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Lam Research Corporation Reports Financial Results for the Quarter Ended June 28, 2026

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FREMONT, Calif., July 29, 2026 /PRNewswire/ — Lam Research Corporation (the “Company,” “Lam,” “Lam Research”) today announced financial results for the quarter ended June 28, 2026 (the “June 2026 quarter”).

Highlights for the June 2026 quarter were as follows:

Revenue of $6.72 billion.U.S. GAAP gross margin as a percent of revenue of 51.7%, U.S. GAAP operating margin as a percent of revenue of 37.4%, and U.S. GAAP diluted EPS of $1.81.Non-GAAP gross margin as a percent of revenue of 52.0%, non-GAAP operating margin as a percent of revenue of 38.4%, and non-GAAP diluted EPS of $1.82.

 

Key Financial Data for the Quarters Ended 
June 28, 2026 and March 29, 2026 
(in thousands, except per-share data, percentages, and basis points)  

U.S. GAAP

June 2026

March 2026

Change Q/Q

Revenue

$          6,722,238

$          5,841,488

+15.1 %

Gross margin

51.7 %

49.8 %

+ 190 bps

Operating margin

37.4 %

35.0 %

+ 240 bps

Diluted EPS

$                   1.81

$                   1.45

+24.8 %

Non-GAAP

June 2026

March 2026

Change Q/Q

Revenue

$          6,722,238

$          5,841,488

+15.1 %

Gross margin

52.0 %

49.9 %

+ 210 bps

Operating margin

38.4 %

35.0 %

+ 340 bps

Diluted EPS

$                   1.82

$                   1.47

+23.8 %

U.S. GAAP Financial Results

For the June 2026 quarter, revenue was $6.72 billion, gross margin was $3.48 billion, or 51.7% of revenue, operating expenses were $965.3 million, operating margin was 37.4% of revenue, and net income was $2.28 billion, or $1.81 per diluted share on a U.S. GAAP basis. This compares to revenue of $5.84 billion, gross margin of $2.91 billion, or 49.8% of revenue, operating expenses of $863.5 million, operating margin of 35.0% of revenue, and net income of $1.83 billion, or $1.45 per diluted share, for the quarter ended March 29, 2026 (the “March 2026 quarter”).

Non-GAAP Financial Results

For the June 2026 quarter, non-GAAP gross margin was $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses were $916.4 million, non-GAAP operating margin was 38.4% of revenue, and non-GAAP net income was $2.28 billion, or $1.82 per diluted share. This compares to non-GAAP gross margin of $2.91 billion, or 49.9% of revenue, non-GAAP operating expenses of $866.2 million, non-GAAP operating margin of 35.0% of revenue, and non-GAAP net income of $1.85 billion, or $1.47 per diluted share, for the March 2026 quarter.

“Lam delivered record revenue, operating margin and earnings per share in the June quarter as AI-driven demand continues to reshape the semiconductor industry,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “Our strategic investments and technology leadership are helping customers accelerate through rising manufacturing complexity, positioning Lam for a third consecutive year of outperformance in 2026.”

Balance Sheet and Cash Flow Results

Cash, cash equivalents, and restricted cash balances increased to $5.60 billion at the end of the June 2026 quarter compared to $4.77 billion at the end of the March 2026 quarter. The increase was primarily driven by cash generated from operating activities, partially offset by cash deployed for capital return activities during the quarter.

Deferred revenue at the end of the June 2026 quarter increased to $2.43 billion compared to $2.22 billion as of the end of the March 2026 quarter. Lam’s deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $490.2 million as of June 28, 2026 and $434.3 million as of March 29, 2026.

Revenue

The geographic distribution of revenue during the June 2026 quarter is shown in the following table:

Region

Revenue

Taiwan

27 %

China

26 %

Korea

20 %

Japan

9 %

United States

9 %

Southeast Asia

5 %

Europe

4 %

The following table presents revenue disaggregated between systems and customer support-related revenue:

Three Months Ended

June 28,
2026

March 29,
2026

June 29,
2025

(In thousands)

Systems revenue

$    4,249,848

$    3,730,582

$    3,437,625

Customer support-related revenue and other

2,472,390

2,110,906

1,733,768

$    6,722,238

$    5,841,488

$    5,171,393

Systems revenue includes sales of new leading-edge equipment in deposition, etch and other wafer fabrication markets.

Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ended September 27, 2026, Lam is providing the following guidance:

U.S. GAAP

Reconciling
Items

Non-GAAP

Revenue

$8.10 Billion

+/-

$400 Million

—

$8.10 Billion

+/-

$400 Million

Gross margin

52.0 %

+/-

1 %

$  2.7

Million

52.0 %

+/-

1 %

Operating margin

39.5 %

+/-

1 %

$  3.0

Million

39.5 %

+/-

1 %

Net income per diluted share

$2.15

+/-

$0.15

$  3.3

Million

$2.15

+/-

$0.15

Diluted share count

1.255 Billion

—

1.255 Billion

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

Gross margin – amortization related to intangible assets acquired through business combinations, $2.7 million.Operating margin – amortization related to intangible assets acquired through business combinations, $3.0 million.Net income per diluted share – amortization related to intangible assets acquired though business combinations, $3.0 million; amortization of debt discounts, $0.5 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.3 million.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the June 2026 and March 2026 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, workforce optimization charges, and the net income tax effect of non-GAAP items.

Management uses non-GAAP gross margin, operating expense, operating income, operating margin, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at https://investor.lamresearch.com.

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our outlook and guidance for future financial results, including revenue, gross margin, operating margin, net income per diluted share, and diluted share count; the effect of AI-driven demand on the semiconductor industry; the rising complexity of semiconductor manufacturing and the extent to which our investments and technology leadership help customers; and our positioning for outperformance. Some factors that may affect these forward-looking statements include: business, economic, political and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy may deteriorate or change; the actions of our customers and competitors may be inconsistent with our expectations; trade regulations, export controls, tariffs, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; supply chain cost increases, tariffs, export controls and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions, export controls or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)

Consolidated Financial Tables Follow.

 

 

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)

Three Months Ended

Twelve Months Ended

June 28,
2026

March 29,
2026

June 29,
2025

June 28,
2026

June 29,
2025

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(1)

Revenue

$ 6,722,238

$ 5,841,488

$ 5,171,393

$ 23,232,690

$ 18,435,591

Cost of goods sold

3,243,498

2,930,961

2,581,684

11,507,382

9,456,532

Gross margin

3,478,740

2,910,527

2,589,709

11,725,308

8,979,059

Gross margin as a percent of revenue

51.7 %

49.8 %

50.1 %

50.5 %

48.7 %

Research and development

642,922

583,200

580,178

2,375,873

2,096,387

Selling, general and administrative

322,330

280,311

268,403

1,149,640

981,704

Total operating expenses

965,252

863,511

848,581

3,525,513

3,078,091

Operating income

2,513,488

2,047,016

1,741,128

8,199,795

5,900,968

Operating margin

37.4 %

35.0 %

33.7 %

35.3 %

32.0 %

Other income (expense), net

41,654

(35,460)

37,853

62,678

57,161

Income before income taxes

2,555,142

2,011,556

1,778,981

8,262,473

5,958,129

Income tax expense

(277,860)

(186,096)

(58,893)

(997,077)

(599,912)

Net income

$ 2,277,282

$ 1,825,460

$ 1,720,088

$ 7,265,396

$  5,358,217

Net income per share:

Basic

$          1.82

$          1.46

$          1.35

$           5.79

$           4.17

Diluted

$          1.81

$          1.45

$          1.35

$           5.76

$           4.15

Number of shares used in per share calculations:

Basic

1,251,286

1,249,728

1,274,279

1,255,079

1,286,101

Diluted

1,256,032

1,257,325

1,276,933

1,261,102

1,290,142

Cash dividend declared per common share

$          0.26

$          0.26

$          0.23

$           1.04

$           0.92

(1)

Derived from audited financial statements

 

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

June 28,
2026

March 29,
2026

June 29,
2025

(unaudited)

(unaudited)

(1)

