Strategic relationships connect contractors with warranty solutions, e-commerce technology, referral programs and industry resources to support business growth

LUFKIN, Texas, Oct. 30, 2026 /PRNewswire/ -- Lemon Seed Marketing, a leading branding and marketing agency for the home services industry, is expanding the solutions it offers contractors by connecting them with trusted industry partners that provide the specialized services they need to strengthen their operations, improve customer experiences and drive business growth beyond traditional marketing and branding.

"In the home services sector, sustainable growth requires more than just excellent marketing," said Crystal Williams, co-owner and lead strategist at Lemon Seed. "By building a powerful network of trusted partners, we can connect our clients with other businesses that understand their industry and offer solutions that help them succeed. It's another way we can support the contractors who trust us with their brands."

Through these strengthened industry relationships, Lemon Seed can connect its home service clients with the following:

- JB Warranties, the leading North American provider of extended warranties to HVAC, plumbing and electrical companies, helps contractors strengthen customer retention through flexible extended warranty plans that cover parts and labor repair costs for homeowners.

- Contractor Commerce empowers contractors to improve the online buying experience for homeowners through its digital commerce, transparent pricing and AI-guided estimating tools.

- ReferPro enables contractors to systematically generate and manage word-of-mouth growth through automated, seamless customer referral programs that offer cash-equivalent incentives to drive higher new customer conversion rates.

- Heating, Air-conditioning and Refrigeration Distributors International (HARDI) is a nonprofit trade organization that connects contractors to HVACR industry education, benchmarking research and statistics, and strategic networking opportunities.

"Our core mission has always been to drive our clients' growth through unmatched marketing and branding," Williams said. "By bringing these additional resources into our ecosystem, we are ensuring our clients have everything they need to thrive beyond marketing for success across other key business platforms."

These collaborations deliver reciprocal value across the home service sector. Contractors gain streamlined access to specialized tools and industry expertise, while partner organizations can extend Lemon Seed's creative strategy and marketing capabilities to the clients they serve.

Drawing on her family's experience owning and operating McWilliams Heating, Cooling & Plumbing, Williams brings firsthand industry knowledge to developing marketing strategies that address the unique challenges home service contractors face. In 2020, she joined forces with Lemon Seed co-owner and branding director Emily Fleniken to launch Lemon Seed Marketing, combining strategic marketing with high-impact branding to help home service businesses grow.

"Our expanded partner program reinforces Lemon Seed's broader, holistic approach to client success," said Fleniken. "We want to be a comprehensive growth partner dedicated to supporting contractors at every stage of their business journey."

Lemon Seed has garnered numerous industry accolades, including ACHR News' HVAC All-Star Award earlier this year for its home service industry podcast, "From the Yellow Chair," co-hosted by Williams and Fleniken and Inc. Magazine's Power Partner Award in 2025 for its proven success with entrepreneurial new market entrant businesses.

For more information about Lemon Seed Marketing, please visit: lemonseedmarketing.com.

About Lemon Seed Marketing

Lemon Seed Marketing is a full-service brand strategy agency dedicated to helping business in the skilled trades grow. Founded by an industry veteran, they operate with a deep understanding of the home service space. Offering deep consultation and a personalized approach to client service helps them stand apart, as they assist owners implement their brand into every aspect of their business. Comprised of an experienced team of marketing professionals, Lemon Seed marketing backs their strategy consultation and implementation with realistic, measurable KPIs that clients can use to track their success.

SOURCE Lemon Seed Marketing

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Mammoth Reports Third Quarter 2026 Operational and Financial Results

Raises Full-Year 2026 Outlook

Third Quarter 2026 Highlights:

- Revenue increased 95% year-over-year to $21.3 million

- Net income from continuing operations was $0.3 million, compared with net losses from continuing operations of $12.6 million in the third quarter of 2025 and $1.2 million in the second quarter of 2026

- Adjusted EBITDA more than doubled from the second quarter of 2026 to $5.8 million

- Adjusted EBITDA margin of 27.2%, up from 10.0% in the second quarter; 15.0% for the first nine months

- Rental services segment Adjusted EBITDA increased 35% sequentially to $5.0 million

- Expanded our aviation portfolio to 44 assets, including 14 aircraft, 14 engines and 16 auxiliary power units, up from 15 at the end of the prior-year period

- 29 of 44 aviation assets were revenue-producing as of September 30, 2026, up from 23 of 38 as of June 30, 2026

- No funded debt; $37.6 million of cash and marketable securities; $41.8 million invested, led by aviation

- Subsequent to quarter-end, entered into a term loan facility providing commitments of up to $58.0 million to support aviation growth

Updated 2026 Outlook:

- Revenue growth expected to exceed 90%

- Adjusted EBITDA margin expected to be in the mid-teens

- Increased full-year 2026 outlook for the third time this year

Initial 2027 Outlook:

Adjusted EBITDA expected to increase by more than 40% compared with full-year 2026 Adjusted EBITDA

The 2027 outlook assumes continued deployment of the Company's existing aviation fleet, incremental contributions from aviation investments and continued operating improvement across the Company's portfolio and does not assume material aviation asset sales.

The Company is unable to provide a reconciliation of its forward-looking Adjusted EBITDA to the most directly comparable GAAP measure because certain components necessary to provide such a reconciliation are not available without unreasonable effort. These components may include, among other items, changes in marketable securities, gains or losses on asset dispositions, income taxes and other items that could have a significant impact on the Company's GAAP results.

OKLAHOMA CITY, Oct. 30, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2026.

Total revenue from continuing operations was $21.3 million for the third quarter of 2026 compared to $10.9 million for the third quarter of 2025 and $26.1 million for the second quarter of 2026.

Net income from continuing operations for the third quarter of 2026 was $0.3 million, or $0.01 per diluted share, compared to net loss from continuing operations of $12.6 million, or $0.26 per diluted share, for the third quarter of 2025 and net loss from continuing operations of $1.2 million, or $0.02 per diluted share, in the second quarter of 2026.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $5.8 million for the third quarter of 2026, compared to ($4.8) million for the third quarter of 2025 and $2.6 million for the second quarter of 2026.

