Quantum Computing Inc. Reports Third Quarter 2026 Financial Results. Third-quarter revenue of $9.5 million exceeds revenue generated during the entire first half of 2026 Acquired photonics and advanced packaging businesses contributed to commercial revenue growth while supporting QCi's quantum technology roadmap Ends quarter with approximately $1.3 billion in cash, cash equivalents and investments HOBOKEN, N.J., Nov. 9, 2026 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, today announced financial results for the third quarter ended September 30, 2026. QCi generated $9.5 million in revenue during the third quarter, exceeding the $9.2 million reported for the entire first half of 2026. Revenue growth was primarily driven by the Luminar Semiconductors, Inc. ("LSI"), NuCrypt, LLC ("NuCrypt") and NHanced Semiconductors, Inc. ("NHanced") businesses acquired during the first half of 2026, including acquired photonic components, quantum communications products and advanced packaging services sold to the aerospace, government and industrial markets. The Company continues to focus on expanding commercial relationships, integrating its manufacturing capabilities and advancing its proprietary quantum technologies as it moves into the next phase of its development. "For several years, we've been building the technology and capabilities to make quantum more practical and accessible," said Dr. Yuping Huang, Chief Executive Officer of QCi. "We're starting to see those investments come together, and our focus is increasingly shifting from what we can build to what we can put to work for customers. We're encouraged by our progress, but recognize there's considerable work ahead. Our priorities are clear: growing our commercial business, scaling manufacturing and advancing our quantum roadmap. I've always believed that being early creates opportunity. Execution is what makes that opportunity last." Third Quarter 2026 Financial Highlights Revenue : Third-quarter revenue totaled $9.5 million, compared to $384 thousand in the third quarter of 2025. Revenue was primarily driven by sales of products and services for aerospace, government and industrial applications. Gross Margin : Gross profit totaled approximately $428 thousand in the third quarter, for a gross margin of 4.5%. The Company continues to focus on increasing manufacturing utilization and improving operating efficiency as it scales its commercial operations. Operating expenses : Total operating expenses were $29.0 million, compared with $10.5 million in the prior-year period. The increase is primarily due to higher personnel expenses and other costs associated with expanded research and development, sales and marketing activities, as well as approximately $1.0 million in acquisition-related expenses. Interest and other income : Interest and other income totaled $13.0 million, compared with $3.5 million in the third quarter of 2025, primarily reflecting interest earned on the Company's larger cash and investment balances. Net loss : The Company reported a net loss of $15.1 million, or $0.07 per basic share, for the third quarter of 2026. Balance sheet : QCi ended the quarter with approximately $1.3 billion in cash, cash equivalents and investments and accrued interest, including $174.3 million in cash and cash equivalents and $1.1 billion in short- and long-term investments, including accrued interest consistent with its reported position at the end of the third quarter. Contract backlog : Contract backlog totaled approximately $39.1 million as of September 30, 2026. Contract backlog represents the value of contracted work expected to be performed under applicable contracts and remains subject to the terms and conditions of those contracts. Third Quarter 2026 Business Highlights Expanding commercial opportunities : QCi continued integrating the LSI, NuCrypt and NHanced businesses acquired during the first half of 2026. These businesses provide established quantum, photonics and advanced packaging products, services and customer relationships across existing commercial markets, while expanding QCi's capabilities in photonic design, semiconductor fabrication and advanced packaging.Together, these capabilities support two important objectives: serving customers in established markets today and advancing the development and manufacturing of QCi's proprietary quantum technologies. The Company is focused on expanding customer relationships, bringing its manufacturing operations together and improving efficiency as it scales the business. Advancing quantum adoption through academic collaboration : In September, QCi entered into a framework agreement with Hamad Bin Khalifa University in Qatar to support quantum education, research, and co-marketing initiatives to accelerate the adoption of quantum technologies.The collaboration includes cloud access to QCi's Dirac-3 quantum optimization system and is intended to support research and expand understanding of potential applications for quantum computing, sensing and communications. Delivering QCi's quantum technology to pharmaceutical markets: During the quarter, QCi entered into a commercial agreement with INmune Bio to apply QCi's Dirac quantum optimization technology alongside AI and conventional analytics to clinical and biomedical data. The collaboration will explore potential applications for INmune Bio's investigational Alzheimer's treatment.The engagement marks QCi's first commercial customer in the pharmaceutical and biotechnology market, and an opportunity to apply QCi's quantum technology to complex, real-world challenges. Earnings Conference Call QCi will host a conference call to discuss its third-quarter 2026 results on Monday, November 9, 2026, at 4:30 p.m. Eastern Time. To access the live webcast of the conference call, visit the QCi Investor Relations page at https://quantumcomputinginc.com/investor-relations . Investors may also access the webcast via the following link: https://www.webcaster5.com/Webcast/Page/3051/54638 . To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 822805. A replay of the teleconference will be available until November 23, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 54638. About Quantum Computing Inc. Quantum Computing Inc. (Nasdaq: QUBT) is an integrated quantum photonics company developing and manufacturing technologies that use light to compute complex information, capture hard-to-detect signals and communicate more securely. QCi brings together quantum optics, integrated photonics, semiconductor manufacturing and advanced packaging to create a more direct path from advanced science to practical products. QCi's portfolio includes quantum machines, photonic chips, components, modules and subsystems, as well as foundry and advanced manufacturing services. Its technologies are designed to operate at room temperature and low power, without the specialized cooling infrastructure required by many quantum approaches. These advantages enable deployment across computing and AI, secure communications, sensing and imaging, aerospace and defense, and other demanding applications. Headquartered in Hoboken, New Jersey, QCi has operations across the United States. By combining deep physics, device engineering and scalable manufacturing, QCi is working to make quantum and advanced photonic technologies more accessible and useful in the real world. To learn more about QCi and its approach to harnessing light for practical quantum computing, please visit www.quantumcomputinginc.com . Company Contacts Investor Relations: David Moskowitz, Head of Investor Relations investors@quantumcomputinginc.com Media & Communications: Karen Jeffers, Director, Marketing and Communications media@quantumcomputinginc.com Agency Contact: IMS Investor Relations John Nesbett/Zach Nevas qci@imsinvestorrelations.com Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of future results, operating performance, revenue growth, gross margin, backlog, customer relationships, revenue recognition and funding under the post-quarter subcontract, the negotiation of any definitive contract, manufacturing utilization and efficiency, operational expansion, business strategy, integration of recent acquisitions, commercialization and adoption of quantum and photonic products, and the potential application of QCi's technology in academic, pharmaceutical, biotechnology, government, aerospace, industrial and other markets are forward-looking statements. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "strategy," "future," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to, future demand for quantum and photonic products, the Company's ability to scale its technology and manufacturing capabilities, the Company's ability to integrate and benefit from recent acquisitions, not limited to future demand for quantum and photonic products, our ability to convert backlog, contracts and commercial opportunities into revenue, customer termination or non-funding of contracts or subcontracts, the inability to negotiate a definitive contract or realize the full ceiling amount of any subcontract, the Company's ability to scale its technology and manufacturing capabilities, the Company's ability to integrate and benefit from recent acquisitions, the Company's ability to achieve expected manufacturing utilization, operating efficiency and margin improvements, the Company's ability to commercialize and drive adoption of its products and technologies and the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of our website at https://quantumcomputinginc.com/investor-relations, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. QUANTUM COMPUTING INC. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited, in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Revenue $ 9,500 $ 384 $ 18,742 $ 484 Cost of revenue 9,072 258 20,201 319 Gross profit (loss) 428 126 (1,459) 165 Operating expenses Research and development 8,336 4,509 23,733 13,469 Sales and marketing 5,263 787 8,792 2,139 General and administrative 15,414 5,234 38,164 13,418 Total operating expenses 29,013 10,530 70,689 29,026 Loss from operations (28,585) (10,404) (72,148) (28,861) Non-operating income (expense) Interest and other income 13,047 3,544 39,496 7,083 Interest expense (65) (4) (248) (120) Change in fair value of derivative liability 458 9,246 1,952 4,780 Income (loss) before income tax provision (15,145) 2,382 (30,948) (17,118) Income tax provision - - - - Net income (loss) attributable to common stockholders (15,145) 2,382 (30,948) (17,118) Other comprehensive loss (4,807) (26) (9,574) (26) Total comprehensive income (loss) $ (19,952) $ 2,356 $ (40,522) $ (17,144) Income (loss) per share: Basic and Diluted $ (0.07) $ 0.01 $ (0.14) $ (0.12) Weighted average shares used in computing net income (loss) per common share: Basic 225,443 160,399 224,722 145,752 Diluted 225,443 166,833 224,722 145,752 QUANTUM COMPUTING INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value data) September 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 174,280 $ 737,880 Accounts receivable, net 8,316 519 Inventory 10,634 352 Short-term investments 727,334 379,421 Accrued interest receivable 6,752 3,634 Prepaid expenses and other current assets 7,046 11,914 Total current assets 934,362 1,133,720 Property and equipment, net 43,063 12,971 Operating lease right-of-use assets 26,919 2,353 Intangible assets, net 62,094 6,500 Goodwill 160,330 55,573 Long-term investments 396,200 403,121 Accrued interest receivable - long term 3,469 4,551 Other non-current assets 1,082 131 Total assets $ 1,627,519 $ 1,618,920 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,679 $ 778 Accrued expenses 6,709 9,135 Deferred revenue 4,162 395 Other current liabilities 2,959 766 Total current liabilities 17,509 11,074 Derivative liability 528 7,773 Operating lease liabilities 24,716 1,808 Contingent liabilities 3,769 — Other non-current liabilities 1,184 — Total liabilities 47,706 20,655 Commitments and Contingencies Stockholders' equity: Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred Stock authorized; no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively; 3,080 shares of Series B Preferred Stock authorized; no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively - - Common stock, $0.0001 par value, 450,000 shares authorized; 226,932 and 224,165 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 23 22 Additional paid-in capital 1,838,563 1,816,494 Accumulated deficit (250,104) (219,156) Accumulated other comprehensive income (loss) (8,669) 905 Total stockholders' equity 1,579,813 1,598,265 Total liabilities and stockholders' equity $ 1,627,519 $ 1,618,920 SOURCE Quantum Computing Inc.
