―Third Quarter Marks Return to Year-on-Year Revenue Growth―

―Revenue from Federal Government Clients Increased 3.4% Sequentially―

―Margin Expansion Benefited from Efficient Contract Delivery and Favorable Contract Mix―

―Maintains 2026 Non-GAAP EPS Guidance Midpoint on Lower Revenue―

Third Quarter Highlights: 

Revenue Increased 1% to $470 MillionNet Income Was $32 Million; GAAP EPS Was $1.76Non-GAAP EPS1 Increased 19% to $1.98EBITDA1 Was $53.6 Million; Adjusted EBITDA1 Was $54.2 Million, or 11.5% of Total RevenuesContract Awards Were $746 Million, 4.5% Ahead of Last Year and Representing a Quarterly Book-to-Bill Ratio of 1.59 and a TTM Book-to-Bill Ratio of 1.11

RESTON, Va., Nov. 5, 2026 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2026.

Management Commentary

John Wasson, chair and chief executive officer, said, “Our third quarter performance demonstrated the return to year-on-year revenue growth that we anticipated would begin in the second half of this year and benefited from our diversified and integrated business model. Revenues from our federal government clients continued to show solid sequential growth in line with our expectations, and revenues from state and local and non-U.S. government clients increased 7.6% and 12.0% year-on-year, respectively.

“A key highlight of the third quarter was our strong margin performance, benefiting from efficient contract delivery and favorable contract mix. Our Adjusted EBITDA margin was 11.5%, expanding by 10 basis points year-on-year and representing a notable sequential increase. Fixed-price contracts accounted for 50.2% of our third quarter revenues, up from 48.7% in the similar period last year, and together with time & material contracts represented 94.3% of this quarter’s revenues. We are closely managing corporate costs, while continuing to invest in technology and professional staff to support client programs and capture new business opportunities.

“Third quarter revenues from commercial energy clients were considerably below our expectations due to a confluence of factors, most notably a sharp fall-off in contract add-on activity that historically has bolstered second half revenues in our utility programs category. There was a material increase in political and regulatory pressure on utilities in Q3 to develop affordable solutions for their customers, which has caused a slowdown and/or shift in incremental spending priorities for certain existing utility programs. Also, we experienced slower than expected ramp-ups on new contracts. As a result, ICF’s revenues from commercial energy clients are expected to increase at a low- to mid-single-digit rate for 2026. We continue to see commercial energy as a long-term growth driver for ICF. Our year-to-date contract awards have been strong, our win rates are increasing, and we are building a meaningful pipeline in areas where we see utility spending expanding, including audits/weatherization, demand response and virtual power plants.

“This also was a strong quarter for companywide contract awards, which increased 4.5% year-on-year to $746 million. Over 60% of our third quarter awards represented new business, a good indication of how well ICF’s capabilities and expertise are aligned with our clients’ priorities. Following this solid performance, our business development pipeline stood at $8.2 billion at the end of the third quarter and was well diversified across our client set.”

Third Quarter Business Highlights in Key Long-Term Growth Markets

Commercial Energy

ICF manages over 300 energy efficiency programs for 60 utilities in 28 states. Revenues from this part of the company’s commercial energy business were similar to last year’s levels due to the near-term challenges described above. We continue to see positive underlying momentum supported by year-to-date contract wins and client demand for our expertise as they address affordability issues together with operational imperatives around electrification and data center requirements. Energy advisory revenues increased 14.1% in the quarter and 10.5% year-to-date, with particular strength in our work on grid engineering and planning, transmission and interconnection, integrated power and gas planning, resource adequacy, technical due diligence, and storage. Additionally, our work with hyperscalers is expanding, and we are advising on a broader set of issues created by the scale of data center development, including energy efficiency, community impacts, power supply and reliability. As anticipated, other commercial energy comparisons declined year-on-year due to the wind-down of several wind energy projects through last year’s third quarter.

Commercial energy awards represented approximately 26% of year-to-date contract awards, and commercial energy opportunities represent more than $1.6 billion of our pipeline at the end of the third quarter.

