Transformation program launched, starting with a focus on Back-to-Basics

Identified $1.4 billion cash flow improvement opportunities in 2026 across operating expenses, capital expenditures, and working capitalLaunched plan to refocus on three key areas: Cash & Cost, Customer & Quality, Culture & Team Four strategic projects earmarked as top priorities for resource allocation and capital deploymentNew simplified organizational structure aligned with priorities, halving CEO reports and enforcing accountability

Q2 Results 

Produced 4,774 vehicles, up 24% year over year, with production intentionally reduced to lower inventory and free up cashDelivered 3,953 vehicles, up 19% year over yearGenerated second quarter revenue of $405 million, up 56% year over yearEnded the quarter with $3.0 billion in total liquidityRecently secured financing, combined with ongoing operational measures, provide sufficient liquidity runway well into 2027

Operational Highlights 

Robotaxi program began deliveries of Lucid Gravity Production-Validation vehicles, with testing underway by Uber and Nuro across the San Francisco Bay Area and Houston  AMP-2 manufacturing facility in Saudi Arabia has transitioned from construction to industrialization, with installation and tuning of manufacturing ongoingMidsize program development continues, with prototype vehicles and Atlas drive units progressing through validation and production readiness activities

NEWARK, Calif., Aug. 4, 2026 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced software-defined vehicles and technologies, today announced financial results for its second quarter ended June 30, 2026, and outlined a comprehensive operational reset focused on strengthening execution, reducing cash burn and improving the customer experience.

“Lucid has leading technology, compelling products and deeply committed people, but potential is not performance,” said Silvio Napoli, CEO of Lucid. “We are going back to basics, with a clear focus on cash, customers, and culture. We are focused on delivering on our four must win priorities, including our $1.4 billion cash flow improvement plan and the advancement of our Robotaxi, AMP-2, and Midsize programs, which will establish a strong foundation for Lucid’s next chapter.”

“Silvio and his leadership team are transforming the company, and the Board stands firmly behind their actions,” said Turqi Alnowaiser, Chairman of Lucid. “The actions underway are intended to strengthen the company’s execution, improve the customer experience, and translate Lucid’s technology and product leadership into long-term value for customers and shareholders.”

Three Priorities Guiding Lucid’s Operational Reset

Lucid is refocusing the organization around three priorities designed to improve execution and strengthen the business.

Cash and Cost. Lucid is applying greater discipline to spending, investment decisions and capital allocation, while protecting the technologies and programs most important to its long-term competitiveness.

The company has deliberately reduced production to better align output with anticipated demand, convert inventory into deliveries and cash, and improve working capital.

Customer and Quality. Lucid is strengthening the ownership experience to match the performance of its vehicles, with a focus on product readiness, delivery experience, service responsiveness and parts availability as we invest in technicians and dedicated staff to reduce wait times by one third this year.

Culture and Team. Lucid is simplifying the organization, reducing layers and clarifying accountability to accelerate decisions and build a culture of ownership, performance and consistent execution.

The new structure halves the number of direct reports to the CEO and places experienced leaders in key roles across finance, technology, customer experience, transformation, digital and program execution. These changes are intended to accelerate decision-making, clarify ownership and build a performance-driven culture.

Four Strategic Projects

Lucid has identified four must-win projects.  

$1.4 billion cash savings plan. Lucid has identified $1.4 billion in cash reductions in 2026, including projected savings of approximately $600 million to $800 million in inventory, approximately $500 million in capital expenditures, and approximately $200 million in operating expenses. The operating expense actions include projected savings from the U.S. workforce reduction announced in June, expected to provide approximately $158 million in annualized savings. This represents the initial output of the company’s broader business review underway.

Robotaxi. The company’s robotaxi program with Uber and Nuro is a top priority and an important opportunity to extend Lucid’s technology beyond privately owned vehicles. The program is in active testing and validation, supported by a fleet of nearly 100 vehicles across the San Francisco Bay Area and Houston. The company has begun delivering production-validation Lucid Gravity vehicles to Nuro. Moving forward, this project will be part of Lucid Technologies, a dedicated business unit bringing together AI, advanced driver-assistance, and digital capabilities.

AMP-2. Lucid’s factory in Saudi Arabia is transitioning from construction to industrialization. Manufacturing systems across stamping, body, paint and final assembly are being installed and commissioned in preparation for production trials.

Midsize. Continued progress on the Midsize program, with Atlas drive units and prototype vehicles advancing through validation, durability testing, crash certification, battery-pack manufacturing validation, and cold-weather testing in New Zealand.

Second Quarter 2026 Performance

Lucid produced 4,774 vehicles and delivered 3,953 vehicles during the second quarter. The company moderated production to better align output with anticipated deliveries, reduce inventory and preserve cash.