ASSETS

Cash and cash equivalents

$         5,579,171

$         4,750,936

$         6,390,659

Accounts receivable, net

5,339,682

4,132,890

3,378,071

Inventories

4,276,111

3,999,992

4,307,991

Prepaid expenses and other current assets

415,741

413,099

440,274

Total current assets

15,610,705

13,296,917

14,516,995

Property and equipment, net

2,956,472

2,853,614

2,428,744

Goodwill and intangible assets

1,895,859

1,882,017

1,808,685

Other assets

3,066,707

2,759,362

2,590,836

Total assets

$        23,529,743

$        20,791,910

$        21,345,260

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current portion of long-term debt and finance lease obligations

$                 4,073

$                 4,095

$              754,311

Other current liabilities

5,933,176

5,238,303

5,814,114

Total current liabilities

5,937,249

5,242,398

6,568,425

Long-term debt and finance lease obligations

3,730,490

3,730,384

3,730,194

Income taxes payable

681,197

621,572

603,412

Other long-term liabilities

709,886

612,777

581,610

Total liabilities

11,058,822

10,207,131

11,483,641

Stockholders’ equity (2)

12,470,921

10,584,779

9,861,619

Total liabilities and stockholders’ equity

$        23,529,743

$        20,791,910

$        21,345,260

(1)

Derived from audited financial statements

(2)

Common shares issued and outstanding were 1,251,278 as of June 28, 2026, 1,250,539 as of March 29, 2026, and 1,268,740 as of June 29, 2025

 

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended

Twelve Months Ended

June 28,
2026

March 29,
2026

June 29,
2025

June 28,
2026

June 29,
2025

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(1)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$     2,277,282

$     1,825,460

$     1,720,088

$     7,265,396

$     5,358,217

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

Depreciation and amortization

119,642

116,322

98,439

441,533

386,277

Deferred income taxes

(175,752)

(19,478)

(151,679)

(289,062)

(363,247)

Equity-based compensation expense

103,985

96,616

94,286

386,381

343,371

Other, net

(8,006)

(2,855)

14,240

(32,712)

6,845

Changes in operating assets and liabilities

(859,923)

(874,645)

778,814

(1,913,879)

441,801

Net cash provided by operating activities

1,457,228

1,141,420

2,554,188

5,857,657

6,173,264

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures and intangible assets

(188,801)

(331,604)

(172,191)

(966,405)

(759,186)

Other, net

45,060

(2,976)

42,940

44,253

51,094

Net cash used for investing activities

(143,741)

(334,580)

(129,251)

(922,152)

(708,092)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt, including finance lease
obligations and payments for debt issuance costs

(1,355)

(751,194)

(1,485)

(755,428)

(507,488)

Treasury stock purchases, including excise tax payments

(246,560)

(1,162,837)

(1,292,277)

(3,851,343)

(3,422,321)

Dividends paid

(325,318)

(325,829)

(295,207)

(1,270,635)

(1,149,542)

Reissuance of treasury stock related to employee stock
purchase plan

88,780

—

79,556

155,965

140,113

Proceeds from issuance of common stock

4,426

9,167

696

17,447

2,452

Other, net

(282)

55

(820)

(13,793)

143

Net cash used for financing activities

(480,309)

(2,230,638)

(1,509,537)

(5,717,787)

(4,936,643)

Effect of exchange rate changes on cash, cash equivalents,
and restricted cash

(2,056)

(4,979)

29,284

(27,431)

28,324

Net change in cash, cash equivalents, and restricted cash

831,122

(1,428,777)

944,684

(809,713)

556,853

Cash, cash equivalents, and restricted cash at beginning of
period (2)

4,766,821

6,195,598

5,462,972

6,407,656

5,850,803

Cash, cash equivalents, and restricted cash at end of period
(2)

$     5,597,943

$     4,766,821

$     6,407,656

$     5,597,943

$     6,407,656

(1)

Derived from audited financial statements

(2)

Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets

 

Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)

Three Months Ended

June 28,
2026

March 29,
2026

Revenue

$     6,722,238

$     5,841,488

Gross margin

$     3,497,336

$     2,913,123

Gross margin as percent of revenue

52.0 %

49.9 %

Operating expenses

$        916,420

$        866,166

Operating income

$     2,580,916

$     2,046,957

Operating margin

38.4 %

35.0 %

Net income

$     2,279,968

$     1,851,442

Net income per diluted share

$              1.82

$              1.47

Shares used in per share calculation – diluted

1,256,032

1,257,325

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited) 

