Technology

CoreWeave Reports Strong First Quarter 2025 Results

Published

1 year ago

May 14, 2025

Growth Driven by Accelerating Demand for CoreWeave’s Purpose-built AI Platform

LIVINGSTON, N.J., May 14, 2025 /PRNewswire/ — CoreWeave, Inc. (Nasdaq: CRWV), the AI Hyperscaler™, today reported financial results for the first quarter ended March 31, 2025.

“We’ve delivered an outstanding start to 2025 on multiple fronts. Our strong first quarter financial performance caps a string of milestones including our IPO, our major strategic deal with OpenAI as well as other customer wins, our acquisition of Weights & Biases and many technical achievements,” said Michael Intrator, CoreWeave’s co-founder and Chief Executive Officer. “Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand. The future runs on CoreWeave.”

“CoreWeave’s strong financial performance in Q1 highlights the large and rapidly growing opportunity,” said Nitin Agrawal, CoreWeave’s Chief Financial Officer. “We are focused on executing, while effectively managing our capital structure to support accelerating investments in growth and maintaining flexibility to capitalize on strategic opportunities.”

First Quarter 2025 Financial Highlights

(In thousands, except percentages and per share amounts)

Three Months Ended March 31,

2025

2024

% Change

Revenue

$ 981,632

$ 188,684

420 %

Operating expenses*

1,009,102

171,837

487 %

Operating income (loss)*

$ (27,470)

$ 16,847

(263) %

Operating income (loss) margin*

(3) %

9 %

Interest expense, net

$ (263,835)

$ (40,656)

549 %

Net loss*

$ (314,641)

$ (129,248)

143 %

Net loss margin*

(32) %

(68) %

Basic net loss per share*

$ (1.40)

$ (0.62)

126 %

Diluted net loss per share*

$ (1.49)

$ (0.62)

140 %

*Includes $177 million of stock-based compensation expense for awards with a liquidity-event performance-based vesting condition which was satisfied at IPO and for which the service-based vesting condition had also been satisfied as of that date.

Non-GAAP Measures

(In thousands, except percentages)

Three Months Ended March 31,

2025

2024

% Change

Adjusted EBITDA

$ 606,131

$ 104,546

480 %

Adjusted EBITDA margin

62 %

55 %

Adjusted operating income

$ 162,634

$ 25,036

550 %

Adjusted operating income margin

17 %

13 %

Adjusted net loss

$ (149,555)

$ (23,559)

535 %

Adjusted net loss margin

(15) %

(12) %

(See “Non-GAAP Financial Measures” below for the definitions of Adjusted EBITDA, Adjusted Operating Income, and Adjusted Net Loss)

Additional First Quarter 2025 Financial Highlights

Revenue backlog was $25.9 billion as of March 31, 2025. Revenue backlog includes RPO of $14.7 billion, plus, subject to the satisfaction of delivery and availability of service requirements, other amounts we estimate will be recognized as revenue in future periods under committed customer contracts of $11.2 billion.

First Quarter 2025 Highlights

Key customer wins across AI labs, hyperscalers and enterprises includingStrategic deal with OpenAI, adding $11.2 billion in revenue backlogAnnounced partnership with IBM to deliver compute capacity for IBM’s Granite modelsContinued rapid scaling of our purpose-built AI Infrastructure, including the addition of new compute capacity which totaled approximately 420 MW of active power and approximately 1.6 GW of contracted power at quarter endContinued to drive our AI Hyperscaler™ leadership positionMLPerf Inference v5.0 results set a new industry benchmark in AI inference with NVIDIA GB200 Grace Blackwell SuperchipsThe only AI cloud provider to receive the highest Platinum rating based on SemiAnalysis’s ClusterMAX™ Rating SystemNew product launches to extend our cloud platform capabilitiesGeneral availability of CoreWeave AI Object Storage (CAIOS) for high-performance data accessSupport for GB200 based instances throughout our Cloud Platform Stack (CKS, SUNK, Observability, Fleet LifeCycle Controller)On-Demand Cluster Scaling via CoreWeave Kubernetes ServiceGeneral availability of detailed billing and usage metricsSupport for NVIDIA AI Enterprise software and NVIDIA Cloud Functions to help enterprises quickly ramp up their AI applicationsRaised $1.4 billion in net proceeds through our IPO, increasing to $17.2 billion of total debt and equity raised to support the company’s strategy to drive the next generation of cloud computing for the future of AI

Business Outlook

CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Webcast and Conference Call Information

CoreWeave will host an audio webcast to discuss the results for the first quarter of 2025, provide a business update, and forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed at the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and earnings presentation.

Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.

Disclosure Information

CoreWeave uses our investor relations page (investors.coreweave.com), our X account (@CoreWeave), and our LinkedIn page to disclose material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor these websites, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

About CoreWeave

CoreWeave, the AI Hyperscaler™, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company’s technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and Europe. CoreWeave was ranked as one of the TIME100 most influential companies and featured on Forbes Cloud 100 ranking in 2024. Learn more at www.coreweave.com.

Investor Relations contact:
Investor-Relations@coreweave.com / https://investors.coreweave.com/

Media contact:
Press@coreweave.com / https://www.coreweave.com/about-us

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our market opportunity and future growth; market trends; demand for our platform; capital structure; our plans to scale our platform; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent filings with the SEC, including in our final prospectus filed with the SEC pursuant to Rule 424(b), dated March 27, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. CoreWeave encourages investors to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave’s business.