ICF’s energy work includes programs for federal and state agencies that provide us with greater insight into the regulatory and stakeholder environment, which strengthens our ability to meet and often exceed the milestones of our commercial energy contracts.

Technology Modernization

ICF has built out its technology modernization capabilities over the last six years, which in the third quarter represented approximately 50% of our revenues from federal government clients. Over 80% of ICF’s technology modernization work is performed under outcome-based, fixed-price contracts, the preferred contract vehicles for government technology projects. Additionally, we continue to align our federal portfolio around administration priorities, with increased focus on expanding our footprint in the defense and national security arena, while building our brand in government-wide application modernization.

While primarily serving federal agency clients, our technology modernization capabilities are deployed across the company’s client categories. Technology modernization opportunities represented approximately $2.4 billion of our pipeline at the end of the third quarter.

State and Local Government/Disaster Recovery

The 7.6% revenue growth from state and local government clients in the third quarter illustrates ICF’s ability to leverage its deep domain expertise and robust technology capabilities across its client sets. Several of the projects driving growth in this client category include developing and managing energy efficiency programs in the Northeast and California, providing advanced technology solutions to several states and territories, and offering our rural health services.

During the quarter, ICF supported more than 50 active disaster recovery programs in more than 20 states and territories. While we view the disaster management market as a driver of long-term growth, funding delays and the slower pace of major events have constrained near-term activity in this arena. ICF continues to execute substantial rebuilding and mitigation projects utilizing our environmental and climate expertise, and we are helping our clients prepare to take on a larger role in rebuilding and resilience, having significantly increased our on-call contracts with state and local governments. State and local government opportunities represented approximately $1.1 billion of the total pipeline at the end of the third quarter.

Third Quarter 2026 Financial Results

Third quarter 2026 total revenue was $470.5 million, up 1.1% from the $465.4 million reported in the third quarter of 2025. Subcontractor and other direct costs were 23.6% of total revenues, compared to 24.2% in last year’s third quarter. Gross margin was 38.1%, 50 basis points above the prior year period. Operating income was $43.6 million, up 13.6% from $38.4 million, and operating margin expanded by 100 basis points to 9.3% from 8.3% in the prior year period. Net income totaled $31.7 million, or $1.76 per diluted share, up from net income of $23.8 million, or $1.28 per share reported in the third quarter of 2025, benefiting from a tax rate of 15.0% and a lower share count. In the prior year quarter, the company’s tax rate was 22.7%.

Non-GAAP EPS increased 18.6% to $1.98 per share, benefiting from the lower tax rate and share count mentioned above. EBITDA was $53.6 million, up from $52.8 million reported in the year-ago quarter. Adjusted EBITDA was $54.2 million, and Adjusted EBITDA margin on total revenues was 11.5%, compared to 11.4% in the third quarter of 2025.

Cash flows from operations were $35.2 million in this year’s third quarter. Excluding restricted cash mainly tied to energy efficiency programs, which fluctuates with the timing of incentive payments to utility customers, operating cash flow was $45.5 million, up from $17.3 million reported in the comparable prior year period. For the first nine months of 2026, cash flows from operations were $131.7 million. Excluding restricted cash, year-to-date operating cash flows were $88.7 million, up from $30.2 million in the first nine months of 2025, on a similarly adjusted basis.

Backlog and New Business

Total backlog was $3.5 billion at the end of the third quarter of 2026. Funded backlog was $1.8 billion, or approximately 52% of the total backlog. The total value of contracts awarded in the 2026 third quarter was $746 million for a quarterly book-to-bill ratio of 1.59 and trailing twelve-month contract awards totaled $2.0 billion for a book-to-bill ratio of 1.11.

Commercial Revenue Third Quarter 2026 Highlights

Commercial revenue was $158.8 million during the quarter, up 1.5% year-over-year.

