Technology

MagIron Completes Study to Establish the First Large-Scale U.S. Merchant Pig Iron Producer

Published

1 day ago

August 3, 2026

GILBERT, Minn., Aug. 3, 2026 /PRNewswire/ — MagIron LLC (“MagIron” or the “Company”) is pleased to announce the completion of a concept and economic study by Primetals Technologies (“Primetals”), a recognized global leader in engineering, plant building, and provision of lifecycle services for the metals industry, evaluating the development of large-scale granulated pig iron production to be integrated with MagIron’s existing facilities.

The study evaluated three alternative production routes:

MIDREX® Flex direct reduction followed by electric smelting;MIDREX® Flex direct reduction followed by electric arc furnace and ladle furnace processing; andConventional blast-furnace production.

The study confirms that each route provides a technically credible pathway to the production of approximately two million tonnes per annum of granulated pig iron and supports MagIron’s strategy to establish itself as a key supplier of high-quality iron units which will be critical for the future success and decarbonization of the U.S. steel industry.

Julian Treger, Executive Chairman of MagIron, commented: “The completion of the Primetals study represents an important milestone for MagIron and confirms that there are several technically credible and economically attractive routes through which we can establish large-scale domestic production of merchant pig iron. This complements our existing work demonstrating our ability to produce high-quality DR-grade pellets, and while we intend to advance our pig iron strategy, we will retain the flexibility to supply DR-grade pellets where compelling commercial and economic opportunities arise.

“The United States currently imports essentially all of the merchant pig iron required by its steel industry. This creates a significant strategic vulnerability for a country whose automotive, defense, infrastructure, aerospace and advanced manufacturing industries all depend upon secure access to high-quality steel.

“MagIron has a combination of advantages that we believe would be extremely difficult to replicate: a very large domestic iron ore resource, substantial existing processing and pelletizing infrastructure, access to established logistics and the ability to produce high-quality, low-phosphorus iron units.

“At an initial production level of approximately two million tonnes per annum, MagIron could meet up to half of current U.S. merchant pig iron requirements. Over time, our resource base provides the optionality to expand further and help return the United States to complete self-reliance in this critical material.”

Attractive Preliminary Economics

The study estimates, across the three alternative production routes:

Capital expenditure of approximately $1.6 billion to $2.3 billion for the principal ironmaking and granulation facilities[1]; andOperating cash costs of approximately $305 to $345 per tonne of granulated pig iron, before by-product credits and excluding carbon costs, capital charges and certain corporate and financing costs[2].

Based on the findings of the Primetals study and MagIron’s own financial analysis, the Company believes the project has the potential to deliver attractive economics across the commodity cycle, generating between $400 million and $500 million of EBITDA per year[3].

MagIron expects to leverage its substantial existing mining, processing, pelletizing and logistics infrastructure. These existing facilities have an estimated aggregate replacement value of approximately $1.3 billion[4] and are expected to provide substantial capital and development-time advantages compared with developing an equivalent fully greenfield supply chain.

Subject to the selection of a preferred technology route, appropriate site, completion of further engineering and permitting, commercial arrangements, financing and a Final Investment Decision, MagIron believes that initial commissioning and first hot metal could be achieved within approximately two to three years following the Final Investment Decision.

A Strategically Advantaged Domestic Pig Iron Producer

MagIron believes it is uniquely positioned to establish a large-scale domestic source of merchant pig iron for the United States. The Company’s principal strategic advantages include:

High-quality iron units: MagIron’s resource and processing flowsheet are capable of supporting the production of high-quality, low-phosphorus iron units suitable for U.S. electric arc furnace steelmakers.

Proximity to end users: MagIron’s existing facilities are positioned within the U.S. industrial and steelmaking supply chain and close to a substantial concentration of domestic electric arc furnace capacity.

Logistics advantage: Imported pig iron is generally landed at coastal ports before being transported inland by rail or barge. A domestic MagIron supply chain could reduce transportation distances, logistics costs, working capital requirements and exposure to maritime and port disruption, providing the potential for meaningful savings.

Established infrastructure: MagIron can leverage substantial existing mining, concentration, pelletising, rail, power and material-handling infrastructure, reducing capital intensity and execution risk compared with a wholly greenfield development.

Long-life resource base: MagIron effectively controls an iron ore resource estimated at approximately 2.6 billion tonnes, providing the potential foundation for more than a century of production and future expansion.

Lower-carbon pathway: The direct-reduction alternatives considered by Primetals would initially use natural gas but provide a pathway to increase hydrogen use over time as economically competitive hydrogen and supporting infrastructure become available.

Flexibility to Supply DR-Grade Pellets and Pig Iron

MagIron is uniquely positioned to supply both DR-grade iron ore pellets and merchant pig iron to the U.S. steel industry. The Company intends to advance the development of domestic pig iron production while retaining the flexibility to produce and sell DR-grade pellets where a strong and economically attractive commercial opportunity exists.

This flexibility allows MagIron to respond to customer requirements and market conditions while using the same underlying resource base and existing processing and pelletizing infrastructure.

Securing the U.S. Steel Supply Chain

The United States currently imports essentially all of its merchant pig iron requirements, with annual consumption historically ranging from approximately four million to six million tonnes.
At approximately two million tonnes per annum of production, MagIron could satisfy approximately one-third to one-half of current U.S. merchant pig iron requirements.

MagIron’s substantial resource base also provides the potential to expand production over time and ultimately support the replacement of substantially all U.S. merchant pig iron imports.

Merchant pig iron is an important source of clean, virgin iron units for electric arc furnace steelmaking. It is used to dilute residual impurities in recycled scrap and enable the production of higher-quality steels required for strategically important industries, including:

Defense and national security;Automotive manufacturing;Energy and critical infrastructure;Aerospace and aviation;Rail and heavy equipment; andAdvanced manufacturing.

USTR’s recent investigation into Brazil under Section 301 of the Trade Act of 1974 has further highlighted the scale of U.S. dependence on imported merchant pig iron, particularly from Brazil, the vulnerability created by concentrated reliance on imported supply and the U.S. steel industry’s strong interest in the development of a reliable domestic source.

Establishing domestic merchant pig iron production would reduce exposure to geopolitical events, trade restrictions, sanctions, shipping constraints and disruption to international supply chains. It would also strengthen the resilience and long-term competitiveness of the U.S. steel industry and support greater U.S. self-reliance in a material critical to economic and national security.

Friedemann Plaul, Senior Vice President Iron- and Steelmaking and ECO Solutions of Primetals Technologies, commented: “Primetals Technologies is pleased to have executed this study for MagIron, evaluating three alternative technology routes for the production of granulated pig iron. The study demonstrates that large-scale granulated pig iron production can be achieved through several technically credible routes. MagIron’s existing industrial infrastructure and domestic raw-material base provide a strong foundation from which to advance the project into its next stage of development. Primetals Technologies is thrilled to embark on this partnership and support MagIron in achieving its goals.”