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended March 31,

2025

2024

Revenue

$ 981,632

$ 188,684

Operating expenses:

Cost of revenue

262,394

59,220

Technology and infrastructure

561,402

92,881

Sales and marketing

10,549

4,050

General and administrative

174,757

15,686

Total operating expenses

1,009,102

171,837

Operating income (loss)

(27,470)

16,847

Gain (loss) on fair value adjustments

26,837

(97,500)

Interest expense, net

(263,835)

(40,656)

Other income (expense), net

(4,137)

7,460

Loss before provision for (benefit from) income taxes

(268,605)

(113,849)

Provision for (benefit from) income taxes

46,036

15,399

Net loss

$ (314,641)

$ (129,248)

Net loss attributable to common stockholders, basic

$ (343,363)

$ (129,248)

Net loss attributable to common stockholders, diluted

$ (370,208)

$ (129,248)

Net loss per share attributable to common stockholders, basic

$ (1.40)

$ (0.62)

Net loss per share attributable to common stockholders, diluted

$ (1.49)

$ (0.62)

Weighted-average shares used in computing net loss per share

attributable to common stockholders, basic

245,608

209,228

Weighted-average shares used in computing net loss per share

attributable to common stockholders, diluted

249,293

209,228

COREWEAVE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

March 31,
2025

December 31,
2024

Assets

Current assets

Cash and cash equivalents

$ 1,276,456

$ 1,361,083

Restricted cash and cash equivalents, current

624,250

37,394

Accounts receivable, net

1,055,208

416,526

Prepaid expenses and other current assets

146,733

101,246

Total current assets

3,102,647

1,916,249

Restricted cash and cash equivalents, non-current

617,110

637,356

Restricted marketable securities, non-current

—

29,308

Property and equipment, net

14,210,992

11,914,774

Operating lease right-of-use assets

3,063,220

2,589,547

Intangible assets, net

4,395

4,909

Goodwill

19,544

Other non-current assets

842,475

720,912

Total assets

$ 21,860,383

$ 17,832,599

Liabilities, Redeemable Convertible Preferred Stock, Redeemable

Common Stock, and Stockholders’ Equity (Deficit)

Current liabilities

Accounts payable

$ 1,242,100

$ 868,259

Accrued liabilities

1,377,013

355,821

Debt, current

3,776,595

2,468,425

Deferred revenue, current

436,530

768,927

Operating lease liabilities, current

239,549

213,104

Finance lease liabilities, current

59,010

57,801

Other current liabilities

—

230,244

Total current liabilities

7,130,797

4,962,581

Debt, non-current

4,935,071

5,457,915

Derivative and warrant liabilities

491

200,089

Deferred revenue, non-current

3,611,469

3,294,977

Operating lease liabilities, non-current

2,867,838

2,388,912

Finance lease liabilities, non-current

18,814

34,120

Deferred tax liabilities, non-current

193,849

149,232

Other non-current liabilities

32,772

36,260

Total liabilities

18,791,101

16,524,086

Commitments and contingencies

Redeemable convertible preferred stock and redeemable common stock

Redeemable convertible preferred stock

—

1,722,111

Redeemable Class A common stock

1,163,159

—

Stockholders’ equity (deficit)

Preferred stock

—

Class A common stock

Class B common stock

Class C common stock

—

Treasury stock

(33,524)

Additional paid-in capital

3,730,521

1,096,160

Accumulated deficit

(1,790,876)

(1,476,235)

Total stockholders’ equity (deficit)

1,906,123

(413,598)

Total liabilities, redeemable convertible preferred stock, redeemable

common stock, and stockholders’ equity (deficit)

$ 21,860,383

$ 17,832,599

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended March 31,

2025

2024

Cash flows from operating activities:

Net loss

$ (314,641)

$ (129,248)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

443,497

79,510

Non-cash lease expense

66,869

15,090

Amortization of debt discounts and issuance costs and accretion of redemption premiums

37,691

8,058

Loss (gain) on fair value adjustments

(26,837)

97,500

Stock-based compensation

183,973

8,189

Deferred income taxes

44,617

14,686

Other non-cash reconciling items

22,723

(886)

Changes in operating assets and liabilities, net of effect of business acquisition:

Accounts receivable

(638,750)

54,328

Prepaid expenses and other current assets

(9,929)

23,228

Accounts payable and accrued expenses

62,327

515,295

Deferred revenue

(15,904)

1,439,571

Lease liabilities

(51,109)

(5,819)

Other non-current assets

256,641

(80,464)

Net cash provided by (used in) operating activities

$ 61,168

$ 2,039,038

Cash flows from investing activities:

Purchase of property and equipment, including capitalized internal-use software

(1,407,359)

(1,741,935)

Maturities of marketable securities

29,308

—

Purchase of restricted marketable securities

—

(29,308)

Issuance of notes receivable

(55,000)

—

Net cash provided by (used in) investing activities

$ (1,433,051)

$ (1,771,243)

Cash flows from financing activities:

Proceeds from issuance of debt

784,956

931,647

Repayments of debt

(271,104)

(4,956)

Issuance of redeemable convertible preferred stock, net of issuance costs

—

25,000

Redeemable convertible preferred stock cash dividends paid

(26,101)

—

Proceeds from exercise of stock options

2,794

Proceeds from initial public offering, net of underwriting discounts and commissions