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Onto Innovation Reports 2026 Third Quarter Results. Onto Innovation Inc. ( ONTO ) (“Onto Innovation,” “Onto,” or the “Company”) today announced financial results for the third quarter of 2026. Third Quarter Business and Financial Highlights: Record quarterly revenue of $410 million, an increase of 88% as compared to third quarter of 2025, and an increase of 19% sequentially, with revenue, operating margin and earnings per share all exceeding the high end of previously announced non-GAAP guidance ranges. Non-GAAP gross margin improved by an additional 60 basis points in the quarter and has increased by 300 basis points year-to-date through September 30, 2026. Advanced Nodes set a quarterly revenue record on strong adoption of the Atlas® G6 OCD system, while Advanced Packaging and Specialty Devices also achieved record revenue primarily driven by the Dragonfly® G5 and Firefly® inspection systems. In August, the Company closed on its purchase of a 27% ownership interest in Rigaku. “Our outstanding results this quarter reflect excellent execution by our team and continued strength in the markets we serve,” said Mike Plisinski, chief executive officer of Onto Innovation. “Demand remains robust as increasingly complex device architectures for next-generation AI and high-performance computing drive greater process control requirements. The momentum across our business, combined with the strength of our backlog, which increased in the quarter to more than $1.3 billion, and visibility into our customer investment plans extending out multiple years, gives us increased confidence in the durability of these demand trends. We expect to finish 2026 with revenue growth exceeding 45% year over year and believe we are well-positioned for a strong 2027.” Operating Results: The results for the three and nine months ended September 30, 2026, include non-GAAP financial measures, each of which is defined and reconciled to the most directly comparable GAAP measure later in the press release. Three months ended September 30, 2026: Revenue and Gross Margin: Revenue of $409.7 million, an increase of 87.8% year-over-year from $218.2 million in the third quarter of 2025. Gross margin of 54.8% as compared to gross margin of 50.7% in the third quarter of 2025. Non-GAAP gross margin of 57.6% as compared to 54.0% in the third quarter of 2025. Operating Income: Operating income of $95.4 million, or 23.3% of revenue, as compared to operating income of $23.7 million, or 10.9% of revenue, in the third quarter of 2025. Non-GAAP operating income of $133.5 million, or 32.6% of revenue, as compared to non-GAAP operating income of $46.1 million, or 21.1% of revenue, in the third quarter of 2025. Net Income and Earnings per Share: Net income of $46.8 million, or diluted earnings per share of $0.95, as compared to net income of $28.2 million, or diluted earnings per share of $0.57, in the third quarter of 2025. Non-GAAP net income of $120.3 million, or non-GAAP diluted earnings per share of $2.44, as compared to non-GAAP net income of $45.1 million, or non-GAAP diluted earnings per share of $0.92, in the third quarter of 2025. Nine months ended September 30, 2026: Revenue and Gross Margin: Revenue of $1.045 billion, an increase of 41.5% year-over-year from $738.4 million in the first nine months of 2025. Gross margin of 53.0% as compared to gross margin of 50.9% in the first nine months of 2025. Non-GAAP gross margin of 56.9% as compared to 54.6% in the first nine months of 2025. Operating Income: Operating income of $192.5 million, or 18.4% of revenue, as compared to operating income of $119.1 million, or 16.1% of revenue, in the first nine months of 2025. Non-GAAP operating income of $314.1 million, or 30.1% of revenue, as compared to non-GAAP operating income of $188.2 million, or 25.5% of revenue, in the first nine months of 2025. Net Income and Earnings Per Share: Net income of $140.7 million, or diluted earnings per share of $2.83, as compared to net income of $126.2 million, or diluted earnings per share of $2.57, in the first nine months of 2025. Non-GAAP net income of $287.1 million, or non-GAAP diluted earnings per share of $5.78, as compared to non-GAAP net income of $181.2 million, or non-GAAP diluted earnings per share of $3.69, in the first nine months of 2025. Cash and Investments: The Company generated cash from operations of approximately $79 million for the third quarter of 2026. The Company ended the third quarter with $1.25 billion of cash, cash equivalents and marketable securities on hand. Financial Outlook: For the fourth quarter ending December 31, 2026, the Company expects the following: Revenue of $430 million to $450 million Gross margin of 57.7% to 58.3% GAAP operating margin of 24.4% to 24.8% Non-GAAP operating margin of 33.5% to 34.5% GAAP diluted earnings per share of $1.95 to $2.07 Non-GAAP diluted earnings per share of $2.59 to $2.79 Webcast & Conference Call Details Onto Innovation will host a conference call at 4:30 p.m. Eastern Time today, November 9, 2026, to discuss its third quarter 2026 financial results and other matters in greater detail. To participate in the call, please dial 800-330-6710 or +1-646-769-9200 (international) and reference conference ID 3602860 at least five (5) minutes prior to the scheduled start time. A live webcast will also be available at www.ontoinnovation.com. To listen to the live webcast, please go to the website at least fifteen (15) minutes early to register, download and install any necessary audio software. There will be a replay of the conference call available for one year on the Company’s website at www.ontoinnovation.com. Discussion of Non-GAAP Financial Measures In addition to information regarding the Company’s results as determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company has provided in this release non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating income, non-GAAP operating expenses, non-GAAP net income, non-GAAP diluted earnings per share and non-GAAP operating margin, which exclude amortization of intangibles, merger and acquisition-related expenses and benefits, litigation expenses and benefits and other restructuring costs. Non-GAAP gross margin, non-GAAP operating income, non-GAAP operating expenses, non-GAAP net income, non-GAAP diluted earnings per share and non-GAAP operating margin can also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability or otherwise are not representative of our ongoing operations, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We utilize several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operations of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. More specifically, management adjusts for the excluded items for the following reasons: Amortization of intangibles: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to the purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations and also facilitates comparisons to peer companies. Merger or acquisition related expenses and benefits: we incur expenses or benefits with respect to certain items associated with our mergers and acquisitions, such as transaction and integration costs, change in control payments, adjustments to the fair value of assets, etc. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our ongoing business. Restructuring and other : we incur restructuring and impairment charges on individual or groups of employed assets, such as inventory or plant, property & equipment, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our ongoing business. Although these events are reflected in our GAAP financials, these transactions may limit the comparability of our ongoing operations with prior and future periods. Litigation expenses and benefits: we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of ongoing business and operating results. Tax provision adjustments: We reflect the tax impact of any non-GAAP adjustments described above. From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) which include, but are not limited to, statements regarding Onto Innovation’s business momentum and future growth; technology development, product introduction and acceptance of Onto Innovation’s products and services; Onto Innovation’s manufacturing practices and ability to deliver both products and services consistent with its customers’ demands and expectations and strengthen its market position; Onto Innovation’s expectations regarding the semiconductor market outlook, including customers’ potential expansion plans; Onto Innovation’s future quarterly financial outlook; as well as other matters that are not purely historical data. Onto Innovation wishes to take advantage of the “safe harbor” provided for by the Act and cautions that actual results may differ materially from those projected as a result of various factors, including risks and uncertainties, many of which are beyond Onto Innovation’s control. Such factors include, but are not limited to, the Company’s ability to leverage its resources to improve its position in its core markets; its ability to weather difficult economic environments; its ability to open new market opportunities and target high-margin markets; the strength/weakness of the back-end and/or front-end semiconductor market segments; fluctuations in customer capital spending; the Company’s ability to effectively manage its supply chain and adequately source components from suppliers to meet customer demand; the effects of political, economic, legal, and regulatory changes or uncertainties, changes in U.S. tariff and trade policy and related retaliatory actions, and geopolitical conflicts, including the ongoing conflict involving Israel, the U.S., Iran and other actors, on the Company’s global operations; its ability to adequately protect its intellectual property rights and maintain data security; the effects of natural disasters or public health emergencies on the global economy and on the Company’s customers, suppliers, employees, and