Technology
Smart Sensing Empowers Crowd Counting for Flower Markets and Exhibitions Accurate and Efficient
Published
2 years agoon
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HONG KONG, Feb. 18, 2025 /PRNewswire/ — Hong Kong-based AIoT company Smart Sensing is dedicated to delivering smart city and business intelligence solutions by combining AIoT with its self-developed data analysis platform. Several years ago, the company developed a crowd counting technology that is now applied to numerous indoor and outdoor scenarios—including Lunar New Year flower markets and indoor exhibitions—delivering effective crowd management.
Key Advantages of the Smart Sensing Solution:
Customized Algorithm Optimization for Greater Efficiency
Through years of algorithmic optimization, Smart Sensing is capable of processing large numbers of people with a single camera. Even outdoors, one camera can handle hundreds of people with high accuracy. This means fewer cameras and devices are needed to achieve effective crowd counting, resulting in significant cost savings.
Specialized Mobile Equipment Reduces Deployment Costs
In many indoor and outdoor environments, installing cameras can be challenging or prohibitively expensive. In response, Smart Sensing has developed a range of mobile devices that integrate cameras and computing systems, which can be easily deployed in various locations. Along with adjustable camera mounting heights and optimized algorithms, these devices can handle different situations both indoors and outdoors.
Flexible Deployment with Compatibility Across Multiple Video Sources
In addition to deploying its own cameras and edge computing devices, Smart Sensing’s technology is compatible with various video sources. If an existing site already has cameras in place, the system can simply integrate with the available video or data streams for analysis. This flexibility can save on the costs of deploying some or even all the cameras.
Analysis of Headcount, Density, and Movement
Standard crowd counting primarily monitors the number of people and density, enabling on-site personnel to understand current conditions and manage crowd flows. Beyond this, Smart Sensing’s technology also tracks movement patterns and can even forecast changes in crowd dynamics. For example, the system can detect quickly if a surge in a specific area is looming, allowing for timely intervention to ensure crowd safety and enhance overall experience.
Integration with Aerial Imaging and 5G Technology for Expanded Applications
Smart Sensing’s crowd counting system has already been applied successfully across multiple scenarios, delivering an accuracy rate exceeding 85%. Compared to traditional devices and manual counts, its performance is not only more accurate but also far more cost-effective. Moreover, Smart Sensing continually refines its technology to integrate with aerial imaging, 5G, and other advanced methods, meeting the evolving requirements of various crowd management environments.
About Smart Sensing
Established in 2019 and nurtured by the Hong Kong Science Park, Smart Sensing Ltd. has continuously innovated how cities and businesses collect and analyze data, offering a range of smart city and business solutions.
For media inquiries, please contact:
Market Hubs Holdings Limited
Lierence Li
Kary Chan
Phone: +852 3998-4900
Phone: +852 3998-4900
Email: lierence@markethubsgroup.com
Email: kary@markethubsgroup.com
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SOURCE Smart Sensing
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―Third Quarter Marks Return to Year-on-Year Revenue Growth―
―Revenue from Federal Government Clients Increased 3.4% Sequentially―
―Margin Expansion Benefited from Efficient Contract Delivery and Favorable Contract Mix―
―Maintains 2026 Non-GAAP EPS Guidance Midpoint on Lower Revenue―
Third Quarter Highlights:
Revenue Increased 1% to $470 MillionNet Income Was $32 Million; GAAP EPS Was $1.76Non-GAAP EPS1 Increased 19% to $1.98EBITDA1 Was $53.6 Million; Adjusted EBITDA1 Was $54.2 Million, or 11.5% of Total RevenuesContract Awards Were $746 Million, 4.5% Ahead of Last Year and Representing a Quarterly Book-to-Bill Ratio of 1.59 and a TTM Book-to-Bill Ratio of 1.11
RESTON, Va., Nov. 5, 2026 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2026.
Management Commentary
John Wasson, chair and chief executive officer, said, “Our third quarter performance demonstrated the return to year-on-year revenue growth that we anticipated would begin in the second half of this year and benefited from our diversified and integrated business model. Revenues from our federal government clients continued to show solid sequential growth in line with our expectations, and revenues from state and local and non-U.S. government clients increased 7.6% and 12.0% year-on-year, respectively.
“A key highlight of the third quarter was our strong margin performance, benefiting from efficient contract delivery and favorable contract mix. Our Adjusted EBITDA margin was 11.5%, expanding by 10 basis points year-on-year and representing a notable sequential increase. Fixed-price contracts accounted for 50.2% of our third quarter revenues, up from 48.7% in the similar period last year, and together with time & material contracts represented 94.3% of this quarter’s revenues. We are closely managing corporate costs, while continuing to invest in technology and professional staff to support client programs and capture new business opportunities.
“Third quarter revenues from commercial energy clients were considerably below our expectations due to a confluence of factors, most notably a sharp fall-off in contract add-on activity that historically has bolstered second half revenues in our utility programs category. There was a material increase in political and regulatory pressure on utilities in Q3 to develop affordable solutions for their customers, which has caused a slowdown and/or shift in incremental spending priorities for certain existing utility programs. Also, we experienced slower than expected ramp-ups on new contracts. As a result, ICF’s revenues from commercial energy clients are expected to increase at a low- to mid-single-digit rate for 2026. We continue to see commercial energy as a long-term growth driver for ICF. Our year-to-date contract awards have been strong, our win rates are increasing, and we are building a meaningful pipeline in areas where we see utility spending expanding, including audits/weatherization, demand response and virtual power plants.
