Name: US Earnings Financial Results SEC Filings — August 03, 2026
Creator: Gunpowder
Published: 2026-08-04T01:04:49.608Z
License: https://www.gunpowderalerts.com/terms

50 high priority 50 total filings analysed

Executive Summary

The 50 filings for the period ending August 3, 2026, reveal a market characterized by sharp divergence: a handful of industrial and tech companies (Advanced Energy, Boston Scientific, Electronic Arts) are delivering strong operational leverage and margin expansion, while a larger cohort is experiencing margin compression from rising costs (labor, fuel, interest) despite modest revenue growth.

The most significant portfolio-level trend is a surge in non-cash charges (impairments, deconsolidation gains/losses, digital asset revaluations) that are distorting reported net income, making operating cash flow and adjusted metrics more critical than ever. Insider activity is notably absent across the majority of filings, but capital allocation patterns are stark: aggressive share buybacks at Boston Scientific and Marriott are draining cash, while several small-cap biotechs and pre-revenue explorers are burning through cash reserves. The most critical development is the substantial doubt about EchoStar's subsidiaries' ability to continue as a going concern, a high-risk flag for the telecom sector. Overall, the market is rewarding companies with pricing power and cost control, while punishing those with high fixed costs or exposure to volatile input prices.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-Q

Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from July 31, 2026.

Investment Signals (12)

Advanced Energy Industries ↓ (BULLISH)
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Revenue surged 30% YoY, gross margins expanded 410 bps to 41.1%, and net income more than doubled. The company also raised $1.15B in convertible notes, signaling confidence in growth.
Boston Scientific ↓ (BULLISH)
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Net sales grew 7.5% YoY, but net income attributable to common stockholders rose 13.8% in Q2 and 52.8% in H1, driven by a 300 bps improvement in gross margins to 70.7%. However, aggressive $2B in share repurchases drained cash.
Electronic Arts ↓ (BULLISH)
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Net revenue increased 18.9% YoY, net income nearly doubled, and operating income surged 89.3%. Gross margins improved to 86.2% from 83.3%, demonstrating strong pricing power in digital gaming.
Krystal Biotech ↓ (BULLISH)
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Product revenue grew 24% YoY, driven by new international sales (Europe and Japan) contributing $27.6M in Q2 with no prior-year base. Net income rose 43% YoY, and the company achieved H1 profitability.
Norwegian Cruise Line Holdings ↓
▲

Net income surged 642% YoY in Q2, swinging from a loss to a profit, driven by a 12.6% increase in onboard revenue. However, fuel expenses rose 39.4%, outpacing revenue growth, a key risk. [BULLISH/BEARISH MIX]
Crawford & Co ↓ (BULLISH)
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Net income attributable to shareholders rose 72.8% YoY in Q2, driven by lower SG&A and interest costs, despite a 1.4% decline in total revenues. The company also repurchased $9M in stock, a new activity.
Loews Corp ↓ (BULLISH)
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Net income attributable to the company rose 13.6% YoY in Q2, driven by higher insurance premiums and investment income. The company continued share repurchases ($148M in Q2), signaling management confidence.
AbbVie Inc. ↓
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Net earnings surged 285% YoY in Q2, with diluted EPS jumping to $2.03 from $0.52. However, the company's accumulated deficit deepened to $(17.3)B, driven by $6.1B in dividend payments and $1.5B in treasury stock purchases. [BULLISH/BEARISH MIX]
Marriott International ↓
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Net fee revenues grew 12.8% YoY, with franchise fees up 18.9%. However, operating income declined slightly, and the company's stockholders' deficit worsened to $4.5B due to $1.8B in treasury stock purchases. [BULLISH/BEARISH MIX]
Progressive Corp ↓ (BEARISH)
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Net income rose 4.3% YoY in Q2, but net unrealized losses on fixed-maturity securities worsened 927% to $832M, and debt increased 21.6% YoY. Operating cash flow also declined.
Jazz Pharmaceuticals ↓ (BULLISH)
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Swung to a net income of $192.8M in Q2 from a $718.5M loss, driven by a 15.6% revenue increase and the absence of a large prior-year IPR&D charge. The company also booked a $122.8M gain on sale of a priority review voucher.
V2X, Inc. ↓ (BULLISH)
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Total revenue grew 16.5% YoY, and performance obligations increased 10.5% to $3.73B, providing strong forward visibility. However, firm-fixed-price revenue declined, and subcontractor revenue fell 28.5%.

Risk Flags (10)

EchoStar/Going Concern↓ [HIGH RISK]
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Recognized a $9.73B deconsolidation gain, but disclosed that certain subsidiaries lack sufficient cash or committed financing to fund obligations over the next twelve months, raising substantial doubt about their ability to continue as a going concern. Cash dropped to $440M from $1.88B.
American Bitcoin Corp/Non-Cash Losses↓ [HIGH RISK]
▼

Revenue more than doubled, but the company posted a net loss of $138.9M in H1, driven by a $188.4M non-cash loss on digital assets. This masks the underlying operational performance and creates extreme earnings volatility.
Sabra Health Care REIT/Loan Loss Provision↓ [HIGH RISK]
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Total revenues grew 24.7% YoY, but the company recorded a $102.4M provision for loan losses, swinging to a net loss of $25.2M from a profit of $65.5M. Loans receivable dropped 73.5%, indicating severe credit deterioration.
Supernus Pharmaceuticals/Impairment Charge↓ [HIGH RISK]
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Total revenues grew 32.4% YoY, but the company swung to a net loss of $58.4M due to a $54.9M intangible asset impairment charge. This suggests prior acquisitions may not be delivering expected value.
CNH Industrial/Cash Flow Deterioration↓ [HIGH RISK]
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Net income fell 35% YoY, but operating cash flow collapsed 80.7% in H1 to $180M from $934M, driven by a $436M inventory build. The dividend was also cut 60% to $0.10 per share.
Alexander Tech Corp/Zero Revenue↓ [HIGH RISK]
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For the third consecutive quarter, the company reported zero revenue and a widening net loss. Cash declined to $3,096, and the accumulated deficit grew to $845,521, signaling a high risk of insolvency.
Eva Live Inc/Collection Risk↓ [HIGH RISK]
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Revenue grew modestly, but accounts receivable aging shows $18.4M in the 91+ days bucket, indicating significant collection risk. The company also recognized a $4.6M derivative liability on a convertible note.
Keros Therapeutics/Revenue Collapse↓ [HIGH RISK]
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Total revenue collapsed to $0.4M in H1 2026 from $229.4M, reflecting the absence of one-time license revenue. The company swung to a net loss of $52.4M from a $117.8M profit, and cash burn is accelerating.
Stoke Therapeutics/Cash Burn Acceleration↓ [HIGH RISK]
▼

Revenue fell 32.5% YoY, and the net loss widened to $61.6M in Q2. Operating cash flow swung from positive $106.4M to negative $117.2M in H1, a dramatic increase in cash burn.
Ocular Therapeutix/Cash Burn↓ [HIGH RISK]
▼

Product revenue was flat YoY, but net loss widened to $78.8M in Q2. Cash and cash equivalents fell 19% to $598.6M, with operating cash burn of $133.3M in H1, suggesting a need for future capital raises.

Opportunities (10)

Advanced Energy Industries/Convertible Note Arbitrage↓ (OPPORTUNITY)
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The company issued $1.15B of 0.0% convertible notes due 2031, providing a massive capital infusion. The stock's strong operational performance (30% revenue growth, margin expansion) could drive upside, while the zero-coupon structure limits dilution risk.
Krystal Biotech/International Expansion↓ (OPPORTUNITY)
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Product revenue grew 24% YoY, entirely driven by new international sales in Europe and Japan ($27.6M in Q2). With no prior-year base, this represents a pure growth catalyst that could accelerate as global distribution expands.
Boston Scientific/Margin Expansion↓ (OPPORTUNITY)
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Gross margins improved 300 bps to 70.7%, and net income rose 52.8% in H1. The company's aggressive $2B share repurchase program, while draining cash, signals strong management confidence and could provide a floor for the stock.
Electronic Arts/Operating Leverage↓ (OPPORTUNITY)
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Net revenue grew 18.9% YoY, but operating income surged 89.3%, demonstrating significant operating leverage. With gross margins at 86.2% and a strong cash position ($2.3B), the company is well-positioned for further margin expansion.
V2X, Inc./Government Contract Backlog↓ (OPPORTUNITY)
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Performance obligations grew 10.5% to $3.73B, providing strong forward revenue visibility. The company's 16.5% revenue growth, driven by cost-plus contracts, suggests a favorable government spending environment.
Crawford & Co/Cost Control Turnaround↓ (OPPORTUNITY)
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Despite a 1.4% revenue decline, net income rose 72.8% YoY, driven by lower SG&A and interest costs. The company also initiated a $9M share repurchase program, signaling a focus on shareholder returns.
Jazz Pharmaceuticals/Voucher Monetization↓ (OPPORTUNITY)
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The company booked a $122.8M gain on the sale of a priority review voucher, with proceeds of $200M. This non-recurring item provides a significant cash infusion and demonstrates the value of the company's pipeline assets.
Seaport Therapeutics/IPO Cash Infusion↓ (OPPORTUNITY)
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The company completed its IPO, raising $239.3M in net proceeds and converting all preferred stock to common. This transformed the balance sheet from a $92.5M deficit to $422.6M in equity, providing a multi-year runway for pipeline development.
CRISPR Therapeutics/Reduced Losses↓ (OPPORTUNITY)
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Net loss narrowed significantly to $91.2M in Q2 from $208.5M, driven by the recognition of $10M in collaboration revenue and a sharp decline in acquired IPR&D expenses. The company also raised $600M in notes, strengthening its balance sheet.
Regency Centers LP/Stable Income Growth↓ (OPPORTUNITY)
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Total revenues grew 8.6% YoY, and net income attributable to common shareholders rose 9.5% in Q2. The company issued $447.2M in fixed-rate unsecured notes, locking in low rates for future growth.

