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SOHU.COM REPORTS THIRD QUARTER 2026 UNAUDITED FINANCIAL RESULTS

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BEIJING, Nov. 9, 2026 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the third quarter ended September 30, 2026.

Third Quarter Highlights[1]

Total revenues were US$133 million, down 26% year-over-year and 2% quarter-over-quarter.Marketing services revenues were US$15 million, up 10% year-over-year and down 2% quarter-over-quarter.Online game revenues were US$114 million, down 30% year-over-year and 2% quarter-over-quarter.GAAP net loss attributable to Sohu.com Limited was US$15 million, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.2 million in the second quarter of 2026.Non-GAAP[2] net loss attributable to Sohu.com Limited was US$15 million, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.5 million in the second quarter of 2026.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the third quarter of 2026, our marketing services revenues hit the high end of our guidance, while both our online game revenues and our bottom-line performance were in line with our expectations. For the Sohu social media platform, we continued to strengthen its social features through numerous iconic events, fostering genuine connections among users and boosting active user interactions across multiple verticals. We also kept leveraging our integrated product matrix with innovative and customized marketing solutions to unlock monetization potential. For our online games, we continued to introduce fresh content to sustain player interest while offering tailored gameplay experiences to meet evolving player needs.”

Third Quarter Financial Results

Revenues

Total revenues were US$133 million, down 26% year-over-year and 2% quarter-over-quarter.

Marketing services revenues were US$15 million, up 10% year-over-year and down 2% quarter-over-quarter.

Online game revenues were US$114 million, down 30% year-over-year and 2% quarter-over-quarter.

Cost of Revenues

Both GAAP and non-GAAP total cost of revenues were US$32 million, down 9% year-over-year and up 9% quarter-over-quarter.

Both GAAP and non-GAAP cost of marketing services revenues were US$15 million, up 23% year-over-year and 11% quarter-over-quarter.

Both GAAP and non-GAAP cost of online game revenues were US$14 million, down 33% year-over-year and up 2% quarter-over-quarter.

[1] Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, ceased operations and commenced bankruptcy proceedings during the third quarter of 2019. During the third quarter of 2023, Shanghai Jingmao’s bankruptcy proceedings were concluded by a Chinese mainland bankruptcy court, and the Company accordingly recognized a disposal gain within discontinued operations in the condensed consolidated statements of operations. During the second quarter of 2026, as a result of the Company’s receipt of a further distribution of Shanghai Jingmao’s insolvent assets, the Company recognized an additional disposal gain of US$1 million within discontinued operations in the condensed consolidated statements of operations. Unless indicated otherwise, results presented in this press release are related to continuing operations only and exclude the disposal gain mentioned above.

[2] Non-GAAP results exclude share-based compensation expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Operating Expenses 

Both GAAP and non-GAAP operating expenses were US$120 million, down 9% year-over-year and 4% quarter-over-quarter.

Operating Profit/(Loss)

Both GAAP and non-GAAP operating losses were US$18 million, compared with operating profit of US$14 million in the third quarter of 2025 and an operating loss of US$18 million in the second quarter of 2026.

Income Tax Expense/(Benefit)

Both GAAP and non-GAAP income tax expenses were US$4 million, compared with income tax expense of US$17 million in the third quarter of 2025 and income tax benefit of US$7 million in the second quarter of 2026. For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

Net Income/(Loss)

GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.60 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.2 million in the second quarter of 2026.

Non-GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.59 per fully-diluted ADS, compared with net income of US$9 million in the third quarter of 2025 and net income of US$0.5 million in the second quarter of 2026.

Liquidity and Capital Resources

As of September 30, 2026, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results[3]

Third Quarter 2026 Operating Results

For PC games, total average monthly active user accounts[4] (MAU) were 2.6 million, a decrease of 4% year-over-year and flat quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 1.0 million, a decrease of 8% year-over-year and an increase of 4% quarter-over-quarter. The year-over-year decrease in APA was mainly due to the natural decline of Changyou’s older games, including Tian Long Ba Bu (“TLBB”) PC, and to the natural decline of TLBB: Return, which was launched during the third quarter of 2025.

