Technology
Ultra Clean Reports First Quarter 2026 Financial Results
Published
2 days agoon
By
HAYWARD, Calif., April 28, 2026 /PRNewswire/ — Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the first quarter ended March 27, 2026.
“UCT delivered first quarter results above the midpoint of guidance, supported by demand across our customer base,” said James Xiao, CEO. “Our customers’ accelerated technology roadmaps give us confidence that we are in the early stages of a multi-year, AI driven expansion and we are executing with urgency to support them. Our focus on ramp-readiness and driving efficiencies across our global footprint positions us well to deliver sustained growth over the long-term.”
First Quarter 2026 GAAP Financial Results
Total revenue was $533.7 million. Products contributed $465.7 million and Services added $68.0 million. Total gross margin was 15.8%, operating margin was 2.1%, and net loss was $(17.9) million or $(0.40) per diluted share. This compares to total revenue of $506.6 million, gross margin of 15.2%, operating margin of 2.2%, and net loss of $(3.3) million or $(0.07) per diluted share, in the prior quarter.
First Quarter 2026 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was 16.5%, operating margin was 5.1%, and net income was $14.5 million or $0.31 per diluted share. This compares to gross margin of 16.1%, operating margin of 4.9%, and net income of $10.0 million or $0.22 per diluted share in the prior quarter.
Second Quarter 2026 Outlook
The Company expects revenue in the range of $565 million to $605 million. The Company expects GAAP diluted net income per share to be between $0.20 and $0.36 and non-GAAP diluted net income per share to be between $0.44 and $0.60.
Conference Call
The call will take place at 1:45 p.m. PT and can be accessed by dialing 1-800-836-8184 or 1-646-357-8785. No passcode is required. A replay of the call will be available by dialing 1-888-660-6345 or 1-646-517-4150 and entering the confirmation code 90449#. The Webcast will be available on the Investor Relations section of the Company’s website at http://uct.com/investors/events/.
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services, primarily for the semiconductor industry. Under its Products division, UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping, and high-precision manufacturing. Under its Services Division, UCT offers its customers tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.
Use of Non-GAAP Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), management uses non-GAAP gross margin, non-GAAP operating margin and non-GAAP net income to evaluate the Company’s operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing our core business and business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP. Tables presenting reconciliations from GAAP results to non-GAAP results are included at the end of this press release.
The Company defines non-GAAP net income as net loss before amortization of intangible assets, stock-based compensation, restructuring charges, fair value adjustments, debt refinancing costs, legal-related costs, unrealized loss (gain) on foreign exchange, and the tax effects of the foregoing adjustments.
A reconciliation of our guidance for non-GAAP net income per diluted share for the subsequent quarter is not available due to fluctuations in the geographic mix of our earnings from quarter to quarter, which impacts our tax rate and cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable efforts and we are unable to determine the probable significance of the unavailable information.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, “forward-looking statements” (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as “anticipates,” “projection,” “outlook,” “forecast,” “believes,” “plan,” “expect,” “future,” “intends,” “may,” “will,” “estimates,” “see,” “predicts,” “should” and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company’s actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in our annual report on Form 10-K for the year ended December 26, 2025, as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law.
Contact:
Rhonda Bennetto
SVP Investor Relations
rbennetto@uct.com
ULTRA CLEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share data)
Three Months Ended
March 27,
2026
March 28,
2025
Revenues:
Products
$ 465.7
$ 457.0
Services
68.0
61.6
Total revenues
533.7
518.6
Cost of revenues:
Products
400.7
390.3
Services
48.6
44.3
Total cost revenues
449.3
434.6
Gross margin
84.4
84.0
Operating expenses:
Research and development
8.5
7.6
Sales and marketing
15.5
14.9
General and administrative
49.0
48.6
Total operating expenses
73.0
71.1
Income from operations
11.4
12.9
Interest income
1.4
1.1
Interest expense
(7.3)
(9.9)
Other income (expense), net
(1.3)
0.8
Income before provision for income taxes
4.2
4.9
Provision for income taxes
19.2
7.4
Net loss
(15.0)
(2.5)
Less: Net income attributable to noncontrolling interests
2.9
2.5
Net loss attributable to UCT
$ (17.9)
$ (5.0)
Net loss per share attributable to UCT common stockholders:
Basic
$ (0.40)
$ (0.11)
Diluted
$ (0.40)
$ (0.11)
Shares used in computing net loss per share:
Basic
45.3
45.1
Diluted
45.3
45.1
ULTRA CLEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
March 27,
2026
December 26,
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 323.5
$ 311.8
Accounts receivable, net of allowance for credit losses
232.8
208.8
Inventories
481.9
390.9
Prepaid expenses and other current assets
59.6
48.2
Total current assets
1,097.8
959.7
Property, plant and equipment, net
319.4
324.6
Goodwill
114.2
114.2
Intangible assets, net
149.9
156.8
Deferred tax assets, net
3.6
3.5
Operating lease right-of-use assets
158.4
157.2
Other non-current assets
11.9
13.0
Total assets
$ 1,855.2
$ 1,729.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$ —
$ 9.9
Accounts payable
263.4
194.9
Accrued compensation and related benefits
47.2
51.1
Operating lease liabilities
20.5
20.2
Other current liabilities
26.4
24.6
Total current liabilities
357.5
300.7
Long-term debt
601.9
467.0
Deferred tax liabilities
28.4
13.8
Operating lease liabilities
158.0
156.6
Other liabilities
7.3
6.8
Total liabilities
1,153.1
944.9
Equity:
UCT stockholders’ equity:
Common stock
0.1
0.1
Additional paid-in capital
556.8
578.7
Common shares held in treasury
(88.7)
(48.4)
Retained earnings
171.3
189.2
Accumulated other comprehensive loss
(11.6)
(8.6)
Total UCT stockholders’ equity
627.9
711.0
Noncontrolling interests
74.2
73.1
Total equity
702.1
784.1
Total liabilities and equity
$ 1,855.2
$ 1,729.0
ULTRA CLEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three Months Ended
March 27,
2026
March 28,
2025
(In millions)
Cash flows from operating activities:
Net loss
$ (15.0)
$ (2.5)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
12.3
11.7
Amortization of intangible assets
6.9
7.3
Stock-based compensation
3.2
2.9
Amortization of debt issuance costs
0.7
0.6
Loss on extinguishment of debt
3.0
—
Loss on disposal of property, plant and equipment
1.0
—
Change in the fair value of financial instruments
—
(0.1)
Deferred income taxes
14.6
(0.3)
Changes in assets and liabilities:
Accounts receivable
(24.0)
23.1
Inventories
(91.0)
6.4
Prepaid expenses and other current assets
(7.3)
(0.6)
Other non-current assets
1.1
0.2
Accounts payable
68.0
(8.5)
Accrued compensation and related benefits
(4.0)
(10.4)
Income taxes payable
(2.8)
(0.7)
Operating lease right-of-use assets and operating lease liabilities
0.4
1.4
Other liabilities
(0.4)
(2.3)
Net cash provided by (used in) operating activities
(33.3)
28.2
Cash flows from investing activities:
Purchases of property, plant and equipment
(9.6)
(12.4)
Proceeds from sale of equipment
0.1
—
Net cash used in investing activities
(9.5)
(12.4)
Cash flows from financing activities:
Proceeds from the issuance of convertible notes
600.0
—
Payment of debt issuance costs
(15.3)
(0.2)
Repurchase of common stock
(40.0)
—
Payment for capped call transactions
(25.1)
—
Principal payments on bank borrowings
(462.0)
(12.0)
Net cash provided by (used in) financing activities
57.6
(12.2)
Effect of exchange rate changes on cash and cash equivalents
(3.1)
0.1
Net increase in cash and cash equivalents
11.7
3.7
Cash and cash equivalents at beginning of period
311.8
313.9
Cash and cash equivalents at end of period
$ 323.5
$ 317.6
ULTRA CLEAN HOLDINGS, INC.