Mark Layton, Chief Financial Officer of Mammoth commented, "This was an outstanding quarter for Mammoth and a clear demonstration of our focus on driving returns. Revenue nearly doubled year over year to $21.3 million. Adjusted EBITDA more than doubled sequentially to $5.8 million, and our Adjusted EBITDA margin expanded to 27% from 10% in the second quarter. Growth in aviation leasing, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations drove the increase.

With an Adjusted EBITDA margin of 15% through the first nine months, we are raising our full-year 2026 outlook for the third time this year. We now expect Adjusted EBITDA margins in the mid-teens, roughly a year ahead of the plan we laid out in March, and we are reaffirming our outlook for revenue growth of greater than 90%.

Aviation remains our priority for capital deployment based on its returns profile. We invested $41.8 million in the quarter, led by aviation. The growth in aviation leasing assets enhances our recurring revenue profile while requiring comparatively modest incremental operating personnel as additional assets are deployed. As we look ahead to 2027, we currently expect Adjusted EBITDA to increase by more than 40% compared with full-year 2026 Adjusted EBITDA, driven primarily by the growing contribution from our aviation leasing platform and continued focus on operating execution and margin improvement."

Results by Reportable Segments

Rental Services and Aviation Sales

Mammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $9.6 million for the third quarter of 2026 compared to $2.8 million for the third quarter of 2025 and $10.2 million for the second quarter of 2026. The increase in revenue compared to the prior year was primarily driven by a $5.4 million increase due to aviation fleet expansion and higher aviation utilization. The average number of pieces of equipment rented to customers was 430 for the third quarter of 2026 compared to 286 during the third quarter of 2025 and 407 during the second quarter of 2026.

Natural Sand Proppant Services

Mammoth's natural sand proppant services segment contributed revenue of $5.2 million for the third quarter of 2026 compared to $2.7 million for the third quarter of 2025 and $8.0 million for the second quarter of 2026. The decrease in revenue from the second quarter of 2026 was due to a $3.0 million decline in freight revenue. In the third quarter of 2026, the Company sold approximately 228,000 tons of sand at an average sales price of $22.18 per ton compared to sales of approximately 122,000 tons of sand at an average sales price of $18.26 per ton during the third quarter of 2025. Average price per ton of sand sold increased primarily due to a shift in grade mix. In the second quarter of 2026, sales were approximately 229,000 tons of sand at an average price of $21.36 per ton.

Accommodation Services

Mammoth's accommodation services segment contributed revenue of $3.4 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.2 million for the second quarter of 2026. On average, 270 rooms were utilized for the third quarter of 2026 compared to 185 during the third quarter of 2025 and 259 during the second quarter of 2026 within the accommodation services segment.

Infrastructure Services

Mammoth's infrastructure services segment contributed revenue of $1.1 million for the third quarter of 2026 compared to $0.8 million for the third quarter of 2025 and $0.9 million for the second quarter of 2026.

Drilling Services

Mammoth's drilling services segment contributed revenue of $2.1 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.8 million for the second quarter of 2026. Drilling utilization and activity levels decreased sequentially, largely reflecting normal seasonal trends.

Segment Performance

Segment performance improved during the quarter, led by Rental Services, Natural Sand Proppant Services and Accommodation Services, which generated Adjusted EBITDA of $5.0 million, $1.5 million and $1.1 million, respectively.

Selling, General and Administrative Expense 

Selling, general and administrative ("SG&A") expense was $4.1 million for the third quarter of 2026 compared to $4.7 million for the third quarter of 2025 and $4.2 million for the second quarter of 2026.

Liquidity 

As of September 30, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $13.1 million and marketable securities of $24.5 million. As of September 30, 2026, the Company's revolving credit facility was undrawn, and there was $20.0 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of September 30, 2026, Mammoth had cash, cash equivalents and marketable securities of $37.6 million.

As of October 27, 2026, Mammoth had unrestricted cash on hand of $11.6 million and marketable securities of $15.9 million, with no outstanding borrowings under its revolving credit facility. As of October 27, 2026, the Company had $20.0 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of October 27, 2026, Mammoth had cash, cash equivalents and marketable securities of $27.5 million. On October 28, 2026, we entered into a senior secured term loan facility with Bank7 providing for aggregate commitments of up to $58.0 million.

Capital Expenditures

The following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):

Conference Call Information

Mammoth will host a conference call on Friday, October 30, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its third quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to [email protected].

About Mammoth Energy Services, Inc.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) is a growth-oriented company centered on an expanding aviation leasing platform. Through its rental services segment, Mammoth leases and sells aviation assets and rents heavy equipment used in construction and energy operations. The Company also provides fiber optic services to utility customers; natural sand proppant for hydraulic fracturing; workforce accommodations for projects in remote locations; and directional drilling services. For more information, please visit www.mammothenergy.com.

Mammoth Energy Services, Inc. Announces $58 Million Aviation Term Loan Facility with Bank7

Asset-backed financing to support continued growth of the Company's aviation leasing platform

OKLAHOMA CITY, Oct. 30, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today announced that, on October 28, 2026, its aviation subsidiaries, Cobra Aviation Services LLC and Leopard Aviation LLC, entered into a loan and security agreement with Bank7 providing for up to $58 million of senior secured term loans. The Company expects to use proceeds from the facility to fund the acquisition of additional aviation assets.

The facility consists of a $25 million Term Loan A and a $33 million Term Loan B, each of which may be drawn during the 60-day period following closing. Advances under Term Loan B are subject to certain conditions. The loans bear interest at a floating rate, amortize monthly beginning in January 2027 and mature in October 2030. The facility is secured by the borrowers' aviation assets and is guaranteed by Mammoth. No amounts were drawn at closing.

Mark Layton, Mammoth's Chief Financial Officer, stated, "This facility is an important step for our aviation platform. As of September 30, the total cost of our aviation portfolio was approximately $134.9 million, which had been funded without debt. Our aviation assets are well suited to asset-backed financing. This facility allows us to add prudent leverage and fund the next phase of fleet growth while preserving liquidity. We appreciate Bank7's support."

About Mammoth Energy Services, Inc.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) is a growth-oriented company centered on an expanding aviation leasing platform. Through its rental services segment, Mammoth leases and sells aviation assets and rents heavy equipment used in construction and energy operations. The Company also provides fiber optic services to utility customers; natural sand proppant for hydraulic fracturing; workforce accommodations for projects in remote locations; and directional drilling services. For more information, please visit www.mammothenergy.com.