For mobile games, total average MAU were 1.4 million, a decrease of 24% year-over-year and 16% quarter-over-quarter. Total quarterly APA were 0.2 million, a decrease of 25% year-over-year and 4% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of Changyou’s older games.

Third Quarter 2026 Unaudited Financial Results

Total revenues were US$115 million, a decrease of 30% year-over-year and 2% quarter-over-quarter. Online game revenues were US$114 million, a decrease of 30% year-over-year and 2% quarter-over-quarter. For online game revenues, the year-over-year decrease was mainly due to a natural decline from a high comparison base driven by content updates released for TLBB PC and the launch of TLBB: Return in the third quarter of 2025.

Both GAAP and non-GAAP total cost of revenues were US$14 million, a decrease of 33% year-over-year and an increase of 2% quarter-over-quarter.

Both GAAP and non-GAAP operating expenses were US$42 million, a decrease of 23% year-over-year and 12% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in salary and benefits expenses, as well as a decrease in marketing and promotional spending for our online games. The quarter-over-quarter decrease was mainly due to a decrease in licensing fees related to product development.

GAAP operating profit was US$58 million, compared with US$87 million for the third quarter of 2025 and US$55 million for the second quarter of 2026.             

Non-GAAP operating profit was US$59 million, compared with US$88 million for the third quarter of 2025 and US$56 million for the second quarter of 2026.

[3] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

[4] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

[5] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 10.1 million ADSs for an aggregate cost of approximately US$134 million as of November 5, 2026.

Business Outlook

For the fourth quarter of 2026, Sohu estimates:

Marketing services revenues to be between US$13 million and US$14 million; this implies an annual decrease of 18% to 24%, and a sequential decrease of 6% to 13%.Online game revenues to be between US$111 million and US$121 million; this implies an annual decrease of 8% to an annual increase of 1%, and a sequential decrease of 3% to a sequential increase of 6%.Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$17 million and US$27 million.

For the fourth quarter 2026 guidance, the Company has adopted a presumed exchange rate of RMB6.73=US$1.00, as compared with the actual exchange rate of approximately RMB7.08=US$1.00 for the fourth quarter of 2025, and RMB6.78=US$1.00 for the third quarter of 2026.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense could not be anticipated by management and business line leaders, and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense does not involve subsequent cash outflow and is not reflected in the cash flows at the equity transaction level, Sohu does not factor in its impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu’s business. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services offerings and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2025, and other filings with and information furnished to the U.S. Securities and Exchange Commission.

Conference Call and Webcast

Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, November 9, 2026 (8:30 p.m. Beijing/Hong Kong time, November 9, 2026) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/.

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content, such as news and information, in the form of text, picture, video, and live broadcasting. Sohu also attracts users to actively engage in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, such as the well-known TLBB PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

Sohu.com Limited
Ms. Pu Huang
Tel: +86 (10) 6272-6645
E-mail: ir@contact.sohu.com

Christensen Advisory 
E-mail: sohu@christensencomms.com

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Sep. 30, 2026

Jun. 30, 2026

Sep. 30, 2025

Revenues:

    Marketing services

$

14,888

$

15,179

$

13,596

    Online games

113,872

116,171

162,036

    Others

4,483

4,190

4,529

Total revenues

133,243

135,540

180,161

Cost of revenues:

Marketing services

14,914

13,400

12,172

Online games

14,119

13,829

21,177

Others 

2,531

1,727

1,517

Total cost of revenues

31,564

28,956

34,866

Operating expenses:

Product development

63,636

68,894

61,820

Sales and marketing (includes share-based
compensation expense of nil, $nil, and $4,
respectively) 

43,715

43,801

49,699

General and administrative (includes share-based
compensation expense of $207, $296, and $426,
respectively)

12,608

12,188

20,196

Total operating expenses

119,959

124,883

131,715

Operating profit/(loss)

(18,280)

(18,299)

13,580

Other income, net

3,127

7,166

5,145

Interest income

5,486

5,718

7,140

Exchange difference

(585)

(1,224)

(563)

Income/(loss) before income tax expense

(10,252)

(6,639)

25,302

Income tax expense/(benefit)[6]

4,493

(6,874)

16,636

Net income/(loss) from continuing operations

(14,745)

235

8,666

Net income from discontinued operations[7]

–

734

–

Net income/(loss)