REPORTABLE SEGMENTS
GAAP TO NON-GAAP RECONCILIATION
(Unaudited; dollars in millions)
GAAP
Non-GAAP
Three Months Ended
Three Months Ended
March 27, 2026
March 27, 2026
Products
Services
Consolidated
Products
Services
Consolidated
Revenues
$ 465.7
$ 68.0
$ 533.7
$ 465.7
$ 68.0
$ 533.7
Gross profit
$ 65.0
$ 19.4
$ 84.4
$ 67.8
$ 20.4
$ 88.2
Gross margin
14.0 %
28.5 %
15.8 %
14.6 %
30.0 %
16.5 %
Income from operations
$ 7.0
$ 4.4
$ 11.4
$ 19.3
$ 7.8
$ 27.1
Operating margin
1.5 %
6.4 %
2.1 %
4.2 %
11.5 %
5.1 %
Three Months Ended
March 27, 2026
Products
Services
Consolidated
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis
$ 65.0
$ 19.4
$ 84.4
Amortization of intangible assets (1)
1.3
1.0
2.3
Stock-based compensation expense (2)
1.2
—
1.2
Restructuring charges (3)
0.3
—
0.3
Non-GAAP gross profit
$ 67.8
$ 20.4
$ 88.2
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin
Reported gross margin on a GAAP basis
14.0 %
28.5 %
15.8 %
Amortization of intangible assets (1)
0.3 %
1.5 %
0.4 %
Stock-based compensation expense (2)
0.2 %
— %
0.2 %
Restructuring charges (3)
0.1 %
— %
0.1 %
Non-GAAP gross margin
14.6 %
30.0 %
16.5 %
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions)
Reported income from operations on a GAAP basis
$ 7.0
$ 4.4
$ 11.4
Amortization of intangible assets (1)
4.0
2.9
6.9
Stock-based compensation expense (2)
3.5
0.5
4.0
Restructuring charges (3)
4.8
—
4.8
Non-GAAP income from operations
$ 19.3
$ 7.8
$ 27.1
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis
1.5 %
6.4 %
2.1 %
Amortization of intangible assets (1)
0.9 %
4.3 %
1.3 %
Stock-based compensation expense (2)
0.8 %
0.8 %
0.8 %
Restructuring charges (3)
1.0 %
— %
0.9 %
Non-GAAP operating margin
4.2 %
11.5 %
5.1 %
1 Amortization of intangible assets related to the Company’s business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents costs associated with employee separation, severance, retention, and other expenses related to facility closures
ULTRA CLEAN HOLDINGS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS
Three Months Ended
March 27,
2026
March 28,
2025
December 26,
2025
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (in millions)
Reported net income (loss) attributable to UCT on a GAAP basis
$ (17.9)
$ (5.0)
$ (3.3)
Amortization of intangible assets (1)
6.9
7.3
6.9
Stock-based compensation expense (2)
4.0
2.6
4.9
Restructuring charges (3)
4.8
3.6
1.6
Fair value related adjustments (4)
—
(0.1)
—
Debt refinancing costs expensed (5)
3.0
—
—
Legal-related costs (6)
—
0.7
0.7
Unrealized loss (gain) on foreign exchange (7)
(1.1)
(2.7)
1.1
Income tax effect of non-GAAP adjustments (8)
(3.5)
(2.2)
(3.2)
Income tax effect of valuation allowance (9)
18.3
6.4
2.2
Non-GAAP net income attributable to UCT
$ 14.5
$ 10.6
$ 10.9
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions)
Reported income from operations on a GAAP basis
$ 11.4
$ 12.9
$ 10.9
Amortization of intangible assets (1)
6.9
7.3
6.9
Stock-based compensation expense (2)
4.0
2.6
4.9
Restructuring charges (3)
4.8
3.6
1.6
Legal-related costs (6)
—
0.7
0.7
Non-GAAP income from operations
$ 27.1
$ 27.1
$ 25.0
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis
2.1 %
2.5 %
2.2 %
Amortization of intangible assets (1)
1.3 %
1.4 %
1.3 %
Stock-based compensation expense (2)
0.8 %
0.5 %
1.0 %
Restructuring charges (3)
0.9 %
0.7 %
0.3 %
Legal-related costs (6)
— %
0.1 %
0.1 %
Non-GAAP operating margin
5.1 %
5.2 %
4.9 %
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis
$ 84.4
$ 84.0
$ 77.3
Amortization of intangible assets (1)
2.3
2.3
2.2
Stock-based compensation expense (2)
1.2
0.2
0.3
Restructuring charges (3)
0.3
—
1.8
Non-GAAP gross profit
$ 88.2
$ 86.5
$ 81.6
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin
Reported gross margin on a GAAP basis
15.8 %
16.2 %
15.2 %
Amortization of intangible assets (1)
0.4 %
0.5 %
0.4 %
Stock-based compensation expense (2)
0.2 %
0.0 %
0.1 %
Restructuring charges (3)
0.1 %
— %
0.4 %
Non-GAAP gross margin
16.5 %
16.7 %
16.1 %
Reconciliation of GAAP Other income (expense), net to Non-GAAP Other income (expense), net (in millions)
Reported Other income (expense), net on a GAAP basis
$ (1.3)
$ 0.8
$ (1.4)
Fair value related adjustments (4)
—
(0.1)
—
Debt refinancing costs expensed (5)
3.0
—
—
Unrealized loss (gain) on foreign exchange (7)
(1.1)
(2.7)
1.1
Non-GAAP Other income (expense), net
$ 0.6
$ (2.0)
$ (0.3)
Reconciliation of GAAP Income (Loss) Per Diluted Share to Non-GAAP Earnings Per Diluted Share
Reported net loss on a GAAP basis
$ (0.40)
$ (0.11)
$ (0.07)
Amortization of intangible assets (1)
0.15
0.16
0.15
Stock-based compensation expense (2)
0.09
0.06
0.11
Restructuring charges (3)
0.10
0.08
0.03
Fair value related adjustments (4)
0.00
0.00
—
Debt refinancing costs expensed (5)
0.06
—
—
Legal-related costs (6)
—
0.01
0.02
Unrealized loss (gain) on foreign exchange (7)
(0.02)
(0.06)
0.02
Income tax effect of non-GAAP adjustments (8)
(0.08)
(0.05)
(0.07)
Income tax effect of valuation allowance (9)