business; its ability to effectively maneuver global trade issues and changes in trade and export regulations, tariffs and license policies; the Company’s ability to maintain relationships with its customers and manage appropriate levels of inventory to meet customer demands; the Company’s ability to realize the anticipated benefits of its investment in and strategic partnership with Rigaku Holdings Corporation (“Rigaku”), including as a result of fluctuations in the price of the Rigaku common stock and in the Japanese yen to U.S. dollar exchange rate; and the Company’s ability to successfully integrate acquired businesses and technologies including the business of Semilab USA, and to realize the anticipated benefits of such acquisitions. Additional information and considerations regarding the risks faced by Onto Innovation are available in Onto Innovation’s Form 10-K report for the year ended January 3, 2026, and other filings with the Securities and Exchange Commission. As the forward-looking statements are based on Onto Innovation’s current expectations, the Company cannot guarantee any related future results, levels of activity, performance, or achievements. Onto Innovation does not assume any obligation to update the forward-looking information contained in this press release, except as required by law. About Onto Innovation Onto Innovation is a leader in process control, combining global scale with an expanded portfolio of leading-edge technologies that include: unpatterned wafer quality; 3D metrology spanning chip features from nanometer scale transistors to large die interconnects; macro defect inspection of wafers and packages; metal interconnect composition; factory analytics; and lithography for advanced semiconductor packaging. Our breadth of offerings across the entire semiconductor value chain combined with our connected thinking approach results in a unique perspective to help solve our customers’ most difficult yield, device performance, quality, and reliability issues. Onto Innovation strives to optimize customers’ critical path of progress by making them smarter, faster and more efficient. Headquartered in Wilmington, Massachusetts, Onto Innovation supports customers with a worldwide sales and service organization. Additional information can be found at www.ontoinnovation.com. Source: Onto Innovation Inc. ONTO-I (Financial tables follow) ONTO INNOVATION INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) - (Unaudited) September 30, 2026 January 3, 2026 ASSETS Current assets Cash, cash equivalents and marketable securities $ 1,251,471 $ 639,622 Accounts receivable, net 384,481 268,932 Inventories 424,180 298,264 Prepaid expenses and other current assets 46,155 61,217 Total current assets 2,106,287 1,268,035 Net property, plant and equipment 121,498 127,184 Goodwill and intangibles, net 864,848 942,113 Other assets 710,340 30,409 Total assets $ 3,802,973 $ 2,367,741 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 210,872 $ 156,229 Other current liabilities 99,959 62,717 Total current liabilities 310,831 218,946 2031 Notes, net 1,473,179 ― Other non-current liabilities 39,664 48,148 Total liabilities 1,823,674 267,094 Stockholders’ equity 1,979,299 2,100,647 Total liabilities and stockholders’ equity $ 3,802,973 $ 2,367,741 ONTO INNOVATION INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) - (Unaudited) Three Months Ended Nine Months Ended September 30, 2026 September 27, 2025 September 30, 2026 September 27, 2025 Revenue $ 409,748 $ 218,193 $ 1,044,826 $ 738,397 Cost of revenue 185,266 107,570 490,701 362,419 Gross profit 224,482 110,623 554,125 375,978 Operating expenses: Research and development 45,068 32,493 119,045 95,815 Sales and marketing 23,858 17,103 68,422 51,729 General and administrative 39,231 24,820 104,900 72,608 Amortization 19,699 8,445 59,098 25,336 Restructuring and other 1,177 4,074 10,147 11,421 Total operating expenses 129,033 86,935 361,612 256,909 Operating income 95,449 23,688 192,513 119,069 Interest income, net 11,671 9,290 22,018 27,187 Unrealized gain (loss) on investment in Rigaku (40,841 ) - (40,841 ) - Other expense, net (1,292 ) (999 ) (2,155 ) (2,879 ) Income before provision for income taxes 64,987 31,979 171,535 143,377 Provision for income taxes 18,141 3,755 30,837 17,147 Net income $ 46,846 $ 28,224 $ 140,698 $ 126,230 Earnings per share: Basic $ 0.96 $ 0.58 $ 2.85 $ 2.57 Diluted $ 0.95 $ 0.57 $ 2.83 $ 2.57 Weighted average shares outstanding: Basic 49,048 49,023 49,410 49,044 Diluted 49,256 49,106 49,657 49,178 ONTO INNOVATION INC. GAAP TO NON-GAAP RECONCILIATION (In thousands, except percentages and per share data) - (Unaudited) Three Months Ended September 30, 2026 Gross Profit Gross Margin Operating Income Operating Margin Net Income Diluted EPS Reported (GAAP) $ 224,482 54.8 % $ 95,449 23.3 % $ 46,846 $ 0.95 Non-GAAP adjustments: Merger and acquisition related expenses — — % 5,609 1.3 % 47,897 0.97 Restructuring expenses and other 10,912 2.7 % 12,089 3.0 % 12,089 0.25 Amortization of intangibles 608 0.1 % 20,307 5.0 % 20,307 0.41 Net tax provision adjustments — — % — — % (6,805 ) (0.14 ) Total adjustments 11,520 2.8 % 38,005 9.3 % 73,488 1.49 Adjusted (non-GAAP) $ 236,002 57.6 % $ 133,454 32.6 % $ 120,334 $ 2.44 Three Months Ended September 27, 2025 Gross Profit Gross Margin Operating Income Operating Margin Net Income Diluted EPS Reported (GAAP) $ 110,623 50.7 % $ 23,688 10.9 % $ 28,224 $ 0.57 Non-GAAP adjustments: Merger and acquisition related expenses — — % 2,547 1.1 % 2,547 0.05 Restructuring expenses and other 7,303 3.3 % 11,377 5.2 % 11,377 0.24 Amortization of intangibles — — % 8,445 3.9 % 8,445 0.17 Net tax provision adjustments — — % — — % (5,468 ) (0.11 ) Total adjustments 7,303 3.3 % 22,369 10.2 % 16,901 0.35 Adjusted (non-GAAP) $ 117,926 54.0 % $ 46,057 21.1 % $ 45,125 $ 0.92 Nine Months Ended September 30, 2026 Gross Profit Gross Margin Operating Income Operating Margin Net Income Diluted EPS Reported (GAAP) $ 554,125 53.0 % $ 192,513 18.4 % $ 140,698 $ 2.83 Non-GAAP adjustments: Merger and acquisition related expenses 6,899 0.7 % 19,175 1.9 % 65,889 1.33 Restructuring expenses and other 32,606 3.1 % 42,753 4.1 % 42,753 0.86 Amortization of intangibles 608 0.1 % 59,705 5.7 % 59,705 1.20 Net tax provision adjustments — — % — — % (21,944 ) (0.44 ) Total adjustments 40,113 3.9 % 121,633 11.7 % 146,403 2.95 Adjusted (non-GAAP) $ 594,238 56.9 % $ 314,146 30.1 % $ 287,101 $ 5.78 Nine Months Ended September 27, 2025 Gross Profit Gross Margin Operating Income Operating Margin Net Income Diluted EPS Reported (GAAP) $ 375,978 50.9 % $ 119,069 16.1 % $ 126,230 $ 2.57 Non-GAAP adjustments: Merger and acquisition related expenses — — % 5,212 0.7 % 5,212 0.11 Restructuring expenses and other 27,130 3.7 % 38,550 5.3 % 38,550 0.78 Amortization of intangibles — — % 25,336 3.4 % 25,336 0.52 Net tax provision adjustments — — % — — % (14,091 ) (0.29 ) Total adjustments 27,130 3.7 % 69,098 9.4 % 55,007 1.12 Adjusted (non-GAAP) $ 403,108 54.6 % $ 188,167 25.5 % $ 181,237 $ 3.69 ONTO INNOVATION INC SUPPLEMENTAL INFORMATION - RECONCILIATION OF FOURTH QUARTER 2026 GAAP TO NON-GAAP FINANCIAL OUTLOOK ($ in millions, except percentages and per share data) Operating Income Diluted EPS Low High Low High Dollars Margin Dollars Margin Estimated GAAP $ 105.1 24.4 % $ 111.9 24.8 % $ 1.95 $ 2.07 Estimated non-GAAP items: Amortization of intangibles 19.7 4.6 % 19.7 4.4 % 0.40 0.40 Merger and acquisition related expenses 1.3 0.3 % 1.8 0.4 % - 0.01 Restructuring expenses 18.0 4.2 % 22.0 4.9 % 0.37 0.45 Net tax provision adjustments - 0.0 % - 0.0 % (0.13 ) (0.14 ) Estimated non-GAAP $ 144.1 33.5 % $ 155.4 34.5 % $ 2.59 $ 2.79 View source version on businesswire.com: https://www.businesswire.com/news/home/20261109951675/en/
Onto Innovation 3Q Rev $409.7M >ONTO
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@WOLF_Financial: [转推] Evan reposted THE TRADE DESK $TTD JUST REPORTED Q3 EARNINGS - Revenue: $736M, beating expectations of $650M 🟢 - Adj EPS: $0.33, beating expectations of $0.25 🟢 - Adj EBITDA: $266M - Adj EBITDA Margin: 36% (-700 bps YoY) - Customer Retention: Over 95% Q4 Guidance: - Revenue: At least $755M, above expectations of $685M 🟢 - Adj EBITDA: At least $280M Key Updates: - Buyback Authorization: +$731M ($1B total) - Available for Repurchases: ~$269M
AAON, INC. (AAON) Q3 Sales Rose 84.1% to $707.4M; 2026 Outlook Raised. Q3 2026 net sales rose 84.1% year over year to a record $707.4M, operating income increased 129.3% to $100.0M and diluted EPS rose 124.3% to $0.83. AAON raised its 2026 outlook and restated Q1 and Q2 results, citing a material weakness in internal controls. Material Details # Detail AI Analyst View 1 Q3 sales rose 84.1% to $707.4M YoY Record revenue growth supports the earnings acceleration; BASX sales rose 218.3%, led by data center demand. 2 Q3 operating income rose 129.3% to $100.0M YoY Operating income grew faster than sales, indicating leverage, though gross margin fell 110 basis points year over year to 26.7%. 3 Diluted EPS rose 124.3% to $0.83 YoY More than doubling EPS reinforces the scale of quarterly earnings growth. 4 2026 outlook raised; revised targets not stated The upgrade signals improved expectations, but the release provides no revised figures to assess the size of the change. 5 H1 restatement lifted sales $10.7M and EPS $0.09 Restated results increased first-half figures, but the identified material weakness in financial controls adds reporting risk. 6 Total backlog rose 40.5% to $1.9B YoY Backlog supports future revenue visibility, though it fell 5.9% sequentially as conversion accelerated. Context by AI Analyst This is a mid-cycle operating update, with record sales and earnings growth alongside continued capacity ramp-up and strong data center demand. Investors will look for quantified 2026 guidance, continued margin progress, and evidence that the material weakness is remediated. Based on the original press release from AAON, INC. distributed by PR Newswire.