(14,745)

969

8,666

Less: Net income from continuing operations
attributable to the noncontrolling interest shareholders

1

–

–

Net income/(loss) from continuing operations attributable
to Sohu.com Limited

(14,746)

235

8,666

Net income from discontinued operations attributable to
Sohu.com Limited

–

734

–

Net income/(loss) attributable to Sohu.com Limited

(14,746)

969

8,666

Basic net income/(loss) from continuing operations per
share/ADS attributable to Sohu.com Limited

$

(0.60)

$

0.01

$

0.32

Basic net income from discontinued operations per
share/ADS attributable to Sohu.com Limited

$

–

$

0.03

$

–

Basic net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

(0.60)

$

0.04

$

0.32

Shares/ADSs used in computing basic net income/(loss)
per share/ADS attributable to Sohu.com Limited[8]

24,765

25,451

27,491

Diluted net income/(loss) from continuing operations
per share/ADS attributable to Sohu.com Limited

$

(0.60)

$

0.01

$

0.32

Diluted net income from discontinued operations
per share/ADS attributable to Sohu.com Limited

$

–

$

0.03

$

–

Diluted net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

(0.60)

$

0.04

$

0.32

Shares/ADSs used in computing diluted net
income/(loss) per share/ADS attributable to Sohu.com
Limited

24,765

25,451

27,491

[6]  For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

[7]  See footnote 1.

[8]  Each ADS represents one ordinary share.

 

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED, IN THOUSANDS)

As of Sep. 30, 2026

As of Dec. 31, 2025

ASSETS

Current assets:

           Cash and cash equivalents

$

125,499

$

128,308

           Short-term investments

698,463

702,372

           Accounts receivable, net

38,829

43,335

           Prepaid and other current assets 

92,100

93,903

Total current assets

954,891

967,918

Fixed assets, net

248,798

246,263

Goodwill

10,257

10,257

Long-term investments, net

43,836

43,939

Intangible assets, net

2,971

4,692

Long-term time deposits

330,906

350,659

Other assets

11,362

12,325

Total assets

$

1,603,021

$

1,636,053

LIABILITIES 

Current liabilities:

           Accounts payable 

$

35,154

$

36,215

           Accrued liabilities

104,966

95,430

           Receipts in advance and deferred revenue

56,374

54,878

           Accrued salary and benefits

36,976

55,018

           Taxes payables

12,320

15,571

           Other short-term liabilities

74,993

76,601

Total current liabilities

$

320,783

$

333,713

Long-term other payables

3,609

2,896

Long-term tax liabilities

8,212

21,051

Other long-term liabilities

222

322

Total long-term liabilities

$

12,043

$

24,269

                         Total liabilities

$

332,826

$

357,982

SHAREHOLDERS’ EQUITY:

          Sohu.com Limited shareholders’ equity

1,269,850

1,277,727

          Noncontrolling interest

345

344

                     Total shareholders’ equity

$

1,270,195

$

1,278,071

Total liabilities and shareholders’ equity  

$

1,603,021

$

1,636,053

 

 

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended Sep. 30, 2026

Three Months Ended Jun. 30, 2026

Three Months Ended Sep. 30, 2025

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

Operating expenses

$

119,959

$

(207)

(a)  $

119,752

$

124,883

$

(296)

(a)  $

124,587

$

131,715

$

(430)

(a) $

131,285

Operating profit/(loss)

$

(18,280)

$

207

(a)  $

(18,073)

$

(18,299)

$

296

(a)  $

(18,003)

$

13,580

$

430

(a)  $

14,010

Income tax expense/(benefit)[9]

$

4,493

$

–

$

4,493

$

(6,874)

$

–

$

(6,874)

$

16,636

$

–

$

16,636

Net income/(loss) before non-
controlling interest

$

(14,745)

$

207

(a)  $

(14,538)

$

235

$

296

(a)  $

531

$

8,666

$

430

(a)  $

9,096

Net income/(loss) from continuing
operations attributable to Sohu.com
Limited for diluted net income/(loss)
per share/ADS

$

(14,746)

$

207

(a)  $

(14,539)

$

235

$

296

(a)  $

531

$

8,666

$

430

(a)  $

9,096

Net income from discontinued
operations attributable to Sohu.com
Limited for diluted net income
per share/ADS[10]