MagIron will work towards selecting a preferred production site and route while engaging with customers, technology providers, government bodies, financing partners and other stakeholders to advance the project.

A further update will be provided as and when appropriate.

MagIron, LLC.
Joe Nielsen, COO: +1 218 259 2572
Ed Jack, Audley Capital: +44 7478 686 062 / +46 705 586 062
www.magironusa.com

About MagIron
MagIron was established to support and accelerate the decarbonization of the steel industry by becoming a key supplier of high quality, low carbon iron units which will be critical for the future success and decarbonization of the US steel industry. The Company is focused on the restart of an iron ore concentrator located near Grand Rapids, Minnesota and a pelletizing plant located near Reynolds, Indiana. Both facilities are modern, past-producing plants benefiting from over $660 million of prior investment. The facilities have previously operated at an annualized run-rate of approximately 2.2 million tonnes per annum (“mtpa”) of BF grade concentrate and were designed to expand to 3.0 mtpa relatively quickly and at low capital intensity. The iron ore concentrator was originally designed to process previously discarded waste materials from historical mining operations and convert such feed materials into high grade, low impurity iron ore concentrate. Given the significant historical mining operations across the Mesabi Iron Range in northern Minnesota, there are vast amounts of waste material and in-situ virgin oxidized iron formation in close proximity to MagIron’s concentrator which are suitable as feedstock to support a multi-decade business plan.

About Primetals Technologies
Primetals Technologies is a pioneer and world leader in the fields of engineering, plant building, and the provision of lifecycle services for the metals industry. The company offers a complete technology, product, and services portfolio that includes integrated electrics and automation, digitalization, and environmental solutions. This covers every step of the iron and steel production chain, from the raw materials to the finished product.

Forward-Looking Information Cautionary Statement
Statements in this press release regarding the Company and its investments which are not historical facts are “forward-looking statements” which involve risks and uncertainties, including statements relating to the Company’s strategy, its other current and future assets, the results of technical and feasibility studies, expected production profiles, product quality, capital and operating costs, development timelines, permitting, financing, market conditions, potential future expansion or optionality, including the ability to produce additional production, and investments and management’s expectations with respect to the benefits to the Company which may be implied from such statements.

Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements, due to known and unknown risks and uncertainties affecting the Company, including but not limited to resource and reserve risks; environmental risks and costs; labor costs and shortages; operating costs; uncertain demand and supply dynamics and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; social and transport disruptions; risks related to the availability of financing, permitting and regulatory approvals; construction and commissioning performance; and other factors beyond the control of MagIron. The Company assumes no responsibility to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release and are encouraged to read the Company’s continuous disclosure documents. Forward-looking statements speak only as of the date of this announcement, and MagIron does not undertake any obligation to update or revise such statements except as required by applicable law.

[1]

The capital estimates are preliminary, concept-level estimates and will be refined as MagIron selects a preferred technology route and advances the project through subsequent stages of engineering and design.

[2]

Based on the Primetals Concept Study (2026) probable case

[3]

Based on the Behre Dolbear Feasibility Study (2026) base case assumptions, the Primetals Concept Study (2026) and a spot pig iron price of $510/tonne CIF New Orleans.

[4]

Based on the Behre Dolbear Feasibility Study (2026)

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SOURCE MagIron LLC

Technology

TriNetX Supports European Healthcare Organizations on the Path to EHDS Readiness

Published

27 minutes ago

August 4, 2026

The TriNetX federated real-world data network unlocks innovation while supporting interoperability and European Health Data Space (EHDS) compliance

GHENT, Belgium, Aug. 4, 2026 /PRNewswire/ — European healthcare organizations (HCOs) face a critical window as the European Health Data Space (EHDS) secondary-use framework takes shape across national implementation plans. Institutions without interoperable, well-governed research data infrastructure risk being left behind. TriNetX, the world’s leading federated real-world data network with the largest covered population in Europe, today announced a new initiative to help European HCOs transform and harmonize their clinical data into the Observational Medical Outcomes Partnership Common Data Model (OMOP CDM), Fast Healthcare Interoperability Resources (FHIR), and other interoperable standards aligned with EHDS requirements. In addition, HCOs may choose to make their data available for research through participation in the TriNetX LIVE™ network using a range of advanced data-sharing approaches that preserve local control and governance.

“European HCOs are entering a vital planning period for research data readiness,” said Steve Lethbridge, Senior Vice President, Global Healthcare Partnerships at TriNetX. “TriNetX’s expertise is reflected in a harmonized global network representing more than 300 million patient lives, with data mapped to internationally recognized terminology standards that support the OMOP CDM and FHIR. This foundation can help institutions advance data quality, improve research readiness, and position themselves for the opportunities emerging through the EHDS.”

“This is about more than compliance,” added Jeffrey S. Brown, PhD, TriNetX’s Chief Scientific Officer. “An OMOP-ready research environment can help HCOs transform fragmented clinical data into a governed, high-value asset. In doing so, they can expand access to research collaborations, attract new funding opportunities, and increase participation in clinical trials and other research programs — all while adhering to strong security and governance frameworks that ensure physical and operational control over all patient and institutional data.”

European HCOs interested in enhancing their EHDS readiness can learn more by visiting trinetx.com.

About TriNetX, LLC
TriNetX is the Global Truth Engine for Better Human Health™ that makes complex, real-world health data easy to use. Data are sourced directly from our growing global network of over 14,200 healthcare provider locations. TriNetX customers select the data source, types, and breadth of data they need; the data access methods they desire; and the types of software, human, and machine intelligence they wish to apply – and combine these to solve their business objectives.

TriNetX maintains its European headquarters in Sint-Martens-Latem, Belgium, and has additional offices in London, United Kingdom; Freiburg, Germany; Pozuelo de Alarcón, Spain; and Basel, Switzerland, supporting customers and partners across Europe and around the world.

Visit TriNetX at www.trinetx.com or follow TriNetX on LinkedIn to learn more.

Media Contact
TriNetX
Karen Tunks
karen.tunks@trinetx.com

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Technology

URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS

Published

27 minutes ago

August 4, 2026

SILVER SPRING, Md., Aug. 4, 2026 /PRNewswire/ — Urban One, Inc. (NASDAQ: UONEK and UONE, referred to as, “Urban One,” the “Company”, “we”, “our” and/or “us”) today reported its results for the three months ended June 30, 2026. For the three months ended June 30, 2026, net revenue was approximately $85.8 million, a decrease of 6.4% from the same period in 2025. The Company reported operating loss of approximately $11.2 million for the three months ended June 30, 2026, compared to operating loss of approximately $120.7 million for the three months ended June 30, 2025. Broadcast and digital operating income(1) was approximately $22.2 million for the three months ended June 30, 2026, a decrease of $3.5 million from the same period in 2025. Net loss was approximately $7.1 million or $(1.58) per share (basic) for the three months ended June 30, 2026, compared to net loss of $77.9 million or $(17.41)(a) per share (basic) for the same period in 2025. Adjusted EBITDA(2) was approximately $11.7 million for the three months ended June 30, 2026, compared to approximately $14.0 million for the same period in 2025.

