Technology

Happen, Inc. Reports Second Quarter 2026 Results

Published

1 day ago

July 27, 2026

Record $75.7 Million Pre-Tax Income, 15.1% ROE, and 15.9% ROTCE
Grew Originations 29% Year-over-Year; Increased Diluted EPS 52% Year-over-Year to $0.50
Successfully Rebranded to Happen Bank (Nasdaq: HAPN) from LendingClub

SAN FRANCISCO, July 27, 2026 /PRNewswire/ — Happen, Inc. (Nasdaq: HAPN), parent company of Happen Bank, a digital bank built for the Motivated Middle, today announced financial results for the second quarter ended June 30, 2026.

“Happen delivered a standout quarter, growing originations 29% year-over-year to $3.1 billion, while producing record pre-tax income of $75.7 million and a return on tangible common equity of 15.9%,” said Scott Sanborn, CEO, Happen, Inc. “This is our first quarter operating under the Happen Bank brand, and our results demonstrate exactly what the brand represents: forward momentum. Our core business is firing on all cylinders. We’re ramping our entry into the $500 billion home improvement market and we’re innovating on behalf of our members, all while growing earnings and increasing returns for our shareholders.”

Second Quarter 2026 Results

Highlights:

Launched the new Happen Bank brand.Transferred stock listing from NYSE: LC to Nasdaq: HAPN.Delivering growth across consumer businesses.Began originating loans in the home improvement market.Continued multi-year credit outperformance vs. competitor set, with over 40% lower delinquencies.Record >90% automation rate and AI-powered agent support tools led to record originations efficiency.Executed $12 million of the $100 million Stock Repurchase and Acquisition Program, with cumulative utilization through June totaling $50 million.

Balance Sheet:

Total assets of $12.5 billion, up 16% year-over-year, primarily due to growth in loans and securities.Deposits of $10.8 billion, up 18% year-over-year, with 88% of deposits FDIC-insured.Robust available liquidity of $4.1 billion.Strong capital position with a consolidated Tier 1 leverage ratio of 11.9% and a CET1 capital ratio of 16.9%.

Financial Performance:

Achieved $3.1 billion in origination volume, up 29% compared to the prior year, driven by the successful execution of product and marketing initiatives.Total net revenue increased 6% to $262.9 million, compared to $248.4 million in the prior year, driven by higher loan origination volume and higher net interest income.Provision benefit of $10.9 million, compared to an expense of $39.7 million in the prior year, due to strong credit performance and the 2026 election of fair value option (FVO) accounting for all new originations.Net charge-offs on total loans and leases held for investment improved to $40.6 million, compared to $46.1 million in the same quarter in the prior year, supported by strong credit performance.Net income and Diluted EPS grew 52% to $58.1 million and $0.50, respectively, compared to $38.2 million and $0.33 in the prior year, respectively.Profit margin (pre-tax) of 28.8%, compared to 21.7% in the prior year.Return on Equity (ROE) of 15.1% with a Return on Tangible Common Equity (ROTCE) of 15.9%.

Summary Financial Highlights:

Three Months Ended

($ in millions, except per share amounts)

June 30,
2026

March 31,
2026

June 30,
2025

Total net revenue

$ 262.9

$ 252.3

$ 248.4

Provision for credit losses

(10.9)

0.4

39.7

Non-interest expense

198.1

184.5

154.7

Income before income tax expense

75.7

67.3

54.0

Income tax expense

(17.5)

(15.7)

(15.8)

Net income

$ 58.1

$ 51.6

$ 38.2

Diluted EPS

$ 0.50

$ 0.44

$ 0.33

For a calculation of Tangible Book Value Per Common Share and Return on Tangible Common Equity, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.

2026 Strategic Priorities & Investments

Happen has made important progress on several strategic initiatives:

Corporate Rebrand: Rebranded to Happen BankTM, a bank that clears the way for people going places, providing fast and easy access to award-winning products that help them save more of what they earn and earn more on what they save. The new brand reflects the company’s transition from a pioneering online lender to a diversified digital-first bank that combines deposits, lending, and a capital-light marketplace bank model. The company completed the transition and began trading on Nasdaq under HAPN in June 2026.

Home Improvement Financing: Having previously acquired foundational technology and key talent, Happen Bank is now underwriting and originating home improvement loans and the pipeline of additional new partners is significant. Home improvement is a $500 billion market where Happen Bank has distinct advantages over incumbents and a meaningful opportunity for growth.

AI and Operating Efficiency: The company has multiple AI initiatives underway across marketing, product, engineering, operations, customer experience, and compliance, with the goal of improving member experience, driving efficiency, and supporting margin expansion over time. AI-powered automation and agent support tools have already led to record personal loans originations production efficiency and a record-high >90% automation rate for issued loans.

New Marketing Channel Investment: The company accelerated investments in new acquisition channels, including paid social and display, ahead of normal seasonal timing in order to build attribution models and data capabilities for the full-year 2026 growth plan. Successful execution of marketing and product initiatives contributed to a 29% year-over-year increase in originations in the second quarter.

Transition to Fair Value Option Accounting: Starting January 1, 2026, Happen Bank adopted FVO accounting for all new originations of loans held for investment. This change aligns the accounting treatment for loans held for investment and held for sale, creating a consistent framework across the business and better aligns the timing of revenue recognition with the timing of credit and operational expenses. The company expects this transition will, over time, result in higher return on invested capital.

From a financial reporting perspective, under FVO, new loans are marked to fair value at origination, with subsequent changes in fair value, reflecting both credit performance and market conditions, flowing through non-interest income each quarter rather than through a separate provision for credit losses. The company will no longer record a CECL provision on new loan originations.

