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Globant Reports 2026 Second Quarter Financial Results

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LUXEMBOURG, Aug. 13, 2026 /PRNewswire/ — Globant (NYSE: GLOB) today announced results for the three and six months ended June 30, 2026.

“Glob.AI ARR reached $52.8 million in the second quarter, up 61% quarter-over-quarter, and we now expect no less than $110 million exiting 2026. Alongside that, Globant’s revenue for Q2 reached $614.4 million and free cash flow reached $12.6 million in the quarter, compared to negative $2.9 million a year ago, capping our strongest first half of cash generation on record. Last week we opened Glob.AI to the entire market, a single platform where any enterprise can deploy AI Pods and pay on the output or consumption they receive rather than on the hours behind it. Supported by partnerships with Anthropic, Vercel and OpenAI, among others, we are changing how our services are delivered and how they are priced,” explained Martín Migoya, Globant’s CEO and co-founder.

“In the second quarter of 2026, Globant demonstrated resilient execution, generating $614.4 million in revenue—within our guided range—and delivering record free cash flow generation for the first half of the year. Expansion across our top accounts remained strong, reflecting a 6.9% year-over-year increase in our top 50 clients alongside accelerating market adoption of our higher-margin AI Pods and Glob.AI platform. To navigate broader market volatility and to align with our business model transformation needs, we proactively optimized our structure during the quarter, all while we continued executing on our share repurchase program,” explained Juan Urthiague, Globant’s CFO.

Please see highlights below. Note that reconciliations between IFRS and Non-IFRS financial measures are disclosed at the end of this press release.

Second Quarter 2026 Financial Highlights

Revenues were $614.4 million, remaining generally unchanged from the prior year quarter.IFRS Gross Profit Margin was 33.9% compared to 35.4% in the second quarter of 2025.Non-IFRS Adjusted Gross Profit Margin was 36.5% compared to 38.1% in the second quarter of 2025.IFRS Profit from Operations Margin was 3.2% compared to 1.0% in the second quarter of 2025.Non-IFRS Adjusted Profit from Operations Margin was 13.2% compared to 15.0% in the second quarter of 2025.IFRS Diluted EPS was $0.04 compared to $(0.05) in the second quarter of 2025.Non-IFRS Adjusted Diluted EPS was $1.40 compared to $1.53 in the second quarter of 2025.

Other Financial Highlights as of and for the quarter ended June 30, 2026

Cash and cash equivalents and Short-term investments were $168.8 million as of June 30, 2026.The Company invested $25.0 million during the second quarter, completing its original share repurchase program. As of June 30, 2026, the Company had $125.0 million available for repurchase under its new share repurchase authorization.Globant completed the second quarter of 2026 with 27,411 Globers, 25,632 of whom were technology, design and innovation professionals.The geographic revenue breakdown for the second quarter of 2026 was as follows: 52.8% from North America (top country: US), 20.8% from Latin America (top country: Argentina), 20.9% from Europe (top country: Spain) and 5.5% from New Markets[1] (top country: Saudi Arabia).Globant’s top customer, top five customers and top ten customers for the second quarter of 2026 represented 8.9%, 21.6% and 30.6% of revenues, respectively.During the twelve months ended June 30, 2026, Globant served a total of 904 customers (with revenues over $100,000 in the last twelve months), with 331 accounts generating more than $1 million of annual revenues, compared to 339 for the same period one year ago.In terms of currencies, 63.0% of Globant’s revenues for the second quarter of 2026 were denominated in US dollars.

2026 Third Quarter and Full Year Outlook

Based on current market conditions, Globant is providing the following estimates for the third quarter and the full year of 2026:

Third quarter 2026 Revenues are estimated to be in the range of $607 million to $615 million, representing a 1.6% to 0.3% year-over-year decline. This outlook includes a positive FX impact of 25 basis points.Third quarter 2026 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 13.5% to 14.5%.Third quarter 2026 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $1.43 to $1.53 (assuming an average of 43.2 million diluted shares outstanding during the third quarter).Fiscal year 2026 Revenues are estimated to be in the range of $2,428 million to $2,462 million, implying a 1.1% year-over-year decline to 0.3% year-over-year revenue growth. This expected growth includes a positive FX impact of 70 basis points.Fiscal year 2026 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 13.5% to 14.5%.Fiscal year 2026 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $5.75 to $6.15 (assuming an average of 43.6 million diluted shares outstanding during 2026).

Shareholder Letter, Conference Call and Webcast 
A shareholder letter will be available in the Investor Relations section of Globant’s website.

Martin Migoya, Chief Executive Officer and co-founder, Diego Tártara, Chief Technology Officer, Juan Urthiague, Chief Financial Officer, and Fernando Matzkin, Chief Revenue Officer, will discuss the results in a video conference call and a live Q&A session beginning today at 4:30 pm ET.

Video conference call access information is:
https://more.globant.com/F2Q26EarningsCall
Webcast http://investors.globant.com/

[1] Represents Asia, Oceania and the Middle East.