1,422,619

—

Payment of tax withholdings on settlement of RSUs

(15,685)

—

Deferred offering costs paid

(16,870)

—

Other financing activities

(26,743)

(32,241)

Net cash provided by (used in) financing activities

1,853,866

919,495

Net increase in cash, cash equivalents, and restricted cash

481,983

1,187,290

Cash, cash equivalents, and restricted cash—beginning of period

2,035,833

480,075

Cash, cash equivalents, and restricted cash—end of period

$ 2,517,816

$ 1,667,365

Supplemental disclosures of cash flow information:

Cash paid for interest, net of capitalized amounts

142,193

1,971

Non-cash investing and financing activities:

Capitalized interest not yet paid

10,776

48,215

Operating lease right-of-use assets acquired through lease liability

535,524

431,838

Accounts payable and accrued expenses related to property and equipment additions

2,008,056

287,795

Issuance of common stock for contract incentive

350,000

—

Conversion of redeemable convertible preferred stock in connection with initial public offering

1,722,140

—

Reclassification of warrant liabilities to equity

172,808

—

Settlement of Series B tranche liability

—

69,598

Reclassification of customer deposit to debt

230,244

—

Deferred offering costs not yet paid

11,899

—

Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated

balance sheets:

Cash and cash equivalents

1,276,456

1,306,872

Restricted cash and cash equivalents, current

624,250

35,493

Restricted cash and cash equivalents, non-current

617,110

325,000

Total cash, cash equivalents, and restricted cash

$ 2,517,816

$ 1,667,365

Reconciliation of GAAP to Non-GAAP Results

Reconciliation of Net Loss to Adjusted EBITDA

(in thousands, except percentages)

Three Months Ended March 31,

2025

2024

Net loss

$ (314,641)

$ (129,248)

Depreciation and amortization

443,497

79,510

Interest expense, net

263,835

40,656

Stock-based compensation

183,974

8,189

Provision for (benefit from) income taxes

46,036

15,399

Acquisition related costs

6,130

—

Other expense (income), net

4,137

(7,460)

(Gain) loss on fair value adjustments(1)

(26,837)

97,500

Adjusted EBITDA

$ 606,131

$ 104,546

Revenue

$ 981,632

$ 188,684

Net loss margin

(32) %

(68) %

Adjusted EBITDA margin

62 %

55 %

(1)

Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements for additional information.

Reconciliation of Operating Income to Adjusted Operating Income

(in thousands, except percentages)

Three Months Ended March 31,

2025

2024

Operating income (loss)

$ (27,470)

$ 16,847

Stock-based compensation

183,974

8,189

Acquisition related costs

6,130

—

Adjusted operating income

$ 162,634

$ 25,036

Revenue

$ 981,632

$ 188,684

Operating income (loss) margin

(3) %

9 %

Adjusted operating income margin

17 %

13 %

Reconciliation of Net Loss to Adjusted Net Loss

(in thousands, except percentages)

Three Months Ended March 31,

2025

2024

Net loss

$ (314,641)

$ (129,248)

Stock-based compensation

183,974

8,189

Acquisition related costs

6,130

—

Other adjustments(1)

1,819

—

(Gain) loss on fair value adjustments(2)

(26,837)

97,500

Adjusted net loss(3)

$ (149,555)

$ (23,559)

Revenue

981,632

188,684

Net loss margin

(32) %

(68) %

Adjusted net loss margin(3)

(15) %

(12) %

(1)

Primarily relates to accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.

(2)

(3)

There were no material income tax effects on our non-GAAP adjustments for all periods presented.

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SOURCE CoreWeave

Technology

Self-Driving Cars Market worth 51,213 thousand units in 2035 | MarketsandMarkets™

Published

39 minutes ago

November 2, 2026

DELRAY BEACH, Fla., Nov. 2, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Self-Driving Cars Market is projected to grow from 31,509 thousand units in 2026 and to reach 51,213 thousand units in 2035, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period.

Browse 250 market data Tables and 75 Figures spread through 300 Pages and in-depth TOC on ‘Self-Driving Cars Market’

Self-Driving Cars Market Size & Forecast:

Market Size Available for Years: 2022-20352026 Market Size: 31,509 thousand Units2035 Projected Market Size: 51,213 thousand UnitsCAGR (2026–2035): 5.5%

Self-driving Cars Market Trends & Insights:

Personal mobility is estimated to hold the largest share during the forecast period.The Level 3 segment is to witness the fastest growth in the self-driving cars market during the forecast period.North America is expected to grow significantly during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1220

Self-driving cars are progressing from controlled testing toward commercial deployment, supported by advances in AI, computing architecture, and vehicle automation. The commercial operation of Level 4 robotaxis in multiple cities is accelerating investment in autonomous driving technologies, including perception, sensor fusion, decision-making software, and high-performance computing. These developments are also influencing passenger vehicle programs, where automakers are expanding Level 2+ driver assistance and developing new off-driving capabilities. Over the next few years, progress in AI models, simulation-based validation, and sensor integration is expected to improve system performance and support the wider deployment of automated driving across vehicle segments. Volkswagen is developing localized AI driving solutions in China through its CARIZON joint venture with Horizon Robotics, aligning its technology strategy with local market requirements. These strategies reflect a broader shift toward controlling software development, computing costs, and system integration. The competitive advantage will depend on how effectively automakers scale validated driving functions across vehicle portfolios, improve affordability, and meet regional regulatory requirements without compromising safety performance.

