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QuickLogic Reports Fiscal First Quarter 2026 Financial Results

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SAN JOSE, Calif., May 12, 2026 /PRNewswire/ — QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of embedded FPGA (eFPGA) Hard IP, Strategic Radiation Hardened and Antifuse FPGAs, and ruggedized programmable logic solutions, today announced its financial results for the fiscal first quarter that ended March 29, 2026.

Recent Highlights

Demonstrated RadPro™ FPGA Dev Kit at the 41st Hardened Electronics and Radiation Technology (HEART) ConferenceInitial shipments now underway of its RadPro™ FPGA Dev KitSecured new 7-figure contract for Test Chip to be fabricated on GlobalFoundries 12LP processSecured a mid-6-figure contract to implement high density architectural enhancements to its eFPGA Hard IP targeting Intel 18A technologyAppointed Quantum Leap Solutions as an authorized sales representative for QuickLogic’s IP and chiplet offerings

“Our progress in 2026 continues to leverage our investments in Intel 18A technology and our internally funded RadPro™ FPGA,” said Brian Faith, CEO of QuickLogic. “With the initial shipments of our first RadPro™ Dev Kits, and other developments including our newly signed 12LP contract, our Storefront initiative is building momentum. We believe this progress and our continued execution of strategic objectives position us well to realize our growth objectives for 2026 and beyond.”

Fiscal First Quarter 2026 Financial Results

Total revenue from continuing operations for the first quarter of fiscal 2026 was $5.1 million, an increase of 16.8% compared with the first quarter of 2025 and an increase of 35.3% compared with the fourth quarter of 2025.

New product revenue from continuing operations was approximately $4.3 million in the first quarter of 2026, an increase of $0.5 million, or 14.5%, compared with the first quarter of 2025 and an increase of $1.4 million, or 50.7%, compared with the fourth quarter of 2025.

Mature product revenue from continuing operations was $0.8 million in the first quarter of 2026. This compares to $0.6 million in the first quarter of 2025 and $0.9 million in the fourth quarter of 2025.

First quarter 2026 GAAP gross margin from continuing operations was 36.5% compared with 43.4% in the first quarter of 2025 and 18.1% in the fourth quarter of 2025.

First quarter 2026 non-GAAP gross margin from continuing operations was 39.6% compared with 45.6% in the first quarter of 2025 and 20.8% in the fourth quarter of 2025.

First quarter 2026 GAAP operating expenses from continuing operations were $4.0 million compared with $3.9 million in the first quarter of 2025 and $4.2 million in the fourth quarter of 2025.

First quarter 2026 non-GAAP operating expenses from continuing operations were $3.2 million compared with $3.0 million in the first quarter of 2025 and $3.5 million in the fourth quarter of 2025.

First quarter 2026 GAAP net loss was ($2.2 million), or ($0.13) per share, compared with a net loss of ($2.2 million), or ($0.14) per share, in the first quarter of 2025, and a net loss of ($5.9 million), or ($0.35) per share, in the fourth quarter of 2025.

First quarter 2026 non-GAAP net loss was ($1.3 million), or ($0.08) per share, compared with a net loss of ($1.1 million), or ($0.07) per share, in the first quarter of 2025, and a net loss of ($2.8 million), or ($0.17) per share, in the fourth quarter of 2025.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, May 12, 2026, to discuss its current financial results. The conference call will be webcast on QuickLogic’s IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:20 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available approximately one hour after completion. To access the recording, please call (844) 512-2921 and reference the passcode 13760179.

The call recording, which can be accessed by phone, will be archived through May 19, 2026, and the webcast will be available for 12 months on the Company’s website.

About QuickLogic

QuickLogic is a fabless semiconductor company specializing in embedded FPGA (eFPGA) Hard IP, Strategic Radiation Hardened and Antifuse FPGAs, and ruggedized programmable logic solutions. QuickLogic’s unique approach combines cutting-edge technology with open-source tools to deliver highly customizable low-power solutions for aerospace and defense, industrial, computing, and consumer markets. For more information, visit www.quicklogic.com.

QuickLogic uses its website (www.quicklogic.com), the company blog (https://www.quicklogic.com/blog/), corporate X account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company’s website and its social media accounts in addition to following the Company’s press releases, SEC filings, public conference calls, and webcasts.

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation, impairment charges, and restructuring costs, in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner like how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses, and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods and serve as a basis for the allocation of the Company’s resources, management of operations and the measurement of profit-dependent cash, and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones, and payments related to our government contracts, statements regarding the expected magnitude of potential contracts, and statements regarding expected adoption rates and/or orders by our customers, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing, and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and in the Company’s prior press releases, which are available on the Company’s Investor Relations website at http://ir.quicklogic.com/ and on the SEC website at www.sec.gov/. In addition, please note that the date of this press release is May 12, 2026, and any forward-looking statements contained herein are based on management’s current expectations and assumptions that we believe to be reasonable as of this date. We are not obliged to update these statements due to latest information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E 

 –Tables Follow –

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited) 

Three Months Ended

March 29, 2026

March 30, 2025

December 28,
2025

Revenue

$

5,051

$

4,325

$

3,733

Cost of revenue

3,209

2,448

3,058

Gross profit (loss)

1,842

1,877

675

Operating expenses:

Research and development

1,512

1,268

1,436

Selling, general and administrative

2,437

2,536

2,728

Restructuring costs

11

54

—

Total operating expense

3,960

3,858

4,164

Operating income (loss)

(2,118)

(1,981)

(3,489)

Interest expense

(54)

(97)

(78)

Interest and other (expense) income, net

(33)

(7)

—

Income (loss) before income taxes

(2,205)

(2,085)

(3,567)

(Benefit from) provision for income taxes

(3)

5

13

Net income (loss) from continuing operations

(2,202)

(2,090)

(3,580)

Net income (loss) from discontinued operations, net of taxes and
     inclusive of $87 in restructuring costs for the three months ended
     March 30, 2025

(4)

(101)

(2,368)

Net income (loss)

$

(2,206)

$

(2,191)

$

(5,948)

Net income (loss) from continuing operations per share:

Basic

$

(0.13)

$

(0.14)

$

(0.21)

Diluted

$

(0.13)

$

(0.14)

$

(0.21)

Net income (loss) per share:

Basic

$

(0.13)

$

(0.14)

$

(0.35)

Diluted

$

(0.13)

$

(0.14)

$

(0.35)

Weighted average shares outstanding:

Basic

17,463

15,290

17,103

Diluted

17,463

15,290

17,103

Note: Net income (loss) equals total comprehensive income (loss) for all periods presented. Additionally, the Company notes that income taxes related to discontinued operations were immaterial in nature for the periods presented and as such, only net income (loss) from discontinued operations was reported herein.