Sector Themes (6)

Margin Divergence in Industrials
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Advanced Energy (410 bps margin expansion) and Boston Scientific (300 bps) are outperforming, while CNH Industrial (cash flow collapse, dividend cut) and Douglas Dynamics (flat net income despite revenue growth) are struggling. The key differentiator is pricing power and cost control in a high-inflation environment.
Biotech Cash Burn vs. IPO Infusion
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A clear divide is emerging between cash-rich post-IPO companies (Seaport Therapeutics raised $239M, CRISPR raised $600M) and pre-revenue/biotech companies burning through cash (Stoke Therapeutics, Ocular Therapeutix, Keros Therapeutics). The latter group may require dilutive capital raises within 12-18 months.
Travel & Leisure Recovery, but Cost Pressures Loom
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Norwegian Cruise Line and NCL Corp both swung to profitability, but fuel expenses surged 39.4% YoY, outpacing revenue growth. This suggests that while demand is recovering, margin expansion may be limited by input cost inflation.
Financial Sector: Net Interest Income Improves, but Credit Concerns Rise
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Banks like FB Financial and Shore Bancshares saw strong net interest income growth, but provisions for credit losses are increasing (FB Financial: $9.7M vs. a reversal of $1.1M). Meanwhile, Progressive Corp reported a 927% increase in unrealized losses on fixed-maturity securities, signaling interest rate risk.
Real Estate: Revenue Growth Masked by Impairments
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Alexandria Real Estate and Sabra Health Care REIT both reported revenue growth but were hit by large impairment charges (Alexandria: $222.5M; Sabra: $102.4M loan loss provision). This suggests underlying asset values may be under pressure despite top-line growth.
Capital Allocation: Buybacks vs. Dividends
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A split is emerging: Boston Scientific ($2B buybacks) and Marriott ($1.8B buybacks) are aggressively returning capital to shareholders, while CNH Industrial cut its dividend by 60% and AbbVie's massive dividend payments ($6.1B) are deepening its accumulated deficit. Investors should favor companies with sustainable payout ratios.

Watch List (8)

EchoStar/Earnings Call↓
👁

The company's disclosure of substantial doubt about its subsidiaries' ability to continue as a going concern is a critical event. The next earnings call will be key for management to address liquidity concerns and the path forward. [Date: TBD]
American Bitcoin Corp/Digital Asset Volatility↓
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The company's earnings are heavily distorted by non-cash losses on digital assets. Any significant move in Bitcoin prices could trigger large gains or losses, making the stock highly volatile. [Ongoing]
Sabra Health Care REIT/Loan Portfolio↓
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The $102.4M provision for loan losses and 73.5% drop in loans receivable suggest severe credit issues. Watch for further provisions or defaults in the coming quarters. [Next Filing: Q3 2026]
Seaport Therapeutics/Pipeline Milestones↓
👁

With a strong cash position post-IPO, the company's R&D spending is ramping up (83.5% increase). Watch for clinical trial data readouts that could validate the pipeline and drive stock performance. [Date: TBD]
Krystal Biotech/International Revenue Growth↓
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The company's new international sales in Europe and Japan are a key growth driver. Watch for expansion into additional markets and the sustainability of this revenue stream. [Next Filing: Q3 2026]
Advanced Energy Industries/Convertible Note Dilution↓
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The $1.15B convertible note issuance could lead to dilution if the stock price appreciates. Watch for any early conversion activity or hedging unwinds. [Ongoing]
Norwegian Cruise Line Holdings/Fuel Costs↓
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Fuel expenses surged 39.4% YoY, significantly outpacing revenue growth. Watch for hedging updates and any guidance on fuel cost mitigation strategies. [Next Filing: Q3 2026]
Boston Scientific/Cash Position↓
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Cash and cash equivalents declined sharply from $1.97B to $539M due to $2B in share repurchases. Watch for any slowdown in buyback activity or a need to access capital markets. [Next Filing: Q3 2026]

Filing Analyses (50)

CNH Industrial N.V. 10-Q mixed materiality 8/10

03-08-2026

CNH Industrial N.V. reported Q2 2026 net income of $138M, down 35% YoY from $213M, and H1 2026 net income of $145M, down 58% YoY from $344M, driven by higher costs and lower finance income. Total revenues grew modestly (Q2 +2% YoY to $4,803M; H1 +1% YoY to $8,629M), with Construction segment revenue up 12% YoY in Q2, while Agriculture revenue was nearly flat. Operating cash flow fell sharply to $180M in H1 2026 from $934M in H1 2025, and cash dividends per share were cut to $0.10 from $0.25.

· Restructuring and other transformation expenses increased to $27M in Q2 2026 from $5M in Q2 2025, and to $31M in H1 2026 from $11M in H1 2025.
· Inventories increased to $5,171M as of June 30, 2026 from $4,651M at December 31, 2025, contributing to a $436M cash outflow in H1 2026.
· Total debt decreased to $25,966M as of June 30, 2026 from $26,762M at December 31, 2025.
· Cash and cash equivalents declined to $1,868M as of June 30, 2026 from $2,578M at December 31, 2025.
· Total equity increased slightly to $7,794M as of June 30, 2026 from $7,772M at December 31, 2025.
· Finance, interest and other income declined to $660M in Q2 2026 from $690M in Q2 2025, and to $1,316M in H1 2026 from $1,346M in H1 2025.
· Selling, general and administrative expenses increased to $494M in Q2 2026 from $478M in Q2 2025, and to $959M in H1 2026 from $864M in H1 2025.
· Research and development expenses increased to $230M in Q2 2026 from $218M in Q2 2025, and to $462M in H1 2026 from $402M in H1 2025.

Backblaze, Inc. 10-Q mixed materiality 8/10

03-08-2026

Backblaze, Inc. reported Q2 2026 revenue of $42.7M, up 17.7% YoY from $36.3M, and a net loss of $5.1M, improved from a $7.1M loss in Q2 2025. For the first half of 2026, revenue grew 14.8% to $81.4M, while net loss narrowed to $11.2M from $16.4M. However, operating expenses rose 5.9% in Q2, and the company continued to generate negative GAAP net income, though cash from operations improved to $13.8M in H1 2026 from $8.5M a year earlier.

· Gross profit for Q2 2026 was $26.8M (62.8% margin) vs $23.0M (63.5% margin) in Q2 2025.
· Capitalized internal-use software costs were $5.2M in H1 2026, up from $4.2M in H1 2025.
· Depreciation and amortization was $13.8M in H1 2026, up from $13.2M in H1 2025.
· Accounts receivable increased to $5.3M as of June 30, 2026 from $3.5M at year-end 2025.
· Deferred revenue (current) was $30.4M, essentially flat vs $30.5M at year-end 2025.
· The company repurchased $1.4M of treasury stock in H1 2026 (314,265 shares).
· Stock-based compensation totaled $16.1M in H1 2026, up from $14.7M in H1 2025.
· Cash paid for interest was $2.4M in H1 2026 vs $1.7M in H1 2025.
· Net loss per share improved to $(0.08) in Q2 2026 from $(0.13) in Q2 2025.

CRISPR Therapeutics AG 10-Q mixed materiality 8/10

03-08-2026

CRISPR Therapeutics reported a net loss of $91.2M for Q2 2026, significantly narrowing from a $208.5M loss in Q2 2025, driven by the recognition of $10.0M in collaboration revenue (vs. $0 in Q2 2025) and a sharp decline in acquired in-process R&D expenses ($2.5M vs. $96.3M). However, operating expenses remained high at $127.5M, and the company's accumulated deficit grew to $2.16B. The balance sheet was bolstered by $600M in proceeds from a note issuance, increasing total assets to $2.65B, though long-term debt rose to $586.2M from zero.

· Cash and cash equivalents decreased from $347.6M (Dec 31, 2025) to $291.3M (Jun 30, 2026).
· Marketable securities increased from $1.63B to $2.07B over the same period.
· Net cash used in operating activities was $192.4M for H1 2026 vs $167.8M for H1 2025, a 14.7% increase in cash burn.
· The company issued $600M in notes (long-term debt) during H1 2026, with $14.7M in issuance costs.
· Grant revenue declined from $0.9M (Q2 2025) to $0.2M (Q2 2026), an 80% drop.
· Other comprehensive loss was $2.7M in Q2 2026 vs a loss of $0.2M in Q2 2025, driven by unrealized losses on marketable securities.
· The company holds $10.4M in corporate equity securities (fair value) as of Jun 30, 2026, down from $16.4M at Dec 31, 2025.

CRAWFORD & CO 10-Q mixed materiality 8/10

03-08-2026

Crawford & Company reported a strong Q2 2026 with net income attributable to shareholders rising 72.8% YoY to $13.4M, driven by lower SG&A expenses and reduced interest costs. However, total revenues declined 1.4% YoY to $330.0M, with revenues before reimbursements slipping 0.5% to $321.4M. For the first half of 2026, net income attributable to shareholders increased 26.9% to $18.4M, while total revenues fell 1.2% to $650.2M. The company also recorded a $1.3M loss on business dispositions and a $2.3M software impairment charge.

· Diluted EPS for Class A and Class B common stock was $0.27 and $0.28 respectively for Q2 2026, compared to $0.16 for both classes in Q2 2025.
· Total assets decreased to $758.3M as of June 30, 2026 from $764.3M at December 31, 2025.
· The company repurchased $9.0M of common stock in H1 2026, with no such repurchases in H1 2025.
· Cash dividends paid increased to $7.3M in H1 2026 from $6.9M in H1 2025.
· Net cash used in investing activities improved to $9.7M in H1 2026 from $18.3M in H1 2025, partly due to $5.6M in proceeds from business dispositions.
· Short-term borrowings rose to $47.5M at June 30, 2026 from $38.5M at December 31, 2025.
· Accumulated other comprehensive loss improved to $(191.2)M from $(201.7)M at year-end 2025.

Easterly Government Properties, Inc. 10-Q mixed materiality 7/10

03-08-2026

Easterly Government Properties reported total revenues of $92.4M for Q2 2026, up from $84.2M in Q2 2025, driven by rental income growth. Net income available to shareholders declined to $3.1M from $4.1M, a 24% drop, and EPS fell to $0.06 from $0.09, while the dividend remained flat at $0.45 per share.

· Total assets grew to $3.42B from $3.38B at year-end 2025.
· Cash and cash equivalents fell sharply to $3.3M from $23.4M at December 31, 2025.
· Interest expense increased to $20.4M from $19.0M YoY in Q2.
· Acquisition costs rose to $553,000 in Q2 2026 from $362,000 in Q2 2025.
· Corporate general and administrative expenses increased to $9.0M from $6.8M YoY in Q2.

ADVANCED ENERGY INDUSTRIES INC 10-Q positive materiality 9/10

03-08-2026

Advanced Energy Industries (AEIS) reported strong Q2 2026 results with net revenue of $574.1M, up 30% YoY from $441.5M, and net income of $54.1M versus $25.2M in the prior year quarter. Operating income surged to $95.1M from $31.6M, driven by improved gross margins (41.1% vs 37.0%). However, the company recorded a $31.8M loss on induced conversion of debt related to the refinancing of its 2028 Notes, and cash used in operations increased significantly due to working capital build.

