Sigma Lithium Corporation (NASDAQ: SGML) (TSXV: SGML) reported a 47% EBITDA margin for the second quarter ended June 30, 2026, the highest in the company's history. The Brazil-based lithium producer also posted net revenues of $55 million on sales of 24,400 tonnes of lithium oxide concentrate, both records for the company.

The results come as Sigma Lithium navigates a partial operational suspension at its Grota do Cirilo mine in Minas Gerais, Brazil, while negotiating an environmental compliance agreement with the state government. Lithium concentrate producers globally faced significant margin pressure as prices declined from their earlier highs, although lithium prices have since rebounded from their 2025 lows, making cost discipline a focal point for the sector.

#Costs Fell More Than 30% as Production Volumes Rose

Sigma Lithium's plant gate cost fell to $401 per tonne in 2Q 26, a 36% decrease from $623 per tonne in 1Q 26. The company attributed the reduction to a 52% increase in production volumes to 35,400 tonnes, following the ramp-up of in-house mining operations that began in January 2026.

CIF China cash costs declined 33% quarter-over-quarter to $452 per tonne.

All-in sustaining costs fell to $668 per tonne, which the company said returned to levels last seen in 3Q 25, the most recent quarter in which the operation ran near nominal capacity.

The realized price for lithium oxide concentrate rose 17% to $2,089 per tonne on an SC5 basis, from $1,790 in the prior quarter. Gross margin was 60%, compared with 61% in 1Q 26.

#Mining Suspended Pending Environmental Agreement With Minas Gerais

Mining and plant operations have been partially suspended since the week of July 17, 2026, pending finalization of a terms-of-adjustment-of-conduct agreement, known in Brazil as a TAC Agreement, with the Minas Gerais state government.

The suspension followed a notification from the Vale do Jequitinhonha branch of the state environmental enforcement agency. Fines totaling approximately $540,000 were issued, with several related to environmental issues the agency said occurred between 2013 and 2022.

Sigma Lithium stated that it denies wrongdoing in connection with the claims related to its current operations. The company estimated that executing the proposed environmental procedure adjustments under the TAC Agreement will require approximately $1 million in capital expenditure, primarily for revegetation of waste rock piles near the south mining pit.

Operations related to sales of lithium fines from reprocessed tailings have continued without disruption during the suspension, the company said. Sigma Lithium stated that it expects to resume mining activities in the near term once the agreement is finalized.

#Debt Declined 25% Year-Over-Year

Net debt fell to $125 million at the end of 2Q 26, down from $134 million in 1Q 26. Total debt has declined 43% over two years and 25% since 2Q 25, according to the company.

Sigma Lithium said it continued to repay higher-cost, short-term export financing facilities during the quarter. As of June 30, 2026, $95 million remained outstanding under an export prepayment agreement with Synergy, excluding $11 million held as collateral.

The company reported a cash position of $17 million at quarter-end. Cash generated from operations in the first half of 2026 totaled $27 million.

#Production Guidance Advanced by One Quarter

Sigma Lithium said it moved its 12-month production guidance of 240,000 tonnes of lithium oxide concentrate forward by three months, reflecting the ramp-up progress. The company guided for 330,000 tonnes in fiscal year 2027 from Plant 1 alone, above the original nameplate capacity of 270,000 tonnes.

Construction of a second plant is now targeted for the end of 2027, which would bring total capacity to 580,000 tonnes per year. A third plant is targeted for the end of 2028, raising capacity to 830,000 tonnes.

Sigma Lithium operates the Grota do Cirilo lithium complex in Brazil and competes in global hard-rock lithium concentrate supply, where Australian producers account for the majority of seaborne spodumene concentrate volumes shipped to processing facilities in China.

The company said it expects continued production growth, though the timeline depends on resolution of the current operational suspension, securing construction financing, lithium market conditions, and regulatory approvals.

Trimble Inc. (Nasdaq: TRMB) reported second-quarter 2026 revenue of $972 million, an 11% increase from the prior-year period. The Westminster, Colorado-based technology company also disclosed a record $2.51 billion in annualized recurring revenue and raised its full-year guidance.

The results come as Trimble continues a multi-year transition toward subscription-based revenue. The company provides positioning, modeling, and data analytics tools to industries including construction, geospatial surveying, and transportation. It competes with Hexagon AB and Topcon in precision measurement hardware and software, while its fleet and logistics operations overlap with companies such as Samsara and Platform Science.