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

March 29, 2026

December 28,
2025

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

6,047

$

18,840

Accounts receivable

1,723

2,809

Contract assets

1,183

217

Inventories

1,022

956

Prepaid expenses and other current assets

1,206

1,399

Assets of business held for disposal, net

—

2

Total current assets

11,181

24,223

Property and equipment, net

18,620

18,233

Capitalized internal-use software, net

1,210

1,117

Right of use assets, net

386

464

Intangible assets, net

330

339

Inventories, non-current

57

187

Other assets

607

241

TOTAL ASSETS

$

32,391

$

44,804

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Revolving line of credit

$

—

$

15,000

Trade payables

2,497

2,251

Accrued liabilities

2,077

1,779

Deferred revenue

78

64

Notes payable, current

1,654

1,870

Lease liabilities, current

331

321

Total current liabilities

6,637

21,285

Long-term liabilities:

Lease liabilities, non-current

32

126

Notes payable, non-current

1,467

926

Total liabilities

8,136

22,337

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and
outstanding

—

—

Common stock, $0.001 par value; 200,000 authorized; 17,724 and 17,290 shares issued
     and outstanding as of March 29, 2026 and December 28, 2025, respectively

18

17

Additional paid-in capital

350,655

346,662

Accumulated deficit

(326,418)

(324,212)

Total stockholders’ equity

24,255

22,467

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

32,391

$

44,804

QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES

(in thousands, except per share amounts and percentages)

(Unaudited)

Three Months Ended

March 29, 2026

March 30, 2025

December 28,
2025

US GAAP operating income (loss)

$

(2,118)

$

(1,981)

$

(3,489)

Adjustment for stock-based compensation within:

Cost of revenue

156

95

100

Research and development

208

205

194

Selling, general and administrative

494

636

450

Adjustment for restructuring costs

11

54

—

Non-GAAP operating income (loss)

$

(1,249)

$

(991)

$

(2,745)

US GAAP net income (loss) from continuing operations

$

(2,202)

$

(2,090)

$

(3,580)

Adjustment for stock-based compensation within:

Cost of revenue

156

95

100

Research and development

208

205

194

Selling, general and administrative

494

636

450

Adjustment for restructuring costs

11

54

—

Non-GAAP net income (loss) from continuing operations

$

(1,333)

$

(1,100)

$

(2,836)

US GAAP net income (loss) from discontinued operations

$

(4)

$

(101)

$

(2,368)

Adjustment for stock-based compensation within:

Research and development

—

(32)

—

Adjustment for impairment charges

—

—

2,355

Adjustment for restructuring costs

—

87

—

Non-GAAP net income (loss) from discontinued operations

$

(4)

$

(46)

$

(13)

Non-GAAP net income (loss)

$

(1,337)

$

(1,146)

$

(2,849)

US GAAP net income (loss) from continuing operations per share,
basic

$

(0.13)

$

(0.14)

$

(0.21)

Adjustment for stock-based compensation

0.05

0.06

0.04

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from continuing operations per share,
basic

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP net income (loss) from discontinued operations per share,
basic

$

—

$

(0.01)

$

(0.14)

Adjustment for stock-based compensation

—

—

—

Adjustment for impairment charges

—

—

0.14

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from discontinued operations per
share, basic

$

—

$

—

$

—

Non-GAAP net income (loss) per share, basic

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP net income (loss) from continuing operations per share,
diluted

$

(0.13)

$

(0.14)

$

(0.21)

Adjustment for stock-based compensation

0.05

0.06

0.04

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from continuing operations per share,
diluted

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP net income (loss) from discontinued operations per share,
diluted

$

—

$

(0.01)

$

(0.14)

Adjustment for stock-based compensation

—

—

—

Adjustment for impairment charges

—

—

0.14

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from discontinued operations per
share, diluted

$

—

$

—

$

—

Non-GAAP net income (loss) per share, diluted

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP gross margin percentage from continuing operations

36.5

%

43.4

%

18.1

%

Adjustment for stock-based compensation included in cost of revenue

3.1

%

2.2

%

2.7

%

Non-GAAP gross margin percentage from continuing operations

39.6

%

45.6

%

20.8

%

QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

Percentage of Revenue

Change in Revenue

Q1 2026

Q1 2025

Q4 2025

Q1 2026 to
Q1 2025

Q1 2026 to
Q4 2025

COMPOSITION OF REVENUE

Revenue by product: (1)

New products

85

%

87

%

76

%

15

%

51

%

Mature products

15

%

13

%

24

%

32

%

(14)

%

Discontinued Operations:

New products

—

%

—

%

—

%

(100)

%

—

%

Revenue by geography:

Asia Pacific

10

%

8

%

10

%

37

%

35

%

North America

88

%

90

%

81

%

15

%

48

%

Europe

2

%

2

%

9

%

9

%

(75)

%

Discontinued Operations:

Asia Pacific

—

%

—

%

—

%

(100)

%

—

%

North America

—

%

—

%

—

%

(100)

%

—

%

Europe

—

%

—

%

—

%

(100)

%

—

%

_____________________

(1)

New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP and related professional services, and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer. Associated royalty revenues are included within their respective device’s classification.

 

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SOURCE QuickLogic Corporation

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Technology

Brightstar Lottery Delivers Enhanced Retail Central System to Lottotech in Mauritius

Published

49 minutes ago

on

May 12, 2026

By

Company extends its longtime relationship with the operator of the Mauritius National Lottery with new multi-year contract agreement

LONDON, May 12, 2026 /PRNewswire/ — Brightstar Lottery PLC (NYSE: BRSL) (“Brightstar”) announced today that its subsidiaries, Brightstar Global Solutions Corporation and Brightstar Lottery Cyprus Limited, have signed a multi-year contract extension with Lottotech, the operator of the Mauritius National Lottery. Brightstar will deploy an advanced lottery central system to unlock further benefits for Lottotech. Additionally, Brightstar will replace all lottery terminals with its latest hardware, the RetailerPro S2, which will feature Brightstar’s cutting-edge terminal application platform, OpenRetail.

“Extending Lottotech’s trusted relationship with Brightstar into its third decade through this latest contract underscores our shared commitment to long-term innovation and growth,” said Moorghen Veeramootoo, Lottotech Chief Executive Officer. “Enhancing our central system marks a significant milestone for Lottotech, enabling greater agility, flexibility, and disaster tolerance as we enhance the player and retailer experiences while positioning our business for continued success.”

“As Lottotech’s exclusive retail lottery technology partner since its inception, Brightstar has continuously pushed boundaries to revolutionize products that benefit and complement the expectations of today’s modern lottery,” said Marco Tasso, Brightstar Chief Operating Officer International and Italy Operations. “We are excited to deliver our next-generation terminals and deploy our advanced central system to Lottotech, a natural next step in the evolution of Lottotech’s business critical operations.”

Engineered for speed and reliability, Brightstar’s Retailer Pro S2 is powered by a high-performance processor that ensures rapid transaction processing. Its ergonomic, modular design supports multiple player-facing displays and a broad range of peripherals enabling flexible and engaging player interactions. Brightstar’s OpenRetail software is designed to streamline lottery operations with unmatched versatility and efficiency. Built on a single code line, updates and new features can be deployed easily across all point-of-sale devices.