· The company issued $1,150.0M of 0.0% Convertible Notes due 2031, receiving net proceeds of $1,129.3M, and used $440.5M to induce conversion of the 2.5% Convertible Notes due 2028.
· Premiums paid for Capped Call on the 2031 Notes totaled $69.0M, and proceeds from the unwind of Note Hedges and Warrants on the 2028 Notes were $44.6M.
· Cash and cash equivalents surged 76.5% to $1,396.5M at June 30, 2026 from $791.2M at December 31, 2025, largely due to the debt issuance.
· Total debt (current + long-term) increased to $1,264.2M from $567.5M, reflecting the new 2031 Notes partially offset by the conversion of the 2028 Notes.
· Accounts receivable increased 24.1% to $403.6M and inventories rose 30.9% to $538.1M from year-end 2025, contributing to a working capital cash outflow.
· Capital expenditures more than doubled to $86.1M in H1 2026 from $42.0M in H1 2025, indicating significant investment in property and equipment.
· Share repurchases dropped sharply to $0.5M in H1 2026 from $23.7M in H1 2025, a 97.9% decrease.
· The company maintained its quarterly dividend of $0.10 per share, with total dividend payments of $7.9M in H1 2026.
· Intangible assets net carrying amount decreased 8.9% to $107.2M due to amortization.
· Accrued payroll and employee benefits declined 24.9% to $69.8M from $93.0M at year-end 2025.
· Loss from discontinued operations widened to $0.9M in H1 2026 from $0.5M in H1 2025.

CNA FINANCIAL CORP 10-Q mixed materiality 8/10

03-08-2026

CNA Financial Corp reported mixed results for Q2 2026. Net income rose 7.4% YoY to $321M in Q2, driven by higher net earned premiums and net investment income, partially offset by a re-measurement loss on insurance claims. However, for the first six months of 2026, net income declined 7.2% to $532M from $573M in the prior year period, as higher claims and expenses outpaced revenue growth. Total comprehensive income fell sharply in both periods, reflecting significant volatility in other comprehensive income.

· Insurance claims and policyholders' benefits included a re-measurement loss of $25M in Q2 2026 (vs $15M in Q2 2025) and $44M in H1 2026 (vs $23M in H1 2025).
· Non-insurance warranty revenue declined 7.8% YoY in Q2 and 6.8% YoY in H1.
· Net investment losses improved to $5M in Q2 2026 from $46M in Q2 2025.
· Total stockholders' equity decreased 3.7% from $11,621M at Dec 31, 2025 to $11,186M at June 30, 2026.
· Accumulated other comprehensive loss widened from $1,098M to $1,216M.
· Cash flow from operations decreased 13.2% to $1,042M in H1 2026 from $1,200M in H1 2025.
· Dividends paid increased to $812M in H1 2026 from $798M in H1 2025.
· The company repurchased $36M of treasury stock in H1 2026.

Eva Live Inc 10-Q mixed materiality 8/10

03-08-2026

Eva Live Inc (GOAI) reported a net loss of $10.3M for the first half of 2026, swinging from a $4.6M net profit in the same period last year, driven by a surge in operating expenses to $18.1M (from $3.2M). Revenue grew modestly 3.7% to $8.1M, but the company's cash position improved to $2.2M from $0.2M at year-end 2025, supported by $7.6M in financing activities including a $7.0M convertible note. However, the accumulated deficit widened to $30.7M and operating cash flow was negative $5.2M.

· Accounts receivable aging shows $18.4M in the 91+ days bucket, indicating significant collection risk.
· Stock-based compensation of $8.0M and shares issued for services of $3.3M were major non-cash expenses.
· Derivative liability of $4.6M was recognized upon issuance of the senior secured convertible note.
· Media traffic purchase expense more than doubled to $6.8M (from $2.5M) in the six-month period.
· General and administrative expenses surged to $11.3M from $0.7M, largely due to stock-based compensation.
· The company issued 4.0M shares to the CEO via option exercise at $0.10 per share.
· Total liabilities increased to $7.3M from $6.6M, while stockholders' equity improved to $17.1M from $9.7M.

EchoStar CORP 10-Q mixed materiality 9/10

03-08-2026

EchoStar reported a dramatic turnaround for Q2 2026, swinging to net income of $8.46B from a net loss of $306M in Q2 2025, driven primarily by a $9.73B deconsolidation gain. Total revenue declined 4.0% YoY to $3.58B, with service revenue falling 6.7% to $3.30B. However, operating income improved to $513M from a loss of $213M, and the company's accumulated deficit flipped to positive $5.44B from negative $2.88B at year-end 2025. Cash and cash equivalents dropped sharply to $440M from $1.88B, and the company disclosed that certain subsidiaries lack sufficient cash or committed financing to fund obligations over the next twelve months, raising substantial doubt about their ability to continue as a going concern.

· The company recognized a $9.73B deconsolidation gain in Q2 2026.
· Interest expense increased 82.4% YoY to $509M in Q2 2026 from $279M in Q2 2025.
· Depreciation and amortization decreased 65.4% YoY to $171M from $493M.
· Current portion of debt, finance lease and other obligations fell to $1.45B from $7.32B at year-end 2025.
· Deferred tax liabilities increased to $3.41B from $599M at year-end 2025.
· Trade accounts receivable decreased to $906M from $1.27B.
· Accrued programming dropped to $0 from $1.22B at year-end 2025.
· Operating lease liabilities decreased to $120M from $4.14B at year-end 2025.
· Regulatory authorizations held for sale, net of $16.82B were classified as current assets as of Jun 30, 2026 (none at year-end 2025).
· Certain subsidiaries do not have necessary cash, projected future cash flows or committed financing to fund obligations over the next twelve months, raising substantial doubt about their ability to continue as a going concern.
· The timing and closing of the SpaceX Transactions are subject to conditions outside the company's control.

Nextpower Inc. 10-Q mixed materiality 8/10

03-08-2026

Nextpower Inc. reported Q1 FY2027 revenue of $935.17M, up 8.2% YoY from $864.25M, and net income of $165.36M, up 5.2% from $157.18M. Gross profit rose 19.2% to $335.85M, but operating income grew only 2.5% to $190.91M due to a 35.8% surge in SG&A and a 106.4% jump in R&D. Cash flow from operations improved to $121.06M from $81.32M, while cash and equivalents increased to $1.21B.

· Revenue recognized over time was $839.20M (89.7% of total) vs $847.29M in prior year; point-in-time revenue surged to $95.97M from $16.96M.
· Cash used in investing activities was $21.90M, including $15.90M for property and equipment; prior year included $86.41M for business acquisitions.
· Financing activities provided $19.76M, driven by $26.01M option exercises, partially offset by $6.25M deferred purchase price payment.
· Stock-based compensation expense rose to $29.64M from $22.31M.
· Accumulated deficit improved to $(1.81B) from $(1.97B) at March 31, 2026.
· Total assets increased to $4.26B from $4.07B, while total liabilities decreased to $1.71B from $1.74B.

AVISTA CORP 10-Q mixed materiality 7/10

03-08-2026

Avista Corp reported net income of $35M for Q2 2026 (up from $14M in Q2 2025) and $127M for H1 2026 (up from $93M in H1 2025), driven by strong equity method earnings and lower resource costs. However, total operating revenues for H1 2026 declined 4.4% to $983M from $1,028M in H1 2025, and income from operations fell 5.3% in Q2 2026 to $54M from $57M in Q2 2025, reflecting higher other operating expenses and interest costs.

· Depreciation and amortization for H1 2026 was $135M, down from $143M in H1 2025.
· Income tax expense for H1 2026 was $19M, up from $13M in H1 2025.
· Cash and cash equivalents were $25M as of June 30, 2026, up from $19M at December 31, 2025.
· Accounts receivable decreased to $153M at June 30, 2026 from $220M at December 31, 2025.
· Inventory increased to $264M at June 30, 2026 from $236M at December 31, 2025.
· Total current liabilities decreased to $650M at June 30, 2026 from $878M at December 31, 2025, primarily due to a reduction in short-term borrowings.
· Dividends declared per common share were $0.985 for H1 2026, up from $0.980 for H1 2025.
· Net cash used in investing activities was $334M for H1 2026, compared to $248M for H1 2025, driven by higher capital expenditures.
· Proceeds from issuance of common stock, net of issuance costs, were $58M in H1 2026, up from $35M in H1 2025.

Bowhead Specialty Holdings Inc. 10-Q mixed materiality 8/10

03-08-2026

Bowhead Specialty Holdings Inc. reported strong financial results for Q2 2026, with net income rising 30.8% YoY to $16.1M and total revenues increasing 22.9% to $163.9M, driven by robust premium growth and higher net investment income. However, the company experienced a significant decline in comprehensive income due to unrealized investment losses, and cash and cash equivalents decreased sharply from $193.5M to $141.7M during the first half of the year.

· Net realized investment losses remained minimal at $11K in Q2 2026 (same as Q2 2025) and $32K in H1 2026 (vs $15K in H1 2025).
· Operating expenses increased only 2.1% YoY in Q2 2026 to $26.4M, while net acquisition costs rose 43.3% to $15.8M.
· Interest expense and financing fees surged from $261K in Q2 2025 to $3.3M in Q2 2026, reflecting new debt.
· The reserve for losses and loss adjustment expenses grew 16.7% from $1.13B at year-end 2025 to $1.32B at June 30, 2026.
· Net cash provided by operating activities was $159.3M in H1 2026, up slightly from $156.7M in H1 2025.
· The company had $989.98M in restricted assets as of June 30, 2026, up from $879.07M at December 31, 2025.
· Stockholders' equity increased 5.4% from $448.3M to $472.4M during H1 2026.
· Debt remained nearly flat at $146.6M as of June 30, 2026 vs $146.4M at year-end 2025.

American Bitcoin Corp. 10-Q mixed materiality 8/10

03-08-2026

American Bitcoin Corp. (ABTC) reported a net loss of $57.2 million for Q2 2026, reversing a $3.4 million profit in Q2 2025, while revenue more than doubled to $67.0 million. For the first half of 2026, the company posted a net loss of $138.9 million (up from a $97.2 million loss in H1 2025) despite revenue tripling to $129.1 million. The widening losses were driven by a $188.4 million non-cash loss on digital assets in H1, overshadowing strong top-line growth.

· Total assets increased 5% to $1,309.4 million as of June 30, 2026, compared to $1,246.5 million at year-end 2025.
· Total liabilities rose to $637.4 million from $580.7 million at December 31, 2025.
· Stockholders' equity increased slightly to $672.1 million from $665.8 million.
· Cash decreased 91% year-over-year to $18.4 million as of June 30, 2026, from $205.9 million a year earlier, though it grew from $3.8 million at December 31, 2025.
· The company raised $144.1 million through an at-the-market offering in H1 2026.
· H1 2026 cash used in operating activities was $63.8 million, compared to $44.0 million in H1 2025.
· H1 2026 investing activities used $65.8 million in cash vs. providing $6.0 million in H1 2025, mainly due to $65.3 million in purchases of digital assets.
· Accumulated deficit more than tripled to $191.5 million from $52.5 million at year-end 2025.
· Revenue was entirely generated in the United States in 2026; Canada contributed $2.0 million in H1 2025 but zero in H1 2026.

