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LENDINGTREE REPORTS THIRD QUARTER 2026 RESULTS

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Revenue Grew 12% YoY With Increases Across All Three Segments

Consolidated revenue of $343.6 millionGAAP net loss of $(72.4) million or $(5.15) per diluted share due to $98.8 million non-cash goodwill chargeVariable marketing margin of $94.9 millionAdjusted EBITDA of $39.6 million

CHARLOTTE, N.C., Nov. 3, 2026 /PRNewswire/ — LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation’s leading online financial services marketplace, today announced results for the quarter ended September 30, 2026.

The company has posted a letter to shareholders on the company’s website at investors.lendingtree.com.

“We are pleased to report our tenth straight quarter of double-digit revenue growth, powered by continued strength in our Insurance segment along with healthy growth in Home driven by great home equity lending results,” said Scott Peyree, CEO.  “This quarter we rolled-out AI features and distribution improvements to our shopping experience across multiple product lines.  Specifically, we have implemented voice AI services to help consumers understand and choose the best offer before talking to a lender, AI overviews on offer pages that assist customers in selecting the best offer for their situation, and controlled distribution that helps a consumer shop in stages for a product to prevent multiple carriers or lenders from contacting the customer at once.  Successful expansion of these types of features should ultimately improve consumer satisfaction and drive increased monetization of our traffic.”

Jason Bengel, CFO, commented, “The company is on track to grow revenue and AEBITDA this year by 17% and 14%, respectively, at the midpoint of our updated forecast.  Our business benefits from the diversity of our product offering for consumers, providing one unified marketplace for all personal financial products.  This diversification allows us to continue to execute on our growth plan successfully despite ongoing interest rate related headwinds impacting our Home segment.  Our strong results continue to fortify our balance sheet, as we used excess cash to voluntarily repay $60 million of long-term debt during the quarter to improve free cashflow generation for shareholders going forward.  Given the strength of our balance sheet and what we view as attractive valuation of our equity, we intend to repurchase shares during the the fourth quarter for the first time since 1Q22.”

Third Quarter 2026 Business Results

Insurance segment revenue of $234.9 million increased 15% over third quarter 2025 and translated into  segment profit of $54.2 million, up 14% over the same period.Consumer segment revenue of $67.2 million increased 2% from third quarter 2025, while segment profit declined 16% over the same period.Home segment revenue of $41.5 million increased 9% over third quarter 2025 and produced segment profit of $12.4 million, an increase of 5% over the same period. Within Home, revenue from Home Equity of $34.0 million increased 20% over prior year.

LendingTree Summary Financial Metrics

(In millions, except per share amounts)

Three Months Ended

September 30,

Y/Y

Three Months Ended
June 30,

Q/Q

2026

2025

% Change

2026

% Change

Total revenue

$   343.6

$  307.8

12 %

$             313.4

10 %

(Loss) income before income taxes

$   (78.4)

$    11.6

(776) %

$               14.1

(656) %

Income tax benefit (expense)

$      6.0

$     (1.4)

(529) %

$                (4.5)

(233) %

Net (loss) income

$   (72.4)

$    10.2

(810) %

$                 9.6

(854) %

Net (loss) income % of revenue

(21) %

3 %

3 %

Income per share

Basic

$   (5.15)

$    0.75

$               0.69

Diluted

$   (5.15)

$    0.73

$               0.68

Variable marketing margin

Total revenue

$   343.6

$  307.8

12 %

$             313.4

10 %

Variable marketing expense (1) (2)

$ (248.7)

$ (214.6)

16 %

$            (226.1)

10 %

Variable marketing margin (2)

$    94.9

$    93.2

2 %

$               87.3

9 %

Variable marketing margin % of revenue (2)

28 %

30 %

28 %

Adjusted EBITDA (2)

$    39.6

$    39.8

(1) %

$              35.2

13 %

Adjusted EBITDA % of variable marketing margin (2)

42 %

43 %

40 %

(1)

Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses.  Excludes overhead, fixed costs and personnel-related expenses. 

