Technology
TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2024
Published
1 year agoon
By
BEIJING, Jan. 23, 2025 /PRNewswire/ — TAL Education Group (NYSE: TAL) (“TAL” or the “Company”), a smart learning solutions provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2025 ended November 30, 2024.
Highlights for the Third Quarter of Fiscal Year 2025
Net revenues were US$606.4 million, compared to net revenues of US$373.5 million in the same period of the prior year.Loss from operations was US$17.4 million, compared to loss from operations of US$32.2 million in the same period of the prior year.Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.9 million, compared to non-GAAP loss from operations of US$10.2 million in the same period of the prior year.Net income attributable to TAL was US$23.1 million, compared to net loss attributable to TAL of US$23.9 million in the same period of the prior year.Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$38.6 million, compared to non-GAAP net loss attributable to TAL of US$1.9 million in the same period of the prior year.Basic and diluted net income per American Depositary Share (“ADS”) were both US$0.04. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06. Three ADSs represent one Class A common share.Cash, cash equivalents and short-term investments totaled US$3,835.8 million as of November 30, 2024, compared to US$3,303.3 million as of February 29, 2024.
Highlights for the Nine Months Ended November 30, 2024
Net revenues were US$1,640.0 million, compared to net revenues of US$1,060.9 million in the same period of the prior year.Income from operations was US$12.9 million, compared to loss from operations of US$58.2 million in the same period of the prior year.Non-GAAP income from operations, which excluded share-based compensation expenses, was US$63.5 million, compared to non-GAAP income from operations of US$10.2 million in the same period of the prior year.Net income attributable to TAL was US$91.9 million, compared to net loss attributable to TAL of US$31.1 million in the same period of the prior year.Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$142.5 million, compared to non-GAAP net income attributable to TAL of US$37.3 million in the same period of the prior year.Basic and diluted net income per ADS were both US$0.15. Non-GAAP basic net income per ADS, which excluded share-based compensation expenses, was US$0.24, and Non-GAAP diluted net income per ADS, which excluded share-based compensation expenses, was US$0.23.
Financial Data——Third Quarter and First Nine Months of Fiscal Year 2025
(In US$ thousands, except per ADS data and percentages)
Three Months Ended
November 30,
2023
2024
Pct. Change
Net revenues
373,506
606,446
62.4 %
Loss from operations
(32,185)
(17,432)
(45.8 %)
Non-GAAP loss from operations
(10,184)
(1,920)
(81.1 %)
Net (loss)/income attributable to TAL
(23,946)
23,069
(196.3 %)
Non-GAAP net (loss)/income attributable to TAL
(1,945)
38,581
(2,083.6 %)
Net (loss)/income per ADS attributable to TAL –
basic
(0.04)
0.04
(195.5 %)
Net (loss)/income per ADS attributable to TAL –
diluted
(0.04)
0.04
(194.1 %)
Non-GAAP net (loss)/income per ADS attributable
to TAL – basic
(0.00)
0.06
(2,066.2 %)
Non-GAAP net (loss)/income per ADS attributable
to TAL – diluted
(0.00)
0.06
(2,037.0 %)
Nine Months Ended
November 30,
2023
2024
Pct. Change
Net revenues
1,060,877
1,639,994
54.6 %
(Loss)/income from operations
(58,168)
12,860
(122.1 %)
Non-GAAP income from operations
10,229
63,476
520.5 %
Net (loss)/income attributable to TAL
(31,081)
91,902
(395.7 %)
Non-GAAP net income attributable to TAL
37,316
142,518
281.9 %
Net (loss)/income per ADS attributable to TAL –
basic
(0.05)
0.15
(399.0 %)
Net (loss)/income per ADS attributable to TAL –
diluted
(0.05)
0.15
(394.1 %)
Non-GAAP net income per ADS attributable to
TAL – basic
0.06
0.24
286.2 %
Non-GAAP net income per ADS attributable to
TAL – diluted
0.06
0.23
286.3 %
“We achieved healthy year-on-year revenue growth this quarter. Our AI learning devices remained one of our faster-growing business lines and received encouraging user feedback and market recognition,” said Alex Peng, TAL’s President & Chief Financial Officer.
“We will continue to enhance our products’ capabilities and adaptability across learning services and content solutions. As always, we are committed to helping more users discover learning solutions that meet their unique needs while also contributing positively to society.”
Financial Results for the Third Quarter of Fiscal Year 2025
Net Revenues
In the third quarter of fiscal year 2025, TAL reported net revenues of US$606.4 million, representing a 62.4% increase from US$373.5 million in the third quarter of fiscal year 2024.
Operating Costs and Expenses
In the third quarter of fiscal year 2025, operating costs and expenses were US$624.7 million, representing a 53.9% increase from US$405.8 million in the third quarter of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$609.2 million, representing a 58.7% increase from US$383.8 million in the third quarter of fiscal year 2024.
Cost of revenues increased by 65.5% to US$286.7 million from US$173.2 million in the third quarter of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 67.2% to US$285.4 million, from US$170.7 million in the third quarter of fiscal year 2024.
Selling and marketing expenses increased by 85.6% to US$226.4 million from US$122.0 million in the third quarter of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 91.0% to US$222.4 million, from US$116.4 million in the third quarter of fiscal year 2024.
General and administrative expenses increased by 0.8% to US$111.5 million from US$110.7 million in the third quarter of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 4.8% to US$101.4 million, from US$96.7 million in the third quarter of fiscal year 2024.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 29.5% to US$15.5 million in the third quarter of fiscal year 2025 from US$22.0 million in the same period of fiscal year 2024.
Gross Profit
Gross profit increased by 59.6% to US$319.8 million from US$200.3 million in the third quarter of fiscal year 2024.
(Loss)/Income from Operations
Loss from operations was US$17.4 million in the third quarter of fiscal year 2025, compared to loss from operations of US$32.2 million in the third quarter of fiscal year 2024. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.9 million, compared to Non-GAAP loss from operations of US$10.2 million in the same period of the prior year.
Other Income, Net
Other income was US$18.2 million for the third quarter of fiscal year 2025, compared to other income of US$13.3 million in the third quarter of fiscal year 2024.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was nil for the third quarter of fiscal year 2025, compared to US$2.3 million for the third quarter of fiscal year 2024.
Income Tax (Expense)/Benefit
Income tax benefit was US$3.6 million in the third quarter of fiscal year 2025, compared to US$15.4 million of income tax expense in the third quarter of fiscal year 2024.
Net (Loss)/Income attributable to TAL Education Group
Net income attributable to TAL was US$23.1 million in the third quarter of fiscal year 2025, compared to net loss attributable to TAL of US$23.9 million in the third quarter of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$38.6 million, compared to Non-GAAP net loss attributable to TAL of US$1.9 million in the third quarter of fiscal year 2024.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net income per ADS were both US$0.04 in the third quarter of fiscal year 2025. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06 in the third quarter of fiscal year 2025.
Cash Flow
Net cash provided by operating activities for the third quarter of fiscal year 2025 was US$378.0 million.
Cash, Cash Equivalents, and Short-Term Investments
As of November 30, 2024, the Company had US$2,240.8 million of cash and cash equivalents and US$1,595.0 million of short-term investments, compared to US$2,208.7 million of cash and cash equivalents and US$1,094.6 million of short-term investments as of February 29, 2024.