Forward-Looking Statements and Cautionary Statements

All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as "may," "will," "could," "should," "expect," "anticipate," "plan," "intend," "believe," "estimate," "project," "forecast," "target," "continue," "potential," or similar expressions, and the negative thereof. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's expectations, plans, objectives, strategies, business outlook, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. Forward-looking statements include, without limitation, statements regarding the expected use of proceeds of the term loans, the availability and timing of advances under the facility, and the Company's plans to acquire additional aviation assets and grow its aviation leasing platform.

These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, actual outcomes and results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, among others:

- our ability to comply with the financial covenants and other terms of the loan and security agreement;

- changes in interest rates and their impact on our cost of capital;

- the impact of the divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC, Python Equipment LLC and Aquawolf LLC, and the equipment previously used in our hydraulic fracturing business;

- general economic, financial and industry conditions, including inflation, commodity price volatility and fluctuations in customer spending and capital expenditure activity;

- conditions in the energy, infrastructure, aviation, rental equipment and natural sand proppant markets that affect demand for our services and products;

- fluctuations in the value of our marketable securities portfolio and the impact of unrealized gains and losses on our reported financial results;

- our ability to execute our business strategy, successfully integrate acquired businesses, realize anticipated acquisition benefits, grow existing operations and identify additional growth opportunities;

- our ability to successfully deploy capital into aviation assets, achieve expected utilization levels and realize anticipated returns on aviation-related investments;

- the availability and cost of labor, equipment, materials, replacement parts and other operational resources;

- customer concentration, customer payment risks and our ability to collect outstanding receivables, including the timing and collectability of amounts owed by the Puerto Rico Electric Power Authority ("PREPA");

- the adequacy of our capital resources and liquidity;

- governmental actions, regulations, permitting requirements, trade policies, tariffs and other legal or regulatory developments;

- litigation, claims, investigations and other contingent liabilities;

- weather events, natural disasters, acts of war, terrorism, civil unrest, cybersecurity incidents and other events beyond our control; and

- the other risks and uncertainties described under Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026, as updated by Part II, Item 1A, "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K and other filings we make with the SEC, which are available on the SEC's website at www.sec.gov and on Mammoth's website at www.ir.mammothenergy.com.

The forward-looking statements contained in this news release speak only as of the date of this news release or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements.

SOURCE MAMMOTH ENERGY SERVICES

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Wholly owned subsidiary Lucky Hand Mining Game LLC continues Beta testing of public launch targeted for the third quarter of calendar 2027; game has not launched publicly and has not generated revenue

HENDERSON, Nev. and BEVERLY HILLS, Calif., Oct. 30, 2026 /PRNewswire/ -- Buscar Company (OTC: CGLD) ("Buscar" or the "Company"), a diversified holding company, today announced that its wholly owned subsidiary, Lucky Hand Mining Game LLC ("Lucky Hand"), has released a Beta version of its Lucky Hand Mining game in the Telegram Mini App format for testing purposes, and shared additional details on the game's features and planned in-game purchases using Telegram Stars, Telegram's digital payment system.

The Beta release is a testing phase and is not a public launch. As previously disclosed, Lucky Hand Mining has been in closed testing since completion of its initial development phase; the game has not been launched publicly, and public launch is currently targeted for the second quarter of calendar 2027, subject to the results of testing, the availability of financing, and the other factors described below. Lucky Hand has not generated any revenue to date.

The Company's common stock is quoted on the OTC Markets and is not listed on a national securities exchange. The Company is not currently subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); its reports are made available through the OTC Disclosure & News Service and have not been filed with or reviewed by the U.S. Securities and Exchange Commission (the "SEC").

Beta Test Release

The Beta version extends testing of the game to [a limited group of external participants / Company to confirm scope]. It is intended to let Lucky Hand evaluate gameplay mechanics, the user interface, technical infrastructure, and application stability under real-world conditions, and assess the user experience and player engagement before any public launch. The Beta version may be modified, restricted, or discontinued at any time, and player progress in the Beta version may be reset.

The Beta version does not include in-app purchases. All progress, items, and rewards in the Beta version exist solely within the game, have no monetary value, are not transferable outside the game, and cannot be exchanged for cash, cryptocurrency, or any other asset. Lucky Hand does not offer, sell, or distribute any token, cryptocurrency, non-fungible token, or other digital assets in connection with the game.

Game Overview

Lucky Hand Mining pairs accessible tap-based and clicker-style mechanics with deeper progression systems, an upgrade-card system, passive in-game rewards, player-versus-player elements, and educational content about the modern mining industry and natural-resource economics. The game is easy to pick up and rewarding to master.

The game has been developed specifically for the Telegram Mini App environment. Telegram Mini Apps run inside the Telegram messenger and can be accessed by Telegram users without installing a separate application. Lucky Hand competes with numerous other Telegram-based and mobile games, many backed by developers with substantially greater financial, technical, and marketing resources.

As players advance, gameplay evolves with them, bringing new opportunities, missions, and competitive elements. Players can explore a range of gold extraction methods, upgrade their equipment, build their own virtual mining enterprises, compete in player-versus-player battles, and complete missions that unlock new progression stages. Each new stage is intended to expand the game with additional challenges, mechanics, and strategic objectives.

Planned In-Game Purchases Powered by Telegram Stars

Following the public launch, Lucky Hand plans to allow players to purchase gameplay and cosmetic items using Telegram Stars. The planned selection includes:

- Additional energy resources;

- Temporary boosters;

- Gameplay progression accelerators;

- Character customization options; and

- Other digital in-game goods.

Because Telegram Stars are built into the Telegram platform, players would be able to make purchases within Telegram's payment environment without leaving the app. Telegram Stars is a third-party payment product operated by Telegram; its availability, fees, and terms of use are determined by Telegram and are outside the Company's control, and Telegram is not affiliated with the Company and has not endorsed the game. Items purchased in the game would be usable only within the game, would have no monetary value outside the game, and would not be redeemable for cash or any other asset.

Planned Monetization

Lucky Hand Mining is being developed as a gaming platform with a monetization model in which the Company will gradually introduce commercial tools after public launch, as the user base expands. The Company does not expect Lucky Hand to generate meaningful revenue, if any, until after public launch and the introduction of in-app purchase functionality.