The Aaon Group Reports Record Third Quarter 2026 Results, Restates First and Second Quarter 2026 Financial Statements and Raises Full-Year Outlook. Record revenue, continued margin improvement and strong execution drive operating income and diluted EPS to more than double year over year Company identifies material weakness and restates first and second quarter of 2026 financial statements, resulting in an increase to first-half 2026 financial results Third Quarter 2026 Highlights (All comparisons are year-over-year, unless otherwise noted) Net sales increased 84.1% to a record $707.4 million Gross profit increased 76.4% to $188.5 million, with gross margin of 26.7%, improving 60 basis points sequentially Operating income increased 129.3% to $100.0 million GAAP diluted EPS increased 124.3% to $0.83; Non-GAAP adjusted EPS increased 124.3% to $0.83 Total backlog increased 40.5% year-over-year to $1.9 billion Year-to-date, operating cash flow improved to $146.9 million, compared with a use of $18.8 million a year ago During the third quarter reporting process, the Company identified errors through enhanced review and control procedures and restated first and second quarter 2026 financial statements. The Company also identified a material weakness in its internal control over financial reporting and is continuing remediation efforts. In aggregate, the restatements increased first-half net sales by $10.7 million and diluted EPS by $0.09. Raises 2026 Outlook 2026 outlook now reflects net sales growth of 72%-75%, gross margins of approximately 26%, and SG&A as a percent of sales of about 13%, supported by strong backlog, expanded capacity, and improving operational execution TULSA, Okla., Nov. 9, 2026 /PRNewswire/ -- AAON, INC. (NASDAQ-AAON) ("The Aaon Group" or the "Company"), a leader in high-performance HVAC and thermal management solutions, today announced its results for the third quarter of 2026 and raised its full-year outlook. "Our third quarter results reflect strong execution and continued progress turning the investments we have made into stronger operating performance," said Matt Tobolski, President and CEO of The Aaon Group. "We delivered record net sales, more than doubled operating income and diluted EPS, improved gross margin 60 basis points sequentially, generated strong cash flow and raised full-year outlook. The improvement was broad-based, with both AAON and BASX delivering strong growth. "During our third quarter reporting process, we also identified errors in our previously reported first and second quarter financial statements. We corrected those errors and determined that a material weakness existed in our internal control over financial reporting. We take that seriously. These issues were identified through enhanced review and control procedures as we continue to strengthen our finance organization, and we are moving with urgency to remediate the material weakness and further strengthen our control environment. "Across the business, higher throughput and utilization, better overhead absorption, pricing and sourcing actions, and continued operational improvement are increasingly showing up in our results. AAON continues to gain share despite softer conditions in the broader commercial HVAC market. At BASX, customer engagement remains strong, our opportunity pipeline is healthy, and we continue to strengthen our position with strategic data center customers. "We have invested significantly in capacity and capabilities to support our growth. We are increasingly converting those investments into revenue, earnings and cash flow while continuing to improve how we operate. There is more work to do, but the progress is clear. We remain focused on execution, continuous improvement, and creating durable long-term value." Third Quarter 2026 Results Net sales for the third quarter of 2026 increased 84.1% to a record $707.4 million, compared with $384.2 million in the third quarter of 2025. Growth was driven by strong demand for both the AAON and BASX brands, increased manufacturing throughput, and greater utilization of recently expanded production capacity. AAON-branded sales increased to a record level, growing 19.6% to $310.2 million, benefitting from a healthy backlog and continued production throughput gains. BASX-branded sales grew 218.3% to a record $397.2 million, reflecting strong momentum in data center demand, continued production output gains, and increased utilization of recently added manufacturing capacity. Booking activity remained solid across both brands, contributing to market share gains and elevated backlog levels. AAON‑branded backlog increased 18.0% from the prior-year period while BASX-branded products ended the quarter with backlog up 51.1%. Gross profit increased 76.4% to $188.5 million, compared with $106.9 million in the third quarter of 2025. Gross profit margin was 26.7%, compared with 27.8% in the prior-year period, but increased 60 basis points sequentially, marking the second consecutive quarter of improvement. Year over year, margin was impacted primarily by a higher proportion of BASX revenue generated from less mature, lower-utilization facilities, partially offset by improved price/cost and volume leverage. The sequential improvement reflects progress in mitigating these headwinds, and through a combination of pricing, sourcing, productivity, and other operational initiatives, margins continue to trend positively. Selling, general and administrative expenses as a percent of sales declined 400 basis points to 12.5%, reflecting continued operating leverage and disciplined cost management as revenue growth outpaced overhead investments. Operating income increased 129.3% to $100.0 million, compared with $43.6 million in the prior-year period. Diluted earnings per share were $0.83, an increase of 124.3% from $0.37 in the third quarter of 2025. Backlog September 30, 2026 June 30, 2026 September 30, 2025 (in thousands) AAON-branded products $ 499,341 $ 540,465 $ 423,316 BASX-branded products 1,355,152 1,419,822 896,824 $ 1,854,493 $ 1,960,287 $ 1,320,140 Total backlog increased 40.5% year-over-year to $1.9 billion, compared to $1.3 billion the prior year. BASX-branded backlog increased 51.1% year-over-year, reflecting continued customer investment activity in data center infrastructure and the value customers place on BASX's custom-engineered solutions. AAON-branded backlog increased 18.0% year-over-year, supported by strong order activity despite soft end-market conditions. Compared to the second quarter of 2026, total backlog decreased 5.9%, primarily reflecting accelerated backlog conversion into record revenue and the inherent timing variability of large BASX project awards. The Company continues to see strong customer engagement and a healthy pipeline of opportunities across the data center market, and expects order strength to continue in the fourth quarter and as we enter 2027. AAON-branded backlog declined 7.6% sequentially, primarily reflecting higher production and improved throughput as we continued to reduce elevated lead times. Strong order activity and continued market share gains partially offset the decline despite softness in the commercial HVAC market. Across the enterprise, our expanded capacity, shorter lead times, and differentiated, value-added solutions reinforce our confidence in the underlying fundamentals of the business. 2026 Outlook Based on strong third quarter performance, increased manufacturing throughput, and current business conditions, the Company raised its full-year 2026 outlook: Current Prior Metric FY26 FY26 YoY Sales Growth 72%-75% 55%-60% Gross Profit Margin ~26% 25%-26% SG&A as a % of sales ~13% 13%-14% Depreciation & Amortization ~$100M $95M-$100M "Our raised outlook reflects the strength of our third quarter performance, continued customer activity across our end markets, and the meaningful progress we are making towards increasing throughput and converting backlog into revenue," said Matt Tobolski. "Expanded capacity, shorter lead times, and continued operational execution provide increased confidence in our ability to deliver strong growth through the remainder of the year. "We are encouraged by the sequential improvement in gross margin during the third quarter. Higher production volumes, better utilization, pricing actions, sourcing initiatives, and continued operational discipline are beginning to show more clearly in our results. While additional work remains, we expect continued progress in the fourth quarter and remain confident in the long-term earnings power and cash generation potential of the business." Restatement of Previously Issued Quarterly Financial Statements & Material Weakness The Company has restated its previously issued financial statements for the first and second quarters of 2026. In aggregate, the restatements resulted in increases to first-half 2026 net sales, gross margin, and GAAP diluted EPS of $10.7 million, 71 basis points, and $0.09, respectively. Management concluded that restatements to previously issued interim financial statements were appropriate and that a material weakness existed in internal control over financial reporting. The Company has implemented corrective actions and is executing additional measures designed to further strengthen our control environment and internal controls over financial reporting. The Company found no evidence of fraud or misconduct in connection with these matters and believes the identified errors do not alter the underlying strength of the business or its long-term growth outlook. The impact of the restated first and second quarter of 2026 financial statements to correct for the identified errors can be seen at the end of this release or in Footnote 2 of the restated 10-Q filings for the first and second quarters of 2026, being filed today. Additional information regarding the material weakness can be found in Item 4 of the third quarter 10-Q filing, also being filed today. Segment Results AAON Oklahoma Three Months Ended (in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net sales $ 283,492 $ 262,277 $ 243,967 $ 215,503 $ 238,748 Gross profit $ 72,346 $ 63,617 $ 64,272 $ 59,168 $ 78,803 Gross profit margin 25.5 % 24.3 % 26.3 % 27.5 % 33.0 % Non-GAAP Adjusted gross profit $ 93,075 $ 81,739 $ 74,117 $ 65,567 $ 83,303 Non-GAAP Adjusted gross profit margin 32.8 % 31.2 % 30.4 % 30.4 % 34.9 % AAON Oklahoma generated net sales of $283.5 million, an increase of 18.7% from the prior-year period. Growth was supported by effective execution of a robust backlog and continued operational improvements that enhanced production throughput and backlog conversion. Higher