Hyundai Motor Group Builds an AI Data Strategy to Accelerate Self-driving Technology

In September 2026, Hyundai Motor Group activated its Data Flywheel strategy, linking real-world driving data collection, AI training, simulation, validation, and software deployment. The group is targeting NVIDIA-based Level 2+ production vehicles in the first half of 2028 and Level 2++ vehicles in the second half of 2028, followed by proprietary Atria AI-powered Level 2++ vehicles in the second half of 2029.Hyundai’s two-track strategy allows it to deploy technology developed with NVIDIA while continuing to develop its own end-to-end Atria AI system through 42dot. By standardizing sensor systems across Hyundai, Kia and its technology subsidiaries, the group aims to improve data consistency and software reuse across vehicle platforms. This approach can reduce duplicated development efforts and accelerate the identification of difficult driving scenarios, although the commercial advantage will depend on translating larger data volumes into measurable safety and performance improvements.

Request for Proposal:
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Personal mobility is estimated to hold the largest share during the forecast period.

Personal mobility is emerging as a commercial opportunity in the self-driving cars market, as OEMs focus on making automated driving a practical feature that improves convenience and strengthens premium vehicle differentiation. According to China’s Ministry of Industry and Information Technology, 69.15% of passenger cars sold in January and February 2026 had Level 2 driving assistance, up 10 percentage points year on year. The US National Highway Traffic Safety Administration (NHTSA) added pass or fail assessments for advanced driver assistance systems to its New Car Assessment Program, encouraging automakers to improve safety features that protect drivers and pedestrians. The near-term opportunity lies in expanding assisted driving capabilities across urban roads and highways, while improving the reliability of AI-based perception, navigation, and decision-making. In January 2026, Mercedes-Benz presented MB. DRIVE ASSIST PRO on the new CLA, combining navigation with Level 2 driving assistance for supported urban journeys, with the system already available in China and a US launch planned for later in 2026. The development highlights how OEMs are leveraging automated driving capabilities to enhance the vehicle ownership experience and create opportunities for software-based feature upgrades. For automakers, the competitive advantage depends on delivering reliable automation across more vehicle models and price points, turning driving convenience into a stronger purchase incentive.

The Level 3 segment is to witness the fastest growth in the self-driving cars market during the forecast period.

The Level 3 segment is expected to be the fastest-growing segment in the self-driving cars market as automakers move beyond Level 2 driver assistance toward conditional automation. Adoption remains concentrated in specific driving conditions because Level 3 systems must operate within defined conditions and transfer control back to the driver when required. For instance, in December 2025, China approved its first two Level 3 passenger car models from Changan Automobile and BAIC’s ARCFOX brand. The Changan model was approved for operation during highway traffic congestion at speeds of up to 50 km/h on designated roads in Chongqing, while the ARCFOX model was permitted to operate at speeds of up to 80 km/h on designated roads in Beijing. These restricted approvals show that Level 3 deployment is progressing through controlled operating conditions rather than unrestricted use. Automakers that align system capabilities with approved road conditions and reliable driver handover requirements will be better positioned to expand Level 3 passenger car offerings.

North America is expected to grow significantly during the forecast period.

North America is strengthening its position in the self-driving cars market as automakers expand AI-based driving assistance and autonomous mobility programs. A key focus is extending automation to complex urban environments while maintaining driver supervision in passenger vehicles. In May 2026, Stellantis partnered with Wayve to integrate Wayve’s AI Driver into its STLA Auto Drive platform, targeting supervised, hands-free driving across urban and highway routes, with North American deployment planned from 2028. In a separate development, Volkswagen Group’s MOIA America partnered with Uber to introduce autonomous ID. Buzz vehicles in Los Angeles, with on-road testing and plans to launch ride-hailing services by the end of 2026. The two initiatives highlight distinct development paths in the region: integrating AI-powered driving capabilities into passenger vehicle platforms and deploying autonomous electric vehicles for commercial mobility services. Progress will depend on system validation, regulatory approvals, operational safety, and the ability to handle diverse traffic conditions.

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Top Companies in Self-Driving Cars Market:

The Top Companies in Self-Driving Cars Market are Toyota Motor Corporation (Japan), Volkswagen Group (Germany), BYD Co., Ltd. (China), Stellantis (Netherlands), and Hyundai Motor Group (South Korea).

Self-driving Cars Market – Investment and Funding Scenario

Investment Funding Context

The global self-driving cars market is projected to reach 51,213 thousand units by 2033, from 31,509 thousand units in 2026, at a CAGR of 5.5% during 2026–2035. Growth will be supported by AI-based perception, sensor fusion, and software-defined vehicle architecture. Automakers should prioritize scalable automation platforms, cost optimization, and software integration to strengthen competitiveness and capture future demand.

Revenue Shift Context

Revenue in the global self-driving cars market is shifting toward higher-value ADAS hardware, AI-powered driving software, and advanced perception systems, including cameras, radar, LiDAR, and high-performance computing platforms. Growing adoption of Level 2 and Level 2+ systems is driving demand for sensor fusion, driver monitoring, and hands-free driving capabilities. Additional revenue opportunities are emerging from software licensing, over-the-air upgrades, and technology partnerships. For instance, in February 2026, Waymo raised USD 16 billion to expand its autonomous ride-hailing operations and accelerate technology development. This investment highlights growing capital allocation toward scalable AI-driven autonomy and commercial deployment. Consequently, market value creation is increasingly driven by advanced technology content per vehicle, software monetization, and autonomous mobility services rather than vehicle volumes alone.