During Beta testing and the initial launch period, Lucky Hand's focus is on refining gameplay mechanics and building a player community rather than on monetization. Over time, Lucky Hand plans to pursue several potential revenue channels:

- Direct sales of digital in-game goods;

- Advertising integrations;

- Strategic partnerships; and

- Other commercial opportunities within the game.

There can be no assurance that any planned monetization channel will be implemented, or that it will generate sufficient revenue to support the game's continued development. Any revenue would depend on the number of active users, their level of engagement, their purchasing activity, and the effectiveness of the monetization tools implemented.

Longer-Term Plans

Lucky Hand's current development roadmap contemplates a multi-season evolution of the game. Lucky Hand's longer-term plan contemplates expanding Lucky Hand Mining beyond Telegram into a standalone mobile strategy game featuring deeper strategic gameplay, personal accounts, a broader in-game economy, and expanded player-to-player interaction. The roadmap reflects management's current plans, which may change, and no stage beyond the current Beta release has been completed or is assured.

The Company has not determined whether or how any Web3 features, blockchain-based rewards, marketplaces, or digital assets will be implemented in the game. Statements in the Company's June 24, 2026, press release regarding the distribution of season rewards through the TON blockchain described plans that remain under evaluation and have not been adopted; no such rewards have been distributed or committed to. Any such features would be subject to applicable securities, commodities, anti-money-laundering, gaming, and consumer-protection laws in the jurisdictions in which the game is offered, may require licenses, registrations, or changes to the product, and may not be implemented at all.

Management Commentary

"The Beta release moves Lucky Hand Mining from internal testing to a broader test ahead of the public launch we are targeting for the second quarter of calendar 2027," said Aleksandr Dekhtyar, Chairman and Chief Executive Officer of Buscar Company. "Our focus during Beta is on platform stability and gameplay quality. Our planned approach to in-game purchases, built on Telegram's own payment system, gives us a defined path toward revenue once the game is publicly available. As with each of our subsidiaries, progress at Lucky Hand depends on our ability to secure the capital required to execute, and we will report on milestones as they are reached."

The timing of the public launch will be determined by the results of ongoing testing, the availability of financing and other resources, and applicable regulatory requirements.

About Lucky Hand Mining Game LLC

Lucky Hand Mining Game LLC, a wholly owned subsidiary of Buscar Company, is developing Lucky Hand Mining, a progression and strategy game set in the world of gold mining and built for the Telegram Mini App platform. Lucky Hand is an early-stage business with a limited operating history and no revenue, and it will require additional capital to complete development and launch the game publicly. Additional information is available at luckyhandmining.com; information on that website is not incorporated by reference into, and does not form part of, this press release.

About Buscar Company

Buscar Company (OTC: CGLD) is a diversified holding company with four majority-owned subsidiaries spanning gold exploration (Eon Discovery, Inc., 100% owned), sustainable materials (Terramer Inc., 90% owned), consumer wellness (Armorgenix Company, 90% owned), and digital gaming (Lucky Hand Mining Game LLC, 100% owned). Each subsidiary holds its own assets and is measured against its own milestones, while the parent provides governance and capital allocation and serves as the publicly quoted holding company. Each business is in the early stages of development and will require additional capital to achieve its milestones. The Company is led by Chairman and Chief Executive Officer Aleksandr Dekhtyar.

As previously disclosed, the Company intends to file a registration statement on Form 10 to register its common stock under Section 12(g) of the Exchange Act and become subject to SEC reporting requirements. The Company has not yet filed a Form 10, and there can be no assurance as to when, or whether, a Form 10 will be filed or become effective.

No Offer of Securities or Digital Assets

This press release is for informational purposes only.

- Revenue $14.6 billion, up 12.9% versus prior year

- Diluted EPS $4.49, up 15.7% versus prior year

- $1.7 billion cash from operating activities, 139% of net earnings

- 6.8-to-1 book-to-bill, $220 billion backlog

RESTON, Va., Oct. 30, 2026 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported third-quarter 2026 operating earnings of $1.5 billion, and $4.49 per diluted share (EPS), on revenue of $14.6 billion. Compared with the year-ago quarter, revenue increased 12.9%, operating earnings increased 14.7%, and diluted EPS increased 15.7%. Operating margin of 10.5% was a 20-basis-point expansion from the year-ago quarter.

"Our business had exceptional third quarter results, with revenue growth across all four segments, robust bookings and solid operational performance," said Phebe Novakovic, chairman and chief executive officer. "With the consistent growth in our backlog and our significant investment in our businesses over the last decade, we are poised to drive continued performance in the years to come."

Cash and Capital Deployment

Cash provided by operating activities in the quarter totaled $1.7 billion, or 139% of net earnings. During the quarter, the company paid $429 million in dividends, invested $481 million in capital expenditures, and reduced total debt by $500 million. The company ended the quarter with $7 billion in total debt and $4.4 billion in cash and equivalents on hand.

Orders and Backlog

Orders received in the quarter totaled $93.8 billion in the defense segments, driven by large orders in the Marine Systems segment for Virginia- and Columbia-class submarines, and $5 billion in the Aerospace segment, for a total of $98.8 billion. Book-to-bill ratio, defined as orders divided by revenue, was 8.5-to-1 for the quarter for the defense segments, 1.4-to-1 for the Aerospace segment, and 6.8-to-1 on a company-wide basis.

Backlog at the end of the quarter was $220.3 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $270.7 billion.

About General Dynamics

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics' financial results conference call will be held on Friday, October 30, 2026, at 9:00 a.m. EDT.  A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.

This press release may contain forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.

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SOURCE General Dynamics

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Second Consecutive Quarter of Sequential Revenue Growth Led by Continued Data & AI Momentum

PITTSBURGH, Oct. 30, 2026 /PRNewswire/ -- Mastech Digital, Inc. (NYSE American: MHH) ("Mastech"), a leading provider of Digital Transformation IT Services, announced today its financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights:

See "Use of Non-GAAP Financial Measures" and "Reconciliation of GAAP Measures to Non-GAAP Measures" below.