Commercial revenue accounted for 33.8% of total revenue, similar to 33.6% of total revenue in the 2025 third quarter.Commercial energy revenues represented 88.6% of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter of 2026

Notable commercial contract awards won in the third quarter of 2026 included:

A contract modification with a Canadian electricity system organization to continue implementing a North American midstream lighting program to expand adoption of energy-efficient technologies by commercial and industrial customers.A new contract with a Mid-Atlantic U.S. electric utility to provide detailed engineering for transmission infrastructure.A new contract with a Mid-Atlantic U.S. utility to provide marketing and customer engagement services supporting its energy efficiency and energy management programs.A recompete contract with a Mid-Atlantic U.S. utility to provide ICF Sightline technology supporting its energy efficiency programs.A new contract with a Mid-Atlantic U.S. utility to provide marketing and customer engagement services supporting its customer programs.A new contract with a Northeastern U.S. utility to support its virtual power plant and battery energy storage program.

Government Revenue Third Quarter 2026 Highlights

Revenue from government clients was $311.7 million during the quarter.

U.S. federal government revenue was $191.3 million, 3.4% above the $185.1 million in the second quarter of 2026, and 3.5% below the $198.3 million reported in the year-ago third quarter. Year-on-year revenue comparisons were impacted by contract cancellations that occurred in 2025, and a slower pace of new RFPs. Federal government revenue accounted for 40.7% of total revenue, compared to 42.6% of total revenue in the third quarter of 2025.U.S. state and local government revenue was $87.9 million, 7.6% above the $81.7 million reported in the year-ago quarter. State and local government clients represented 18.7% of total revenue, compared to 17.6% in the third quarter of 2025.International government revenue was $32.5 million, up 12.0% from the $29.0 million reported in the year-ago quarter. International government revenue represented 6.9% of total revenue, compared to 6.2% in the third quarter of 2025.

Key Government Contracts Awarded in the Third Quarter of 2026

Notable government contract awards won in the third quarter of 2026 included:

A recompete contract with a value of $77.8 million with a federal health agency to provide technical assistance, training and capacity-building services to support the effective administration and delivery of state and territory childcare programs.Two new, multiyear work orders under the County of Los Angeles Energy Support Services Master Agreement with a combined ceiling value of $70.9 million to serve as one of three implementers supporting the Southern California Regional Energy Network’s public sector energy efficiency programs.Two new contracts with a combined value of $55.9 million with a federal national security agency to modernize technology systems supporting personnel security and vetting operations.Three contracts, one new and two recompetes, with a combined value of $36.4 million with a federal health agency to provide communications, marketing and strategic planning for nutrition and physical activity; prostate cancer awareness; and diabetes health education and support.A new contract with a value of $36.3 million with a federal agency to modernize a survey instrument by transitioning to digital collection, dashboards and AI-assisted tools while maintaining data security and statistical integrity.A recompete contract with a value of $22.6 million with a federal health agency to provide training and technical assistance to strengthen the delivery and effectiveness of early childhood programs serving children and families.A new contract with a value of $17.3 million with a federal public safety agency to modernize call center and case management technologies through platform-as-a-service solutions that enhance customer service and mission operations.A new contract with a value of $17.1 million with a federal law enforcement agency to modernize its human resources case management and hiring systems.A recompete contract with a ceiling value of $27.6 million with a federal environmental agency to provide laboratory, field sampling, data validation and quality assurance services.A recompete contract with a value of $15.4 million with a federal health and human services agency to provide compliance auditing, quality assurance and technical assistance services supporting federally funded care facilities.

Dividend Declaration

On November 5, 2026, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 8, 2027, to shareholders of record on December 4, 2026.

Summary and Outlook

“ICF is on the path to second half year-on-year revenue growth, and we see positive momentum as we head into 2027. The adjusted EBITDA margin expansion we achieved in the third quarter was notable, our new contract awards were strong, and our business development pipeline is robust, all indications of the underlying strength of our business and effective cost management. Additionally, given ICF’s diversified portfolio, we see the midterm election results as a tailwind for our business.

“For full year 2026, we are expecting revenues to be similar to 2025 levels, with GAAP EPS of approximately $5.95, inclusive of $.11 of special charges. We are maintaining the midpoint of our Non-GAAP EPS guidance range of $7.10, representing 4.9% year-on-year growth and benefiting from improved margins, a lower interest rate and reduced share count. Operating cash flow is expected to range from $135 million to $150 million, excluding the impact of restricted cash.