ALEXANDER TECH CORP 10-Q negative materiality 3/10

03-08-2026

Alexander Tech Corp filed its 10-Q for the quarter ended July 31, 2025, reporting no revenue and a net loss of $21,533, which more than doubled from a $10,900 loss in the same quarter last year. The company's accumulated deficit widened to $832,384, and total liabilities increased to $388,999, primarily due to a surge in accounts payable and accrued liabilities from $615 to $9,873. Cash remained nearly flat at $10,831, with operations consuming $12,275 in cash during the quarter.

· The company had no revenue in either the current or prior-year quarter.
· Net loss per share (basic and diluted) was $(0.08) in Q2 FY26 vs $(0.04) in Q2 FY25.
· Accounts payable and accrued liabilities surged from $615 to $9,873, a 1,505% increase.
· Due to related party increased slightly from $324,875 to $337,125.
· Stockholders' deficit worsened from $(356,635) to $(378,168).
· The company had no interest or income tax payments in either period.

BOSTON SCIENTIFIC CORP 10-Q positive materiality 9/10

03-08-2026

Boston Scientific reported strong financial results for Q2 and H1 2026, with net sales increasing 7.5% YoY to $5,442M in Q2 and 9.5% to $10,646M in H1. Net income attributable to common stockholders rose 13.8% to $907M in Q2 and 52.8% to $2,247M in H1. However, cash and cash equivalents declined sharply from $1,965M at year-end 2025 to $539M at June 30, 2026, driven by $2,000M in share repurchases and $2,547M in investing activities, including $1,730M for investments and technology acquisitions.

· Gross profit margin improved to 70.7% in Q2 2026 from 67.7% in Q2 2025.
· Selling, general and administrative expenses increased 5.1% to $1,803M in Q2 2026.
· Research and development expenses rose 5.3% to $554M in Q2 2026.
· Intangible asset impairment charges were zero in 2026 vs $46M in Q2 2025.
· Restructuring net charges decreased sharply from $83M to $8M in Q2 2026.
· Litigation-related net charges of $76M were recorded in Q2 2026 vs zero in prior year.
· Cash provided by operating activities was nearly flat at $1,822M in H1 2026 vs $1,827M in H1 2025.
· Total assets increased to $45,216M as of June 30, 2026 from $43,673M at year-end 2025.
· Total debt (current + long-term) was $12,624M as of June 30, 2026.
· The company acquired Nalu Medical for $588M, including $274M in goodwill and $262M in amortizable intangible assets.

ALEXANDER TECH CORP 10-Q negative materiality 8/10

03-08-2026

Alexander Tech Corp filed its 10-Q for the quarter ended October 31, 2025, reporting no revenue for both the three and six-month periods. The company posted a net loss of $13,137 for the quarter, an improvement from the $15,710 loss in the same quarter last year, but the six-month loss widened to $34,670 from $26,610. Total liabilities increased to $401,401 from $367,491, while cash decreased to $10,096 from $10,856, and the accumulated deficit grew to $845,521, resulting in a stockholders' deficit of $391,305.

· No revenue generated in any period reported.
· General and administrative expenses were $13,250 for the quarter (vs $15,710 in prior year) and $35,398 for the six months (vs $26,610 in prior year, which was a positive number indicating income).
· Other income of $113 in the quarter and $728 in the six months (none in prior year).
· Net cash used in operating activities improved to $21,010 from $25,429 in the prior six-month period.
· Financing activities provided $20,250 in net cash, down from $25,280 in the prior period.
· Due to related party increased to $345,125 from $324,875.
· Accounts payable and accrued liabilities surged to $14,275 from $615.
· No interest or income taxes paid.

SUPERNUS PHARMACEUTICALS, INC. 10-Q mixed materiality 8/10

03-08-2026

Supernus Pharmaceuticals reported total revenues of $219.1M for Q2 2026, up 32.4% YoY from $165.5M, driven by new collaboration revenue from ZURZUVAE ($35.4M) and higher royalty/licensing income. However, the company swung to a net loss of $58.4M in Q2 2026 versus net income of $22.5M in Q2 2025, primarily due to a $54.9M intangible asset impairment charge and a 43% increase in SG&A expenses. For the six-month period, net loss was $60.7M compared to net income of $10.7M in the prior year.

· The company recorded a $54.9M intangible asset impairment charge in Q2 2026, contributing to the net loss.
· Contingent consideration loss of $2.4M in H1 2026 (vs $7.7M in H1 2025) related to the Sage acquisition.
· Cash and cash equivalents increased to $180.0M as of June 30, 2026 from $128.4M at year-end 2025.
· Total assets decreased 1.7% from $1.45B to $1.43B during H1 2026.
· Goodwill decreased from $124.9M to $119.4M during H1 2026.
· Accrued product returns and rebates increased 23.4% from $161.1M to $198.8M during H1 2026.
· Share-based compensation expense was $17.1M in H1 2026, up from $15.6M in H1 2025.
· The company paid $22.2M in contingent consideration in H1 2026 (operating) and $11.2M (financing).
· Cash paid for income taxes was only $0.5M in H1 2026 vs $12.7M in H1 2025.
· Diluted EPS was ($1.05) for H1 2026 vs $0.19 for H1 2025.

Krystal Biotech, Inc. 10-Q positive materiality 8/10

03-08-2026

Krystal Biotech reported strong Q2 2026 results with product revenue up 24% YoY to $119.2M, driven by new international sales in Europe and Japan. Net income rose 43% YoY to $54.8M, and the company achieved profitability for the first half of the year. However, cash and cash equivalents declined 14% from year-end due to increased investment purchases, and the company recorded unrealized losses on investments and foreign currency translation.

· Q2 2026 diluted EPS was $1.79, up from $1.29 in Q2 2025.
· H1 2026 diluted EPS was $3.62, up from $2.48 in H1 2025.
· International revenue (Europe and Japan) contributed $27.6M in Q2 2026 and $56.5M in H1 2026, with no prior-year international revenue.
· Accrued rebates increased to $83.5M as of June 30, 2026, from $58.2M at year-end 2025.
· Accounts receivable increased to $138.7M from $127.4M at year-end 2025.
· Net cash provided by operating activities was $155.2M in H1 2026, up from $83.7M in H1 2025.
· Cash used in investing activities was $225.2M in H1 2026, up from $65.3M in H1 2025, primarily due to increased investment purchases.
· Total stockholders' equity increased to $1.36B from $1.22B at year-end 2025.
· Accumulated other comprehensive loss was $4.3M as of June 30, 2026, compared to a gain of $1.1M at year-end 2025.
· Customer concentration: Customer A accounted for 54% of accounts receivable, Customer B for 18% as of June 30, 2026.

Boardwalk Pipeline Partners, LP 10-Q mixed materiality 8/10

03-08-2026

Boardwalk Pipeline Partners, LP reported net income of $134.1M for Q2 2026 (up 10.9% from $120.9M in Q2 2025) and $345.8M for H1 2026 (up 5.6% from $327.5M in H1 2025), driven by higher transportation and storage revenues. However, cash provided by operations was essentially flat at $541.4M (vs. $541.9M), and cash and cash equivalents fell sharply from $499.2M at year-end 2025 to $138.6M at June 30, 2026, due to heavy investing and financing outflows including a $550.0M debt repayment and a $211.9M business acquisition.

· Operating income increased to $166.4M in Q2 2026 from $157.4M in Q2 2025, and to $414.6M in H1 2026 from $401.8M in H1 2025.
· Interest expense decreased to $35.8M in Q2 2026 from $39.8M in Q2 2025, and to $79.0M in H1 2026 from $79.3M in H1 2025.
· Capital expenditures rose sharply to $343.5M in H1 2026 from $121.9M in H1 2025.
· Goodwill increased to $371.9M at June 30, 2026 from $237.4M at December 31, 2025, likely due to the acquisition.
· Current portion of long-term debt was $0 at June 30, 2026, down from $549.6M at December 31, 2025, reflecting the $550.0M repayment.
· Total partners' capital grew to $6,188.8M at June 30, 2026 from $5,992.6M at December 31, 2025, a 3.3% increase.

ALEXANDER TECH CORP 10-Q negative materiality 8/10

03-08-2026

Alexander Tech Corp filed its 10-Q for the quarter ended January 31, 2026, reporting zero revenue and a net loss of $5,637 for the quarter, an improvement from a $9,312 loss in the same quarter last year. However, for the nine-month period, the net loss widened to $40,307 from $35,922 in the prior year. The company's cash position declined sharply to $3,096 from $10,856 at the start of the fiscal year, and total stockholders' deficit increased to $396,942 from $356,635, reflecting ongoing financial strain.

· Zero revenue reported for all periods presented.
· General and administrative expenses for the nine months ended January 31, 2026 were $41,035, up from $35,922 in the prior year.
· Accounts payable and accrued liabilities surged to $19,912 from $615 at April 30, 2025.
· Due to related party increased to $338,125 from $324,875.
· Net cash used in operating activities improved to $21,010 from $35,019 in the prior nine-month period.
· Proceeds from related party loans were $220,250, partially offset by $207,000 in repayments.
· Basic and diluted loss per share for the quarter was $(0.02), compared to $(0.03) in the prior year quarter.
· Total assets declined to $3,096 from $10,856.

Pharmaceutical Resource Technology, Inc. 10-Q negative materiality 7/10

03-08-2026

Pharmaceutical Resource Technology, Inc. reported a net loss of $322,177 for the six months ended June 30, 2026, compared to a net profit of $880,244 in the same period of 2025, a decline of $1,202,421. Revenue from related parties increased slightly to $5,635,715 from $5,432,172, but gross profit fell to $2,508,725 from $3,101,815, and operating expenses rose to $2,830,902 from $2,221,571. Cash and cash equivalents increased to $3,581,545 from $2,705,400, driven by operating cash flows, while total equity declined to $28,500,010 from $28,780,036.

· The company had no income tax expense in either period.
· Net cash generated from operating activities was $1,090,585 for the 6-month period ended June 30, 2026, down from $1,862,538 in the prior year.
· The company purchased intangible assets (quality certifications) for $364,200 in the 2026 period, with no such purchases in 2025.
· No proceeds from issuance of common stock or loans were received in the 2026 period, compared to $1,003,673 in 2025.
· Repayment of debt owed to directors was $0 in 2026, versus $2,500,000 in 2025.
· Total related party transactions with Superbee amounted to $15,015,579, including $5,635,715 in revenue and $3,126,990 in cost of revenue.
· Carrying amount of property, plant and equipment decreased to $5,258,554 at June 30, 2026 from $6,860,849 at June 30, 2025.
· Carrying amount of intangible assets decreased to $18,599,444 at June 30, 2026 from $19,854,017 at June 30, 2025.