“This also was a strong quarter for companywide contract awards, which increased 4.5% year-on-year to $746 million. Over 60% of our third quarter awards represented new business, a good indication of how well ICF’s capabilities and expertise are aligned with our clients’ priorities. Following this solid performance, our business development pipeline stood at $8.2 billion at the end of the third quarter and was well diversified across our client set.”
Third Quarter Business Highlights in Key Long-Term Growth Markets
Commercial Energy
ICF manages over 300 energy efficiency programs for 60 utilities in 28 states. Revenues from this part of the company’s commercial energy business were similar to last year’s levels due to the near-term challenges described above. We continue to see positive underlying momentum supported by year-to-date contract wins and client demand for our expertise as they address affordability issues together with operational imperatives around electrification and data center requirements. Energy advisory revenues increased 14.1% in the quarter and 10.5% year-to-date, with particular strength in our work on grid engineering and planning, transmission and interconnection, integrated power and gas planning, resource adequacy, technical due diligence, and storage. Additionally, our work with hyperscalers is expanding, and we are advising on a broader set of issues created by the scale of data center development, including energy efficiency, community impacts, power supply and reliability. As anticipated, other commercial energy comparisons declined year-on-year due to the wind-down of several wind energy projects through last year’s third quarter.
Commercial energy awards represented approximately 26% of year-to-date contract awards, and commercial energy opportunities represent more than $1.6 billion of our pipeline at the end of the third quarter.
ICF’s energy work includes programs for federal and state agencies that provide us with greater insight into the regulatory and stakeholder environment, which strengthens our ability to meet and often exceed the milestones of our commercial energy contracts.
Technology Modernization
ICF has built out its technology modernization capabilities over the last six years, which in the third quarter represented approximately 50% of our revenues from federal government clients. Over 80% of ICF’s technology modernization work is performed under outcome-based, fixed-price contracts, the preferred contract vehicles for government technology projects. Additionally, we continue to align our federal portfolio around administration priorities, with increased focus on expanding our footprint in the defense and national security arena, while building our brand in government-wide application modernization.
While primarily serving federal agency clients, our technology modernization capabilities are deployed across the company’s client categories. Technology modernization opportunities represented approximately $2.4 billion of our pipeline at the end of the third quarter.
State and Local Government/Disaster Recovery
The 7.6% revenue growth from state and local government clients in the third quarter illustrates ICF’s ability to leverage its deep domain expertise and robust technology capabilities across its client sets. Several of the projects driving growth in this client category include developing and managing energy efficiency programs in the Northeast and California, providing advanced technology solutions to several states and territories, and offering our rural health services.
During the quarter, ICF supported more than 50 active disaster recovery programs in more than 20 states and territories. While we view the disaster management market as a driver of long-term growth, funding delays and the slower pace of major events have constrained near-term activity in this arena. ICF continues to execute substantial rebuilding and mitigation projects utilizing our environmental and climate expertise, and we are helping our clients prepare to take on a larger role in rebuilding and resilience, having significantly increased our on-call contracts with state and local governments. State and local government opportunities represented approximately $1.1 billion of the total pipeline at the end of the third quarter.
Third Quarter 2026 Financial Results
Third quarter 2026 total revenue was $470.5 million, up 1.1% from the $465.4 million reported in the third quarter of 2025. Subcontractor and other direct costs were 23.6% of total revenues, compared to 24.2% in last year’s third quarter. Gross margin was 38.1%, 50 basis points above the prior year period. Operating income was $43.6 million, up 13.6% from $38.4 million, and operating margin expanded by 100 basis points to 9.3% from 8.3% in the prior year period. Net income totaled $31.7 million, or $1.76 per diluted share, up from net income of $23.8 million, or $1.28 per share reported in the third quarter of 2025, benefiting from a tax rate of 15.0% and a lower share count. In the prior year quarter, the company’s tax rate was 22.7%.
Non-GAAP EPS increased 18.6% to $1.98 per share, benefiting from the lower tax rate and share count mentioned above. EBITDA was $53.6 million, up from $52.8 million reported in the year-ago quarter. Adjusted EBITDA was $54.2 million, and Adjusted EBITDA margin on total revenues was 11.5%, compared to 11.4% in the third quarter of 2025.
Cash flows from operations were $35.2 million in this year’s third quarter. Excluding restricted cash mainly tied to energy efficiency programs, which fluctuates with the timing of incentive payments to utility customers, operating cash flow was $45.5 million, up from $17.3 million reported in the comparable prior year period. For the first nine months of 2026, cash flows from operations were $131.7 million. Excluding restricted cash, year-to-date operating cash flows were $88.7 million, up from $30.2 million in the first nine months of 2025, on a similarly adjusted basis.
Backlog and New Business
Total backlog was $3.5 billion at the end of the third quarter of 2026. Funded backlog was $1.8 billion, or approximately 52% of the total backlog. The total value of contracts awarded in the 2026 third quarter was $746 million for a quarterly book-to-bill ratio of 1.59 and trailing twelve-month contract awards totaled $2.0 billion for a book-to-bill ratio of 1.11.
Commercial Revenue Third Quarter 2026 Highlights
Commercial revenue was $158.8 million during the quarter, up 1.5% year-over-year.
Commercial revenue accounted for 33.8% of total revenue, similar to 33.6% of total revenue in the 2025 third quarter.Commercial energy revenues represented 88.6% of commercial revenue.