“We continue to benefit from the energy of our people, who have shown tremendous dedication and commitment to our clients and embody the strong corporate culture that ICF is known for,” Mr. Wasson concluded.

About ICF

ICF is a leading global solutions and technology provider. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to: the government contracting industry generally; our dependence on contracts with U.S. federal, state and local, and international government clients for the majority of our revenue; failure by Congress or other governmental bodies to approve budgets and appropriations in a timely fashion, reductions in government spending, and the impact of a lengthy federal government shutdown; the current Administration’s policy changes, executive orders, and failure to spend Congressionally mandated appropriations, including the resulting effect on government audits and contract terminations; changes in federal government budgeting and spending priorities; our ability to estimate and control costs under our fixed-price contracts; the realization of our backlog; the dependence of our commercial work on sectors of the global economy that are highly cyclical; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ materially from those indicated in our forward-looking statements are described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent filings with the Securities and Exchange Commission. The forward-looking statements included herein are made only as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Note on Forward-Looking Non-GAAP Measures

The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.

Investor Contacts:

Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800

Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577

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SOURCE ICF

Third quarter revenue grew 14% year-over-year to $50.2 millionCommercial Cell and Gene Therapy revenue increased 20% year-over-yearSupporting a record 788 global clinical trials and 23 commercially approved cell and gene therapies as of September 30, 2026Raises full-year 2026 revenue guidance to $197 million – $199 million

NASHVILLE, Tenn., Nov. 5, 2026 /PRNewswire/ — Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport” or the “Company”), a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, today announced financial results for its third quarter (Q3) and first nine months (9M) of 2026.

Jerrell Shelton, CEO of Cryoport, stated, “Cryoport delivered third quarter revenue of $50.2 million, reflecting continued momentum across our core cell and gene therapy (CGT) business. Revenue from commercial CGT clients increased 20% year over year, BioStorage/BioServices revenue expanded 25%, and total Life Sciences Services revenue grew 18%, underscoring the strength of our integrated platform and the growing demand for our solutions. These results reflect both the increasing number of patients worldwide receiving CGT treatments and the continued adoption of our end-to-end temperature-controlled supply chain solutions. We also achieved 8% year over year growth in Life Sciences Products revenue, supported by MVE Biological Solutions’ (MVE) position as the global market leader in cryogenic systems.

“During the quarter, we further strengthened our leadership position within the CGT ecosystem, ending the period supporting 23 commercial therapies and a record of 788 clinical trials worldwide. Our integrated platform, disciplined execution, and growing utilization of our Global Supply Chain Center Network continue to enhance scalability and operating leverage, advancing our progress toward sustained profitability. This momentum was reflected in our positive adjusted EBITDA of $1.1 million for the quarter, representing another important milestone in our pathway to profitability initiative.

“Our strong year-to-date performance, combined with expanding support of commercial therapies, deepening customer relationships, a robust clinical trial pipeline, and continued demand for MVE’s industry-leading products, gives us confidence in our outlook. As a result, we are increasing our full-year 2026 revenue guidance to a range of $197 million to $199 million,” concluded Mr. Shelton.

The following table presents Q3 2026 revenue compared with Q3 2025:  

BioLogistics Solutions revenue increased 16% year-over-year in Q3 2026, driven by continued commercial therapies development, and clinical trial progress within the CGT market.  BioStorage/BioServices revenue grew 25% year-over-year, reflecting another strong quarter of demand for our expanded, integrated services offering, which provides seamless, secure handling of temperature-sensitive materials across our global network.

As of September 30, 2026, the number of commercial cell and gene therapies we support increased to 23 and our total global clinical trial count that we support rose to 788 clinical trials, a net increase of 43 clinical trials over September 30, 2025, with 99 of these clinical trials in Phase 3. The number of trials by phase and region are as follows:

In Q3 2026, Cryoport’s customer, Replimune, received accelerated U.S. Food and Drug Administration (FDA) approval for TUDRIQEV™ for the treatment of adults with unresectable advanced cutaneous melanoma, a skin cancer that has spread too widely or deeply to be safely or completely removed with surgery. Also, during the quarter Crispr Therapeutics and their partner Vertex Pharmaceuticals received FDA supplemental approval to expand the label of CASGEVY® for treatment of people 2 years of age and older with either Sickle Cell Disease (SCD) or Transfusion-dependent Beta Thalassemia (TDT).  CASGEVY is the first approved genetic therapy indicated for children as young as 2 years for both SCD and TDT . 