Financial Outlook

Third Quarter 2026

Loan originations

$3.20B to $3.35B

Diluted EPS

$0.43 to $0.48

Full Year 2026

Loan originations

$12.2B to $12.6B

Diluted EPS

$1.80 to $1.90

About Happen Bank

Happen Bank™ – formerly LendingClub Bank – is a digital bank built for the Motivated Middle: high-FICO, high-income, digitally savvy consumers actively managing their financial lives. Our difference? We make it easy for them to access award-winning products that help them keep more of what they earn and earn more on what they save. Our products are aligned by design to reward our five million plus members when they take positive financial steps, like saving regularly or making loan payments on time.

The Company’s success is fueled by our advanced credit underwriting, a proprietary technology platform engineered for innovation, and a marketplace bank model that drives value for members, loan investors, and shareholders alike. The result is affordable credit, meaningful value, and a trusted banking relationship – delivered consistently and profitably at scale.

Happen Bank exists to clear the way for our members to make it happen.

Happen, Inc. (Nasdaq: HAPN) – formerly LendingClub Corporation – is the parent company and operator of Happen Bank, National Association, Member FDIC. For more information about Happen Bank, visit https://www.happen.com.

Conference Call and Webcast Information

Happen, Inc.’s second quarter 2026 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Monday, July 27, 2026. A live webcast of the call will be available at https://ir.happen.com under News & Events menu. To listen to the call, register using this link: https://edge.media-server.com/mmc/p/n9sxvwro ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at https://ir.happen.com. Happen, Inc. communicates with its investors and the public, including by disclosing material information pursuant to Regulation FD, through various channels, including its website (including the investor relations page at https://ir.happen.com), social media (including X, LinkedIn and Facebook), filings with the Securities and Exchange Commission, press releases, conference calls and webcasts. Accordingly, we encourage investors and the public to review our communications across all channels.

Question Submissions

Prior to quarterly earnings, investors have the ability to submit and upvote questions for Happen Bank’s management team to consider. To participate, visit the link provided in each quarter’s earnings date announcement.

Contacts
For Investors:
IR@happen.com

Media Contact:
Press@happen.com

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Tangible Book Value (TBV) Per Common Share and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe TBV Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company’s ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on page 11 of this release.

Safe Harbor Statement

Some of the statements above, including statements regarding our entry into home improvement financing, our AI initiatives, the impact of the transition to fair value option accounting and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

HAPPEN, INC.

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)

As of and for the three months ended

% Change

June 30,
2026

March 31,
2026

December 31,

2025

September 30,

2025

June 30,
2025

Q/Q

Y/Y

Operating Highlights:

Net interest income

$ 179,017

$ 176,234

$ 163,027

$ 158,439

$ 154,249

2 %

16 %

Non-interest income

83,838

76,017

103,444

107,792

94,186

10 %

(11) %

Total net revenue

262,855

252,251

266,471

266,231

248,435

4 %

6 %

Provision for credit losses

(10,917)

390

47,158

46,280

39,733

N/M

Non-interest expense

198,115

184,533

169,284

162,713

154,718

7 %

28 %

Income before income tax expense

75,657

67,328

50,029

57,238

53,984

12 %

40 %

Income tax expense

(17,509)

(15,725)

(8,475)

(12,964)

(15,806)

11 %

Net income

$ 58,148

$ 51,603

$ 41,554

$ 44,274

$ 38,178

13 %

52 %

Diluted EPS

$ 0.50

$ 0.44

$ 0.35

$ 0.37

$ 0.33

14 %

52 %

Total loan originations (in millions)(1)

$ 3,145

$ 2,669

$ 2,637

$ 2,656

$ 2,433

18 %

29 %

Current period originations sold or held for sale

$ 2,039

$ 1,717

$ 2,090

$ 2,027

$ 1,702

19 %

20 %

Current period originations held for investment

$ 1,107

$ 952

$ 547

$ 629

$ 731

16 %

51 %

Total servicing portfolio (in millions)(2)

$ 14,596

$ 13,854

$ 13,423

$ 12,986

$ 12,524

5 %

17 %

Loans serviced for others

$ 8,231

$ 7,750

$ 7,601

$ 7,612

$ 7,185

6 %

15 %

Performance Metrics:

Net interest margin

6.14 %

6.28 %

5.98 %

6.18 %

6.14 %

Profit margin(3)

28.8 %

26.7 %

18.8 %

21.5 %

21.7 %

Return on average equity (ROE)(4)

15.1 %

13.7 %

11.3 %

12.4 %

11.1 %

Return on tangible common equity (ROTCE)(5)(6)

15.9 %

14.5 %

11.9 %

13.2 %

11.8 %

Return on average total assets (ROA)(7)

1.9 %

1.8 %

1.5 %

1.7 %

1.5 %

Marketing expense as a % of loan originations(1)

1.99 %

2.08 %

1.73 %

1.53 %

1.38 %

Average balance – total loans and leases held for investment

$ 5,108,678

$ 4,797,639

$ 4,767,573

$ 4,890,619

$ 4,899,272

6 %

4 %

Net charge-offs – total loans and leases held for investment

$ 40,599

$ 42,493

$ 47,852

$ 41,899

$ 46,078

(4) %

(12) %

Net charge-off ratio – total loans and leases held for investment(8)

3.2 %

3.5 %

4.0 %

3.4 %

3.8 %

Capital Metrics:

Common equity Tier 1 capital ratio

16.9 %

17.0 %

17.4 %

18.0 %

17.5 %

Tier 1 leverage ratio

11.9 %

12.0 %

12.3 %

12.2 %

Book value per common share

$ 13.58

$ 13.19

$ 13.01

$ 12.68

$ 12.25

3 %

11 %

Tangible book value per common share(6)

$ 12.89

$ 12.49

$ 12.30

$ 11.95

$ 11.53

3 %

12 %

(1)

Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and small business loans). Previously this included unsecured consumer loans and auto loans only. In the second and first quarters of 2026, this update included small business loan originations of $38 million and $15 million, respectively. Prior periods have been reclassified to conform to the current period presentation.