Mergers and Acquisitions

From September 2025 to September 2026, eight notable strategic transactions involving major self-driving cars market players were identified, including partnerships, funding rounds, technology agreements, and collaborations. The transactions mainly focused on autonomous driving software development, AI-powered vehicle systems, robotaxi expansion, advanced sensor technologies, and commercialization of self-driving solutions.

SELF-DRIVING CARS MARKET: MERGERS AND ACQUISITIONS, SEPTEMBER 2025 – SEPTEMBER 2026

Month & Year

Deal Type

Company 1

Company 2

Description

September 2026

Agreement

Mercedes-Benz Group AG (Germany)

Wayve (UK)

Mercedes-Benz (Germany) and Wayve (UK) signed an agreement to integrate Wayve’s autonomous driving system into future Mercedes-Benz vehicles, with deployment expected to begin within two years.

July 2026

Partnership

Ford (US)

Apple (US)

Ford (US) partnered with Apple (US) to integrate Apple Maps navigation into Ford’s next-generation Universal Electric Vehicle platform, providing drivers with navigation and route planning capabilities through Apple Maps.

July 2026

Partnership

BMW Group (Germany)

Qualcomm (US)

Qualcomm made an agreement with BMW to supply Snapdragon Digital Chassis solutions for BMW’s future vehicle platforms. The agreement covers cockpit processors, automated driving chips, and AI accelerators for BMW’s next-generation digital and advanced driver assistance systems.

July 2026

Partnership

Waymo LLC (US)

Hyundai Motor Group

Hyundai Motor (South Korea) and Waymo (US) partnered to test Hyundai IONIQ 5 vehicles equipped with Waymo’s sixth-generation Waymo Driver. The test began with an autonomous specialist onboard and is intended to validate the system ahead of fully autonomous operations.

April 2026

Joint Venture

Volkswagen AG (Germany)

Horizon Robotics (China)

Volkswagen partnered with Horizon Robotics through their CARIZON joint venture to develop automated driving solutions for the Chinese market. The joint venture integrates CARIZON’s ADAS solution into Volkswagen vehicles, including the ID. AURA T6.

March 2026

Partnership

BYD (China)

NVIDIA (US), BYD (China), Geely (China), Isuzu (Japan), and Nissan (Japan)

BYD partnered with NVIDIA, Geely, Isuzu, and Nissan to adopt its Hyperion platform for Level 4 autonomous vehicle programs. The platform integrates compute, sensors, networking, and safety systems to support development and deployment of Level 4 autonomous vehicles.

January 2026

Partnership

Mercedes-Benz Group AG (Germany)

NVIDIA Corporation (US), Uber (US)

Mercedes-Benz (Germany), NVIDIA (US), and Uber partnered to develop a global robotaxi platform. The platform will integrate Mercedes-Benz’s MB. OS with NVIDIA’s autonomous driving technologies, enabling highly automated driving applications while allowing Mercedes-Benz to retain control of its core vehicle software.

September 2025

Partnership

Waymo LLC (US)

Lyft (US)

Waymo (US) partnered with Lyft (US) to bring fully autonomous ride-hailing services to Nashville. Waymo will provide autonomous driving technology, while Lyft’s Flexdrive subsidiary will support vehicle fleet management.

Company Revenue Share Details

The top five players are estimated to account for approximately 41%–46% of the self-driving cars market, indicating a moderately concentrated competitive landscape with strong competition among established automotive manufacturers. Leading players such as Toyota Motor Corporation (Japan), Volkswagen AG (Germany), BYD Company Limited (China), Stellantis N.V. (Netherlands), and Hyundai Motor Company (South Korea) are expanding their autonomous driving capabilities across passenger vehicle platforms. Their strategies include ADAS integration, AI-powered driving software, sensor fusion, automated driving platforms, and partnerships with autonomous technology providers to enhance vehicle safety, improve driving automation, and accelerate commercialization across global markets.

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Autonomous Driving Software Market

Autonomous Vehicle Sensor Market

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Technology

Q-Ball Intelligence launches to bring Predictive Intelligence into the AI era

Published

39 minutes ago

November 2, 2026

19 years of predictive research, backed by a nine-year real-world investment record returning 235.19%

SAN FRANCISCO, Nov. 2, 2026 /PRNewswire/ — Q-Ball Intelligence today announces its launch as a new AI-native Predictive Intelligence venture, building on nearly two decades of research and practical applications dating back to 2007.

The company is developing a new generation of artificial intelligence capable of identifying emerging signals, recognising patterns and anticipating future developments moving beyond analysing what has happened to understanding what is likely to happen next.

The research behind Q-Ball has already been applied in practice. Between 17 February 2016 and 17 February 2025, a Q-Ball-informed investment portfolio delivered a cumulative return of 235.19%.

For comparison, the portfolio analysis shows returns of 129.86% for OMX Stockholm All-Share Gross Index (OMXSGI), representing the broader Swedish equity market, and 106.55% for OMX Stockholm 30 Index (OMXS30) over the same period. This represents an outperformance of 105.33 and 128.64 percentage points respectively.

The nine-year investment record provides a tangible example of the practical application of predictive research developed under the leadership of Assistant Professor Peter Majanen. It represents an actual investment portfolio record rather than a simulated backtest.