#Recurring Revenue Hits Record as Subscriptions Drive Growth

Annualized recurring revenue reached $2.51 billion, up 14% year over year and 12% on an organic basis. Subscription and services revenue accounted for $640.6 million of the quarter's total, compared with $582.9 million a year earlier.

Product revenue was $331.4 million, up from $292.8 million in the second quarter of 2025.

Gross margin expanded to 69.4% on a GAAP basis from 68.3% a year earlier. Non-GAAP gross margin was 71.8%, compared with 70.6% in the prior-year quarter.

Non-GAAP operating income rose to $260.6 million, or 26.8% of revenue, from $222.6 million a year ago. Non-GAAP diluted earnings per share were $0.86, up from $0.71 in the second quarter of 2025.

#Goodwill Impairment Drives GAAP Net Loss

Trimble recorded a $562 million goodwill impairment charge related to its Transportation and Logistics segment. The company attributed the impairment to a sustained decline in market capitalization and lower market multiples for software businesses amid macroeconomic uncertainty.

The charge resulted in a GAAP net loss of $471.7 million, or $2.02 per diluted share, compared with GAAP net income of $89.2 million, or $0.37 per share, a year earlier.

GAAP operating income was $132 million, roughly in line with the $127.8 million reported in the prior-year period. Adjusted EBITDA was $278 million, or 28.6% of revenue.

"We delivered another strong quarter, increasing annualized recurring revenue to a record $2.509 billion, with strong recurring revenue growth across all segments," Rob Painter, President and CEO of Trimble, said in the earnings release.

#All Three Segments Report Revenue and Margin Gains

Field Systems was the largest segment by revenue at $442.5 million, up from $392.7 million a year ago. Operating margin expanded to 32.9% from 30.8%.

The AECO segment reported revenue of $388.5 million, up from $350.3 million, with an operating margin of 30.6%.

Transportation and Logistics generated $141 million in revenue, compared with $132.7 million in the prior-year quarter. Operating margin widened to 24% from 21.6%.

#Trimble Raises Full-Year Guidance and Approves $1 Billion Buyback

For the full year, Trimble said it expects revenue of $3.9 billion to $3.95 billion and non-GAAP diluted earnings per share of $3.60 to $3.70.

For the third quarter, the company projected revenue of $953 million to $978 million and non-GAAP diluted earnings per share of $0.83 to $0.88.

The board of directors approved a new share repurchase authorization of up to $1 billion, replacing a prior program of the same size that had $608.2 million remaining. The new authorization has no expiration date, and the timing and volume of any repurchases will depend on market conditions, stock price, and other factors, the company said.

Free cash flow for the first half of 2026 was $501.8 million, compared with $89.6 million in the same period a year earlier.

Management projected further revenue and earnings growth for the remainder of the year, though trade tensions, macroeconomic conditions, foreign currency fluctuations, and the pace of the company's subscription transition remain key risks to the outlook.

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) reported second quarter 2026 financial results on August 12, 2026, disclosing record shareholder returns of $300 million delivered through dividends and share repurchases during the period. The Vancouver-based miner also reported attributable free cash flow of $344 million and silver production at the high end of quarterly guidance.

The results arrive as silver and gold prices have risen sharply year over year. Pan American realized an average silver price of $70.97 per ounce in Q2 2026, compared with $32.91 in the same quarter of 2025. Gold averaged $4,402 per ounce, up from $3,305. The higher price environment underpinned both the production economics and the company's expanded capital return program.

#Pan American Reports $1.1 Billion in Q2 Revenue

Consolidated revenue for the quarter was $1.1 billion. Attributable revenue, which includes Pan American's 44% share of the Juanicipio joint venture in Mexico and excludes the 5% non-controlling interest in the San Vicente mine, was $1.3 billion.

Net earnings were $305 million, or $0.72 per share on a basic basis. Adjusted earnings were $308 million, or $0.73 per share.

Cash flow from operations was $320 million after $205 million in income taxes paid. On an attributable basis, operating cash flow was $418 million.

The company ended the quarter with $1.8 billion in cash and investments. In July, Pan American doubled the size of its senior unsecured revolving credit facility to $1.5 billion and added a $750 million accordion feature, bringing total available liquidity to $3.2 billion.