(2)

Reflects loans serviced on our platform, which includes unsecured consumer loans and auto loans serviced for others for which servicing rights are retained by the company.

(3)

Calculated as the ratio of income before income tax expense to total net revenue.

(4)

Calculated as annualized net income divided by average equity for the period presented.

(5)

Calculated as annualized net income divided by average tangible common equity for the period presented.

(6)

Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”

(7)

Calculated as annualized net income divided by average total assets for the period presented.

(8)

Beginning in the first quarter of 2026, the net charge-off ratio is calculated as annualized net charge-offs for total loans and leases held for investment (at amortized cost and fair value) divided by average total outstanding loans and leases held for investment during the period. Prior to the first quarter of 2026, this was calculated based on loans and leases held for investment at amortized cost only. Prior period amounts have been reclassified to conform to the current period presentation.

HAPPEN, INC.

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

As of the period ended

% Change

June 30,
2026

March 31,
2026

December 31,

2025

September 30,

2025

June 30,
2025

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$ 4,046,761

$ 3,867,576

$ 3,706,709

$ 3,742,304

$ 3,527,142

5 %

15 %

Loans held for sale

$ 1,773,052

$ 1,836,121

$ 1,762,396

$ 1,213,140

$ 1,008,168

(3) %

76 %

Loans and leases held for investment

$ 5,078,318

$ 4,700,990

$ 4,470,383

$ 4,573,425

$ 4,765,068

8 %

7 %

Total loans and leases

$ 6,851,370

$ 6,537,111

$ 6,232,779

$ 5,786,565

$ 5,773,236

5 %

19 %

Total assets

$ 12,549,040

$ 11,939,839

$ 11,567,816

$ 11,072,515

$ 10,775,333

5 %

16 %

Total deposits

$ 10,765,267

$ 10,189,511

$ 9,833,870

$ 9,388,233

$ 9,136,124

6 %

18 %

Total liabilities

$ 10,981,575

$ 10,416,311

$ 10,067,388

$ 9,610,302

$ 9,369,298

5 %

17 %

Total equity

$ 1,567,465

$ 1,523,528

$ 1,500,428

$ 1,462,213

$ 1,406,035

3 %

11 %

HAPPEN, INC.

LOANS AND LEASES HELD FOR INVESTMENT BY DELINQUENCY STATUS

(In thousands)

(Unaudited)

The following tables present loans and leases held for investment (at amortized cost and fair value) by delinquency status(1):

June 30, 2026

Current

30-59
Days

60-89
Days

90 or More
Days

Total

Guaranteed
Amount (2)

Unsecured consumer (3)

$ 3,966,514

$ 19,724

$ 16,249

$ 14,386

$ 4,016,873

$ —

Residential mortgages

146,498

—

962

147,460

—

Secured consumer

406,339

2,378

741

157

409,615

—

Total consumer loans held for investment

4,519,351

22,102

16,990

15,505

4,573,948

—

Equipment finance (4)

29,827

—

3,422

33,249

—

Commercial real estate (5)

490,680

1,765

—

6,373

498,818

38,783

Commercial and industrial

136,122

2,560

2,888

23,230

164,800

115,001

Total commercial loans and leases held for investment

656,629

$ 4,325

$ 2,888

$ 33,025

$ 696,867

$ 153,784

Total loans and leases held for investment

$ 5,175,980

$ 26,427

$ 19,878

$ 48,530

$ 5,270,815

$ 153,784

December 31, 2025

Current

30-59
Days

60-89
Days

90 or More
Days

Total

Guaranteed
Amount (2)

Unsecured consumer (3)

$ 3,600,434

$ 24,075

$ 19,685

$ 18,929

$ 3,663,123

$ —

Residential mortgages

150,099

—

888

151,073

—

Secured consumer

257,063

3,015

596

395

261,069

—

Total consumer loans held for investment

4,007,596

27,090

21,169

19,410

4,075,265

—

Equipment finance (4)

35,973

696

—

3,088

39,757

—

Commercial real estate (5)

461,307

—

11,182

472,489

39,507

Commercial and industrial

133,526

1,540

1,878

20,074

157,018

108,826

Total commercial loans and leases held for investment

630,806

2,236

1,878

34,344

669,264

148,333

Total loans and leases held for investment

$ 4,638,402

$ 29,326

$ 23,047

$ 53,754

$ 4,744,529

$ 148,333

(1)

Beginning in the first quarter of 2026, amounts include loans and leases held for investment measured at both amortized cost and fair value. Prior to the first quarter of 2026, amounts included loans and leases held for investment at amortized cost only.

(2)

Represents loan balances guaranteed by the Small Business Association (SBA).

(3)

Excludes basis adjustment for loans previously designated in fair value hedges under the portfolio layer method of $0.4 million and $1.6 million as of June 30, 2026 and December 31, 2025, respectively.

(4)

Comprised of sales-type leases for equipment.

(5)

Includes $309.9 million and $286.8 million in loans originated through the SBA as of June 30, 2026 and December 31, 2025, respectively.