OCULAR THERAPEUTIX, INC 10-Q mixed materiality 8/10

03-08-2026

Ocular Therapeutix reported Q2 2026 product revenue of $13.5M, essentially flat YoY (+0.6%), while total revenue was $13.5M vs $13.5M in Q2 2025. Net loss widened to $78.8M from $67.8M in the prior-year quarter, driven by a 28% increase in R&D expenses to $54.1M and a 54% surge in G&A costs to $22.2M. Cash and cash equivalents fell 19% to $598.6M from $737.1M at year-end 2025, with operating cash burn of $133.3M in the first half of 2026.

· Deferred revenue remained unchanged at $14.0M at June 30, 2026 vs December 31, 2025.
· Notes payable, net increased to $72.8M from $71.3M at year-end 2025.
· Stock-based compensation expense was $30.2M for H1 2026 vs $20.1M for H1 2025, a 50% increase.
· The company had no collaboration revenue in Q2 2026 or H1 2026, compared to $64K and $128K in the respective prior-year periods.
· Interest income increased to $5.4M in Q2 2026 from $3.5M in Q2 2025.
· Change in fair value of derivative liabilities was a gain of $2.1M in H1 2026 vs a loss of $1.6M in H1 2025.
· Cash used in investing activities was $8.0M in H1 2026 vs $3.0M in H1 2025, primarily for property and equipment purchases.
· Financing activities provided only $2.9M in H1 2026 vs $102.0M in H1 2025, which included $94.0M from a public offering.
· Total assets decreased to $671.3M from $808.1M at year-end 2025.
· Accumulated deficit grew to $(1,324.4M) from $(1,157.0M) at December 31, 2025.

Seaport Therapeutics, Inc. 10-Q mixed materiality 9/10

03-08-2026

Seaport Therapeutics reported a net loss of $62.6M for Q2 2026 and $88.0M for H1 2026, compared to $15.1M and $28.2M in the same periods of 2025, with losses driven by significantly higher operating expenses ($65.8M in Q2 2026 vs $18.5M in Q2 2025). The company completed its IPO during the quarter, raising net proceeds of $239.3M and converting all outstanding convertible preferred stock into common stock, increasing total stockholders' equity from a deficit of $92.5M at year-end 2025 to positive $422.6M as of June 30, 2026. However, cash used in operations increased to $46.3M in H1 2026 from $35.5M a year earlier, reflecting the ramp-up in spending.

· R&D expense increased to $24.6M (Q2 2026) from $13.4M (Q2 2025), a rise of 83.5%.
· G&A expense rose to $41.2M (Q2 2026) from $5.1M (Q2 2025), largely due to $36.0M in stock-based compensation.
· Weighted-average common shares outstanding (basic and diluted) jumped from 2.4M in H1 2025 to 19.1M in H1 2026 following the IPO.
· Total assets grew to $441.7M at June 30, 2026 from $249.0M at year-end 2025.

TYSON FOODS, INC. 10-Q mixed materiality 8/10

03-08-2026

Tyson Foods reported mixed results for the third quarter and first nine months of fiscal 2026. Net income attributable to Tyson surged to $182M in Q3 FY26 from $61M in Q3 FY25, driven by the absence of a $343M goodwill impairment that had weighed on the prior-year period. However, sales were essentially flat at $13,868M versus $13,884M, and gross profit declined 19.3% to $921M, reflecting persistent cost pressures. For the nine-month period, net income attributable to Tyson rose 23.4% to $527M, while sales grew 3.1% to $41,834M.

· Diluted EPS for Q3 FY26 was $0.52, up from $0.17 in Q3 FY25.
· Cash provided by operating activities for the nine months ended June 27, 2026 was $1,469M, down from $1,620M in the prior-year period.
· Capital expenditures for the nine months were $556M, compared to $691M in the prior year.
· Total debt (current debt plus long-term debt) was $8,006M as of June 27, 2026, down from $8,830M as of September 27, 2025.
· Share repurchases of Class A common stock totaled $123M in the nine months ended June 27, 2026, versus $42M in the prior-year period.
· Dividends paid were $529M for the nine months, compared to $524M in the prior year.

MARRIOTT INTERNATIONAL INC /MD/ 10-Q mixed materiality 8/10

03-08-2026

Marriott International reported mixed Q2 2026 results. Net fee revenues grew 12.8% YoY to $1,547M in Q2, driven by strong franchise fee growth of 18.9% to $1,023M. However, operating income declined slightly to $1,229M from $1,236M in the prior year quarter, and net income was essentially flat at $766M vs $763M. For the six-month period, net income decreased 1.0% to $1,414M from $1,428M, while diluted EPS improved to $5.32 from $5.17.

· Total comprehensive income declined sharply to $796M in Q2 2026 from $1,051M in Q2 2025, and to $1,371M for H1 2026 from $1,817M for H1 2025, driven by negative foreign currency translation adjustments.
· Stockholders' deficit worsened to $4,525M as of June 30, 2026 from $3,771M at Dec 31, 2025, primarily due to $1,819M in treasury stock purchases.
· Long-term debt increased to $16,455M from $14,995M at year-end 2025, while current portion of long-term debt decreased to $460M from $1,209M.
· Cash and equivalents rose to $462M from $358M at Dec 31, 2025, but total cash including restricted cash was $472M at June 30, 2026 vs $692M a year earlier.
· Interest expense increased 8.9% to $221M in Q2 2026 from $203M in Q2 2025.
· Depreciation, amortization, and other expense more than doubled to $115M in Q2 2026 from $53M in Q2 2025.
· Restructuring and merger-related charges showed a recovery of $10M in Q2 2026 vs a charge of $8M in Q2 2025.
· Dividends paid increased to $370M in H1 2026 from $357M in H1 2025.

Kosmos Energy Ltd. 10-Q mixed materiality 8/10

03-08-2026

Kosmos Energy reported a strong Q2 2026 with net income of $184.8M, reversing a net loss of $87.7M in Q2 2025, driven by a 55% surge in oil and gas revenue to $607.3M. However, for the first half of 2026, the company still posted a net loss of $40.8M (improved from a $198.3M loss in H1 2025), and total assets declined 8% from year-end 2025 to $4.31B. The company completed a public offering of common stock raising $206.1M and issued $350M in senior notes while repurchasing $347.2M of existing notes, reflecting active balance sheet management.

· Q2 2026 oil and gas production expenses fell 26% to $179.4M from $243.1M in Q2 2025.
· Derivatives net gain of $51.8M in Q2 2026 vs a gain of $21.6M in Q2 2025; for H1 2026, a net loss of $200.2M vs a gain of $14.8M in H1 2025.
· Interest and other financing costs remained relatively flat at $53.7M in Q2 2026 vs $54.8M in Q2 2025.
· Income tax expense surged to $97.7M in Q2 2026 from $24.0M in Q2 2025, reflecting higher pre-tax income.
· Accumulated deficit widened to $1.82B at June 30, 2026 from $1.78B at December 31, 2025.
· Stockholders' equity increased 33% to $704.9M from $528.6M at year-end 2025, primarily due to the stock offering.
· Cash, cash equivalents and restricted cash totaled $156.2M at June 30, 2026, up from $117.7M at December 31, 2025.
· Capital expenditures on oil and gas assets were $163.5M in H1 2026, down from $172.8M in H1 2025.

PROGRESSIVE CORP/OH/ 10-Q mixed materiality 8/10

03-08-2026

Progressive Corp reported strong financial results for Q2 and H1 2026, with net income of $3,311M for Q2 2026 (up 4.3% from $3,175M in Q2 2025) and $6,129M for H1 2026 (up 6.7% from $5,742M in H1 2025). Total assets grew to $124,925M as of June 30, 2026, from $115,480M a year earlier. However, operating cash flow declined to $7,974M in H1 2026 from $9,183M in H1 2025, and the company reported a significant net unrealized loss on fixed-maturity securities of $832M at June 30, 2026, compared to a loss of $81M a year earlier, reflecting adverse interest rate movements.

· Net unrealized losses on fixed-maturity securities worsened from $81M (June 30, 2025) to $832M (June 30, 2026), a 927% increase.
· Debt increased 21.6% YoY to $8,387M as of June 30, 2026, from $6,895M a year earlier.
· Allowance for credit losses rose 8.6% YoY to $544M as of June 30, 2026, from $501M a year earlier.
· The company repurchased $1,066M of treasury shares in H1 2026, up from $66M in H1 2025.
· Dividends paid to common shareholders were $8,030M in H1 2026, up from $2,754M in H1 2025, reflecting a large special dividend.
· Net cash used in investing activities improved to $284M in H1 2026 from $6,381M in H1 2025, primarily due to net sales of short-term investments.
· The fixed-income portfolio's gross unrealized losses totaled $1,230M at June 30, 2026, compared to $999M a year earlier.

LOEWS CORP 10-Q mixed materiality 8/10

03-08-2026

Loews Corp reported net income attributable to the company of $444M for Q2 2026, up 13.6% from $391M in Q2 2025, driven by higher insurance premiums and net investment income. However, total comprehensive income attributable to Loews fell to $567M from $574M in the prior-year quarter, and for the six-month period comprehensive income dropped sharply to $673M from $1,127M, largely due to negative other comprehensive income from investments and foreign currency translation. The company also continued share repurchases, buying $148M of treasury stock in Q2 2026 versus $253M in Q2 2025.

· Net income per share (diluted) for Q2 2026 was $2.16, up from $1.87 in Q2 2025.
· Total assets increased to $87.228B at June 30, 2026 from $86.348B at December 31, 2025.
· Total shareholders' equity rose to $19.115B from $18.686B at year-end 2025.
· Insurance reserves increased to $48.787B from $47.682B at December 31, 2025.
· Short-term debt decreased sharply to $22M from $1.052B at year-end 2025, while long-term debt increased to $8.914B from $8.437B.
· Operating cash flow for H1 2026 was $1.038B, down from $1.742B in H1 2025, primarily due to changes in trading securities and other liabilities.
· Net cash used in investing activities improved to -$127M from -$1.013B in H1 2025, partly due to a $212M acquisition in H1 2026.
· Dividends paid remained steady at $0.0625 per share in both quarters.

FB Financial Corp 10-Q mixed materiality 8/10

03-08-2026

FB Financial Corp reported a strong Q2 2026 with net income of $58.6M, a dramatic increase from $2.9M in Q2 2025, driven by higher net interest income and a significant swing in noninterest income from a loss to a gain. However, mortgage banking income declined 14% YoY, and the company saw a net loss on sales of premises and equipment. Total assets grew 3% to $16.8B from December 2025, while the company continued aggressive share repurchases, reducing outstanding shares by 3.4% in the first half of 2026.

· The company recorded a provision for credit losses on loans HFI of $9.7M in Q2 2026, compared to a reversal of $1.1M in Q2 2025.
· Noninterest expense increased 12.6% YoY to $91.5M in Q2 2026, driven by higher salaries and other expenses.
· Total shareholders' equity decreased slightly to $1.94B as of June 30, 2026, from $1.95B at year-end 2025, due to share repurchases and other comprehensive losses.
· The company's accumulated other comprehensive loss increased to $35.5M from $32.6M at year-end 2025.
· Cash and cash equivalents decreased to $1.11B from $1.16B at year-end 2025.
· The company had no gain or loss from investment securities in Q2 2026, compared to a $60.5M loss in Q2 2025.