About Globant (NYSE:GLOB)
At Globant, we help organizations thrive in a digital and AI-powered future. Our industry-focused solutions combine technology and creativity to accelerate enterprise transformation and design experiences customers demand. Through digital reinvention, our subscription-based AI Pods, and Globant Enterprise AI platform, we turn challenges into measurable business results and promised savings into real impact.

We have more than 27,400 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.

We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.

For more information, please visit www.globant.com 

Non-IFRS Financial Measures
While the financial figures included in this press release have been computed in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” or a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The financial information in this press release has not been audited. 

Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS Accounting Standards. Management believes these measures help illustrate underlying trends in the company’s business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company’s business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, business optimization costs, and the related effect on income taxes of the pre-tax adjustments. Because the company’s non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company’s industry. Consequently, Globant’s non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its condensed interim consolidated statements of financial position as of June 30, 2026 and December 31, 2025 and its condensed interim consolidated statements of comprehensive income for the three and six months ended June 30, 2026 and 2025, prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”.

Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, business optimization costs, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

Forward Looking Statements 
In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading “Risk Factors” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.

Additionally, while we have concluded, for the three- and six-month periods ended June 30, 2026 presented in the condensed interim consolidated statements of comprehensive income included in this press release, that our goodwill and intangible assets are not impaired, changes in economic or operating conditions impacting our estimates and assumptions could, as noted in our most recent Form 20-F, result in the impairment of our goodwill and intangible assets in future periods.

Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Globant S.A.
Condensed Interim Consolidated Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts, unaudited)

Six months ended

Three Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Revenues

1,221,502

1,225,265

614,417

614,180

Cost of revenues

(803,785)

(794,394)

(406,181)

(396,539)

Gross profit

417,717

430,871

208,236

217,641

Selling, general and administrative expenses

(312,749)

(321,238)

(154,343)

(159,543)

Net impairment losses on financial assets

(2,486)

(6,339)

(1,692)

(4,660)

Business Optimization Costs

(32,346)

(47,580)

(32,346)

(47,580)

Other operating income and expenses, net

1,391

—

—

—

Profit from operations

71,527

55,714

19,855

5,858

Finance income

3,161

1,923

1,339

978

Finance expense

(18,640)

(20,599)

(9,208)

(10,972)

Other financial results, net

1,461

861

(299)

(239)

Financial results, net

(14,018)

(17,815)

(8,168)

(10,233)

Share of results of investment in associates

(51)

6

14

23

Other income and expenses, net

(2,436)

(3,385)

(7,353)

(114)

Profit before income tax

55,022

34,520

4,348

(4,466)

Income tax

(12,645)

(7,749)

(741)

742

Net income for the period

42,377

26,771

3,607

(3,724)

Other comprehensive income (loss) net of income tax effects

Items that may be reclassified subsequently to profit and loss:

– Exchange differences on translating foreign operations

(14,539)

80,377

(8,896)

51,288

– Remeasurement on defined benefit plan

553

—

357

—

– Net change in fair value on financial assets measured at FVOCI

(182)

(5,798)

(182)

(5,798)

– Gains and losses on cash flow hedges

2,888

13,158

6,504

3,000

Total comprehensive income for the period

31,097

114,508

1,390

44,766

Net income attributable to:

Owners of the Company

38,746

28,252

1,767

(2,383)

Non-controlling interest

3,631

(1,481)

1,840

(1,341)

Net income for the period

42,377

26,771

3,607

(3,724)

Total comprehensive income for the period attributable to:

Owners of the Company

29,346

109,574

299

41,850

Non-controlling interest

1,751

4,934

1,091

2,916

Total comprehensive income for the period

31,097

114,508

1,390

44,766

Earnings per share

Basic

0.90

0.64

0.04

-0.05

Diluted

0.89

0.62

0.04

-0.05

Weighted average of outstanding shares (in thousands)

Basic

43,035

44,177

42,858

44,298

Diluted

43,405

45,424

43,228

44,298

Globant S.A.
Condensed Interim Consolidated Statements of Financial Position as of June 30, 2026 and December 31, 2025
(In thousands of U.S. dollars, unaudited)

