services division provides flexible and scalable recruitment solutions to a global clientele, servicing organizations at all levels, from entry-level positions to the C-suite. The division focuses on mid-market and enterprise organizations worldwide, partnering consultatively with talent acquisition, HR, and procurement leaders to build diverse, high-impact teams and drive business success.

Energy Services
The Energy Services division engages in the rental, sale, and repair of downhole tools used in the oil and gas, geothermal, mining, and water-well industries.

Investments
The Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.

Investor Relations:
The Equity Group
Lena Cati
(212) 836-9611
[email protected]

Forward-Looking Statements

This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words, expressions, and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties, and assumptions include, but are not limited to, (1) global economic fluctuations, (2) changes in the cost and availability of commodities, materials, and equipment, (3) risks related to providing uninterrupted service to clients, (4) the ability of clients to terminate their relationship with the Company at any time, (5) risks associated with real estate ownership, (6) the Company’s ability to successfully achieve its strategic initiatives, (7) risks related to fluctuations in the Company’s operating results from quarter to quarter, (8) risks related to potential acquisitions or dispositions of businesses by the Company, (9) our profitability and growth being tied to the success of our operating businesses, (10) risks associated with our financial investments in other businesses, (11) our ability to improve existing products and services and develop, introduce, and market new products and services successfully, (12) the loss of or material reduction in our business with any of the Company’s largest customers, (13) competition in the Company’s markets, (14) risks related to potential decreases in demand for products, (15) our ability to maintain costs at an acceptable level, (16) the negative cash flows and operating losses that may recur in the future, (17) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East, (18) risks relating to how future credit facilities may affect or restrict our operating flexibility, (19) our ability to generate or borrow sufficient cash to make payments on our indebtedness, (20) risks related to indebtedness, (21) risks associated with the Company’s investment strategy, (22) the Company’s dependence on key management personnel, (23) the Company’s ability to attract and retain highly skilled professionals, management, and advisors, (24) the Company’s ability to collect accounts receivable, (25) the Company’s exposure to legal proceedings, investigations and disputes, and limits on related insurance coverage, (26) the Company’s ability to utilize net operating loss carryforwards, (27) the potential for goodwill impairment, (28) volatility of the Company’s stock price, (29) risks related to our historically low trading volume, (30) risks related to securities or industry analysts, (31) the Company’s ability to declare dividends, (32) risks associated with failure to pay dividends on our Series A Preferred Stock, (33) our history of annual net losses, (34) risks related to our international operations, (35) risks related to compliance with federal and state laws, regulations, and other rules, (36) our exposure to employment-related claims, legal liability, and costs from clients, employees, and regulatory authorities, (37) risks related to the imposition of licensing or tax requirements or new regulations, (38) the effect of Anti-takeover provisions in our organizational documents, (39) the effect of the protective amendment contained in our Restated Certificate of Incorporation, (40) the impact of our stockholder rights plan, or “poison pill,” on stockholder decision making, (41) risks related to our scaled disclosure requirements as a smaller reporting company, (42) the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology, (43) the adverse impacts of cybersecurity threats and attacks, and (44) risks related to the use of new and evolving technologies, and (45) those risks set forth in “Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.” The foregoing list should not be construed to be exhaustive. Actual results could differ materially from the forward-looking statements contained in this press release. In view of these uncertainties, you should not place undue reliance on any forward-looking statements, which are based on our current expectations. These forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

View full release here.

Source: Star Equity Holdings, Inc.

Release – Tonix Pharmaceuticals Reports First Quarter 2026 Financial Results and Operational Highlights

Posted on May 11, 2026May 12, 2026 by [email protected]

Research News and Market Data on TNXP

May 11, 2026 4:30pm EDT Download as PDF

In the first full quarter since launch, 2,145 healthcare providers prescribed TONMYA^®, 3,588 patients initiated treatment, and ~5,400 prescriptions were filled

Agreement signed in May with leading group purchasing organization (GPO) that provides access to TONMYA for approximately 35 million U.S. commercial lives

Expect to initiate adaptive Phase 2 field study for the prevention of Lyme disease in the U.S. in the first half of 2027 for TNX-4800, pending FDA agreement

Approximately $185.5 million in cash and cash equivalents as of March 31, 2026

BERKELEY HEIGHTS, N.J., May 11, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced financial results for the quarter ended March 31, 2026, and provided an overview of recent operational highlights.

“TONMYA is the first new fibromyalgia medicine in 15 years,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “TONMYA is a non-opioid analgesic designed for bedtime administration and long-term use by adults. Since launch in November 2025, TONMYA has shown growth in prescriptions, new writers, refills, and patient access. Our first managed care partnership was announced in May, providing access to approximately 35 million U.S. commercial lives. We will continue engagement with commercial and government payers to expand patient access. Our focus remains on operational excellence across sales, marketing, medical affairs, and market access to educate and deliver on TONMYA’s differentiated potential.”

Dr. Lederman continued, “We also continue to meaningfully advance our mid-stage clinical programs and our earlier-stage pipeline. For TNX-4800, our investigational long-acting borreliacidal, human monoclonal antibody targeting OspA on Borrelia burgdorferi, which causes the majority of Lyme disease in the U.S., we announced positive Phase 1 data and plans for an adaptive Phase 2 field study in 2027, pending FDA agreement. We look forward to our scheduled Type C meeting with the FDA early in the third quarter of 2026 to discuss the study. We believe TNX-4800 offers several advantages over vaccines in development, including onset of protection within two days and a simpler two-dose regimen with a second booster dose two months after the first. We also expect to begin our Phase 2 study of TONMYA for the treatment of Major Depressive Disorder (MDD) mid-year. Our other programs across CNS, infectious disease, immunology, and rare disease remain well positioned for near-term milestones.”