Norwegian Cruise Line Holdings Ltd. 10-Q mixed materiality 9/10

03-08-2026

Norwegian Cruise Line Holdings reported strong Q2 2026 results with total revenue of $2.64B, up 4.9% YoY, driven by a 12.6% increase in onboard and other revenue. Net income surged to $222.6M from $30.0M in Q2 2025, reflecting a 642% increase, while operating income declined 14.3% to $363.3M due to higher expenses. For the first half of 2026, the company swung to a net income of $327.2M from a net loss of $10.3M in the prior year period, though operating income fell 4.6% to $596.3M.

· Fuel expense surged 39.4% YoY to $219.4M in Q2 2026, significantly outpacing revenue growth.
· Payroll and related expenses rose 14.0% YoY to $394.6M in Q2 2026.
· Depreciation and amortization increased 11.3% YoY to $271.2M in Q2 2026.
· Marketing, general and administrative expenses grew 6.7% YoY to $419.2M in Q2 2026.
· Interest expense net decreased 27.8% YoY to $170.9M in Q2 2026, providing a tailwind to net income.
· Other income (expense), net swung to a positive $33.5M in Q2 2026 from a loss of $156.4M in Q2 2025.
· Advance ticket sales (customer deposits) increased 14.1% to $3.65B at June 30, 2026 from $3.20B at December 31, 2025.
· Capital expenditures (additions to property and equipment) totaled $1.89B in H1 2026, up 1.9% from $1.86B in H1 2025.
· The company had $218.1M in cash and cash equivalents at June 30, 2026, up from $209.9M at December 31, 2025.
· Total debt (current portion + long-term) stood at $15.03B at June 30, 2026, up from $14.61B at December 31, 2025.
· Accumulated deficit improved to $5.24B at June 30, 2026 from $5.57B at December 31, 2025.

NCL CORP Ltd. 10-Q mixed materiality 8/10

03-08-2026

NCL Corp reported a strong turnaround in Q2 FY2026, with net income of $148,001K versus a net loss of $(3,495)K in the prior-year quarter, driven by higher revenue and significantly lower interest expense. However, operating income declined 14.3% YoY to $363,891K due to rising fuel and payroll costs, and total revenue growth was modest at 4.9%. For the six months, net income rose 81.7% to $362,233K, but operating income fell 4.6% to $597,191K.

· Interest expense, net decreased 27.0% YoY to $189,915K in Q2 2026 from $260,013K in Q2 2025.
· Other income (expense), net improved to a loss of $24,843K in Q2 2026 from a loss of $167,729K in Q2 2025.
· Total cruise operating expense increased 8.9% YoY to $1,586,808K in Q2 2026.
· Marketing, general and administrative expense increased 6.7% YoY to $418,640K in Q2 2026.
· Depreciation and amortization expense increased 11.3% YoY to $271,205K in Q2 2026.
· Advance ticket sales increased 14.1% to $3,651,201K as of June 30, 2026 from $3,200,593K at December 31, 2025.
· Long-term debt (including current portion) increased to $13,083,721K as of June 30, 2026 from $12,658,338K at December 31, 2025.
· Exchangeable notes (including current portion) decreased to $1,898,661K as of June 30, 2026 from $1,925,103K at December 31, 2025.
· Net cash used in investing activities increased 1.6% to $1,898,587K in H1 2026 from $1,868,062K in H1 2025.
· Net cash provided by financing activities increased 5.3% to $490,340K in H1 2026 from $465,594K in H1 2025.
· Accumulated deficit improved to $(6,314,944)K as of June 30, 2026 from $(6,677,177)K at December 31, 2025.

REGENCY CENTERS LP 10-Q positive materiality 8/10

03-08-2026

Regency Centers LP reported strong Q2 2026 results with total revenues increasing 8.6% YoY to $413.5M for the quarter and 8.4% to $826.0M for the six-month period. Net income attributable to common shareholders rose 9.5% to $112.4M in Q2 and 13.8% to $237.5M year-to-date, driven by higher lease income and equity in income of partnerships. However, other property income declined 21.8% in Q2 and 14.5% year-to-date, while interest expense increased 6.6% and 7.6% respectively, partially offsetting gains.

· Net real estate investments increased slightly to $11.7B as of June 30, 2026 from $11.7B at year-end 2025.
· Total equity decreased to $7.1B from $7.2B at year-end 2025, primarily due to distributions exceeding net income.
· The company issued $447.2M in fixed rate unsecured notes and repaid $100.0M of such notes during H1 2026.
· Acquisition of operating real estate totaled $32.8M in H1 2026, down from $83.3M in H1 2025.
· Real estate development and capital improvements were $212.0M in H1 2026, up from $204.7M in H1 2025.
· Proceeds from sale of real estate were $13.9M in H1 2026, compared to $7.2M in H1 2025.
· The company had no provision for impairment of real estate in H1 2026, versus $1.3M in H1 2025.
· Cash paid for interest (net of capitalized interest) was $99.0M in H1 2026, up from $90.2M in H1 2025.
· Dividends declared but not paid totaled $143.4M as of June 30, 2026, up from $131.0M a year earlier.
· The company repurchased $88.0M of notes payable during H1 2026, compared to $32.8M in H1 2025.

PUBLIX SUPER MARKETS INC 10-Q mixed materiality 8/10

03-08-2026

Publix Super Markets reported net earnings of $1,657M for Q2 2026 (three months ended June 27, 2026), up 20.5% from $1,375M in Q2 2025, driven by a 1.2% increase in sales and a surge in investment income (+68.4%). However, operating profit declined 5.3% to $1,091M from $1,152M, as operating expenses grew faster than sales. For the first six months, net earnings rose 2.7% to $2,451M, but operating profit fell 4.6% to $2,382M, and comprehensive earnings dropped 5.1% due to unrealized losses on debt securities.

· Operating and administrative expenses rose 4.7% in Q2 2026 to $3,070M from $2,932M in Q2 2025.
· Cost of merchandise sold increased 0.9% in Q2 2026 to $11,711M from $11,606M.
· For the first six months, operating and administrative expenses grew 4.7% to $6,099M from $5,828M.
· Capital expenditures increased 44.2% to $1,468M in the first six months of 2026 from $1,018M in the prior year period.
· The company repurchased $1,106M of its common stock in the first six months of 2026, up from $866M in the same period of 2025.
· Dividends paid increased to $729M from $711M.
· Fair value of investments rose to $18,120M at June 27, 2026 from $17,052M at December 27, 2025.
· Depreciation and amortization increased 13.7% to $599M from $527M.
· LIFO reserve increased $38M in 2026 vs $45M in 2025.
· Gain on investments was $334M in 2026 vs $228M in 2025.

AMEREN CORP 10-Q mixed materiality 8/10

03-08-2026

Ameren Corp filed its 10-Q for the quarter ended June 30, 2026, reporting mixed financial performance. Consolidated operating revenues declined 16.1% YoY to $1,124M for Q2 2026, driven by a 16.8% drop in electric revenues, though net income available to common shareholders rose 4.7% to $157M. For the six-month period, total operating revenues fell 10.6% to $2,054M, while net income available to common shareholders increased 21.4% to $233M. Total assets grew 5.7% to $51,216M from $48,476M at year-end 2025, supported by higher property, plant, and equipment and regulatory assets, but operating cash flow declined 7.9% to $1,191M for the first half.

· Fuel and purchased power expense dropped 48.2% YoY to $318M in Q2 2026, significantly improving gross margin.
· Other operations and maintenance expense increased 18.5% YoY to $282M in Q2 2026.
· Interest charges rose 18.6% YoY to $83M in Q2 2026, reflecting higher debt levels.
· Short-term debt nearly doubled to $1,220M at June 30, 2026 from $643M at year-end 2025.
· Current maturities of long-term debt increased to $1,524M from $973M at year-end 2025.
· Allowance for equity funds used during construction increased 76.9% to $69M in H1 2026.
· Ameren Missouri (subsidiary) reported Q2 2026 operating income of $244M, up 19.0% YoY, with electric revenues up 9.8%.
· Ameren Missouri's natural gas revenues increased 11.4% YoY to $176M in Q2 2026.
· Ameren Missouri's total assets grew 7.8% to $27,384M from $25,400M at year-end 2025.
· Ameren Missouri received $425M in capital contributions from parent in H1 2026.

AbbVie Inc. 10-Q mixed materiality 9/10

03-08-2026

AbbVie reported strong Q2 2026 results with net revenues of $16,990M, up 10.2% YoY from $15,423M, and net earnings attributable to AbbVie Inc. of $3,613M, a 285% surge from $938M in Q2 2025. For the six-month period, revenues rose 11.2% to $31,992M and net earnings nearly doubled to $4,308M. However, the company's accumulated deficit deepened to $(17,333)M from $(15,493)M at year-end 2025, and total stockholders' deficit expanded to $(5,935)M from $(3,270)M, driven by large dividend payments ($6,148M in H1 2026) and treasury stock purchases ($1,498M).

· Diluted EPS for Q2 2026 was $2.03 vs $0.52 in Q2 2025, a 290% increase.
· H1 2026 diluted EPS was $2.42 vs $1.24 in H1 2025, a 95% increase.
· Total operating costs and expenses for Q2 2026 were $10,558M, nearly flat vs $10,529M in Q2 2025.
· Acquired IPR&D and milestones decreased sharply in Q2 2026 to $291M from $823M in Q2 2025.
· Other expense, net fell to $1,475M in Q2 2026 from $2,662M in Q2 2025, a 44.6% decline.
· Income tax expense for Q2 2026 was $662M vs $613M in Q2 2025, up 8.0%.
· Dividends declared in H1 2026 totaled $6,148M, up 5.5% from $5,827M in H1 2025.
· Treasury stock purchases in H1 2026 were $1,498M, up 54% from $973M in H1 2025.
· Long-term debt increased to $62,481M as of June 30, 2026 from $58,941M at Dec 31, 2025.
· Intangible assets, net decreased to $49,139M from $52,641M at year-end 2025, a 6.7% decline.
· Accounts receivable, net rose to $13,824M from $12,589M, up 9.8%.
· Inventories increased to $5,127M from $4,951M, up 3.6%.
· Cash flows from financing activities were negative $(4,135)M in H1 2026 vs $(3,968)M in H1 2025.
· Net change in cash and equivalents was positive $1,340M in H1 2026 vs $943M in H1 2025.