June 30, 2026

December 31, 2025

ASSETS

Current assets

Cash and cash equivalents

163,766

243,742

Investments

5,049

6,594

Trade receivables

622,794

577,673

Other assets

32,816

35,117

Other receivables

78,564

84,405

Other financial assets

8,893

6,226

Total current assets

911,882

953,757

Non-current assets

Investments

2,578

2,489

Other assets

3,164

4,424

Other receivables

61,148

49,496

Deferred tax assets

99,049

91,065

Investment in associates

1,053

1,727

Other financial assets

30,990

29,930

Property and equipment

127,602

137,331

Intangible assets

312,126

345,951

Right-of-use assets

87,208

100,542

Goodwill

1,595,460

1,601,523

Total non-current assets

2,320,378

2,364,478

TOTAL ASSETS

3,232,260

3,318,235

LIABILITIES

Current liabilities

Trade payables

118,374

112,590

Payroll and social security taxes payable

196,530

203,395

Borrowings

19,364

19,666

Other financial liabilities

97,811

169,605

Lease liabilities

25,739

28,511

Tax liabilities

20,969

33,205

Income tax payable

14,121

10,730

Other liabilities

1,568

2,591

Total current liabilities

494,476

580,293

Non-current liabilities

Trade payables

1,312

3,684

Borrowings

402,591

347,040

Other financial liabilities

50,179

90,499

Lease liabilities

70,160

78,428

Deferred tax liabilities

26,469

30,906

Income tax payable

2,077

1,428

Payroll and social security taxes payable

2,144

2,358

Contingent liabilities

8,929

21,963

Total non-current liabilities

563,861

576,306

TOTAL LIABILITIES

1,058,337

1,156,599

Capital and reserves

Issued capital

52,112

52,604

Additional paid-in capital

1,159,072

1,167,979

Other reserves

(102,121)

(92,721)

Retained earnings

1,004,485

965,739

Total equity attributable to owners of the Company

2,113,548

2,093,601

Non-controlling interests

60,375

68,035

Total equity

2,173,923

2,161,636

TOTAL EQUITY AND LIABILITIES

3,232,260

3,318,235

Globant S.A.
Selected Cash Flow Data
(In thousands of U.S. dollars, unaudited)

Three Months Ended

June 30, 2026

June 30, 2025

Net Income for the period

3,607

(3,724)

Non-cash adjustments, taxes and others

60,976

57,883

Changes in working capital

(34,366)

(32,281)

Cash flows from operating activities

30,217

21,878

Capital expenditures

(17,584)

(24,735)

Cash flows from investing activities

(22,134)

(68,763)

Cash flows from financing activities

(39,213)

103,757

Net increase/decrease in cash & cash equivalents

(31,130)

56,872

Globant S.A.
Supplemental Non-IFRS Financial Information 
(In thousands of U.S. dollars, unaudited)

Six Months Ended

Three Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Reconciliation of adjusted gross profit

Gross profit

417,717

430,871

208,236

217,641

Depreciation and amortization expense

23,734

22,241

12,145

11,085

Share-based compensation expense – Equity settled

7,147

13,203

3,841

5,513

Adjusted gross profit

448,598

466,315

224,222

234,239

Adjusted gross profit margin

36.7 %

38.1 %

36.5 %

38.1 %

Reconciliation of selling, general and administrative expenses

Selling, general and administrative expenses

(312,749)

(321,238)

(154,343)

(159,543)

Depreciation and amortization expense

52,573

59,594

26,029

29,939

Share-based compensation expense – Equity settled

29,729

27,660

14,835

14,275

Acquisition-related charges (a)

3,495

12,206

(922)

5,639

Adjusted selling, general and administrative expenses

(226,952)

(221,778)

(114,401)

(109,690)

Adjusted selling, general and administrative expenses as % of revenues

(18.6) %

(18.1) %

(18.6) %

(17.9) %

Reconciliation of adjusted profit from operations

Profit from operations

71,527

55,714

19,855

5,858

Share-based compensation expense – Equity settled

36,876

40,863

18,676

19,788

Business optimization costs (b)

32,346

47,580

32,346

47,580

Acquisition-related charges (a)

25,534

38,477

9,982

18,872

Adjusted profit from operations

166,283

182,634

80,859

92,098

Adjusted profit from operations margin

13.6 %

14.9 %

13.2 %

15.0 %

Reconciliation of net income for the period

Net income for the period

38,746

28,252

1,767

(2,383)

Share-based compensation expense – Equity settled

37,234

40,378

19,047

19,359

Business optimization costs (b)

32,294

46,453

32,294

46,453

Acquisition-related charges (a)

42,249

54,266

23,906

26,309

Tax effect of non-IFRS adjustments

(25,012)

(31,811)

(16,665)

(20,035)

Adjusted net income

125,511

137,538

60,349

69,703

Adjusted net income margin

10.3 %

11.2 %

9.8 %

11.3 %

Calculation of adjusted diluted EPS

Adjusted net income

125,511

137,538

60,349

69,703

Diluted shares

43,405

45,424

43,228

45,545

Adjusted diluted EPS

2.89

3.03

1.40

1.53

Acquisition-related charges include, when applicable, amortization of purchased intangible assets, interest charges on acquisition-related indebtedness, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, and other acquisition-related costs. We cannot provide acquisition-related charges on a forward-looking basis without unreasonable effort as such charges may fluctuate based on the timing, size, and complexity of future acquisitions as well as other uncertainty inherent in mergers and acquisitions.One-time charges for the three and six months ended June 30, 2026 and 2025, related to the Company’s Business Optimization Programs initiated in April 2026 and April 2025, respectively. These charges, primarily related to workforce resizing and office reductions, have been excluded from non-IFRS results as these are one-time and unusual in nature.