About Lottotech Ltd
Lottotech is Mauritius’ leading lottery and gaming operator and the exclusive operator of the Mauritius National Lottery. Since 2008, the company has been delivering secure, innovative, and responsible gaming experiences through a portfolio of popular products including Loto, Loto Vert, and Football Pools. With a network of more than 600 retail points across Mauritius and Rodrigues, Lottotech combines retail and digital solutions to provide accessible entertainment while supporting national development through meaningful contributions to education, health, sports, culture, and community initiatives. As a member of the World Lottery Association (WLA), Lottotech is committed to the highest standards of integrity, security, and responsible gaming, and has achieved WLA Responsible Gaming Level 4 Certification. Through continuous innovation, operational excellence, and a customer-centric approach, Lottotech continues to create sustainable value for its players, partners, and the Mauritian community. For more information, visit www.lottotech.mu or follow Lottotech on LinkedIn.

About Brightstar Lottery PLC
Brightstar Lottery PLC (NYSE: BRSL) is global leader in lottery focused on innovation and forward-thinking strategies and solutions, building on our renowned expertise in delivering secure technology and producing reliable, comprehensive solutions for our customers. As a premier pure play global lottery company, our best-in-class lottery operations, retail and digital solutions, and award-winning lottery games enable our customers to achieve their goals, entertain players and distribute meaningful benefits to communities. Brightstar has a well-established local presence and is a trusted partner to governments and regulators around the world, creating value by adhering to the highest standards of service, integrity, and responsibility. Brightstar serves nearly 90 lottery customers and their players on six continents. It is the primary technology provider to 26 of the 46 lottery jurisdictions in the U.S. and eight of the world’s 10 largest lotteries. Brightstar has approximately 6,000 employees. For more information, please visit www.brightstarlottery.com or follow along on LinkedIn.

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Brightstar Lottery PLC and its consolidated subsidiaries (the “Company”) and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, products and services, customer relationships, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “plan,” “could,” “would,” “should,” “shall,” “continue,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project” or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) macroeconomic, regulatory and political uncertainty, including as a result of new or increased tariffs, trade wars, and other restrictions on trade between or among countries in which the Company operates, and related changes in discretionary consumer spending and behavior, fluctuations in foreign currency exchange rates, and the other factors and risks described in the Company’s annual report on Form 20-F for the financial year ended December 31, 2025 and other documents filed or furnished from time to time with the SEC, which are available on the SEC’s website at www.sec.gov and on the investor relations section of the Company’s website at www.brightstarlottery.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that may affect the Company’s business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.

Contact:
Mike DeAngelis, Corporate Communications, +1 (401) 392-1000, mike.deangelis@brightstarlottery.com
Matteo Selva, Italian media inquiries, +39 366 6803635
James Hurley, Investor Relations, +1 (401) 392-7190

© 2026 Brightstar Lottery PLC

The trademarks and/or service marks used herein are either trademarks or registered trademarks of Brightstar Lottery PLC, its affiliates or its licensors.

 

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SOURCE Brightstar Lottery PLC

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Technology

goeasy Ltd. Reports Results for the First Quarter 2026

Published

49 minutes ago

on

May 12, 2026

By

Loan Portfolio of $5.36 billion at Q1/26 end, up 12% from $4.80 billion at Q1/25 end
Revenue of $413 million in Q1/26, up 2% compared to $405 million in Q1/25
Net Charge Off Rate1 of 17.8% in Q1/26, up 890 bps from 8.9% in Q1/25
Diluted Loss Per Share of $3.22 in Q1/26, down from diluted EPS of $2.28 in Q1/25
Adjusted Diluted Loss Per Share1 of $1.90 in Q1/26, down from Adj. Dil. EPS1 of $3.49 in Q1/25

MISSISSAUGA, ON, May 12, 2026 /CNW/ – goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit scores, today reported results for the first quarter ended March 31, 2026.

“We continued to advance our six-point action plan in the first quarter, with cost efficiency measures already taking effect,” said Patrick Ens, goeasy’s Chief Executive Officer. “In March, we took decisive action to significantly reduce our exposure to merchant-originated loans. Our ending loan book size, total yield, and net charge off rate came in as expected. Our direct-to-consumer business remains strong, and with $560.1 million cash provided by operations before net principal written in the quarter, our liquidity position is solid as we manage through this transitional period.”

First Quarter Results

During the quarter, the Company generated $551.3 million in loan originations, down 19% compared to $676.8 million generated in the first quarter of 2025. The decrease in lending, consistent with the Company’s six-point action plan, was driven primarily by a reduction in merchant-originated automotive and powersports loan originations, as the Company implemented tighter credit underwriting measures in response to unfavourable credit performance in those portfolios. 

At quarter end, the consumer loan portfolio was $5.36 billion, up 12% from $4.80 billion at the end of the first quarter of 2025, but down $150.0 million or 3% from the end of the fourth quarter of 2025. Organic growth in the Company’s consumer loan portfolio was the main driver of growth in revenue, which increased 2% from $404.9 million in the first quarter of 2025 to $412.9 million in the first quarter of 2026. Total annualized yield (including ancillary products) realized on average consumer loans receivable1 was 27.9% in the quarter, down 330 bps from the same period in 2025, but up 130 bps from the fourth quarter of 2025. Total annualized yield decreased year-over-year mainly due to the impact of higher allowance for credit losses on interest receivable; the continued impact of the lowered maximum allowable rate of interest on the Company’s unsecured lending product; and a higher proportion of larger dollar value loans, which have reduced pricing on certain ancillary products.

During the quarter, the annualized net charge off rate was 17.8%, up 890 bps from 8.9% in the first quarter of 2025, but down 600 bps from the fourth quarter of 2025. Annualized net charge off rate increased year -over-year primarily due to higher charge offs in the merchant-originated automotive and powersports loan portfolios. The total allowance for credit losses on gross consumer loans increased to $541.2 million from $382.8 million as at March 31, 2025, mainly due to the Company’s current view of collectability and an increase in the credit loss outlook for the merchant-originated automotive and powersports loans. The rate of allowance for expected credit losses, defined as the allowance for credit losses on gross consumer loans receivable as a percentage of the ending gross consumer loans receivable, increased from 9.57% as at December 31, 2025 to 10.09% as at March 31, 2026, driven primarily by unfavourable changes in the macroeconomic forecast data used in the Company’s IFRS 9 allowance model.

Operating income for the first quarter of 2026 was $28.9 million, down 80% from $144.1 million in the first quarter of 2025. After adjusting for unusual and non-recurring items, the Company reported adjusted operating income2 of $36.9 million, a decrease from $147.4 million in the first quarter of 2025. The efficiency ratio1 for the first quarter of 2026 was 24.5%, a 160 bps improvement from 26.1% in the first quarter of 2025.

Net loss for the first quarter of 2026 was $53.0 million, down from net income of $38.7 million in the first quarter of 2025, and diluted loss per share was $3.22, down from diluted earnings per share of $2.28 reported in the first quarter of 2025. Adjusted net loss2 for the first quarter of 2026 was $31.3 million, down from adjusted net income2 of $59.3 million in the first quarter of 2025. The decrease in adjusted net income was primarily driven by lower adjusted operating income from lower total yield on consumer loans (including ancillary products) and elevated credit losses. Adjusted diluted loss per share1 was $1.90, down from adjusted diluted earnings per share1 of $3.49 in the first quarter of 2025.