0.40
0.14
0.05
Impact of dilutive shares
0.01
—
—
Non-GAAP net earnings
$ 0.31
$ 0.23
$ 0.24
Weighted average number of diluted shares (in millions) on a non-GAAP basis
46.3
45.4
45.8
ULTRA CLEAN HOLDINGS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
Three Months Ended
March 27,
2026
March 28,
2025
December 26,
2025
Provision for income taxes on a GAAP basis
$ 19.2
$ 7.4
$ 2.6
Income tax effect of non-GAAP adjustments (8)
3.5
2.2
3.2
Income tax effect of valuation allowance (9)
(18.3)
(6.4)
(2.2)
Non-GAAP provision for income taxes
$ 4.4
$ 3.2
$ 3.6
Income before income taxes on a GAAP basis
$ 4.2
$ 4.9
$ 2.0
Amortization of intangible assets (1)
6.9
7.3
6.9
Stock-based compensation expense (2)
4.0
2.6
4.9
Restructuring charges (3)
4.8
3.6
1.6
Fair value related adjustments (4)
—
(0.1)
—
Debt refinancing costs expensed (5)
3.0
—
—
Legal-related costs (6)
—
0.7
0.7
Unrealized loss (gain) on foreign exchange (7)
(1.1)
(2.7)
1.1
Non-GAAP income before income taxes
$ 21.8
$ 16.3
$ 17.2
Effective income tax rate on a GAAP basis
457.1 %
151.0 %
130.0 %
Non-GAAP effective income tax rate
20.0 %
19.6 %
20.9 %
1 Amortization of intangible assets related to the Company’s business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents costs associated with employee separation, severance, retention, and other expenses related to facility closures
4 Fair value adjustments related to contingent consideration
5 Represents the third party transaction costs related to the amended credit agreement and the previously capitalized costs of extinguished debt
6 Represents estimated costs related to certain legal proceedings
7 Represents unrealized foreign exchange gains and losses arising from the remeasurement of monetary assets and liabilities
8 Tax effect of items (1) through (7) above based on the non-GAAP tax rate
9 The Company’s GAAP tax expense is generally higher than the Company’s non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect
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SOURCE Ultra Clean Holdings, Inc.
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Lanvin Group Continues Strategic Transformation in FY2025 as Momentum Improves in the Second Half
Published
14 minutes agoon
April 30, 2026By
Lanvin Group reported revenue of €240 million in FY2025, down 18% year-over-year, reflecting continued market headwinds and the impact of transformation and DTC channel optimization initiativesContribution profit(1) and adjusted EBITDA improved year-over-year, despite lower revenue, reflecting early benefits from cost discipline and a more focused operating modelDirect-to-consumer remained the largest channel, accounting for 68% of revenue, with improving trends at Lanvin and Wolford in the second halfStrategic portfolio and retail optimization progressed, including selective store closures and the Caruso carve-out, reinforcing focus on core luxury brandsLeadership strengthened across the portfolio, supporting continued execution and the next phase of brand development
SHANGHAI, April 30, 2026 /PRNewswire/ — Lanvin Group (NYSE: LANV, the “Group”), a global luxury fashion group with Lanvin, Wolford, Sergio Rossi and St. John in its portfolio, today announced its results for the full-year 2025.
In a challenging global luxury market environment, the Group reported revenue of €240 million for FY2025, representing an 18% decrease year-over-year. Performance reflected both continued macroeconomic headwinds and deliberate transformation initiatives undertaken during the year. The Group remained focused on strengthening its core brand portfolio and enhancing operational efficiency. Performance improved sequentially in the second half, with early benefits from operational adjustments, brand repositioning and retail optimization initiatives.
Zhen Huang, Chairman of Lanvin Group, said: “2025 was a year of disciplined execution and strategic progress. While the macroeconomic environment remained challenging, we continued to advance our transformation initiatives, streamline our operations, and reinforce the long-term positioning of our brands. We are encouraged by the improving momentum in the second half and remain confident in the Group’s ability to deliver sustainable growth over time.”
Review of the Full-Year 2025 Results
Lanvin Group Revenue by Segment
(€ in Thousands, unless otherwise noted)
Lanvin Group
by Brand
Revenue
Growth %
2023A*
2024A*
2025A
2024 A v
2025 A v
23-25
FY
FY
FY
2023 A
2024 A
CAGR
Lanvin
111,740
82,720
57,627
-26 %
-30 %
-28 %
Wolford
126,280
87,891
75,586
-30 %
-14 %
-23 %
St. John
90,398
79,267
78,238
-12 %
-1 %
-7 %
Sergio Rossi
59,518
41,910
29,535
-30 %
-30 %
-30 %
Total Brand
387,936
291,788
240,986
-25 %
-17 %
-21 %
Eliminations
-960
76
-488
-108 %
-742 %
-29 %
Total Group
386,976
291,864
240,498
-25 %
-18 %
-21 %
* The information for the years ended December 31, 2024 and 2023 have been restated to exclude the Caruso business, to ensure consistency of presentation.