Total consolidated revenues of $42.0 million during the quarter represented a decrease of 13.4% on a year-over-year basis, but an increase of 1.3% on a sequential basis from the second quarter of 2026. Data and AI segment revenues declined 6.8% on a year-over-year basis but increased 4.7% on a sequential basis from the second quarter of 2026, the second consecutive quarter of sequential growth since 2024. Data & AI segment reported bookings of $10.8 million during the quarter when compared to $8.4 million in the third quarter of 2025. Talent segment revenues declined 16.4% on a year-over-year basis, and a decrease of 0.4% on a sequential basis from the second quarter of 2026, driven by a 21.0% decrease in billable consultants since the third quarter of 2025, as a top ten client continued insourcing services we provide in this segment and we continued to exit lower-margin and non-strategic positions. Strong average bill rate of $92.37, as compared to $89.65 during the third quarter of 2025 reflected a continued focus on revenue quality.

Management Commentary:

Nirav Patel, Mastech's President and Chief Executive Officer, stated, "This quarter marks a significant milestone, as we launched the new Mastech brand and our vision of the Knowledge-first Enterprise. We believe enterprises need to codify the knowledge held by their people, customers, and clients to transform with AI. We are seeing enterprises move past AI experimentation. They now want to put their own data and knowledge to work in production, and that is driving our focus on building trusted data foundations, Applied AI solutions, and the specialized talent that our clients need to deliver AI outcomes at scale."

"We are pleased to share that our Data & AI segment delivered a second consecutive quarter of sequential revenue growth. Segment revenues grew 4.7% from the second quarter of 2026, and bookings were $10.8 million, up 29.0% from $8.4 million in the same quarter last year. Our focus on high-value work in the Data & AI segment increased gross margins this quarter by 50 basis points year-over-year to 40.5% on a Non-GAAP basis."

"Our differentiator is the ability to turn a client's own data and knowledge into practical, Applied AI solutions that deliver outcomes. This quarter, we advanced our Applied AI delivery capabilities, supported by our certified and advanced partner designations, including Solutions Partner for Cloud and AI Platform status in the Microsoft AI Cloud Partner Program. These relationships and designations help us provide our customers access to skilled delivery talent and technical resources as they put AI to work at scale. We expect to continue investing in forward-leaning capabilities into 2027, as we believe they continue to enable growth and progress towards the AI engineering talent and modern data platform practices we have been building."

Balance Sheet & Liquidity Update:

As of September 30, 2026, Mastech had liquidity of $56.2 million, including cash and cash equivalents of $37.9 million and approximately $18.3 million of borrowing capacity available under its credit facility, with no bank debt.

Conference Call:

Mastech will host a conference call to discuss the Company's third quarter 2026 financial results on October 30, 2026 at 9:00 a.m. Eastern Time. Please register at https://register-conf.media-server.com/register/BI4057cc455c3848bf9bfdb0cf25216dc7 to join telephonically. Once registered, participants will receive the dial-in information and a unique PIN to access the call. The dial-in information and unique PIN will be sent to the email used to register for the call. The unique PIN is exclusive to the registrant and can only be used by one person at a time. A live audio webcast of the conference call can be accessed through the Mastech investor relations website at https://investors.mastech.com, and a webcast replay will be accessible for a limited time following the scheduled call.

About Mastech Digital, Inc.:

Founded in 1986, Mastech (NYSE American: MHH) helps organizations transform their unique enterprise knowledge into business advantage by unlocking the value embedded across their people, operations, data, and systems. Through our expertise in AI, data modernization, cloud and data platforms, and specialized technology talent, we enable enterprises to innovate faster, make smarter decisions, and achieve meaningful business outcomes. By combining trusted data foundations, AI-powered solutions, modern platforms, and expert talent, we help organizations accelerate transformation and thrive in a constantly evolving business environment. Headquartered in Pittsburgh, Pennsylvania, Mastech serves more than 250 enterprise customers globally, delivering the data foundations, AI-powered solutions, and specialized talent needed to help modern, future-ready organizations Thrive on What's Next.

Use of Non-GAAP Measures:

This press release contains non-GAAP financial measures to supplement our financial results presented on a GAAP basis. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in the attached financial tables.

We believe that providing non-GAAP net income and non-GAAP diluted earnings per share offers investors useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in operating our business. Additionally, management uses these non-GAAP financial measures in evaluating the Company's performance.

Specifically, the non-GAAP financial measures contained herein exclude the following expense items:

Amortization of acquired intangible assets: We amortize intangible assets acquired in connection with our June 2015 acquisition of Hudson IT, our July 2017 acquisition of the services division of InfoTrellis, Inc. and our October 2020 acquisition of AmberLeaf Partners. We exclude these amortization expenses in our non-GAAP financial measures because we believe it allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates a helpful comparison of our results with other periods.

Stock-based compensation expenses: We incur material recurring expenses related to non-cash, stock-based compensation. We exclude these expenses from our non-GAAP financial measures because we believe that it provides investors with meaningful supplemental information regarding operational performance. In particular, because of varying available valuation methodologies, subjective assumptions, and the variety of award types that companies can use under ASC 718, we believe that providing non-GAAP financial measures that exclude these expenses allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitate comparisons of our results with other periods.

Severance expense: From time to time, we incur severance expenses related to the termination by the Company of leadership and other key personnel. During the three and nine months ended September 30, 2026, the Company recorded severance expense of approximately $0.2 million, of which approximately $0.1 million was recognized within cost of goods sold. During the three and nine months ended September 30, 2025, the Company recorded severance expense of $1.1 million and $2.7 million, respectively, of which $0.3 million was recognized within cost of goods sold during the third quarter of 2025. The 2025 amounts reflect the departure of our former Chief Financial Officer and other leadership changes, and strategic initiatives undertaken to better align our organizational structure with our long-term growth objectives. Amounts recognized within cost of goods sold were not allocated to the reportable segments and therefore contribute to a gross margin variance between the supplemental segment presentation and the consolidated financial results. We believe that providing non-GAAP financial measures that exclude these expenses allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates comparison of our results with other periods.

Finance and accounting transition expense: During the first quarter of 2025, the Company's Board of Directors made the decision to implement a long-term cost-cutting initiative to transition the Company's finance and accounting functions to India. During the three and nine months ended September 30, 2025, the Company incurred $0.9 million and $1.6 million, respectively, of severance and costs related to the duplication of resources and travel during the training and knowledge transfer process. The transition was completed as of December 31, 2025, and no such costs were incurred in 2026.