HAPPEN, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

Change (%)

June 30,
2026

March 31,
2026

June 30,
2025

Q2 2026

Q1 2026

Q2 2026

Q2 2025

Interest income:

Interest on loans (1)

$ 206,397

$ 199,897

$ 174,645

3 %

18 %

Interest on securities available for sale

55,114

54,411

55,339

1 %

— %

Other interest income

7,424

6,899

7,113

8 %

4 %

Total interest income

$ 268,935

$ 261,207

$ 237,097

3 %

13 %

Interest expense:

Interest on deposits

89,916

84,971

82,845

6 %

9 %

Other interest expense

— %

(33) %

Total interest expense

89,918

84,973

82,848

6 %

9 %

Net interest income

179,017

176,234

154,249

2 %

16 %

Non-interest income:

Origination fees (2)

164,006

130,088

87,578

26 %

87 %

Servicing fees (2)

12,890

13,113

16,395

(2) %

(21) %

Gain on sales of loans (2)

21,461

16,269

13,540

32 %

59 %

Net fair value adjustments (2)

(121,145)

(88,925)

(27,869)

(36) %

(335) %

Other non-interest income

6,626

5,472

4,542

21 %

46 %

Total non-interest income

83,838

76,017

94,186

10 %

(11) %

Total net revenue

262,855

252,251

248,435

4 %

6 %

Provision for credit losses

(10,917)

390

39,733

N/M

Non-interest expense:

Compensation and benefits

68,221

65,514

61,989

4 %

10 %

Marketing

62,580

55,415

33,580

13 %

86 %

Equipment and software

15,846

15,293

14,495

4 %

9 %

Depreciation and amortization

18,152

15,819

15,460

15 %

17 %

Professional services

11,989

11,767

10,300

2 %

16 %

Occupancy

4,982

6,391

4,787

(22) %

4 %

Other non-interest expense

16,345

14,334

14,107

14 %

16 %

Total non-interest expense

198,115

184,533

154,718

7 %

28 %

Income before income tax expense

75,657

67,328

53,984

12 %

40 %

Income tax expense

(17,509)

(15,725)

(15,806)

11 %

Net income

$ 58,148

$ 51,603

$ 38,178

13 %

52 %

Net income per share:

Basic EPS

$ 0.50

$ 0.45

$ 0.33

11 %

52 %

Diluted EPS

$ 0.50

$ 0.44

$ 0.33

14 %

52 %

Weighted-average common shares – Basic

115,376,906

115,400,564

114,409,231

— %

1 %

Weighted-average common shares – Diluted

117,274,710

117,333,435

115,692,969

— %

1 %

(1)

Beginning in the first quarter of 2026, we combined “Interest on loans held for sale,” “Interest and fees on loans and leases held for investment,” and “Interest on loans held for investment at fair value,” into a single line item called “Interest on loans.” Prior period amounts have been reclassified to conform to the current period presentation.

(2)

Beginning in the first quarter of 2026, these components previously aggregated under “Marketplace revenue” on the Income Statement, are now presented as separate line items. Prior period amounts have been reclassified to conform to the current period presentation.

HAPPEN, INC.

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

Consolidated (1)

Three Months Ended

June 30, 2026

Three Months Ended

March 31, 2026

Three Months Ended

June 30, 2025

Average
Balance

Interest Income/
Expense

Average Yield/
Rate

Average
Balance

Interest Income/
Expense

Average Yield/
Rate

Average
Balance

Interest Income/
Expense

Average Yield/
Rate

Interest-earning assets (2)

Cash, cash equivalents,

restricted cash and other

$ 825,029

$ 7,424

3.60 %

$ 775,385

$ 6,899

3.56 %

$ 679,603

$ 7,113

4.19 %

Securities available for sale

at fair value

3,880,678

55,114

5.68 %

3,737,199

54,411

5.82 %

3,411,020

55,339

6.49 %

Loans held for sale at fair

value

1,850,763

64,039

13.84 %

1,910,017

64,531

13.51 %

1,061,845

32,489

12.24 %

Loans held for investment

at fair value

1,667,694

46,540

11.16 %

807,486

25,467

12.62 %

722,685

19,761

10.94 %

Loans and leases held for

investment at amortized

cost:

Unsecured consumer

loans

2,438,480

80,830

13.26 %

2,934,584

94,763

12.92 %

3,177,439

107,829

13.57 %

Commercial and secured

consumer loans

1,002,504

14,988

5.98 %

1,055,569

15,136

5.74 %

999,148

14,566

5.83 %

Loans and leases held for

investment at amortized

cost

3,440,984

95,818

11.14 %

3,990,153

109,899

11.02 %

4,176,587

122,395

11.72 %

Total loans and leases held

for investment

5,108,678

142,358

11.15 %

4,797,639

135,366

11.29 %

4,899,272

142,156

11.61 %

Total interest-earning assets

11,665,148

268,935

9.22 %

11,220,240

261,207

9.31 %

10,051,740

237,097

9.44 %

Cash and due from banks

and restricted cash

25,687

26,343

38,746

Allowance for loan and l

ease losses

(218,977)

(262,466)

(247,133)

Other non-interest earning

assets

695,671

668,486

633,711

Total assets

$ 12,167,529

$ 11,652,603

$ 10,477,064

Interest-bearing liabilities

Interest-bearing deposits (3):

Savings and money

market accounts

6,897,169

61,372

3.57 %

6,694,780

58,714

3.56 %

6,152,936

58,934

3.84 %

Certificates of deposit

2,736,658

27,381

4.01 %

2,488,015

25,174

4.10 %

1,997,980

22,469

4.51 %

Checking accounts

389,934

1,163

1.20 %

393,963

1,083

1.12 %

426,107

1,442

1.36 %

Interest-bearing deposits

10,023,761

89,916

3.60 %

9,576,758

84,971

3.60 %

8,577,023

82,845

3.87 %

Other interest-bearing

liabilities

220

3.81 %

222

3.79 %

220

4.54 %

Total interest-bearing liabilities

10,023,981

89,918

3.60 %

9,576,980

84,973

3.60 %

8,577,243

82,848

3.87 %

Noninterest-bearing

deposits

343,281

334,136

282,113

Other liabilities

256,029

233,776

236,509

Total liabilities

$ 10,623,291

$ 10,144,892

$ 9,095,865

Total equity

$ 1,544,238

$ 1,507,711

$ 1,381,199

Total liabilities and equity

$ 12,167,529

$ 11,652,603

$ 10,477,064

Interest rate spread

5.62 %

5.71 %

5.57 %

Net interest income and

net interest margin

$ 179,017

6.14 %

$ 176,234

6.28 %

$ 154,249

6.14 %

(1)

Consolidated presentation reflects intercompany eliminations.