Lanvin Group Key Financials
(€ in Thousands, unless otherwise noted)
Lanvin Group Key Financials
2023A*
2024A*
2025A
FY
%
FY
%
FY
%
Revenue
386,976
100 %
291,864
100 %
240,498
100 %
Gross profit
240,400
62 %
172,496
59 %
139,878
58 %
Contribution profit (1)
15,550
4 %
-34,446
-12 %
-30,713
-13 %
Adjusted EBITDA
-65,293
-17 %
-93,547
-32 %
-90,114
-37 %
Selected Highlights
Improving momentum across regions and channels: North America remained comparatively resilient, supported by St. John, while EMEA and Greater China experienced softer demand. Direct-to-consumer remained the largest channel at 68% of revenue. Trends at Lanvin and Wolford improved in the second half, reflecting early progress from operational and commercial initiatives.
Operational discipline and portfolio optimization: The Group continued to advance its transformation, focusing on efficiency, organizational simplification and resource allocation to core brands. Selective store closures and tighter cost control supported improved adjusted EBITDA, despite lower revenue. The Caruso carve-out further sharpened the Group’s strategic focus.
Progress across the portfolio: St. John remained stable in North America. Wolford showed meaningful improvement in the second half, supported by stronger product availability and wholesale recovery. Lanvin continued its creative repositioning, while Sergio Rossi advanced its restructuring and asset-light transition.
Strengthened leadership: Key appointments across the portfolio, with Barbara Werschine as Deputy CEO of Lanvin, Marco Pozzo as CEO of Wolford, and Mandy West as CEO of St. John, further enhanced execution capabilities and support ongoing brand development.
Discussion of FY2025 Financials
Revenue
The Group generated revenue of €240 million in FY2025, down 18% year-over-year. The decline reflected macroeconomic headwinds, softer demand in EMEA and Greater China, and the impact of strategic actions including store rationalization and brand repositioning. Lanvin and Wolford’s performance improved in the second half, indicating early signs of stabilization.
Gross Profit
Gross profit decreased to €140 million, representing a margin of 58%, compared to €172 million and 59% in FY2024. The decline was primarily driven by lower sales volumes, while margin remained resilient due to disciplined pricing and a healthier inventory mix.
Contribution Profit (1)
Contribution profit, defined internally as gross profit less selling and marketing expenses, amounted to negative €31 million in FY2025, compared to negative €34 million in FY2024. The improvement reflects a leaner retail network and continued cost discipline, offsetting lower revenue.
Adjusted EBITDA
Adjusted EBITDA improved to €-90 million from €-94 million in FY2024, reflecting progress in operational efficiency and cost optimization, despite lower gross profit.
Results by Segment
Lanvin: Revenue declined by 30% to €58 million. The decrease reflects continued brand repositioning and retail network optimization. Gross margin remained resilient at 58%. Contribution loss remained broadly stable, supported by cost discipline. Early signs of improved market reception emerged in the second half under Peter Copping’s creative direction.
Wolford: Revenue declined by 14% to €76 million. Performance in the first half was impacted by prior logistics disruptions, while the second half showed meaningful improvement supported by restored capacity and better product availability. Wholesale grew 19% year-over-year. Gross margin remained stable at 58%, and contribution loss improved, reflecting enhanced efficiency and continued cost discipline. The appointment of Marco Pozzo as CEO further reinforced the brand’s leadership as it moves into its next phase of recovery.
Sergio Rossi: Revenue declined by 30% to €30 million, reflecting continued softness in DTC and wholesale and cautious market sentiment during a period of creative and operational evolution. Gross margin decreased to 32% due to change in channel mix and lower production scale. Contribution loss increased by ~€3 million, partially mitigated by strict cost control. The brand continued its transition toward an asset-light model, focusing on production restructuring, distribution optimization, and enhanced delivery reliability.
St. John: Revenue declined slightly by 1% to €78 million, while growing in reporting currency by 3%. North America remained strong, supported by continued strength in wholesale and e-commerce (+14% and +25% in its reported currency, respectively). Gross margin remained robust at 69%, and contribution profit improved to €10 million, reflecting disciplined execution and continued supply chain efficiencies. The appointment of Mandy West as CEO further strengthens St. John’s leadership as it continues to build on its strong position in North America.
2026 Outlook
The Group expects to continue on the progress made in the second half of 2025, supported by renewed creative momentum, strengthened leadership across the portfolio and a more focused operating model. In 2026, the Group expects to largely complete its current transformation program, marking an important milestone in its strategic evolution. While the market environment remains uncertain, the actions taken over the past year have laid firmer foundations for improved performance and sustainable long-term growth.
———————————-
Note: At the end of 2025, the Group approved the strategic carve-out of Caruso. In accordance with IFRS 5, Caruso is presented as a discontinued operation, with prior periods restated for comparability and its assets and liabilities classified as held for sale at year-end. The sale was completed on February 6, 2026.
Note: All % changes are calculated on an actual currency exchange rate basis.
Note: This communication includes certain non-IFRS financial measures such as contribution profit, contribution margin, adjusted earnings before interest and taxes (“Adjusted EBIT”), and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Please see Non-IFRS Financial Measures and Definition.
(1) Contribution Profit is defined as Gross Profit less Selling and Marketing Expenses
***
Annual Report on Form 20-F
Our annual report on Form 20-F, including the consolidated financial statements for the fiscal year ended December 31, 2025, can be downloaded from the Company’s investor relations website (ir.lanvin-group.com) under the section Financials / SEC Filings, or from the SEC’s website (www.sec.gov).
***
Conference Call
As previously announced, today at 8:00AM EST/8:00PM CST/2:00PM CET, Lanvin Group will host a conference call to discuss its results for the full-year 2025 and provide an outlook for 2026. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, please visit the “Events” tab of the Group’s investor relations website at https://ir.lanvin-group.com.
To participant in the conference call, please register by clicking on the following link: https://dpregister.com/sreg/10208533/103e05480f8
A replay of the conference call will be accessible approximately one hour after the live call until May 04, 2026, by dialing the following numbers:
USA Toll Free/Canada: 1-855-669-9658
International Toll: 1-412-317-0088
Replay Access Code: 5101970
A recorded webcast of the conference call and a slide presentation will also be available on the Group’s investor relations website at https://ir.lanvin-group.com.