$

–

$

–

$

–

$

734

$

–

$

734

$

–

$

–

$

–

Net income/(loss) attributable to
Sohu.com Limited for diluted net
income/(loss) per share/ADS

$

(14,746)

$

207

(a)  $

(14,539)

$

969

$

296

(a)  $

1,265

$

8,666

$

430

(a)  $

9,096

Diluted net income/(loss) from
continuing operations per share/ADS
attributable to Sohu.com Limited 

$

(0.60)

$

(0.59)

$

0.01

$

0.02

$

0.32

$

0.33

Diluted net income from discontinued
operations per share/ADS attributable
to Sohu.com Limited

$

–

$

–

$

0.03

$

0.03

$

–

$

–

Diluted net income/(loss) per
share/ADS attributable to Sohu.com
Limited

$

(0.60)

$

(0.59)

$

0.04

$

0.05

$

0.32

$

0.33

Shares/ADSs used in computing
diluted net income/(loss) per
share/ADS attributable to Sohu.com
Limited

24,765

24,765

25,451

25,451

27,491

27,491

Note:

(a) Share-based compensation expense

[9]  See footnote 6.

[10]  See footnote 1.

 

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SOURCE Sohu.com Limited

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Allucent Appoints Chief Medical Officer and Infectious Disease Therapeutic Strategy Head

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28 minutes ago

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November 10, 2026

By

Hubert Bland and Norman Waters strengthen Allucent’s specialized expertise and integrated support for life cycle drug development

CARY, N.C., Nov. 10, 2026 /PRNewswire/ — Allucent, a global specialty CRO purpose-built for small and mid-sized biopharma companies, today announced the appointments of Hubert Bland, MBChB, FFPM, as chief medical officer (CMO) and Norman Waters, PhD, FASTMH, as therapeutic strategy head for Allucent’s Center of Expertise (ACE) in infectious disease.

As CMO, Hubert will guide medical and safety strategy in partnership with sponsors, working across Allucent’s clinical, regulatory, and therapeutic teams to inform clinical planning and medical decision-making. Norman will lead Allucent’s Infectious Disease ACE, supporting both commercial and government-funded programs. The ACE integrates scientific, regulatory, and operational expertise to address the unique challenges of infectious disease drug development. Allucent’s ACE model also includes Oncology & Hematology, Neuroscience, and Immunology & Inflammation, each with dedicated therapeutic leadership supported by integrated expertise.

“Hubert and Norman each bring distinct expertise and insights to help small and mid-sized biopharma companies navigate drug development,” said Patrick Phillips, COO of Allucent. “Hubert has extensive experience leading medical affairs, pharmacovigilance, and patient safety across global pharmaceutical companies and CROs. His perspective from both sides of drug development will be particularly valuable in helping clients navigate the medical, safety, and regulatory demands of advancing new therapies.”

Phillips continued, “Norman’s experience leading infectious disease product development across a range of indications and modalities, including during his 31-year U.S. Army career, positions him to guide both commercial sponsors and government partners through the scientific and development challenges of advancing vaccines and therapeutics for infectious diseases. More broadly, his appointment underscores our continued focus on delivering the specialized therapeutic expertise our clients need from their CRO partner.”

Hubert Bland, Chief Medical Officer

Hubert brings more than 30 years of experience in medical affairs, pharmacovigilance, patient safety and drug development across CROs, global pharmaceutical companies and academic organizations. Most recently, he served as vice president and UK country medical director at GSK, leading the UK medical affairs organization and overseeing safety governance, regulatory compliance, and operational performance. Previously, as vice president of medical services at a CRO, he directed global medical programs for more than 50 pharmaceutical and biotechnology clients annually, providing medical and safety oversight across clinical development and post-marketing. His experience in both sponsor and CRO settings provides perspective on the challenges of advancing new therapies.