Commercial Updates

TONMYA (cyclobenzaprine HCl sublingual tablets): a centrally acting, non-opioid analgesic for the treatment of fibromyalgia in adults

On November 17, 2025, TONMYA became commercially available, following U.S. FDA approval in August 2025 for the treatment of fibromyalgia in adults. TONMYA is the first new prescription medicine approved for fibromyalgia in more than 15 years. The approval was based on two double-blind, randomized, placebo-controlled Phase 3 clinical studies of nearly 1,000 patients that demonstrated durable and statistically significant reduction in daily pain scores compared to placebo. There are now approximately 100 TONMYA sales reps in the field.
In the first quarter of 2026, the first full quarter since launch, key metrics include:
- 2,145 unique healthcare providers prescribed TONMYA to patients.
- 3,588 unique patients initiated treatment with TONMYA.
- Approximately 5,400 prescriptions were filled. This includes bridge prescriptions that are facilitated through the Company’s specialty pharmacy channel. Bridge prescriptions represent initial patient fills provided while coverage determinations are pending and do not immediately generate net product revenue.
For the period beginning November 17, 2025, through April 24, 2026, cumulative key metrics include:
- More than 2,700 unique healthcare providers have prescribed TONMYA to patients.
- Approximately 5,618 unique patients have initiated treatment with TONMYA.
For the period beginning November 17, 2025, through May 1, 2026, cumulative key metrics include:
- Approximately 11,016 prescriptions were filled. This includes bridge prescriptions that are facilitated through the Company’s specialty pharmacy channel.
Repeat prescriber and patient refill trends are encouraging.
The Company is prioritizing engagement with commercial payers, Medicare, and Medicaid to increase access:
- In May 2026, Tonix secured commercial payer coverage with its first managed care partnership agreement with a leading GPO, which will provide access for approximately 35 million U.S. patients (20% of ~177 million commercial lives in the U.S.)
- To date, TONMYA is covered under Medicaid in 38 states, for approximately 55 million lives, representing 73% of the roughly 75 million Medicaid lives.
Tonix has a robust patient access program and support services in place, including a TONMYA savings card, copay assistance, and prior authorization support, intended to reduce access barriers during early commercialization.
To educate healthcare providers (HCPs), the Company held a multidisciplinary dialogue about TONMYA via a national webcast. Tonix also launched a national speaker training program with approximately 100 HCPs to maximize peer-to-peer speaker programs expected to occur across target specialties and regions this year.
As part of a commitment to continued clinical evidence generation and education, Tonix presented clinical data on TONMYA at the 8^th International Congress on Controversies in Fibromyalgia, 2026 American Academy of Pain Medicine (AAPM) PainConnect Annual Meeting, and 2026 Non-Opioid Pain Therapeutics Summit. The Company also published two articles in the peer-reviewed journal, Clinical Pharmacology in Drug Development.

Key Product Pipeline Candidates: Recent Highlights

Central Nervous System (CNS) Pipeline

TNX-102 SL (cyclobenzaprine HCl sublingual tablets): in Phase 2 development for MDD; remains on track to initiate mid-year 2026

In November 2025, the FDA cleared the IND for TNX-102 SL 5.6 mg for the treatment of MDD in adults. The IND clearance enables Tonix to proceed with the HORIZON study, a potentially pivotal Phase 2, 6-week, randomized, double-blind, placebo-controlled study of TNX-102 SL as a first-line monotherapy in adults with MDD. About 360 patients will be enrolled at approximately 30 U.S. sites, with the primary endpoint being the MADRS total score change from baseline at Week 6. Tonix plans to initiate enrollment in mid-2026.

TNX-102 SL in Phase 2 development for the treatment of acute stress disorder (ASD) and acute stress reaction (ASR)

The U.S. Department of Defense-funded Optimizing Acute Stress Reaction Interventions (OASIS) study is being conducted by the University of North Carolina under an investigator-initiated IND. The OASIS study examines the safety and efficacy of TNX-102 SL to reduce adverse posttraumatic neuropsychiatric sequelae among patients in the emergency department after a motor vehicle collision. Topline data is expected to be reported in the second half of 2026.

TNX-1300 (double-mutant cocaine esterase) for cocaine intoxication; Phase 2-program has Breakthrough Therapy designation from the FDA, with no products on the market for this indication

The Company plans to meet with the FDA in 2026 to inform the clinical design of the next Phase 2 study (a Phase 2a study has been completed).

TNX-1900 (intranasal potentiated oxytocin): in development for several CNS disorders

TNX-1900 is currently being studied in four Phase 2 and one Phase 1 investigator-initiated studies. The Phase 2 investigator-initiated studies include binge-eating disorder (Massachusetts General Hospital, “MGH”), adolescent obesity (MGH), bone health in autism (MGH and University of Virgina), and arginine vasopressin deficiency (MGH).
In March 2026, Tonix announced the dosing of the first participant in a Phase 1 investigator-initiated pharmacodynamic study with Erasmus University of TNX-1900 in healthy female volunteers, using capsaicin and electrical stimulation to model trigeminal neurovascular reactivity.

Infectious Disease Pipeline

TNX-4800 (anti-OspA mAb): Phase 2-ready long-acting human monoclonal antibody in development for the seasonal prevention of Lyme disease in the U.S., which has no FDA-approved vaccines or prophylactics

In March 2026, Tonix presented Phase 1 data at the World Vaccine Congress Washington 2026 and announced plans to initiate an adaptive Phase 2 field study in the first half of 2027, pending FDA agreement. The Company also presented Phase 1 data in April 2026 at the 4^th Annual Ticks and Tickborne Diseases Symposium at Johns Hopkins University.
- TNX-4800 demonstrated encouraging safety, tolerability, pharmacokinetics, and immunogenicity, with serum TNX-4800 measurable at the earlier sampling time of 48 hours and no significant clinical or laboratory safety signals. The Phase 1 study was conducted by a team at UMass Chan Medical School led by Mark S. Klempner, MD, Professor of Medicine at UMass Chan and an inventor of TNX-4800.
In April 2026, the Company announced it expects to lead a randomized, double-blind, placebo-controlled, adaptive Phase 2 field study to evaluate the efficacy of a two-dose regimen of TNX-4800 subcutaneous (SC) in preventing the first occurrence of confirmed Lyme disease during the primary efficacy surveillance period (Day 3 through Month 6 following administration). Each fixed dose is expected to provide exposures comparable to the 5 mg/kg dose evaluated in Phase 1. The first dose will be administered in the Spring and the second booster dose will be administered two months later. Participants will include adolescents and adults 16 years of age and older in Lyme-endemic areas in the U.S. The primary endpoint will be the prevention of Lyme disease for six months (comparison of TNX-4800 group and placebo group) following the initial dose.
In April 2026, the Company announced it has scheduled a Type C meeting with the FDA early in the third quarter of 2026 to discuss the planned adaptive Phase 2 field study design.
The Company expects to have GMP investigational product available for clinical testing in early 2027.