Alfred C. Liggins, III, Urban One’s CEO and President stated, “We saw some sequential improvement in the second quarter compared to the first quarter, with lower rates of revenue decline. Cable Television was down 7.4%, Digital was down 8.4%, Radio was down 3.9%, and Reach Media dropped by 10.6%. In Radio, our Miller Kaplan local Radio revenues were down 10.1% year-over-year vs. the market down 7.8%; and national was down 1.5% vs. the market down 4.6%. Including local digital, second quarter Radio revenue was down 4.9%. We did approximately $1.4 million in gross political advertising in the second quarter. Radio third quarter is pacing down 2.8%. We remain in a turnaround situation at Reach Media, where we continue to be impacted by a weak marketplace, key client attrition and sales team re-building. We continue to closely manage cash flows from operations, with concerted efforts to collect receivables and manage discretionary vendor spend. During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. Year-to-date, that is a total reduction in long-term debt of $60.2 million for an annual interest savings of $4.6 million and an increase in short-term debt of $10.0 million. During the quarter we completed the disposition of WLNK and WMXG in Charlotte. Our revised Adjusted EBITDA(2) guide for 2026 is now in the mid-fifty-million dollar range, given the realities of the current marketplace.”

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Unaudited)

CONSOLIDATED STATEMENTS OF
OPERATIONS

(In thousands, except share data)

NET REVENUE

$ 85,757

$ 91,631

$ 163,408

$ 183,866

OPERATING EXPENSES

Programming and technical, excluding stock-based
compensation

29,774

28,647

59,779

59,245

Selling, general and administrative, excluding stock-
based compensation

45,201

49,493

88,684

99,598

Stock-based compensation

1,680

574

1,881

1,250

Depreciation and amortization

6,184

3,523

12,361

5,838

Impairment of goodwill, intangible assets and long-
lived assets

14,157

130,078

14,157

136,521

Total operating expenses

96,996

212,315

176,862

302,452

Operating loss

(11,239)

(120,684)

(13,454)

(118,586)

INTEREST AND INVESTMENT INCOME

—

616

1,582

INTEREST EXPENSE

(2,070)

(9,704)

(6,477)

(20,628)

GAIN ON SALE OF BUSINESS

4,671

—

4,671

—

GAIN ON RETIREMENT OF DEBT

—

30,297

2,080

41,884

OTHER (EXPENSE) INCOME, NET

(43)

124

(51)

316

Loss before benefit from income taxes

(8,681)

(99,351)

(13,223)

(95,432)

BENEFIT FROM INCOME TAXES

1,703

21,382

3,144

5,724

NET LOSS

(6,978)

(77,969)

(10,079)

(89,708)

NET INCOME (LOSS) ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS

(67)

(64)

NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS

$ (7,073)

$ (77,902)

$ (10,152)

$ (89,644)

Weighted-average shares outstanding – basic(3, a)

4,470,542

4,473,831

4,460,275

4,476,828

Weighted-average shares outstanding – diluted(4, a)

4,470,542

4,473,831

4,460,275

4,476,828

(a) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Detailed segment data for the three and six months ended June 30, 2026 and 2025 is presented in the following tables:

Three Months Ended
June 30, 2026

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 85,757

$ 35,276

$ 4,754

$ 9,397

$ 37,121

$ (791)

Less/(add):

Programming and technical

29,774

10,910

3,203

3,127

12,704

(170)

Sales and marketing

24,982

11,641

1,905

5,858

5,913

(335)

General and administrative

20,219

6,724

673

514

4,299

8,009

Add back:

Severance-related costs

—

Other costs

856

236

—

620

Adjusted EBITDA(2)

$ 11,723

$ 6,288

$ (1,027)

$ (92)

$ 14,205

$ (7,651)

Three Months Ended
June 30, 2025

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 91,631

$ 36,693

$ 5,315

$ 10,254

$ 40,070

$ (701)

Less/(add):

Programming and technical

28,647

9,993

3,178

3,267

12,372

(163)

Sales and marketing

28,310

13,389

3,053

6,572

5,831

(535)

General and administrative

21,183

6,373

735

561

3,811

9,703

Add back:

Other costs

469

—

469

Adjusted EBITDA(2)

$ 13,960

$ 6,938

$ (1,651)

$ (146)

$ 18,056

$ (9,237)

Six Months Ended
June 30, 2026

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 163,408

$ 65,811

$ 9,614

$ 16,185

$ 73,154

$ (1,356)

Less/(add):

Programming and technical

59,779

22,516

6,286

6,168

25,150

(341)

Sales and marketing

48,798

22,159

3,546

10,486

13,317

(710)

General and administrative

39,886

13,365

1,409

1,001

7,538

16,573

Add back:

Severance-related costs

219

—

Other costs

1,215

237

—

978

Adjusted EBITDA(2)

$ 16,379

$ 8,107

$ (1,555)

$ (1,454)

$ 27,149

$ (15,868)

Six Months Ended
June 30, 2025

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 183,866

$ 69,303

$ 11,168

$ 20,466

$ 84,263

$ (1,334)

Less/(add):

Programming and technical

59,245

21,286

6,546

6,454

25,281

(322)

Sales and marketing

57,386

24,935

5,178

13,359

14,927

(1,013)

General and administrative

42,212

13,423

1,761

745

7,406

18,877

Add back/(deduct):

Severance-related costs

219

114

(1)

Other costs

1,575

—

1,523

Adjusted EBITDA(2)

$ 26,817

$ 9,786

$ (2,202)

$ (88)

$ 36,648

$ (17,327)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Unaudited)

PER SHARE DATA – basic and diluted:

(In thousands, except per share
data)

Net loss attributable to common stockholders (basic)(a)

$ (1.58)

$ (17.41)

$ (2.28)

$ (20.02)

Net loss attributable to common stockholders (diluted)(a)

$ (1.58)

$ (17.41)

$ (2.28)

$ (20.02)

Broadcast and digital operating income(1)

$ 22,152

$ 25,664

$ 37,016

$ 48,680

Broadcast and digital operating income(1) reconciliation:

Net loss attributable to common stockholders

$ (7,073)

$ (77,902)

$ (10,152)

$ (89,644)

Add back/(deduct) certain non-broadcast and digital
operating income items included in net loss:

Interest and investment income

—

(616)

(8)

(1,582)

Interest expense

2,070

9,704

6,477

20,628

Benefit from income taxes

(1,703)

(21,382)

(3,144)

(5,724)

Corporate selling, general and administrative
expenses(b)

11,370

12,173

22,071

23,657

Stock-based compensation

1,680

574

1,881

1,250

Gain on sale of business

(4,671)

—

(4,671)

—

Gain on retirement of debt

—

(30,297)