Three Months Ended

June 28,
2026

March 29,
2026

U.S. GAAP net income

$       2,277,282

$       1,825,460

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations – cost of goods sold

2,668

2,668

Elective deferred compensation (“EDC”) related liability valuation increase (decrease) – cost of goods sold

15,379

(6,476)

Workforce optimization charges – cost of goods sold

549

6,404

EDC related liability valuation increase (decrease) – research and development

27,682

(11,656)

Workforce optimization charges – research and development

960

9,437

Amortization related to intangible assets acquired through certain business combinations – selling, general and
administrative

348

348

EDC related liability valuation increase (decrease) – selling, general and administrative

18,454

(7,771)

Workforce optimization charges –  selling, general and administrative

1,388

6,987

Amortization of note discounts – other income (expense), net

504

674

(Gain) loss on EDC related asset – other income (expense), net

(61,325)

27,265

Net income tax benefit on non-GAAP items

(3,921)

(1,898)

Non-GAAP net income

$       2,279,968

$       1,851,442

Non-GAAP net income per diluted share

$                1.82

$                1.47

U.S. GAAP net income per diluted share

$                1.81

$                1.45

U.S. GAAP and non-GAAP  number of shares used for per diluted share calculation

1,256,032

1,257,325

 

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses, Operating Income and Operating Margin to Non-GAAP
Gross Margin, Operating Expenses, Operating Income and Operating Margin
(in thousands, except percentages)
(unaudited) 

Three Months Ended

June 28,
2026

March 29,
2026

U.S. GAAP gross margin

$     3,478,740

$     2,910,527

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

2,668

2,668

EDC related liability valuation increase (decrease)

15,379

(6,476)

Workforce optimization charges

549

6,404

Non-GAAP gross margin

$     3,497,336

$     2,913,123

U.S. GAAP gross margin as a percent of revenue

51.7 %

49.8 %

Non-GAAP gross margin as a percent of revenue

52.0 %

49.9 %

U.S. GAAP operating expenses

$        965,252

$        863,511

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

(348)

(348)

EDC related liability valuation (increase) decrease

(46,136)

19,427

Workforce optimization charges

(2,348)

(16,424)

Non-GAAP operating expenses

$        916,420

$        866,166

U.S. GAAP operating income

$     2,513,488

$     2,047,016

Non-GAAP operating income

$     2,580,916

$     2,046,957

U.S. GAAP operating margin

37.4 %

35.0 %

Non-GAAP operating margin

38.4 %

35.0 %

 

Lam Research Corporation Contact:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com

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SOURCE Lam Research Corporation

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Korean Buyers Invited to Connect with Chinese Suppliers at C-TOUCH & DISPLAY and FILM & TAPE EXPO 2026

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7 minutes ago

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October 20, 2026

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SHENZHEN, China, Oct. 20, 2026 /PRNewswire/ — Featuring Korea Day business matchmaking, next-generation display technologies and advanced functional materials, the October exhibitions offer Korean industry professionals new opportunities to explore suppliers and strengthen cross-border partnerships.

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The policy has been extended through December 31, 2026. Visitors should consult the Chinese Embassy in the Republic of Korea for the latest official guidance.

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About RX Kuozhan

RX Kuozhan is a joint venture between Reed Exhibitions and Kuozhan Exhibition Services (Shanghai) Co., Ltd., established in 2015. The company organizes a portfolio of industry-leading exhibitions serving the display, touch technology, functional films, adhesive materials, commercial display and advanced materials sectors. Through its exhibitions and industry engagement initiatives, RX Kuozhan connects manufacturers, technology providers, buyers and industry professionals, facilitating business partnerships, technology exchange and cross-industry collaboration in China and international markets.

For more information, please visit C-TOUCH & DISPLAY SHENZHEN and FILM & TAPE EXPO.