Globant S.A.
Schedule of Supplemental Information (unaudited)

Metrics

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Total Employees

30,084

29,020

28,773

28,510

27,411

IT Professionals

28,097

27,123

26,906

26,702

25,632

North America Revenues %

54.1

53.8

53.8

53.5

52.8

Latin America Revenues %

19.7

19.9

21.1

20.5

20.8

Europe Revenues %

19.6

19.4

19.3

19.7

20.9

New Markets Revenues %

6.6

6.9

5.8

6.3

5.5

USD Revenues %

64.1

63.2

64.0

64.5

63.0

Other Currencies Revenues %

35.9

36.8

36.0

35.5

37.0

Top Customer %

8.6

8.7

8.5

8.9

8.9

Top 5 Customers %

20.3

20.7

20.5

21.1

21.6

Top 10 Customers %

29.3

29.5

29.4

30.5

30.6

Customers Served (Last Twelve Months)*

981

978

944

943

904

Customers with >$1M in Revenues (Last Twelve Months)

339

339

336

333

331

(*) Represents customers with more than $100,000 in revenues in the last twelve months.

Investor Relations Contact:
Arturo Langa, Globant
investors@globant.com
+1 (877) 215-5230

Media Contact:
Gregorio Lascano, Globant
pr@globant.com
+1 (877) 215-5230

 

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AEWIN Showcases Server Portfolio with AMD EPYC 9006 SP7 Processors at AMD in Depth: EPYC “Venice”

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Comprehensive AI, General-Purpose, and Storage Server Portfolio Highlights Platform Readiness and Upcoming System Shipments

LAS VEGAS, Nov. 10, 2026 /PRNewswire/ — AEWIN Technologies Co., Ltd., a member of the Qisda Group and a server and network appliance provider, today announced new servers powered by AMD EPYC™ 9006 SP7 Server CPUs. Originally previewed on November 5th during the AMD in Depth: EPYC “Venice” event in Las Vegas, the BG28-A10710 and BX28-A10710 highlight AEWIN’s platform readiness as the company prepares to bring its latest EPYC servers to the market in alignment.

In addition to the systems demonstrated at the event, AEWIN’s Server portfolio spans AI, general-purpose, and storage servers designed for a broad range of infrastructure requirements. Building on its previously announced lineup, AEWIN offers servers featuring high-performance computing power, high-speed connectivity, and flexible configurations to support AI workloads, enterprise applications, scalable storage, and cloud infrastructure.

For AI computing, the BG18-A10710 1U AI Server supports up to two single-width 600W GPUs and integrates two-phase direct liquid cooling (2P DLC) solutions for CPU and GPU thermal management. The BG28-A10710 2U AI Server accommodates up to four full-height, full-length GPUs, supporting demanding AI training, inference, and accelerated computing workloads through PCIe 6.0 connectivity.

For enterprise and cloud infrastructure, the BX28-A10710 2U General Purpose Server combines balanced compute and storage capabilities with support for two PCIe 6.0 slots, one OCP 3.0 slot, and up to 12 U.2 NVMe SSDs. For performance-critical storage workloads, the BS28-A10710 2U Storage Server supports up to 16 E3.S Gen6 SSDs, providing high-density storage capacity and high-bandwidth connectivity for data-intensive applications.

By translating AMD EPYC 9006 SP7 Server CPU capabilities into purpose-built platforms, AEWIN enables customers to address diverse workload requirements. Its offerings deliver the versatility needed to master shifting market dynamics, seamlessly balancing extreme performance with cost-effective scalability. With its expanding server portfolio and the broader technology capabilities of Qisda Group ecosystem partners, AEWIN is well positioned to empower customers to build reliable, efficient, and future-ready rack-scale AI infrastructure.

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SOURCE AEWIN Technologies Co., Ltd.

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Baylin announces $35.3 million in revenue for the third quarter of 2026 as compared to $16.8 million for the same period in 2025

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Investor Conference Call on November 11, 2026 at 10:00 a.m. ET

TORONTO, Nov. 10, 2026 /CNW/ — Baylin Technologies Inc. (TSX: BYL) (OTCQB: BYLTF) (the “Company” or “Baylin”), a leading diversified global wireless technology company focused on cellular radio frequency products, custom antenna solutions, satellite communications products, and supporting services, today announced its financial results for the three and nine months ended September 30, 2026. All amounts are stated in Canadian dollars unless otherwise indicated.