***
About Lanvin Group
Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, China and Milan, Italy, managing iconic brands worldwide including Lanvin, Wolford, Sergio Rossi and St. John Knits. Harnessing the power of its unique strategic alliance of industry-leading partners in the luxury fashion sector, Lanvin Group strives to expand the global footprint of its portfolio brands and achieve sustainable growth through strategic investment and extensive operational know-how, combined with an understanding and access to the fastest-growing luxury fashion markets in the world. The shares of Lanvin Group are listed on the New York Stock Exchange under the ticker symbol ‘LANV’. For more information about Lanvin Group, please visit http://www.lanvin-group.com, and to view our investor presentation, please visit www.lanvin-group.com/investor-relation/.
***
Forward-Looking Statements
This communication, including the section “2026 Outlook”, contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the respective management of Lanvin Group and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lanvin Group. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes adversely affecting the business in which Lanvin Group is engaged; Lanvin Group’s projected financial information, anticipated growth rate, profitability and market opportunity may not be an indication of its actual results or future results; management of growth; the impact of COVID-19 or similar public health crises on Lanvin Group’s business; Lanvin Group’s ability to safeguard the value, recognition and reputation of its brands and to identify and respond to new and changing customer preferences; the ability and desire of consumers to shop; Lanvin Group’s ability to successfully implement its business strategies and plans; Lanvin Group’s ability to effectively manage its advertising and marketing expenses and achieve desired impact; its ability to accurately forecast consumer demand; high levels of competition in the personal luxury products market; disruptions to Lanvin Group’s distribution facilities or its distribution partners; Lanvin Group’s ability to negotiate, maintain or renew its license agreements; Lanvin Group’s ability to protect its intellectual property rights; Lanvin Group’s ability to attract and retain qualified employees and preserve craftmanship skills; Lanvin Group’s ability to develop and maintain effective internal controls; general economic conditions; the result of future financing efforts; and those factors discussed in the reports filed by Lanvin Group from time to time with the SEC. If any of these risks materialize or Lanvin Group’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lanvin Group presently does not know, or that Lanvin Group currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lanvin Group’s expectations, plans, or forecasts of future events and views as of the date of this communication. Lanvin Group anticipates that subsequent events and developments will cause Lanvin Group’s assessments to change. However, while Lanvin Group may elect to update these forward-looking statements at some point in the future, Lanvin Group specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Lanvin Group’s assessments of any date subsequent to the date of this communication. Accordingly, reliance should not be placed upon the forward-looking statements.
***
Use of Non-IFRS Financial Metrics
This communication includes certain non-IFRS financial measures such as contribution profit, contribution margin, adjusted earnings before interest and taxes (“Adjusted EBIT”), and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). These non-IFRS measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. Reconciliations of non-IFRS measures to their most directly comparable IFRS counterparts are included in the Appendix to this communication. Lanvin Group believes that these non-IFRS measures of financial results provide useful supplemental information to investors about Lanvin Group. Lanvin Group believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Lanvin Group’s financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. However, there are a number of limitations related to the use of these non-IFRS measures and their nearest IFRS equivalents. For example, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore Lanvin Group’s non-IFRS measures may not be directly comparable to similarly titled measures of other companies. Lanvin Group does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS financial measures is that they exclude significant expenses, income and tax liabilities that are required by IFRS to be recorded in Lanvin Group’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgements by Lanvin Group about which expense and income are excluded or included in determining these non-IFRS financial measures. In order to compensate for these limitations, Lanvin Group presents non-IFRS financial measures in connection with IFRS results.
***
Enquiries:
Media
Lanvin Group
Winni Ren
winni.ren@lanvin-group.com
Investors
Lanvin Group
Coco Wang
coco.wang@lanvin-group.com
Appendix
* Prior periods have been restated to reflect Caruso as a discontinued operation.
Lanvin Group Consolidated Income Statement
(€ in Thousands, unless otherwise noted)
Lanvin Group Consolidated P&L
2023A*
2024A*
2025A
FY
%
FY
%
FY
%
Revenue
386,976
100 %
291,864
100 %
240,498
100 %
Cost of sales
-146,576
-38 %
-119,368
-41 %
-100,620
-42 %
Gross profit
240,400
62 %
172,496
59 %
139,878
58 %
Marketing and selling expenses
-224,850
-58 %
-206,942
-71 %
-170,591
-71 %
General and administrative expenses
-129,182
-33 %
-109,007
-37 %
-107,311
-45 %
Impairment of goodwill and brand
0
0 %
-31,208
-11 %
-66,730
-28 %
Other operating income and expenses
-4,549
-1 %
7,896
3 %
-10,631
-4 %
Loss from operations before non-underlying items
-118,181
-31 %
-166,765
-57 %
-215,385
-90 %
Non-underlying items
-3,781
-1 %
10,243
4 %
-16,263
-7 %
Loss from operations
-121,962
-32 %
-156,522
-54 %
-231,648
-96 %
Finance cost – net
-20,014
-5 %
-29,398
-10 %
-35,490
-15 %
Loss before income tax
-141,976
-37 %
-185,920
-64 %
-267,138
-111 %
Income tax expenses
-3,323
-1 %
-3,086
-1 %
15,775
7 %
Loss from continuing operations
-145,299
-38 %
-189,006
-65 %