(2)

Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, and adjusted EBITDA % of variable marketing margin are non-GAAP measures. Please see “LendingTree’s Reconciliation of Non-GAAP Measures to GAAP” and “LendingTree’s Principles of Financial Reporting” below for more information.

 

LendingTree Segment Results

(In millions)

Three Months Ended

September 30,

Y/Y

Three Months Ended June 30,

Q/Q

2026

2025

% Change

2026

% Change

Home (1)

Revenue

$    41.5

$    38.1

9 %

$               43.9

(5) %

Segment profit

$    12.4

$    11.8

5 %

$               11.3

10 %

Segment profit % of revenue

30 %

31 %

26 %

Consumer (2)

Revenue

$    67.2

$    66.2

2 %

$               60.3

11 %

Segment profit

$    29.6

$    35.2

(16) %

$               27.6

7 %

Segment profit % of revenue

44 %

53 %

46 %

Insurance (3)

Revenue

$   234.9

$  203.5

15 %

$             209.3

12 %

Segment profit

$    54.2

$    47.6

14 %

$               50.0

8 %

Segment profit % of revenue

23 %

23 %

24 %

Other (4)

Revenue

$      —

$      —

— %

$                  —

— %

(Loss)

$    (0.1)

$    (0.1)

— %

$               (0.1)

— %

Total revenue

$   343.6

$  307.8

12 %

$             313.4

10 %

Total segment profit

$    96.1

$    94.6

2 %

$              88.8

8 %

     Brand marketing expense (5)

$    (1.2)

$    (1.4)

(14) %

$               (1.5)

(20) %

Variable marketing margin

$    94.9

$    93.2

2 %

$              87.3

9 %

Variable marketing margin % of revenue

28 %

30 %

28 %

(1)

The Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans.

(2)

The Consumer segment includes the following products: credit cards, personal loans, small business loans, auto loans, deposit accounts and debt settlement.

(3)

The Insurance segment consists of insurance quote products.

(4)

The Other category primarily includes marketing revenue and related expenses not allocated to a specific segment.

(5)

Brand marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses that are not assignable to the segments’ products. This measure excludes overhead, fixed costs and personnel-related expenses.

Financial Outlook*

Today we update our full-year 2026 outlook, and include the implied outlook for Q4:

Full-year 2026:*

Revenue of $1.30 to $1.31 billionVariable Marketing Margin of $370 – $375 millionAdjusted EBITDA of $151 – $153 million

Fourth-quarter 2026:*

Revenue:  $315 – $325 millionVariable Marketing Margin:  $88 – $93 millionAdjusted EBITDA:  $34 – $36 million

*LendingTree is not able to provide a reconciliation of projected variable marketing margin or adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters and tax considerations. Expenses associated with legal matters and tax considerations have in the past, and may in the future, significantly affect GAAP results in a particular period.  

Quarterly Conference Call

A conference call to discuss LendingTree’s third quarter 2026 financial results will be webcast live today, November 3, 2026 at 4:30 PM Eastern Time (ET). The live webcast is open to the public and will be available on LendingTree’s investor relations website at investors.lendingtree.com. Following completion of the call, a recorded replay of the webcast will be available on the website.

LENDINGTREE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

(in thousands, except per share amounts)

Revenue

$  343,588

$  307,792

$  984,277

$  797,636

Costs and expenses:

Cost of revenue (exclusive of depreciation and amortization shown
separately below) (1)

11,670

11,017

34,635

30,954

Selling and marketing expense (1)

260,508

225,051

735,529

574,555

General and administrative expense (1)

26,437

26,229

80,137

81,923

Product development (1)

10,243

11,297

31,742

34,674

Depreciation

4,147

3,995

12,609

12,533

Amortization of intangibles

1,258

1,288

3,834

3,902

Goodwill impairment

98,823

—

98,823

—

Restructuring and severance (1)