Key Commercial Contracts Awarded in the Third Quarter of 2026
Notable commercial contract awards won in the third quarter of 2026 included:
A contract modification with a Canadian electricity system organization to continue implementing a North American midstream lighting program to expand adoption of energy-efficient technologies by commercial and industrial customers.A new contract with a Mid-Atlantic U.S. electric utility to provide detailed engineering for transmission infrastructure.A new contract with a Mid-Atlantic U.S. utility to provide marketing and customer engagement services supporting its energy efficiency and energy management programs.A recompete contract with a Mid-Atlantic U.S. utility to provide ICF Sightline technology supporting its energy efficiency programs.A new contract with a Mid-Atlantic U.S. utility to provide marketing and customer engagement services supporting its customer programs.A new contract with a Northeastern U.S. utility to support its virtual power plant and battery energy storage program.
Government Revenue Third Quarter 2026 Highlights
Revenue from government clients was $311.7 million during the quarter.
U.S. federal government revenue was $191.3 million, 3.4% above the $185.1 million in the second quarter of 2026, and 3.5% below the $198.3 million reported in the year-ago third quarter. Year-on-year revenue comparisons were impacted by contract cancellations that occurred in 2025, and a slower pace of new RFPs. Federal government revenue accounted for 40.7% of total revenue, compared to 42.6% of total revenue in the third quarter of 2025.U.S. state and local government revenue was $87.9 million, 7.6% above the $81.7 million reported in the year-ago quarter. State and local government clients represented 18.7% of total revenue, compared to 17.6% in the third quarter of 2025.International government revenue was $32.5 million, up 12.0% from the $29.0 million reported in the year-ago quarter. International government revenue represented 6.9% of total revenue, compared to 6.2% in the third quarter of 2025.
Key Government Contracts Awarded in the Third Quarter of 2026
Notable government contract awards won in the third quarter of 2026 included:
A recompete contract with a value of $77.8 million with a federal health agency to provide technical assistance, training and capacity-building services to support the effective administration and delivery of state and territory childcare programs.Two new, multiyear work orders under the County of Los Angeles Energy Support Services Master Agreement with a combined ceiling value of $70.9 million to serve as one of three implementers supporting the Southern California Regional Energy Network’s public sector energy efficiency programs.Two new contracts with a combined value of $55.9 million with a federal national security agency to modernize technology systems supporting personnel security and vetting operations.Three contracts, one new and two recompetes, with a combined value of $36.4 million with a federal health agency to provide communications, marketing and strategic planning for nutrition and physical activity; prostate cancer awareness; and diabetes health education and support.A new contract with a value of $36.3 million with a federal agency to modernize a survey instrument by transitioning to digital collection, dashboards and AI-assisted tools while maintaining data security and statistical integrity.A recompete contract with a value of $22.6 million with a federal health agency to provide training and technical assistance to strengthen the delivery and effectiveness of early childhood programs serving children and families.A new contract with a value of $17.3 million with a federal public safety agency to modernize call center and case management technologies through platform-as-a-service solutions that enhance customer service and mission operations.A new contract with a value of $17.1 million with a federal law enforcement agency to modernize its human resources case management and hiring systems.A recompete contract with a ceiling value of $27.6 million with a federal environmental agency to provide laboratory, field sampling, data validation and quality assurance services.A recompete contract with a value of $15.4 million with a federal health and human services agency to provide compliance auditing, quality assurance and technical assistance services supporting federally funded care facilities.
Dividend Declaration
On November 5, 2026, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 8, 2027, to shareholders of record on December 4, 2026.
Summary and Outlook
“ICF is on the path to second half year-on-year revenue growth, and we see positive momentum as we head into 2027. The adjusted EBITDA margin expansion we achieved in the third quarter was notable, our new contract awards were strong, and our business development pipeline is robust, all indications of the underlying strength of our business and effective cost management. Additionally, given ICF’s diversified portfolio, we see the midterm election results as a tailwind for our business.
“For full year 2026, we are expecting revenues to be similar to 2025 levels, with GAAP EPS of approximately $5.95, inclusive of $.11 of special charges. We are maintaining the midpoint of our Non-GAAP EPS guidance range of $7.10, representing 4.9% year-on-year growth and benefiting from improved margins, a lower interest rate and reduced share count. Operating cash flow is expected to range from $135 million to $150 million, excluding the impact of restricted cash.
“We continue to benefit from the energy of our people, who have shown tremendous dedication and commitment to our clients and embody the strong corporate culture that ICF is known for,” Mr. Wasson concluded.