Balance Sheet and Liquidity

Total assets were $5.82 billion as at March 31, 2026, an increase of 9% from $5.34 billion as at March 31, 2025, primarily driven by growth in consumer loans receivable and cash. Cash provided by operations before net principal written2 in the first quarter of 2026 was $560.1 million, compared to $410.7 million in the first quarter of 2025. The Company’s debt-to-adjusted tangible equity ratio3, a capital management measure for leverage, was 5.30x as at March 31, 2026, compared to 3.69x as at March 31, 2025. The average blended coupon interest rate for the Company’s debt as at March 31, 2026 was 6.6%.

As at March 31, 2026, goeasy had liquidity (cash on hand plus unused contractual borrowing capacity) of $1.10 billion (of which $743 million is not currently available to be drawn by the Company). Subsequent to quarter end, the Company used existing liquidity to repay the US$64.6 million senior unsecured notes that matured on May 1, 2026. The Company was not subject to financial covenant compliance, and was in compliance with all other applicable covenants, for the Revolving Securitization Warehouse Facility I as at March 31, 2026. The Company was in compliance with all of its covenants (including financial covenants) under its Revolving Credit Facility agreement as at March 31, 2026. The Company continues to progress toward transitioning to a replacement backup servicer and completing a satisfactory audit in respect of the Revolving Securitization Warehouse Facility I, completion of which will permit additional draws on the facility.

Selected Additional First Quarter Information
(March 31, 2026 relative to March 31, 2025, where applicable)

44% of gross consumer loans receivable secured, down from 46%Total number of active lending customers at 466,000, up 7%71% of net loan advances1 in the quarter were issued to new customers, down from 73%Weighted average interest rate4 on consumer loans of 28.5%, up from 26.5%86.6% of gross consumer loans receivable, on a dollar-weighted basis, carried an interest rate less than or equal to a 35% Annual Percentage Rate, being the maximum allowable interest rate for new loans written after January 1, 2025

Updated 2026 Outlook

The Company disclosed its first quarter 2026 outlook, along with the relevant assumptions and risk factors, in its fourth quarter 2025 MD&A. The Company’s actual first quarter performance was consistent with its first quarter 2026 outlook across all three measures. The Company continues to focus on prudent management of liquidity, strengthening of credit performance, and alignment of its capital structure. Management remains confident in goeasy’s ability to return to its long track record of strong credit performance and returns that will reinforce confidence among shareholders and other stakeholders.

Q2 2026 Outlook

Full Year 2026 Commentary

Gross consumer loans receivable at period end

$4.9 to $5.1 billion

Expected to decline from December 31, 2025 level before resuming growth in the later part of the year

Total yield on consumer loans (including ancillary products)1

27.0% to 28.5%

Expected to improve over course of the year as charge offs decline

Net charge offs as a percentage of average gross consumer loans receivable1

16.0% to 17.5%

Expected to be in the mid-teens for full year 2026; improvement is expected as the year progresses

This outlook is subject to and based on the assumptions and risks set out in more detail under “Forward-Looking Statements”.

Share Repurchases and Dividend Payments

In consideration of recent developments that affected earnings in 2025, the Board of Directors (the “Board”) made the decision to suspend the regular quarterly dividend on the Company’s Common Shares and to suspend share repurchases under its normal course issuer bid on an indefinite basis. These actions are aligned with management’s focus on prudently preserving capital and maintaining liquidity.

Adoption of Shareholder Rights Plan

The Company also announced today that the Board has approved the adoption of a shareholder rights plan (the “SRP”) pursuant to a shareholder rights plan agreement entered into with TSX Trust Company, as rights agent, dated May 12, 2026 (the “Effective Date”).

The SRP has been adopted to: (i) ensure that all shareholders of the Company are treated fairly in connection with any unsolicited take-over bid or acquisition of control of the Company (including by way of a “creeping” take-over bid); (ii) provide the Board and shareholders of the Company with adequate time to consider and evaluate any unsolicited take-over bid or similar transaction; and (iii) enable the Board to identify, solicit, develop and negotiate any value-enhancing alternatives, as may be considered appropriate, to any unsolicited take-over bids or similar transaction.

The SRP is similar to rights plans adopted by other Canadian companies and ratified by their shareholders. The SRP is not being adopted in response to any specific proposal or intention to acquire control of the Company, and the Board is not aware of any pending or threatened take-over bid for the Company.

Pursuant to the SRP, one right will attach to each issued and outstanding common share of the Company. Subject to the terms of SRP, the rights become exercisable if any person (together with certain related parties) becomes a beneficial owner of 20% or more of the outstanding common shares without complying with the “Permitted Bid” provisions of the SRP. In such event, holders of the rights (other than the acquiring person and its related parties) will be permitted to exercise their rights to purchase additional common shares at a substantial discount to the then market price of the common shares.

The SRP has been conditionally accepted by the Toronto Stock Exchange. While the SRP is effective as of the Effective Date, it is subject to ratification by the Company’s shareholders at a meeting of shareholders to be held within six months of its Effective Date. The Company currently expects to seek shareholder ratification of the SRP at a special meeting to be called and held within that six-month period (the “Meeting”). If the SRP is not ratified by shareholders within that six-month period, it, together with the outstanding rights, will terminate and cease to be effective.

A summary of the principal terms of the SRP will be included in the management proxy circular to be sent to shareholders in connection with the Meeting. The full text of the SRP is available under the Company’s profile on SEDAR+ at sedarplus.ca.

Forward-Looking Statements

This press release includes forward-looking statements about goeasy, including, but not limited to, its business operations, strategy and expected financial performance and condition. Forward-looking statements include, but are not limited to, statements with respect to forecasts for growth of the consumer loans receivable, annual revenue growth forecasts, strategic initiatives, new product offerings and new delivery channels, anticipated cost savings, planned capital expenditures, anticipated capital requirements and the Company’s ability to secure sufficient capital, liquidity of the Company, plans and references to future operations and results, critical accounting estimates, expected future yields and net charge off rates on loans, the dealer relationships, the size and characteristics of the Canadian non-prime lending market, the continued development of the type and size of competitors in the market, the inclusion of the SRP in the management information circular for any Meeting and the calling and the holding of any such Meeting and the timing thereof; and the approval, ratification and confirmation of the SRP. In certain cases, forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as “expect”, “continue”, “anticipate”, “intend”, “aim”, “plan”, “believe”, “budget”, “estimate”, “forecast”, “foresee”, “target” or negative versions thereof and similar expressions, and/or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company’s operations, economic factors and the industry generally. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. Some important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, goeasy’s ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, offer products which appeal to customers at a competitive rate, respond to changes in legislation, react to uncertainties related to regulatory action, raise capital under favourable terms, compete, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance the system of internal controls.

The Company cautions that the foregoing list is not exhaustive. These and other factors could cause actual results to differ materially from our expectations expressed in the forward-looking statements, and further details and descriptions of these and other factors are disclosed in the Company’s Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2025, including under the section entitled “Risk Factors”.

The reader is cautioned to consider these, and other factors carefully and not to place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.