#Shareholder Returns Reach $300 Million on Expanded Buyback Program

Pan American repurchased approximately 4.4 million shares for cancellation during Q2 2026 at an average price of $51.46 per share, for a total cost of approximately $224 million. Aggregate dividends paid in the quarter were $76 million.

"We returned a record $300 million to shareholders in Q2 through dividends and share repurchases. We are delivering on the enhanced shareholder return framework we announced in May," Michael Steinmann, President and Chief Executive Officer, Pan American Silver, said in the earnings release.

As of August 11, 2026, the company had repurchased a total of approximately 7.3 million shares year to date at an average price of $49.22 per share. A quarterly cash dividend of $0.184 per common share was declared on August 12, 2026, payable on or about September 4, 2026.

#Silver Production Hits High End of Guidance as Gold Falls Short

Attributable silver production was 6.47 million ounces in Q2, at the high end of the company's quarterly guidance range. The company attributed the performance to its La Colorada and Juanicipio operations.

Attributable gold production was 165.9 thousand ounces, below the quarterly guidance range. The company said gold production is now expected to be at the low end of its full year guidance range of 700 to 750 thousand ounces, with output weighted toward the fourth quarter.

Silver segment all-in sustaining costs were $17.80 per ounce, slightly above the quarterly outlook range. Gold segment AISC was $1,984 per ounce, also slightly above quarterly guidance. The company reiterated its full year 2026 operating outlook for both production and AISC.

Pan American operates silver and gold mines across Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. Its primary peer in large-scale silver production is First Majestic Silver, while its diversified precious metals portfolio competes more broadly with mid-tier gold producers operating in Latin America.

The company reported that the first cut of the 588 Decline at its La Colorada Skarn project in Mexico was completed in early August 2026. The company described this as a step toward advancing the expansion of the La Colorada silver mine.

At Jacobina in Brazil, Pan American said it implemented measures in Q2 2026 to address seismic risk, including larger pillars and adjusted production rates in certain areas. Gold production at Jacobina is now expected to be approximately 10 thousand ounces below the low end of the original guidance range.

The company also noted that extreme rainstorms linked to El Nino have affected site access at operations in Chile and Argentina and may continue to cause disruptions. Additionally, higher metal prices have led the company to raise its guidance for taxes paid in 2026 to between $585 million and $635 million.

Management projected gold production increases in the second half of 2026 at Timmins and Shahuindo, though El Nino weather disruptions, seismic risk at Jacobina, lower gold production at El Penon, and commodity price volatility remain risks to the outlook.

Bending Spoons S.p.A. (Nasdaq: BSP) reported revenue of $704 million for the second quarter of 2026, an increase of 126% from $311 million in Q2 2025. The Milan-based software company disclosed the results on August 13 in its first quarterly earnings release since completing an initial public offering in July.

Bending Spoons acquires digital businesses and restructures them to expand margins and cash flow. The company has completed dozens of acquisitions since 2013, accumulating a portfolio that now includes AOL, Eventbrite, Evernote, Vimeo, and WeTransfer, among others. The acquisition-led model distinguishes it from organic-growth software peers but also concentrates execution risk in integration and debt management.

#Six Acquisitions Account for Most of the Revenue Increase

Revenue growth was driven by six businesses acquired between Q2 2025 and Q2 2026: AOL, Eventbrite, Harvest, MileIQ, Tractive, and Vimeo. Organic revenue growth was 3% in the quarter, with Tractive and WeTransfer contributing the most to that figure.

The company said growth in Tractive and WeTransfer was partly offset by declining revenue at Remini and Splice.

Bending Spoons completed the acquisition of Tractive in May 2026 for an enterprise value of $759 million, including $115 million in deferred consideration. Tractive provides pet tracking and health monitoring services, monetized primarily through subscriptions.

Gross profit rose 127% to $464 million. Operating income increased 139% to $240 million, representing 34% of revenue, up from 32% in Q2 2025.

Adjusted operating income, which excludes amortization of acquired intangibles, transaction costs, and reorganization expenses, grew 150% to $381 million. Adjusted operating margin expanded to 54% from 49%.

Net income rose 171% to $177 million. Diluted earnings per share increased 163% to $0.28. On an adjusted basis, earnings per share were $0.46, up 167%.