1 Non-GAAP EPS, EBITDA and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.
About ICF
ICF is a leading global solutions and technology provider. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to: the government contracting industry generally; our dependence on contracts with U.S. federal, state and local, and international government clients for the majority of our revenue; failure by Congress or other governmental bodies to approve budgets and appropriations in a timely fashion, reductions in government spending, and the impact of a lengthy federal government shutdown; the current Administration’s policy changes, executive orders, and failure to spend Congressionally mandated appropriations, including the resulting effect on government audits and contract terminations; changes in federal government budgeting and spending priorities; our ability to estimate and control costs under our fixed-price contracts; the realization of our backlog; the dependence of our commercial work on sectors of the global economy that are highly cyclical; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ materially from those indicated in our forward-looking statements are described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent filings with the Securities and Exchange Commission. The forward-looking statements included herein are made only as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
Note on Forward-Looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577
ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share amounts)
2026
2025
2026
2025
Revenue
$ 470,497
$ 465,405
$ 1,382,492
$ 1,429,178
Direct Costs
291,310
290,545
859,803
891,512
Operating costs and expenses:
Indirect and selling expenses
125,632
122,261
367,787
377,169
Depreciation and amortization
9,908
14,168
36,512
43,665
Total operating costs and expenses
135,540
136,429
404,299
420,834
Operating income
43,647
38,431
118,390
116,832
Interest, net
(6,372)
(7,861)
(19,846)
(23,620)
Other income (expense)
58
176
(1,041)
(2,515)
Income before income taxes
37,333
30,746
97,503
90,697
Provision for income taxes
5,600
6,980
18,300
16,419
Net income
$ 31,733
$ 23,766
$ 79,203
$ 74,278
Earnings per Share:
Basic
$ 1.77
$ 1.29
$ 4.38
$ 4.03
Diluted
$ 1.76
$ 1.28
$ 4.36
$ 4.01
Weighted-average Shares:
Basic
17,939
18,432
18,063
18,447
Diluted
18,055
18,526
18,174
18,542
Cash dividends declared per common share
$ 0.14
$ 0.14
$ 0.42
$ 0.42
Other comprehensive income (loss), net of tax
3,299
(1,733)
3,908
1,712
Comprehensive income, net of tax
$ 35,032
$ 22,033
$ 83,111
$ 75,990
ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP financial measures (2)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share amounts)
2026
2025
2026
2025
Reconciliation of EBITDA and Adjusted EBITDA (3)
Net income
$ 31,733
$ 23,766
$ 79,203
$ 74,278
Interest, net
6,372
7,861
19,846
23,620
Provision for income taxes
5,600
6,980
18,300
16,419
Depreciation and amortization
9,908
14,168
36,512
43,665
EBITDA
53,613
52,775
153,861
157,982
Acquisition and divestiture-related expenses (4)
290
25
984
479
Severance and other costs related to staff realignment (5)
255
359
614
2,909
Charges and adjustments related to facility consolidations and office closures (6)
11
—
983
(138)
Total Adjustments
556
384
2,581
3,250
Adjusted EBITDA
$ 54,169
$ 53,159
$ 156,442
$ 161,232
Net Income Margin Percent on Revenue (7)
6.7 %
5.1 %
5.7 %
5.2 %
EBITDA Margin Percent on Revenue (8)
11.4 %
11.3 %
11.1 %
11.1 %
Adjusted EBITDA Margin Percent on Revenue (8)
11.5 %
11.4 %
11.3 %
11.3 %
Reconciliation of Non-GAAP Diluted EPS (3)
U.S. GAAP Diluted EPS
$ 1.76
$ 1.28
$ 4.36
$ 4.01
Acquisition and divestiture-related expenses
0.02
—
0.05
0.02
Severance and other costs related to staff realignment
0.01
0.02
0.02
0.16
Charges and adjustments related to facility consolidations and office closures
—
—
0.06
(0.01)
Amortization of intangible assets acquired in business combinations (9)
0.23
0.49
1.07
1.50
Income tax effects of the adjustments (10)
(0.04)
(0.12)
(0.22)
(0.38)
Non-GAAP Diluted EPS
$ 1.98
$ 1.67
$ 5.34
$ 5.30
(2) These tables provide reconciliations of Non-GAAP financial measures to the most applicable U.S. GAAP numbers. While we believe that these Non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with U.S. GAAP. Other companies may define similarly titled Non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures.
(3) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.
(4) These are primarily third-party costs related to potential and/or closed acquisitions and integration of closed acquisitions.
(5) These costs are due to involuntary employee termination benefits for (i) our officers and (ii) a group of employees who have been notified that they will be terminated as part of a business reorganization or exit.
(6) These charges and adjustments are related to previously exited leased facilities and the closure of certain international offices.
(7) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.
(8) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the Non-GAAP measure by the corresponding revenue.
(9) The amortization of intangible assets acquired from business combinations totaled $4.2 million and $9.2 million for the three months ended September 30, 2026 and 2025, respectively, and $19.4 million and $27.9 million for the nine months ended September 30, 2026 and 2025, respectively.
(10) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 15.0% and 22.7% for the three months ended September 30, 2026 and 2025, respectively, and 18.8% and 23.0% for the nine months ended September 30, 2026 and 2025, respectively.
ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2026
December 31, 2025
(in thousands, except share amounts)
(Unaudited)
ASSETS
Cash and cash equivalents
$ 5,138
$ 5,297
Restricted cash
89,955
47,984
Accounts receivable, net
229,810
237,996
Contract assets
213,384
186,684
Prepaid expenses and other current assets
28,273
18,390
Income tax receivable
20,656
18,087
Total Current Assets
587,216
514,438
Property and equipment, net
52,057
58,357
Goodwill
1,251,534
1,252,207
Other intangible assets, net
65,329
81,555
Operating lease – right-of-use assets
98,489
106,274
Other assets
47,257
37,340
Total Assets
$ 2,101,882
$ 2,050,171
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable
$ 90,814
$ 123,524
Contract liabilities
39,361
43,444
Lease liabilities – current
18,137
21,491
Accrued salaries and benefits
88,629
95,578
Accrued subcontractors and other direct costs
59,659
48,900
Accrued expenses and other current liabilities
121,879
71,340
Total Current Liabilities
418,479
404,277
Debt
372,122
401,355
Lease liabilities – non-current
136,097
148,493
Deferred income taxes
29,928
6,837
Other long-term liabilities
58,874
60,727
Total Liabilities
1,015,500
1,021,689
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued
—
—
Common stock, par value $.001; 70,000,000 shares authorized; 24,560,674 and 24,378,749 shares
issued at September 30, 2026 and December 31, 2025, respectively; 17,942,455 and 18,247,837
shares outstanding at September 30, 2026 and December 31, 2025, respectively
25
24
Additional paid-in capital
481,249
465,779
Retained earnings
1,027,716
956,077
Treasury stock, 6,618,219 and 6,130,912 shares at September 30, 2026 and December 31, 2025,
respectively
(413,088)
(379,970)
Accumulated other comprehensive loss
(9,520)
(13,428)
Total Stockholders’ Equity
1,086,382
1,028,482
Total Liabilities and Stockholders’ Equity
$ 2,101,882
$ 2,050,171
ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in thousands)
2026
2025
Cash Flows from Operating Activities
Net income
$ 79,203
$ 74,278
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (recovery of) credit losses
458
(305)
Deferred income taxes and unrecognized income tax benefits
18,882
20,186
Non-cash equity compensation
13,314
12,915
Depreciation and amortization
36,512
43,665
Other operating adjustments, net
1,932
3,837
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities
(32,368)
(22,676)
Accounts receivable
7,334
26,829
Prepaid expenses and other current assets
(7,996)
(2,470)
Operating lease assets and liabilities, net
(6,197)
(6,774)
Accounts payable
(32,460)
(21,099)
Accrued salaries and benefits
(6,773)
(22,143)
Accrued subcontractors and other direct costs
11,405
(25)
Accrued expenses and other current liabilities
50,598
(9,804)
Income tax receivable and payable
(2,583)
(30,566)
Other liabilities
487
396
Net Cash Provided by Operating Activities
131,748
66,244
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software
(14,080)
(14,745)
Other investing, net
(322)
403
Net Cash Used in Investing Activities
(14,402)
(14,342)
Cash Flows from Financing Activities
Advances from Credit Facility
1,191,161
1,048,671
Payments on Credit Facility
(1,220,728)
(1,011,838)
Other short-term borrowings, net
295
(5,822)
Dividends paid
(7,605)
(7,775)
Stock repurchases
(33,118)
(42,036)
Issuance of common stock under employee stock purchase plan
2,156
2,524
Payments of debt issuance costs
(4,442)
—
Repayment of finance lease obligations
(2,020)
(1,950)
Net Cash Used in Financing Activities
(74,301)
(18,226)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
(183)
1,433
Net Change in Cash, Cash Equivalents, and Restricted Cash
42,862
35,109
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period
56,324
18,817
Cash, Cash Equivalents, and Restricted Cash, End of Period
$ 99,186
$ 53,926
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest
$ 17,948
$ 20,045
Income tax payments, net of refunds
$ 2,575
$ 27,431
ICF International, Inc. and Subsidiaries
Supplemental Schedule (11)
Revenue by client market
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Energy, environment, infrastructure, and disaster recovery
54 %
53 %
53 %
51 %
Health and social programs
32 %
33 %
33 %
34 %
Security and other civilian & commercial
14 %
14 %
14 %
15 %
Total
100 %
100 %
100 %
100 %
Revenue by client type
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
U.S. federal government
41 %
43 %
40 %
45 %
U.S. state and local government
18 %
17 %
18 %
17 %
International government
7 %
6 %
8 %
6 %
Total Government
66 %
66 %
66 %
68 %
Commercial
34 %
34 %
34 %
32 %
Total
100 %
100 %
100 %
100 %
Revenue by contract mix
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Time-and-materials
44 %
44 %
44 %
44 %
Fixed-price
50 %
49 %
50 %
49 %
Cost-based
6 %
7 %
6 %
7 %
Total
100 %
100 %
100 %
100 %
(11) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client market provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.
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SOURCE ICF
Technology
Globant to Announce Third Quarter 2026 Financial Results on November 19th
Published
57 minutes agoon
November 5, 2026By
LUXEMBOURG, Nov. 5, 2026 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company that helps organizations thrive in a digital and AI-powered future, today announced it will release results for the third quarter ended September 30th, 2026 on Thursday, November 19th, 2026 after the close of regular market hours.
Following the earnings release, Martin Migoya, Globant’s Chief Executive Officer & co-founder, Diego Tártara, Chief Technology Officer, Juan Urthiague, Chief Financial Officer, and Fernando Matzkin, Chief Operating Officer, will discuss the results in a video conference call and a live Q&A session beginning at 4:30 p.m. ET. A shareholder letter will also be available on the investor relations section of Globant’s website.
Video conference call access information is:
https://more.globant.com/F3Q26EarningsCall
About Globant (NYSE: GLOB)
Globant (NYSE: GLOB) is a global AI-native services company that helps organizations reinvent themselves and drive measurable business results by combining technology, creativity and innovation with AI at its core. Through Glob.AI, its AI-native technology services model and its signature AI Pods, agentic service units supervised by experts, the company delivers enterprise-grade technology services tied directly to core business metrics.
Present across 30+ countries, Globant operates a network of industry-specific AI Studios and partners with global brands including FIFA, Google, Riot Games, the LA Clippers and Santander. Recognized by IDC MarketScape as a Worldwide Leader in Experience Design Services (2025) and a Leader in AI Services (2023), Globant’s work is featured as business case studies at Harvard, MIT and Stanford. The company collaborates with leading technology platforms including Anthropic, NVIDIA, AWS and Unity.
For more information, please visit www.globant.com
Investor Relations Contact:
Arturo Langa, Globant
investors@globant.com
+1 (877) 215-5230
Media Contact:
Gregorio Lascano, Globant
pr@globant.com
+1 (877) 215-5230
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SOURCE Globant
Technology
Cryoport Reports Third Quarter 2026 Financial Results
Published
57 minutes agoon
November 5, 2026By
Third quarter revenue grew 14% year-over-year to $50.2 millionCommercial Cell and Gene Therapy revenue increased 20% year-over-yearSupporting a record 788 global clinical trials and 23 commercially approved cell and gene therapies as of September 30, 2026Raises full-year 2026 revenue guidance to $197 million – $199 million
NASHVILLE, Tenn., Nov. 5, 2026 /PRNewswire/ — Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport” or the “Company”), a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, today announced financial results for its third quarter (Q3) and first nine months (9M) of 2026.