TULSA, Okla., Oct. 30, 2026 /PRNewswire/ -- AAON, Inc. (NASDAQ: AAON) ("The Aaon Group", or the "Company"), a leader in high-performance HVAC and thermal management solutions, announces that it has scheduled its quarterly conference call and webcast for Monday, November 9, 2026, at 5:00 p.m. EST to discuss third quarter 2026 financial results. The results will be released after market close.

The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-888-880-3330. To access the listen-only webcast, please register at The Aaon Group Third Quarter 2026 Conference Call.

On the next business day following the call, a replay of the call will be available on the Company's website at https://investors.theaaongroup.com/

About The Aaon Group

The Aaon Group provides high-performance HVAC and thermal management solutions for commercial, industrial, and data center environments. Through two strong brands, AAON and BASX, the company designs and manufactures highly configurable and custom-engineered equipment focused on efficiency, performance, reliability, and long-term customer value. For more information, please visit theaaongroup.com.

Contact Information

Joseph Mondillo

Director of Investor Relations & Corporate Strategy

Email: [email protected]

SOURCE AAON

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ECARX Announces Settlement in Full of Senior Convertible Note at Maturity

LONDON, Oct. 30, 2026 /PRNewswire/ -- ECARX Holdings Inc. (Nasdaq: ECX) ("ECARX" or the "Company"), a leading global automotive intelligence business, today announced that the US$50 million senior convertible note (the "Note") issued to a U.S. based institutional investor (the "Investor") under the securities purchase agreement, dated October 30, 2025 between the Investor and the Company (the "Securities Purchase Agreement"), have matured on October 30, 2026 and that the Company has settled in full all amounts outstanding thereunder.

On the maturity date, the Note was repaid in full and cancelled in accordance with its terms, and no notes issued under the Securities Purchase Agreement remain outstanding. As previously announced, the Company and the Investor also entered into a limited waiver agreement, dated October 14, 2026 (the "Waiver Agreement"), under which the Investor irrevocably waived all of its rights to deliver any additional closing notice and to purchase, or to require the Company to issue and sell, any additional notes at any additional closing under the Securities Purchase Agreement. The Company has paid the US$10 million waiver consideration to the Investor in full. As a result, the Waiver Agreement has become effective in accordance with its terms and no further notes will be issued under the Securities Purchase Agreement.

Dylan Jeng, CFO commented: 

"The remaining balance was paid in cash, in line with our commitment to protecting shareholder value and limiting dilution. Together with the termination of the additional notes earlier this month, this simplifies our capital structure and gives us greater financial flexibility as we focus on executing our growth strategy and improving profitability."

About ECARX

ECARX (Nasdaq: ECX), headquartered in London, is a leading global automotive intelligence company. ECARX provides the intelligent brain that powers the next generation of software-defined and AI defined vehicles. The company delivers end-to-end, full-stack solutions spanning advanced system-on-chip hardware, high-performance central computing platforms, intelligent cockpit technology, Advanced Driver Assistance Systems, cloud connectivity and physical AI, alongside bespoke vehicle software and intelligent operating systems.

As automakers transition to software-first and AI-first vehicle architectures, ECARX empowers automakers to streamline integration, reduce systemic complexity and optimize long-term cost efficiency. ECARX's proven technology is deployed across over 12 million vehicles worldwide, and is currently partnered with 18 global automakers and 28 vehicle brands to shape the future of automotive intelligence.

Founded in 2017 and listed on Nasdaq in 2022, ECARX operates from 15 major international locations across Europe, the Americas and Asia, with a global team of over 1,400 employees.

Safe Harbor Statement

This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words "expects", "intends", "anticipates", "estimates", "predicts", "believes", "should", "potential", "may", "preliminary", "forecast", "objective", "plan", or "target", and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX's filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

SOURCE ECARX Holdings Inc.

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- Mails Letter to Shareholders and Highlights Board's Commitment to Accountability and Disciplined Oversight of Strategic Execution

- Board Determined Oasis Management's Director Nominees Lack the Qualifications Necessary to Advance Vail Resorts' Strategy and Enhance Value Creation

- Urges Shareholders to Vote "FOR" ONLY Vail Resorts' Highly Qualified Director Nominees at the Upcoming Annual Meeting

- Visit Vote.VailResorts.com For More Information

BROOMFIELD, Colo., Oct. 30, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today filed its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with the Company's upcoming Annual Meeting of Stockholders (the "Annual Meeting") scheduled to be held on December 14, 2026. Shareholders of record as of October 19, 2026, will be entitled to vote at the meeting.

The Vail Resorts Board of Directors mailed the following letter to shareholders:

Dear Fellow Shareholders,

Over the last 17 months, your Board and management team have executed a clear strategy to return the Company to sustainable earnings growth and drive long-term shareholder valueâand it's beginning to deliver results.

Oasis Management, in collaboration with Matthew Prince, has nominated four candidates who we believe lack the experience and judgment required to oversee this strategy and who would put our progress at risk. That is why your vote on the WHITE proxy card "FOR" ALL of Vail Resorts' nine highly qualified director nominees is extremely important at this year's Annual Meeting.

As an experienced, refreshed Board, we have acted decisively to adjust the Company's strategy, including modernizing its marketing approach, introducing new pass and lift-ticket products and pricing options, and launching the Epic Experience growth strategy. Following one of the most challenging winters in history across the western U.S., the Company achieved record guest satisfaction, increased lift-ticket market share, and is outperforming the industry in pass sales for the upcoming season.1

Epic Experience is designed to build on this progress and drive guest loyalty and the next phase of growth by delivering a more seamless, personalized, and differentiated guest experienceâsomething the Company is uniquely positioned to do with its integrated network of 42 owned and operated resorts, marketing capabilities, and investments in talent and technology.

These initiatives are only just starting to demonstrate their potential, and we should not disrupt our progress toward delivering long-term shareholder value. Oasis Management has presented four unqualified dissident candidates, two of whom were introduced to Oasis Management by Mr. Prince approximately one week before their nominations. This connection is concerning, as Mr. Prince has long advocated for dismantling Vail Resorts' integrated network, one of the Company's most important strategic advantages. He has made his agenda clear: stating publicly that he would like an activist to take over the Board and sell Park City Mountain to him. Mr. Prince's connection to Oasis Management and its nominees raises serious questions about the independence and judgment of all their nominees and the true motives of their campaign.