Deferred Revenue
As of November 30, 2024, the Company’s deferred revenue balance was US$825.6 million, compared to US$428.3 million as of February 29, 2024.
Financial Results for the First Nine Months of Fiscal Year 2025
Net Revenues
For the first nine months of fiscal year 2025, TAL reported net revenues of US$1,640.0 million, representing a 54.6% increase from US$1,060.9 million in the first nine months of fiscal year 2024.
Operating Costs and Expenses
In the first nine months of fiscal year 2025, operating costs and expenses were US$1,628.8 million, representing a 44.1% increase from US$1,130.7 million in the first nine months of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,578.2 million, representing a 48.6% increase from US$1,062.3 million in the first nine months of fiscal year 2024.
Cost of revenues increased by 57.1% to US$757.3 million from US$482.1 million in the first nine months of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 58.3% to US$751.9 million from US$475.1 million in the first nine months of fiscal year 2024.
Selling and marketing expenses increased by 58.0% to US$530.8 million from US$335.9 million in the first nine months of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 63.6% to US$518.4 million from US$316.8 million in the first nine months of fiscal year 2024.
General and administrative expenses increased by 9.0% to US$340.7 million from US$312.7 million in the first nine months of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 13.9% to US$307.9 million from US$270.4 million in the first nine months of fiscal year 2024.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 26.0% to US$50.6 million in the first nine months of fiscal year 2025 from US$68.4 million in the same period of fiscal year 2024.
Gross Profit
Gross profit increased by 52.5% to US$882.7 million from US$578.8 million in the first nine months of fiscal year 2024.
(Loss)/Income from Operations
Income from operations was US$12.9 million in the first nine months of fiscal year 2025, compared to loss from operations of US$58.2 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$63.5 million, compared to US$10.2 million Non-GAAP income from operations in the same period of the prior year.
Other Income, Net
Other income was US$51.8 million for the first nine months of fiscal year 2025, compared to other income of US$11.5 million in the same period of the prior year.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$8.7 million for the first nine months of fiscal year 2025, compared to US$33.0 million for the first nine months of fiscal year 2024.
Income Tax (Expense)/Benefit
Income tax expense was US$24.3 million in the first nine months of fiscal year 2025, compared to US$8.9 million of income tax expense in the first nine months of fiscal year 2024.
Net (Loss)/Income Attributable to TAL Education Group
Net income attributable to TAL was US$91.9 million in the first nine months of fiscal year 2025, compared to net loss attributable to TAL of US$31.1 million in the first nine months of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$142.5 million, compared to US$37.3 million Non-GAAP net income attributable to TAL in the same period of the prior year.
Cash Flow
Net cash provided by operating activities for the first nine months of fiscal year 2025 was US$624.3 million.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net income per ADS were both US$0.15 in the first nine months of fiscal year 2025. Non-GAAP basic net income per ADS, which excluded share-based compensation expenses, was US$0.24, and Non-GAAP diluted net income per ADS, which excluded share-based compensation expenses, was US$0.23 in the first nine months of fiscal year 2025.
Conference Call
The Company will host a conference call and live webcast to discuss its financial results for the third fiscal quarter of fiscal year 2025 ended November 30, 2024 at 7:00 a.m. Eastern Time on January 23, 2025 (8:00 p.m. Beijing time on January 23, 2025).
Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI252a8b58f53a47cebdf55358dda997b1.
Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
A live and archived webcast of the conference call will be available on the Investor Relations section of TAL’s website at https://ir.100tal.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, TAL Education Group’s strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to provide competitive learning services and products; the Company’s ability to continue to recruit, train and retain talents; the Company’s ability to improve the content of current course offerings and develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
About TAL Education Group
TAL Education Group is a smart learning solutions provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning solutions to students from all ages through diversified class formats. Our learning solutions mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.
About Non-GAAP Financial Measures
In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to TAL, non-GAAP basic and non-GAAP diluted net income/(loss) per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.
TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to TAL’s historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
For further information, please contact:
Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: ir@tal.com
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As of
February 29,
2024
As of
November 30,
2024
ASSETS
Current assets
Cash and cash equivalents
$ 2,208,756
$ 2,240,827
Restricted cash-current
167,656
306,549
Short-term investments
1,094,593
1,595,027
Inventory
68,328
98,021
Amounts due from related parties-current
343
387
Prepaid expenses and other current assets
159,498
207,943
Total current assets
3,699,174
4,448,754
Restricted cash-non-current
81,064
41,078
Property and equipment, net
405,319
460,566
Deferred tax assets
4,620
5,165
Rental deposits
16,947
20,669
Intangible assets, net
1,988
964
Land use right, net
189,049
184,937
Amounts due from related parties-non-current
59
59
Long-term investments
284,266
276,254
Long-term prepayments and other non-current assets
14,359
28,055
Operating lease right-of-use assets
231,104
322,563
Total assets
$ 4,927,949
$ 5,789,064
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$ 127,321
$ 189,271
Deferred revenue-current
400,286
780,909
Amounts due to related parties-current
96
107
Accrued expenses and other current liabilities
491,911
625,274
Short-term debt
–
55,231
Operating lease liabilities, current portion
62,604
82,513
Total current liabilities
1,082,218
1,733,305
Deferred revenue-non-current
27,993
44,710
Deferred tax liabilities
2,360
4,040
Operating lease liabilities, non-current portion
176,614
243,346
Total liabilities
1,289,185
2,025,401
Equity
Class A common shares
152
154
Class B common shares
49
49
Additional paid-in capital
4,256,957
4,280,212
Statutory reserve
165,138
164,370
Accumulated deficit
(694,270)
(601,600)
Accumulated other comprehensive loss
(65,928)
(70,493)
Total TAL Education Group’s equity
3,662,098
3,772,692
Noncontrolling interests
(23,334)
(9,029)
Total equity
3,638,764
3,763,663
Total liabilities and equity
$ 4,927,949
$ 5,789,064
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)
For the Three Months Ended
November 30,
For the Nine Months Ended
November 30,
2023
2024
2023
2024
Net revenues
$ 373,506
$ 606,446
$ 1,060,877
$ 1,639,994
Cost of revenues (note 1)
173,180
286,689
482,075
757,329
Gross profit
200,326
319,757
578,802
882,665
Operating expenses (note 1)
Selling and marketing
121,977
226,441
335,902
530,769
General and administrative
110,678
111,537
312,707
340,718
Total operating expenses
232,655
337,978
648,609
871,487
Government subsidies
144
789
11,639
1,682
(Loss)/income from operations
(32,185)
(17,432)
(58,168)
12,860
Interest income, net
20,076
21,491
64,033
64,410
Other income, net
13,324
18,150
11,511
51,767
Impairment loss on long-term
investments
(2,270)
–
(33,031)
(8,692)
(Loss)/income before income tax
(expense)/benefit and loss from
equity method investments
(1,055)
22,209
(15,655)
120,345
Income tax (expense)/benefit
(15,374)
3,582
(8,875)
(24,348)
Loss from equity method
investments
(7,644)
(2,765)
(6,936)
(4,337)
Net (loss)/income
(24,073)
23,026
(31,466)
91,660
Add: Net loss attributable to
noncontrolling interests
127
43
385
242
Total net (loss)/income
attributable to TAL
Education Group
$ (23,946)
$ 23,069
$ (31,081)
$ 91,902
Net (loss)/income per common
share
Basic
$ (0.12)
$ 0.11
$ (0.15)
$ 0.46
Diluted
(0.12)
0.11
(0.15)
0.45
Net (loss)/income per ADS (note
2)
Basic
$ (0.04)
$ 0.04
$ (0.05)
$ 0.15
Diluted
(0.04)
0.04
(0.05)
0.15
Weighted average shares used in
calculating net (loss)/income
per common share
Basic
200,134,875
201,905,486
204,020,823
201,746,602
Diluted
200,134,875
204,949,612
204,020,823
205,093,389
Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:
For the Three Months
For the Nine Months
Ended November 30,
Ended November 30,
2023
2024
2023
2024
Cost of revenues
$ 2,499
$ 1,271
$ 6,989
$ 5,426
Selling and marketing expenses
5,558
4,082
19,120
12,410
General and administrative expenses
13,944
10,159
42,288
32,780
Total
$ 22,001
$ 15,512
$ 68,397
$ 50,616
Note 2: Three ADSs represent one Class A common Share.