Jerrell Shelton, CEO of Cryoport, stated, “Cryoport delivered third quarter revenue of $50.2 million, reflecting continued momentum across our core cell and gene therapy (CGT) business. Revenue from commercial CGT clients increased 20% year over year, BioStorage/BioServices revenue expanded 25%, and total Life Sciences Services revenue grew 18%, underscoring the strength of our integrated platform and the growing demand for our solutions. These results reflect both the increasing number of patients worldwide receiving CGT treatments and the continued adoption of our end-to-end temperature-controlled supply chain solutions. We also achieved 8% year over year growth in Life Sciences Products revenue, supported by MVE Biological Solutions’ (MVE) position as the global market leader in cryogenic systems.
“During the quarter, we further strengthened our leadership position within the CGT ecosystem, ending the period supporting 23 commercial therapies and a record of 788 clinical trials worldwide. Our integrated platform, disciplined execution, and growing utilization of our Global Supply Chain Center Network continue to enhance scalability and operating leverage, advancing our progress toward sustained profitability. This momentum was reflected in our positive adjusted EBITDA of $1.1 million for the quarter, representing another important milestone in our pathway to profitability initiative.
“Our strong year-to-date performance, combined with expanding support of commercial therapies, deepening customer relationships, a robust clinical trial pipeline, and continued demand for MVE’s industry-leading products, gives us confidence in our outlook. As a result, we are increasing our full-year 2026 revenue guidance to a range of $197 million to $199 million,” concluded Mr. Shelton.
The following table presents Q3 2026 revenue compared with Q3 2025:
Cryoport, Inc. and Subsidiaries
Revenue
Three Months Ended
September 30,
(unaudited)
Nine Months Ended
September 30,
(unaudited)
(in thousands)
2026
2025
% Change
2026
2025
% Change
Life Sciences Services
$ 28,564
$ 24,258
18 %
$ 83,431
$ 71,492
17 %
BioLogistics Solutions
22,522
19,428
16 %
66,549
57,832
15 %
BioStorage/BioServices
6,042
4,830
25 %
16,882
13,660
24 %
Life Sciences Products
$ 21,656
$ 19,975
8 %
$ 63,558
$ 59,235
7 %
Total Revenue
$ 50,220
$ 44,233
14 %
$ 146,989
$ 130,727
12 %
BioLogistics Solutions revenue increased 16% year-over-year in Q3 2026, driven by continued commercial therapies development, and clinical trial progress within the CGT market. BioStorage/BioServices revenue grew 25% year-over-year, reflecting another strong quarter of demand for our expanded, integrated services offering, which provides seamless, secure handling of temperature-sensitive materials across our global network.
As of September 30, 2026, the number of commercial cell and gene therapies we support increased to 23 and our total global clinical trial count that we support rose to 788 clinical trials, a net increase of 43 clinical trials over September 30, 2025, with 99 of these clinical trials in Phase 3. The number of trials by phase and region are as follows:
Cryoport Supported Clinical Trials by Phase
Cryoport Supported Clinical Trials by Region
Clinical Trials
September 30,
Clinical Trials
September 30,
2024
2025
2026
2024
2025
2026
Phase 1
295
309
319
Americas
531
559
589
Phase 2
317
353
370
EMEA
112
137
143
Phase 3
79
83
99
APAC
48
49
56
Total
691
745
788
Total
691
745
788
In Q3 2026, Cryoport’s customer, Replimune, received accelerated U.S. Food and Drug Administration (FDA) approval for TUDRIQEV™ for the treatment of adults with unresectable advanced cutaneous melanoma, a skin cancer that has spread too widely or deeply to be safely or completely removed with surgery. Also, during the quarter Crispr Therapeutics and their partner Vertex Pharmaceuticals received FDA supplemental approval to expand the label of CASGEVY® for treatment of people 2 years of age and older with either Sickle Cell Disease (SCD) or Transfusion-dependent Beta Thalassemia (TDT). CASGEVY is the first approved genetic therapy indicated for children as young as 2 years for both SCD and TDT .
Two of Cryoport’s customers filed Biologics License Applications (BLA) with the FDA in the third quarter and we anticipate another five possible BLA or Marketing Authorization Applications (MAA) in 2026. Cryoport also anticipates two possible additional new therapy approvals (both of which have received Prescription Drug User Fee Act (PDUFA) dates from the FDA for Q4 2026), and one possible additional supplemental approval for geographic expansion from our customer base this year.
Operational Milestones
Cryoport Systems initiated BioLogistics services at its new state-of-the-art Global Supply Chain Center located in Santa Ana, California.Cryoport Systems’ Global Supply Chain Center in Paris, France, received ISO 9001 and ISO 21973 certifications. ISO 21973 certification is the first international standard developed specifically to address the transportation risks associated with human cells for therapeutic use.CRYOGENE secured new BioStorage and service contracts with customers including Houston Methodist Medical Center, Sonic Clinical Trials, and XenoSTART.
Financial Highlights
On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group. The results of CRYOPDP, a former business within Cryoport’s Life Sciences Services segment, are presented as discontinued operations for all periods and are excluded from the non-GAAP financial measures in this release.