(2,080)

(41,884)

Other expense (income), net

(124)

(316)

Depreciation and amortization

6,184

3,523

12,361

5,838

Net income (loss) attributable to non-controlling
interests

(67)

(64)

Impairment of goodwill, intangible assets and long-
lived assets

14,157

130,078

14,157

136,521

Broadcast and digital operating income(1)

$ 22,152

$ 25,664

$ 37,016

$ 48,680

Adjusted EBITDA(2)

$ 11,723

$ 13,960

$ 16,379

$ 26,817

Adjusted EBITDA(2) reconciliation:

Net loss attributable to common stockholders

$ (7,073)

$ (77,902)

$ (10,152)

$ (89,644)

Interest and investment income

—

(616)

(8)

(1,582)

Interest expense

2,070

9,704

6,477

20,628

Benefit from income taxes

(1,703)

(21,382)

(3,144)

(5,724)

Depreciation and amortization

6,184

3,523

12,361

5,838

EBITDA(2)

(522)

(86,673)

5,534

(70,484)

Stock-based compensation

1,680

574

1,881

1,250

Gain on sale of business

(4,671)

—

(4,671)

—

Gain on retirement of debt

—

(30,297)

(2,080)

(41,884)

Other expense (income), net

(124)

(316)

Net income (loss) attributable to non-controlling
interests

(67)

(64)

Corporate costs(c)

856

362

1,215

1,109

Severance-related costs

—

219

Impairment of goodwill, intangible assets and long-
lived assets

14,157

130,078

14,157

136,521

Loss from ceased non-core businesses initiatives

—

107

—

466

Adjusted EBITDA(2)

$ 11,723

$ 13,960

$ 16,379

$ 26,817

(a)

Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

(b)

Corporate selling, general and administrative expenses consist of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions.

(c)

Corporate costs primarily include professional fees related to the material weakness remediation efforts as well as legal costs related to acquisition activities.

As of June 30, 2026

As of December 31, 2025

(In thousands)

SELECTED CONSOLIDATED BALANCE SHEET DATA:

Cash and cash equivalents and restricted cash

$ 16,202

$ 26,358

Intangible assets, net(a)

257,116

279,653

Total assets

551,512

592,994

Total long-term debt, net

399,298

429,742

Short-term borrowings under the asset-backed facility

20,000

10,000

Total liabilities

532,284

565,760

Total stockholders’ equity

16,313

24,603

Redeemable non-controlling interests(b)

—

2,631

Non-controlling interests(c)

2,915

—

(a)

Intangible assets, net include Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net.

(b)

On February 25, 2026, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.

(c)

Non-controlling interests represent the legal ownership of a radio station operated under a Local Programming and Marketing Agreement and Option Agreement under the variable interest entity guidance effective April 1, 2026.

As of June 30, 2026

As of December 31, 2025

(In thousands)

SELECTED LEVERAGE DATA:

10.500% First Lien Senior Secured Notes due 2030(a, c)

$ 60,600

7.625% Second Lien Secured Notes due 2031(a, c)

235,113

291,020

7.375% senior secured notes due February 2028(b)

7,516

11,816

Total principal outstanding on long-term debt

303,229

363,436

Less: Unamortized debt issuance costs

(2,479)

(2,868)

Add: Premium(c)

98,548

69,174

Long-term debt, net

$ 399,298

$ 429,742

Short-term borrowings under the asset-backed facility

$ 20,000

$ 10,000

(a)

The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.

(b)

Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.

(c)

The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded an additional premium of $13.6 million, which is included in long-term debt, net on the Company’s consolidated balance sheets.

The Company made two additional draws of $5.0 million each for a total of $10.0 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%. After giving effect to the outstanding $20.0 million drawdown and adjustments to account for the Borrowing Base, the Company’s borrowing capacity was approximately $26.1 million as of June 30, 2026.

The Company further made an additional draw of $7.0 million in the third quarter of 2026, payable at an interest rate of approximately 6.12%. The Company repaid the May 2026 draw of $5.0 million on August 2, 2026. After giving effect to the additional draw of $7.0 million, the $5.0 million repayment, and adjustments to account for the Borrowing Base, the Company’s borrowing capacity was approximately $24.1 million.

Dispositions and Acquisitions

In March 2026, the Company entered into agreements to sell its WMXG and WLNK-FM radio broadcasting licenses in Charlotte, North Carolina along with the associated station assets from the Radio Broadcasting segment to unrelated third parties for approximately $0.7 million and $4.2 million, respectively. FCC approval was obtained on May 13, 2026 for the WMXG station and on May 12, 2026 for the WLNK-FM station. The Company completed both sales on June 1, 2026 and recognized a gain of $4.7 million, which is included in Gain On Sale Of Business in the unaudited consolidated statement of operations for the three and six months ended June 30, 2026.

On April 28, 2026, the Company entered into an agreement to acquire Service Broadcasting Group, LLC, including radio stations KKDA and KRNB in Dallas, Texas for $22.0 million. At the same time, the Company also entered into an agreement to sell radio station KZMJ from the Radio Broadcasting segment to Fuzion Dallas, LLC for $6.0 million.

FCC approval was obtained on June 23, 2026 and the Company completed the sale of KZMJ on July 6, 2026. The Company recognized a gain of $3.2 million on the KZMJ disposition in the third quarter of 2026. FCC approval was obtained on June 26, 2026 for the Service Broadcasting Group, LLC acquisition and the acquisition was completed on July 17, 2026.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management’s current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One’s control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One’s reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the “SEC”). Urban One does not undertake any duty to update any forward-looking statements.

For the three months ended June 30, 2026, we recognized approximately $85.8 million in net revenue compared to approximately $91.6 million during the three months ended June 30, 2025. These amounts are net of agency commissions. We recognized approximately $35.3 million of revenue from our Radio Broadcasting segment during the three months ended June 30, 2026, compared to approximately $36.7 million for the three months ended June 30, 2025, a decrease of approximately $1.4 million. This decrease was primarily driven by weaker overall market demand from the national and local advertisers. We recognized approximately $4.8 million of revenue from our Reach Media segment during the three months ended June 30, 2026, compared to approximately $5.3 million for the three months ended June 30, 2025, a decrease of approximately $0.5 million. This decrease was primarily driven by a decrease in syndicated revenue. We recognized approximately $9.4 million of revenue from our Digital segment during the three months ended June 30, 2026, compared to approximately $10.3 million during the three months ended June 30, 2025, a decrease of approximately $0.9 million. The decrease was primarily driven by the decrease in direct revenue streams, reflecting reduced advertising spend from diversity, equity and inclusion-focused campaigns. We recognized approximately $37.1 million of revenue from our Cable Television segment during the three months ended June 30, 2026, compared to approximately $40.1 million during the three months ended June 30, 2025, a decrease of approximately $3.0 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales.