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME
(In thousands of U.S. dollars)
For the Three Months Ended
November 30,
For the Nine Months Ended
November 30,
2023
2024
2023
2024
Net (loss)/income
$ (24,073)
$ 23,026
$ (31,466)
$ 91,660
Other comprehensive income/
(loss), net of tax
18,356
(21,512)
(26,239)
(4,348)
Comprehensive (loss)/income
(5,717)
1,514
(57,705)
87,312
Add: Comprehensive
loss/(income) attributable to
noncontrolling interests
557
(2,308)
(356)
25
Comprehensive (loss)/income
attributable to TAL
Education Group
$ (5,160)
$ (794)
$ (58,061)
$ 87,337
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S. dollars)
For the Three Months Ended
November 30,
For the Nine Months Ended
November 30,
2023
2024
2023
2024
Net cash provided by operating
activities
$ 247,123
$ 378,038
$ 329,918
$ 624,255
Net cash (used in)/provided by
investing activities
(208,847)
(214,435)
133,955
(532,739)
Net cash provided by/(used in)
financing activities
207
48,731
(233,301)
41,937
Effect of exchange rate
changes
6,805
(4,834)
(3,111)
(2,475)
Net increase in cash, cash
equivalents and restricted
cash
45,288
207,500
227,461
130,978
Cash, cash equivalents and
restricted cash at the
beginning of period
2,477,080
2,380,954
2,294,907
2,457,476
Cash, cash equivalents and
restricted cash at the end
of period
$ 2,522,368
$ 2,588,454
$ 2,522,368
$ 2,588,454
TAL EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)
For the Three Months
Ended November 30,
For the Nine Months
Ended November 30,
2023
2024
2023
2024
Cost of revenues
$ 173,180
$ 286,689
$ 482,075
$ 757,329
Share-based compensation expense in
cost of revenues
2,499
1,271
6,989
5,426
Non-GAAP cost of revenues
170,681
285,418
475,086
751,903
Selling and marketing expenses
121,977
226,441
335,902
530,769
Share-based compensation expense in
selling and marketing expenses
5,558
4,082
19,120
12,410
Non-GAAP selling and marketing
expenses
116,419
222,359
316,782
518,359
General and administrative expenses
110,678
111,537
312,707
340,718
Share-based compensation expense in
general and administrative expenses
13,944
10,159
42,288
32,780
Non-GAAP general and
administrative expenses
96,734
101,378
270,419
307,938
Operating costs and expenses
405,835
624,667
1,130,684
1,628,816
Share-based compensation expense in
operating costs and expenses
22,001
15,512
68,397
50,616
Non-GAAP operating costs and
expenses
383,834
609,155
1,062,287
1,578,200
(Loss)/income from operations
(32,185)
(17,432)
(58,168)
12,860
Share based compensation expenses
22,001
15,512
68,397
50,616
Non-GAAP (loss)/income from
operations
(10,184)
(1,920)
10,229
63,476
Net (loss)/income attributable to
TAL Education Group
(23,946)
23,069
(31,081)
91,902
Share based compensation expenses
22,001
15,512
68,397
50,616
Non-GAAP net (loss)/income
attributable to TAL Education
Group (note 3)
$ (1,945)
$ 38,581
$ 37,316
$ 142,518
Net (loss)/income per ADS
Basic
$ (0.04)
$ 0.04
$ (0.05)
$ 0.15
Diluted
(0.04)
0.04
(0.05)
0.15
Non-GAAP net (loss)/income per ADS
Basic
$ (0.00)
$ 0.06
$ 0.06
$ 0.24
Diluted
(0.00)
0.06
0.06
0.23
ADSs used in calculating net (loss)/income per ADS
Basic
600,404,625
605,716,458
612,062,469
605,239,806
Diluted
600,404,625
614,848,836
612,062,469
615,280,167
ADSs used in calculating Non-GAAP net (loss)/income per ADS
Basic
600,404,625
605,716,458
612,062,469
605,239,806
Diluted
600,404,625
614,848,836
622,332,267
615,280,167
Note 3: The tax effect of share-based compensation expenses was immaterial in the third quarter and in the first nine months of fiscal year 2025.
View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-third-fiscal-quarter-ended-november-30-2024-302358389.html
SOURCE TAL Education Group
You may like
Technology
OppFi Reports First Quarter 2026 Results, Record Quarterly Revenue
Published
4 hours agoon
May 7, 2026By
Total revenue increased 8.3% year over year to $151.9 million, a Company record for the first quarter
Net income increased 165.0% year over year to $54.0 million
Adjusted net income1 decreased 11.2% year over year to $30.0 million
Board approves new $40 million Share Repurchase Program
CHICAGO, May 7, 2026 /PRNewswire/ — OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans, today reported financial results for the first quarter ended March 31, 2026.
“Operationally, OppFi had a healthy start to 2026, generating record first-quarter revenue, which reflects the strength of our core operations. Strategically, we believe 2026 is a pivotal year of investment for OppFi as we evolve the business with the transformative combination of OppFi’s digital-first platform and BNC’s national bank charter. This initiative unlocks significant opportunities for growth and product diversification. Combining our operations under unified regulatory supervision by the OCC and Federal Reserve simplifies and strengthens our compliance and risk management, which positions us for long-term scalability and sustainable growth,” said Todd Schwartz, CEO and Executive Chairman of OppFi. Our new share repurchase program reflects our continued confidence in OppFi’s long-term growth prospects, our commitment to returning value to our stockholders and belief that our stock currently trades at a significant discount to its underlying value,” Todd Schwartz added.
(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures.
Financial Summary
The following table presents a summary of OppFi’s results for the three months ended March 31, 2026 and 2025 (in thousands, except per share data)†. Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
%
Total revenue(1)
$ 151,881
$ 140,268
8.3 %
Net income
$ 54,038
$ 20,390
165.0 %
Net income (loss) attributable to OppFi Inc.
$ 28,401
$ (11,372)
349.7 %
Adjusted net income(2)
$ 30,045
$ 33,817
(11.2) %
Basic EPS
$ 1.06
$ (0.48)
321.0 %
Diluted EPS(3)
$ 0.56
$ (0.48)
215.7 %
Adjusted EPS(2,3)
$ 0.35
$ 0.38
(9.3) %
† The financial results do not reflect the simplification of OppFi’s corporate structure to collapse its prior Up-C structure, which occurred after the end of the quarter.