pricing also contributed to growth. Gross profit was $72.3 million compared with $78.8 million in the prior-year period. Gross margin was 25.5%, compared to 33.0% in the third quarter of 2025. Segment profitability was impacted by $20.7 million of overhead expenses associated with the Memphis facility, compared with $4.5 million in the prior-year period. Sequentially, excluding these expenses, AAON Oklahoma adjusted gross margin improved 160 basis points, benefiting from improving price/cost and higher capacity utilization. AAON Coil Products Three Months Ended (in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net sales $ 192,630 $ 152,282 $ 101,654 $ 102,619 $ 70,246 Gross profit $ 49,792 $ 29,140 $ 12,345 $ 21,827 $ 7,758 Gross profit margin 25.8 % 19.1 % 12.1 % 21.3 % 11.0 % AAON Coil Products generated net sales of $192.6 million, an increase of 174.2% from the prior-year period. Growth was driven primarily by BASX-branded liquid cooling sales of $165.5 million, up 255.6% during the period. Gross profit increased 541.8% to $49.8 million, compared with $7.8 million in the prior-year period. Gross margin was 25.8%, compared with 11.0% in the third quarter of 2025. The year-over-year margin performance reflected repricing of existing backlog to mitigate inflationary and other price/cost headwinds. Results were also positively impacted by improved labor efficiency, better overhead absorption, and higher production volume. BASX Three Months Ended (in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net sales $ 231,308 $ 227,569 $ 146,904 $ 106,095 $ 75,244 Gross profit $ 66,401 $ 74,885 $ 43,937 $ 28,775 $ 20,300 Gross profit margin 28.7 % 32.9 % 29.9 % 27.1 % 27.0 % BASX segment generated net sales of $231.3 million, an increase of 207.4% from the prior-year period. Growth was driven by strong backlog conversion, sustained data center investment activity, and increased production capacity resulting from the continued ramp of the Company's manufacturing footprint, including the Memphis facility. Gross profit increased 227.1% to $66.4 million, compared with $20.3 million in the prior-year period. Gross margin was 28.7%, up from 27.0% in the third quarter of 2025. The year-over-year margin improvement reflected substantial volume growth, partially offset by incremental resources and investments required to support future growth, customer delivery, and continued share gains. Balance Sheet & Cash Flow As of September 30, 2026, the Company had cash, cash equivalents and restricted cash of $3.7 million and a balance on its revolving credit facility of $386.7 million. Andy Cheung, CFO and Treasurer, commented, "Our balance sheet continued to strengthen during the third quarter as robust earnings growth and disciplined execution drove another period of exceptional cash flow generation. Operating cash flow totaled $146.9 million through the first nine months of 2026, a significant improvement from a $18.8 million use of cash in the prior year period. This improved cash flow provides The Aaon Group with a significant runway for continued execution of our strategic growth initiatives. Looking ahead, we remain confident that continued operational execution, working capital discipline, and margin improvement initiatives will support robust cash flow generation and continued balance sheet improvement." Conference Call The Company will host a conference call and webcast today at 5:00 p.m. EST to discuss the third quarter of 2026 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-888-880-3330. To access the listen-only webcast, please register at https://app.webinar.net/E7MK2gxj9Oo . On the next business day following the call, a replay of the call will be available on the company's website at https://investors.theaaongroup.com/ . About The Aaon Group The Aaon Group provides high-performance HVAC and thermal management solutions for commercial, industrial, and data center environments. Through two strong brands, AAON and BASX, the company designs and manufactures highly configurable and custom-engineered equipment focused on efficiency, performance, reliability, and long-term customer value. For more information, please visit theaaongroup.com. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "should", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the material weakness in the effectiveness of our internal controls over financial reporting and the impact of our ability to adequately remediate the material weakness in a timely manner, (4) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (5) general economic, market or business conditions. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in any forward-looking statements, see "Risk Factors" and "Forward Looking Statements" in AAON's Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by AAON's Quarterly Reports on Form 10-Q, and AAON's Current Reports on Form 8-K. Contact Information Joseph Mondillo Director of Investor Relations & Corporate Strategy Email: investorrelations@theaaongroup.com AAON, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands, except per share data) Net sales $ 707,430 $ 384,238 $ 1,842,082 $ 1,017,859 Cost of sales 518,891 277,377 1,365,347 741,905 Gross profit 188,539 106,861 476,735 275,954 Selling, general and administrative expenses 88,559 63,230 242,817 173,670 (Gain) loss on disposal of assets — 36 — (4) Income from operations 99,980 43,595 233,918 102,288 Interest expense (5,817) (5,153) (17,067) (11,964) Other income, net 67 — 302 106 Income before taxes 94,230 38,442 217,153 90,430 Income tax provision 25,272 7,660 44,620 14,869 Net income $ 68,958 $ 30,782 $ 172,533 $ 75,561 Earnings per share: Basic EPS $ 0.84 $ 0.38 $ 2.10 $ 0.93 Diluted EPS $ 0.83 $ 0.37 $ 2.06 $ 0.91 Cash dividends declared per common share: $ 0.10 $ 0.10 $ 0.30 $ 0.30 Weighted average shares outstanding: Basic 82,454,996 81,543,105 82,217,732 81,485,914 Diluted 83,557,784 82,952,049 83,570,266 83,086,858 AAON, Inc. and Subsidiaries Segment Net Sales and Profit (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) AAON Oklahoma External sales $ 283,492 $ 238,748 $ 789,735 $ 585,706 Inter-segment sales 89,029 9,737 224,897 18,894 Eliminations (89,029) (9,737) (224,897) (18,894) Net sales 283,492 238,748 789,735 585,706 Cost of sales1 211,146 159,945 589,500 412,786 Gross profit 72,346 78,803 200,235 172,920 AAON Coil Products External sales $ 192,630 $ 70,246 $ 446,566 $ 222,734 Inter-segment sales 4,376 4,689 18,854 11,707 Eliminations (4,376) (4,689) (18,854) (11,707) Net sales 192,630 70,246 446,566 222,734 Cost of sales1 142,838 62,488 355,289 174,889 Gross profit 49,792 7,758 91,277 47,845 BASX External sales $ 231,308 $ 75,244 $ 605,781 $ 209,419 Inter-segment sales 108 26 664 576 Eliminations (108) (26) (664) (576) Net sales 231,308 75,244 605,781 209,419 Cost of sales1 164,907 54,944 420,558 154,230 Gross profit 66,401 20,300 185,223 55,189 Consolidated gross profit $ 188,539 $ 106,861 $ 476,735 $ 275,954 1 Presented after intercompany eliminations. The reconciliation between consolidated gross profit to consolidated income from operations is as follows: Consolidated gross profit $ 188,539 $ 106,861 $ 476,735 $ 275,954 Less: Selling, general and administrative expenses 88,559 63,230 242,817 173,670 Add: (gain) loss on disposal of assets — (36) — 4 Consolidated income from operations $ 99,980 $ 43,595 $ 233,918 $ 102,288 AAON, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) September 30, 2026 December 31, 2025 Assets (in thousands, except share and per share data) Current assets: Cash and cash equivalents $ 13 $ 13 Restricted cash 3,658 1,226 Accounts receivable, net 396,849 314,387 Income tax receivable 334 27,445 Inventories, net 376,045 261,151 Contract assets, net 279,544 247,037 Prepaid expenses and other 18,274 17,921 Total current assets 1,074,717 869,180 Property, plant and equipment, net 689,617 631,262 Intangible assets, net and goodwill 168,435 165,799 Right-of-use assets 18,955 17,988 Other long-term assets 1,672 2,281 Total assets $ 1,953,396 $ 1,686,510 Liabilities and Stockholders' Equity Current liabilities: Short-term obligations of NMTC1 7,535 7,535 Accounts payable 182,598 110,437 Accrued liabilities 185,918 132,213 Contract liabilities 5,713 80,670 Total current liabilities 381,764 330,855 Debt, long-term 386,709 398,320 Deferred tax liabilities 44,323 30,313 Other long-term liabilities 34,484 23,299 New markets tax credit obligations1 21,371 8,738 Commitments and contingencies (Note 19) Stockholders' equity: Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued — — Common stock, $.004 par value, 200,000,000 shares authorized, 82,459,251 and 81,691,075 issued and outstanding at September 30, 2026 and December 31, 2025, respectively 330 327 Additional paid-in capital 106,202 64,358 Retained earnings 978,213 830,300 Total stockholders' equity 1,084,745 894,985 Total liabilities and stockholders' equity $ 1,953,396 $ 1,686,510 1 Held by variable interest entities AAON, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2026 2025 Operating Activities (in thousands) Net income $ 172,533 $ 75,561 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 73,859 58,838 Amortization of debt issuance costs 124 250 Amortization of right-of-use assets 240 118 (Recoveries of) Provision for losses on accounts receivable, net of adjustments (128) 92 Provision for losses on contract assets, net of adjustments — 200 Provision for excess and obsolete inventories, net of write-offs 1,745 1,025 Share-based compensation 16,886 13,421 Other — (32) Deferred income taxes 14,010 23,035 Changes in assets and liabilities: Accounts receivable (82,334) (118,896) Income tax receivable 27,111 (21,393) Inventories (116,639) (64,116) Contract assets (32,507) (71,919) Prepaid expenses and other long-term assets 256 (771) Accounts payable 83,010 59,891 Contract liabilities (74,957) 5,061 Extended warranties 10,737 431 Accrued liabilities and other long-term liabilities 52,946 20,420 Net cash provided by (used in) operating activities 146,892 (18,784) Investing Activities Capital expenditures (138,097) (128,067) Grant proceeds received 1,650 — Proceeds from sale of property, plant and equipment — 275 Acquisition of intangible assets (9,252) (10,868) Principal payments from note receivable — 37 Net cash used in investing activities (145,699) (138,623) Financing Activities Borrowings of debt 925,430 658,458 Payments of debt (937,041) (453,449) Proceeds from financing obligation, net of issuance costs 12,908 — Payment related to financing costs (399) (1,395) Stock options exercised 29,563 13,275 Repurchase of stock - open market — (29,992) Repurchases