(2)

Nonaccrual loans and any related income are included in their respective loan categories.

(3)

Prior period amounts have been reclassified to conform to the current period presentation.

HAPPEN, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

June 30,
2026

December 31,
2025

Assets

Cash and due from banks

$ 11,957

$ 11,749

Interest-bearing deposits in banks

900,810

905,905

Total cash and cash equivalents

912,767

917,654

Restricted cash

15,455

12,783

Securities available for sale at fair value ($4,103,026 and $3,733,780 at amortized cost, respectively)

4,046,761

3,706,709

Loans held for sale at fair value

1,773,052

1,762,396

Loans held for investment at fair value

2,085,066

473,314

Loans and leases held for investment

3,186,145

4,272,812

Allowance for loan and lease losses

(192,893)

(275,743)

Loans and leases held for investment, net

2,993,252

3,997,069

Property, equipment and software, net

276,454

254,088

Goodwill

75,717

Other assets

370,516

368,086

Total assets

$ 12,549,040

$ 11,567,816

Liabilities and Equity

Deposits:

Interest-bearing

$ 10,336,236

$ 9,459,483

Noninterest-bearing

429,031

374,387

Total deposits

10,765,267

9,833,870

Other liabilities

216,308

233,518

Total liabilities

10,981,575

10,067,388

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 115,407,464 and 115,368,987 shares issued and outstanding, respectively

1,154

Additional paid-in capital

1,697,357

1,719,233

Accumulated deficit

(92,048)

(201,799)

Accumulated other comprehensive loss

(38,998)

(18,160)

Total equity

1,567,465

1,500,428

Total liabilities and equity

$ 12,549,040

$ 11,567,816

HAPPEN, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

Tangible Book Value Per Common Share

June 30,
2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,
2025

GAAP common equity

$ 1,567,465

$ 1,523,528

$ 1,500,428

$ 1,462,213

$ 1,406,035

Less: Goodwill

(75,717)

Less: Customer relationship intangible assets

(4,492)

(5,039)

(5,685)

(8,206)

(7,068)

Tangible common equity

$ 1,487,256

$ 1,442,772

$ 1,419,026

$ 1,378,290

$ 1,323,250

Book value per common share

GAAP common equity

$ 1,567,465

$ 1,523,528

$ 1,500,428

$ 1,462,213

$ 1,406,035

Common shares issued and outstanding

115,407,464

115,497,890

115,368,987

115,301,440

114,740,147

Book value per common share

$ 13.58

$ 13.19

$ 13.01

$ 12.68

$ 12.25

Tangible book value per common share

Tangible common equity

$ 1,487,256

$ 1,442,772

$ 1,419,026

$ 1,378,290

$ 1,323,250

Common shares issued and outstanding

115,407,464

115,497,890

115,368,987

115,301,440

114,740,147

Tangible book value per common share

$ 12.89

$ 12.49

$ 12.30

$ 11.95

$ 11.53

Return On Tangible Common Equity

For the three months ended

June 30,
2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,
2025

Average GAAP common equity

$ 1,544,238

$ 1,507,711

$ 1,473,356

$ 1,424,538

$ 1,381,199

Less: Average goodwill

(75,717)

Less: Average customer relationship intangible assets

(4,766)

(5,362)

(6,031)

(6,722)

(7,423)

Average tangible common equity

$ 1,463,755

$ 1,426,632

$ 1,391,608

$ 1,342,099

$ 1,298,059

Return on average equity

Annualized GAAP net income

$ 232,592

$ 206,412

$ 166,216

$ 177,096

$ 152,712

Average GAAP common equity

$ 1,544,238

$ 1,507,711

$ 1,473,356

$ 1,424,538

$ 1,381,199

Return on average equity

15.1 %

13.7 %

11.3 %

12.4 %

11.1 %

Return on tangible common equity

Annualized GAAP net income

$ 232,592

$ 206,412

$ 166,216

$ 177,096

$ 152,712

Average tangible common equity

$ 1,463,755

$ 1,426,632

$ 1,391,608

$ 1,342,099

$ 1,298,059

Return on tangible common equity

15.9 %

14.5 %

11.9 %

13.2 %

11.8 %

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SOURCE Happen, Inc.

Technology

GreenCore Solutions Corp. (GSC) Ships CPG Knowledge Graph v3.2.0 — AI Agents at 9.5 Million+ Monthly Transactions

Published

1 hour ago

July 28, 2026

What’s inside the CPG Knowledge Graph: Retail grocery — 3.29 million points of sale (POS) across 15,688 retail grocery banners and 38,350 brands in 50 global markets.

VANCOUVER, BC and SYDNEY, July 28, 2026 /PRNewswire/ — GreenCore Solutions Corp. (GSC) and its Asia-Pacific joint venture GSC Agentic today announced the general availability (GA) of the CPG Knowledge Graph v3.2.0 — the knowledge graph of the Beauty & Personal Care (BPC) segment of the consumer packaged goods (CPG) sector. It carries 2 billion resolved sector datapoints and 2.5 trillion answerable questions, and it is designed for one thing only: sustainable AI Agents carrying BPC stock-keeping unit (SKU) information to retail grocery AI Agent buyers — the same machine-to-machine layer where, as Cloudflare confirmed in June 2026, machines now transact more than humans on the open internet.