-251,363
-105 %
Loss from discontinued operations
-954
0 %
-289
0 %
-11,982
-5 %
Loss for the period
-146,253
-38 %
-189,295
-65 %
-263,345
-109 %
Contribution profit (1)
15,550
4 %
-34,446
-12 %
-30,713
-13 %
Adjusted EBIT (1)
-115,432
-30 %
-166,214
-57 %
-215,201
-89 %
Adjusted EBITDA (1)
-65,293
-17 %
-93,547
-32 %
-90,114
-37 %
Lanvin Group Consolidated Balance Sheet
(€ in Thousands, unless otherwise noted)
Lanvin Group Consolidated Balance Sheet
2024A
2025A
FY
FY
Assets
Non-current assets
Intangible assets
213,501
156,982
Goodwill
38,115
23,392
Property, plant and equipment
39,440
18,430
Right-of-use assets
131,597
95,510
Deferred income tax assets
11,598
7,634
Other non-current assets
14,869
14,967
449,120
316,915
Current assets
Inventories
89,712
57,174
Trade receivables
28,099
15,382
Other current assets
29,112
22,668
Cash and bank balances
18,043
28,283
Assets classified as held for sale
0
29,838
164,966
153,345
Total assets
614,086
470,260
Liabilities
Non-current liabilities
Non-current borrowings
25,222
9,688
Non-current lease liabilities
117,966
93,375
Non-current provisions
3,560
13,071
Employee benefits
17,240
11,642
Deferred income tax liabilities
51,390
34,757
Other non-current liabilities
16,005
30,216
231,383
192,749
Current liabilities
Trade payables
80,424
45,799
Current borrowings
158,540
325,067
Current lease liabilities
36,106
28,798
Current provisions
1,524
2,984
Other current liabilities
139,020
134,017
Liabilities associated with assets held for sale
0
22,517
415,614
559,182
Total liabilities
646,997
751,931
Net assets
-32,911
-281,671
Equity
Equity attributable to owners of the Company
Share capital
*
*
Treasury shares
-46,576
*
Other reserves
779,356
727,547
Accumulated losses
-737,186
-975,680
-4,406
-248,133
Non- controlling interests
-28,505
-33,538
Total deficits
-32,911
-281,671
Lanvin Group Consolidated Cash Flow
(€ in Thousands, unless otherwise noted)
Lanvin Group Consolidated Cash Flow
2023A
2024A
2025A
FY
FY
FY
Net cash used in operating activities
-57,891
-59,381
-107,308
Net cash flows generated from/(used in) investing activities
-38,615
-125
1,658
Net cash generated from financing activities
34,131
49,066
119,357
Net change in cash and cash equivalents
-62,375
-10,440
13,707
Cash and cash equivalents less bank overdrafts at the beginning of the year
91,749
27,850
18,043
Effect of foreign exchange rate changes
-1,524
633
-1,040
Cash and cash equivalents less bank overdrafts at end of the year
27,850
18,043
30,710
Lanvin Brand Key Financials (2)
(€ in Thousands, unless otherwise noted)
Lanvin Brand Key Financials
2023A
2024A
2025A
2024 A v
2025 A v
23-25
FY
%
FY
%
FY
%
2023 A
2024 A
CAGR
Key Financials on P&L
Revenues
111,740
100 %
82,720
100 %
57,627
100 %
-26 %
-30 %
-28 %
Gross profit
64,547
58 %
48,440
59 %
33,675
58 %
Selling and distribution expenses
-76,533
-68 %
-72,241
-87 %
-56,818
-99 %
Contribution profit (1)
-11,986
-11 %
-23,801
-29 %
-23,143
-40 %
Revenues by Geography
EMEA
51,585
46 %
38,859
47 %
27,439
48 %
-25 %
-29 %
-27 %
North America
28,210
25 %
22,843
28 %
18,077
31 %
-19 %
-21 %
-20 %
Greater China
24,649
22 %
14,763
18 %
7,209
13 %
-40 %
-51 %
-46 %
Other
7,296
7 %
6,254
8 %
4,902
9 %
-14 %
-22 %
-18 %
Revenues by Channel
DTC
55,357
50 %
43,569
53 %
32,365
56 %
-21 %
-26 %
-24 %
Wholesale
39,933
36 %
27,113
33 %
14,337
25 %
-32 %
-47 %
-40 %
Other
16,450
15 %
12,038
15 %
10,924
19 %
-27 %
-9 %
-19 %
Wolford Brand Key Financials (2)
(€ in Thousands, unless otherwise noted)
Wolford Brand Key Financials
2023A
2024A
2025A
2024 A v
2025 A v
23-25
FY
%
FY
%
FY
%
2023 A
2024 A
CAGR
Key Financials on P&L
Revenues
126,280
100 %
87,891
100 %
75,586
100 %
-30 %
-14 %
-23 %
Gross profit
83,339
66 %
50,995
58 %
43,960
58 %
Selling and distribution expenses
-79,060
-63 %
-69,603
-79 %
-57,089
-76 %
Contribution profit (1)
4,279
3 %
-18,608
-21 %
-13,130
-17 %
Revenues by Geography
EMEA
85,084
67 %
54,934
63 %
48,702
64 %
-35 %
-11 %
-24 %
North America
31,310
25 %
25,930
30 %
21,006
28 %
-17 %
-19 %
-18 %
Greater China
9,176
7 %
6,661
8 %
5,493
7 %
-27 %
-18 %
-23 %
Other
710
1 %
366
0 %
384
1 %
-49 %
5 %
-26 %
Revenues by Channel
DTC
87,352
69 %
67,006
76 %
50,678
67 %
-23 %
-24 %
-24 %
Wholesale
38,071
30 %
20,850
24 %
24,907
33 %
-45 %
19 %
-19 %
Other
857
1 %
35
0 %
0
0 %
-96 %
NM
NM
Sergio Rossi Brand Key Financials (2)
(€ in Thousands, unless otherwise noted)
Sergio Rossi Brand Key Financials
2023A
2024A
2025A
2024 A v
2025 A v
23-25
FY
%
FY
%
FY
%
2023 A
2024 A
CAGR
Key Financials on P&L
Revenues
59,518
100 %
41,910
100 %
29,535
100 %
-30 %
-30 %
-30 %
Gross profit
30,435
51 %
17,867
43 %
9,479
32 %
Selling and distribution expenses
-23,097
-39 %
-18,923
-45 %
-13,425
-45 %
Contribution profit (1)
7,338
12 %
-1,056
-3 %
-3,946
-13 %
Revenues by Geography
EMEA
31,801
53 %
20,704
49 %
15,188
51 %
-35 %
-27 %
-31 %
North America
2,006
3 %
740
2 %
105
0 %
-63 %
-86 %
-77 %
Greater China
11,872
20 %
7,741
18 %
4,958
17 %
-35 %
-36 %
-35 %
Other
13,838
23 %
12,726
30 %
9,285
31 %
-8 %
-27 %
-18 %
Revenues by Channel
DTC
32,962
55 %
27,944
67 %
20,320
69 %
-15 %
-27 %
-21 %
Wholesale
26,556
45 %
13,966
33 %
9,215
31 %
-47 %
-34 %
-41 %
Other
0
0 %
0
0 %
0
0 %
NM
NM
NM
St. John Brand Key Financials (2)
(€ in Thousands, unless otherwise noted)
St. John Brand Key Financials
2023A
2024A
2025A
2024 A v
2025 A v
23-25
FY
%
FY
%
FY
%
2023 A
2024 A
CAGR
Key Financials on P&L
Revenues
90,398
100 %
79,267
100 %
78,238
100 %
-12 %
-1 %
-7 %
Gross profit
57,374
63 %
54,451
69 %
53,599
69 %
Selling and distribution expenses
-46,695
-52 %
-46,445
-59 %
-43,738
-56 %
Contribution profit (1)
10,679
12 %
8,006
10 %
9,861
13 %
Revenues by Geography
EMEA
1,541
2 %
651
1 %
178
0 %
-58 %
-73 %
-66 %
North America
81,382
90 %
74,403
94 %
76,860
98 %
-9 %
3 %
-3 %
Greater China
7,161
8 %
4,101
5 %
934
1 %
-43 %
-77 %
-64 %
Other
314
0 %
113
0 %
266
0 %
-64 %
NM
NM
Revenues by Channel
DTC
71,007
79 %
61,612
78 %
59,762
76 %
-13 %
-3 %
-8 %
Wholesale
19,126
21 %
17,547
22 %
18,210
23 %
-8 %
4 %
-2 %
Other
265
0 %
108
0 %
266
0 %
-59 %
NM
NM
Lanvin Group Brand Footprint
Footprint By Brand
2023
2024
2025
DOS(3)
POS(4)
DOS(3)
POS(4)
DOS(3)
POS(4)
Lanvin
36
319
33
277
20
266
Wolford
150
201
112
163
89
132
St. John
45
107
37
88
35
77
Sergio Rossi
48
289
43
154
30
160
Total
279