Norman Waters, Therapeutic Strategy Head, Infectious Disease

Norman brings more than 25 years of experience in infectious disease research and product development, including extensive work during his 31-year U.S. Army career. His expertise spans vaccines, therapeutics and emerging infectious disease threats. At Allucent, he is responsible for shaping the Infectious Disease Center of Expertise strategy and developing clinical development and operational approaches across indications, modalities and geographies. Previously, he held senior leadership roles at the Sabin Vaccine Institute, the U.S. Army Medical Materiel Development Activity (USAMMDA), the Armed Forces Research Institute of Medical Sciences (AFRIMS) and the Walter Reed Army Institute of Research. At Sabin, he led clinical development and operations for Marburg and Sudan virus vaccine programs, including Phase II trials across U.S. and African sites. A retired U.S. Army colonel, Norman has a proven track record of advancing infectious disease products through complex clinical development and coordinating cross-functional teams.

About Allucent

Allucent is a global, tech-enabled, specialty CRO built for small and mid-sized biopharma companies tackling complex science. Allucent’s integrated approach spanning clinical pharmacology, regulatory strategy, quantitative sciences, and global trial operations is delivered by an A-team of former regulators, leading scientists, and senior clinical experts. With 1,100+ studies conducted across 75+ countries and more than 155,000 patients, Allucent’s combination of global reach plus deep expertise across core therapeutic areas and rare indications enables partners to move faster, reduce risk, and reach critical milestones with confidence. Visit Allucent.com for more information.

MEDIA CONTACT:
Heather Shea heather.shea@catalyticagency.com

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Nearwater Capital Appoints Amar Kuchinad as President

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November 10, 2026

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Former SEC advisor and Goldman Sachs Managing Director joins Nearwater, bringing 30 years of markets, regulatory and operating leadership as the firm enters its next phase of growth

NEW YORK, Nov. 10, 2026 /PRNewswire/ — Nearwater today announced the appointment of Amar Kuchinad as President. Kuchinad will report to James Peterson, Managing Partner and founder of Nearwater, and will serve as a member of the firm’s senior leadership team. The appointment reflects Nearwater’s continued investment in senior talent as it broadens its platform and deepens its client relationships.

As President, Kuchinad will lead all of Nearwater’s operating and corporate functions, enabling the firm’s business heads to stay focused on clients and on growing the franchise. Working alongside them, he will focus on strengthening the infrastructure, controls and organizational capabilities that support Nearwater’s Risk Retention, Liquid Markets and Capital Markets businesses across the United States, Europe and Canada.

“Amar brings a rare combination of market, regulatory and operating experience,” said James Peterson, Managing Partner of Nearwater. “He has built and led a regulated trading platform, overseen technology, data and risk at a global asset manager, and served as a policy advisor at the SEC. As we expand our business and the breadth of what we deliver for clients, Amar’s leadership will ensure that our platform, infrastructure and controls framework keep pace with our ambitions. Adding a leader of his caliber strengthens our senior team for the growth ahead. We are delighted to welcome him to the firm in this role.”

“Nearwater has built a differentiated franchise to address a complex and highly regulated need in capital markets, and I am incredibly excited to join the team in this capacity,” said Kuchinad. “I look forward to working with James and the entire leadership team to expand the platform and capabilities that will support the firm’s next chapter of growth and allow it to serve clients at even greater scale.”

Kuchinad joins Nearwater from Copper, the digital asset infrastructure and custody firm, where he most recently served as CEO. Previously, he was a Senior Managing Director at Pretium Partners, where he oversaw technology, data, analytics and risk across the firm and its operating subsidiaries.

Earlier in his career, Kuchinad co-founded and served as CEO of Electronifie, an SEC-registered electronic corporate bond trading platform that was later acquired by Trumid. He also served as a Senior Policy Advisor at the U.S. Securities and Exchange Commission, and was a Managing Director at Goldman Sachs, where he headed U.S. Portfolio Credit Trading. Kuchinad holds an AB in Applied Mathematics from Harvard University.

About Nearwater

Nearwater is the established leader in developing and delivering innovative, client-driven capital and asset-based financing solutions to the world’s leading banks, asset managers, sponsors and originators. Through its integrated Risk Retention Solutions, Liquid Markets and Capital Markets businesses, Nearwater combines flexible capital, market expertise, structuring capabilities and regulated infrastructure to help clients address funding, liquidity, balance-sheet, and regulatory-capital objectives. Nearwater Capital Markets, Limited is registered with the U.S. Securities and Exchange Commission as a security-based swap dealer, and Nearwater Capital Markets Europe, Limited is a MiFID investment firm regulated by the Central Bank of Ireland.