THIRD QUARTER SUMMARY

Revenue of $35.3 million compared to $16.8 million in the third quarter of 2025, an increase of 110.7%. The increase was primarily due to the inclusion of a full quarter of revenue from the Kaelus business line.Gross profit of $12.2 million compared to $7.3 million in the third quarter of 2025, due mainly to the inclusion of gross profit from the Kaelus business line.Gross margin of 34.6% compared to 43.4% in the third quarter of 2025 was largely attributed to product mix within the period combined with inflationary pressures, increased operating costs and the ongoing impact of global economic and geopolitical uncertainty.Adjusted EBITDA* of $0.7 million compared to $0.6 million in the third quarter of 2025 was impacted by the same factors as gross margin.Net loss of $0.7 million compared to $1.1 million in the third quarter of 2025, due primarily to an operating loss of $0.8 million. On a per share basis, a net loss of $0.00 per share in the third quarter of 2026 compared to a net loss of $0.01 per share in the third quarter of 2025.Net debt* of $12.7 million at September 30, 2026 compared to $12.4 million at December 31, 2025.Backlog* of $50.9 million at September 30, 2026 compared to $20.4 million at December 31, 2025. The increase was mainly due to the inclusion of backlog from the Kaelus business line and strong new order intake from the Satcom business line.

* This is a non-IFRS measure. See notes in “Selected Financial Information”.

RECENT DEVELOPMENTS

Term Facility

On May 15, 2026, the Company entered into an agreement (the “Credit Agreement”) with Luis LP (the “Lender”), an entity established by SAF Group, a Calgary-based private credit lender, pursuant to which the Lender established a non-revolving term credit facility (the “Term Facility”) in favour of the Company for up to $30.9 million.

Following September 30, 2026, the Company failed to meet the minimum Lender-defined EBITDA covenant applicable to the second and third quarters of 2026 combined period. On November 10, 2026, the Company and the Lender entered into the First Amending Agreement, under which the Lender waived the Company’s failure to meet the minimum Lender-defined EBITDA covenant for the second and third quarters of 2026 combined, subject to the terms and conditions of the First Amending Agreement. The waiver does not apply to any other Default or Event of Default or to any future covenant tests, including the fourth quarter of 2026 tests, which remain in place. The principal terms of the First Amending Agreement can be found in the Company’s management’s discussion and analysis (the “MD&A”) for the three and nine months ended September 30, 2026.

Pursuant to the terms of the Credit Agreement, the Company is prohibited from making the Kaelus deferred purchase price payments of approximately $10.6 million due November 15, 2026 and $2.7 million due December 15, 2026 when due and the Company is uncertain whether it will be allowed to make the final instalment of $7.3 million due March 27, 2027 (collectively the “Kaelus Payments”). Interest on a portion of the Kaelus Payments accrues at 5% per annum from closing until paid. The Company is evaluating alternatives to address these obligations.

The Kaelus Payments are presented in Canadian dollars based on the September 30, 2026 exchange rate. As previously disclosed, the Kaelus Payments are payable in Swedish Krona (SEK), and the actual Canadian dollar equivalent of the final payments will vary based on the exchange rate in effect on the applicable payment dates.

If a guaranteed Kaelus Payment is not made when due, the former Kaelus shareholders may make written demand under the guarantee against 2385796 Ontario Inc., a corporation controlled by Mr. Royer.

SELECTED FINANCIAL INFORMATION

The table below discloses selected financial information for the periods indicated.

(in $000’s except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

Change

Change

2026

2025

Change

Change

$

$

$

%

$

$

$

%

Profit and Loss

Revenue

35,300

16,754

18,546

> 100.0%

73,383

58,076

15,307

26.4 %

Gross profit

12,230

7,274

4,956

68.1 %

29,273

25,682

3,591

14.0 %

Gross margin

34.6 %

43.4 %

(8.8 pp)

(20.3 %)

39.9 %

44.2 %

(4.3 pp)

(9.7 %)

Net loss

(742)

(1,100)

358

(32.5 %)

(6,249)

(2,142)

(4,107)

> 100.0%

Basic and diluted net loss per share

($0.00)

($0.01)

$0.01

(100.0 %)

($0.03)

($0.01)

($0.02)

> 100.0%

EBITDA(1)

263

249

14

5.6 %

(371)

2,060

(2,431)

N/A

Adjusted EBITDA(2)

703

586

117

20.0 %

3,805

4,695

(890)

(19.0 %)

As at

As at

As at

As at

September

30, 2026

September

30, 2025

Change

Change

September

30, 2026

December

31, 2025

Change

Change

$

$

$

%

$

$

$

%

Balance Sheet and Other

Current assets

75,520

33,399

42,121

> 100.0%

75,520

39,413

36,107

91.6 %

Total assets

114,512

44,243

70,269

> 100.0%

114,512

45,377

69,135

> 100.0%

Current liabilities

92,484

38,433

54,051

> 100.0%

92,484

50,582

41,902

82.8 %

Total liabilities

99,612

54,098

45,514

84.1 %

99,612

57,026

42,586

74.7 %

Net debt(3)

12,695

11,364

1,331

11.7 %

12,695

12,395

300

2.4 %

Backlog(4)

50,874

22,645

28,229

> 100.0%

50,874

20,404

30,470

> 100.0%

Notes:

(1)

See “Non-IFRS Measures”. “EBITDA” refers to net income (loss) plus income tax expense (recovery), interest and other finance expense (income), investment income, fair value adjustments, depreciation and amortization.