of stock - LTIP plans (Note 17) (4,602) (9,300) Cash dividends paid to stockholders (24,620) (24,437) Net cash provided by financing activities 1,239 153,160 Net increase (decrease) in cash, cash equivalents, and restricted cash 2,432 (4,247) Cash, cash equivalents, and restricted cash, beginning of period 1,239 6,514 Cash, cash equivalents, and restricted cash, end of period $ 3,671 $ 2,267 Use of Non-GAAP Financial Measures To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that this non-GAAP financial measure enhances the ability of investors to analyze the Company's business trends and operating performance as they are used by management to better understand operating performance. Since adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures and are susceptible to varying calculations, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin, as presented, may not be directly comparable with other similarly titled measures used by other companies. Non-GAAP Adjusted Net Income The Company defines non-GAAP adjusted net income as net income adjusted for any infrequent events, such as litigation settlements, net of profit sharing and tax effect, in the periods presented. The following table provides a reconciliation of net income (GAAP) to non-GAAP adjusted net income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net income, a GAAP measure $ 68,958 $ 30,782 $ 172,533 $ 75,561 Add: Memphis incentive fee1 — — 1,448 6,105 Profit sharing effect2 — — (123) (519) Tax effect — — (332) (1,369) Non-GAAP adjusted net income $ 68,958 $ 30,782 $ 173,526 $ 79,778 Non-GAAP adjusted earnings per diluted share $ 0.83 $ 0.37 $ 2.08 $ 0.96 1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities. 2Profit sharing effect of the Memphis incentive fee in the respective period. EBITDA EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to internally fund operations. The Company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP. EBITDA margin is defined as EBITDA as a percentage of net sales. The Company's EBITDA measure provides additional information which may be used to better understand the Company's operations. EBITDA is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a Company's financial performance. EBITDA, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the Company's management team and by other users of the Company's consolidated financial statements. Adjusted EBITDA is calculated as EBITDA adjusted by items in non-GAAP adjusted net income, above, except for taxes, as taxes are already excluded from EBITDA. The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) for the periods indicated: Three Months Ended September 30, Nine Months Ended September30, 2026 2025 2026 2025 (in thousands) Net income, a GAAP measure $ 68,958 $ 30,782 $ 172,533 $ 75,561 Depreciation and amortization 27,141 19,959 73,859 58,838 Interest expense, net 5,817 5,153 17,067 11,964 Income tax expense 25,272 7,660 44,620 14,869 EBITDA, a non-GAAP measure $ 127,188 $ 63,554 $ 308,079 $ 161,232 Add: Memphis incentive fee1 — — 1,448 6,105 Profit sharing effect2 — — (123) (519) Adjusted EBITDA, a non-GAAP measure $ 127,188 $ 63,554 $ 309,404 $ 166,818 Adjusted EBITDA margin, a non-GAAP measure 18.0 % 16.5 % 16.8 % 16.4 % 1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities. 2Profit sharing effect of the Memphis incentive fee in the respective period. Non-GAAP Adjusted Selling, General and Administrative Expenses The following table provides a reconciliation of selling, general and administrative expenses (GAAP) to adjusted selling, general and administrative expenses (non-GAAP) for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Non-GAAP Adjusted Selling, General and Administrative Expenses SG&A, a GAAP measure $ 88,559 $ 63,230 $ 242,817 $ 173,670 Memphis incentive fee — — (1,448) (6,105) Profit sharing effect — — 123 519 Non-GAAP adjusted SG&A expenses 88,559 63,230 241,492 168,084 As a percent of sales 12.5 % 14.9 % 13.1 % 16.5 % Non-GAAP Adjusted AAON Oklahoma Gross Profit The following tables provides a reconciliation of AAON Oklahoma gross profit (GAAP) to adjusted gross profit (non-GAAP) for the periods indicated: Three Months EndedSeptember 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Non-GAAP Adjusted AAON Oklahoma Gross profit AAON Oklahoma Net sales $ 283,492 $ 238,748 $ 789,735 $ 585,706 AAON Oklahoma Gross profit $ 72,346 $ 78,803 $ 200,235 $ 172,920 Memphis facility overhead costs 20,729 4,500 48,696 9,300 Non-GAAP Adjusted AAON Oklahoma Gross profit $ 93,075 $ 83,303 $ 248,931 $ 182,220 Non-GAAP Adjusted AAON Oklahoma Gross profit margin 32.8 % 34.9 % 31.5 % 31.1 % Three Months Ended (in thousands) June 30, 2026 March 31, 2026 December 31, 2025 Non-GAAP Adjusted AAON Oklahoma Gross profit AAON Oklahoma Net sales $ 262,276 $ 243,967 $ 215,503 AAON Oklahoma Gross profit $ 63,617 $ 64,272 $ 59,168 Memphis facility overhead costs $ 18,122 $ 9,845 $ 6,399 Non-GAAP Adjusted AAON Oklahoma Gross profit $ 81,739 $ 74,117 $ 65,567 Non-GAAP Adjusted AAON Oklahoma Gross profit margin 31.2 % 30.4 % 30.4 % Restatement of Previously Issued Financial Statements During the third quarter of 2026, management identified certain errors related to revenue recognition and accounting for software subscriptions. The Company has restated its previously issued financial statements. Following is a summary of the significant effects of the restatement on the Company's condensed statements of income and segment reporting for the three and six months ended June 30, 2026. For the Three Months Ended March 31, 2026 As Previously Reported Adjustments As Restated (in thousands) Net sales $ 496,936 $ (4,411) $ 492,525 Gross profit 124,965 (4,411) 120,554 Selling, general and administrative expenses 67,906 385 68,291 Income from operations 57,059 (4,796) 52,263 Income before taxes 52,081 (4,796) 47,285 Income tax provision 12,266 (1,444) 10,822 Net income $ 39,815 $ (3,352) $ 36,463 Earnings per share: 0 Basic EPS $ 0.49 $ (0.04) $ 0.45 Diluted EPS $ 0.48 $ (0.04) $ 0.44 For the Three Months Ended June 30, 2026 As Previously Reported Adjustments As Restated (in thousands) Net sales $ 626,976 $ 15,151 $ 642,127 Gross profit 152,491 15,151 167,642 Selling, general and administrative expenses 83,607 2,360 85,967 Income from operations 68,884 12,791 81,675 Income before taxes 62,847 12,791 75,638 Income tax provision 6,188 2,338 8,526 Net income $ 56,659 $ 10,453 $ 67,112 Earnings per share: 0 Basic EPS $ 0.69 $ 0.13 $ 0.82 Diluted EPS $ 0.68 $ 0.12 $ 0.80 For the Three Months Ended March 31, 2026 As Previously Reported Adjustments As Restated (in thousands) AAON Coil Products External sales 117,611 (15,957) 101,654 Net sales 117,611 (15,957) 101,654 Gross profit 28,302 (15,957) 12,345 BASX External sales 135,358 11,546 146,904 Net sales 135,358 11,546 146,904 Gross profit 32,391 11,546 43,937 Consolidated gross profit 124,965 (4,411) 120,554 For the Three Months Ended June 30, 2026 As Previously Reported Adjustments As Restated (in thousands) AAON Coil Products External sales 146,680 5,602 152,282 Net sales 146,680 5,602 152,282 Gross profit 23,538 5,602 29,140 BASX External sales 218,020 9,549 227,569 Net sales 218,020 9,549 227,569 Gross profit 65,336 9,549 74,885 Consolidated gross profit 152,491 15,151 167,642 SOURCE AAON
The Aaon Group Reports Record Third Quarter 2026 Results, Restates First And Second Quarter 2026 Financial Statements And Raises Full-Year Outlook >AAON
Arab And Muslim Leaders In Push To Stop Trump From Reigniting Iran War – FT [链接预览] Arab and Muslim leaders in push to stop Trump from reigniting Iran war
Huang-Over: Stocks Jump, Oil Dumps After Weekend Of 'Fear And Loathing'
Elon Musk Goes From SNL Host to Joke Punchline: ‘My Car Did a Flip’. Billionaire Elon Musk famously hosted an episode of "Saturday Night Live" back in May 2021 where he talked about Tesla Inc TSLA , SpaceX SPCX and Dogecoin DOGEUSD . Musk has since criticized the show, and over the weekend it turned him into a punchline. Elon Musk Gets SNL Treatment Musk spent nearly half a billion dollars of his own money on the 2026 midterm elections, and the losses of candidates and causes he backed became one of many jokes about the billionaire during a "Weekend Update" segment. Musk was portrayed by cast member Jeremy Culhane , with "Weekend Update" co-anchor Colin Jost asking him questions and commenting on Tesla and SpaceX stock both being down and the Cybertruck ending production. Jost told Musk that he was in the news because of the election. "I’m in the news because my car did a flip," Culhane as Musk told Jost. The Musk character also admitted to feeling bad now that Texas is going to be run by Democrats. "I can’t believe you’re the richest person in the world," Jost says at one point in the conversation, while laughing. After commenting on vulgar roasts made by Jost, the SNL actor asks Musk what an epic vulgar roast is. Culhane pulls out his phone to use AI chatbot Grok, which is owned by SpaceX. Asking Grok to make a vulgar roast, several answers are given before the skit ends. "You’re the worst thing South Africa has ever done," Grok says as one of the joke replies. Katie Miller Speaks Out The latest portrayal caught the attention of Musk fans who didn’t think it was funny. Among those who spoke out was podcaster Katie Miller , who has worked for the billionaire in the past. "SNL is literally the antithesis of comedy and satire. It takes weak men to take cheap shots – especially about @elonmusk’s kids. Elon is a devoted dad who prioritizes time with his kids and it’s obvious they absolutely adore him," Miller tweeted. Miller, who is married to newly named White House Chief of Staff Stephen Miller , said SNL’s sketch was a "political hit job." "Make comedy actually funny again." Musk Portrayed on SNL Before This isn’t the first time Musk has been portrayed on SNL since his appearance as host and might not be the last. On a 2024 episode about the election, actor and former SNL cast member Dana Carvey portrayed the billionaire. “Check it out, dark MAGA. Yeah! But seriously, I run the country now. America’s gonna be like one of my rockets that’s super cool and super fun. But there’s a slight chance it could blow up, and everybody dies,” Carvey said in the skit. That skit caught the attention of Musk. “SNL has been dying slowly for years, as they become increasingly out of touch with reality," he said. Mike Myers also portrayed Musk on the sketch comedy show last year. Cast member Mikey Day has also portrayed Musk in the past. TSLA Price Action: Tesla shares were up 6.37% at $381.05 at the time of publication Monday, according to Benzinga Pro data .