Two of Cryoport’s customers filed Biologics License Applications (BLA) with the FDA in the third quarter and we anticipate another five possible BLA or Marketing Authorization Applications (MAA) in 2026.  Cryoport also anticipates two possible additional new therapy approvals (both of which have received Prescription Drug User Fee Act (PDUFA) dates from the FDA for Q4 2026), and one possible additional supplemental approval for geographic expansion from our customer base this year.

Operational Milestones

Cryoport Systems initiated BioLogistics services at its new state-of-the-art Global Supply Chain Center located in Santa Ana, California.Cryoport Systems’ Global Supply Chain Center in Paris, France, received ISO 9001 and ISO 21973 certifications. ISO 21973 certification is the first international standard developed specifically to address the transportation risks associated with human cells for therapeutic use.CRYOGENE secured new BioStorage and service contracts with customers including Houston Methodist Medical Center, Sonic Clinical Trials, and XenoSTART.

Financial Highlights

On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group. The results of CRYOPDP, a former business within Cryoport’s Life Sciences Services segment, are presented as discontinued operations for all periods and are excluded from the non-GAAP financial measures in this release.

Revenue

Total revenue for Q3 2026 was $50.2 million, compared to $44.2 million for Q3 2025, a year-over-year increase of 14%, or $6.0 million. Life Sciences Services revenue for Q3 2026 (representing 57% of our total revenue) was $28.6 million, compared to $24.3 million for Q3 2025, up 18% year-over-year, including BioStorage/BioServices revenue of $6.0 million, up 25% year-over-year. Life Sciences Products revenue for Q3 2026 (representing 43% of our total revenue) was $21.7 million, compared to $20.0 million for Q3 2025.Total revenue for 9M 2026 was $147.0 million, compared to $130.7 million for 9M 2025. Life Sciences Services revenue for 9M 2026 was $83.4 million, compared to $71.5 million for 9M 2025, including BioStorage/BioServices revenue of $16.9 million, compared to $13.7 million for 9M 2025. Life Sciences Products revenue for 9M 2026 was $63.6 million, compared to $59.2 million for 9M 2025.

Gross Margin

Total gross margin was 47.5% for Q3 2026, compared to 48.2% for Q3 2025. Gross margin for Life Sciences Services was 50.4% for Q3 2026, compared to 49.7% for Q3 2025. Gross margin for Life Sciences Products was 43.6% for Q3 2026, compared to 46.4% for Q3 2025.Total gross margin was 46.7% for 9M 2026, compared to 46.9% for 9M 2025. Gross margin for Life Sciences Services was 49.7% for 9M 2026, compared to 48.8% for 9M 2025. Gross margin for Life Sciences Products was 42.6% for 9M 2026, compared to 44.6% for 9M 2025.

Operating Costs and Expenses

Operating costs and expenses were $32.6 million for Q3 2026, compared to $31.3 million for Q3 2025. Operating costs and expenses were $97.0 million for 9M 2026, compared to $88.1 million for 9M 2025.

Loss from Continuing Operations

Loss from continuing operations was $10.9 million for Q3 2026, compared to a loss of $6.7 million for Q3 2025. Loss from continuing operations was $28.5 million for 9M 2026, compared to a loss of $25.4 million for 9M 2025.

Net Income (Loss) – including Discontinued Operations

Net loss was $10.9 million for Q3 2026, compared to net loss of $6.9 million for Q3 2025. Net loss for 9M 2026 was $29.7 million, compared to net income of $89.9 million for 9M 2025. Net income for 9M 2025 was primarily driven by the sale of our CRYOPDP specialty courier business during Q2 2025, which contributed $115.4 million, net of taxes, to income from discontinued operations.Net loss attributable to common stockholders for Q3 2026 was $12.9 million, or $0.25 per share. Net loss attributable to common stockholders for 9M 2026 was $35.7 million, or $0.71 per share. This compares to net loss attributable to common stockholders of $8.9 million, or $0.18 per share, and net income attributable to common stockholders of $83.9 million, or $1.68 per share, for Q3 2025 and 9M 2025, respectively.