TNX-801 (recombinant horsepox virus): attenuated, pre-clinical live orthopoxvirus vaccine candidate for the prevention of smallpox and mpox

In March 2026, Tonix presented animal and in vitro data on TNX-801 at the World Vaccine Congress Washington 2026. TNX-801 is expected to enter a Phase 1 study in 2027 pending FDA clearance of the Investigational New Drug (IND) application.

TNX-4200 (small molecule): broad spectrum anti-viral to protect against viral diseases

TNX-4200 is a small molecule broad-spectrum antiviral agent targeting CD45 for the prevention or treatment of high lethality infections to improve the medical readiness of military personnel in biological threat environments.
The TNX-4200 program is supported by an up to $34 million contract over five years from the Department of Defense’s Defense Threat Reduction Agency (DTRA). In the first quarter of 2026, the Company received confirmation that the project was cleared to enter the next budgetary and developmental phase.

Immunology Pipeline

TNX-1500 (dimeric Fc modified anti-CD40L, humanized mAb): Phase 2-ready third generation anti-CD40L for prophylaxis of kidney transplant rejection and treatment of autoimmune disorders

In November 2025, Tonix announced a collaboration with MGH to advance a Phase 2, open-label, investigator-initiated clinical study of TNX-1500 in kidney transplant recipients, planned for initiation mid-year 2026, pending FDA clearance of the IND. The study is expected to enroll five adult kidney transplant recipients.

Rare Disease Pipeline

TNX-2900 (intranasal potentiated oxytocin): in development for Prader-Willi syndrome, with Orphan Drug designation as well as Rare Pediatric Disease designation that could make Tonix eligible for a Priority Review Voucher upon approval

In September 2025, Tonix announced plans to initiate a Phase 2, randomized, double-blind, placebo-controlled study in children and adolescents with Prader-Willi syndrome. The study is expected to initiate in the first quarter of 2027.

Immuno-oncology Pipeline

TNX-1700 (TFF2-albumin fusion protein): in preclinical development for gastric and colorectal cancer

In March 2026, Tonix presented preclinical data at the American Association for Cancer Research (AACR) Annual Meeting 2026. Data presented in an oral presentation showed how TNX-1700 reversed aging-associated gastric inflammation and significantly attenuated tumor progression in an aged gastric microenvironment in preclinical models. Data in a poster presentation demonstrated TNX-1700 exhibited dose-independent, linear pharmacokinetics in animals.

TNX-4700 (human anti-BTLA mAb): in preclinical development for immuno-oncology indications

In March 2026, Tonix presented preclinical data in a poster presentation at the AACR Annual Meeting 2026 demonstrating TNX-4700 demonstrated potent, high-affinity binding and functional antagonism. The mAb technology was licensed from Curia.

Financial: Recent Highlights

Tonix had approximately $185.5 million of cash and cash equivalents as of March 31, 2026, compared to approximately $207.6 million as of March 31, 2025. Net cash used in operations was approximately $42.3 million for the first quarter ended March 31, 2026, compared to $16.6 million for the same period in 2025.

Subsequent to quarter-end, the Company has raised $22.6 million proceeds using its at-the-market (ATM) facility.

The Company believes that its cash resources as of March 31, 2026, together with the net proceeds that it raised from equity offerings in the second quarter of 2026, will fund its planned operating and capital expenditure requirements into early second quarter of 2027.

As of May 8, 2026, the Company had 15,940,601 shares of common stock outstanding.

First Quarter 2026 Financial Results

Net product revenue for the first quarter 2026 was approximately $6.9 million, compared to $2.4 million for the same period in 2025, and consisted of combined net sales of TONMYA, Zembrace^® SymTouch^®, and Tosymra^®. Net revenue from sales of TONMYA for the first quarter was approximately $3.7 million. TONMYA was launched in November 2025. Net revenue from sales of TONMYA for the period from November 17, 2025, to December 31, 2025, was approximately $1.4 million. Net revenue from sales of Zembrace^® SymTouch^® and Tosymra^® for the was approximately $3.2 million compared to $2.4 million for the same quarter in 2025. Cost of sales for the first quarter 2026 was approximately $1.6 million, compared to $0.9 million for the same period in 2025.

Research and development expenses for the first quarter 2026 were approximately $18.2 million, compared to $7.4 million for the same period in 2025. This increase is predominately due to pipeline prioritization period over period, and increased headcount.

Selling, general, and administrative expenses for the first quarter 2026 were $28.6 million, compared to $10.1 million for the same period in 2025. The increase is predominately due to spending on sales and marketing related to TONMYA, as well as increased headcount.

Net loss available to common stockholders was $40.2 million, or $2.93 per basic and diluted share, for the first quarter 2026, compared to net loss available to common stockholders of $16.8 million, or $2.84 per basic and diluted share, for the same period in 2025. The basic and diluted weighted average common shares outstanding for the first quarter 2026 was 13,707,104 compared to 5,927,231 shares for the same period in 2025.

Tonix Pharmaceuticals Holding Corp.

Tonix Pharmaceuticals* is a fully integrated, commercial-stage biotechnology company focused on central nervous system (CNS) disorders, infectious diseases, immunology conditions, and rare diseases where there exists high unmet medical need. TONMYA^® (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace^® SymTouch^® and Tosymra^®. Tonix is maximizing the science behind TONMYA in Phase 2 clinical studies to evaluate its potential in major depressive disorder and acute stress disorder/acute stress reaction. Tonix is also advancing a pipeline of infectious disease programs, including monoclonal antibody TNX-4800 for Lyme disease prevention in the U.S. and TNX-801, a vaccine in development for the prevention of mpox and smallpox. Within immunology, Tonix is developing TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. Finally, the Company’s rare disease portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome. To learn more, visit www.tonixpharma.com.