PepsiCo To Cut About 1,000 Jobs As North American Business Struggles – CNBC [链接预览] PepsiCo to cut about 1,000 jobs as North American business struggles
🔴 MOC IMBALANCE S&P 500: -1332.4 MLN NASDAQ 100: -2205.0 MLN DOW 30: 429.2 MLN MAG 7: 234.1 MLN $MACRO
Nvidia Is Now Nearly 3 Times Cheaper Than Intel on Forward Earnings. Nvidia Corp. NVDA has carried a reputation as one of the most expensive names in AI. A cooling AI trade and a scandal involving its CEO have changed the picture. On one key valuation metric, Nvidia now looks far cheaper than its old rival. Nvidia trades at 11.8 times forward earnings, according to Benzinga Pro data. Intel Corp. INTC trades at 33.33 times. Investors pay roughly 2.8 times more for each dollar of Intel’s expected profit. NVDA stock is tumbling. Get all the details here. Intel’s Run and Reversal Intel spent much of 2026 as one of Wall Street’s hottest chip stocks. In May, Intel was trading at 108 times next-twelve-month earnings, the third-highest forward multiple in the Nasdaq 100. Momentum cracked last month. Intel beat third-quarter expectations but issued fourth-quarter guidance well below estimates . Shares plunged as much as 30% the next day, putting the stock on track for its steepest one-day drop since 1974. Nvidia’s Rocky Year Nvidia has struggled to lead in 2026 and now faces a leadership question. CEO Jensen Huang admitted to a romantic relationship with a suspected Chinese spy in a message to employees, and the board announced an independent investigation. Nvidia shares have given back their 2026 gains. Chipmakers, neoclouds and other data center names sold off in October on worries about rising interest rates and overspending. The stock sits about 25% below its record close of $239.24 on Oct. 6, roughly 4% lower for the year and near its lowest close since early April. The slide accelerated following the midterm elections last week, when shares plunged 9.3% in a single session, erasing more than $400 billion in market value. Reading the Valuation Gap A cheap multiple guarantees nothing. Earnings estimates can fall, and leadership risk rarely shows up in a P/E ratio. A drawn-out board investigation or a slower data center buildout could push analysts to cut their numbers, which would lift Nvidia’s forward multiple without any move in the stock. Intel’s premium rests on a manufacturing comeback still in progress, and its latest guidance showed how harshly the market punishes a stumble. Nvidia reports earnings Nov. 17, and the results will test whether its discount reflects real risk or an overreaction. On forward earnings alone, Nvidia still costs far less than Intel. NVDA Price Action: Nvidia shares were down 4.51% at $178.23 at the time of publication Monday, according to Benzinga Pro data.
Analysts say these chip stocks are bargains. Is it time to buy. By Christine Ji and Christine Idzelis While some analysts view the steep drop in names like Nvidia, Micron and Sandisk as an overreaction, others are staying cautious The iShares Semiconductor ETF rallied 7% on Monday. Investors on Monday appeared to be scooping up chip stocks, which have tumbled over the past month in a rapid unwinding of the artificial-intelligence trade. But experts are split over whether it's a smart idea to jump in, as some think steeper declines lie ahead. The iShares Semiconductor ETF SOXX, an exchange-traded fund whose top five holdings on Friday were Advanced Micro Devices (AMD), Nvidia (NVDA), Broadcom (AVGO), Micron Technology (MU) and Intel (INTC), was rallying 7% on Monday to bring its gain so far in 2026 to more than 45%. Still, the ETF, which tracks an index of chip stocks, is down over 30% from its June highs. Concerns over the sustainability of the AI buildout have been top of mind, especially after the results of the midterm elections last week, which suggested a potential slowdown in data-center buildouts. Some Wall Street analysts see the weakness in chip stocks as a classic opportunity to buy the dip, with Cantor Fitzgerald analyst C.J. Muse calling it an "early holiday gift." "We believe the market's reaction to the midterms is overdone," Morgan Stanley analyst Stephen Byrd wrote in a Sunday note. Byrd believes that the elections will result in project timelines extending to 2028 and 2029 rather than being canceled entirely. A longer buildout could have the added benefit of easing credit concerns and smoothing out imbalances between supply and demand, Byrd added. AI spending plans remain "largely intact," Muse said. "Within this backdrop, we would recommend being long the SOX broadly into year-end." Both firms view the market leaders in compute, or processing power, as the highest-conviction plays. Nvidia remains Wall Street's favorite way to get exposure to the AI boom, even as CEO Jensen Huang's unfolding scandal hangs over the stock. Shares of Nvidia are down 5% on Monday, with Nvidia's board of directors launching an independent investigation of Huang's extramarital relationship with an alleged Chinese spy. Trading at just 9 times Nvidia's estimated 2028 earnings, the stock is in bargain territory. Even if overall demand for chips diminishes, Muse believes Nvidia's position as the leading provider of AI accelerators will make the company more resilient during a downturn. Nvidia's chips lead on tokens per watt, a measure of how efficiently the chips can utilize electricity to run AI workloads. Another popular ETF, the Roundhill Memory ETF DRAM, which focuses more specifically on memory stocks such as Samsung Electronics (KR:005930), Micron (MU), SK Hynix (SKHY), CXMT (CN:688825) and Seagate Technology Holdings (STX), has tumbled more than 30% this quarter. After launching in April, the ETF skyrocketed more than 60% in May amid strong investor enthusiasm for the AI trade. Such strong gains in AI chip stocks earlier this year have left some investors wary about being too quick to buy. Memory and storage stocks have suffered the most severe drawdowns of the selloff, with names like Sandisk (SNDK) and Seagate down over 50% from recent highs. Shares of Micron are down over 40%. Both Morgan Stanley and Cantor Fitzgerald identified buying opportunities in Sandisk. Sandisk trades at 2.6 times estimated 2028 earnings and will generate $82 billion in free cash flow through 2028, according to Cantor Fitzgerald. Morgan Stanley highlighted that the company could use its excess cash to buy back over 50% of its stock between now and 2028, boosting earnings per share. Micron could also repurchase a substantial portion of its stock over the next two years once federal restrictions on share buybacks under the CHIPS Act expire in December, Cantor Fitzgerald noted. Trading at just 3 times 2028 earnings estimates, Micron could benefit from significant lifts to earnings estimates. However, others aren't getting too excited about buying the dip in chip stocks after their big slump. The PHLX Semiconductor Index recently broke through its 200-day moving average, a key level of support, for the first time since May 2025, Jonathan Krinsky, chief market technician at BTIG, pointed out in a Sunday note. "Any purchases from May-October are now firmly underwater," he said. While "similar initial cracks did see some strong bounces," he cautioned that when the index closes below its 200-day moving average for the first time in at least three months, "50-day returns are actually negative." As chip stocks rallied on Monday, Krinsky also raised doubt over nearer-term performance, calling those potential gains a "coin-toss." As brutal as the recent selloff in chip stocks was, the PHLX Semiconductor Index still has year-to-date returns exceeding 40% as of Monday afternoon. Investors had earlier in 2026 piled into shares of companies seeing heavy demand for chips needed in the AI buildout. "Chip stocks are already priced as if everything is already fabulous," Rob Arnott, founder and chairman of Syzygy Asset Management, said in an interview Monday. But "the monetization of AI has been hard. It hasn't really happened yet." Check out: Chip stocks are the cheapest they've been in nearly seven years. How low is too low? Regarding the PHLX Semiconductor Index, Krinsky cautioned that "ultimately, we continue to think a move back to the April breakout point" of about 8,000 to 8,300 "is necessary, as that would completely retrace the parabolic advance." -Christine Ji -Christine Idzelis This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
Massie Starts The Clock On Hegseth's Impeachment - Here's How Many Republicans He Needs
@MoloWarMonitor: 【最新内容：MoloMonitor @MoloWarMonitor · 2026-11-09T20:43:52.000Z】 [转推] investingLive reposted For reference, here is what Barak Ravid said about 48 hours before the bombs began to fall on Tehran. 【引用内容：Barak Ravid @BarakRavid · 2026-11-09T19:55:36.000Z】 A Diplomat briefed on the meetings between Trump and Vance and the prime minister of Qatar said they were "positive" and discussed ways to progress talks with Iran x.com/BarakRavid/sta…
House Democratic leader says lawmakers needs answers on Nvidia, wants China chip restrictions. House Democratic leader Hakeem Jeffries said Monday that Congress needs more answers after reports emerged Nvidia NVDA CEO Jensen Huang had been targeted by a foreign intelligence effort. Jeffries also said he wants restrictions on chips sales to China that in a Senate bill to become law as part of an annual defense bill. "Clearly Congress needs more information," about what happened at Nvidia, Jeffries said, adding that there are "real concerns that need to be addressed with respect to the Nvidia situation."
BREAKING: GOP's Lauren Boebert has lost reelection to Democrat Eileen Laubacher in Colorado, per CNN
China insists Trump-Xi-Putin summit follow scripted format, sources say - WSJ [链接预览] Exclusive | U.S. Balks at China’s Demand for Tightly Scripted Trump-Xi-Putin Summit
US-CHINA DISAGREEMENT THREATENS TRUMP-XI-PUTIN SUMMIT A potential Trump-Xi-Putin summit next week faces uncertainty as Washington and Beijing clash over its format. China reportedly wants scripted statements and a predetermined outcome, while the Trump administration is pushing for open discussions. Trump wants to address nuclear arms control, but Beijing remains reluctant to negotiate limits on its growing arsenal. China has indicated it may prefer separate bilateral meetings if an agenda cannot be agreed in advance.
China won't discuss nuclear arms control at the proposed meeting - WSJ citing Chinese official.
The US pushes back on China's demand for a tightly scripted trilateral summit, sources say - WSJ
US Balks At China’s Demand For Tightly Scripted Trump-Xi-Putin Summit – @WSJ [链接预览] Exclusive | U.S. Balks at China’s Demand for Tightly Scripted Trump-Xi-Putin Summit
PEPSICO $PEP IS CUTTING ABOUT 1,000 JOBS IN NORTH AMERICA WITH GOALS TO SIMPLIFY ITS STRUCTURE - Bloomberg
China's plans for summit raise doubts about meeting - WSJ citing sources.