916
225
682
174
635
Non-IFRS Financial Measures Reconciliation
(€ in Thousands, unless otherwise noted)
Reconciliation of Contribution Margin
2023A*
2024A*
2025A
FY
FY
FY
Revenue
386,976
291,864
240,498
Cost of sales
-146,576
-119,368
-100,620
Gross profit
240,400
172,496
139,878
Marketing and selling expenses
-224,850
-206,942
-170,591
Contribution profit (1)
15,550
-34,446
-30,713
(€ in Thousands, unless otherwise noted)
Reconciliation of Adjusted EBIT and EBITDA
2023A*
2024A*
2025A
FY
FY
FY
Loss for the year
-146,253
-189,295
-263,345
Add / (Deduct) the impact of:
Loss from discontinued operations
954
289
11,982
Income tax (benefits) / expenses
3,323
3,086
-15,775
Finance cost – net
20,014
29,398
35,490
Non-underlying items
3,781
-10,243
16,263
Loss from operating before non-underlying items
-118,181
-166,765
-215,385
Add / (Deduct) the impact of:
Share based compensation
2,749
551
184
Adjusted EBIT (1)
-115,432
-166,214
-215,201
Depreciation / Amortization
45,794
45,349
39,231
Provision and impairment losses
-265
35,027
72,608
Net foreign exchange (gains) / losses
4,610
-7,709
13,248
Adjusted EBITDA (1)
-65,293
-93,547
-90,114
———————————-
Note:
(1) These are Non-IFRS Financial Measures and will be mentioned throughout this communication. Please see Non-IFRS Financial Measures and Definition.
(2) Brand-level results are presented exclusive of eliminations.
(3) DOS refers to Directly Operated Stores which include boutiques, outlets, concession shop-in-shops and pop-up stores.
(4) POS refers to Point of Sales which include DOS and wholesale accounts.
Non-IFRS Financial Measures and Definition
Our management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: contribution profit, contribution margin, Adjusted EBIT and Adjusted EBITDA. Our management believes that these non-IFRS financial measures provide useful and relevant information regarding our performance and improve their ability to assess financial performance and financial position. They also provide comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. While similar measures are widely used in the industry in which we operate, the financial measures that we use may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
Contribution profit is defined as revenue less the cost of sales and selling and marketing expenses. Contribution profit subtracts the main variable expenses of selling and marketing expenses from gross profit, and our management believes this measure is an important indicator of profitability at the marginal level. Below contribution profit, the main expenses are general administrative expenses and other operating expenses (which include foreign exchange gains or losses and impairment losses). As we continue to improve the management of our portfolio brands, we believe we can achieve greater economy of scale across the different brands by maintaining the fixed expenses at a lower level as a proportion of revenue. We therefore use contribution profit margin as a key indicator of profitability at the group level as well as the portfolio brand level.
Contribution margin is defined as contribution profit divided by revenue.
Adjusted EBIT is defined as profit or loss before income taxes, net finance cost, share based compensation, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operational activities, mainly including net gains on disposal of long-term assets, gain on debt restructuring and government grants.
Adjusted EBITDA is defined as profit or loss before income taxes, net finance cost, exchange gains/(losses), depreciation, amortization, share based compensation and provisions and impairment losses adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operational activities, mainly including net gains on disposal of long-term assets, negative goodwill from acquisition of Sergio Rossi, gain on debt restructuring and government grants.
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SOURCE Lanvin Group
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Published
14 minutes agoon
April 30, 2026By
Led by Healthier Capital, the funding will accelerate Photon‘s mission to modernize the prescription experience, putting patients in the driver’s seat at the moment that matters most.
BROOKLYN, N.Y., April 30, 2026 /PRNewswire/ — Electronic prescribing transformed how doctors write prescriptions, but created a new problem for patients. At the moment a prescription is written, patients are asked to choose a pharmacy on the spot with no pricing, no inventory information, and no sense of what’s convenient or covered. The prescription is sent, the moment passes, and a choice has been made without the information needed to make it well. The result: transfers, phone calls, and delays that create unnecessary burden for patients, pharmacies, and practitioners alike. Photon was built to solve this at the source.
Photon today announced a $16M Series A round led by Healthier Capital, with participation from Notation, Flare Capital, and Evidenced. The funding will be used to expand the engineering and commercial teams, drive expanded health system and platform integrations, and accelerate the company’s mission to become the default infrastructure for modern prescribing and medication access.
The problem runs deeper than consumer inconvenience. It’s an infrastructure problem rooted in an era before smartphones, the cloud, or AI. Electronic prescribing was designed in the early 2000s to move prescriptions from point A to point B — and it does. But it was never designed to inform patients, serve the expectations of modern prescribers, or keep pace with how pharmacies actually operate today. In virtually every other aspect of their lives, consumers expect real-time transparency: they can see pricing, availability, and delivery windows before they buy anything. The prescription experience offers none of that. When a prescription is sent electronically, the patient is effectively removed from the equation — no visibility into which pharmacy has it in stock, what it will cost out of pocket, or which option is most convenient. That information vacuum sets off a downstream chain of friction: unnecessary transfers, unanswered phone calls, abandoned fills, and administrative burden that ripples across the entire healthcare ecosystem.