Revenue
Total revenue for Q3 2026 was $50.2 million, compared to $44.2 million for Q3 2025, a year-over-year increase of 14%, or $6.0 million. Life Sciences Services revenue for Q3 2026 (representing 57% of our total revenue) was $28.6 million, compared to $24.3 million for Q3 2025, up 18% year-over-year, including BioStorage/BioServices revenue of $6.0 million, up 25% year-over-year. Life Sciences Products revenue for Q3 2026 (representing 43% of our total revenue) was $21.7 million, compared to $20.0 million for Q3 2025.Total revenue for 9M 2026 was $147.0 million, compared to $130.7 million for 9M 2025. Life Sciences Services revenue for 9M 2026 was $83.4 million, compared to $71.5 million for 9M 2025, including BioStorage/BioServices revenue of $16.9 million, compared to $13.7 million for 9M 2025. Life Sciences Products revenue for 9M 2026 was $63.6 million, compared to $59.2 million for 9M 2025.
Gross Margin
Total gross margin was 47.5% for Q3 2026, compared to 48.2% for Q3 2025. Gross margin for Life Sciences Services was 50.4% for Q3 2026, compared to 49.7% for Q3 2025. Gross margin for Life Sciences Products was 43.6% for Q3 2026, compared to 46.4% for Q3 2025.Total gross margin was 46.7% for 9M 2026, compared to 46.9% for 9M 2025. Gross margin for Life Sciences Services was 49.7% for 9M 2026, compared to 48.8% for 9M 2025. Gross margin for Life Sciences Products was 42.6% for 9M 2026, compared to 44.6% for 9M 2025.
Operating Costs and Expenses
Operating costs and expenses were $32.6 million for Q3 2026, compared to $31.3 million for Q3 2025. Operating costs and expenses were $97.0 million for 9M 2026, compared to $88.1 million for 9M 2025.
Loss from Continuing Operations
Loss from continuing operations was $10.9 million for Q3 2026, compared to a loss of $6.7 million for Q3 2025. Loss from continuing operations was $28.5 million for 9M 2026, compared to a loss of $25.4 million for 9M 2025.
Net Income (Loss) – including Discontinued Operations
Net loss was $10.9 million for Q3 2026, compared to net loss of $6.9 million for Q3 2025. Net loss for 9M 2026 was $29.7 million, compared to net income of $89.9 million for 9M 2025. Net income for 9M 2025 was primarily driven by the sale of our CRYOPDP specialty courier business during Q2 2025, which contributed $115.4 million, net of taxes, to income from discontinued operations.Net loss attributable to common stockholders for Q3 2026 was $12.9 million, or $0.25 per share. Net loss attributable to common stockholders for 9M 2026 was $35.7 million, or $0.71 per share. This compares to net loss attributable to common stockholders of $8.9 million, or $0.18 per share, and net income attributable to common stockholders of $83.9 million, or $1.68 per share, for Q3 2025 and 9M 2025, respectively.
Adjusted EBITDA from Continuing Operations
Adjusted EBITDA from continuing operations was $1.1 million for Q3 2026, compared to a negative $0.6 million for Q3 2025. Adjusted EBITDA from continuing operations for 9M 2026 was $0.9 million, compared to a negative $4.4 million for 9M 2025.
Cash, Cash equivalents, and Short-Term Investments
Cryoport held $393.1 million in cash, cash equivalents, and short-term investments as of September 30, 2026.
Revenue Guidance for Full-Year 2026
The Company is providing updated full-year 2026 revenue guidance in the range of $197 million to $199 million. The Company’s 2026 revenue guidance is dependent on its current business and expectations, which may be impacted by, among other things, factors that are outside of our control, such as national economic factors, the global macroeconomic and geopolitical environment, supply chain constraints, inflationary pressures, tariffs and other trade restrictions and/or the effects of foreign currency fluctuations, as well as the other factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC.
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
Additional Information
Further information on Cryoport’s financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport’s financial performance are provided in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which is expected to be filed with the Securities and Exchange Commission (“SEC”) on November 5, 2026. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport’s website at www.cryoportinc.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings release, a document titled “Cryoport Third Quarter 2026 in Review,” providing a review of Cryoport’s business update, will be issued at 4:05 p.m. ET on Thursday, November 5, 2026. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
Cryoport management will host a conference call at 5:00 p.m. ET on November 5, 2026. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company’s reported results. A slide deck will accompany the call.
Conference Call Information
Date:
Thursday, November 5, 2026
Time:
5:00 p.m. ET
Dial-in numbers:
1-800-717-1738 (U.S.), 1-646-307-1865 (International)
Confirmation code:
Request the “Cryoport Call” or Conference ID: 1107312
Live webcast:
‘Investor Relations’ section at www.cryoportinc.com or click here.
Please allow 10 minutes prior to the call to visit this site to download and install
any necessary audio software.
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company’s website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until November 12, 2026. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1107312#.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the life sciences. Our integrated supply chain platform includes the Cryoportal® Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized BioLogistics, BioStorage, BioServices, cryopreservation services, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are “Enabling the Future of Medicine™.”
Headquartered in Nashville, Tennessee, our company maintains a strong global presence with operations across the Americas, EMEA, and APAC.
For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company’s industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company’s outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company’s plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company’s expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company’s clients. Forward-looking statements also include those related to the Company’s plans regarding its Global Supply Chain Centers, including expected timing of future openings, the Company’s anticipation that it will benefit from its operating leverage, the Company’s belief that it is well positioned to further expand margins, enhance operating efficiency and deliver sustainable, profitable long-term growth for its shareholders, and the Company’s expectation that upcoming growth catalysts in its business segments will drive the Company to new heights in market position, growth, and productivity. It is important to note that the Company’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. The Company’s business could be affected by other factors discussed in the Company’s SEC reports, including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release.