Lucid reported second quarter revenue of $405 million and ended the quarter with $3.0 billion in total liquidity. Recently secured financing, in conjunction with operational actions the company is taking, is expected to provide sufficient liquidity runway well into 2027.

Conference Call Information

Lucid will host a conference call to discuss its second quarter 2026 financial results on Tuesday, August 4, 2026, at 2:30 pm PT / 5:30 pm ET. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Lucid Group

Lucid Group, Inc. (NASDAQ: LCID) is a technology company creating exceptional mobility experiences through innovation to drive the world forward. Built on Lucid’s proprietary technology and software defined vehicle architectures, the company’s lineup of award-winning vehicles brings Lucid’s “Compromise Nothing™” approach to premium segments of the global automotive market. Lucid designs and engineers its products in-house and assembles at its vertically integrated facilities in Arizona and Saudi Arabia, enabling continuous innovation across vehicles, software, and advanced driver assistance and autonomy-ready capabilities.

Investor Relations Contact
investor@lucidmotors.com

Media Contact
media@lucidmotors.com

Trademarks

This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

Forward-Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “scheduled,” “aiming,” “targeting,” “objective,” “focus,” “strategic” or other 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 results of operations, financial outlook and condition, guidance, liquidity, capital expenditures, its cash flow improvement plan, the expected savings from eliminating the second shift at AMP-1, prospects, growth, production volumes, strategies, management, and the markets in which Lucid operates, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, plans and expectations related to commercial product launches and future programs, initiatives and products, including the Midsize program, plans and expectations on vehicle production and delivery timing and volumes, expectations regarding market opportunities and demand for Lucid’s products, the range, features, specifications, performance, production and delivery of Lucid’s vehicles and potential impact on markets, plans and expectations regarding further monetization opportunities, plans and expectations regarding Lucid’s software, technology features and capabilities, including with respect to battery and powertrain systems, plans and expectations regarding Lucid’s systems approach to the design of the vehicles, estimate of Lucid’s technology lead over competitors, estimate of the length of time Lucid’s existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding Lucid’s liquidity runway and cash flow improvement plans, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, logistics and supply chain, studio and service center openings, sales channels and strategies, test drive, appointment wait times, ability to mitigate supply chain and logistics risks, plans and expectations regarding expansion and construction of Lucid’s AMP-1 and AMP-2 manufacturing facilities and capabilities, including potential benefits, ability to vertically integrate production processes, future market launches and international expansion, Lucid’s ability to grow its brand awareness, expectations regarding executive leadership transitions, the potential success of Lucid’s distribution strategy and future vehicle programs, changes to future or existing vehicle programs, the company’s plans regarding increasing the number of technicians and concierges, potential automotive and strategic partnerships and their anticipated benefits, plans and expectations regarding Lucid’s ADAS/AV roadmap and robotaxi program, expectations on the technology licensing landscape, expectations on the regulatory and political environment, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid’s management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, economic, market, financial, political, regulatory and legal conditions, including uncertainties and changes in policies, imposition or proposed imposition of tariffs, export controls, threat of a trade war, the risk of a global economic recession or other downturn, bank closures and liquidity concerns at financial institutions, and global or regional conflicts or other geopolitical events, including the military operations in the Gulf region and the Middle East, and the potential escalation and the broadening of the conflict in Iran; the outcome of Lucid’s broader business review, which remains underway; risks related to changes in overall demand for Lucid’s products and services and cancellation of orders for Lucid’s vehicles; risks related to prices and availability of commodities and components, including rare earth minerals, semiconductors and their related products, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of Lucid’s vehicles; risks related to the uncertainty of Lucid’s projected financial and operational information; risks related to the timing of expected business milestones and commercial product launches; risks related to the construction and expansion of Lucid’s manufacturing facilities and the increase of Lucid’s production capacity; Lucid’s ability to manage expenses and control costs; risks related to future market adoption of Lucid’s offerings; the quality, reliability, and performance of Lucid’s vehicles and services; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid’s business; changes in regulatory requirements, policies, and governmental incentives; changes in fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including its ability to realize the anticipated benefits of its partnerships with Aston Martin, Uber, Nuro and NVIDIA; Lucid’s ability to effectively recruit, integrate, motivate, and retain key employees, including recent changes to our executive team; risks related to potential vehicle recalls; Lucid’s ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; the risk that Lucid’s cash flow improvement plan does not achieve the anticipated effect, or results in unexpected quality issues or delays; risks related to Lucid’s outstanding redeemable convertible preferred stock and convertible senior notes; availability, reduction or elimination of, and Lucid’s ability to obtain and effectively utilize, zero emission vehicle credits, tax incentives, and other governmental and regulatory programs and incentives; Lucid’s ability to conduct equity, equity-linked or debt financing in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, features, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the cautionary language and the Risk Factors in Lucid’s Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks or uncertainties materialize, or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid 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 Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures and Key Business Metrics

Condensed consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement Lucid’s condensed consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA, adjusted net loss attributable to common stockholders (diluted), adjusted net loss per share attributable to common stockholders (diluted), and free cash flow, which are discussed below.