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

Zembrace^® SymTouch^® and Tosymra^® are registered trademarks of Tonix Medicines. TONMYA^® is a registered trademark of Tonix Pharma Limited. All other marks are property of their respective owners.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

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

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

Media Contacts
Deborah Elson
Tonix Pharmaceuticals
[email protected]

Ray Jordan
Putnam Insights
[email protected]

View full release heTNXPre.

Release – Summit Midstream Corporation Reports First Quarter 2026 Financial and Operating Results

Posted on May 11, 2026May 12, 2026 by [email protected]

Research News and Market Data on SMC

PDF Version

HOUSTON, May 11, 2026 /PRNewswire/ — Summit Midstream Corporation (NYSE: SMC) (“Summit”, “SMC” or the “Company”) announced today its financial and operating results for the three months ended March 31, 2026.

Highlights

First quarter 2026 net loss of $3.2 million, Adjusted EBITDA of $54.2 million, cash flow available for distributions (“Distributable Cash Flow” or “DCF”) of $26.9 million and free cash flow (“FCF”) of $11.4 million
Connected 37 wells during the first quarter, including four Williston wells from the new 10-year crude gathering agreement; five rigs currently running with approximately 80 DUCs behind the systems
Executed a new precedent agreement for 100 MMcf/d of firm capacity on the Double E Pipeline, with Q1 2027 expected in-service date and 10-year term
Repaid all $45 million of accrued Series A Preferred Stock dividends clearing a key milestone toward reinstating a common dividend
Completed a $42 million private placement of common stock to an affiliate of Tailwater Capital LLC, Summit’s largest shareholder, providing additional financial flexibility to execute on high-return growth projects and reduce ABL borrowings
Reiterating 2026 full-year Adjusted EBITDA guidance of $225 million to $265 million, supported by accelerating producer activity in the Rockies and anticipated Mid-Con volume ramp

Management Commentary

Heath Deneke, President, Chief Executive Officer and Chairman, commented, “First quarter results reflected favorable crude oil prices primarily impacting our Rockies segment, offset by lower realized residue gas prices and lower than expected volumes in the Mid-Con Segment. We continue to expect the business to trend toward the midpoint of our original guidance range and are seeing a lot of momentum across our portfolio, particularly in the Permian and Rockies segments.

“Subsequent to quarter end, Double E executed another new 10-year take-or-pay precedent agreement for 100 MMcf/d of firm capacity behind an operational processing plant in Eddy County, New Mexico, with the lateral connecting the plant expected to be in-service in the first quarter of 2027¹. This agreement, along with those previously announced, brings total contracted volume on Double E to 1.755 Bcf/d, and we remain encouraged by the continued commercial progress on the pipeline. We are evaluating significant shipper interest in the recently launched open season, and remain optimistic there will be sufficient commercial support to make a final investment decision on the approximately 800 MMcf/d mid-point compression expansion project.

“In the Rockies Segment, the favorable crude oil price environment is expected to improve our product margin over the coming quarters and several customers are actively working to accelerate and increase activity beyond our original expectations. We are also encouraged by the preliminary results of four wells behind the new Williston Basin commercial contract we secured last quarter. We have 40 new wells expected across the portfolio in the second quarter, including 20 in the Mid-Con segment.”

__________________________

¹ The agreement is contingent upon satisfaction of certain customary conditions, including Double E board approval.

First Quarter 2026 Business Highlights

SMC’s average daily natural gas throughput on its wholly owned, operated systems decreased 2.7% to 870 MMcf/d, while liquids volumes decreased 3.0% to 64 Mbbl/d, relative to the fourth quarter of 2025. Double E Pipeline averaged 805 MMcf/d and contributed $8.7 million in Adjusted EBITDA, net to SMC, for the first quarter of 2026.

Natural gas price-driven segments:

Natural gas price-driven segments generated $28.9 million in combined Segment Adjusted EBITDA, a $2.6 million decrease relative to the fourth quarter of 2025, with combined capital expenditures of $7.6 million
Mid-Con Segment Adjusted EBITDA totaled $19.3 million, a decrease of $2.1 million relative to the fourth quarter of 2025, primarily due to lower natural gas throughput as a result of natural production declines, partially offset by six new Arkoma well connections. Subsequent to quarter end, three additional Arkoma wells were connected to the system and there are currently 17 Barnett DUCs expected to come online in the second quarter of 2026.
Piceance Segment Adjusted EBITDA totaled $9.6 million, a decrease of $0.4 million relative to the fourth quarter of 2025, primarily due to a 7.3% decline in volume throughput driven by temporary shut-ins of approximately 8.0 MMcf/d, natural production declines, and no new well connections during the quarter. Customers currently have ~20 MMcf/d of natural gas shut-in as a result of low regional gas prices. Based on current forecasted prices in the region, we expect this production to resume beginning in the third quarter of 2026.

Oil price-driven segments:

Oil price-driven segments generated $35.1 million in combined Segment Adjusted EBITDA, a $1.5 million decrease relative to the fourth quarter of 2025, with combined capital expenditures of $11.0 million
Rockies Segment Adjusted EBITDA totaled $26.4 million, a decrease of $1.5 million relative to the fourth quarter of 2025, driven by a $1.2 million non-cash imbalance, lower realized residue gas prices negatively impacting percent-of-proceeds contracts and lower fresh water sales, partially offset by a 4.4% increase in natural gas volume throughput and higher realized crude oil and NGL prices beginning in March 2026. 18 wells were connected in the DJ Basin and 13 in the Williston Basin, including the first four 3-mile lateral wells under the new 10-year crude gathering agreement. Five rigs are currently running with approximately 60 DUCs behind the system.
Permian Segment Adjusted EBITDA totaled $8.7 million, flat relative to the fourth quarter of 2025.