With the addition of self-nominated shareholder Gregory Syvert Meyer, the five dissident nominees present serious governance concerns and collectively lack relevant experience and qualifications. In contrast, Vail Resorts' highly qualified Board, with the right mix of skills and expertise, has taken meaningful action to drive growth, strengthen leadership, and deliver results.

We are encouraged by the confidence of our fellow shareholders, including Ron Baron, our largest and 30-year shareholder, who said:

"Baron Capital will vote for Vail Resorts' nominees. Under the proven leadership of CEO Rob Katz, I believe that Vail Resorts has the right strategy to return to sustainable earnings growth and that there are meaningful opportunities that are not reflected in the stock today. This includes capturing more revenue through enhanced rental equipment and ski school offerings, and increasing engagement through continued investment in technology, mountain infrastructure, and the guest experience.

I do not believe the Oasis nominees would serve the best long-term interests of investors and strongly oppose their candidacies. I also have serious concerns about Oasis' coordination with Matthew Prince. I believe Prince's self-interested demand that the Company sell him Park City, one of its most iconic mountains, is short-sighted and destructive to long-term shareholder value. That alone taints my view of anyone Oasis recommends for the Board, including Bob Chapek. Vail Resorts' opportunity is in using the full power of its network of irreplaceable resorts, not dismantling it."2

I. The Vail Resorts Board and Management Team Recognized the Need to Changeâand Acted

Over the past 17 months, the Board and management have acted decisively to strengthen Vail Resorts and position the Company for sustained growth. Across leadership, marketing, pricing and product strategy, growth and efficiency, they have taken significant actions designed to strengthen the business for the long term while addressing near-term opportunities.

In May 2025, the Board brought Executive Chair Rob Katz back as CEO. From 2006 to 2021, his prior tenure as CEO, Mr. Katz transformed Vail Resorts, pioneering and scaling the Epic Pass and building the Company's integrated network of irreplaceable resorts. His leadership during this time delivered sustained growth in revenue, profitability, and cash generation, with Vail Resorts generating approximately 12x total shareholder return, compared with roughly 4x for the S&P 500, and ranking as the top performer in the travel sector.

In less than a year, Mr. Katz and the management team evolved marketing and pricing strategies to better meet guests where they are, introducing Epic Friend Tickets and Super Advanced Lift Tickets to grow lift-ticket visitation and drive long-term guest lifetime value; took a more individualized approach to lift ticket pricing across resorts to better respond to demand periods; and launched new pass products and pricing optimization with Young Adult and Teen pricing.

The Company also announced in November 2025 that it hired Celeste Burgoyne3 into the newly created role of Executive Vice President and Chief Revenue Officer. Burgoyne brings significant experience scaling global brands and driving growth; a deep appreciation for the connection between brand, guest experience, and digital engagement; and a personal connection to Whistler Blackcomb, Vail Resorts' largest resort. These attributes are critical to driving revenue growth and leveraging our marketing strengths.

II. The Board's Actions are Showing Early Results

Vail Resorts' actions are already translating into measurable progress. Despite the historic weather challenges this past season, the Company achieved record guest satisfaction scores and strong employee engagement and retention. Its new marketing approachâincreased paid media investment, a broader social-media presence, and more resort-focused storytellingâas well as its lift-ticket product and pricing initiatives, helped the Company to outperform the broader industry in lift-ticket visitation during Fiscal 2026. For the coming season, third-party data indicates the Company is outperforming the broader industry in pass sales, particularly on comparable unlimited products.

III. Vail Resorts Has the Right Strategy and Structural Advantages for Long-Term Success

The Company is uniquely situated to transform the guest experience because of the scale, technology, and integrated resort network it has strategically built over time. Through Epic Experience, the Company is leveraging those advantages to increase loyalty, visitation, and guest lifetime value. Announced in July 2026, the strategy centers on making every part of the mountain journey more seamless, personalized, and memorable, so that guests are inspired to return.

That starts with how Vail Resorts reaches and engages guests through a seamless digital journey. The My Epic app is expanding into a digital companion, bringing planning, purchasing, and in-resort engagement to a single platform, which now includes native in-app commerce and the ability to use your phone as your lift ticket or pass, a first for the ski industry.

My Epic Gear extends that digital experience to how guests access equipment, with Pick Your Own demo gear and an updated web platform this season, and broader personalization, fulfillment, and app integration planned for Fiscal 2028 that we expect will transform the entire gear experience for renters and owners. It dramatically improves a critical component of the ski day by leveraging the Company's integrated network to differentiate the experience, drive capture, and deepen loyalty.

Epic Experience also extends to ski school, where Vail Resorts is digitizing arrival and guest communications while elevating the private-lesson experience through Epic Ascent, including concierge support, gear lounges, and personalized trip planning. The Company is also improving the on-mountain dining experience through investments in higher-quality ingredients, presentation, and technology.

At the heart of all these initiatives are the employees who deliver the guest experience, which is why our continued investment in training, development, engagement, and retention for frontline employees is a key part of the Epic Experience strategy. One of the Company's best proof points in its ability to deliver on Epic Experience is the turnaround the Company has seen in the hiring and selection of frontline seasonal talent, which has gone from a pain point to a towering strength in just four years.

SOUTHFIELD, Mich., Oct. 30, 2026 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the third quarter 2026.

Third Quarter 2026 Financial Highlights

- Revenue of $5.8 billion, an increase of 2%, compared to $5.7 billion in the third quarter of 2025

- Total company growth over market of 4 percentage points, with 4 percentage points in Seating and 2 percentage points in E-Systems

- Net income increased 26% to $137 million and adjusted net income increased 23% to $185 million, compared to $108 million and $150 million, respectively, in the third quarter of 2025

- Core operating earnings of $256 million, an increase of 6%, compared to $241 million in the third quarter of 2025

- Earnings per share of $2.74 and adjusted earnings per share of $3.71, compared to $2.02 and $2.79, respectively, in the third quarter of 2025

- Earnings per share increased 36% year-over-year and adjusted earnings per share increased 33% year-over-year, reflecting higher earnings and the benefit of our share repurchase program

- Net cash provided by operating activities of $329 million and free cash flow of $158 million, compared to $444 million and $307 million, respectively, in the third quarter of 2025

- Delivered positive operating performance in both segments; â40 basis points in Seating and â120 basis points in E-Systems

- Repurchased $175 million of shares, achieving our full-year target of $350 million, and paid $38 million in dividends