The following charts indicate the sources of our net revenues for the three and six months ended June 30, 2026:

Three Months Ended June 30,

2026

2025

$ Change

% Change

(In thousands, unaudited)

Net revenue:

Radio advertising

$ 34,732

$ 38,627

$ (3,895)

(10.1) %

Political advertising

1,243

254

989

*NM

Digital advertising

9,386

10,241

(855)

(8.3) %

Cable Television advertising

20,773

22,977

(2,204)

(9.6) %

Cable Television affiliate fees

16,286

17,061

(775)

(4.5) %

Event revenues & other

3,337

2,471

866

35.0 %

Net revenue

$ 85,757

$ 91,631

$ (5,874)

(6.4) %

*NM – Not meaningful

Six Months Ended June 30,

2026

2025

$ Change

% Change

(In thousands, unaudited)

Net revenue:

Radio advertising

$ 66,856

$ 74,844

$ (7,988)

(10.7) %

Political advertising

2,143

404

1,739

*NM

Digital advertising

16,170

20,452

(4,282)

(20.9) %

Cable Television advertising

39,868

48,402

(8,534)

(17.6) %

Cable Television affiliate fees

33,163

35,778

(2,615)

(7.3) %

Event revenues & other

5,208

3,986

1,222

30.7 %

Net revenue

$ 163,408

$ 183,866

$ (20,458)

(11.1) %

*NM – Not meaningful.

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill, intangible assets and long-lived assets, were approximately $75.0 million for the three months ended June 30, 2026, compared to approximately $78.1 million for the comparable period in 2025. Operating expenses were down by approximately 4.1%, driven mainly by revenue-related variable expenses such as media monitoring, traffic acquisition costs, bad debt reserve, as well as third-party professional fees.

Impairment of goodwill, intangible assets and long-lived assets was approximately $14.2 million for three months ended June 30, 2026, compared to $130.1 million for the three months ended June 30, 2025. The impairment loss of $14.2 million during the three months ended June 30, 2026 represents approximately $13.9 million goodwill impairment charge related to the Reach Media reporting unit and approximately $0.3 million impairment charge related to the long-lived asset of Reach Media.

Depreciation and amortization expense was approximately $6.2 million for the three months ended June 30, 2026, compared to approximately $3.5 million for the three months ended June 30, 2025, an increase of approximately $2.7 million. This increase is primarily driven by the Radio Broadcasting licenses amortization, which the Company started to amortize effective June 1, 2025.

Interest expense was approximately $2.1 million for the three months ended June 30, 2026, compared to approximately $9.7 million for the three months ended June 30, 2025, a decrease of approximately $7.6 million. This decrease was due to lower overall debt balances outstanding and lower effective interest rates. The Company recognizes interest expense using an effective interest rate of approximately 5.32% on the 2030 First Lien Notes, 0.15% on the 2031 Second Lien Notes, and 7.71% on the 2028 Notes for the three months ended June 30, 2026. The effective interest rates on the 2030 First Lien Notes and 2031 Second Lien Notes differ from the contractual interest payment primarily as a result of the accounting for these debt instruments under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

For the three months ended June 30, 2026, we recorded a benefit from income taxes of approximately $1.7 million on the pre-tax loss of approximately $8.7 million resulting in an actual effective tax rate of 19.6%. For the three months ended June 30, 2025, we recorded a benefit from income taxes of approximately $21.4 million on pre-tax loss of approximately $99.4 million resulting in an actual effective tax rate of 21.5%, which includes $6.4 million of discrete tax expense related to the change of accounting estimate for radio broadcasting licenses that impacted our valuation allowance.

Other pertinent financial information includes capital expenditures of approximately $1.7 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively. The increase in capital expenditure is driven by the build-out of a studio in the Indianapolis radio market.

Supplemental Financial Information:

For comparative purposes, the following more detailed statements of operations for the three and six months ended June 30, 2026 are included.

Three Months Ended June 30, 2026

(In thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other –

Corporate/

Eliminations

NET REVENUE

$ 85,757

$ 35,276

$ 4,754

$ 9,397

$ 37,121

$ (791)

OPERATING EXPENSES:

Programming and technical

29,774

10,910

3,203

3,127

12,704

(170)

Selling, general and
administrative

45,201

18,365

2,578

6,372

10,213

7,673

Stock-based compensation

1,680

781

817

Depreciation and amortization

6,184

4,919

379

674

189

Impairment of goodwill,
intangible assets and long-lived
assets

14,157

—

14,157

—

Total operating expenses

96,996

34,238

19,974

9,903

24,372

8,509

Operating (loss) income

(11,239)

1,038

(15,220)

(506)

12,749

(9,300)

INTEREST EXPENSE

(2,070)

(2)

—

(2,068)

GAIN ON SALE OF
BUSINESS

4,671

—

OTHER EXPENSE, NET

(43)

—

(Loss) income before benefit
from (provision for) income
taxes

(8,681)

5,664

(15,220)

(506)

12,749

(11,368)

BENEFIT FROM (PROVISION
FOR) INCOME TAXES

1,703

(1,513)

515

115

(2,790)

5,376

NET (LOSS) INCOME

(6,978)

4,151

(14,705)

(391)

9,959

(5,992)

NET INCOME
ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS

—

NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON STOCKHOLDERS

(7,073)

4,056

(14,705)

(391)

9,959

(5,992)

Adjusted EBITDA(2)

$ 11,723

$ 6,288

$ (1,027)

$ (92)

$ 14,205

$ (7,651)

Three Months Ended June 30, 2025

(In thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other –

Corporate/

Eliminations

NET REVENUE

$ 91,631

$ 36,693

$ 5,315

$ 10,254

$ 40,070

$ (701)

OPERATING EXPENSES:

Programming and technical

28,647

9,993

3,178

3,267

12,372

(163)

Selling, general and
administrative

49,493

19,762

3,788

7,133

9,642

9,168

Stock-based compensation

574

133

201

144

Depreciation and amortization

3,523

2,278

393

675

144

Impairment of goodwill and
intangible assets

130,078

125,187

—

4,891

—

Total operating expenses

212,315

157,353

7,022

15,757

22,890

9,293

Operating (loss) income

(120,684)

(120,660)

(1,707)

(5,503)

17,180

(9,994)

INTEREST AND INVESTMENT
INCOME

616

—

616

INTEREST EXPENSE

(9,704)

(2)

(145)

—

(9,557)

GAIN ON RETIREMENT OF
DEBT

30,297

—

30,297

OTHER INCOME, NET

124

108

—

(Loss) income before benefit
from (provision for) income taxes

(99,351)

(120,554)

(1,852)

(5,503)

17,180

11,378

BENEFIT FROM (PROVISION
FOR) INCOME TAXES

21,382

28,579

1,792

(3,693)

(5,309)

NET (LOSS) INCOME

(77,969)

(91,975)

(1,839)

(3,711)

13,487

6,069

NET LOSS ATTRIBUTABLE
TO NON-CONTROLLING
INTERESTS

(67)

—

(67)