Adjusted EBITDA is defined as net loss attributable to common stockholders (basic) before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) workforce reduction charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party), (10) accretion of redeemable convertible preferred stock (related party), and (11) gain on extinguishment of debt. Lucid believes that Adjusted EBITDA provides useful information to Lucid’s management and investors about Lucid’s financial performance.

Adjusted net loss attributable to common stockholders (diluted) is defined as net loss attributable to common stockholders (diluted) excluding (1) stock-based compensation, (2) workforce reduction charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party), and (6) accretion of redeemable convertible preferred stock (related party).

Lucid defines and calculates adjusted net loss per share attributable to common stockholders (diluted) as adjusted net loss attributable to common stockholders (diluted) divided by weighted-average shares outstanding attributable to common stockholders (diluted).

Lucid believes that adjusted net loss attributable to common stockholders (diluted) and adjusted net loss per share attributable to common stockholders (diluted) financial measures provide investors with useful information to evaluate the performance of its business excluding items not reflecting ongoing operating activities.

Free cash flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that free cash flow provides useful information to Lucid’s management and investors about the amount of cash generated by the business after necessary capital expenditures.

These non-GAAP financial measures facilitate management’s internal comparisons to Lucid’s historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid’s investors regarding measures of its financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid’s performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Lucid’s results as reported under GAAP.

Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid’s operating performance. In addition, other companies, including companies in Lucid’s industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid’s non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.

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SOURCE Lucid Group

ANDOVER, Mass., Aug. 4, 2026 /PRNewswire/ — TransMedics Group, Inc. (“TransMedics”) (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today reported financial results for the quarter ended June 30, 2026.

Recent Highlights

Total revenue of $189.9 million in the second quarter of 2026, a 21% increase compared to the second quarter of 2025Product revenue of $111.2 million, up 16% and Service revenue of $78.8 million, up 29%Net income of $14.7 million or $0.41 per fully diluted share in the second quarter of 2026Adjusted net income of $16.2 million or $0.44 per fully diluted share in the second quarter of 2026Raised low end of full-year 2026 revenue guidance, excluding PAD Aviation, to a range of $737 million to $757 millionOn July 1, 2026, completed its strategic investment in PAD Aviation, a premier Germany-based private aviation operator, as the first step to establishing a dedicated organ transplantation air logistics network across Europe, and beyond

“The second quarter was a defining one for TransMedics: record revenue, accelerating service growth, and sequential gross margin expansion, all as we invested aggressively in our strategic priorities,” said Waleed Hassanein, MD, President and Chief Executive Officer. “Let me be direct about how we see our business: we are building TransMedics to remain a growth company in the near, mid, and long terms. We are deploying capital behind four distinct growth opportunities that we believe will drive substantial revenue growth with a compelling operating profile at scale. Our confidence is derived from our team’s proven track record of converting investment into results, quarter after quarter. It is also grounded in the unparalleled nature of our offering: the life-saving impact of our OCS technology, the reach of our NOP platform, and the extraordinary people who deliver it. Our mission has not changed — expand access and improve outcomes for every patient waiting for an organ transplant. We are more inspired by what lies ahead than at any point in our history.”

A summary of second quarter financial results is as follows (dollars in thousands except per share):

Second Quarter 2026 Financial Results
Total revenue for the second quarter of 2026 was $189.9 million, a 21% increase compared to $157.4 million in the second quarter of 2025. The increase was due primarily to the increase in utilization of the Organ Care System (“OCS”), primarily in Liver and Heart through the National OCS Program (“NOP”) as well as additional revenue generated by TransMedics logistics services.

Gross margin was 60%, compared with 61% in the prior-year period. The year-over-year decrease primarily reflected a higher mix of service revenue, and temporary product-cost factors, including inventory provisioning and trial-related solution cost, partly offset by improved logistics efficiency.

Operating expenses for the second quarter of 2026 were $89.5 million compared to $60.0 million in the second quarter of 2025. The increase in operating expenses was driven primarily by planned investment in OCS Kidney, Gen 3.0 and clinical programs, together with selected infrastructure investments required to support the company’s growth. Second quarter operating expenses in 2026 included $8.2 million of stock compensation expense compared to $9.0 million of stock compensation expense in the second quarter of 2025.

Income from operations in the second quarter of 2026 was $23.7 million, compared to operating income of $36.6 million in the second quarter of 2025. Adjusted income from operations in the second quarter of 2026 was $25.8 million compared to adjusted income from operations of $36.6 million in the second quarter of 2025.