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What’s Next for Webull Corporation Shareholders After 19.09% Stock Drop? Glancy Prongay Wolke & Rotter LLP Explains Securities Fraud Class Action Lead Plaintiff Deadline

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7 minutes ago

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October 20, 2026

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Complaint alleges Webull Corporation misled investors between April 26, 2025 and October 6, 2026; investors may seek lead plaintiff role by December 7, 2026

LOS ANGELES, Oct. 19, 2026 /PRNewswire/ — Glancy Prongay Wolke & Rotter LLP (“Glancy”) announced today that the class action lawsuit covers investors who bought Webull Corporation (“Webull” or the “Company”) (NASDAQ: BULL) securities between April 26, 2025 and October 6, 2026. The Webull Corporation case, Ward v. Webull Corporation et al., was filed on October 8, 2026 in the U.S. District Court Middle District of Florida (Tampa) (Case No. 8:26-cv-03052).

Investors who suffered losses on Webull Corporation investments can submit their Webull Corporation loss information here before the December 7, 2026 lead plaintiff deadline.

Key dates in the Webull Corporation case

Class period: April 26, 2025 to October 6, 2026Complaint filed: October 8, 2026Lead plaintiff deadline: December 7, 2026

What happened?

On October 7, 2026, the bipartisan House Select Committee on China issued a report which found “a profound gap” between Webull’s public marketing as “an American company” and actual control of the alleged St. Petersburg, Florida-based firm. The committee reportedly found “Webull’s ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People’s Republic of China.” The Select Committee also reportedly found that Webull initially told the Select Committee that it had no offices or employees in China, while Webull’s mainland China subsidiary in fact employed approximately 863 employees, or 62% of Webull’s global workforce.

Webull Corporation stock fell $1.39 or 19.09%, to close at $5.89 on October 7, 2026, thereby injuring investors.

What is the Webull Corporation lawsuit about?

The Webull Corporation securities lawsuit alleges that, between April 26, 2025 and October 6, 2026, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Webull Corporation’s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose that: (1) Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRC-based personnel and on infrastructure subject to Chinese law; (2) Webull’s ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China; (3) as a result, Webull’s representations that its principal business operations were based in the U.S. and that its U.S. customer data was insulated from non-U.S. access materially overstated Webull’s independence from the PRC; and (4) as a result, defendants’ positive statements about Webull Corporation’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

“The complaint filed against Webull Corporation alleges that, among other things, the Company failed to disclose that Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRC-based personnel and on infrastructure subject to Chinese law. For investors who bought during the class period, the December 7, 2026 deadline is the first major step in this case,” said Charles H. Linehan, Partner at Glancy Prongay Wolke & Rotter LLP.

What’s the next step?

Glancy Prongay Wolke & Rotter LLP is a leading national shareholder rights law firm, ready to assist Webull Corporation investors in potentially pursuing claims to recover their losses.

If you wish to serve as lead plaintiff in the Webull Corporation class action, you must move the Court no later than December 7, 2026. To learn more about your rights, visit the Webull Corporation case page, email shareholders@glancylaw.com, or call 310-201-9150 (toll-free: 888-773-9224).

You may retain counsel of your choice. If you bought Webull Corporation securities during the class period, you may take no action and remain an absent class member. No class has been certified yet in the Webull Corporation case.

Frequently Asked Questions

Who is eligible? Investors who purchased or otherwise acquired Webull Corporation securities between April 26, 2025 and October 6, 2026 and suffered losses may be members of the proposed class in the Webull Corporation shareholder lawsuit. Any class member may ask the court to appoint them lead plaintiff by December 7, 2026.

What is a lead plaintiff? In the Webull Corporation class action, the lead plaintiff is the investor, or group of investors, that the court appoints to represent all class members and oversee the case. Under the Private Securities Litigation Reform Act, courts generally presume the movant with the largest financial interest is the most adequate lead plaintiff.

Do I have to be lead plaintiff to recover? No. A Webull Corporation investor’s ability to share in any future recovery does not depend on serving as lead plaintiff. Webull Corporation investors may take no action and remain absent class members.

What is the deadline? Motions to serve as lead plaintiff in the Webull Corporation class action must be filed by December 7, 2026.