From analysing information to anticipating change

Most analytical systems are designed to process information, identify historical trends and explain developments that have already taken place.

Q-Ball is pursuing a different objective: recognising the signals and changing expectations that may reveal what comes next.

Its predictive methodology connects information, expectations, emerging patterns and momentum with potential catalysts and future outcomes. The objective is to translate complex information into structured, measurable forecasts.

The underlying research originated in 2007 and has evolved through nearly two decades of development and practical application. Q-Ball Intelligence represents the next stage: transforming this foundation into a scalable technology platform designed for international markets.

Building a new Predictive Intelligence platform

Q-Ball is developing an AI-native platform designed to identify relevant signals, assess emerging developments, generate structured forecasts and measure predictions against actual outcomes.

The company’s approach places particular emphasis on understanding changes in expectations and behaviour, rather than relying exclusively on historical data and conventional trend analysis.

By combining predictive methodology with AI-driven analysis, Q-Ball aims to create technology that helps organisations and individuals anticipate change, assess opportunities and make better-informed decisions.

An important part of the development philosophy is accountability: predictions should be structured, time-stamped and evaluated against what actually happens. This creates a foundation for continuous measurement, refinement and learning.

Applications across multiple markets

Q-Ball Intelligence is developing its technology for institutional and commercial customers, with additional applications across financial markets, sports and gaming.

Initial areas of focus include:

Enterprise Predictive Intelligence helping organisations anticipate market developments, changing conditions, emerging risks and strategic opportunities.

Financial Markets developing predictive intelligence for equities and financial markets, identifying emerging patterns and assessing the probability of potential market developments.

Sports and Gaming applying predictive models to sporting outcomes, competitive environments and gaming-related markets.

The company is building these applications on a shared predictive foundation, extending its core intelligence capabilities across different markets and customer segments.

A new chapter for predictive intelligence

“Prediction is not about knowing the future. It is about understanding the present well enough to recognize what the future is beginning to become,” says Peter Majanen, Founder and Chief Predictive Intelligence Architect.

Q-Ball Intelligence aims to establish Predictive Intelligence as a distinct category within the evolving AI landscape moving beyond systems that primarily describe the world towards technology designed to anticipate how it may change.

With research foundations dating back to 2007, the company now enters a new phase focused on technology development, commercialisation and international expansion.

Q-Ball Intelligence Predicting What Comes Next.

About Q-Ball Intelligence

Q-Ball Intelligence is an AI-native Predictive Intelligence venture developing technology designed to identify emerging signals, recognise patterns and anticipate future developments.

Its foundations combine predictive research, proprietary analytical methodology and practical applications developed since 2007. The company is focused on transforming this foundation into a scalable predictive intelligence platform for institutional, commercial and consumer applications.

Website: www.qballintel.com

Press contact:
Richard Sjoberg
Q-Ball Intelligence
press@qballintel.com
www.qballintel.com

Historical performance disclosure: The portfolio return of 235.19% relates to the period 17 February 2016 to 17 February 2025. Benchmark figures are based on Avanza data for OMX Stockholm All-Share Gross Index (OMXSGI) and OMX Stockholm 30 Index (OMXS30) over the same period. Historical performance is not indicative of future results. The historical portfolio performance should not be interpreted as performance generated by the new Q-Ball Intelligence platform or as a guarantee of future investment outcomes.

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SOURCE Q-Ball Intelligence

Technology

NAPCO Security Technologies, Inc. Reports Fiscal Q1 2027 Results

Published

39 minutes ago

November 2, 2026

AMITYVILLE, N.Y., Nov. 2, 2026 /PRNewswire/ — NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading manufacturers and designers of high-tech electronic security equipment, wireless communication devices for intrusion and fire alarm systems and the related recurring service revenues as well as a provider of school safety solutions, today announced financial results for its first quarter of fiscal year 2027. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

First Quarter 2027 Financial Results as Compared to First Quarter 2026

Net revenue increased 1.7% to a First Quarter record $50.0 millionRecurring service revenue (“RSR”) increased 11.5% to a Quarterly record $26.1 million, with over 90% gross marginRSR has a prospective annual run rate of approximately $106 million based on October 2026 recurring service revenuesEquipment revenue decreased 7.3% to $23.9 millionGross profit margin increased to 58.7.% vs 56.6% in prior fiscal year quarterNet Income increased 6.9% YoY to a First Quarter record $13.0 millionDiluted Net Income per share increased 5.9% to $0.36Non-GAAP Adjusted EBITDA increased 3.8% to a First Quarter record $15.5 million with an Adjusted EBITDA Margin of 31.0%, compared to $14.9 million with an Adjusted EBITDA Margin of 30.4% in the prior fiscal year quarterThe board declared a quarterly dividend of $.17 per share, payable on January 4, 2027, to shareholders of record on December 14, 2026.

Kevin Buchel, CEO and President, commented, “Our Fiscal Q1 performance reflects continued positive financial results. We achieved record Q1 revenue of $50.0 million and record Q1 Adjusted EBITDA of $15.5 million, which was bolstered by our recurring service revenue. Our RSR continues to deliver gross margins of over 90% and has a prospective run rate of approximately $106 million, a $3 million increase from the run rate we reported in July 2026. While equipment revenue declined year-over-year, the decrease was driven by two locking distributors reducing their purchases during the quarter. Importantly, sell-through at both distributors grew year-over-year and strengthened meaningfully on a sequential basis. We view sell-through as the truest indicator of end-market demand, and these trends reinforce our confidence in the underlying health of the business.