Adjusted EBITDA from Continuing Operations

Adjusted EBITDA from continuing operations was $1.1 million for Q3 2026, compared to a negative $0.6 million for Q3 2025. Adjusted EBITDA from continuing operations for 9M 2026 was $0.9 million, compared to a negative $4.4 million for 9M 2025.

Cash, Cash equivalents, and Short-Term Investments

Cryoport held $393.1 million in cash, cash equivalents, and short-term investments as of September 30, 2026.

Revenue Guidance for Full-Year 2026

The Company is providing updated full-year 2026 revenue guidance in the range of $197 million to $199 million. The Company’s 2026 revenue guidance is dependent on its current business and expectations, which may be impacted by, among other things, factors that are outside of our control, such as national economic factors, the global macroeconomic and geopolitical environment, supply chain constraints, inflationary pressures, tariffs and other trade restrictions and/or the effects of foreign currency fluctuations, as well as the other factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC.

Additional Information

Further information on Cryoport’s financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport’s financial performance are provided in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which is expected to be filed with the Securities and Exchange Commission (“SEC”) on November 5, 2026. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport’s website at www.cryoportinc.com.

Earnings Conference Call Information

IMPORTANT INFORMATION: In addition to the earnings release, a document titled “Cryoport Third Quarter 2026 in Review,” providing a review of Cryoport’s business update, will be issued at 4:05 p.m. ET on Thursday, November 5, 2026. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.

Cryoport management will host a conference call at 5:00 p.m. ET on November 5, 2026. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company’s reported results. A slide deck will accompany the call.

Conference Call Information

The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company’s website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until November 12, 2026. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1107312#.

About Cryoport, Inc.

Cryoport, Inc. (Nasdaq: CYRX) is a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the life sciences. Our integrated supply chain platform includes the Cryoportal® Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized BioLogistics, BioStorage, BioServices, cryopreservation services, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are “Enabling the Future of Medicine™.” 

Headquartered in Nashville, Tennessee, our company maintains a strong global presence with operations across the Americas, EMEA, and APAC.

For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates.

Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company’s industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company’s outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company’s plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company’s expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company’s clients. Forward-looking statements also include those related to the Company’s plans regarding its Global Supply Chain Centers, including expected timing of future openings, the Company’s anticipation that it will benefit from its operating leverage, the Company’s belief that it is well positioned to further expand margins, enhance operating efficiency and deliver sustainable, profitable long-term growth for its shareholders, and the Company’s expectation that upcoming growth catalysts in its business segments will drive the Company to new heights in market position, growth, and productivity. It is important to note that the Company’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. The Company’s business could be affected by other factors discussed in the Company’s SEC reports, including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. 

Note Regarding Use of Non-GAAP Financial Measures

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measure of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 is included in this release: adjusted EBITDA from continuing operations. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized (gain)/loss on investments, foreign currency loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.

Management believes that adjusted EBITDA from continuing operations provides a useful measure of Cryoport’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport’s ongoing operating performance. Further, management and the Company’s board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of Cryoport’s comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with Cryoport’s GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport’s ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport’s underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport’s underlying business.

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SOURCE Cryoport, Inc.

Advanced Technology Solutions net revenue growth, up 30% year-over-year, drives Q3 performance;
Genpact raises 2026 guidance for gross margin and adjusted diluted earnings per share1

NEW YORK, Nov. 5, 2026 /PRNewswire/ — Genpact Limited (NYSE: G), the Agentic Operations company, today announced financial results for the third quarter ended September 30, 2026.

“Q3 was another clear proof point that our pivot to Agentic Operations is working, as our flywheel continues to accelerate. Total revenue grew 7.3% year-over-year, and Advanced Technology Solutions revenue growth increased to 30.3%,” said Balkrishan “BK” Kalra, President and CEO, Genpact. “What matters as much as the pace is the quality: we are driving organic growth and winning high-quality revenue. We are building a fundamentally new Genpact in a rapidly expanding market, and that is increasingly showing up in our results.”