The Company particularly cautions that the Q2 2026 outlook and full year 2026 commentary presented above under the heading “Updated 2026 Outlook” (the “2026 Outlook Information”) constitutes forward-looking information and that in formulating its outlook, the Company makes a series of assumptions, which include, but are not limited to, assumptions about Environmental Conditions (Stability in the macroeconomic environment; Continued demand for non-prime credit across); Portfolio Growth (Loan originations adjust as underwriting criteria are tightened, particularly within indirect channels); Liquidity & Funding (The Company prioritizes liquidity and covenant compliance; Continued access to funding at acceptable rates; Continued strong free cash flow from its existing portfolio); Revenue Yield (Portfolio yield expected to be negatively impacted by bad debts on interest receivable; Business mix shift to include more unsecured personal loan originations at higher yields; Total portfolio yield and net charge off as a percentage of gross consumer loans receivable on its lending products are as estimated in the Company’s budget and strategic plan); Credit Performance (Net charge offs as a percentage of gross consumer loans receivable perform in line with the Company’ budget and forecasts generated through the use of its proprietary credit and underwriting models; The mixture of customers acquired through each of the Company’s acquisition channels and the mixture of new and existing borrowers are as estimated in the Company’s forecast); Investment Performance (No material changes are assumed in the fair value of investments, and no forecast is made regarding the timing of realization of the investment portfolio); and Mergers and Acquisitions (No mergers or acquisitions are contemplated within the outlook period). These assumptions and expectations are subject to a number of risks, including the following, as well as those set out the section entitled “Risk Factors” in the Company’s MD&A: Environmental & Market Conditions (Uncertainty in consumer demand or broader economic conditions may adversely impact loan originations and portfolio performance; Deterioration in employment levels or economic stability could negatively affect credit performance and increase net charge off rates; Competitive dynamics or pricing pressures may impact margins and growth); Access to Capital & Funding (The Company’s ability to access capital on acceptable terms and maintain adequate liquidity to support operations and strategic priorities); Regulatory Environment (Changes to laws and regulations governing consumer lending that could impact product offerings, pricing or operations); Credit Performance (A material increase in net charge off as a percentage of gross consumer loans receivable beyond expectations, including adverse performance from prior vintages or new originations); and Operating Execution (The Company’s ability to successfully execute on its Action Plan, including underwriting changes, and operating model alignment and platform consolidation; Risks associated with transitioning originations and customer portfolios toward the easyfinancial platform). The 2026 Outlook Information constitutes targets established by the Company and is subject to change as plans and business conditions vary. Accordingly, investors are cautioned not to place undue reliance on the 2026 Outlook Information. Actual results may differ materially.

About goeasy

goeasy Ltd. is a leading Canadian provider of non-prime consumer lending solutions, offering a suite of financial products through its easyfinancial, easyhome, and LendCare brands. goeasy offers unsecured and secured instalment loans, point-of-sale financing, and lease-to-own merchandise through its omni-channel model, which spans online, mobile, and hundreds of locations nationwide.

Driven by its team members’ dedication to expand access to credit for underserved communities and helping customers strengthen their financial futures, goeasy has proudly served more than 1.6 million customers while building an award-winning culture. Shares of goeasy Ltd. are listed on the Toronto Stock Exchange (TSX) under the symbol GSY. For more information, visit www.goeasy.com.

For investor inquiries, contact:

James Obright
Senior Vice President, Investor Relations & Capital Markets
investor_relations@goeasy.com

For media inquiries, contact:

mediainquiries@goeasy.com

Notes:

1 These are non-IFRS ratios. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
2 These are non-IFRS measures. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
3 These are capital management measures. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.
4 These are supplementary financial measures. Refer to “Non-IFRS Measures and Other Financial Measures” section in this press release.

goeasy Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

(Expressed in thousands of Canadian dollars)

As At

As At

March 31,

December 31,

2026

2025

ASSETS 

Cash 

356,237

152,661

Accounts receivable

40,307

42,361

Prepaid expenses

13,877

9,159

Income taxes recoverable

109,467

90,559

Consumer loans receivable, net 

4,982,870

5,155,360

Investments 

23,117

29,103

Lease assets, net

33,851

36,656

Derivative financial assets 

31,138

11,146

Deferred income tax assets 

25,831

22,250

Property and equipment, net 

28,634

30,788

Right-of-use assets, net

51,135

52,510

Intangible assets, net

103,914

104,142

Goodwill

21,310

21,310

TOTAL ASSETS

5,821,688

5,758,005

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Revolving credit facility 

310,310

175,052

Accounts payable and other liabilities

79,585

107,842

Dividends payable 

–

23,398

Unearned revenue

29,962

31,219

Accrued interest payable

84,970

68,533

Deferred income tax liabilities 

11,064

5,367

Lease liabilities

57,840

59,451

Secured borrowings 

71,612

88,783

Revolving securitization warehouse facilities 

609,561

611,015

Derivative financial liabilities 

14,402

46,107

Notes payable 

3,751,143

3,690,818

TOTAL LIABILITIES

5,020,449

4,907,585

Shareholders’ equity

Share capital 

431,264

430,325

Contributed surplus

25,244

26,782

Accumulated other comprehensive loss

(8,960)

(13,367)

Retained earnings

353,691

406,680

TOTAL SHAREHOLDERS’ EQUITY

801,239

850,420

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,821,688

5,758,005

 

goeasy Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(Expressed in thousands of Canadian dollars, except earnings (loss) per share)

Three Months Ended

March 31,

March 31,

2026

2025

Restated

REVENUE

Interest income

317,910

308,891

Lease revenue

20,045

22,242

Commissions earned

70,063

68,187

Charges and fees

4,839

5,603

412,857

404,923

OPERATING EXPENSES

BAD DEBTS 

267,200

145,023

OTHER OPERATING EXPENSES

Salaries and benefits

52,664

49,463

Share-based compensation 

(1,062)

4,441

Technology costs

11,370

12,220

Underwriting and collections

9,385

7,162

Occupancy

5,714

5,672

Restructuring charges

4,763

–

Advertising and promotion

3,263

8,686

Other expenses

10,690

7,681

96,787

95,325

DEPRECIATION AND AMORTIZATION

Depreciation of lease assets

6,485

6,983

Amortization of intangible assets 

5,525

5,646

Depreciation of right-of-use assets 

5,342

5,297

Depreciation of property and equipment 

2,642

2,597

19,994

20,523

TOTAL OPERATING EXPENSES

383,981

260,871

OPERATING INCOME

28,876

144,052

OTHER LOSS 

(5,986)

–

FINANCE COSTS 

(93,163)

(89,651)

INCOME (LOSS) BEFORE INCOME TAXES

(70,273)

54,401

INCOME TAX EXPENSE (RECOVERY) 

Current

(18,908)

30,896

Deferred

1,624

(15,204)

(17,284)

15,692

NET INCOME (LOSS) 

(52,989)

38,709

BASIC EARNINGS (LOSS) PER SHARE 

(3.22)

2.30

DILUTED EARNINGS (LOSS) PER SHARE 

(3.22)

2.28

 