(2)

See “Non-IFRS Measures”. “Adjusted EBITDA” refers to EBITDA adjusted for the impact of certain items, including asset impairment charges, expenses from mergers and acquisitions, costs of reorganization of a business, gain or loss on the sale of a business, including related expenses, legal costs incurred from significant non-operating activities, severance and executive recruitment costs, and share-based compensation.

(3)

See “Non-IFRS Measures”. “Net debt” refers to total bank indebtedness less cash and cash equivalents.

(4)

See “Non-IFRS Measures”. “Backlog” refers to the value of unfulfilled purchase orders placed by customers.

A copy of the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and corresponding management’s discussion and analysis (the “MD&A”) are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

OUTLOOK

Corporate

In the third quarter of 2026, the Company continued to advance its strategy of building a diversified global RF technology platform following the acquisition of Kaelus in May 2026. The quarterly sequential revenue increase in the third quarter reflected the contribution from the first full quarter of the Kaelus business line, combined with improvements from the Satcom business line. These gains were tempered by the decline in revenue in the Wireless Infrastructure business line as a result of North American wireless carriers redirecting capital spending to fibre assets in support of data centre buildouts. The Company generated positive Adjusted EBITDA of $0.7 million in the third quarter of 2026, its eleventh consecutive quarter of positive Adjusted EBITDA.

The macroeconomic environment remains challenging, given the ongoing geopolitical tensions and continuing uncertainty. Continued disruptions to the oil supply in the Middle East kept the oil and fuel prices elevated, with broader impacts on transportation, logistics and other production costs across multiple industries. In addition, the Company is facing higher manufacturing costs amid industry-wide price spikes affecting a wide range of electronic components, including memory chips and other critical components.

Despite these challenges and uncertainties, we remain committed to our core principles: clear market-driven strategies, cost containment, prioritizing research and product development, and focusing on revenue growth and margin improvement. Management continues to monitor component pricing and supply chain conditions closely and is focused on mitigating the impact through procurement optimization, cost control initiatives and operational efficiencies.

Based on our current assessment for the fourth quarter of 2026, we expect (i) the Kaelus business line will continue to generate solid revenue, with margins improving relative to recent periods; (ii) the Custom Antenna Solutions business line will experience a gradual recovery in order intake, although customer purchasing activity may continue to be affected by macroeconomic conditions; (iii) sales volumes in the Wireless Infrastructure business line will remain below historical levels due to continued project delays and reduced carrier spending, particularly in the United States; and, (iv) the Satcom business line will deliver improved revenue performance compared to earlier periods.

These operating expectations are subject to ongoing financing and liquidity constraints. Although the First Amending Agreement improved the Company’s short-term liquidity, the terms of the Credit Agreement prohibit the Company from making the Kaelus Payments due in November and December 2026. The Company also remains subject to future financial covenant tests, which it may not satisfy. Management is working constructively with its Lender to negotiate amendments to its credit arrangements intended to address these challenges and support the Company’s ongoing liquidity requirements.

Kaelus Business Line

For the third quarter of 2026, Kaelus delivered strong revenue and Adjusted EBITDA in its first full quarter of consolidated operations, significantly bolstering the Company’s consolidated results. Based on current customer order volumes, ongoing sales velocity and efforts on improving margins, management believes that Kaelus will continue to produce healthy results. Looking ahead, management remains focused on integrating Kaelus into the broader organization, pursuing cross-selling opportunities across the combined customer portfolios of the Kaelus and Wireless Infrastructure business lines, as well as diversifying Kaelus’ customer base to drive further growth in 2027.

Custom Antenna Solutions Business Line

Custom Antenna Solutions delivered softer financial results in the third quarter of 2026 compared to the prior year period. The business line is being impacted by customer order delays due to market volatility and macroeconomic uncertainty. In addition, the business line faced higher production costs resulting from industry-wide price spikes across a wide range of electronic components, which placed additional pressure on gross margins. Despite these challenges, we expect Custom Antenna Solutions revenue in the fourth quarter of 2026 to be comparable to the third quarter, and full-year 2026 revenue to be similar to 2025. The number of active bids for new projects remains at a solid level.

Wireless Infrastructure Business Line

Wireless Infrastructure experienced challenging market conditions in the third quarter of 2026, primarily reflecting capital expenditure delays by North American carriers. Looking ahead, management will continue to leverage the competitive advantages of its multibeam and small cell antenna technologies to pursue new opportunities and drive further sales with wireless carriers and third-party network operators in domestic and international markets. Based on our current assessment, we anticipate Wireless Infrastructure’s performance in revenue, gross profit and Adjusted EBITDA for the full year 2026 will be softer than its very strong 2025 results. We expect carriers to resume infrastructure spending in 2027, which we anticipate will support a recovery in backlog and sales volume for the business line.