“Our Q3 results reflect the strength of our differentiation and execution, with strong revenue growth, significant year-over-year gross margin expansion, and adjusted diluted EPS1 growth of 10.3%, and we are raising our full year 2026 gross margin and adjusted diluted EPS1 guidance to reflect this,” said Sumita Pandit, Chief Financial Officer, Genpact. “We continue to invest significantly in Agentic Operations, strengthening our market position and building a high-quality business with durable growth.”

Key Financial Highlights – Third Quarter 2026

Net revenues were $1.385 billion, up 7.3% year-over-year, and 7.5% on a constant currency basis.2Advanced Technology Solutions net revenues were $405 million, up 30.3% year-over-year, representing 29% of total net revenues.Core Business Services net revenues were $980 million, flat year over year, representing 71% of total net revenues.Gross profit was $527 million, up 12.1% year-over-year, with a corresponding margin of 38.0%.Net income was $152 million, up 4.0% year-over-year, with a corresponding margin of 10.9%.Income from operations was $211 million, up 10.1% year-over-year, with a corresponding margin of 15.2%.Adjusted income from operations3 was $247 million, up 7.7% year-over-year, with a corresponding margin of 17.8%.Diluted earnings per share was $0.89, up 7.2% year-over-year.Adjusted diluted earnings per share1 was $1.07, up 10.3% year-over-year.Cash generated from operations was $93 million.Genpact repurchased approximately 870,000 common shares during the quarter for total consideration of approximately $31 million at an average price per share of $35.49. Genpact returned approximately $31 million in dividends to shareholders.Year-to-date, Genpact returned approximately $246 million to shareholders through share repurchases and dividends.

Outlook

Genpact’s updated outlook for the full year 2026 is as follows:

Net revenue growth of at least 7% year-over-year on an as reported basis, or 6.8% on a constant currency basis.2In Advanced Technology Solutions, we expect revenue to grow at least 25% year-over-year.In Core Business Services, we expect growth to continue year-over-year.Gross margin outlook increased to approximately 36.9%, up approximately 90 basis points year-over-year.Adjusted income from operations margin4 of approximately 17.7%, up approximately 25 basis points year-over-year.Adjusted diluted earnings per share5 growth increased to at least 13% year-over-year.

Third Quarter 2026 Earnings Call

Genpact’s management will host a conference call on November 5, 2026 at 5:00PM ET to discuss the company’s performance for the third quarter ended September 30, 2026. Participants are encouraged to register here to receive a dial-in number and unique PIN for seamless access. It is recommended to join 10 minutes before the call starts, although registration and dial-in will be available at any time. A live webcast, as well as supplemental investor materials, will be available on the Genpact Investor Relations website. An archived replay and transcript will be available on the website shortly after the call.

About Genpact
Genpact (NYSE: G) is the Agentic Operations company, where frontier AI meets context-rich process intelligence. For decades, we have run mission-critical operations for the world’s leading enterprises across finance, risk, supply chain, banking, insurance, and procurement. Today, with Agentic Operations, agents run the work, and our experts own the outcomes, so clients grow faster, operate leaner, and convert more to cash. Get to know us at genpact.com and on LinkedIn, X, YouTube, and Facebook.