(1) Total revenue is calculated as the sum of interest on finance receivables and other revenue.
(2) Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures.
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options in any periods in which their inclusion would have an antidilutive effect.
Key Performance Metrics
The following table represents key quarterly metrics as of and for the three months ended March 31, 2026 and 2025 (in thousands, except percentage metrics).
As of and for the Three Months Ended
(Unaudited)
March 31, 2026
March 31, 2025
Total net originations(a)
$ 175,975
$ 189,168
Total retained net originations(a)
$ 151,449
$ 168,963
Ending receivables(b)
$ 444,922
$ 406,579
Net charge-offs as % of total revenue(c)
42.5 %
34.6 %
Net charge-offs as % of average receivables, annualized(c)
55.5 %
47.0 %
Average yield, annualized(d)
130.7 %
135.8 %
Auto-approval rate(e)
79 %
79 %
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners.
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period.
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible.
(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric.
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved.
Share Repurchase Program
During the three months ended March 31, 2026, OppFi repurchased 1,040,699 shares of Class A Common Stock, which were held as treasury stock, for an aggregate purchase price of $9.9 million at an average purchase price per share of $9.54. As of March 31, 2026, $11.0 million of the repurchase authorization under the Company’s prior repurchase program remained available. On May 6, 2026, the Board of Directors of OppFi approved a new share repurchase program under which the Company may repurchase up to $40 million of its Class A Common Stock. This new program replaces the Company’s prior share repurchase program, which was terminated.
Repurchases under the new program may be made from time to time on the open market, through privately negotiated transactions, or via other methods, in accordance with applicable securities laws and other relevant legal requirements. The timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. The new program does not obligate the Company to repurchase any specific dollar amount or number of shares, and it may be extended, modified, suspended or discontinued at any time.
Conference Call
Management will host a conference call today at 9:00 a.m. ET to discuss OppFi’s financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company’s website.
The conference call can also be accessed with the following dial-in information:
Domestic: (800) 579-2543International: (785) 424-1789Conference ID: OPPFI
An archived version of the webcast will be available on OppFi’s website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,500 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. For additional information, please visit oppfi.com.
Important Additional Information will be Filed with the SEC
In connection with the proposed transaction between OppFi and BNCCORP, Inc. (“BNCC”), OppFi will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “registration statement”), which will contain a proxy statement of BNCC and a prospectus of OppFi (the “proxy statement/prospectus”), and OppFi may file with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY OPPFI, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OPPFI, BNC AND THE PROPOSED TRANSACTION. A definitive copy of the proxy statement/prospectus will be mailed to stockholders of BNCC when that document is final. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus, as well as other filings containing information about OppFi, free of charge from OppFi or from the SEC’s website when they are filed by OppFi. The documents filed by OppFi with the SEC may be obtained free of charge at OppFi’s website, at https://investors.oppfi.com/financials/sec-filings/default.aspx, or by requesting them by mail at 130 E. Randolph Street, Suite 3400, Chicago, IL 60601 or by email at corporate.secretary@oppfi.com.
Participants in a Solicitation
This communication is not a solicitation of a proxy from any security holder of BNCC or OppFi. However, OppFi, BNCC and certain of their respective directors and executive officers may be deemed to be participants in a solicitation of proxies from the stockholders of BNCC in respect of the proposed transaction. Information about OppFi’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2025 and other documents filed by OppFi with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities of OppFi or a solicitation of any vote or approval with respect to the proposed transaction by OppFi or BNCC, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Contacts:
Investor Relations:
Mike Gallentine
Head of Investor Relations
mgallentine@oppfi.com
Media Relations:
media@oppfi.com
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “opportunity,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “possible,” “continue,” “positions,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi’s expectations with respect to its full year 2026 guidance, the future performance of OppFi’s platform and underwriting models, statements regarding OppFi’s proposed acquisition of BNCC, including the anticipated timing, structure, benefits and strategic rationale of such transactions, OppFi’s expectations with respect to the geographic expansion and product diversification that may come from the acquisition, and expectations for OppFi’s growth and future financial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi’s business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; risks related to the proposed acquisition of BNCC including the risk that the transactions may not be completed in a timely manner or at all and the risk of integration or execution challenges; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi’s bank partners will continue to lend in California and whether OppFi’s financing sources will continue to finance the purchase of participation rights in loans originated by OppFi’s bank partners in California; OppFi’s ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi’s business; risks related to any material weakness in OppFi’s internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi’s ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in OppFi’s filings with the United States Securities and Exchange Commission, in particular, contained in the section captioned “Risk Factors.” OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for reconciliations for OppFi’s non-GAAP financial measures to the most directly comparable GAAP financial measures.
First Quarter Results of Operations
Consolidated Statements of Operations
The following table present consolidated results of operations for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
$
%
Revenue:
Interest and loan related income
$ 150,526
$ 139,118
$ 11,408
8.2 %
Other revenue
1,355
1,150
205
17.8
151,881
140,268
11,613
8.3
Change in fair value of finance receivables
(64,583)
(49,458)
(15,125)
30.6
Net revenue
87,298
90,810
(3,512)
(3.9)
Expenses:
Salaries and employee benefits
14,254
13,778
476
3.5
Direct marketing costs
10,385
10,288
97
0.9
Interest expense and amortized debt issuance costs
8,510
10,247
(1,737)
(17.0)
Professional fees
7,264
4,199
3,065
73.0
Technology costs
3,329
2,961
368
12.4
Payment processing fees
1,658
1,630
28
1.7
Occupancy
871
1,039
(168)
(16.2)
Depreciation and amortization
591
1,760
(1,169)
(66.4)
General, administrative and other
5,074
2,416
2,658
110.0
Total expenses
51,936
48,318
3,618
7.5
Income from operations
35,362
42,492
(7,130)
(16.8)
Other income (expense):
Change in fair value of warrant liabilities
21,295
(21,607)
42,902
198.6
Income from equity method investment
1,120
1,076
44
4.1
Other income
232
80
152
191.1
Income before income taxes
58,009
22,041
35,968
163.2
Income tax expense
3,971
1,651
2,320
140.5
Net income
54,038
20,390
33,648
165.0
Less: net income attributable to noncontrolling interest
25,637
31,762
(6,125)
(19.3)
Net income (loss) attributable to OppFi Inc.