—

NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON STOCKHOLDERS

(77,902)

(91,975)

(1,772)

(3,711)

13,487

6,069

Adjusted EBITDA(2)

$ 13,960

$ 6,938

$ (1,651)

$ (146)

$ 18,056

$ (9,237)

Six Months Ended June 30, 2026

(In thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other –

Corporate/

Eliminations

NET REVENUE

$ 163,408

$ 65,811

$ 9,614

$ 16,185

$ 73,153

$ (1,355)

OPERATING EXPENSES:

Programming and technical

59,779

22,516

6,286

6,168

25,150

(341)

Selling, general and
administrative

88,684

35,524

4,957

11,486

20,854

15,863

Stock-based compensation

1,881

781

938

Depreciation and amortization

12,361

9,799

775

1,348

383

Impairment of goodwill,
intangible assets and long-lived
assets

14,157

—

14,157

—

Total operating expenses

176,862

67,926

25,481

18,479

48,133

16,843

Operating (loss) income

(13,454)

(2,115)

(15,867)

(2,294)

25,020

(18,198)

INTEREST AND
INVESTMENT INCOME

—

INTEREST EXPENSE

(6,477)

(4)

—

(6,473)

GAIN ON SALE OF
BUSINESS

4,671

—

GAIN ON RETIREMENT OF
DEBT

2,080

—

2,080

OTHER (EXPENSE) INCOME,
NET

(51)

(46)

—

(15)

—

(Loss) income before benefit
from (provision for) income
taxes

(13,223)

2,506

(15,867)

(2,309)

25,020

(22,573)

BENEFIT FROM (PROVISION
FOR) INCOME TAXES

3,144

(737)

657

503

(5,467)

8,188

NET (LOSS) INCOME

(10,079)

1,769

(15,210)

(1,806)

19,553

(14,385)

NET INCOME (LOSS)
ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS

(22)

—

NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON STOCKHOLDERS

(10,152)

1,674

(15,188)

(1,806)

19,553

(14,385)

Adjusted EBITDA(2)

$ 16,379

$ 8,107

$ (1,555)

$ (1,454)

$ 27,149

$ (15,868)

Six Months Ended June 30, 2025

(In thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other –

Corporate/

Eliminations

NET REVENUE

$ 183,866

$ 69,303

$ 11,168

$ 20,466

$ 84,263

$ (1,334)

OPERATING EXPENSES:

Programming and technical

59,245

21,286

6,546

6,454

25,281

(322)

Selling, general and
administrative

99,598

38,358

6,939

14,104

22,333

17,864

Stock-based compensation

1,250

241

158

489

316

Depreciation and amortization

5,838

3,274

779

1,390

328

Impairment of goodwill and
intangible assets

136,521

131,630

—

4,891

—

Total operating expenses

302,452

194,789

13,598

26,386

49,493

18,186

Operating (loss) income

(118,586)

(125,486)

(2,430)

(5,920)

34,770

(19,520)

INTEREST AND
INVESTMENT INCOME

1,582

—

1,582

INTEREST EXPENSE

(20,628)

(4)

(145)

—

(20,479)

GAIN ON RETIREMENT OF
DEBT

41,884

—

41,884

OTHER INCOME, NET

316

108

—

208

(Loss) income before benefit
from (provision for) income
taxes

(95,432)

(125,382)

(2,575)

(5,920)

34,770

3,675

BENEFIT FROM (PROVISION
FOR) INCOME TAXES

5,724

29,669

(3)

2,184

(7,575)

(18,551)

NET (LOSS) INCOME

(89,708)

(95,713)

(2,578)

(3,736)

27,195

(14,876)

NET LOSS ATTRIBUTABLE
TO NON-CONTROLLING
INTERESTS

(64)

—

(64)

—

NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON
STOCKHOLDERS

(89,644)

(95,713)

(2,514)

(3,736)

27,195

(14,876)

Adjusted EBITDA(2)

$ 26,817

$ 9,786

$ (2,202)

$ (88)

$ 36,648

$ (17,327)

Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2026. The conference call is scheduled for Tuesday, August 4, 2026 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free (+1) 800-715-9871; international callers may dial direct (+1) 646-307-1963. The Access Code is 3701023.

A replay of the conference call will be available from 2:00 p.m. EDT August 4, 2026 until 11:59 p.m. EDT August 11, 2026. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 3701023.

Access to live audio and a replay of the conference call will also be available on Urban One’s corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 30 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of July 31, 2026, following the Service Broadcasting Group, LLC acquisition, the Company owned and/or operated 76 independently formatted, revenue producing broadcast stations (including 59 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

Notes:

“Broadcast and digital operating income”: The radio broadcasting industry commonly refers to “station operating income” which consists of net loss before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill and intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term “broadcast and digital operating income.” Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to “station operating income” or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

“Adjusted EBITDA”: Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill, intangible assets and long lived assets, stock-based compensation, gain on sale of business, (gain) loss on retirement of debt, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other – corporate/eliminations.” Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.

For the three months ended June 30, 2026 and 2025, Urban One had 4,470,542 and 4,473,831 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2026 and 2025 Urban One had 4,460,275 and 4,476,828 shares of common stock outstanding on a weighted average basis (basic), respectively.

For the three months ended June 30, 2026 and 2025, Urban One had 4,470,542 and 4,473,831 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the six months ended June 30, 2026 and 2025 Urban One had 4,460,275 and 4,476,828 shares of common stock outstanding on a weighted average basis (basic), respectively.

View original content to download multimedia:https://www.prnewswire.com/news-releases/urban-one-inc-reports-second-quarter-2026-results-302841724.html

SOURCE Urban One, Inc.

Technology

OPENLANE, Inc. Reports Second Quarter 2026 Financial Results

Published

27 minutes ago

August 4, 2026

Marketplace commercial vehicles sold growth of 39% YoYMarketplace dealer vehicles sold growth of 13% YoY, driven by 31% growth in US dealer vehicles soldGross Merchandise Value (GMV) of approximately $10.5 billion, representing 41% YoY growthRevenue of $555 million, representing 15% YoY growth, driven by 21% growth in auction and related feesNet income of $44 million, representing 33% YoY growthAdjusted EBITDA of $103 million, representing 19% YoY growthCash flow from operating activities of $53 million

CARMEL, Ind., Aug. 4, 2026 /PRNewswire/ — OPENLANE, Inc. (NYSE: OPLN), today reported its second quarter financial results for the period ended June 30, 2026.

“OPENLANE’s strong performance in the second quarter clearly demonstrates the powerful growth engine this company has built,” said Peter Kelly, CEO of OPENLANE. “We grew consolidated revenue by 15%, delivered $103 million in Adjusted EBITDA, and increased marketplace GMV by 41% to $10.5 billion. Our commercial business is benefitting from the early stages of the off-lease inflection, and we grew US dealer volumes by over 30%, significantly outperforming the industry. I am pleased to raise OPENLANE’s 2026 consolidated Adjusted EBITDA guidance and confident in our ability to continue accelerating this positive momentum.”