Does it cost anything to contact Glancy or participate in this action? Glancy represents Webull Corporation investors on a contingency fee basis, which means investors pay no attorneys’ fees unless there is a recovery. Any fees are subject to court approval and are paid from the recovery.

Can I choose my own lawyer? Yes. Webull Corporation investors may retain counsel of their choice.

Why work with Glancy on the Webull Corporation lawsuit? Glancy Prongay Wolke & Rotter LLP is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Contact Glancy about the Webull Corporation lawsuit. Prior results do not guarantee a similar outcome.

About Glancy Prongay Wolke & Rotter LLP

Glancy was named one of Law360’s Securities Groups of the Year and ranked second in total investor recoveries by ISS Securities Class Action Services in 2025.

Glancy’s successes have been widely covered by leading news and industry publications, including The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

Prior results do not guarantee a similar outcome.

Related links

Webull Corporation case page, Glancy Prongay Wolke & Rotter LLPComplaint: Ward v. Webull Corporation et al., U.S. District Court Middle District of Florida (Tampa)Webull Corporation SEC filings index, EDGARGlancy Prongay Wolke & Rotter LLP

CONTACT:
Charles H. Linehan
Glancy Prongay Wolke & Rotter LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150 | Toll-free: 888-773-9224
www.glancylaw.com

Follow Glancy on LinkedIn, X, or Facebook.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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NetDragon Partners with Jiuzhou Culture to Establish Joint Venture

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7 minutes ago

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October 20, 2026

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Takes Controlling Stake in AI Harness Business to Advance a Third Growth Engine

HONG KONG, Oct. 19, 2026 /PRNewswire/ — NetDragon Websoft Holdings Limited (“NetDragon” or the “Company”; Hong Kong Stock Code: 0777), a global leader in building internet communities, is pleased to announce that it has entered into a legally binding memorandum of understanding (“MOU”) with Jiuzhou Culture (“Jiuzhou”), a leading AIGC short drama production and distribution company in China, to establish a joint venture (“JV”) in which NetDragon will hold a 51% controlling interest. The partnership will focus on artificial intelligence technologies, AIGC-powered content creation and digital technology services, further expanding NetDragon’s AI application scenarios and commercialisation opportunities while accelerating the development of a new growth engine.

Deepening the Integration of AIGC and Content to Build a Diversified Digital Business Platform

Rapid advances in AIGC are continuing to reshape content creation, digital entertainment and software services. With the ongoing maturation of generative AI, large-scale AI models and AI agents, AI is evolving from a supporting tool into a productivity platform that can enhance the entire value chain, from content creation and production to operations and commercialisation. Through the JV Company, NetDragon and Jiuzhou will combine their complementary strengths in technology, IP, content and industry resources to accelerate the deployment of AIGC across real-world commercial applications.

Under the MOU, Jiuzhou will inject into the JV Company all intellectual property, technologies and assets relating to the AI Harness system business, laying a solid foundation for product development and commercialisation. NetDragon will contribute Hong Kong dollars cash equivalent to RMB 50 million to the JV Company, acquire a 51% shareholding interest and consolidate the JV Company’s financial results. The JV Company will focus on expanding foundational artificial intelligence software, large-scale AI models and the AI Harness system business. It is expected to serve as the first commercial validation platform in China for NetDragon’s “AI ecosystem co-creation” strategy, marking the launch of the Company’s third growth engine and laying the groundwork for the business model to be replicated and scaled across various sectors.

To accelerate the scalable commercialisation of the AI Harness business, the transaction also incorporates a multi-tiered, progressive performance-based incentive warrant scheme. NetDragon will issue 25 million unlisted warrants to Jiuzhou at an issue price of HK$0.10 per warrant share, to be granted in three tranches with initial exercise prices of HK$10, HK$12 and HK$15, respectively. The warrants will only become exercisable upon achievement of specified key performance indicators by the JV Company. Assuming full exercise of all warrants at the initial exercise prices, NetDragon will receive aggregate gross proceeds of approximately HK$314 million, which will supplement the Company’s development capital while achieving deep alignment of interests and shared equity upside with its strategic partner. 