519

80

3,297

1,235

Litigation settlements and contingencies

260

69

1,036

15,279

Total costs and expenses

413,865

279,026

1,001,642

755,055

Operating (loss) income

(70,277)

28,766

(17,365)

42,581

Other income (expense), net:

Interest expense, net

(9,129)

(17,907)

(26,178)

(37,393)

Other income

1,009

732

2,210

2,368

(Loss) income before income taxes

(78,397)

11,591

(41,333)

7,556

Income tax benefit (expense)

6,033

(1,426)

(4,191)

(904)

Net (loss) income and comprehensive (loss) income

$   (72,364)

$    10,165

$   (45,524)

$     6,652

Weighted average shares outstanding:

Basic

14,040

13,623

13,944

13,538

Diluted

14,040

13,988

13,944

13,843

Net (loss) income per share:

Basic

$      (5.15)

$       0.75

$      (3.26)

$       0.49

Diluted

$      (5.15)

$       0.73

$      (3.26)

$       0.48

(1) Amounts include non-cash compensation, as follows:

Cost of revenue

$        141

$         73

$        415

$        101

Selling and marketing expense

1,012

652

2,538

1,987

General and administrative expense

3,098

3,647

9,101

15,510

Product development

645

630

2,106

2,238

Restructuring and severance

—

—

1,012

255

 

LENDINGTREE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,
2026

December 31,
2025

(in thousands, except par value
and share amounts)

ASSETS:

Cash and cash equivalents

$    82,709

$    81,073

Accounts receivable, net

165,004

110,582

Prepaid and other current assets

37,662

38,053

Total current assets

285,375

229,708

Property and equipment, net

29,194

32,834

Operating lease right-of-use assets

29,709

31,655

Goodwill

282,716

381,539

Intangible assets, net

34,258

38,092

Deferred income tax assets

120,939

124,867

Other non-current assets

22,050

16,997

Total assets

$  804,241

$  855,692

LIABILITIES:

Current portion of long-term debt

$     3,936

$     3,926

Accounts payable, trade

69,433

6,735

Accrued expenses and other current liabilities

108,801

126,803

Total current liabilities

182,170

137,464

Long-term debt

326,659

387,694

Operating lease liabilities

42,107

43,597

Other non-current liabilities

146

140

Total liabilities

551,082

568,895

Commitments and contingencies

SHAREHOLDERS’ EQUITY:

Preferred stock $0.01 par value; 5,000,000 shares authorized; none issued or outstanding

—

—

Common stock $0.01 par value; 50,000,000 shares authorized; 17,397,550 and 17,124,837 shares
issued, respectively, and 14,042,084 and 13,769,371 shares outstanding, respectively

174

171

Additional paid-in capital

1,292,786

1,280,903

Accumulated deficit

(773,623)

(728,099)

Treasury stock; 3,355,466 and 3,355,466 shares, respectively

(266,178)

(266,178)

Total shareholders’ equity

253,159

286,797

Total liabilities and shareholders’ equity

$  804,241

$  855,692

 

LENDINGTREE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended

September 30,

2026

2025

(in thousands)

Net cash provided by operating activities

76,448

56,575

Cash flows from investing activities:

Capital expenditures

(8,877)

(9,423)

Proceeds from sale of fixed assets

—

2,497

Other investing activities

52

—

Net cash used in investing activities

(8,825)

(6,926)

Cash flows from financing activities:

Proceeds from term loan

—

450,000

Repayment of term loan

(62,700)

(409,375)

Payments related to net-share settlement of stock-based compensation, net of proceeds from exercise
of stock options

(3,287)

(2,756)

Repayment and repurchase of 0.50% Convertible Senior Notes

—

(115,007)

Payment of revolver issuance costs

—

(1,432)

Payment of debt issuance costs

—

(5,095)

Payment of original issue discount

—

(4,000)

Net cash (used in) provided by financing activities

(65,987)

(87,665)

Net increase (decrease)  in cash, cash equivalents, restricted cash and restricted cash equivalents

1,636

(38,016)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

81,073

106,594

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$    82,709

$    68,578

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Expense

Below is a reconciliation of selling and marketing expense, the most directly comparable GAAP measure, to variable marketing expense. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of this non-GAAP measure.