- Cash and cash equivalents at quarter-end of $889 million and total liquidity of $2.9 billion

Third Quarter 2026 Business Highlights

- Expanded our Seating leadership position through significant new complete seat awards, including a key replacement program and a future program with a North American automaker in North America, our largest complete seat award in India with Mahindra & Mahindra, an award with a Chinese luxury EV automaker in China and awards with BYD in Indonesia and Thailand; a ComfortFlex⢠award with Mercedes; and ComfortMax Seat⢠and FlexAir® awards with JLR

- Continued to grow our core E-Systems products with a conquest award on a commercial and passenger van with a North American automaker in Europe and multiple conquest and new wire awards with customers in China

"Lear delivered improved year-over-year revenue and core operating earnings for the fourth consecutive quarter despite lower industry production. These results keep us on track to deliver our full-year earnings guidance. We continue to win significant new business awards, including complete seats for two important programs with a North American automaker, our largest complete seat award in India with Mahindra & Mahindra, where we are the market leader, and complete seats for future programs with a Chinese luxury EV automaker and with BYD. We continue to grow in E-Systems with a conquest electronics award on a commercial and passenger van in Europe, and both conquest and new wire awards with multiple customers in China," said Ray Scott, Lear's President and Chief Executive Officer. "Our complete seat facility in Orion, Michigan, is on track to launch early next year. This is our most sophisticated plant and a showcase for the next phase of our technology roadmap driven by IDEA by Learâ¢. Our strong cash generation enabled us to achieve our full-year share repurchase target of $350 million, driving continued earnings per share growth while sustaining our dividend. We remain committed to returning cash to shareholders, as demonstrated by our expanded share repurchase authorization to $1.5 billion, which has been extended through December 31, 2029."

Third Quarter Financial Results

(in millions, except per share amounts)

In the third quarter, global vehicle production was down 2% compared to a year ago, with North America down 5%, Europe up 1% and China down 7%. Global vehicle production was down approximately 2% on a Lear sales-weighted basis(2).

Sales in the third quarter were $5.8 billion, up 2% year-over-year. Sales excluding the impact of commodities, foreign exchange and tariff recoveries were also up 2%, reflecting the addition of new business and commercial recoveries, partially offset by lower production on key Lear platforms and the wind-down of non-core electronics programs.

Core operating earnings were $256 million, or 4.4% of sales, as compared to $241 million, or 4.2% of sales, in 2025. Earnings were impacted by commercial recoveries, restructuring and IDEA by Lear⢠savings, partially offset by lower production on key Lear platforms, and increases in engineering and launch costs.

In the Seating segment, margins and adjusted margins were 5.5% and 6.3% of sales, respectively, as compared to 5.6% and 6.1%, respectively, in 2025. In the E-Systems segment, margins and adjusted margins were 3.5% and 4.8% of sales, respectively, increased from 2.9% and 4.2%, respectively, in 2025.

Net income was $137 million, an increase of 26%, compared to $108 million in 2025. Adjusted net income was $185 million, an increase of 23%, compared to $150 million in 2025.

Earnings per share were $2.74 and adjusted earnings per share were $3.71, as compared to $2.02 and $2.79, respectively, a year ago. Earnings per share increased 36% year-over-year and adjusted earnings per share increased 33% year-over-year, reflecting higher earnings and the benefit of our share repurchase program.

In the third quarter of 2026, net cash provided by operating activities was $329 million and free cash flow(1) was $158 million, decreasing from $444 million and $307 million, respectively, in 2025.

(1) For more information regarding our non-GAAP financial measures, see "Non-GAAP Financial Information" below.

(2) The global and regional production changes are based on Mobility Global estimates. The production change on a Lear sales-weighted basis is calculated using Lear's prior year regional sales mix and third quarter fiscal calendar. Management believes this provides a more meaningful comparison of the Company's global revenue growth relative to global vehicle production.

Share Repurchase Program

During the third quarter of 2026, Lear repurchased 1,375,917 shares of our common stock for a total of $175 million. At the end of the third quarter, we had a remaining share repurchase authorization of approximately $1.5 billion, which reflects approximately 26% of our total market capitalization at current market prices.

Since initiating the share repurchase program in 2011, we have repurchased 64.9 million shares of our common stock for a total of $6.3 billion at an average price of $96.38 per share. This represents a reduction of approximately 62% of our shares outstanding since the time we began the program.

2026 Financial Outlook

We adjusted our 2026 financial outlook to reflect changing production schedules for key platforms and their impact on our business. We are maintaining our full year outlook for core operating earnings as we anticipate our strong operational execution and the additional savings from our restructuring actions will offset the impacts from lower revenue and higher commodity and other input costs.   

At the midpoint of our guidance range, we have assumed that full-year global industry production will be approximately 1% lower than in 2025 on a Lear sales-weighted basis. The industry volume assumptions underlying our 2026 financial outlook are derived from several sources, including internal estimates, customer production schedules and the most recent Mobility Global production estimates for our vehicle platforms.

Our outlook excludes any future impact of potential changes to tariffs or Company or industry-wide production disruptions.

Our 2026 financial outlook is summarized below:

The financial outlook is based on full year average exchange rates of $1.15/Euro and 6.80 RMB/$.

Certain of the forward-looking financial measures above are provided on a non-GAAP basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.

Third Quarter 2026 Conference Call and Webcast Information

A conference call and webcast will be held to discuss Lear's third quarter 2026 financial results and related matters on October 30, 2026, at 9:00 a.m. EDT. The webcast link for the conference call will be available through Lear's investor relations webpage at ir.lear.com. In addition, the conference call can be accessed by dialing 1-877-883-0383 (domestic) or 1-412-902-6506 (international) with Conference I.D. 5619744. The webcast replay will be available two hours following the call.

Non-GAAP Financial Information

In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included throughout this press release, the Company has provided information regarding "pretax income before equity income, interest, other expense, restructuring costs and other special items" (core operating earnings or adjusted segment earnings), "pretax income before equity income, interest, other expense, depreciation expense, amortization of intangible assets, restructuring costs and other special items" (adjusted EBITDA), "adjusted net income attributable to Lear" (adjusted net income), "adjusted diluted net income per share attributable to Lear" (adjusted earnings per share), and "free cash flow" (each, a non-GAAP financial measure).