The following table presents average daily throughput by reportable segment for the periods indicated:

The following table presents adjusted EBITDA by reportable segment for the periods indicated:

Capital Expenditures

Capital expenditures totaled $19.3 million in the first quarter of 2026, inclusive of maintenance capital expenditures of $3.7 million. Capital expenditures in the first quarter of 2026 were primarily related to pad connections in the Rockies and Mid-Con segments.

Capital & Liquidity

As of March 31, 2026, SMC had $43.4 million in unrestricted cash on hand and $116 million drawn under its $500 million ABL Revolver with $381 million of borrowing availability, after accounting for $2.7 million of issued, but undrawn letters of credit. As of March 31, 2026, SMC’s gross availability based on the borrowing base calculation in the credit agreement was $802 million, which is $302 million greater than the $500 million of lender commitments to the ABL Revolver. As of March 31, 2026, SMC was in compliance with all financial covenants, including interest coverage of 2.7x relative to a minimum interest coverage covenant of 2.0x and first lien leverage ratio of 0.4x relative to a maximum first lien leverage ratio of 2.5x. As of March 31, 2026, SMC reported a total leverage ratio of approximately 4.2x.

During the first quarter, Summit Permian Transmission, LLC entered into a new $440 million senior secured term facility, which includes a $50 million committed accordion feature and a $50 million uncommitted accordion feature (the “Term Facility”) maturing in March 2031. Proceeds from the Term Facility were used to refinance Summit Permian Transmission’s existing credit facility, redeem Summit Permian Transmission Holdco’s preferred units, fund an $85 million restricted payment to SMC, provide liquidity to fund SMC’s share of capital expenditures including those associated with the recently announced expansion projects, and pay other fees and expenses.

As of March 31, 2026, the Summit Permian Transmission Term Loan Facility had a balance of $340 million. Summit Midstream Permian has $6.1 million of cash-on-hand as of March 31, 2026. The Permian Transmission Term Loan remains non-recourse to SMC.

MVC Shortfall Payments

SMC billed its customers $4.1 million in the first quarter of 2026 related to MVC shortfalls. For those customers that do not have MVC shortfall credit banking mechanisms in their gathering agreements, the MVC shortfall payments are accounted for as gathering revenue in the period in which they are earned. In the first quarter of 2026, SMC recognized $4.1 million of gathering revenue associated with MVC shortfall payments. SMC had no adjustments to MVC shortfall payments in the first quarter of 2026. SMC’s MVC shortfall payment mechanisms contributed $4.1 million of total Adjusted EBITDA in the first quarter of 2026.

Quarterly Dividend

The Board of Directors of Summit Midstream Corporation continued to suspend cash dividends payable on the common stock for the period ended March 31, 2026. The quarterly cash dividend on the Series A Preferred Stock, for the period ended June 14, 2026, will be paid to preferred shareholders of record as of the close of business on June 1, 2026.

On March 27, 2026, all unpaid dividends of $46.3 million on the Series A Preferred Stock were paid to holders of record as of the close of business on March 17, 2026.

First Quarter 2026 Earnings Call Information

SMC will host a conference call at 10:00 a.m. Eastern on May 12, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at the following link: Q1 2026 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI874f39fdf8c54b499c4ac477755fbcad). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC’s website at www.summitmidstream.com.

Upcoming Investor Conferences

Members of SMC’s senior management team will attend the 2026 Energy Infrastructure CEO & Investor Conference which will take place on May 18–20, 2026, the 2026 RBC Capital Markets Global Energy, Power & Infrastructure Conference taking place on June 2–3, 2026, and the BofA Energy and Power Credit Conference on June 3–4, 2026. The presentation materials associated with each event will be accessible through the Investors section of SMC’s website at www.summitmidstream.com prior to the beginning of the conference.

Use of Non-GAAP Financial Measures

We report financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). We also present adjusted EBITDA, segment adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, non-GAAP financial measures.

Adjusted EBITDA

We define adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our proportional adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, share-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility.

Management uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business.

Adjusted EBITDA is used as a supplemental financial measure to assess:

the ability of our assets to generate cash sufficient to make future potential cash dividends and support our indebtedness;
the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;
our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure;
the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; and
the financial performance of our assets without regard to (i) income or loss from equity method investees, (ii) the impact of the timing of MVC shortfall payments under our gathering agreements or (iii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations.

Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example:

certain items excluded from adjusted EBITDA are significant components in understanding and assessing an entity’s financial performance, such as an entity’s cost of capital and tax structure;
adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and
although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements.

We compensate for the limitations of adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process.

Distributable Cash Flow

We define Distributable Cash Flow as adjusted EBITDA, as defined above, less cash interest paid, cash paid for taxes, net interest expense accrued and paid on the senior notes, and maintenance capital expenditures.

Free Cash Flow

We define free cash flow as distributable cash flow attributable to common and preferred shareholders less growth capital expenditures, less investments in equity method investees, less dividends to common and preferred shareholders. Free cash flow excludes proceeds from asset sales and cash consideration paid for acquisitions.

We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions.

About Summit Midstream Corporation

SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas.

Forward-Looking Statements

This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions, or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause SMC’s actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

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SOURCE Summit Midstream Corporation

832-413-4770, [email protected]

Release – SKYX Reports 9 Consecutive Quarters of Growth YoY with 10% Increase and Record Revenues for Q-1 2026 with $22 Million Compared to $20 Million in Q-1 2025 as It Continues to Grow Its Market Penetration

Posted on May 11, 2026May 11, 2026 by [email protected]

Research News and Market Data on SKYX

May 11, 2026 16:05 ET | Source: SKYX Platforms Corp.