CPG Knowledge Graph v3.2.0 shipped two months ahead of its fall scheduled release — and it is already running at production scale: 3.7 AI Agent transactions every second — 220 a minute, 13,000+ an hour, 316,000+ a day, 9.5 million+ a month — held for three consecutive months (May, June, and July 2026), without a dollar of GSC advertising spend. In the era Cloudflare marked, AI Agent inbound transactions are the product win. The new technology design is what moves agent transactions.

GSC Customer AI Agent Onboarding

GSC onboards BPC brands and private label SKUs to its AI Agents in 3–5 weeks — to production, not prototype — with the CPG Knowledge Graph’s performance benefits bundled in: SKUs mount onto the already-resolved knowledge graph, and bad data never gets in. RAG-based competitor stacks (Retrieval-Augmented Generation) typically take 3–5 months to reach production grade, with data preparation consuming 50–70% of the project budget before the first buyer query is answered.

Operating AI Agents — Procurement Effectiveness with the CPG Knowledge Graph

GSC provides managed services for BPC AI Agents — and when the retail grocery buyer agent asks, the answer is right the first time. No retry loops, no lost purchase orders nobody reports — every SKU answered from fact at wire speed.

Human in the Loop (HITL)

A human on every transaction is the rule, not an option: a person signs every purchase order and every RFP. And every SKU gets quality of care — one correction resolves once and serves everywhere, reaching all 15,688 banners at once.

Retail Already Switched

Microsoft opened Dynamics 365 to AI Agents in Q1 2026; Oracle shipped agentic Fusion the same quarter. SAP — the software that runs the world’s grocery chains — published the end date: its AI Agent Hub goes live Q3 2026, machine-to-machine buying goes GA in Q4, and its API Policy (v4/2026, §2.2.2) bars external AI agents from the legacy APIs. From the end of 2026, roughly $3 trillion of annual grocery buying power sits behind AI Agent gates that speak only two open protocols: MCP and A2A.

In June 2026, Cloudflare — the network used by 42% of the Fortune 500, carrying roughly 20% of the world’s web traffic — reported that AI Agent traffic had passed human traffic on its network for the first time. By July, Cloudflare Radar showed the split at roughly 60% AI – 40% human. The same migration is live in retail grocery: 9.5 million+ persistent inbound AI Agent transactions a month run on GSC, an estimated 15–20% of the world’s agentic grocery procurement traffic. That traffic is the forward indicator, and it points one way for BPC customers: faster to market, lower run-rate cost, higher sales, and sustainability built into every exchange — up to 80% lower token use and energy per SKU exchange than the generalist norm.

Gartner’s Strategic Predictions for 2026 names the destination: by 2028, 90% of B2B buying will be AI-agent intermediated, pushing over $15 trillion of B2B spend through agent exchanges. “Products will need to be machine-readable, and procurement will shift to efficient, autonomous machine-to-machine transactions.”

What Ships in v3.2.0

2 billion datapoints resolved into the graph — 38,350 brands, 15,495 makers, 30 billion cells2.5 trillion answerable questions available to buyer AI Agents at wire speedThe SPARKS classification standard — SKU, Pack, Amount, Region, Kernel, and Standard, pinning each product to its market. SPARKS is a live schema of the CPG Knowledge Graph and will ship as an Agent Skill in a coming version.

Retrieval bolted onto unmanaged files serves wrong answers 15–35% of the time even in controlled, optimized RAG systems — and 50–70% in real production environments. A Knowledge Graph with schema enforced at ingestion serves under 2%. The Knowledge Graph is the opposite of an index: a curated map of facts where every record is verified and connected before it’s stored, so an AI Agent answers from structure, not from luck.

Delivered on Three Open Protocols

v3.2.0 ships on MCP (Model Context Protocol — how AI Agents connect to systems), A2A (the machine-verified handshake identifying agents to each other), and ACM-68000 (deterministic status signals for agentic commerce). Signals, not compute. Machine identity, not anonymous requests.

Availability

CPG Knowledge Graph v3.2.0 is generally available today for BPC brands and private-label makers, served in-region on Microsoft Azure across nine countries — France, Australia, the United States, Mexico, the United Kingdom, Switzerland, the Netherlands, Singapore, and South Korea — and Google Cloud Enterprise, Madrid, and discovered through the GSC MCP AI surfaces: mcp.cpgknowledgegraph.ai (data), mcp.gsc-fleet.ai (discovery), mcp.cpghumanintheloop.ai (transaction), and mcp.cpgagentprotocols.ai (standards). These are machine surfaces, not human-viewable websites — built for AI Agents to read, not for people to browse.

“We make the only AI Agents for BPC brands and private-label makers built on the CPG Knowledge Graph — the edge in sustainability and agentic retail sales,” said Matthew Keddy, CEO, GreenCore Solutions Corp. (GSC). “Our customers get better AI Agents for their SKUs: fast onboarding, faster time to market and sales, and real retail grocery procurement security. We delivered all three — and the results are No. 1 in agentic CPG procurement, with an estimated 15–20% of the world’s agentic grocery traffic.

About GreenCore Solutions Corp. (GSC)

GreenCore Solutions Corp. (GSC) builds AI Agents with the CPG Knowledge Graph, powered by SPARKS, delivered on MCP + A2A + ACM-68000. An estimated 15–20% of the world’s agentic procurement transaction traffic across retail grocery runs on GSC. GSC AI Agents run sustainable, transact safe, human in the loop, and live on Microsoft Azure and Google Cloud. GSC is a Microsoft AI Cloud Partner — Crunchbase Global Rank 1,481 as of July 2026. D-U-N-S 24-336-6774.