SUMMARY OF FINANCIAL RESULTS BY REPORTABLE SEGMENT

(Expressed in thousands of Canadian dollars, except earnings per share)

Three Months Ended March 31, 2026

easyfinancial

easyhome

Corporate

Total

Revenue

Interest income

303,582

14,328

–

317,910

Lease revenue

–

20,045

–

20,045

Commissions earned

66,006

4,057

–

70,063

Charges and fees

4,067

772

–

4,839

373,655

39,202

–

412,857

Operating expenses 

Bad debts

256,799

10,401

–

267,200

Other operating expenses

63,908

12,704

20,175

96,787

Depreciation and amortization

9,916

8,488

1,590

19,994

330,623

31,593

21,765

383,981

Operating income (loss)

43,032

7,609

(21,765)

28,876

Other loss

(5,986)

Finance costs

(93,163)

Loss before income taxes

(70,273)

Income tax recovery

(17,284)

Net loss

(52,989)

Diluted loss per share

(3.22)

Three Months Ended March 31, 2025 

(As restated) 

easyfinancial

easyhome

Corporate

Total

Revenue

Interest income

298,408

10,483

–

308,891

Lease revenue

–

22,242

–

22,242

Commissions earned

64,625

3,562

–

68,187

Charges and fees

4,848

755

–

5,603

367,881

37,042

–

404,923

Operating expenses 

Bad debts

140,467

4,556

–

145,023

Other operating expenses

61,526

13,924

19,875

95,325

Depreciation and amortization

9,737

9,063

1,723

20,523

211,730

27,543

21,598

260,871

Operating income (loss)

156,151

9,499

(21,598)

144,052

Other income

–

Finance costs

(89,651)

Income before income taxes

54,401

Income tax expense

15,692

Net income

38,709

Diluted earnings per share

2.28

 

SUMMARY OF FINANCIAL RESULTS AND KEY PERFORMANCE INDICATORS

Three Months Ended 

($ in 000’s except earnings per share and percentages) 

March 31,  

2026 

March 31,  

2025 

(As restated) 

Variance  

$ / bps 

Variance  

% Change 

Summary Financial Results 

Revenue 

412,857

404,923

7,934

2.0 %

Bad debts 

267,200

145,023

122,177

84.2 %

Other operating expenses 

96,787

95,325

1,462

1.5 %

EBITDA1 

36,399

157,592

(121,193)

(76.9 %)

EBITDA margin1 

8.8 %

38.9 %

(3,010 bps) 

(77.4 %)

Depreciation and amortization 

19,994

20,523

(529)

(2.6 %)

Operating income 

28,876

144,052

(115,176)

(80.0 %)

Operating margin 

7.0 %

35.6 %

(2,860 bps) 

(80.3 %)

Other income (loss) 

(5,986)

–

(5,986)

(100.0 %)

Finance costs 

93,163

89,651

3,512

3.9 %

Effective income tax rate 

24.6 %

28.8 %

(420 bps) 

(14.7 %)

Net income (loss)  

(52,989)

38,709

(91,698)

(236.9 %)

Diluted earnings (loss) per share 

(3.22)

2.28

(5.50)

(241.2 %)

Return on receivables 

(3.9 %)

3.3 %

(720 bps) 

(218.2 %)

Return on assets 

(3.7 %)

2.9 %

(660 bps) 

(227.6 %)

Return on equity 

(25.7 %)

13.4 %

(3,910 bps) 

(291.8 %)

Return on tangible common equity1 

(26.8 %)

17.9 %

(4,470 bps) 

(249.7 %)

Adjusted Financial Results1,2 

Other operating expenses 

98,509

102,216

(3,707)

(3.6 %)

Efficiency ratio 

24.5 %

26.1 %

(160 bps) 

(6.1 %)

Operating income 

36,914

147,419

(110,505)

(75.0 %)

Operating margin 

8.9 %

36.4 %

(2,750 bps) 

(75.6 %)

Net income (loss) 

(31,313)

59,349

(90,662)

(152.8 %)

Diluted earnings per share 

(1.90)

3.49

(5.39)

(154.4 %)

Return on receivables 

(2.3 %)

5.0 %

(730 bps) 

(146.0 %)

Return on assets 

(2.2 %)

4.5 %

(670 bps) 

(148.9 %)

Return on equity 

(15.2 %)

20.5 %

(3,570 bps) 

(174.1 %)

Return on tangible common equity 

(16.6 %)

25.9 %

(4,250 bps) 

(164.1 %)

Key Performance Indicators 

Segment Financials 

easyfinancial revenue 

373,655

367,881

5,774

1.6 %

easyfinancial operating margin 

11.5 %

42.4 %

(3,090 bps) 

(72.9 %)

easyhome revenue 

39,202

37,042

2,160

5.8 %

easyhome operating margin 

19.4 %

25.6 %

(620 bps) 

(24.2 %)

Portfolio Indicators 

Gross consumer loans receivable 

5,363,456

4,795,387

568,069

11.8 %

Growth in consumer loans receivable 

(150,011)

192,950

(342,961)

(177.7 %)

Gross loan originations 

551,314

676,769

(125,455)

(18.5 %)

Total yield on consumer loans (including ancillary products)1 

27.9 %

31.2 %

(330 bps) 

(10.5 %)

Net charge offs as a percentage of average gross consumer loans receivable1 

17.8 %

8.9 %

890 bps 

100.2 %

Cash provided by operations before net principal written1 

560,108

410,747

149,361

36.4 %

Potential monthly leasing revenue1 

5,820

6,727

(907)

(13.5 %)

1 EBITDA, adjusted other operating expenses, adjusted operating income (loss), adjusted net income (loss) and cash provided by operations before net principal written are non-IFRS measures. EBITDA margin, efficiency ratio, adjusted operating margin, adjusted diluted earnings (loss) per share, adjusted return on receivables, adjusted return on equity, adjusted return on assets, reported and adjusted return on tangible common equity, total yield on consumer loans (including ancillary products) and net charge offs as a percentage of average gross consumer loans receivable are non-IFRS ratios. See description in sections “Portfolio Analysis”, “Key Performance Indicators and Non-IFRS Measures” and “Financial Condition”.
2 Adjusting items are discussed in the “Key Performance Indicators and Non-IFRS Measures” section.

Non-IFRS Measures and Other Financial Measures

The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB), are not identified by IFRS and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. The Company believes that non-IFRS measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-IFRS measures are used throughout this press release and listed below. An explanation of the composition of non-IFRS measures and other financial measures can be found in the Company’s MD&A, available on www.sedarplus.ca.