Circle Energy, Inc./NV 10-Q negative materiality 5/10

03-08-2026

Circle Energy, Inc. (CRCE) reported no revenue for Q2 2026 and H1 2026, continuing its pre-revenue exploration stage. Net loss improved 46% YoY in Q2 to $10,857 from $20,219, but the H1 net loss widened slightly to $45,135 from $44,492. Cash and cash equivalents declined 29% from year-end 2025 to $79,289, and the accumulated deficit grew to $327,435.

· No revenue generated in any period reported.
· No investing or financing cash flows in H1 2026; H1 2025 had $5,000 in property purchases.
· Accounts payable surged 742% from $702 to $5,915 between Dec 31, 2025 and June 30, 2026.
· Basic and diluted loss per share was $(0.01) for Q2 2026 and Q2 2025, and $(0.02) for H1 2026 vs $(0.03) for H1 2025.
· Weighted-average shares outstanding remained constant at 1,530,000.
· Cash paid for interest in H1 2025 was $159,885; no interest paid in H1 2026.

SHORE BANCSHARES INC 10-Q mixed materiality 7/10

03-08-2026

Shore Bancshares reported strong Q2 2026 results with net income of $18.9M, up 21.7% YoY, and diluted EPS of $0.56, up 21.7% YoY. Net interest income grew 12.2% YoY to $52.9M, driven by lower deposit costs. However, noninterest income declined 6.1% YoY, and total deposits decreased 2.4% from year-end 2025. The company also saw a decline in cash and cash equivalents, down 27.5% from year-end.

· Provision for credit losses decreased to $0.9M in Q2 2026 from $1.5M in Q2 2025, a 41.4% decline.
· Total noninterest expense increased 3.7% YoY to $35.7M in Q2 2026, driven by higher salaries and benefits.
· Mortgage banking revenue fell 34.7% YoY to $1.6M in Q2 2026.
· Total deposits declined $134.1M (2.4%) from year-end 2025, with interest-bearing deposits down $152.9M.
· Cash and cash equivalents decreased $97.9M (27.5%) from year-end 2025.
· Accumulated other comprehensive loss widened to $6.1M from $4.6M at year-end 2025.
· Net cash provided by operating activities surged to $39.1M in H1 2026 from $11.4M in H1 2025.

FAST CASUAL CONCEPTS, INC. 10-Q mixed materiality 8/10

03-08-2026

Fast Casual Concepts, Inc. (FCCI) reported a net loss of $9,394 for Q2 2026, a significant improvement from a net loss of $37,028 in Q2 2025, driven by the absence of losses from discontinued operations and a prior-year loss on disposal of a subsidiary. However, the company's core digital marketing business swung to an operating loss of $8,325 in Q2 2026 from an operating profit of $6,735 in Q2 2025, as operating expenses surged to $36,225 from $11,765. The company ended the quarter with $6,306 in cash but remains deeply insolvent with a stockholders' deficit of $166,170 and total liabilities of $176,851.

· Professional fees surged to $16,129 in Q2 2026 from $3,148 in Q2 2025, a 412% increase.
· General and administrative expenses decreased to $2,220 in Q2 2026 from $4,217 in Q2 2025, a 47.4% decline.
· Accounts receivable dropped to $0 at June 30, 2026 from $9,300 at December 31, 2025, indicating collection of outstanding receivables.
· Accounts payable and accrued expenses fell to $9,886 at June 30, 2026 from $30,981 at December 31, 2025, a 68.1% decrease.
· The company issued $33,000 in new related-party notes payable during H1 2026, classified as non-current.
· Interest expense decreased to $1,069 in Q2 2026 from $2,127 in Q2 2025, a 49.7% decline.
· Cash used in operating activities improved to $26,896 in H1 2026 from $62,285 in H1 2025, a 56.8% reduction.
· The company's accumulated deficit grew to $2,058,549 at June 30, 2026 from $2,047,198 at December 31, 2025.
· Discontinued operations (beverage sales) generated no revenue in 2026, compared to $36,854 in H1 2025, with a loss of $60,939 in H1 2025.

ELECTRONIC ARTS INC. 10-Q mixed materiality 8/10

03-08-2026

Electronic Arts reported a strong fiscal first quarter for 2026, with net revenue increasing 18.9% YoY to $1,986M and net income nearly doubling to $397M from $201M. Operating income surged 89.3% to $513M, driven by higher gross margins and controlled expense growth. However, cash flow from operations turned negative at -$242M versus positive $17M in the prior year, primarily due to a large decrease in deferred net revenue, and the company ended the quarter with $2,288M in cash, down from $2,864M at March 31, 2026.

· Diluted EPS rose to $1.56 from $0.79 YoY.
· Total operating expenses increased 7.0% YoY to $1,199M, driven by higher R&D and marketing spend.
· Gross profit margin improved to 86.2% from 83.3% YoY.
· The company did not repurchase any common stock in Q1 FY26, compared to $375M in repurchases in Q1 FY25.
· Cash dividends declared remained flat at $0.19 per common share.
· Stock-based compensation was $153M, essentially flat YoY.
· Total comprehensive income was $417M versus $126M in the prior year.
· Goodwill remained nearly unchanged at $5,386M.
· Senior notes, net stood at $1,486M, flat sequentially.

Jazz Pharmaceuticals plc 10-Q mixed materiality 8/10

03-08-2026

Jazz Pharmaceuticals reported a strong turnaround for Q2 2026, with net income of $192.8M versus a net loss of $718.5M in Q2 2025, driven by a 15.6% increase in total revenues to $1,208.3M and the absence of a large $905.4M acquired IPR&D charge that weighed on the prior-year quarter. However, the company saw a decline in royalties and contract revenues (down 13.1% to $52.2M) and a $94.3M foreign currency translation loss in the first half, partially offsetting the positive operating performance.

· The company reported a gain on sale of priority review voucher of $122.8M in H1 2026, with proceeds of $200.0M and related payments of $77.2M.
· Intangible asset amortization increased 8.1% to $342.3M in H1 2026 from $316.5M in H1 2025.
· Share-based compensation rose 11.8% to $147.8M in H1 2026 from $132.2M in H1 2025.
· The company repaid $1,000.0M of its 2026 Notes during H1 2026, contributing to a $1,073.0M net cash used in financing activities.
· Total assets decreased 5.0% to $11,080.9M as of June 30, 2026, primarily due to a $400.0M reduction in intangible assets and a $470.0M decrease in investments.
· Long-term debt (less current portion) decreased 22.9% to $3,335.0M from $4,328.4M at year-end 2025.
· Accumulated other comprehensive loss worsened to $(662.5)M from $(568.6)M, driven by foreign currency translation losses of $94.3M in H1 2026.
· The company did not repurchase any shares in H1 2026, compared to $125.0M in share repurchases in H1 2025.

Stoke Therapeutics, Inc. 10-Q mixed materiality 8/10

03-08-2026

Stoke Therapeutics reported a net loss of $61.6M for Q2 2026, widening from a $23.5M loss in Q2 2025, as revenue fell 32.5% YoY to $9.3M. For the first half of 2026, the company swung to a net loss of $111.6M from net income of $89.4M in H1 2025, driven by a 52% surge in R&D expenses. The company strengthened its cash position through a controlled equity offering, raising $80.7M in H1 2026.

· Operating cash flow was negative $117.2M in H1 2026 vs positive $106.4M in H1 2025.
· Total assets decreased to $394.0M as of June 30, 2026 from $418.4M at December 31, 2025.
· Total liabilities decreased to $48.4M from $66.0M over the same period.
· The company issued 2,567,014 shares under a controlled equity offering in Q1 2026, raising $80.7M.
· Stock-based compensation expense rose to $19.6M in H1 2026 from $14.4M in H1 2025.
· Deferred revenue (current portion) declined to $8.5M from $11.9M at year-end 2025.
· Marketable securities (current) decreased to $182.8M from $200.5M at December 31, 2025.

Inspire Medical Systems, Inc. 10-Q mixed materiality 8/10

03-08-2026

Inspire Medical Systems reported a mixed quarter for Q2 2026. Revenue declined 7.6% YoY to $200.6M for the three months ended June 30, 2026, and 3.2% YoY to $405.2M for the first half. However, the company swung to a net profit of $0.3M in Q2 2026 from a net loss of $3.6M in Q2 2025, driven by improved gross margins and lower operating expenses. For the six-month period, the net loss widened to $11.0M from $0.6M in the prior year, largely due to a $16.5M income tax expense.

· Operating cash flow turned positive to $36.1M in H1 2026 from a use of $4.0M in H1 2025.
· Stock-based compensation expense decreased to $61.9M in H1 2026 from $72.8M in H1 2025.
· The company did not repurchase any common stock in H1 2026, compared to $75.0M in share repurchases in H1 2025.
· Total stockholders' equity increased to $825.6M at June 30, 2026 from $781.2M at December 31, 2025.
· Short-term and long-term investments totaled $287.4M at June 30, 2026, down from $299.8M at December 31, 2025.

Sabra Health Care REIT, Inc. 10-Q mixed materiality 9/10

03-08-2026

Sabra Health Care REIT reported total revenues of $235.9M for Q2 2026, up 24.7% YoY from $189.2M, driven by a surge in resident fees and services ($128.8M vs $78.9M). However, the company recorded a net loss of $25.2M in Q2 2026 versus net income of $65.5M in Q2 2025, primarily due to a $102.4M provision for loan losses and other reserves. For the six-month period, net income attributable to Sabra fell 85.2% to $15.7M from $105.8M, while total revenues grew 22.8% to $457.6M.

· Basic EPS was -$0.10 for Q2 2026 vs $0.28 for Q2 2025; diluted EPS was -$0.10 vs $0.27.
· Total assets increased slightly to $5.51B as of June 30, 2026 from $5.49B at year-end 2025.
· Loans receivable and other investments dropped 73.5% to $115.1M from $434.1M, largely due to $205.1M in repayments and a $16.6M decrease from real estate acquisitions.
· The company issued 3.77M common shares (net) in H1 2026, raising $47.7M, compared to 2.21M shares for $24.2M in H1 2025.
· Dividends remained at $0.30 per share quarterly ($0.60 per share for H1).
· Net cash provided by operating activities rose 14.2% to $184.2M in H1 2026.
· The company acquired $292.5M in real estate and lease intangibles in H1 2026, up from $61.1M in H1 2025.
· Net proceeds from sales of real estate were $93.6M in H1 2026 vs $3.6M in H1 2025.
· Interest paid increased to $53.8M in H1 2026 from $49.7M in H1 2025.
· The provision for loan losses and other reserves of $102.4M in Q2 2026 was a major swing from a $0.2M recovery in Q2 2025.

ALEXANDRIA REAL ESTATE EQUITIES, INC. 10-Q mixed materiality 8/10

03-08-2026

Alexandria Real Estate Equities, Inc. (ARE) reported a net loss attributable to common stockholders of $73.7 million for Q2 2026, improving from a $109.6 million loss in Q2 2025. For the six-month period, the company swung to net income of $286.7 million from a $121.2 million loss in the prior year, driven largely by a $366.4 million gain on early extinguishment of debt. However, total revenues declined 13.0% year-over-year in Q2 to $662.8 million, and the company recorded $222.5 million in real estate impairment charges for the quarter, up from $129.6 million a year ago.