$ 28,401
$ (11,372)
$ 39,773
349.7 %
Earnings (loss) per common share attributable to OppFi Inc.:
Earnings (loss) per common share:
Basic
$ 1.06
$ (0.48)
Diluted
$ 0.56
$ (0.48)
Weighted average common shares outstanding:
Basic
26,778,432
23,691,769
Diluted
86,195,269
23,691,769
Condensed Consolidated Balance Sheets
The following table presents consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
(Unaudited)
March 31,
December 31,
Change
2026
2025
$
%
Assets
Cash and restricted cash
$ 99,920
$ 93,263
$ 6,657
7.1 %
Finance receivables at fair value
502,558
546,236
(43,678)
(8.0)
Equity method investment
19,145
19,076
69
0.4
Other assets
98,364
95,515
2,849
3.0
Total assets
$ 719,987
$ 754,090
$ (34,103)
(4.5) %
Liabilities and stockholders’ equity
Accounts payable and accrued expenses
$ 41,610
$ 46,171
$ (4,561)
(9.9) %
Other liabilities
45,975
51,235
(5,260)
(10.3)
Total debt
284,260
321,353
(37,093)
(11.5)
Warrant liabilities
5,160
26,455
(21,295)
(80.5)
Total liabilities
377,005
445,214
(68,209)
(15.3)
Total stockholders’ equity
342,982
308,876
34,106
11.0
Total liabilities and stockholders’ equity
$ 719,987
$ 754,090
$ (34,103)
(4.5) %
Condensed Consolidated Statement of Cash Flows
The following table presents the consolidated statement of cash flows for the three months ended March 31, 2026 and 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
$
%
Net cash provided by operating activities
$ 90,779
$ 83,740
$ 7,039
8.4 %
Net cash used in investing activities
(21,436)
(34,241)
12,805
(37.4)
Net cash used in financing activities
(62,686)
(47,019)
(15,667)
33.3
Net increase in cash and restricted cash
$ 6,657
$ 2,480
$ 4,177
168.4 %
Financial Capacity and Capital Resources
As of March 31, 2026, OppFi had $63.9 million in unrestricted cash, an increase of $14.4 million from December 31, 2025. As of March 31, 2026, OppFi had an additional $240.7 million of unused debt capacity under our financing facilities for future availability, representing a 46% overall undrawn capacity, an increase from $203.6 million as of December 31, 2025. The increase in undrawn debt was driven primarily by a decrease in the utilization of revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $99.9 million, OppFi had approximately $624.9 million in funding capacity as of March 31, 2026.
Reconciliation of Non-GAAP Financial Measures
The following tables present reconciliations of non-GAAP financial measures for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Adjusted EBT and Adjusted Net Income
Comparison of the three months ended March 31, 2026 and 2025
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
$
%
Net income
$ 54,038
$ 20,390
$ 33,648
165.0 %
Income tax expense
3,971
1,651
2,320
140.5
Other income
(232)
(80)
(152)
191.1
Change in fair value of warrant liabilities
(21,295)
21,607
(42,902)
(198.6)
Other adjustments, net(a)
3,035
609
2,426
398.4
Adjusted EBT
39,517
44,177
(4,660)
(10.5)
Less: pro forma taxes(b)
9,472
10,360
(888)
(8.6)
Adjusted net income
$ 30,045
$ 33,817
$ (3,772)
(11.2) %
Adjusted earnings per share
$ 0.35
$ 0.38
Weighted average diluted shares outstanding
86,195,269
87,991,698
(a) For the three months ended March 31, 2026, other adjustments, net of $3.0 million included $1.7 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.2 million in expenses related to severance, and $0.1 million in expenses related to legal matters. For the three months ended March 31, 2025, other adjustments, net of $0.6 million included $1.3 million in expenses related to stock compensation, $0.3 million in expenses related to severance, $0.3 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company’s outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.
(b) Assumes a tax rate of 23.97% for the three months ended March 31, 2026 and 23.45% for the three months ended March 31, 2025, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
Adjusted Earnings Per Share
Comparison of the three months ended March 31, 2026 and 2025
Three Months Ended March 31,
(Unaudited)
2026
2025
Weighted average Class A common stock outstanding
26,778,432
23,691,769
Weighted average Class V voting stock outstanding
58,694,615
62,698,935
Dilutive impact of restricted stock units
556,584
1,341,739
Dilutive impact of performance stock units
12,994
62,377
Dilutive impact of stock options
152,644
196,878
Weighted average diluted shares outstanding
86,195,269
87,991,698
Three Months Ended March 31,
(In thousands, except share and per share data)
2026
2025
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares outstanding
86,195,269
87,991,698
Net income
$ 54,038
$ 0.63
$ 20,390
$ 0.23
Income tax expense
3,971
0.05
1,651
0.02
Other income
(232)
—
(80)
—
Change in fair value of warrant liabilities
(21,295)
(0.25)
21,607
0.25
Other adjustments, net(a)
3,035
0.04
609
0.01
Adjusted EBT
39,517
0.46
44,177
0.50
Less: pro forma taxes(b)
9,472
0.11
10,360
0.12
Adjusted net income
$ 30,045
$ 0.35
$ 33,817
$ 0.38
(a) For the three months ended March 31, 2026, other adjustments, net of $3.0 million included $1.7 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.2 million in expenses related to severance, and $0.1 million in expenses related to legal matters. For the three months ended March 31, 2025, other adjustments, net of $0.6 million included $1.3 million in expenses related to stock compensation, $0.3 million in expenses related to severance, $0.3 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company’s outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.
(b) Assumes a tax rate of 23.97% for the three months ended March 31, 2026 and 23.45% for the three months ended March 31, 2025, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
View original content to download multimedia:https://www.prnewswire.com/news-releases/oppfi-reports-first-quarter-2026-results-record-quarterly-revenue-302764741.html
SOURCE OppFi
Technology
AAON Reports First Quarter 2026 Results with Record Sales and Backlog, Robust Earnings Growth, and Raises Full-Year Guidance
Published
4 hours agoon
May 7, 2026By
First Quarter 2026 Results
(All comparisons are year-over-year, unless otherwise noted)
Delivered record sales and accelerated earnings growth on strong demand and expanding production throughputNet sales grew 54.3% to a record $496.9 millionOperating margins reflected early benefits from improving utilization, with margin improvement expected to build as capacity absorption improvesGAAP diluted EPS increased 37.1% to $0.48 reflecting strong earnings growth on higher volumeTotal backlog increased 107.4% to a record $2.1 billion, driven by continued strength from the data center market
Raises 2026 Outlook
2026 outlook now reflects revenue growth of 40%-45%% and gross margins of approximately 27-28%, supported by record backlog, expanded capacity, and improving operational execution
TULSA, Okla., May 7, 2026 /PRNewswire/ — AAON, INC. (NASDAQ-AAON), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, today announced its results for the first quarter of 2026.
First Quarter 2026 Results
Net sales for the first quarter of 2026 increased 54.3% to $496.9 million, from $322.1 million in the first quarter of 2025. This growth was driven by strong demand across both the AAON and BASX brands, and accelerating production throughput made possible by investments made in capacity and operational execution. BASX-branded sales increased 72.4% to $228.6 million, reflecting continued strength in data center cooling demand, higher production volumes, and increased utilization of recently commissioned capacity. AAON-branded sales increased 41.6% to $268.4 million, supported by a strong backlog and accelerating production rates. Booking activity remained solid across both brands, supporting continued share gains and elevated backlog levels. BASX-branded products ended the quarter with backlog up 160.0%, while AAON‑branded bookings demonstrated continued resilience in a softer market environment.
Gross profit margin in the quarter was 25.1%, compared to 26.8% in the prior-year period. The year‑over‑year decline reflected unabsorbed fixed costs associated with recent capacity investments, temporary outsourcing used to support accelerated growth, and transitory price and cost timing dynamics. These effects are intentional and temporary, and are expected to unwind as internal capacity scales and utilization improves.
Selling, general and administrative expenses as a percent of sales declined 220 basis points to 13.7%, demonstrating strong operating leverage and disciplined cost management.