China insists Trump-Xi-Putin summit follow scripted format, sources say - WSJ
IREN Is Maintained at Overweight by JP Morgan. Ratings actions from Benzinga: https://www.benzinga.com/quote/IREN/analyst-ratings
CHINA INSISTS TRUMP-XI-PUTIN SUMMIT FOLLOW SCRIPTED FORMAT, SOURCES SAY CHINA'S PLANS FOR SUMMIT RAISING DOUBTS ABOUT MEETING, SOURCES SAY U.S. PUSHES BACK ON CHINA'S DEMAND FOR TIGHTLY SCRIPTED TRILATERAL SUMMIT, SOURCES SAY CHINA WON'T DISCUSS NUCLEAR ARMS CONTROL AT PROPOSED MEETING, CHINESE OFFICIAL SAYS
"Jensen Huang hired a PR firm known for handling sex scandals last year," per WIRED
@MrSockoMF: [转推] LiveSquawk reposted The same enrichment level cap imposed by the JCPOA
@burgessev: [转推] investingLive reposted Sen.-elect Abdul El-Sayed just went into Schumer’s office. He’s called for new leadership and supports Van Hollen
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@elwasson: [转推] LiveSquawk reposted NVIDIA: @hakeemjeffries says he wants stronger export controls on China and will push them in NDAA in wake of Huang situation
US Democrat House Leader Jeffries: I strongly support chip restrictions in the Senate NDAA on China becoming law.
Kamala Harris Finishes 16th With Under 1% In Progressive 2028 Straw Poll
JEFFRIES: THERE ARE REAL CONCERNS THAT NEED TO BE ADDRESSED WITH RESPECT TO THE NVIDIA SITUATION JEFFRIES SAYS NVIDIA SITUATION CAME UP IN INTELLIGENCE BRIEFING BUT MOSTLY ABOUT IRAN JEFFRIES SAYS HE STRONGLY SUPPORTS CHIPS RESTRICTIONS IN SENATE NDAA ON CHINA BECOMING LAW
US Democrat House Majority Leader Jeffries asked about Nvidia: There are real concerns to address $NVDA
@FluxOfficials: [转推] zerohedge reposted RUMOURS: Sources report that Iran has struck several Iraqi oil fields in response to recent US attacks on Qeshm Island. The Iraqi Prime Minister is believed to have travelled to Tehran on Friday to address this, in a meeting with senior Iranian officials said to have lasted eight hours. The meeting also reportedly gave Tehran an opportunity to pass its demands to the US via the Iraqi PM. These are rumoured to include an end to the US blockade, though the nuclear issue is not currently on the table. The source also noted that some neighbouring Gulf countries have paid off Iran for safe passage through Hormuz, although secondary sources have yet to confirm this. The market’s reaction indicates that peace is being priced in, with Jan Brent plummeting a further $5/bbl today to below $93/bbl. This seems premature, however. Sources tell us Iran struck four tankers on Sunday alone, while the Houthis continue to bomb Saudi Arabia relentlessly and with impunity. One source told us that nine floors of Aramco’s headquarters building were destroyed. All of our intelligence is on the feed first. Get access free through the Flux Mobile app: http://apps.apple.com/gb/app/flux-mo… / http://play.google.com/store/apps/det… #OOTT #TheOfficials #Oil
@JakeSherman: [转推] LiveSquawk reposted JEFFRIES said that the Gang of Eight briefing today was about Iran. Nvidia issue "did come up," he said.
JP Morgan maintains IREN at Overweight, lowers price target to $55 from $65. JP Morgan maintained IREN at Overweight and lowered its price target to $55 from $65, a 15.4% decrease. The price target implies an upside of 154.2% from the Nov 6 close of $21.64. Recent analyst actions on IREN Date Firm Action Rating Price target Nov 6 Macquarie Maintains Outperform $55 Nov 6 Jones Trading Upgrades Buy $40 Nov 6 HC Wainwright & Co. Maintains Buy $56 Nov 6 Cantor Fitzgerald Maintains Overweight $47 Nov 4 Bernstein Maintains Outperform $55 Across the five most recent analyst notes published on IREN over the past 30 days, price targets range from $40 to $56. Explore more price target data and ratings for IREN on the Forecasts tab , and track all previous and future analyst recommendations in the dedicated News Flow .
Look at this bullish flow on Nebius $NBIS. Someone just put $4 million into calls expiring this Friday, a day after earnings. 3,845 contracts, all bought at the ask Volume of 4,627 vs. open interest of 1,287 Earnings Thursday, Nov. 12 A short-dated bet like this needs a big move after earnings to pay off.
Broadcom Stock Now Trades 32% Cheaper than a Toothpaste Company: HSBC, Cantor Say the Gap Won't Last. A chipmaker at the center of the artificial-intelligence buildout is now valued more modestly than a toothpaste company . Broadcom Inc. AVGO trades at 16.6 times forward earnings. Colgate-Palmolive Co. CL , the maker of Colgate toothpaste and Palmolive dish soap, trades at 24.5 times. That puts the ratio between the two forward price-to-earnings multiples at 0.68. In other words, Broadcom stock is 32% cheaper than Colgate on expected earnings. The gap is not about growth. Analysts expect Broadcom’s fiscal fourth-quarter earnings to nearly double to $3.88 per share from $1.95 when it reports on Dec. 9, with revenue climbing to about $35 billion from $18 billion. So why is Wall Street paying more for each dollar of toothpaste profits than for each dollar of AI chip profits? Broadcom Stock Is Now More Than One Standard Deviation Cheap Since October 2022, the ratio between Broadcom’s and Colgate’s forward P/E has averaged 1.02. Today’s reading of 0.68 sits 1.16 standard deviations below the four-year average. Last week, after Thursday’s selloff, the ratio briefly fell toward 0.62, a level last seen in the spring of 2023. Broadcom-to-Colgate forward P/E ratio, with four-year average and standard-deviation bands. Source: TradingView Broadcom shares have fallen 12.6% over the past month and are down 9.5% this year. Even after Monday’s 8.7% rebound to $319.38, the stock sits about 35% below its all-time high of $495. Colgate has gained 11.9% over the same month. The sharpest blow came on Thursday, when Broadcom fell more than 10% on fears that the U.S. midterm results could slow approvals for new data centers. The same split shows up in sector funds. The iShares Semiconductor ETF SOXX has lost 23.6% in a month, while the State Street Consumer Staples Select Sector SPDR ETF (NYSE: XLP ) has gained 9.5%. HSBC Says The Staples Premium Looks Unsustainable “The sell-off in equities since early October has really been more of a violent rotation than anything else,” Max Kettner , chief multi-asset strategist at HSBC, said in a note Monday. According to Kettner, chip stocks and consumer staples have moved as mirror images since July, leaving staples at a valuation premium and tech at a discount. Kettner said that premium in staples and low-volatility stocks “looks unsustainable.” “The likely next direction will be to fade this – and we’re starting to position for such an unwind,” he said. Cantor Calls It A Mid-Cycle Correction “It’s officially time to get your shopping lists ready,” C.J. Muse , senior analyst at Cantor Fitzgerald, said in a note Monday. According to Muse, the PHLX Semiconductor Index is down 38% from its late-June peak, while compute and networking names, including Broadcom, trade at 11 times consensus 2028 earnings. “Compute remains sold out, lead times across the supply chain are only getting worse, and visibility is extending well into CY28 if not beyond,” he said. Broadcom is one of Cantor’s top picks in AI compute, alongside Nvidia Corp. NVDA and Advanced Micro Devices Inc. AMD . “We understand low multiples on cyclical earnings can be a value trap,” Muse said, adding that 2028 estimates are backed by sold-out capacity. Credit Markets Explain Part Of The Discount Broadcom’s credit default swaps have widened by more than 90% since Sept. 17, according to S&P Global Market Intelligence data. Chipmakers are increasingly helping to finance their customers. As a result, the risk is no longer only whether AI demand holds, but whether buyers can keep raising the money to pay. The Last Time Broadcom Was This Cheap Against Colgate In the spring of 2023, the forward P/E ratio between Broadcom and Colgate sat near 0.6. That changed on May 24, 2023, when Nvidia guided for about $11 billion in quarterly revenue, against Wall Street expectations near $7.2 billion. Within weeks, the ratio jumped toward 0.8. By early 2024, Broadcom’s multiple had moved above Colgate’s. In 2023, the doubt was whether AI demand was real. The doubt in 2026 is whether it can be financed. Analysts Still See Room For Broadcom Stock To Run Broadcom carries a Buy consensus rating from 31 analysts, 28 of them at Buy, with an average price target of $507.74, according to Benzinga Analyst Ratings . That implies about 59% upside. Until Broadcom reports on Dec. 9, the market is pricing a toothpaste maker’s earnings as safer than those of a company building AI’s infrastructure. Whether that reflects a real risk or a temporary rotation is the bet HSBC and Cantor are now making.
@JakeSherman: [转推] LiveSquawk reposted "Were going to end the war in Iran one way or another," Jeffries said.
Qualcomm Cut to Hold From Buy by Freedom Broker. Ratings actions from Benzinga: https://www.benzinga.com/quote/QCOM/analyst-ratings (20:24 GMT) Qualcomm Price Target Cut to $185.00/Share From $200.00 by Freedom Broker Ratings actions from Benzinga: https://www.benzinga.com/quote/QCOM/analyst-ratings
$NVDA - JEFFRIES: CLEARLY CONGRESS NEEDS MORE INFORMATION ABOUT NVIDIA SITUATION
Tuesday FX Options Expiries [链接预览] financialjuice.com Tuesday FX Options Expiries EUR/USD: 1.1250 (EU1.84b), 1.1165 (EU1.47b), 1.1900 (EU937.8m) USD/JPY: 156.50 ($1.51b), 146.00 ($1.16b), 154.00 ($974m) AUD/USD: 0.6925 (AUD630m), 0.6800 (AUD377m), 0.6550 (AUD310m) USD/BRL: 5.0500...
Trump: The Abu Dhabi talks this week on Ukraine present a chance of a possible breakthrough.
TRUMP SAYS ABU DHABI TALKS THIS WEEK ON UKRAINE PRESENT CHANCE OF A POSSIBLE BREAKTHROUGH