“OPENLANE remains well positioned in the market, and we are executing a strategy that is delivering results across the company,” said Brad Herring, EVP and CFO of OPENLANE. “AFC continued to fuel the marketplace and contributed $46 million in Adjusted EBITDA. Our technology teams are releasing innovative features and new revenue-generating products and services. And as our 2025 go-to-market investments ramp towards full capacity, we are leaning into additional investments in 2026 based on that success.”

2026 Guidance

The company is updating its annual guidance to the following:

Previous Guidance

(May 5, 2026)

Revised Guidance

(August 4, 2026)

Net income (in millions)

$147 – $164

$163 – $176

Adjusted EBITDA (in millions)

$365 – $385

$385 – $400

Net income per share – diluted *

$1.09 – $1.23

$1.23 – $1.33

Operating Adjusted EPS

$1.28 – $1.42

$1.40 – $1.50

* The company uses the two-class method of calculating net income per diluted share. Under the two-class method, net income is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock (based on the weighted average number of participating securities outstanding during the period). The weighted average diluted shares used in the net income per diluted share calculation reflect the additional common shares resulting from the conversion of the remaining preferred shares into shares of common stock, weighted from the dates of conversion. Previous guidance assumed conversion in June 2026; revised guidance reflects the actual conversion in May 2026.

Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments, adverse changes in the value of foreign currencies relative to the U.S. dollar, changes in applicable laws and regulations (including significant accounting, tax and trade matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company’s reported results for any given period. See reconciliations of the company’s guidance included below.

Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Tuesday, August 4, 2026 at 8:30 a.m. ET. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE’s second quarter 2026 results is available at the investor relations section of corporate.openlane.com.

The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.

About OPENLANE
OPENLANE, Inc. (NYSE: OPLN) makes wholesale easy by connecting the leading automotive manufacturers, dealers, rental companies, fleet operators, captive finance and lending institutions as buyers and sellers to create the most advanced digital marketplace for used vehicles. Our innovative products and services deliver a fast, fair and transparent experience that helps customers make smarter decisions and achieve better outcomes. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts (including but not limited to statements regarding our growth opportunities and strategies, industry outlook, competitive position, business and investment plans and initiatives, the impact of macroeconomic conditions, tariffs and global trade policy, and 2026 financial guidance) may be forward-looking statements. Words such as “should,” “may,” “will,” “would,” “anticipate,” “expect,” “project,” “intend,” “contemplate,” “plan,” “believe,” “seek,” “estimate,” “assume,” “can,” “could,” “continue,” “of the opinion,” “confident,” “is set,” “is on track,” “outlook,” “target,” “position,” “predict,” “initiative,” “goal,” “opportunity” and similar expressions identify forward-looking statements. Such statements are based on management’s current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Risk Factors” in the company’s annual and quarterly periodic reports, and in the company’s other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.

OPENLANE, Inc.
Condensed Consolidated Statements of Income
(In millions, except per share data) (Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Operating revenues

Auction and related fees

$ 259.0

$ 213.9

$ 500.8

$ 412.8

SaaS and other revenue

73.4

63.1

140.9

129.7

Purchased vehicle sales

114.9

98.5

227.1

184.2

Finance revenue

107.3

106.2

213.7

215.1

Total operating revenues

554.6

481.7

1,082.5

941.8

Operating expenses

Cost of services (exclusive of depreciation and amortization)

306.4

254.4

578.1

496.0

Finance interest expense

25.7

26.9

50.5

54.5

Provision for credit losses

8.9

8.7

19.2

18.0

Selling, general and administrative

123.8

114.3

248.2

221.5

Depreciation and amortization

22.3

23.0

45.2

45.7

Loss on sale of property

—

7.0

—

7.0

Total operating expenses

487.1

434.3

941.2

842.7

Operating profit

67.5

47.4

141.3

99.1

Interest expense

10.0

3.1

20.1

7.1

Other income, net

(3.6)

(7.4)

(5.2)

(12.4)

Income before income taxes

61.1

51.7

126.4

104.4

Income taxes

16.8

18.3

33.2

34.1

Net income

$ 44.3

$ 33.4

$ 93.2

$ 70.3

Amounts attributable to common stockholders

Net income

$ 44.3

$ 33.4

$ 93.2

$ 70.3

Series A Preferred Stock dividends

(3.3)

(11.1)

(8.6)

(22.2)

Net income attributable to participating securities

(3.4)

(5.6)

(9.3)

(12.0)

Net income attributable to common stockholders

$ 37.6

$ 16.7

$ 75.3

$ 36.1

Net income per share

Basic

$ 0.33

$ 0.16

$ 0.68

$ 0.34

Diluted

$ 0.32

$ 0.15

$ 0.67

$ 0.33

OPENLANE, Inc.
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)

June 30,

2026

December 31,

2025

Cash and cash equivalents

$ 189.7

$ 141.5

Restricted cash

28.1

43.9

Trade receivables, net of allowances

391.2

314.1

Finance receivables, net of allowances

2,621.1

2,425.4

Other current assets

98.4

86.7

Total current assets

3,328.5

3,011.6

Goodwill

1,236.1

1,243.5

Customer relationships, net of accumulated amortization

94.2

102.7

Operating lease right-of-use assets

55.9

57.9

Property and equipment, net of accumulated depreciation

98.0

104.2

Intangible and other assets

193.7

204.4

Total assets

$ 5,006.4

$ 4,724.3

Current liabilities, excluding obligations collateralized by

finance receivables and current maturities of debt

$ 957.7

$ 840.1

Obligations collateralized by finance receivables

1,887.0

1,758.3

Current maturities of debt

5.5

Total current liabilities

2,850.2

2,603.9

Long-term debt

529.2

530.1

Operating lease liabilities

50.8

53.0

Other non-current liabilities

5.0

6.8

Temporary equity

—

289.8

Stockholders’ equity

1,571.2

1,240.7

Total liabilities, temporary equity and stockholders’ equity

$ 5,006.4

$ 4,724.3

OPENLANE, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)

Six Months Ended
June 30,

2026

2025

Operating activities

Net income

$ 93.2

$ 70.3

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

Depreciation and amortization

45.2

45.7

Provision for credit losses

19.2

18.0

Deferred income taxes

3.5

2.8

Amortization of debt issuance costs

4.8

4.4

Stock-based compensation

17.9

5.8

Loss on sale of property

—

7.0

Other non-cash, net

0.7

0.2

Changes in operating assets and liabilities:

Trade receivables and other assets

(86.9)

(55.1)

Accounts payable and accrued expenses

114.8

95.1

Net cash provided by operating activities

212.4

194.2

Investing activities

Net increase in finance receivables held for investment

(216.7)

(45.0)

Purchases of property, equipment and computer software

(26.9)

(26.1)

Investments in securities

(1.6)

(0.7)