Earnings per diluted share were $0.48, an increase of 37.1% from $0.35 in the first quarter of 2025.
“First‑quarter results demonstrate strong earnings growth driven by higher volume, improved execution, and continued share gains,” said President and CEO Matt Tobolski. “We delivered record sales, improved cash flow, and higher production throughput across our manufacturing network. Importantly, the additional volume we are taking on is carrying attractive incremental contribution, allowing earnings to grow while we intentionally sequence margin improvement during this phase of capacity ramp.
“Our backlog provides exceptional visibility, particularly across the BASX-brand, and positions us to drive continued growth as we move through the year. At the same time, increasing utilization across existing capacity is expected to support margin improvement over time as fixed costs are absorbed, equipment comes fully online, and productivity continues to improve.
“As we progress through 2026, our priorities are clear and unchanged. Drive throughput, convert backlog, and deliver disciplined margin progression over time. We have built the foundation, and we are now focused on converting that foundation into durable earnings power and long-term returns.”
Backlog
March 31, 2026
December 31, 2025
March 31, 2025
(in thousands)
AAON-branded products
$ 509,806
$ 526,350
$ 403,863
BASX-branded products
1,619,649
1,302,145
623,006
$ 2,129,455
$ 1,828,495
$ 1,026,869
Total backlog increased 107.4% year-over-year to $2.13 billion, and increased 16.5% sequentially. The sequential growth was driven entirely by the BASX brand, with backlog increasing 24.4% from the prior quarter. Sustained data center demand and BASX’s custom-engineered solutions continue to support share gains. As planned, AAON-branded products backlog declined sequentially 3.1%, reflecting a deliberate increase in production to address extended lead times, with manufacturing output exceeding order intake during the quarter. Order activity of AAON equipment remained solid, supporting continued share gains despite softer end-market conditions.
2026 Outlook
Dr. Tobolski concluded, “We are encouraged by the start of the year and the momentum we are seeing across the business. Backlog and demand remain exceptionally strong, providing the visibility and stability needed to maintain a sharp focus on execution, production ramp‑up, and customer fulfillment. We are pleased with the benefits we are starting to see from operational investments, and we have meaningful opportunity ahead to further increase production volumes and enhance productivity, which support improved results over time.
“We now expect 2026 sales to grow 40%-45%, with gross margin of 27%-28%, reflecting intentional ramp decisions early in the year and improving margin as utilization and productivity increases through the year. We anticipate SG&A expenses as a percentage of sales will be 14%-15% and expect depreciation and amortization expenses of $95-$100 million.”
Current
Prior
Metric
FY26
FY26
YoY Sales Growth
40%-45%
18%-20%
Gross Profit Margin
27%-28%
29%-31%
SG&A as a % of sales
14%-15%
~16%
Depreciation & Amortization
$95M-$100M
$95M-$100M
Segment Results
AAON Oklahoma
Three Months Ended
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net sales
$ 243,967
$ 215,503
$ 161,838
Gross profit
$ 64,272
$ 59,168
$ 40,600
Gross profit margin
26.3 %
27.5 %
25.1 %
Net sales for the AAON Oklahoma segment totaled $244.0 million, an increase of 50.7% year-over-year, driven by a strong starting backlog and ongoing production enhancements that improved backlog conversion despite a challenging industry environment. First‑quarter 2026 results also benefited from an easier year‑over‑year comparison, as the prior‑year period was disrupted by the industry’s refrigerant transition, contributing to regained market share.
Gross margin for the segment was 26.3%, compared to 25.1% in the first quarter of 2025. Overhead expenses associated with the new Memphis facility impacted segment margin by $9.8 million. Excluding these costs, segment margins were 29.6%. During the quarter, the segment was impacted by elevated outsourcing levels, price‑cost timing dynamics, and tariff‑related costs, all of which are temporary and do not change the long-term earnings power of the segment.
AAON Coil Products
Three Months Ended
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net sales
$ 117,611
$ 102,619
$ 94,023
Gross profit
$ 28,302
$ 21,827
$ 29,858
Gross profit margin
24.1 %
21.3 %
31.8 %
Net sales for the AAON Coil Products segment totaled $117.6 million, up 25.1% compared to the same period last year. Growth was driven primarily by BASX-branded liquid cooling sales of $93.2 million, up 40.5% during the period, while AAON‑branded sales declined 11.8% year-over-year.
AAON Coil Products gross margin was 24.1%, declining year-over-year from 31.8%, but increasing sequentially from 21.3%. The sequential margin expansion reflected improved operating leverage on higher throughput at the Longview facility, including a favorable mix of higher-margin BASX sales.
BASX
Three Months Ended
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net sales
$ 135,358
$ 106,095
$ 66,193
Gross profit
$ 32,391
$ 28,775
$ 15,906
Gross profit margin
23.9 %
27.1 %
24.0 %
Net sales for the BASX segment increased 104.5% to $135.4 million from $66.2 million in the prior-year period. The year-over-year growth reflected strong demand for data center equipment, supported by robust order intake and elevated backlog levels. Increased production from the Company’s new Memphis facility played a key role by expanding capacity and driving higher sales volumes.
BASX segment gross margin was 23.9%, unchanged from the prior-year period. Margin stability reflected strong volume growth, offset by incremental resources and investments to support future growth and share gains. These incremental costs also contributed to the sequential margin contraction.
Balance Sheet & Cash Flow
As of March 31, 2026, the company had cash, cash equivalents and restricted cash of $1.1 million and a balance on its revolving credit facility of $425.2 million. Andy Cheung, CFO and Treasurer, commented, “During the first quarter, operating cash flow totaled $34.0 million, representing the highest level since the third quarter of 2024. This improvement reflected higher earnings and enhanced working capital efficiency. Capital expenditures totaled $52.9 million, primarily reflecting continued investments in incremental capacity to support future growth. As improvements in profitability and productivity continue, we expect these trends to support stronger cash flow and a healthier balance sheet over time.”
Conference Call
The company will host a conference call and webcast this morning at 9:00 a.m. EST to discuss the first quarter of 2026 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-888-880-3330. To access the listen-only webcast, please register at https://app.webinar.net/x89XOEkP41z. On the next business day following the call, a replay of the call will be available on the company’s website at https://aaon.com/investors.
About AAON
Founded in 1988, AAON is a global leader in HVAC solutions for commercial, industrial and data center indoor environments. The company’s industry-leading approach to designing and manufacturing highly configurable and custom-made equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. Its highly engineered equipment is sold under the AAON and BASX brands. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.aaon.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in any forward-looking statements, see “Risk Factors” and “Forward Looking Statements” in AAON’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by AAON’s Quarterly Reports on Form 10-Q, and AAON’s Current Reports on Form 8-K.