#Nasdaq IPO Raises $1.1 Billion After Quarter End

After the close of Q2, Bending Spoons completed its IPO on the Nasdaq Global Select Market under the ticker "BSP," raising approximately $1 billion in net proceeds.

The company also entered into new euro-denominated term loan facilities totaling €590 million and increased its euro-denominated revolving credit facilities by €30 million.

Separately, Bending Spoons announced a definitive agreement to acquire Airtable, a workplace collaboration platform, in an all-cash transaction at an enterprise value of $1.29 billion. The acquisition had not closed as of the earnings release date.

At the end of Q2, net debt stood at $4.09 billion, with long-term debt of $4.88 billion partially offset by $793 million in cash. The company had $1.28 billion of undrawn borrowing capacity under its revolving credit facilities. Leverage ratio was 2.4 times adjusted EBITDA.

#Company Projects $2.8 Billion in Full-Year Revenue

For Q3 2026, Bending Spoons forecast revenue of $733 million to $745 million, implying year-over-year growth of 113% at the midpoint. Adjusted operating income was projected at $380 million to $400 million.

For the full year, the company forecast revenue of $2.78 billion to $2.82 billion, implying 114% growth at the midpoint. Full-year adjusted operating income was projected at $1.46 billion to $1.51 billion, implying 142% growth at the midpoint.

The outlook is based on the portfolio of businesses owned as of August 12, 2026, and does not include contributions from additional acquisitions, the company said.

The forecasts carry execution risk. Bending Spoons' results depend on the successful integration and restructuring of acquired businesses, several of which were undergoing reorganization during the quarter. The company noted reorganization-related expenses of $51 million in Q2 alone. Interest expense rose to $109 million in the quarter from $36 million a year earlier, reflecting debt taken on to finance acquisitions. With $794 million of debt maturing within the next 12 months and a pending $1.29 billion cash acquisition of Airtable, the company's ability to manage leverage and refinancing timelines remains a factor in its financial outlook.

Howmet Aerospace Inc. (NYSE: HWM) reported second quarter 2026 revenue of $2.55 billion, up 24% year over year, and raised its full-year guidance after results exceeded the high end of expectations across all key metrics. The Pittsburgh-based aerospace and industrial components manufacturer posted organic revenue growth of 21%.

The results mark a continuation of the growth trajectory the company has sustained since its 2020 separation from Arconic Corporation, driven by rising commercial aircraft production rates and increasing demand for gas turbine components. Howmet competes primarily with Precision Castparts, a Berkshire Hathaway subsidiary, and Safran in the aerospace engine components market.

#Revenue Growth Was Led by Gas Turbines and Commercial Aerospace

Revenue growth in the quarter was driven by a 38% increase in the gas turbines market, a 28% increase in commercial aerospace, and an 11% increase in defense aerospace.

Adjusted EBITDA rose 39% year over year to $817 million. Adjusted EBITDA margin expanded 340 basis points to 32.1%.

Adjusted earnings per share were $1.33, up 46% from $0.91 in the prior-year quarter. GAAP earnings per share were also $1.33, up 33% from $1.00 a year earlier.

Free cash flow was $479 million after $104 million in capital expenditures, up 39% year over year.

Engine Products, the company's largest segment, reported revenue of $1.37 billion, up 32%, with segment adjusted EBITDA margin expanding 470 basis points to 37.7%. The segment added approximately 485 net headcount in the quarter to support anticipated production increases.

Fastening Systems reported revenue of $589 million, up 37%, reflecting contributions from the CAM and Brunner acquisitions completed earlier in the year. Segment adjusted EBITDA margin rose 90 basis points to 30.1%.

Engineered Structures revenue declined 13% to $269 million following the divestiture of its Savannah disk forging facility and product rationalization. Despite lower revenue, the segment's adjusted EBITDA margin rose 170 basis points to 23.8% as lower-margin work was exited.

Forged Wheels revenue increased 14% to $316 million, with volumes rising 7% sequentially from the first quarter as the North American commercial transportation market began to recover, the company said.

#Howmet Completed the $1.8 Billion CAM Acquisition in April

On April 6, 2026, the company completed its acquisition of Consolidated Aerospace Manufacturing from Stanley Black & Decker for approximately $1.8 billion. CAM manufactures precision fasteners, fluid fittings, and engineered products for aerospace and defense applications.