SKYX Reports over $32 Million in Cash and Cash Equivalents as of March 31, 2026, Management Believes It Has Sufficient Cash to Achieve Its Goals Including Becoming Cash Flow Positive in 2026

Gross Profit Continues to Improve with 16% Increase to $7.0 Million in Q-1 of 2026 Compared to $6 Million in Q-1 2025

Gross Margin Continues to Improve to 30% in Q-1 2026 from 28% in Q-1 2025

SKYX Entered into a Strategic Partnership Agreement with Prominent European Hotel and Real Estate Developer Group OTT, to Deploy Its Advanced Smart and AI Platform Technologies as a Brand Standard Throughout Its Hotels and Buildings. Group OTT Has Developed Over 250 Hotels and Buildings Across Europe

In May 2026 SKYX Announced It Will Deploy Its Advanced and Smart Technologies to Its First European Hotel During a Master Renovation of an Historical Architectural Preservation Hotel, The Grand Hotel du Parc (formerly The Grand Medicis Hotel), in La Bourboule, France

SKYX Signed Additional Agreement with Group OTT Heritage Hospitality Group to Deploy and Market Its Technologies to Vast European Hotel Market of Over 132,000 Hotels

SKYX Technologies Reduces Up to 90% Time and Cost of Buildings and Hotel Renovation/Installations or New Build and is Continuing Discussions with Additional Hotel Groups and Owners Regarding Utilization of its Game-Changing Advanced and Smart Platform Technologies

SKYX Is Expected to Supply Its Advanced Smart Home Technologies to Upcoming and Future Key Projects in the U.S. and Globally, Including New York, North Carolina, Austin, San Antonio, South Florida (Including Miami’s New $4 Billion Smart City), Europe, Saudi Arabia, and Egypt

SKYX Is Expected to Deploy Over 1-Million Units of Its Products including Its Advanced Smart Home Plug-and-Play Technologies During These Projects and to Over 100,000 Units/Homes by the End of 2026 Through Its Pro and Retail Segments

Despite Warmer Weather, SKYX’s Sales of Its Patented Turbo Heater Fan are Continuing to Grow and Company Will Be Expanding the Category of the “All-Season Ceiling Fan” — Heat in Winter and Cool in Summer — to Provide Additional Products in New Designs and Larger Sizes

In Q-1 SKYX Announced Beginning of Its Collaboration with NVIDIA AI Ecosystem Connect Program, Expecting to Grow Its Collaboration with NVIDIA into Future Smart Home Projects

SKYX’s Technology Expansion Provides Additional Opportunities for Future Recurring Revenues Through Interchangeability, Upgrades, AI Services, Monitoring, Subscriptions, and More

SKYX’s Enhanced Safety Code Standardization Team Continues Its Progress Toward Its Goal of a Safety-Mandated Standardization in Homes/Buildings of Its Life-Saving Ceiling Outlet/Receptacle Technology

MIAMI, May 11, 2026 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive advanced smart home and AI platform technology company with over 100 pending and issued patents globally and 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported its financial and operational results for the first quarter ended March 31, 2026.

SKYX will hold a conference call today, May 11, 2026, at 4:30 pm, Eastern Time, to discuss the results. See below for dial-in information.

First Quarter 2026 Highlights and Recent Events

Generated its greatest increase in YoY revenues of 10% with record $22 million in revenues in first quarter of 2026 compared to $20 million for the first quarter of 2025.
Reporting 9 consecutive YoY quarters of growth.
As of March 31, 2026, Company reported $32 million in total cash, cash equivalents, and restricted cash compared to $10 million as of December 31, 2025.
SKYX’s continues to leverage the rapid conversion of its e-commerce sales into cash, advancing it cash position often referred to as the “Dell Working Capital Model”, lowering its cost of capital.
Management believes it has sufficient cash to achieve its goals including becoming cash flow positive exiting 2026.
The gross profit for the first quarter ending March 31, 2026, increased comparatively by 16% to $7 million, compared to the first quarter ending March 31, 2025.
The gross margin for the first quarter ending March 31, 2026, increased comparatively by 2% to 30%, compared to 28% in the first quarter ending March 31, 2025.
Net loss per share decreased by $0.02 to $0.07 per share in the first quarter of 2026 compared to $0.09 in the first quarter of 2025. Adjusted EBITDA loss per share, a non-GAAP measure, decreased to $0.03 per share in the first quarter of 2026, as compared to $0.04 per share, in the first quarter of 2025.

Builder / Hotel Segments and General Market Acceptance

SKYX is continuing its significant progress with the hotel and builder segments.
SKYX technologies reduces up to 90% time and cost of buildings and hotel renovations/ installations or new build and is continuing discussions with additional developers, hotel groups and owners regarding utilization of its game-changing advanced and smart platform technologies.
Company entered into a strategic partnership agreement with prominent European hotel and real estate developer, Jean-François Ott, Founder of Group OTT, to deploy Its advanced and smart electrical technologies as a brand standard throughout its hotels and buildings.
Over the past 35 years Group OTT have developed more than 250 hospitality, residential, and commercial buildings valued at over $4 billion throughout Europe.
In May 2026 SKYX announced it will deploy its advanced and smart technologies to its first European hotel during a master renovation of an historical architectural preservation hotel, The Grand Hotel du Parc (formerly The Grand Medicis Hotel), in La Bourboule, France.
SKYX has signed an additional agreement with OTT Heritage Hospitality group to deploy and market its technologies to the vast European hospitality market of more than 132,000 hotels.
During the course of this additional agreement, OTT Heritage Hospitality expects to market and deploy SKYX’s disruptive technologies into hundreds of European hotels, buildings, and developments. Approximately 124,000 hotel rooms are projected to open in Europe in 2026, with over 250,000 additional rooms in the industry-wide development pipeline.
SKYX has successfully demonstrated its technology during a Marriott Hotel renovation and expects to grow its hotel segment during 2026.
Marriott Hotel chain owner, The Shaner Group, led a $16.5 million investment round. The Shaner Group is an owner and developer of more than 70 hotels worldwide.
SKYX is expected to supply its advanced smart home technologies to upcoming and future key projects in the U.S. and globally, including projects in Pittsford, New York; North Carolina; Austin, Texas; San Antonio, Texas; South Florida including the new $4 billion smart city in Miami, Florida; Europe; Saudi Arabia; and Egypt; among others.
SKYX is expected to deploy over 1 million units of its advanced smart home plug-and-play technologies during these projects.
SKYX continues its growth and expects to deploy over 100,000 of its products into homes/units during 2026 through retail and pro segments.
SKYX announced the launch of its patented advanced SKYFAN and Turbo Heater to the leading U.S. retailer Home Depot, including a new SkyPlug branding page on HomeDepot.com.
SKYX recently announced the launch of its Turbo Heater fan at leading U.S. retailers Target, Walmart, and Lowe’s, and on its e-commerce platform across 60 websites.
Based on the Growing Sales of Its Patented Turbo Heater Fan, SKYX Is Expanding the Category of the “All-Season Ceiling Fan” — Heat in Winter and Cool in Summer — to Provide Additional Products in New Designs and Larger Sizes.