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share

Adjusted net income (loss) is a non-IFRS measure and adjusted diluted earnings (loss) per share is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate adjusted net income (loss) and adjusted diluted earnings (loss) per share for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except earnings per share) 

March 31, 

2026 

March 31, 

2025 

(As restated) 

Net income (loss)  

(52,989)

38,709

Impact of adjusting items 

Other operating expenses  

Restructuring charges1 

4,763

–

    Integration costs2 

–

92

Depreciation and amortization  

Amortization of acquired intangible assets3 

3,275

3,275

Other loss 4 

5,986

–

Finance costs 

Fair value change on prepayment options related to Notes Payable5 

13,309

24,714

Total pre-tax impact of adjusting items 

27,333

28,081

Income tax impact of above adjusting items 

(5,657)

(7,441)

After-tax impact of adjusting items 

21,676

20,640

Adjusted net income (loss)

(31,313)

59,349

Weighted average number of diluted shares outstanding 

16,456

17,007

Diluted earnings (loss) per share 

(3.22)

2.28

Per share impact of adjusting items 

1.32

1.21

Adjusted diluted earnings (loss) per share 

(1.90)

3.49

Adjusting item related to restructuring charges 

1 The Company completed a restructuring exercise in March 2026 and incurred a total of $4.8 million related to severance costs, settlement claims and consulting fees. 

Adjusting items related to the LendCare acquisition 

2 Integration costs related to representation and warranty insurance costs, and other integration costs related to the acquisition of LendCare.  

3 Amortization of the $131 million intangible asset related to the acquisition of LendCare, with an estimated useful life of ten years. 

Adjusting item related to other loss  

4 For the three-month period ended March 31, 2026, net investment loss was due to fair value changes in the Company’s investments. 

Adjusting item related to prepayment options embedded in the Notes Payable 

5 For the three-month periods ended March 31, 2026 and 2025, the Company recognized a fair value change on the prepayment options related to Notes Payable. 

Adjusted Other Operating Expenses and Efficiency Ratio

Adjusted other operating expenses is a non-IFRS measure and efficiency ratio is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate adjusted other operating expenses and efficiency ratio for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except earnings per share) 

March 31, 

2026 

March 31, 

2025 

(As restated) 

Other operating expenses  

96,787

95,325

Impact of adjusting items1 

Other operating expenses 

Restructuring charges 

(4,763)

–

Integration costs 

–

(92)

Depreciation and amortization  

Depreciation of lease assets 

6,485

6,983

Total impact of adjusting items 

1,722

6,891

Adjusted other operating expenses 

98,509

102,216

Total revenue 

412,857

404,923

Less: Bad debts on interest receivable 

(10,879)

(13,739)

Adjusted Financial Revenue 

401,978

391,184

 

Efficiency ratio 

 

24.5 %

 

26.1 %

1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section. 

Adjusted Operating Margin

Adjusted operating margin is a non-IFRS measure and adjusted operating margin is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate adjusted operating income (loss) and adjusted operating margins for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2026 (adjusted) 

March 31, 

2025 

(As restated) 

March 31, 

2025 

(adjusted) 

(As restated) 

easyfinancial 

Operating income (loss) 

43,032

43,032

156,151

156,151

Divided by revenue 

373,655

373,655

367,881

367,881

easyfinancial operating margin 

11.5 %

11.5 %

42.4 %

42.4 %

easyhome 

Operating income 

7,609

7,609

9,499

9,499

Divided by revenue 

39,202

39,202

37,042

37,042

easyhome operating margin 

19.4 %

19.4 %

25.6 %

25.6 %

Total 

Operating income (loss) 

28,876

28,876

144,052

144,052

Other operating expenses1  

Restructuring charges 

–

4,763

–

–

Integration costs 

–

–

–

92

Depreciation and amortization1 

Amortization of acquired intangible assets 

–

3,275

–

3,275

Adjusted operating income (loss) 

28,876

36,914

144,052

147,419

Divided by revenue 

412,857

412,857

404,923

404,923

Total operating margin 

7.0 %

8.9 %

35.6 %

36.4 %

1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section.

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and EBITDA Margin

EBITDA is a non-IFRS measure, while EBITDA margin is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate EBITDA and EBITDA margin for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2025 

(As restated) 

Net income (loss) 

(52,989)

38,709

Finance cost 

93,163

89,651

Income tax expense 

(17,284)

15,692

Depreciation and amortization 

19,994

20,523

Depreciation of lease assets 

(6,485)

(6,983)

EBITDA 

36,399

157,592

Divided by revenue 

412,857

404,923

EBITDA margin 

8.8 %

38.9 %

Cash Provided by Operating Activities before Net Principal Written

Cash provided by operating activities before net principal written is a non-IFRS measure. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate cash provided by operating activities before net principal written for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s) 

 

March 31, 

2026 

March 31, 

2025 

(As restated) 

Cash provided by (used in) operating activities 

122,296

(180,312)

Net principal written 

437,812

591,059

Cash provided by operating activities before net principal written 

560,108

410,747

Adjusted Return on Receivables

Adjusted return on receivables is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate adjusted return on receivables for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2026  

(adjusted) 

March 31, 

2025 

(As restated) 

March 31, 

2025  

(adjusted) 

(As restated) 

Net income (loss)  

(52,989)

(52,989)

38,709

38,709

After-tax impact of adjusting items1 

–

21,676

–

20,640

Adjusted net income (loss) 

(52,989)

(31,313)

38,709

59,349

Multiplied by number of periods in a year 

X 4 

X 4 

X 4 

X 4 

Divided by average gross consumer loans receivable 

5,454,278

5,454,278

4,712,699

4,712,699

Return on receivables 

(3.9 %)

(2.3 %)

3.3 %

5.0 %

1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section. 

Adjusted Return on Assets

Adjusted return on assets is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate adjusted return on assets for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2026  

(adjusted) 

March 31, 

2025 

(As restated) 

March 31, 

2025  

(adjusted) 

(As restated) 

Net income (loss)  

(52,989)

(52,989)

38,709

38,709

After-tax impact of adjusting items1 

–

21,676

–

20,640

Adjusted net income (loss) 

(52,989)

(31,313)

38,709

59,349

Multiplied by number of periods in a year 

X 4 

X 4 

X 4 

X 4 

Divided by average total assets for the period 

5,789,846

5,789,846

5,276,581

5,276,581

Return on assets 

(3.7 %)

(2.2 %)

2.9 %

4.5 %

1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section. 

Adjusted Return on Equity

Adjusted return on equity is a non-IFRS ratio. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate adjusted return on equity for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2026  

(adjusted) 

March 31, 

2025 

(As restated) 

March 31, 

2025  

(adjusted) 

(As restated) 

Net income (loss)  

(52,989)

(52,989)

38,709

38,709

After-tax impact of adjusting items1 

–

21,676

–

20,640

Adjusted net income (loss) 

(52,989)

(31,313)

38,709

59,349

Multiplied by number of periods in a year 

X 4 

X 4 

X 4 

X 4 

Divided by average shareholders’ equity for the period 

825,829

825,829

1,157,511

1,157,511

Return on equity 

(25.7 %)

(15.2 %)

13.4 %

20.5 %

1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section. 