Cryoport, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Three Months Ended
September 30,
(unaudited)
Nine Months Ended
September 30,
(unaudited)
(in thousands, except share and per share data)
2026
2025
2026
2025
Revenue
Life Sciences Services revenue
$ 28,564
$ 24,258
$ 83,431
$ 71,492
Life Sciences Products revenue
21,656
19,975
63,558
59,235
Total revenue
50,220
44,233
146,989
130,727
Cost of revenue:
Cost of services revenue
14,181
12,201
41,936
36,570
Cost of products revenue
12,205
10,707
36,482
32,814
Total cost of revenue
26,386
22,908
78,418
69,384
Gross margin
23,834
21,325
68,571
61,343
Operating costs and expenses:
Selling, general and administrative
27,904
26,734
83,535
75,543
Engineering and development
4,734
4,523
13,493
12,575
Total operating costs and expenses
32,638
31,257
97,028
88,118
Loss from operations
(8,804)
(9,932)
(28,457)
(26,775)
Other income (expense):
Investment income
3,027
3,402
9,249
6,441
Interest expense
(517)
(526)
(1,467)
(1,727)
Other income (expense), net
(4,364)
525
(7,057)
(2,714)
Loss before provision for income taxes
(10,658)
(6,531)
(27,732)
(24,775)
Provision for income taxes
(194)
(165)
(807)
(673)
Loss from continuing operations
$ (10,852)
$ (6,696)
$ (28,539)
$ (25,448)
Income (loss) from discontinued operations, net
–
(247)
(1,112)
115,393
Net income (loss)
$ (10,852)
$ (6,943)
$ (29,651)
$ 89,945
Paid-in-kind dividend on Series C convertible preferred stock
(2,000)
(2,000)
(6,000)
(6,000)
Net income (loss) attributable to common stockholders
$ (12,852)
$ (8,943)
$ (35,651)
$ 83,945
Net income (loss) per share attributable to common stockholders – basic and diluted
$ (0.25)
$ (0.18)
$ (0.71)
$ 1.68
Weighted average common shares issued and outstanding – basic and diluted
50,653,987
50,125,268
50,335,554
50,110,450
Cryoport, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30,
December 31,
2026
2025
(in thousands)
(unaudited)
Current assets
Cash and cash equivalents
$ 279,179
$ 250,494
Short-term investments
113,897
160,714
Accounts receivable, net
36,004
33,359
Inventories
22,438
23,188
Prepaid expenses and other current assets
5,186
8,419
Total current assets
456,704
476,174
Property and equipment, net
96,367
85,448
Operating lease right-of-use assets
39,473
39,720
Intangible assets, net
133,277
138,082
Goodwill
22,030
22,400
Deposits
1,998
2,092
Deferred tax assets
1,096
1,073
Total assets
$ 750,945
$ 764,989
Current liabilities
Accounts payable and other accrued expenses
$ 16,347
$ 15,283
Accrued compensation and related expenses
14,731
12,980
Deferred revenue
1,455
943
Current portion of operating lease liabilities
4,378
4,133
Current portion of finance lease liabilities
448
422
Current portion of convertible senior notes, net
185,986
185,094
Current portion of notes payable
159
163
Current portion of contingent consideration
674
–
Total current liabilities
224,178
219,018
Notes payable, net
947
1,087
Operating lease liabilities, net
38,905
39,078
Finance lease liabilities, net
688
741
Deferred tax liabilities
1,748
1,354
Other long-term liabilities
965
444
Contingent consideration
–
629
Total liabilities
267,431
262,351
Total stockholders’ equity
483,514
502,638
Total liabilities and stockholders’ equity
$ 750,945
$ 764,989
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measure of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 is included in this release: adjusted EBITDA from continuing operations. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized (gain)/loss on investments, foreign currency loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.
Management believes that adjusted EBITDA from continuing operations provides a useful measure of Cryoport’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport’s ongoing operating performance. Further, management and the Company’s board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of Cryoport’s comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with Cryoport’s GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport’s ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport’s underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport’s underlying business.
Cryoport, Inc. and Subsidiaries
Reconciliation of GAAP loss from continuing operations to adjusted EBITDA
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
(in thousands)
GAAP loss from continuing operations
$ (10,852)
$ (6,696)
$ (28,539)
$ (25,448)
Non-GAAP adjustments to loss:
Depreciation and amortization expense
6,467
6,415
19,458
18,798
Acquisition and integration costs
25
38
25
69
Cost reduction initiatives
857
160
997
642
Investment income
(3,027)
(3,402)
(9,249)
(6,441)
Unrealized (gain) loss on investments
4,171
(655)
6,064
620
Foreign currency loss
380
274
1,485
2,521
Interest expense, net
517
526
1,467
1,727
Stock-based compensation expense
2,346
2,526
7,143
7,635
Change in fair value of contingent consideration
25
—
67
(5,178)
Income taxes
194
165
807
673
Other adjustments
—
—
1,142
—
Adjusted EBITDA from continuing operations
$ 1,103
$ (649)
$ 867
$ (4,382)
View original content to download multimedia:https://www.prnewswire.com/news-releases/cryoport-reports-third-quarter-2026-financial-results-302931284.html
SOURCE Cryoport, Inc.
ICF Reports Third Quarter 2026 Results
Globant to Announce Third Quarter 2026 Financial Results on November 19th
Cryoport Reports Third Quarter 2026 Financial Results
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
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Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
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