Technology Roadmap

SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program. SKYX expects to grow its collaboration with NVIDIA through its existing and future smart home projects.
SKYX’s technologies expansion provides additional opportunities for future recurring revenues through interchangeability, upgrades, AI services, monitoring, subscriptions, and more.
SKYX will be launching a new AI-driven system and infrastructure for its e-commerce platform of 60 websites, expected to increase its conversion rate and sales up to 30%.
The Company secured U.S. and global strategic manufacturing partnerships with premier manufacturers including in the U.S., Vietnam, Taiwan, China, and Cambodia.

Financing Highlights

SKYX cash, cash equivalents and restricted cash increased to $32 million as of March 31, 2026, as compared to $10 million as of December 31, 2025, as we raised $29 million in straight equity, with no warrants during January 2026 through two fundamental institutional investors, $25 million at $2.50 per share with $4 million at $2.00 per share.
In 2025 we extended and converted $13.5 million in notes coming due with maturity out to 5 years until 2030.

Safety Standardization Mandatory Code and Insurance Exposure

SKYX’s Safety Code Standardization Team is receiving support from a new significant prominent leader with its government safety agency’s process for a safety mandatory standardization of its electrical ceiling outlet/receptacle technology.
SKYX’s code team is led by industry veterans Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). The Company’s safety Code Standardization team believes it will garner assistance from additional safety organizations with its code mandatory safety standardization efforts based on the product’s significant safety aspects. Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Both strongly believe that, considering the Company’s standardization progress including its product specification approval voting for by ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturers Association) and being voted into 10 segments in the NEC Code Book, it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings.
The Company strongly believes its products can save insurance companies many billions of dollars annually by minimizing risks (e.g., reducing fires, ladder fall injuries, and electrocutions). Management expects that insurance companies will use the Company’s range and variations of its safe advanced plug & play products to reduce its exposure and minimize its risks.

First Quarter 2026 Financial Results

The Company’s financial statements for the quarter ended March 31, 2026, are filed with the SEC and are available on the Company’s investor relations website. https://ir.skyplug.com/sec-filings/

Management Commentary

Company’s Management, Board members, and Senior Advisors include former CEO’s and executives from Fortune 100 companies including Nielsen, Microsoft, Disney, GE, Home Depot, Office Depot, Chrysler, among others.

The Company is trending positively, generating record first quarter 2026 revenues of $22 million as compared to $20 million for the first quarter of 2025, a gross profit for the first quarter ending March 31, 2026, increasing comparatively by 16% to $7 million, compared to the first quarter ending March 31, 2025 and a gross margin for the first quarter ending March 31, 2026, increasing comparatively by 2% to 30%, compared to 28% in the first quarter ending March 31, 2025. We believe our positive trends will accelerate going into 2026 as we build out and execute on our channel strategy.

We are encouraged by the recently announced initiatives where we could supply hundreds of thousands of units in Europe, the Middle East including Saudi Arabia and Egypt, the $4 billion mixed-use smart city development in the Little River District in the heart of Miami, and projects in Pittsford, New York; North Carolina; Austin, Texas; and San Antonio, Texas. We continue to address the builder/commercial segments, large online and brick-and-mortar retail partners as well as our future potential to realize incremental licensing, subscription, and AI/data aggregation revenues.

Furthermore, our e-commerce website platform with 60 websites enhances the acceleration of marketing and distribution channels, collaborations, licensing, and sales to both professional and retail segments. Our websites include banners, videos, and educational materials regarding the simplicity, cost savings, time-saving, and life-saving aspects of the Company’s patented technologies.

We have accelerated our pace of sales and strategic initiatives with a robust gross margin profile, notably reducing the adjusted EBITDA loss of SKYX on a comparative quarterly basis. Our e-commerce platform with 60 websites is expected to continue to provide additional cash flow to the Company.

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced smart home and AI platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Forward-Looking Statements

Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with First-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions, including recent measures adopted by the federal government, on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Non-GAAP Financial Measures

Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.

Investor Relations Contact:

Jeff Ramson
PCG Advisory
[email protected]

Ronald A. Both
Encore Investor Relations
[email protected]

Dial-In Information:

SKYX Participating Members will Include:

Rani Kohen, Founder and Executive Chairman
Steve Schmidt, SKYX President, (Former CEO of Nielsen Data Corporation and former President of Office Depot International)
Lenny Sokolow, CEO
Marc Boisseau, CFO

SKYX Platforms – Q1 2026 Corporate Update Call

Date: Monday, May 11, 2026
Time: 4:30 p.m. Eastern Time
U.S./Canada Toll-Free: 1-877-407-0792
International: 1-201-689-8263

Call me™ Link for Instant Telephone Access:
https://callme.viavid.com/viavid/?callme=true&passcode=13760591&h=true&info=company&r=true&B=6

Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1762924&tp_key=b91980d74a

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A replay of the call will be available through June 11, 2026. To access the replay, please dial 1-844-512-2921 within the United States and Canada or 1-412-317-6671 internationally and enter Access ID 13760591.

A webcast replay will also be available at the following link:
https://viavid.webcasts.com/starthere.jsp?ei=1762924&tp_key=b91980d74a

Release – Direct Digital Holdings Reports First Quarter 2026 Financial Results

Posted on May 11, 2026May 11, 2026 by [email protected]

Research News and Market Data on DRCT

HOUSTON, May 11, 2026 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform operating through its companies Orange 142, LLC (“Orange 142”) and Colossus Media, LLC (“Colossus SSP”), today announced financial results for the first quarter ended March 31, 2026.