Reported and Adjusted Return on Tangible Common Equity

Reported and adjusted return on tangible common equity are non-IFRS ratios. Refer to “Key Performance Indicators and Non-IFRS Measures” section on page 33 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate reported and adjusted return on tangible common equity for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2026  

(adjusted) 

March 31, 

2025 

(As restated) 

March 31, 

2025  

(adjusted) 

(As restated) 

Net income (loss)  

(52,989)

(52,989)

38,709

38,709

Amortization of acquired intangible assets 

3,275

 

3,275

3,275

3,275

Income tax impact of the above item 

(868)

(868)

(868)

(868)

Net income before amortization of acquired intangible assets, net of income tax 

(50,582)

(50,582)

41,116

 

 

41,116

Impact of adjusting items1 

Other operating expenses  

Restructuring charges 

–

4,763

–

–

Integration costs 

–

–

–

92

Other loss  

–

5,986

–

–

Finance costs 

Fair value change on prepayment options related to Notes Payable 

–

13,309

–

24,714

Total pre-tax impact of adjusting items 

(50,582)

24,058

–

24,806

Income tax impact of above adjusting items 

–

(4,789)

–

(6,573)

After-tax impact of adjusting items 

–

19,269

–

18,233

Adjusted net income (loss) 

(50,582)

(31,313)

41,116

59,349

Multiplied by number of periods in a year 

X 4 

X 4 

X 4 

X 4 

Average shareholders’ equity 

825,829

825,829

1,157,511

1,157,511

Average goodwill 

(21,310)

(21,310)

(180,923)

(180,923)

Average acquired intangible assets2 

(68,229)

(68,229)

(81,329)

(81,329)

Average related deferred tax liabilities 

18,081

18,081

21,552

21,552

Divided by average tangible common equity 

754,371

 

754,371

916,811

916,811

Return on tangible common equity 

(26.8 %)

(16.6 %)

17.9 %

25.9 %

1 For explanation of adjusting items, refer to the corresponding “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section. 

2 Excludes intangible assets relating to software

easyhome Financial Revenue

easyhome financial revenue is a non-IFRS measure. It is calculated as total company revenue less easyfinancial revenue and leasing revenue. The Company believes that easyhome financial revenue is an important measure of the performance of the easyhome segment. Items used to calculate easyhome financial revenue for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

($in 000’s)

Three Months Ended

March 31,

2026

March 31,

2025

(As restated)

Total company revenue

412,857

404,923

Less: easyfinancial revenue

(373,655)

(367,881)

Less: leasing revenue

(21,273)

(23,515)

easyhome financial revenue

17,929

13,527

Total Yield on Consumer Loans as a Percentage of Average Gross Consumer Loans Receivable

Total yield on consumer loans as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section “Portfolio Analysis” on page 20 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate total yield on consumer loans as a percentage of average gross consumer loans receivable for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended 

($ in 000’s except percentages) 

March 31, 

2026 

March 31, 

2025 

(As restated) 

Total Company revenue 

412,857

404,923

Less: Leasing revenue 

(21,273)

(23,515)

Less: Bad debts on interest income 

(10,879)

(13,739)

Adjusted Financial revenue 

380,705

367,669

Multiplied by number of periods in a year 

X 4 

X 4 

Divided by average gross consumer loans receivable 

5,454,278

4,712,699

Total yield on consumer loans as a percentage of average gross consumer loans receivable (annualized) 

27.9 %

31.2 %

Net Charge Offs as a Percentage of Average Gross Consumer Loans Receivable

Net charge Offs as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section “Portfolio Analysis” on page 20 of the Company’s MD&A for the three-month period ended March 31, 2026. Items used to calculate net charge Offs as a percentage of average gross consumer loans receivable for the three-month periods ended March 31, 2026 and 2025 include those indicated in the chart below:

Three Months Ended

($in 000’s except percentages)

March 31,

2026

March 31,

2025

(As restated)

Net charge offs on gross consumer loans receivable

242,581

104,758

Multiplied by number of periods in a year

X 4

X 4

Divided by average gross consumer loans receivable

5,454,278

4,712,699

Net charge offs as a percentage of average gross consumer loans receivable (annualized)

17.8 %

8.9 %

Net Principal Written and Percentage Net Principal Written to New Customers

Net principal written (Net loan advances) is a non-IFRS measure. See description in section “Portfolio Analysis” on page 20 of the Company’s MD&A for the three-month period ended March 31, 2026. The percentage of net loan advances to new customers is a non-IFRS ratio. It is calculated as loan originations to new customers divided by the net principal written. The Company uses percentage of net loan advances to new customers, among other measures, to assess the operating performance of its lending business.  Items used to calculate the percentage of net loan advances to new customers for the three-month periods ended for the three-month period ended March 31, 2026 include those indicated in the chart below:

Three Months Ended 

($ in 000’s) 

March 31, 

2026 

March 31, 

2025 

Gross loan originations 

551,314

676,769

Loan originations to new customers 

312,694

431,949

Loan originations to existing customers 

238,620

244,820

Less: Proceeds applied to repay existing loans 

(113,502)

(85,710)

Net advance to existing customers 

125,118

159,110

Net principal written 

437,812

591,059

Percentage net advances to new customers

71.4 %

73.1 %

Debt to Adjusted Tangible Equity

Debt to adjusted tangible equity is a capital management measure. Refer to “Financial Condition” section on page 41 of the Company’s MD&A for the three-month period ended March 31, 2026. 

Weighted Average Interest Rate

Weighted average interest rate is a supplementary financial measure. It is calculated as the sum of individual loan balance multiplied by interest rate divided by gross consumer loans receivable.

SOURCE goeasy Ltd.

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Technology

3M Annual Meeting Results

Published

49 minutes ago

on

May 12, 2026

By

ST. PAUL, Minn., May 12, 2026 /PRNewswire/ — At today’s Annual Meeting of Shareholders, 3M (NYSE:MMM) shareholders overwhelmingly supported each of the proposals recommended for approval by the company.

Preliminary Shareholder Voting Results

3M shareholders today voted on the following business items:

1) Shareholders supported 10 directors for one-year terms:

David P. Bozeman, President, Chief Executive Officer and Director, C.H. Robinson Worldwide, Inc.Thomas “Tony” K. Brown, retired Group Vice President, Global Purchasing, Ford Motor CompanyWilliam M. “Bill” Brown, Chairman of the Board and Chief Executive Officer, 3M CompanyAudrey Choi, retired Chief Sustainability Officer and Management Committee Member, Morgan StanleyAnne H. Chow, retired Chief Executive Officer, AT&T BusinessJames R. Fitterling, Chair and Chief Executive Officer, Dow Inc.Suzan Kereere, President, Global Markets, PayPalNeil G. Mitchill, Jr., Executive Vice President and Chief Financial Officer, RTX CorporationPedro J. Pizarro, President, Chief Executive Officer and Director, Edison InternationalThomas W. Sweet, retired Chief Financial Officer, Dell Technologies

2) Shareholders supported the appointment of PricewaterhouseCoopers LLP as 3M’s independent registered public accounting firm for 2026.

3) Shareholders supported, on an advisory basis, executive compensation, as described in the company’s Notice of Annual Meeting and Proxy Statement.

3M will disclose the final voting results on each item of business properly presented at the Annual Meeting on Form 8-K to be filed with the SEC.

About 3M
3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news.

Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M’s News Center and the social media channels such as @3M or @3MNews.

Contacts

3M
Investor Contact:
Diane Farrow, 612-202-2449
Media Contact:
3Mnews@mmm.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/3m-annual-meeting-results-302770102.html

SOURCE 3M Company

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