About GSC Agentic Pty. Ltd.

GSC Agentic Pty. Ltd., headquartered in Sydney, Australia, is the Asia-Pacific joint venture delivering the GSC AI Agent Stack across APAC markets.

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SOURCE Greencore Solutions Corp.

Technology

SK hynix Announces 2Q26 Financial Results

Published

1 hour ago

July 28, 2026

Reports revenues of 79.3187 trillion won, operating profit of 60.5426 trillion won, net profit of 93.9226 trillion wonRecord-Breaking Quarterly Performance Driven by High-Value Product Sales Amid Strong AI Demand; Cumulative First-Half Revenue Surpasses 100 Trillion won for the First TimeLong-Term Agreements with around 10 Key Customers; Multi-Year Contracts and Technological Innovation Address Structural Demand GrowthHBM4 achieves customer-required operating speeds, industry-leading power efficiency, and cost competitiveness, demonstrating differentiated technological edgeCompany to reinforce Production Capacity and Financial Health simultaneously by Preparing for Mid-to-Long-Term Growth Opportunities while Adhering to CapEx Discipline

SEOUL, South Korea, July 28, 2026 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it has recorded 79.3187 trillion won in revenues, 60.5426 trillion won in operating profit (with an operating margin of 76%), and 93.9226 trillion won in net profit (with a net margin of 118%), marking an all-time high quarterly performance.

Driven by sustained demand growth from expanding AI infrastructure investments, high-performance products for AI servers led price increases, enabling the company to surpass its previous record set in the prior quarter. Consequently, cumulative revenue for the first half of the year crossed the 100 trillion won mark for the first time in company history. Revenue and operating profit increased by 257% and 557% year-over-year, respectively.

– Q2 2025: Revenue of 22.232 trillion won, Operating Profit of 9.2129 trillion won
– Q1 2026: Revenue of 52.5763 trillion won, Operating Profit of 37.6103 trillion won

Both DRAM and NAND flash memory prices experienced significant quarter-over-quarter increases. SK hynix achieved top-tier profitability by expanding sales centered on high-value-added products, including HBM, DRAM for AI servers, and eSSD.

On the back of these strong operational results, cash and cash equivalents reached 88 trillion won at the end of the second quarter, an increase of 33.6 trillion won from the previous quarter. Total debt decreased by 0.7 trillion won to 18.6 trillion won, expanding the net cash position to 69.4 trillion won. The company evaluated that its financial flexibility has significantly strengthened, supported by record-high profit levels and cash generation capability.

As AI evolves into agentic forms that perform complex tasks on behalf of users and expands across various services, the underlying demand base for memory is broadening. Consequently, a structural shift is occurring where demand for both AI memory and conventional memory is expanding in tandem.

With major tech companies increasing their AI infrastructure investments, additional supply requests continue to mount. As these investments are supported by revenue generated from AI services, the momentum in memory demand is expected to persist.

Based on this demand outlook, SK hynix is expanding multi-year contract discussions with customers to secure mid-to-long-term supply stability. The company has finalized Long-Term Agreements (LTAs) with around 10 customers, including key strategic partners, and is continuing further discussions with major industry clients. Through these efforts, SK hynix aims to enhance operational efficiency while strengthening its mid-to-long-term business stability and sustainable growth foundation.

As AI models advance, the scope of memory competitiveness is expanding into system architecture and packaging. SK hynix plans to lead memory innovation from a system perspective, leveraging its comprehensive product portfolio and co-development capabilities with customers.

HBM4 has demonstrated its differentiated technological edge by achieving customer-required operating speeds while delivering industry-leading power efficiency and cost competitiveness. The company began mass shipments of HBM4 in the second quarter and will ramp up production in the second half of the year. For HBM4E, which completed sample shipments in the first half, the company applied optimal processes featuring technology maturity and mass-production stability.

SK hynix plans to continue its leadership in the HBM sector based on its comprehensive strength, including superior quality, stable supply capabilities based on high yield, cost competitiveness, and industry-leading performance.

Sales of SOCAMM2 grew significantly in the second quarter, and shipments of products based on 10nm-class 6th generation (1c) process technology began in earnest.

In NAND, SK hynix is accelerating its transition to advanced process nodes to strengthen its portfolio around high-capacity and high-performance products. 321-layer products already represent the largest share of total production, and the company plans to expand this to approximately 50% of domestic production capacity by the end of the year.

In a market environment where customer demand exceeds supply capabilities, the ability to deliver requested volumes in a timely manner has emerged as a core business competitiveness.

In response, SK hynix is accelerating the mass production schedule for M15X while making investments to rapidly expand production capacity following the opening of the Yongin Phase 1 cleanroom in early 2027. Mid-to-long-term investment plans—including the recently announced P&T7 advanced packaging facility, M17 NAND production base, and the development of a new semiconductor cluster—will be executed in phases based on customer demand and investment efficiency.

SK hynix emphasized that it will reinforce both its production capacity and financial health by seamlessly preparing for mid-to-long-term growth opportunities while maintaining capital expenditure discipline (CapEx Discipline).

■ 2Q26 Financial Results (K-IFRS)

*Unit: Billion KRW

2Q26

QoQ

YoY

1Q26

Change

2Q25

Change

Revenues

79,318.7

52,576.3

51 %

22,232

257 %

Operating
Profit

60,542.6

37,610.3

61 %

9,212.9

557 %

Operating
Margin

76 %

72 %

4%P

41 %

35%P

Net Income

93,922.6

40,345.9

133 %

6,996.2

1,242 %

※ Financial information of the earnings is based on K-IFRS

※ Please note that the financial results discussed herein are preliminary and speak only as of July
29, 2026. Readers should not assume that this information remains operative at a later time.