Proceeds from sale of investments

1.9

—

Proceeds from the sale of property and equipment

—

42.4

Net cash used by investing activities

(243.3)

(29.4)

Financing activities

Net increase in book overdrafts

3.4

0.5

Net repayments of lines of credit

—

(23.2)

Net increase in obligations collateralized by finance receivables

134.8

49.4

Payments for debt issuance costs/amendments

—

(0.4)

Payments on long-term debt

(2.8)

(210.0)

Issuance of common stock under stock plans

9.9

2.9

Tax withholding payments for vested RSUs

(9.4)

(6.5)

Repurchase and retirement of common stock, including excise taxes

(48.2)

(9.4)

Repurchase and retirement of Series A Preferred Stock, including excise taxes

(5.6)

—

Dividends paid on Series A Preferred Stock

(5.3)

(22.2)

Net cash provided by (used by) financing activities

76.8

(218.9)

Effect of exchange rate changes on cash

(13.5)

19.2

Net increase (decrease) in cash, cash equivalents and restricted cash

32.4

(34.9)

Cash, cash equivalents and restricted cash at beginning of period

185.4

183.7

Cash, cash equivalents and restricted cash at end of period

$ 217.8

$ 148.8

Supplemental disclosures of cash flow information

Cash paid for interest

$ 66.6

$ 58.1

Cash paid for taxes, net of refunds – continuing operations

$ 39.2

$ 27.3

Cash paid for taxes, net of refunds – discontinued operations

$ (0.5)

$ (1.5)

Supplemental disclosure of non-cash financing activity

Accrual for repurchase of common stock

$ 0.1

$ —

OPENLANE, Inc.

Reconciliation of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow, Operating adjusted income and Operating adjusted income per diluted share (or “Operating Adjusted EPS”) as presented herein are supplemental measures of our performance and liquidity that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of OPENLANE’s results period over period and for the other reasons set forth below.

EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.

Free Cash Flow is defined as net cash provided by operating activities, less purchases of property, equipment and computer software. Adjusted Free Cash Flow is Free Cash Flow adjusted for the cash portion of EBITDA addbacks to calculate Adjusted EBITDA, the net change in finance receivables held for investment and the net change in obligations collateralized by finance receivables. Management uses Adjusted Free Cash Flow to measure the funds generated in a given period that are available for capital allocation.

Operating adjusted income is defined as net income (loss) adjusted for acquired amortization expense, gains/losses on sale of property or businesses, impairments to goodwill or other intangible assets and certain other non-recurring items. Amortization expense associated with acquired intangible assets is not representative of ongoing capital expenditures but has a continuing effect on our reported results. Management believes Operating adjusted income provides comparability to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. Operating Adjusted EPS represents Operating adjusted income divided by weighted average diluted shares, with preferred shares treated as converted for the entire period.

EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow, Operating adjusted income and Operating Adjusted EPS have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.

The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods presented:

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions), (Unaudited)

2026

2025

2026

2025

Net income

$ 44.3

$ 33.4

$ 93.2

$ 70.3

Add back:

Income taxes

16.8

18.3

33.2

34.1

Finance interest expense

25.7

26.9

50.5

54.5

Interest expense, net of interest income

9.0

1.3

18.7

4.7

Depreciation and amortization

22.3

23.0

45.2

45.7

EBITDA

118.1

102.9

240.8

209.3

Non-cash stock-based compensation

8.9

4.4

18.6

6.4

Securitization interest

(23.1)

(24.4)

(45.1)

(49.5)

Loss on sale of property

—

7.0

—

7.0

Severance

1.1

2.4

2.8

4.4

Foreign currency gains

(1.2)

(5.6)

(1.2)

(8.9)

ERP implementation costs

0.6

—

1.0

—

Impact of Canadian DST related to prior years

—

(15.9)

—

Realized gain on investment securities

(1.3)

—

(1.3)

—

Other

0.1

—

0.2

0.8

Total addbacks (deductions)

(14.9)

(16.2)

(40.9)

(39.8)

Adjusted EBITDA

$ 103.2

$ 86.7

$ 199.9

$ 169.5

Three Months Ended June 30, 2026

(In millions), (Unaudited)

Marketplace

Finance

Consolidated

Net income

$ 15.1

$ 29.2

$ 44.3

Add back:

Income taxes

7.4

9.4

16.8

Finance interest expense

—

25.7

Interest expense, net of interest income

9.0

—

9.0

Depreciation and amortization

19.1

3.2

22.3

EBITDA

50.6

67.5

118.1

Non-cash stock-based compensation

6.9

2.0

8.9

Securitization interest

—

(23.1)

Severance

1.1

—

1.1

Foreign currency gains

(1.2)

—

(1.2)

ERP implementation costs

0.5

0.1

0.6

Realized gain on investment securities

(1.3)

—

(1.3)

Other

0.1

—

0.1

Total addbacks (deductions)

6.1

(21.0)

(14.9)

Adjusted EBITDA

$ 56.7

$ 46.5

$ 103.2

The following table reconciles net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow for the periods presented:

Three Months Ended

June 30,

(In millions), (Unaudited)

2026

2025

Net cash provided by operating activities

$ 52.8

$ 71.6

Purchases of property, equipment and computer software

(13.8)

(14.2)

Free Cash Flow

39.0

57.4

Severance

1.2

2.1

Other

1.5

0.6

Net increase in finance receivables held for investment

(186.2)

(25.2)

Net increase in obligations collateralized by finance receivables

197.9

51.6

Adjusted Free Cash Flow

$ 53.4

$ 86.5

The following table reconciles net income to Operating adjusted income and Operating Adjusted EPS for the periods presented:

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share amounts), (Unaudited)

2026

2025

2026

2025

Net income

$ 44.3

$ 33.4

$ 93.2

$ 70.3

Acquired amortization expense

8.0

8.3

16.3

16.6

Impact of Canadian DST related to prior years

—

(15.9)

—

Loss on sale of property

—

7.0

—

7.0

ERP implementation costs

0.6

—

1.0

—

Realized gain on investment securities

(1.3)

—

(1.3)

—

Income taxes (1)

(1.8)

(1.4)

0.3

(2.6)

Operating adjusted income

$ 49.8

$ 47.3

$ 93.6

$ 91.3

Operating Adjusted EPS (2)

$ 0.40

$ 0.33

$ 0.74

$ 0.63

Weighted average diluted shares – including assumed conversion
of preferred shares on January 1 of each respective period

125.8

144.4

125.8

144.3

(1)

For the three and six months ended June 30, 2026 and 2025, each tax deductible item was booked to the applicable statutory rate.

(2)

The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the determination of Operating adjusted income for purposes of calculating Operating Adjusted EPS.

The following table reconciles net income to EBITDA and Adjusted EBITDA for the 2026 guidance presented:

2026 Guidance –

Revised

(In millions), (Unaudited)

Low

High

Low

High

Net income

$ 147

$ 164

$ 163