Satcom Business Line

Satcom recorded a significant increase in its backlog in the latter part of the second quarter of 2026 and early in the third quarter, primarily driven by multi-million-dollar purchase orders for the Genesis amplifiers across high-power broadcast, government and defence satellite applications. Although Satcom’s top line result in the third quarter of 2026 was weaker than the prior year period, Adjusted EBITDA was comparable and also demonstrated sequential improvement compared to the second quarter of 2026. With this backlog in hand, our outlook for the fourth quarter is more favourable as customers continue to transition from legacy lower-margin products to the new Genesis products manufactured in the United States. This shift in product mix coupled with increased sales volume is expected to improve margins, but we still anticipate that Satcom will end 2026 with lower revenue, gross profit and Adjusted EBITDA compared to 2025.

Satcom is generally not subject to US tariffs. See “Tariffs” below.

Tariffs

The Company continues to take proactive steps to monitor and mitigate the effect of US tariffs across all its business lines.

Wireless Infrastructure’s products are manufactured in our facility in China or third-party facilities in Vietnam. The actual margin impact of tariffs on Wireless Infrastructure has been mitigated to a level much lower than the applicable tariff due to a number of measures taken by the Company. This has allowed Wireless Infrastructure to be compliant with current tariff regime while protecting margins.

Custom Antenna Solutions is currently not directly affected by US tariffs on China. Although Custom Antenna Solutions’ products are manufactured in our facility in China or third-party facilities in Vietnam, they are shipped from there to contract manufacturers elsewhere in Asia for embedding in their final products.

Satcom’s products are manufactured in Canada, and a significant proportion (between 40% and 50% annually) is delivered to its customers in the United States. Satcom’s products are compliant with the Canada–United States–Mexico Agreement (“CUSMA”) and are therefore exempt from general tariffs applicable to non-qualifying Canadian goods. Following the initial joint review held on July 1, 2026, the United States declined to extend CUSMA for a new 16-year term in its current form, triggering annual joint reviews among the three countries. CUSMA remains in force. While the tariff treatment for qualifying Satcom products remains unchanged at this time, the ongoing annual joint reviews introduce medium-term trade policy uncertainty that could impact North American tariff structures in the future.

Since completion of the acquisition of Kaelus, the Company has been working to harmonize its tariff mitigation strategy across the Kaelus business line in order to minimize the impact of tariffs on its products shipped to US customers. Kaelus manufactures through its company-owned facility in China as well as through the use of contract manufacturers in China, Vietnam, and India. US sales represent approximately 20% of Kaelus’ total historical revenue.

KAELUS ACQUISITION – PRO FORMA FORECAST

The Company is withdrawing its financial outlook for fiscal 2026, most recently provided on August 5, 2026, including the forecast for combined revenue, gross profit, gross margin and Adjusted EBITDA. Investors should no longer rely on the August 5, 2026 financial outlook.

The August 5, 2026, financial outlook was based on management’s then-current expectations and assumptions regarding customer demand, order patterns and deployment activity across the Company’s businesses. Since that time, the timing of anticipated capital spending and network deployments by certain customers has changed, resulting in the deferral of certain expected customer orders and reduced visibility regarding the timing of future demand. As a result, management no longer believes it has a sufficient basis to support the financial outlook previously provided for fiscal 2026.

Accordingly, the Company is withdrawing its fiscal 2026 financial outlook, is not providing replacement quantitative guidance at this time. The Company will continue to provide disclosure concerning its historical financial results, business and operations and, where appropriate, other forward-looking information in accordance with applicable Canadian securities laws.

INVESTOR CONFERENCE CALL

Baylin will hold a conference call on Wednesday, November 11, 2026 at 10:00 a.m. (ET) to discuss its financial results for the three and nine months ended September 30, 2026. The conference call will be hosted by Leighton Carroll, Chief Executive Officer, and Cliff Gary, Chief Financial Officer. All interested parties are invited to participate using the dial-in details provided below.

Date:                     

November 11, 2026

Time:                     

10:00 a.m. (ET)

Dial-in Number:     

(+1) 888-699-1199 or (+1) 416-945-7677

Conference ID#:     

17616

Rapid Connect:   

To instantly join the conference call by phone, please use the following URL to easily register

and be connected into the conference call automatically: https://emportal.ink/3P7r42x

Webcast:               

This call is also on webcast and can be accessed at: https://app.webinar.net/Ka91P23nGMd

FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release includes forward-looking information and forward-looking statements (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements are not statements of historical fact. Rather, forward-looking statements are disclosure regarding the conditions, developments, events or financial performance that we expect or anticipate may or will occur in the future including, among other things, information or statements concerning our objectives and strategies to achieve those objectives, statements with respect to management’s beliefs, estimates, intentions and plans, and statements concerning anticipated future circumstances, events, expectations, operations, performance or results. Forward-looking statements can be identified generally by the use of forward-looking terminology, such as “anticipate”, “believe”, “could”, “should”, “would”, “estimate”, “expect”, “forecast”, “indicate”, “intend”, “likely”, “may”, “outlook”, “plan”, “potential”, “project”, “seek”, “target”, “trend” or “will” or the negative or other variations of these words or other comparable words or phrases and is intended to identify forward-looking statements, although not all forward-looking statements contain these words.