We are pleased to continue our dividend program of which the quarterly dividend will be $0.17 per share, which will be paid on January 4, 2027, to shareholders of record on December 14, 2026.”

Three months ended September 30,

(dollars in thousands)

% Increase/

Financial Highlights

2026

2025

(decrease)

GAAP Results

Net Revenue

49,980

49,168

1.7

Gross Profit

29,352

27,846

5.4

Gross Profit Margin

58.7

56.6

Operating Income

14,117

13,643

3.5

Net Income

13,009

12,165

6.9

Diluted Earnings Per Share

0.36

0.34

5.9

Non-GAAP Results

Adjusted EBITDA

15,509

14,942

3.8

Adjusted EBITDA Margin

31.0

30.4

Adjusted EBITDA Per Share

0.43

0.42

2.4

Free Cash Flows

2,317

11,444

(79.8)

Free Cash Flows Margin

4.6

23.3

Conference Call Information

Management will conduct a conference call at 11 a.m. ET today, November 2, 2026, and in order to participate please go to the Investor Relations section of the Company website at https://investor.napcosecurity.com/events-presentations or choose https://app.webinar.net/ndlaQ1yQy3W. Alternatively, interested parties may participate in the call by dialing (US) 1-800-836-8184 or (International) 1-646-357-8785. A replay of the webcast will be available on the Investor Relations section of the Company’s website.

About NAPCO Security Technologies, Inc.

NAPCO Security Technologies, Inc., is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a provider of school safety solutions, The Company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company’s web site at http://www.napcosecurity.com.

Safe Harbor Statement

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to supply chain challenges and developments; the growth of recurring service revenues and annual run rate; the strength of our balance sheet; our expectations regarding future results; the introduction of new access control and locking products; the opportunities for school security products; the opportunities for fire alarm products; and our ability to execute our business strategies. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements because of certain factors, including those risk factors set forth in the Company’s filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proved to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.

*Non-GAAP Financial Measures

Certain non-GAAP measures are included in this press release, including non-GAAP operating income, non-GAAP net income, non-GAAP net income per share (diluted), non-GAAP net income margin, Adjusted EBITDA, Adjusted EBITDA per share (diluted), Adjusted EBITDA per share margin, Free Cash Flow and Free Cash Flow margin. We define non-GAAP net income as GAAP net income plus litigation settlement costs. We define Adjusted EBITDA as GAAP net income plus income tax expense, less net interest income (expense), stock-based compensation, non-recurring legal expenses, litigation settlement costs, and depreciation and amortization expenses. Non-GAAP net income margin is non-GAAP net income divided by revenue. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. We define Free Cash Flow (FCF) as net cash provided by operating activities less capital expenditures. FCF margin is the FCF divided by revenue. These non-GAAP measures are provided to enhance the user’s overall understanding of our financial performance. By excluding these charges our non-GAAP results provide information to management and investors that is useful in assessing NAPCO’s core operating performance and in comparing our results of operations on a consistent basis from period to period. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as Adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. The presentation of this information is not meant to be a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliation of GAAP to non-GAAP financial measures set forth above.

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 2026

June 30, 2026

(in thousands, except share data)

Assets

Current Assets

Cash and cash equivalents

123,882

126,928

Marketable securities

10,734

10,637

Accounts and other receivable, net of allowance for credit losses of $129 and $101 as of

September 30, 2026 and June 30, 2026, respectively

29,248

35,975

Inventories

34,130

30,118

Income tax receivable

1,523

—

Prepaid expenses and other current assets

3,838

4,325

Total Current Assets

203,355

207,983

Inventories – non-current

9,195

9,256

Property, plant and equipment, net

9,202

9,238

Intangible assets, net

2,919

2,990

Deferred income taxes

1,777

4,105

Operating lease – Right-of-use asset

4,838

4,906

Other assets

185

190

Total Assets

231,471

238,668

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable

7,749

6,925

Accrued expenses

9,275

8,546

Accrued litigation costs

—

16,000

Accrued salaries and wages

5,036

4,484

Dividends payable

6,081

5,365

Accrued income taxes

—

1,134

Total Current Liabilities

28,141

42,454

Accrued income taxes

—

Operating lease liability

5,142

5,179

Total Liabilities

33,283

47,666

Commitments and Contingencies (Note 13)

Stockholders’ Equity

Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 39,883,051 shares

issued; and 35,768,437 shares outstanding as of both September 30, 2026 and June 30, 2026,

respectively.