Contact Information
Joseph Mondillo
Director of Investor Relations & Corporate Strategy
Phone: (617) 877-6346
Email: joseph.mondillo@aaon.com
AAON, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31,
2026
2025
(in thousands, except per share data)
Net sales
$ 496,936
$ 322,054
Cost of sales
371,971
235,690
Gross profit
124,965
86,364
Selling, general and administrative expenses
67,906
51,293
Gain on disposal of assets
—
(40)
Income from operations
57,059
35,111
Interest expense
(5,055)
(2,802)
Other income, net
77
174
Income before taxes
52,081
32,483
Income tax provision
12,266
3,191
Net income
$ 39,815
$ 29,292
Earnings per share:
Basic EPS
$ 0.49
$ 0.36
Diluted EPS
$ 0.48
$ 0.35
Cash dividends declared per common share:
$ 0.10
$ 0.10
Weighted average shares outstanding:
Basic
81,756,604
81,472,351
Diluted
83,179,954
83,351,536
AAON, Inc. and Subsidiaries
Segment Net Sales and Profit
(Unaudited)
Three Months Ended March 31,
2026
2025
(in thousands)
AAON Oklahoma
External sales
$ 243,967
$ 161,838
Inter-segment sales
44,509
3,839
Eliminations
(44,509)
(3,839)
Net sales
243,967
161,838
Cost of sales1
179,695
121,238
Gross profit
64,272
40,600
AAON Coil Products
External sales
$ 117,611
$ 94,023
Inter-segment sales
6,818
3,579
Eliminations
(6,818)
(3,579)
Net sales
117,611
94,023
Cost of sales1
89,309
64,165
Gross profit
28,302
29,858
BASX
External sales
$ 135,358
$ 66,193
Inter-segment sales
(2)
43
Eliminations
2
(43)
Net sales
135,358
66,193
Cost of sales1
102,967
50,287
Gross profit
32,391
15,906
Consolidated gross profit
$ 124,965
$ 86,364
1 Presented after intercompany eliminations.
The reconciliation between consolidated gross profit to consolidated income from operations is as follows:
Consolidated gross profit
$ 124,965
$ 86,364
Less: Selling, general and administrative expenses
67,906
51,293
Add: gain on disposal of assets
—
(40)
Consolidated income from operations
$ 57,059
$ 35,111
AAON, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
March 31,
2026
December 31,
2025
2026
2025
Assets
(in thousands, except share and per share data)
Current assets:
Cash and cash equivalents
$ 13
$ 13
Restricted cash
1,087
1,226
Accounts receivable, net
290,161
314,387
Income tax receivable
19,691
27,445
Inventories, net
313,203
261,151
Contract assets, net
298,368
247,037
Prepaid expenses and other
21,177
17,921
Total current assets
943,700
869,180
Property, plant and equipment, net
654,857
631,262
Intangible assets, net and goodwill
171,913
165,799
Right of use assets
17,335
17,988
Other long-term assets
1,907
2,281
Total assets
$ 1,789,712
$ 1,686,510
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term obligations of NMTC1
7,535
7,535
Accounts payable
160,139
110,437
Accrued liabilities
136,731
132,213
Contract liabilities
55,229
80,670
Total current liabilities
359,634
330,855
Debt, long-term
425,154
398,320
Deferred tax liabilities
34,899
30,313
Other long-term liabilities
27,038
23,299
New markets tax credit obligations1
8,778
8,738
Commitments and contingencies (Note 19)
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued
—
—
Common stock, $.004 par value, 200,000,000 shares authorized, 81,851,483 and 81,691,075 issued and outstanding at March 31, 2026 and December 31, 2025, respectively
327
327
Additional paid-in capital
71,913
64,358
Retained earnings
861,969
830,300
Total stockholders’ equity
934,209
894,985
Total liabilities and stockholders’ equity
$ 1,789,712
$ 1,686,510
1 Held by variable interest entities
AAON, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
2026
2025
Operating Activities
(in thousands)
Net income
$ 39,815
$ 29,292
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization
20,903
18,943
Amortization of debt issuance costs
40
52
Amortization of right of use assets
40
25
(Recoveries of) Provision for losses on accounts receivable, net of adjustments
(120)
88
Provision for excess and obsolete inventories, net of write-offs
701
57
Share-based compensation
7,696
4,021
Other
—
(45)
Deferred income taxes
4,586
5,976
Changes in assets and liabilities:
Accounts receivable
24,346
(17,631)
Income tax receivable
7,754
(3,323)
Inventories
(52,753)
(11,489)
Contract assets
(51,331)
(53,235)
Prepaid expenses and other long-term assets
(1,487)
(2,703)
Accounts payable
50,375
21,625
Contract liabilities
(25,441)
1,508
Extended warranties
4,387
37
Accrued liabilities and other long-term liabilities
4,483
(2,412)
Net cash provided by (used in) operating activities
33,994
(9,214)
Investing Activities
Capital expenditures
(45,127)
(46,723)
Grant proceeds received
1,650
—
Proceeds from sale of property, plant and equipment
—
40
Acquisition of intangible assets
(7,808)
(3,717)
Principal payments from note receivable
—
12
Net cash used in investing activities
(51,285)
(50,388)
Financing Activities
Borrowings of debt
252,867
235,925
Payments of debt
(226,033)
(138,411)
Payment related to financing costs
(1,395)
—
Stock options exercised
3,062
4,356
Repurchase of stock – open market
—
(31,536)
Repurchases of stock – LTIP plans (Note 17)
(3,203)
(6,768)
Cash dividends paid to stockholders
(8,146)
(8,095)
Net cash provided by financing activities
17,152
55,471
Net decrease in cash, cash equivalents, and restricted cash
(139)
(4,131)
Cash, cash equivalents, and restricted cash, beginning of period
1,239
6,514
Cash, cash equivalents, and restricted cash, end of period
$ 1,100
$ 2,383
Use of Non-GAAP Financial Measures
To supplement the company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), additional non-GAAP financial measures are provided and reconciled in the following tables. The company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The company believes that this non-GAAP financial measure enhances the ability of investors to analyze the company’s business trends and operating performance as they are used by management to better understand operating performance. Since adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures and are susceptible to varying calculations, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin, as presented, may not be directly comparable with other similarly titled measures used by other companies.
Non-GAAP Adjusted Net Income
The company defines non-GAAP adjusted net income as net income adjusted for any infrequent events, such as litigation settlements, net of profit sharing and tax effect, in the periods presented.
The following table provides a reconciliation of net income (GAAP) to non-GAAP adjusted net income for the periods indicated:
Three Months Ended March 31,
2026
2025
(in thousands)
Net income, a GAAP measure
$ 39,815
$ 29,292
Add: Memphis incentive fee1
—
2,700
Profit sharing effect2
—
(230)
Tax effect
—
(627)
Non-GAAP adjusted net income
$ 39,815
$ 31,135
Non-GAAP adjusted earnings per diluted share
$ 0.48
$ 0.37
1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.
2Profit sharing effect of the Memphis incentive fee in the respective period.
EBITDA
EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund operations. The company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP. EBITDA margin is defined as EBITDA as a percentage of net sales.
The company’s EBITDA measure provides additional information which may be used to better understand the company’s operations. EBITDA is one of several metrics that the company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company’s financial performance. EBITDA, as used by the company, may not be comparable to similarly titled measures reported by other companies. The company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the company’s management team and by other users of the company’s consolidated financial statements.
Adjusted EBITDA is calculated as EBITDA adjusted by items in non-GAAP adjusted net income, above, except for taxes, as taxes are already excluded from EBITDA.
The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) for the periods indicated:
Three Months Ended March 31,
2026
2025
(in thousands)
Net income, a GAAP measure
$ 39,815
$ 29,292
Depreciation and amortization
20,903
18,943
Interest expense, net
5,055
2,802
Income tax expense
12,266
3,191
EBITDA, a non-GAAP measure
$ 78,039
$ 54,228
Add: Memphis incentive fee1
—
2,700
Profit sharing effect2
—
(230)
Adjusted EBITDA, a non-GAAP measure
$ 78,039
$ 56,698
Adjusted EBITDA margin
15.7 %
17.6 %
1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.