Three Months Ended

September 30,
2026

June 30,
2026

September 30,
2025

(in thousands)

Selling and marketing expense

$   260,508

$   236,453

$   225,051

Non-variable selling and marketing expense (1)

(11,868)

(10,370)

(10,483)

Variable marketing expense

$   248,640

$   226,083

$   214,568

(1)

Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Margin

Below is a reconciliation of net (loss) income, the most directly comparable GAAP measure, to variable marketing margin and net (loss) income % of revenue to variable marketing margin % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

September 30,
2026

June 30,
2026

September 30,
2025

(in thousands, except percentages)

Net (loss) income

$  (72,364)

$      9,574

$     10,165

Net (loss) income % of revenue

(21) %

3 %

3 %

Adjustments to reconcile to variable marketing margin:

Cost of revenue

11,670

11,269

11,017

Non-variable selling and marketing expense (1)

11,868

10,370

10,483

General and administrative expense

26,437

25,710

26,229

Product development

10,243

10,032

11,297

Depreciation

4,147

4,277

3,995

Amortization of intangibles

1,258

1,288

1,288

Goodwill impairment

98,823

—

—

Restructuring and severance

519

1,839

80

Litigation settlements and contingencies

260

756

69

Interest expense, net

9,129

8,483

17,907

Other income

(1,009)

(832)

(732)

Income tax (benefit) expense

(6,033)

4,573

1,426

Variable marketing margin

$     94,948

$     87,339

$     93,224

Variable marketing margin % of revenue

28 %

28 %

30 %

(1)

Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted EBITDA

Below is a reconciliation of net (loss) income, the most directly comparable GAAP measure, to adjusted EBITDA and net (loss) income % of revenue to adjusted EBITDA % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

September 30,
2026

June 30,
2026

September 30,
2025

(in thousands, except percentages)

Net (loss) income

$  (72,364)

$      9,574

$     10,165

Net (loss) income % of revenue

(21) %

3 %

3 %

Adjustments to reconcile to adjusted EBITDA:

Amortization of intangibles

1,258

1,288

1,288

Depreciation

4,147

4,277

3,995

Restructuring and severance

519

1,839

80

Loss (gain) on impairments and disposal of assets

3

—

593

Goodwill impairment

98,823

—

—

Non-cash compensation

4,896

5,204

5,002

Litigation settlements and contingencies

260

756

69

Interest expense, net

9,129

8,483

17,907

Dividend income

(1,008)

(832)

(730)

Income tax (benefit) expense

(6,033)

4,573

1,426

Adjusted EBITDA

$     39,630

$     35,162

$     39,795

Adjusted EBITDA % of revenue

12 %

11 %

13 %

LENDINGTREE’S PRINCIPLES OF FINANCIAL REPORTING

LendingTree reports the following non-GAAP measures as supplemental to GAAP:

Variable marketing expenseVariable marketing marginVariable marketing margin % of revenueEarnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below (“Adjusted EBITDA”)Adjusted EBITDA % of revenueAdjusted EBITDA % of variable marketing margin

 Variable marketing expense, variable marketing margin and variable marketing margin % of revenue are related measures of the effectiveness of the Company’s marketing efforts. Variable marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing, and related expenses, and excludes overhead, fixed costs, and personnel-related expenses. Variable marketing margin is a measure of the efficiency of the Company’s operating model, measuring revenue after subtracting variable marketing expense. The Company’s operating model is highly sensitive to the amount and efficiency of variable marketing expenditures, and the Company’s proprietary systems are able to make rapidly changing decisions concerning the deployment of variable marketing expenditures (primarily but not exclusively online and mobile advertising placement) based on proprietary and sophisticated analytics.