Safe Harbor
This press release contains certain statements concerning our future growth prospects, including our outlook for the full year 2026, financial results and other forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties, and other factors include but are not limited to macroeconomic uncertainty, U.S. and global trade and tariff policies and general economic conditions, any deterioration in the global economic environment and its impact on our clients, our ability to develop and successfully execute our business strategies, our transition away from work that is not aligned with our Agentic Operations strategy, our ability to develop and successfully implement technological innovations, including AI technologies such as agentic AI, generative AI and large language models, and our ability to invest in new technologies and adapt to industry developments and client needs at sufficient speed and scale, our ability to effectively price our services and maintain pricing and employee utilization rates, general inflationary pressures and our ability to share increased costs with our clients, wage increases in locations in which we have operations, our ability to attract and retain skilled professionals, our ability to protect our and our clients’ data from security incidents or cyberattacks, political, economic or business conditions in countries in which we operate, the economic and other impacts of geopolitical conflicts and any related sanctions and other measures that have been or may be implemented or imposed in response thereto, as well as any potential expansion or escalation of existing conflicts or economic disruption beyond their current scope, a slowdown in the geographic regions or sectors in which we or our clients operate, the risks and uncertainties arising from our past and future acquisitions or divestitures, our ability to convert bookings to revenues, the effects of our recent enterprise resource planning system implementation on our invoicing, collections and cash flows, our ability to manage growth, factors which may impact our cost advantage, changes in tax rates and tax legislation, tax audits, investigations and tax proceedings, changes in the interpretation or enforcement of tax laws and other laws and regulations, our ability to effectively execute our tax planning strategies, highly competitive markets and any inability to compete effectively, claims and lawsuits, including by clients, employees or other third parties, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management’s current analysis of future events and should not be relied upon as representing management’s expectations or beliefs as of any date subsequent to the time they are made. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact. Our results for the quarter ended September 30, 2026 are also not necessarily indicative of our operating results for any future periods.

Contacts

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with U.S. GAAP (“GAAP”), this press release includes the following non-GAAP financial measures:

Adjusted income from operations;Adjusted income from operations margin;Adjusted net income;Adjusted diluted earnings per share; andRevenue growth on a constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. Accordingly, these non-GAAP financial measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact’s GAAP financial statements to such non-GAAP financial measures should be carefully evaluated.

Given Genpact’s acquisitions of varying scale and size, and the difficulty in predicting expenses relating to acquisitions and the amortization of acquired intangibles thereof, since July 2012 Genpact’s management has used financial statements that exclude all acquisition-related expenses and amortization of acquired intangibles for its internal management reporting, budgeting and decision-making purposes, including comparing Genpact’s operating results to those of its competitors. For the same reasons, since April 2016, Genpact’s management has excluded the impairment of acquired intangible assets from the financial statements it uses for internal management purposes. Acquisition-related expenses are excluded in the period in which an acquisition is consummated. Genpact’s management also uses financial statements that exclude stock-based compensation expense. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when applying ASC 718 “Compensation-Stock Compensation,” Genpact’s management believes that providing non-GAAP financial measures that exclude such expenses allows investors to make additional comparisons between Genpact’s operating results and those of other companies.

Additionally, in its calculations of non-GAAP financial measures, Genpact’s management has adjusted foreign exchange gains and losses, interest income and expense and income tax expenses from GAAP net income, and other income and expenses from GAAP income from operations, because management believes that the Company’s results after taking into account these adjustments more accurately reflect the Company’s ongoing operations.

In its calculations of adjusted diluted earnings per share, Genpact’s management adds back stock-based compensation expense, amortization of acquired intangible assets, acquisition-related expenses and the related tax impact of such adjustments to GAAP diluted earnings per share. For the purpose of calculating adjusted diluted earnings per share, the combined current and deferred tax effect is determined by multiplying each pre-tax adjustment by the applicable statutory income tax rate.

Genpact’s management provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuations compared to prior fiscal periods, thereby facilitating period-to-period comparisons of the Company’s true business performance. Revenue growth on a constant currency basis is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period.

Accordingly, Genpact believes that the presentation of adjusted income from operations, adjusted income from operations margin, adjusted net income, adjusted diluted earnings per share and revenue growth on a constant currency basis, when read in conjunction with the Company’s reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.

A limitation of using adjusted income from operations, adjusted income from operations margin and adjusted net income versus income from operations, income from operations margin, net income and net income margin calculated in accordance with GAAP is that these non-GAAP financial measures exclude certain recurring costs and certain other charges, namely stock-based compensation expense, acquisition-related expenses, amortization of acquired intangible assets, foreign exchange (gains)/ loses, net, interest (income) expense, net and income tax expense. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from these non-GAAP financial measures.

The following tables show the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the three and nine months ended September 30, 2026 and 2025:

The following tables show the reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures for the year ending December 31, 2026:

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SOURCE Genpact