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Technology

Thesis Elements Expands Support for Student Course Scheduling and Enrollment Analytics

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28 minutes ago

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November 10, 2026

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Mappify, a course scheduling and enrollment analytics platform, will help colleges and universities improve the student registration experience and make more informed scheduling decisions.

CHESTERFIELD, Mo., Nov. 10, 2026 /PRNewswire/ — Thesis America, provider of the Elements student information system (SIS), has acquired Mappify, a platform that helps colleges and universities improve course scheduling for students and gain better insight into enrollment trends.

Mappify gives institutions a public-facing course scheduling tool for students, along with enrollment analytics for registrars, academic leaders, and other higher education decision makers. The platform uses data institutions already maintain in their SIS, making it easier to improve the registration experience and make informed decisions about course offerings.

“Institutions are working hard to give students the courses they need while managing enrollment, faculty, and classroom resources,” said Jason Duggan, CEO of Thesis Elements. “Mappify gives higher ed a practical way to see what’s happening during registration and respond when it matters. It’s a great addition to what we offer, and we’re excited to make it available to more colleges and universities.”

Helping students and institutions make better use of registration data

For students, Mappify makes it easier to find courses and build a schedule that works. Students can check course availability, avoid scheduling conflicts, account for work and other commitments, and explore alternatives when a section fills. Advisors can share recommended schedules directly with students, giving them a useful starting point for conversations about course selection and academic progress.

For institutional leaders, Mappify provides a timelier view of registration. Teams can see which sections are filling, where enrollment is lagging, and which courses may be making it harder for students to get the schedules they need. Enrollment heatmaps, section consolidation tools, and reporting features help institutions evaluate demand and make better-informed decisions about course offerings and resource allocation.

Too often, those issues become clear only after registration has progressed or the term has begun. Mappify helps institutions identify potential problems earlier, when there may still be time to respond.

“A student picking classes is solving a puzzle: work shifts, a commute, a lab that has to line up with a lecture. Most schedule pages leave them to solve it alone. Mappify lets them see what’s open, what conflicts, and what their backup is when a section fills, before registration day and not in the middle of it,” said Travis Cattron, creator of Mappify. “There’s a lot of useful information in an institution’s SIS, but getting that information into a form people can use isn’t always easy. Joining Thesis is an opportunity to bring Mappify to more institutions and keep building on what we’ve started.”

Designed to fit existing systems

Mappify works with data institutions already maintain by using a lightweight export script and API endpoints, eliminating the need for new servers or complex middleware. Institutions can brand the public-facing schedule to match their identity and configure data refreshes to meet their needs, with updates available as often as every minute during peak registration periods.

Most institutions can go live in less than three weeks, according to Mappify, giving colleges a way to introduce new scheduling and analytics capabilities without a lengthy implementation project.

Mappify will be available to Thesis Elements clients as well as a standalone solution for higher education institutions using other student information systems.

About Thesis Elements

Thesis Elements is a cloud-based Student Information System purpose-built for small to midsize institutions. Elements drives operational efficiency with an affordable, user-friendly system that provides critical operations and administration functions to improve student success, enable faster financial aid decisions and easier federal and state reporting, and integrate with an institution’s campus technology ecosystem, including LMS, CRM and ERP systems. Built directly into Elements is Aristotle, an agentic AI layer that lets staff simply ask for what they need — querying, planning, and acting on their own data through natural conversation or automated workflows — turning what used to be long, manual processes into a quick prompt and freeing teams to focus on students, not busywork. With an average implementation time of under 12 months, Elements uses modern technology designed to help future-proof the institution to streamline operations, improve access to essential student data and increase self-service tools for students. Backed by a dedicated user community, Elements evolves based on real-world feedback to better serve the needs of smaller institutions. Founded in 2020, Thesis Elements is a business unit of Thesis America. For more information, visit www.siselements.com.

About Mappify

Mappify helps colleges and universities improve course scheduling and understand enrollment trends. Its platform combines a public course schedule and tools with enrollment analytics that help institutions team evaluate course demand and make informed scheduling decisions. Learn more at www.getmappify.com.

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