399

Additional paid-in capital

25,628

25,355

Retained earnings

228,331

221,403

Treasury Stock, at cost, 4,114,614 shares as of both September 30, 2026 and June 30, 2026

(56,315)

Accumulated other comprehensive income

145

160

Total Stockholders’ Equity

198,188

191,002

Total Liabilities and Stockholders’ Equity

231,471

238,668

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months ended September 30,

2026

2025

(in thousands, except for share and per share data)

Revenue:

Equipment revenue

23,850

25,739

Service revenue

26,130

23,429

Total revenue

49,980

49,168

Cost of Revenue:

Cost of equipment revenue

18,043

19,046

Cost of service revenue

2,585

2,276

Total cost of revenue

20,628

21,322

Gross Profit

29,352

27,846

Operating Expenses:

Research and development

4,053

3,240

Selling, general, and administrative

12,182

10,963

Litigation settlement

(1,000)

—

Total operating expenses

15,235

14,203

Operating Income

14,117

13,643

Other Income:

Interest income, net

1,117

854

Other income, net

115

138

Income before Provision for Income Taxes

15,349

14,635

Provision for Income Taxes

2,340

2,470

Net Income

13,009

12,165

Income Per Share:

Basic

0.36

0.34

Diluted

0.36

0.34

Weighted Average Number of Shares Outstanding:

Basic

35,768,000

35,658,000

Diluted

35,881,000

35,865,000

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Three Months ended September 30,

2026

2025

(in thousands)

Cash Flows from Operating Activities

Net Income

13,009

12,165

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

540

570

Realized gain on sales of marketable securities

(114)

(92)

Charge (recovery) of credit losses

(1)

Change to inventory reserve

(109)

(354)

Deferred income taxes

2,328

1,681

Stock-based compensation expense

273

309

Changes in operating assets and liabilities:

Accounts and other receivable

6,699

(561)

Inventories

(3,842)

(177)

Prepaid expenses and other current assets

487

(305)

Income tax receivable

(1,523)

(1,993)

Other assets

Accounts payable, accrued expenses, accrued litigation costs, accrued salaries and wages,

accrued income taxes

(15,031)

391

Net Cash Provided by Operating Activities

2,750

11,637

Cash Flows from Investing Activities

Purchases of property, plant, and equipment

(433)

(193)

Purchases of marketable securities

(3,570)

(2,540)

Proceeds from sales of marketable securities

3,572

8,407

Net Cash (Used In) Provided by Investing Activities

(431)

5,674

Cash Flows from Financing Activates

Dividends paid

(5,365)

(4,992)

Net Cash Used in Financing Activities

(5,365)

(4,992)

Net (decrease) increase in Cash and Cash Equivalents

(3,046)

12,319

Cash and Cash Equivalents – Beginning

126,928

83,081

Cash and Cash Equivalents – Ending

123,882

95,400

Supplemental Cash Flow Information

Income taxes paid, net of refunds received

2,701

3,104

Non-Cash Investing and Financing Transactions

Dividends declared and not paid

6,081

4,992

NAPCO SECURITY TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA*

(unaudited)

(in thousands, except share and per share data)

Non-GAAP Adjustments

Litigation

Tax

GAAP

Settlement

Adjustments (1)

Non-GAAP

Three months ended September 30, 2026

Revenue

49,980

—

49,980

Gross Profit

29,352

—

29,352

Operating Expenses

15,235

1,000

—

16,235

Operating Income

14,117

(1,000)

—

13,117

Net Income

13,009

(1,000)

108

12,117

Non-GAAP adjusted net income margin

24.2

Non-GAAP adjusted net income per share – diluted

0.34

Three months ended September 30, 2025

Revenue

49,168

—

49,168

Gross Profit

27,846

—

27,846

Operating Expenses

14,203

—

14,203

Operating Income

13,643

—

13,643

Net Income

12,165

—

12,165

Non-GAAP adjusted net income margin

24.7

Non-GAAP adjusted net income per share – diluted

0.34

Three months ended September 30,

2026

2025

Denominator:

Weighted average shares outstanding

Basic, as reported

35,768,000

35,658,000

Effect of Dilutive Securities

113,000

207,000

Diluted, (Denominator)

35,881,000

35,865,000

The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

NAPCO SECURITY TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA*

(unaudited)

(in thousands, except share and per share data)

Three months ended September 30,

2026

2025

Non-GAAP adjusted EBITDA:

Net income, as reported

13,009

12,165

Interest income, net

(1,117)

(854)

Provision for income taxes

2,340

2,470

Depreciation and amortization

540

570

Non-GAAP EBITDA

14,772

14,351

Adjustments:

Stock based compensation

273

309

Nonrecurring legal expense(1)

1,464

282

Litigation settlement(2)

(1,000)

—

Total adjustments

737

591

Non-GAAP adjusted EBITDA

15,509

14,942

Non-GAAP adjusted EBITDA margin

31.0

30.4

Non-GAAP per share data:

Non-GAAP adjusted EBITDA per share – diluted

0.43

0.42

Denominator:

Weighted average shares outstanding

Basic, as reported

35,768,000

35,658,000

Effect of Dilutive Securities

113,000

207,000

Diluted, (Denominator)

35,881,000

35,865,000

Nonrecurring Legal Expenses, which are net of any insurance reimbursements, are legal fees that are determined not to be of a normal recuring nature and expenses necessary to operate the business

Litigation settlement costs, which are net of any insurance reimbursements, were determined not to be of a recurring nature and costs that are not in the normal cost of business or necessary to operate the business

Three months ended September 30,

(dollars in thousands)

2026

2025

Free cash flow:

Net Cash Provided by Operating Activities

2,750

11,637

Less: Purchases of property, plant, and equipment

(433)

(193)

Free Cash Flow(1)

2,317

11,444

Free Cash Flow Margin(1)

4.6

23.3

Free cash flow is calculated as net cash provided by operating activities less capital expenditures. Free cash flow margin is the free cash flow divided by revenue.

Contacts:
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
fokoniewski@napcosecurity.com

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SOURCE NAPCO Security Technologies, Inc.