Disclaimer

This material has been prepared by the Company for informational purposes only, and the information contained herein has not undergone any separate, independent verification process. No representations or warranties are made regarding the fairness, accuracy, or completeness of the information contained in this material, and such information should not be relied upon. Neither the Company nor its employees bear any civil, criminal, or administrative liability for any damages arising from this material or from its use.

Review of the FY2026 Q2 financial results has not been finalized. Figures in this earnings release are subject to changes during the independent auditing process.

All financial information contained in this document is based on consolidated K-IFRS.

This material contains forward-looking statements, which involve risks and uncertainties. These statements are generally identified words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” and similar expressions, or the negative of such expressions. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. SK hynix undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

This material does not constitute a solicitation for the acquisition or purchase of securities, and no part of this material should serve as the basis for any contract, agreement, or investment decision, nor should it be relied upon in connection therewith.

About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”) and flash memory chips (“NAND flash”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com .

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SOURCE SK hynix Inc.

Technology

LexisNexis Announces Agreement with AustLII to Advance the Rule of Law and Access to Justice in the AI Era

Published

1 hour ago

July 28, 2026

Agreement supports the next generation of AI-powered legal research for Australia’s free legal information service.

SYDNEY, July 29, 2026 /PRNewswire/ — LexisNexis Australia and the AustLII Foundation today announced an agreement that will shape the future of public access to legal information in Australia. This agreement will strengthen the rule of law, broaden access to justice, and ensure Australia’s legal ecosystem keeps pace with the rapidly evolving AI landscape.

AustLII is a not-for-profit charity that provides free online public access to Australian legal information, serving private citizens, government, the courts, educational institutions and the legal profession. The agreement will enable AustLII to build world-class AI-enhanced research capabilities on the foundation of its comprehensive legal data collection.

Under the agreement, LexisNexis will support AustLII to accelerate the development of AI-enhanced legal research capabilities, helping ensure Australians continue to have free access to trusted legal information in an AI-enabled legal environment.

For LexisNexis, this reflects a deep commitment to the broader legal ecosystem, one that goes beyond commercial interests. A well-functioning rule of law benefits every participant in Australia’s legal community, and investing in the infrastructure that underpins access to legal information is central to that vision.

This agreement is to help AustLII develop new AI-assisted tools that make Australian legal information easier to discover, understand and navigate for citizens, courts, government, educators and legal professionals

“At LexisNexis, we believe that access to the law is a cornerstone of a just society. This agreement with AustLII reflects our commitment to supporting the future of free public legal information in Australia. It is about ensuring that AI advances the rule of law rather than undermining the power of these technologies available to every Australian. We are proud to stand alongside AustLII in this shared mission.”
Carol Chris, Managing Director, LexisNexis Australia and New Zealand

“Free access to law” means something different in 2026 than it meant 30 years ago when we started AustLII. Our users have an expectation that AI will be used to enhance the research that they do using AustLII. With the support from LexisNexis, our aim is to build the highest quality AI resources on the foundations of AustLII’s comprehensive data collection.”
Professor Andrew Mowbray AM, Executive Director, AustLII, UTS Law Faculty

“The LexisNexis contribution will allow AustLII to continue its core mission in the artificial intelligence era. AustLII will expand its role as an independent and trusted free access publisher. AustLII will continue to serve the needs of all of its users including private citizens, government, the courts, education and the legal profession.”
Professor Philip Chung AM, Managing Director, AustLII, Macquarie Law School

“I am delighted by the contribution from LexisNexis to support AustLII and the rule of law in Australia. I also wish to thank all of AustLII’s existing contributors and note the importance of everyone’s contributions in maintaining, expanding and enhancing the AustLII service. In particular, I would like to thank UTS for its ongoing support and for hosting AustLII’s facilities.”
Mr Ian Govey AM, Chair, AustLII Foundation

Australia has one of the finest legal systems in the world, and for over three decades AustLII has been a quiet but essential pillar of that system. LexisNexis is committed to ensuring that this not only endures but grows stronger in the AI era. This agreement is one of the most meaningful contributions that can be made to the health of Australia’s legal ecosystem.

About LexisNexis AI Development
LexisNexis prioritizes a customer-driven AI innovation approach that solves complex problems and enhances value. The company employs over 4,000 technologists, data scientists, and legal experts to develop safe, purpose-built solutions with human oversight in line with RELX Responsible AI Principles. Backed by advanced encryption and privacy technology, its global technology platform seamlessly integrates the latest AI advancements, including agentic AI, legal-tuned models and a proprietary framework for the development of legal-tuned agents, within a multi-cloud infrastructure. This enables high model performance and authoritative responses anchored in comprehensive legal content, with validated citations powered by Shepard’s®. Document Management System (DMS) integration personalizes and grounds responses in a customer’s own documents. The company’s multi-model approach selects the best AI model for each use case, supported by partners AWS, Anthropic, Microsoft, Mistral, and OpenAI.

About LexisNexis Legal & Professional
LexisNexis® Legal & Professional provides AI-powered legal, regulatory, business information, analytics, and workflows that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 11,900 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.

About AustLII
AustLII Foundation is a not-for-profit charity that provides free online public access to Australian legal information. AustLII is hosted by the University of Technology Sydney and is committed to promoting the rule of law and improving access to justice across Australia and internationally.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/lexisnexis-announces-agreement-with-austlii-to-advance-the-rule-of-law-and-access-to-justice-in-the-ai-era-302836195.html

SOURCE LexisNexis