Photon is rebuilding the prescription experience from the ground up, not as a pricing widget or a single-point fix, but as a full end-to-end platform. That means:
Modern prescribing and routing infrastructureA network of pharmacy partners across retail and home deliveryA consumer-facing marketplace that surfaces real-time price and stock informationA full suite of capabilities including prior authorization, clinical decision support, and beyond
By integrating at the point of prescribing, Photon gives patients the ability to make an informed choice before the prescription is ever sent. The kind of transparency consumers take for granted everywhere else, finally applied to one of the most consequential moments in their healthcare journey. For health systems, that same platform unlocks something equally valuable: the prescription becomes a patient engagement touchpoint rather than a handoff, in-house pharmacy teams gain real-time visibility into fill activity, and patients can be educated about delivery options and price competitiveness in real time. Artificial intelligence is central to how Photon does this at scale, processing complex, fragmented data across pharmacy networks, benefit structures, and formularies in real time, and translating it into something a patient can actually use. This is not AI as a marketing feature; it’s AI as the engine that makes a genuinely hard infrastructure problem solvable. The result is fewer abandoned prescriptions, fewer reroutes, and a meaningfully better experience for every stakeholder in the chain.
“We’re building prescription infrastructure for the AI era. We’re scaling at a critical juncture where healthcare SaaS and services are being disrupted by LLMs and agentic workflows — right as healthcare affordability and consumer demand for transparency reach a boiling point. We’re leveraging this technology to empower consumers, enable true price transparency, and push the pharmacy industry back toward an open marketplace,” says Otto Sipe, Photon founder and CEO.
“We are delighted to partner with Photon to modernize the prescription process, delivering an improved experience for patients while reducing friction across the entire healthcare system,” said Amir Dan Rubin, Founder & Managing Partner, Healthier Capital.
Photon got its start in direct-to-consumer digital health, building the prescription infrastructure that powers some of the fastest-growing D2C health brands. That foundation — deep integrations across pharmacy networks, real-time formulary data, and a patient-first prescribing experience — proved equally compelling to health systems, where Photon has been growing its presence as those organizations seek better ways to engage patients at the point of care and drive visibility into their in-house pharmacies. Since its founding in 2021, Photon has helped millions of patients make more informed pharmacy decisions. The company’s last fundraise was $9M in July 2024. This round positions Photon to deepen marketplace integrations, expand health system partnerships, and help more consumers take ownership of their prescriptions.
The ambition extends well beyond a single prescribing moment. Photon is building long-term infrastructure designed to ease systemic burden across the healthcare system — for practitioners who shouldn’t have to field reroute calls, for pharmacies drowning in unnecessary transfers, for health systems that want prescriptions to drive patient retention and in-house pharmacy utilization rather than quietly leak volume elsewhere, and for patients who deserve to be informed participants in their own care. AI accelerates that roadmap in a meaningful way: enabling Photon to identify patterns across the system, anticipate points of friction before they occur, and build toward solutions that address the structural conditions causing problems, not just their symptoms.
About Photon Photon is the end-to-end prescription infrastructure built for modern healthcare. Combining proprietary digital prescribing and routing infrastructure, a vast pharmacy network, and a consumer-facing marketplace, Photon brings real-time transparency to the moment a prescription is written, so patients can make an informed choice before it is ever sent. For health systems and providers, Photon reduces administrative burden, supports prior authorization and patient support workflows, and turns the prescribing moment into a driver of patient engagement and in-house pharmacy utilization. By modernizing the infrastructure that connects prescribers, pharmacies, and patients, Photon improves medication access and adherence across the entire care journey. Learn more at photonhealth.com.
About Healthier Capital Healthier Capital seeks to advance healthier outcomes for all, partnering with technology-powered healthcare innovators for transformative impact and significant value creation. For more information, visit www.healthiercapital.com.
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SOURCE Photon Health
Technology
Mesh Doubles Down on Asia-Pacific Expansion, Appointing Jason Ne Win as CEO of APAC
Published
14 minutes agoon
April 30, 2026By
SINGAPORE, April 30, 2026 /PRNewswire/ — Mesh, the leading universal crypto payments network, today announced the appointment of Jason Ne Win as the company’s first CEO of APAC. The move signals a major strategic expansion for Mesh into the Asia-Pacific region, coming on the heels of the company’s recent $75 million Series C funding round and its milestone $1 billion unicorn valuation.
In his new role, Ne Win will spearhead Mesh’s regional growth strategy, focusing on scaling localized payment rails, and deepening integrations with the region’s largest digital wallets and financial institutions. As the global landscape for digital assets shifts from speculation to real-world utility, APAC has emerged as an engine for crypto-native financial infrastructure. According to McKinsey, Stablecoin payments sent from Asia represent the largest source of volume, accounting for about $245 billion in payments, or 60 percent of the total.
“The APAC region is home to an incredibly tech-savvy population and a massive stablecoin market,” said Bam Azizi, Co-founder and CEO of Mesh. “Asia is not just a market for us; it is a frontier of the tokenized economy. Jason’s relationships and deep expertise in navigating APAC will position Mesh strongly as we enter this next phase of growth and position us to lead the way in seamless and compliant crypto payments across the region.”
Ne Win brings over a decade of experience across executive leadership, strategy, and market expansion. Most recently, Ne Win spent five years at Binance, the world’s largest cryptocurrency exchange, serving as Chief of Staff to two successive CEOs – Changpeng Zhao and Richard Teng. Alongside that role, he led global government relations, enterprise strategy and planning, central project management, and high-stakes crisis response, operating across multiple markets regionally and globally during one of the most consequential periods in digital assets history.
“APAC is home, and joining Mesh feels like the right move at the right moment,” said Jason Ne Win. “The infrastructure for crypto payments across the region is still being written, and Mesh has the product, the team, and the backing to define it. I’m excited to build and scale something that genuinely works for businesses and consumers across the region, not just in the major markets.”
This appointment follows a period of rapid momentum for Mesh. In the last year, Mesh has expanded into additional regions such as Latin America and Europe, fueling product development and strengthening a global network. The company’s infrastructure is used by leading platforms including PayPal, MetaMask, Revolut, and Shift4, serving more than 900 million users worldwide.
About Mesh
Founded in 2020, Mesh is building the first global crypto payments network, connecting hundreds of exchanges, wallets, and financial services platforms to enable seamless digital asset payments and conversions. By unifying these platforms into a single network, Mesh is pioneering an open, connected, and secure ecosystem for digital finance. For more information, visit https://meshpay.com/.
Media Contact
mesh@missionnorth.com
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