· Net loss per share (basic and diluted) was $(0.43) for Q2 2026, compared to $(0.64) for Q2 2025.
· Net income per share (basic and diluted) was $1.68 for H1 2026, compared to $(0.71) for H1 2025.
· Total liabilities increased to $15.46B as of June 30, 2026 from $14.93B at Dec 31, 2025.
· The company had $1.99B drawn on its unsecured senior line of credit and commercial paper as of June 30, 2026, up from $353.2M at Dec 31, 2025.
· Cash used in investing activities was $994.5M in H1 2026, compared to $1.03B in H1 2025.
· Proceeds from issuance of unsecured senior notes payable were $747.6M in H1 2026, while repayments totaled $1.60B.
· The company did not repurchase any common stock in H1 2026, compared to $208.2M in repurchases in H1 2025.
· Dividends declared per common share were $0.72 in Q2 2026.
· Accumulated other comprehensive loss was $(33.0M) as of June 30, 2026, compared to $(29.4M) at Dec 31, 2025.
· Redeemable noncontrolling interests decreased to $9.1M as of June 30, 2026 from $58.8M at Dec 31, 2025.

FINANCIAL INSTITUTIONS INC 10-Q mixed materiality 8/10

03-08-2026

FINANCIAL INSTITUTIONS INC (FIISP) reported net income of $21.2M for Q2 2026, up 20.8% from $17.5M in Q2 2025, driven by higher net interest income and lower interest expense. For the first half of 2026, net income rose 22.5% to $42.2M. However, total other comprehensive loss widened to $10.3M from a gain of $10.4M in the prior year period, and total cash and cash equivalents declined 8.8% from year-end 2025.

· Interest and fees on loans were essentially flat: $70.8M in Q2 2026 vs $70.9M in Q2 2025.
· Comprehensive income declined 28.9% for H1 2026 to $31.9M from $44.8M in H1 2025, driven by a $10.3M other comprehensive loss vs a $10.4M gain.
· Net cash provided by operating activities surged to $46.3M in H1 2026 from $4.3M in H1 2025.
· Net cash used in investing activities increased to $87.6M in H1 2026 from $28.4M in H1 2025, largely due to higher purchases of available-for-sale securities.
· Long-term borrowings decreased by $115.0M in H1 2026, while short-term borrowings increased by $73.0M.
· The company repurchased $6.2M of common stock for treasury in H1 2026, compared to $0.5M in H1 2025.
· Cash dividends paid to common and preferred shareholders totaled $13.2M in H1 2026, up from $13.0M in H1 2025.
· Allowance for credit losses on loans was $47.5M at June 30, 2026, essentially unchanged from $47.4M at December 31, 2025.
· Net gain on sale of investment securities was $0.3M in H1 2026 vs $3,000 in H1 2025.
· Net loss on other assets was $0.5M in H1 2026 vs $0 in H1 2025.

V2X, Inc. 10-Q mixed materiality 8/10

03-08-2026

V2X, Inc. reported total revenue of $1.257B for Q2 2026, up 16.5% from $1.078B in Q2 2025, driven by strong growth in cost-plus and time-and-materials contracts. However, firm-fixed-price revenue declined 3.8% in Q2 and 0.9% in the first half, while subcontractor revenue fell 28.5% in Q2. Performance obligations grew 10.5% to $3.731B, and total current assets increased to $163.7M from $127.1M.

· Total receivables increased 13.3% to $827.4M from $730.3M, driven by a $67.8M rise in billed receivables.
· Long-term debt payments due include $1.019B in 2030, with smaller annual payments from 2026-2029 totaling $67.5M.
· Prepaid taxes decreased to $6.3M from $9.4M, while other current assets nearly doubled to $45.4M from $22.9M.
· Inventory grew 28.8% to $59.1M from $45.9M.
· Europe revenue declined 1.7% in Q2 but grew 8.7% in H1, indicating a weaker recent quarter.
· Middle East revenue was essentially flat in H1 (0.0% change), suggesting stagnation in that region.

FIRST HAWAIIAN, INC. 10-Q mixed materiality 7/10

03-08-2026

First Hawaiian, Inc. reported net income of $73.4M for Q2 2026, essentially flat (+0.2%) vs. $73.2M in Q2 2025, while H1 2026 net income rose 6.5% to $141.2M from $132.5M. Net interest income improved 4.5% in Q2 to $171.0M, driven by lower deposit interest expense, but total interest income declined 1.8% due to lower loan and lease income. The company continued share repurchases ($32.0M in H1 2026) and maintained a $0.26 quarterly dividend, while total assets decreased 1.3% from year-end 2025.

· Provision for credit losses increased to $5.6M in Q2 2026 from $4.5M in Q2 2025, but H1 2026 provision fell to $10.6M from $15.0M in H1 2025.
· Noninterest income rose 11.7% in Q2 2026 to $60.3M, driven by bank-owned life insurance (+49.6%) and other income (+101.3%).
· Noninterest expense increased 4.4% in Q2 2026 to $130.4M, led by salaries and employee benefits (+4.8%) and contracted services (+15.0%).
· Total deposits declined 1.8% from Dec 31, 2025 to $20.2B, with noninterest-bearing deposits down 1.5%.
· Net loans and leases grew 1.9% from Dec 31, 2025 to $14.4B.
· Accumulated other comprehensive loss improved to $(359.8M) from $(368.1M) at year-end 2025.
· The effective tax rate for Q2 2026 was 22.9% vs. 16.9% in Q2 2025, reducing net income growth.

Lafayette Square USA, Inc. 10-Q mixed materiality 8/10

03-08-2026

Lafayette Square USA, Inc. filed its 10-Q for the quarter ended June 30, 2026, reporting total investment income of $24.6M for Q2 2026 (up 16% YoY from $21.2M) and $47.0M for H1 2026 (up 16% YoY from $40.6M). Net investment income rose to $10.1M in Q2 (from $9.2M) and $19.2M in H1 (from $17.8M). However, net increase in net assets resulting from operations fell sharply to $3.7M in Q2 (from $9.1M) and $8.4M in H1 (from $20.3M), driven by a $6.5M net unrealized loss in Q2 (vs. a $0.1M loss) and a $10.8M net unrealized loss in H1 (vs. a $2.4M gain). Net asset value per share declined to $14.49 from $14.81 at year-end 2025.

· Total expenses increased to $14.5M in Q2 2026 (from $12.0M) and $27.7M in H1 2026 (from $22.8M), driven by higher interest/financing costs and management fees.
· Net realized gains on investments were zero in H1 2026 vs. $82K in H1 2025.
· Net change in unrealized losses on non-controlled/non-affiliated investments was -$13.0M in H1 2026 vs. a gain of $0.3M in H1 2025.
· Cash used in operating activities was $145.0M in H1 2026 vs. $156.2M in H1 2025, a 7.2% improvement.
· Proceeds from secured borrowings were $213.5M in H1 2026 vs. $118.8M in H1 2025, while repayments were $190.5M vs. $72.5M.
· No SBA-guaranteed debentures were issued in H1 2026 vs. $37.5M in H1 2025.
· Unsettled trades payable of $42.2M as of June 30, 2026 (none at year-end 2025).
· Income tax expense was $678K in both Q2 2026 and H1 2026, compared to $41K in Q2 2025 and $670K in H1 2025.
· Organizational costs were zero in 2026 periods vs. $75K in each prior-year period.
· Interest income from cash and cash equivalents declined to $713K in Q2 2026 (from $1.0M) and $1.6M in H1 2026 (from $2.5M).
· Fee income from non-controlled/non-affiliated investments fell to $141K in Q2 2026 (from $359K) and $521K in H1 2026 (from $1.1M).

Keros Therapeutics, Inc. 10-Q negative materiality 8/10

03-08-2026

Keros Therapeutics reported a net loss of $28.7M for Q2 2026 (vs. $30.7M loss in Q2 2025) and a net loss of $52.4M for H1 2026, a sharp reversal from the $117.8M net income in H1 2025, which had benefited from a one-time $195.4M license revenue. Total revenue collapsed to $0.4M in H1 2026 from $229.4M in H1 2025, reflecting the absence of license revenue and a decline in service revenue. The company's cash position declined to $259.1M (including restricted cash) from $288.9M at year-end 2025, while operating cash flow turned negative at -$24.0M for H1 2026. R&D expenses decreased significantly, but the company remains in a loss-making phase as it advances its pipeline.

· Total stockholders' equity decreased to $262.3M as of June 30, 2026 from $303.1M at December 31, 2025.
· Accumulated deficit increased to $534.2M as of June 30, 2026 from $481.8M at December 31, 2025.
· The company repurchased treasury stock, with $5.7M in direct expenses paid in H1 2026.
· Weighted-average basic shares outstanding decreased to 19.8M in Q2 2026 from 40.6M in Q2 2025, reflecting the treasury stock repurchase.
· Prepaid expenses and other current assets declined to $7.0M from $22.2M at year-end 2025, primarily due to a reduction in refunds due from CROs.
· Accrued expenses and other current liabilities decreased to $7.7M from $16.0M at year-end 2025.
· The company had no accounts receivable as of June 30, 2026, compared to $3.6M at December 31, 2025.

DOUGLAS DYNAMICS, INC 10-Q mixed materiality 8/10

03-08-2026

Douglas Dynamics reported mixed Q2 2026 results with revenue of $214.6M increasing 10.5% YoY, driven by strong growth in the Work Truck Attachments segment. However, net income declined slightly to $25.4M from $26.0M in Q2 2025, and earnings per share decreased to $1.08 basic from $1.10. The Work Truck Solutions segment saw a modest 1.0% revenue decline, and operating cash flow worsened to a use of $25.2M in H1 2026 versus a use of $12.7M in H1 2025.

· Work Truck Attachments segment revenue increased 19.6% YoY to $129.3M in Q2 2026 from $108.1M in Q2 2025.
· Work truck Solutions segment revenue decreased 1.0% YoY to $85.3M in Q2 2026 from $86.2M in Q2 2025.
· Fleet channel revenue within Work Truck Solutions fell 6.9% to $18.3M from $19.6M in Q2 2025.
· Government channel revenue within Work Truck Solutions slightly declined 2.0% to $30.2M from $30.8M in Q2 2025.
· H1 2026 operating cash flow was negative $25.2M, worsening from negative $12.7M in H1 2025.
· The company borrowed $52M net on its revolver during H1 2026, increasing short-term borrowings by 1,040% to $57M.
· Cash balance declined 77.4% to $1.9M from $8.3M at year-end 2025.
· SG&A expense grew 37.2% in Q2 2026 to $29.8M from $21.8M in Q2 2025.

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