Forward-looking statements in this press release and the MD&A referenced herein include statements concerning the outlook for our business generally and each of our business lines in particular, including our expectation for future financial performance, the effect of the macroeconomic environment, higher interest rates, timing of and potential impacts from US tariffs, and other disruptions to our business and financial performance. Forward-looking statements are based on certain assumptions and estimates made by us in light of experience and perception of historical trends, current conditions, anticipated future developments, including projected growth in the sales of passive and active radio frequency and satellite communications products, and supporting services, and other factors that we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such assumptions and estimates will prove to be correct.

Forward-looking statements in this press release and the MD&A referenced herein include statements regarding the Company’s expected covenant compliance, available liquidity, ability to continue funding operations and meet obligations, treatment or restructuring of the Kaelus deferred purchase price, discussions with the Lender and former Kaelus shareholders, and the timing and consequences of any demand under the guarantee. These statements assume, among other things, continued Lender support, forecast operating performance and identified financing availability. Actual results may differ materially if the Company fails to satisfy future covenants, cannot obtain additional liquidity or accommodations, is required to make payments sooner than anticipated, or a former Kaelus shareholder makes demand under the guarantee.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including the risk factors discussed in the Company’s most recent Annual Information Form, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update any forward-looking statements.

NON-IFRS MEASURES

This press release includes a number of measures that are not recognized under International Financial Reporting Standards (“IFRS”), do not have any standardized meaning under IFRS and as such may not be comparable to similar measures presented by other companies. Management believes that these measures provide useful information to analysts, investors and other interested parties regarding the Company’s financial condition and results of operation as they provide additional key metrics of the Company’s performance. While management believes that non-IFRS measures provide useful supplemental information, they are not intended to represent, and should not be considered as alternatives to, net income (loss), cash flows generated by operating, investing or financing activities, or other financial statement data presented in accordance with IFRS. For further information, see “Non-IFRS Measures” on page 3 of the MD&A.

ABOUT BAYLIN

Baylin is a leading diversified global wireless technology company focused on cellular radio frequency products, custom antenna solutions, satellite communications products, and supporting services.

For further information, please visit www.baylintech.com.

SOURCE Baylin Technologies Inc.

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JOAM INNOTECH Accelerates Global Expansion with Integrated Protection PCB Technology

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SEOUL, South Korea, Nov. 11, 2026 /PRNewswire/ — JOAM INNOTECH Co., Ltd. (CEO Byung-hyun Lee), a Korean company specializing in electrical safety, has announced that it has developed a printed circuit board (PCB) module that combines overvoltage, overcurrent and earth-leakage protection in a single unit. The company now plans to use this technology to expand into the global electrical safety market.

JOAM INNOTECH develops and manufactures PCBs for earth-leakage circuit breakers. Drawing on its experience in mass-producing overcurrent protection PCBs, the company is focused on advancing electrical safety technology. Its latest development, an integrated protection module that combines overvoltage, instantaneous overcurrent and earth-leakage detection on a single PCB, strengthens its product competitiveness.

The new module is designed to detect abnormal conditions in the power system, such as sustained high voltage, overcurrent or earth leakage, and trigger the breaker’s trip mechanism in response. Unlike conventional protection methods that only suppress momentary voltage surges, the module has enhanced overvoltage detection that lets it respond when abnormally high voltage is supplied continuously.

Another key advantage is that the module works with existing compact earth-leakage circuit breaker designs. It was designed around standard PCB dimensions, mounting methods and trip coil connections, so manufacturers can add it without external protection devices or major mechanical redesigns. Circuit breaker and power strip manufacturers can expand protection features and set their products apart while keeping their existing product designs.

JOAM INNOTECH is taking a phased approach to development and commercialization. The company has been mass-producing and supplying overcurrent protection PCBs since late 2024, building up its manufacturing capabilities. In April 2026, it filed a Korean patent application for its overvoltage protection technology, and in May it built prototypes of the integrated protection module and ran initial performance tests. Next, the company plans to run application tests in finished products, verify reliability and set mass-production inspection standards to prepare for commercialization.

“We developed this integrated protection PCB module to add overvoltage protection while keeping the structural advantages of existing compact earth-leakage circuit breakers,” said a JOAM INNOTECH spokesperson. “We will keep advancing the technology and verifying its reliability to strengthen our competitiveness, and we aim to create new business opportunities in the global electrical safety market as well as in Korea.”

JOAM INNOTECH CO., LTD
John B. H. Lee
LBH0917@gmail.com

View original content:https://www.prnewswire.com/apac/news-releases/joam-innotech-accelerates-global-expansion-with-integrated-protection-pcb-technology-302935767.html

SOURCE JOAM INNOTECH CO., LTD

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