Net income in the second quarter of 2026 was $14.7 million, or $0.41 per diluted share, compared to net income of $34.9 million, or $0.92 per diluted share, in the second quarter of 2025. Adjusted net income in the second quarter of 2026 was $16.2 million, or $0.44 per diluted share compared to adjusted net income of $34.9 million, or $0.92 per diluted share, in the second quarter of 2025.

Cash was $472.7 million as of June 30, 2026.

2026 Financial Outlook
TransMedics is raising the low end of its full-year 2026 revenue guidance to a range of $737 million to $757 million. This guidance excludes any revenue attributable to the recent strategic investment in PAD Aviation service GmbH, assumes no incremental revenue from the ENHANCE Part B and DENOVO clinical trials, and represents approximately 22% to 25% growth compared to the company’s prior year revenue. TransMedics’ full year 2026 revenue guidance as reported on May 5, 2026 was previously in the range of $727 million to $757 million.

Webcast and Conference Call Details
The TransMedics management team will host a conference call beginning at 4:30 p.m. ET / 1:30 p.m. PT on Tuesday, August 4, 2026. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 6054544. A live and archived webcast of the event and the company’s slide presentation with information on second quarter 2026 financial results will be available on the “Investors” section of the TransMedics website at www.transmedics.com.

About TransMedics Group, Inc.
TransMedics is the world’s leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure. TransMedics routinely posts information that may be important to investors on the landing page of the Company’s website and in the “Investors” section of the website at https://investors.transmedics.com/. Investors and potential investors are encouraged to consult the TransMedics website regularly for important information about TransMedics.

Forward-Looking Statements
This press release contains forward-looking statements with respect to, among other things, future results and events, including financial guidance and projected estimates, potential clinical outcomes and therapies, and statements about our operations, operational execution, financial position, strategic plans and other business plans. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “could,” “target,” “predict,” “seek” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the OCS; our ability to expand access to the OCS through our NOP; our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications and the development, and potential commercialization of our OCS Kidney device; the degree of success we experience in commercializing our OCS products for additional indications, including potentially OCS Kidney; the timing or results of clinical trials for the OCS, including pre- and post-approval studies, or other product candidates, including CHOPS; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States, the European Union and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration (the “FDA”) or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network, or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration, or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology, or IT, infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto, including the costs associated with maintaining, improving and expanding our commercial operations globally, including the NOP and the Company’s investment in PAD Aviation; our estimates regarding revenue, expenses, capital expenditures and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the “SEC”). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we disclose certain non-GAAP financial measures, including adjusted income from operations, adjusted operating margin, adjusted net income, and adjusted diluted net income per common share. These non-GAAP financial measures are not calculated in accordance with GAAP, are not a substitute for, and should be considered supplemental to, GAAP financial measures. Our definitions of these non-GAAP measures may differ from similarly titled measures used by other companies, which may limit their usefulness for comparative purposes.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of these measures is useful to both management and investors as they provide meaningful supplemental information with respect to our core operational performance and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

To calculate adjusted income from operations, adjusted operating margin, adjusted net income and adjusted diluted net income per common share, we exclude certain charges (credits) from GAAP income from operations and GAAP net income, such as transaction-related costs, incremental amortization of intangible assets, ERP implementation costs, headquarters relocation costs and legal matters. Amounts are presented after-tax using the company’s statutory tax rate unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, “General Methodology and Use of Estimated Annual Effective Tax Rate.”

In reliance upon the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company is not able to provide a reconciliation of its non-GAAP financial guidance that excludes the impact of PAD aviation to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation. Because this information is uncertain, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Investor Contact:
Brian Johnston
332-895-3222
Investors@transmedics.com

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SOURCE TransMedics Group, Inc.

SAN ANTONIO, Aug. 4, 2026 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced it has completed the sale of its business in Spain to Atresmedia Corporación de Medios de Comunicación, S.A. (“Atresmedia”).

The purchase price for the transaction was EUR €115M or approximately US$132 million1. Final proceeds are subject to customary post-closing adjustments and payment of transaction-related fees and expenses.

Advisors
The Company engaged Moelis & Company LLC and Deutsche Bank Securities Inc. as financial advisors to assist with the process to sell its Spain business.

About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using its medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month.

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Any statements that refer to expectations or other characterizations of future events or circumstances, such as the final proceeds from the sale of our business in Spain and the use thereof, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict. Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to, the factors set forth in our U.S. Securities and Exchange Commission (“SEC”) filings. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. For a more comprehensive discussion of risks, see the “Item 1A. Risk Factors” section of the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company does not undertake any obligation to update or revise any forward-looking statements because of new information, future events or otherwise.

1 The U.S. dollar equivalent of the purchase price is based on the EUR/USD exchange rate of 1.1501 secured by the Company in connection with the conversion of the sale proceeds.

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SOURCE Clear Channel Outdoor Holdings, Inc.