Strengthening AI Ecosystem Synergies to Drive a Third Growth Engine

As generative AI becomes increasingly integrated into content production, digital services and global operations, NetDragon and Jiuzhou will take this collaboration as a new starting point to fully leverage their complementary strengths and accelerate the commercialisation of AI capabilities, translating technological innovation into tangible business value. In recent years, NetDragon has continued to advance its AI strategy across AI+gaming, AI+education and enterprise intelligence, while actively exploring emerging AI businesses with the potential to establish independent commercial models. Jiuzhou, meanwhile, has built deep expertise in micro-dramas and digital content, with an integrated value chain spanning copyright operations, content creation, co-production, paid distribution and official distribution. It has also continued to expand the use of AIGC across content production, creation and operations. The two parties will further explore the deep integration of AI technology with the content industry, accelerating the implementation of AI capabilities in scenarios such as content generation, AI model applications, translation and localisation, platform operations, and enterprise technology services, to build scalable and sustainable business models.

Following the launch of the MOYU AI platform in August 2026, NetDragon’s investment and controlling stake in the AI Harness business marks another important step in increasing resource allocation to its AI business and broadening its long-term growth pathways. The performance-linked equity incentive collaboration with Jiuzhou is expected to establish a new model of strategic collaboration for NetDragon, enabling the Company and its partners to grow the business together and share in the value created. Looking ahead, NetDragon will remain focused on its core AI business, deepen technological innovation and resource integration, and leverage its established strengths in gaming and education alongside the emerging growth engine of AI ecosystem co-creation. Under this three-pronged strategy, the Company aims to continuously strengthen its core competitiveness, enhance long-term investment value, and deliver sustainable returns to shareholders.

About NetDragon Websoft Holdings Limited

NetDragon Websoft Holdings Limited (HKSE: 777) is a global leader in building internet communities, with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users. Over the desktop and mobile internet eras, NetDragon previously established China’s first online gaming portal, 17173.com, and China’s most influential smartphone app store platform, 91 Wireless.   

Established in 1999, NetDragon is one of the most reputable and well-known digital entertainment IP developers and operators in China with a history of successful flagship game titles deeply welcomed by users both at home and abroad. For more than a decade, NetDragon has also achieved success with its EdTech business both domestically and globally. Fully embracing the new AI era, NetDragon is driving its vision of “Infinite Growth” through AI-enabled digital entertainment and online learning, whilst building a systematic AI product methodology to create value growth.

NetDragon’s overseas edtech business entity, currently a U.S.-listed subsidiary named Mynd.ai, is a global leader in interactive technology and its award-winning interactive displays and software can be found in more than 2 million learning and training spaces across 126 countries. 

About Jiuzhou Culture

Founded in 2021, Jiuzhou is a leading player in the online micro-drama industry, with an integrated business model spanning copyright operations, content creation, co-production, paid distribution and official distribution. The company has established a comprehensive, end-to-end content ecosystem designed to enhance operational efficiency and unlock synergies across the value chain. Embracing technological innovation, Jiuzhou actively integrates cutting-edge technologies such as AIGC to enhance content quality and creative capabilities. Its self-developed Moss tool has accelerated AI adoption across the entire value chain, leveraging technology to advance the development of the global short drama ecosystem.

In terms of content creation, Jiuzhou has accumulated the rights to more than 4,000 short dramas and has successfully distributed over 1,000 productions. Its portfolio spans more than 20 popular genres, including contemporary drama, romance, campus life, fantasy, suspense and historical fiction, catering to the diverse entertainment preferences of audiences in China and worldwide. By combining paid content, free-to-view short dramas and international expansion, Jiuzhou has developed a distinctive business ecosystem that strengthens its competitive position and drives continued innovation in the micro-drama industry.

Internationally, the company leverages its strengths in content production, audience reach and distribution networks to bring Chinese micro-dramas to global audiences while tailoring its offerings to local tastes and cultural preferences. Its flagship international platform, ShortMax, focuses primarily on North American and European markets, offering a wide selection of localized Chinese dramas and original productions. ShortMax is now available in more than 200 countries and regions worldwide, having achieved peak monthly active users (MAU) of over 30 million, more than 90 million cumulative registered users and 200 million downloads.

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