Adjusted EBITDA, adjusted EBITDA % of revenue, and adjusted EBITDA % of variable marketing margin are primary metrics by which LendingTree evaluates the operating performance of its businesses, on which its marketing expenditures and internal budgets are based and, in the case of adjusted EBITDA, by which management and many employees are compensated in most years.

These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. LendingTree provides and encourages investors to examine the reconciling adjustments between the GAAP and non-GAAP measures set forth above.

Definition of LendingTree’s Non-GAAP Measures

Variable marketing margin is defined as revenue less variable marketing expense. Variable marketing expense is defined as the expense attributable to variable costs paid for advertising, direct marketing and related expenses, and excluding overhead, fixed costs and personnel-related expenses. The majority of these variable advertising costs are expressly intended to drive traffic to our websites and these variable advertising costs are included in selling and marketing expense on the Company’s consolidated statements of operations and consolidated income.

EBITDA is defined as net income excluding interest, income taxes, amortization of intangibles and depreciation.

Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation (9) dividend income, and (10) one-time items. 

LendingTree endeavors to compensate for the limitations of these non-GAAP measures by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

One-Time Items

Adjusted EBITDA is adjusted for one-time items, if applicable. Items are considered one-time in nature if they are non-recurring, infrequent or unusual, and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. For the periods presented in this report, there are no adjustments for one-time items.

Non-Cash Expenses That Are Excluded From LendingTree’s Adjusted EBITDA

Non-cash compensation expense consists principally of expense associated with the grants of restricted stock, restricted stock units and stock options. These expenses are not paid in cash and LendingTree includes the related shares in its calculations of fully diluted shares outstanding. Upon settlement of restricted stock units, exercise of certain stock options or vesting of restricted stock awards, the awards may be settled on a net basis, with LendingTree remitting the required tax withholding amounts from its current funds. Cash expenditures for employer payroll taxes on non-cash compensation are included within adjusted EBITDA.

Amortization of intangibles are non-cash expenses relating primarily to acquisitions. At the time of an acquisition, the intangible assets of the acquired company, such as purchase agreements, technology and customer relationships, are valued and amortized over their estimated lives.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates and inflation; default rates on loans, particularly unsecured loans; demand by investors for unsecured personal loans; the effect of such demand on interest rates for personal loans and consumer demand for personal loans; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company’s relationships with network partners, including dependence on certain key network partners; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; failure to maintain brand recognition; ability to attract and retain consumers in a cost-effective manner; the effects of potential acquisitions of other businesses, including the ability to integrate them successfully with LendingTree’s existing operations; accounting rules related to excess tax benefits or expenses on stock-based compensation that could materially affect earnings in future periods; ability to develop new products and services and enhance existing ones; effects of changing laws, rules or regulations on our business model; uncertainties relating to our illegal monopolization claims against Google, including the timing, amount and likelihood of recovery and the outcome of Google’s appeal of the ruling by the United States District Court for the District of Columbia in the government’s antitrust case against Google; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network partners or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2025, in our Quarterly Report on Form 10-Q for the period ended June 30, 2026, and in our other filings with the Securities and Exchange Commission. LendingTree undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

About LendingTree, Inc.

LendingTree, Inc. is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, “LendingTree” or the “Company”).

LendingTree is one of the nation’s largest, most experienced online financial platforms, created to give consumers the power to win financially.  LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 770 financial partners.  Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.

LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com. 

Investor Relations Contact:
investors@lendingtree.com

Media Contact:
press@lendingtree.com   

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SOURCE LendingTree, Inc.

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ICF Reports Third Quarter 2026 Results

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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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Globant to Announce Third Quarter 2026 Financial Results on November 19th

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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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Cryoport Reports Third Quarter 2026 Financial Results

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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)

 

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SOURCE Cryoport, Inc.

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