2Profit sharing effect of the Memphis incentive fee in the respective period.
Non-GAAP Adjusted Selling, General and Administrative Expenses
The following table provides a reconciliation of selling, general and administrative expenses (GAAP) to adjusted selling, general and administrative expenses (non-GAAP) for the periods indicated:
Three Months Ended March 31,
2026
2025
(in thousands)
Non-GAAP Adjusted Selling, General and Administrative Expenses
SG&A, a GAAP measure
$ 67,906
$ 51,293
Less: Memphis Incentive Fee1
—
2,700
Profit Sharing effect2
—
(230)
Non-GAAP adjusted SG&A expenses
$ 67,906
$ 48,823
As a percent of sales
13.7 %
15.2 %
1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.
2Profit sharing effect of the Memphis incentive fee in the respective period.
View original content to download multimedia:https://www.prnewswire.com/news-releases/aaon-reports-first-quarter-2026-results-with-record-sales-and-backlog-robust-earnings-growth-and-raises-full-year-guidance-302765303.html
SOURCE AAON
Technology
Tetrous® Wins “Most Exciting New Product” Award at Shoulder 360™
Published
4 hours agoon
May 7, 2026By
Following its ACE (Advancing Cutting-Edge) Award win in 2024, Tetrous is recognized once again, this time by Shoulder 360™ for its EnFix® product line.
LOS ANGELES, May 7, 2026 /PRNewswire/ — Tetrous, Inc., an emerging leader in orthopedic sports medicine innovation, today announced it has been awarded “Most Exciting New Product” at Shoulder 360, recognizing the company’s continued advancement in solutions for bone-to-tendon healing.
This latest honor builds on Tetrous’ earlier recognition at the AOSSM Annual Meeting, where the company received the prestigious ACE (Advancing Cutting-Edge) Award in 2024—a distinction given to breakthrough technologies with the potential to meaningfully improve patient outcomes in sports medicine. Shoulder 360™ is the pre-eminent forum meeting annually to educate the spectrum of health care providers caring for patients with shoulder disorders.
Tetrous’ product line, including EnFix RC®, EnFix TAC-O®, EnFix TAC-T®, and EnFix ACL™, is designed to address longstanding challenges in orthopedic soft tissue repair, particularly in procedures such as rotator cuff repair, where failure rates remain a significant concern. Restoring the bone-to-tendon interface, known as the enthesis, ultimately determines healing and long-term success.
Tetrous offers the only demineralized bone fiber (DBF) implant designed specifically for placement within bone at the bone-tendon interface, supplying the biological drivers for repair. When the mineral component is removed from allograft bone, the bone morphogenic proteins (i.e. growth factors) are exposed, allowing them to help stimulate new tissue formation. The peg design of EnFix allows surgeons to place the implant directly into the bone at the repair site, while the internal cannulation allows bone marrow cells to access the implant and initiate healing.
Significant Commercial Progress
Since receiving its prior “technology” award, Tetrous has demonstrated significant commercial and clinical progress:
Expanded to more than 100 surgeon users with three times year over year surgeon growthSurpassed 3,500 implanted devices, reflecting strong clinical adoptionExpanded clinical use of EnFix across multiple anatomical enthesesCompleted first cases with EnFix ACL for Anterior Cruciate Ligament ReconstructionScaled distribution internationally, with active markets in the United States, Australia, and New Zealand, and planned expansion into Taiwan
Raffy Mirzayan, MD, DOCS Health, Clinical Professor of Orthopaedic Surgery at USC Keck School of Medicine, Los Angeles, and Co-Founder of Shoulder360 said: “Shoulder360 was proud to award the ‘Most Exciting New Product/Service Award’ for 2026 to Tetrous. The winner of the award is voted on by surgeon attendees. Tetrous stood out for its efforts to highlight Enthesis healing with its exciting new EnFix product.”
“The rapid pace of adoption we’ve seen in the past year is incredibly encouraging,” said John Bojanowski, Director and Chief Commercial Officer. “Surpassing 3,500 implants and expanding internationally are strong indicators that surgeons recognize the value of what Tetrous is bringing to the OR.”
“Our recognition at Shoulder 360 reflects the growing confidence from surgeons who are recognizing that we have introduced a differentiated solution that can complete the healing triad of (a) fixation, (b) structure and, now with Tetrous, (c) biology – leading to better outcomes for patients,” said Bradley Patt, PhD, Co-founder, Director and CEO.
About Tetrous, Inc.
Founded in 2019, Tetrous, Inc. utilizes next generation advanced technologies for enthesis repair in sports medicine applications. The EnFix family of demineralized bone fiber implants includes EnFix RC®, EnFix TAC® and EnFix ACL™, designed to enhance the natural healing response by supporting biologic reformation at the bone-to-tendon junction. By focusing on clinically validated technologies that reduce failure rates, accelerate recovery, and restore function, Tetrous is helping surgeons achieve consistent, evidence-based results that translate into both short-term return to normal activities and long-term positive outcomes for patients.
Tetrous enjoys significant IP protection for its EnFix family of products with multiple issued patents and, additionally, has an exclusive license to the demineralized bone fiber technology used in its products for sports medicine applications from TheraCell, an ISTO Biologics Company.
Tetrous®, EnFix®, EnFix RC®, EnFix TAC® and EnFix ACL™ are trademarks of Tetrous, Inc.
For more information visit Tetrous, Inc., and follow us on LinkedIn.
Media Contact:
Ronda Taylor
Tetrous, Inc.
331-307-7499
rtaylor@tetrous.com
Product Information:
John Bojanowski
Tetrous, Inc.
331-307-7499
jbojanowski@tetrous.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/tetrous-wins-most-exciting-new-product-award-at-shoulder-360-302764891.html
SOURCE Tetrous
Core Scientific posts $347M loss as AI hosting overtakes Bitcoin mining
South Korea confirms 22% crypto tax starting January 2027: Report
Bitcoin analysts say this level must break for BTC price to confirm bottom
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days agoCupidFeel Insights Show How Shared Interests Affect Initial Connection Outcomes
-
Technology5 days agoPOVADDO AND PROLEGIS ANNOUNCE STRATEGIC PARTNERSHIP TO EXPAND ACCESS TO PUBLIC POLICY PROFESSIONALS FOR OPINION RESEARCH
-
Technology5 days agoPOVADDO AND PROLEGIS ANNOUNCE STRATEGIC PARTNERSHIP TO EXPAND ACCESS TO PUBLIC POLICY PROFESSIONALS FOR OPINION RESEARCH
-
Coin Market4 days agoNew York forces Uphold to pay $5M over fraudulent crypto investment scheme
-
Coin Market5 days ago
Bitcoin mining stocks climb in 2026 as BTC lags behind
-
Coin Market4 days agoAmericans distrust crypto, AI as industry super PACs flood midterms, poll finds
-
Coin Market5 days agoKraken parent Payward closes Bitnomial deal to expand US crypto derivatives
-
Coin Market3 days ago
US law firm attempts to block transfer of frozen ETH from Kelp exploit