Mark D. Walker, Chairman and Chief Executive Officer, commented, “We remain focused on organically growing our sales pipeline by enhancing how we reach and support customers across a broader set of go‑to‑market channels. Alongside product innovation initiatives such as Ignition+, our sales teams are seeing encouraging engagement through expanded enterprise outreach, diversified combination of enterprise sales, inside and outside sales efforts, and new distribution and lead‑generation channels. This multi‑channel approach is broadening our reach, improving sales efficiency, and positioning us to drive more consistent, scalable growth over time.”

Keith Smith, President, commented, “With a more streamlined operating model and a clearer focus on our core strengths, we believe we are positioned to thoughtfully evaluate strategic opportunities that could complement our existing platform. While our primary focus remains execution and organic growth, we continually assess potential partnerships or acquisitions that align with our long‑term objectives and shareholder value creation.”

First Quarter 2026 Financial Results

Revenue of $6.7 million decreased 18% compared to $8.2 million in the first quarter of 2025. The decrease in revenue was driven primarily by a $2.0 million decrease in spending by demand side platform (“DSP”) customers during the first quarter of 2026.
Gross profit was $2.3 million, or 34% of revenue, compared to $2.4 million, or 29% of revenue, in the first quarter of 2025.
Operating expenses of $5.5 million decreased 13% compared to $6.3 million in the first quarter of 2025.
Operating loss was $3.3 million, compared to $3.9 million in the first quarter of 2025.
Net loss was $5.6 million compared to net loss of $5.9 million in the first quarter of 2025.
Adjusted EBITDA⁽¹⁾ loss improved to $2.6 million .in the first quarter of 2026 compared to a loss of $3.0 million in the first quarter of 2025.
As of March 31, 2026, the Company held cash and cash equivalents of $0.8 million compared to $0.7 million as of December 31, 2025.

Diana Diaz, Chief Financial Officer, commented, “We continue to manage the business with a strong emphasis on capital discipline, liquidity, and cost control as we navigate our next phase of execution. While our focus remains on operating performance and organic progress, we believe it is important to retain flexibility to evaluate strategic opportunities that are consistent with our long‑term objectives, provided they meet our financial and risk‑return thresholds.”

Conference Call and Webcast Details

Direct Digital Holdings will host a conference call on Monday, May 11, 2026, at 11:00 a.m. Eastern Time to discuss the Company’s first quarter 2026 financial results. The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/news-events/ir-calendar. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who cannot access the webcast, a replay will be available at https://ir.directdigitalholdings.com/.

⁽¹⁾	“Adjusted EBITDA” is a non-GAAP financial measure. The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures and provides reconciliations between historical GAAP and non-GAAP information contained in this press release.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws that are subject to certain risks, trends and uncertainties. We use words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the information described under the caption “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”) and subsequent periodic and or current reports filed with the Securities and Exchange Commission (the “SEC”).

The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions.

Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements. We believe these factors include, but are not limited to, the following: the ability to realize the benefit of our strategic shift to focusing on driving digital marketing spend among historical buyers of managed advertising campaigns and new enterprise customers; the restrictions and covenants imposed upon us by our credit facilities; the substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing; our ability to secure additional financing to meet our capital needs; our ability to maintain compliance with the listing standards of the Nasdaq Capital Market; any significant fluctuations caused by our high customer concentration; risks related to non-payment by our clients; reputational and other harms caused by our failure to detect advertising fraud; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; restrictions on the use of third-party “cookies,” mobile device IDs or other tracking technologies, which could diminish our platform’s effectiveness; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry’s technology and practices, and any perceived failure to comply with laws and industry self-regulation; our failure to manage our growth effectively; the difficulty in identifying and integrating any future acquisitions or strategic investments; any changes or developments in legislative, judicial, regulatory or cultural environments related to information collection, use and processing; challenges related to our clients that are destination marketing organizations and that operate as public/private partnerships; any strain on our resources or diversion of our management’s attention as a result of being a public company; the intense competition of the digital advertising industry and our ability to effectively compete against current and future competitors; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers’, suppliers’ or other partners’ computer systems; as a holding company, we depend on distributions from Direct Digital Holdings, LLC (“DDH LLC”) to pay our taxes, expenses (including payments under the Tax Receivable Agreement) and any amount of any dividends we may pay to the holders of our common stock; any failure by us to maintain or implement effective internal controls or to detect fraud; and other factors and assumptions discussed in our Form 10-K and subsequent periodic and current reports we may file with the SEC.

Should one or more of these risks or uncertainties materialize or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this press release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. New factors that could cause our business not to develop as we expect emerge from time to time, and it is not possible for us to predict all of them. Further, we cannot assess the impact of each currently known or new factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

About Direct Digital Holdings

Direct Digital Holdings (Nasdaq: DRCT) is an end-to-end, AI-powered advertising technology and media solutions provider. The Company combines advanced technology with award-winning media and marketing expertise to enhance reach and drive performance for brands, agencies, and publishers of all sizes. Through Orange 142, a leading digital marketing and advertising agency, the Company delivers customized, audience-focused campaigns that enable mid-market and enterprise companies to achieve measurable results across programmatic, search, social, CTV, influencer marketing, and more. The Company also provides curated access to premium digital media inventory through its proprietary media-buying platform. With expertise across high-growth sectors—including Energy, Higher Education, Travel & Tourism, and Financial Services—Direct Digital Holdings helps brands reach and engage audiences more effectively across the evolving digital media ecosystem.

View full release here.

Contacts:

Investors:
IMS Investor Relations
Walter Frank/Jennifer Belodeau
(203) 972-9200
[email protected]

SOURCE Direct Digital Holdings

Release – Snail, Inc. Sets First Quarter 2026 Conference Call for Wednesday, May 13, 2026 at 4:30 p.m. ET

Posted on May 11, 2026May 11, 2026 by [email protected]

Research News and Market Data on SNAL

May 11, 2026 at 8:30 AM EDT

PDF Version

CULVER CITY, Calif., May 11, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, will hold a conference call and webcast on Wednesday, May 13, 2026 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2026.

Snail, Inc. management will host the conference call and webcast, followed by a question-and-answer period. Participants may listen to the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.

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/.

Investor Contact:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
[email protected]