The company also paid down a $186 million Japanese yen-denominated term loan and entered into a $300 million cross-currency swap, reducing annualized interest expense by $12 million, the company said.

"The Howmet team delivered a strong set of results, with revenue, adjusted EBITDA, adjusted EBITDA margin, and adjusted earnings per share all exceeding the high end of guidance," John Plant, Executive Chairman and Chief Executive Officer, said in the earnings release.

#Capital Returns Accelerated With $800 Million in Year-to-Date Buybacks

Howmet repurchased $300 million of common stock in the second quarter at an average price of $250.61 per share. An additional $200 million was repurchased in July at an average price of $276.61 per share.

Year-to-date share repurchases through July totaled $800 million, exceeding the $700 million repurchased in all of 2025. As of August 6, 2026, the company had $697 million remaining under its share repurchase authorization.

The company also raised its quarterly dividend by 17% to $0.14 per share for the third quarter.

#Management Raised Full-Year Guidance Across All Metrics

For the full year 2026, Howmet raised its guidance to revenue of $10 billion or more, adjusted EBITDA of $3.21 billion or more, adjusted earnings per share of $5.23 or more, and free cash flow of $1.85 billion or more.

For the third quarter, the company guided for revenue of $2.565 billion to $2.585 billion and adjusted earnings per share of $1.34 to $1.36.

Management said it expects capital expenditure requirements to increase further in 2027 to support growth in the aerospace and gas turbines markets. The company said it expects to return to pre-CAM leverage levels quickly given its cash generation rate.

Tariff and trade policy disruptions, integration risk from the CAM acquisition, customer concentration, supply chain constraints, and macroeconomic conditions remain key risks to the outlook, the company noted in its forward-looking disclosures.

Thor Explorations Ltd (TSXV/AIM: THX) on August 6 reported further gold drill results from beneath the open pit at its Segilola Gold Mine in Nigeria, where the company said mineralisation remains open at depth. The results extend an ongoing diamond drilling program that Thor is running as it weighs a possible underground operation.

The drilling targets gold below the current pit design at Segilola, Thor's operating gold mine about 190 kilometres northeast of Lagos, in the Pan African Ilesha Schist Belt. Miners commonly drill beneath an existing open pit to test whether mineralisation continues at depth, work that can support a later underground phase and extend a mine's producing life.

The company's shares trade on the TSX Venture Exchange in Canada and on London's AIM market.

#Thor Intersects Gold to 400 Metres Below Segilola Pit

The widest reported intercept was 19.4 metres at 3.01 grammes per tonne of gold (g/t Au) from 346 metres in drillhole SNMDD089. Thor said the drilling continues to define a steeply dipping gold shoot that extends to 400 metres beneath the pit and remains open.

Other reported intersections included 5.3 metres at 5.66 g/t Au from 300 metres in hole SNMDD166, 3.4 metres at 7.58 g/t Au from 289 metres in SNMDD170, 2 metres at 9.27 g/t Au from 420 metres in SNMDD171, and 1.2 metres at 11.31 g/t Au from 256 metres in SNMDD178.

Drillhole SNMDD179 returned three stacked gold intervals: 1.6 metres at 3.67 g/t Au from 297.4 metres, 3.3 metres at 10.19 g/t Au from 307.7 metres, and 3.5 metres at 2.86 g/t Au from 312.5 metres, the company said.

Thor said drilling has focused on two areas, a Northern Zone where mineralisation forms the hanging wall lode, and a Southern Zone where gold occurs in both footwall and hanging wall zones.

The main mineralised structure in the Southern Zone is more continuous, with true widths of 3 to 5 metres and a strike length of about 800 metres, the company said.

Samples were analysed by fire assay at the SROL Laboratory, established by MSA Laboratories at the Segilola mine site, with final grades averaging a primary assay and two additional assays of the same pulp, according to the release.

#Company Weighs Underground Mine as Drilling Continues

"As our drilling program continues, using four owner-operated rigs, we will focus on testing the along-strike and down-plunge extensions of the deposit where relatively little drill-testing has taken place," Segun Lawson, President and CEO of Thor Explorations, said in the statement.

Thor said the program will run through the year as it works toward an underground mining development decision. The company has engaged a mining consultancy to review the underground potential and a possible open pit extension, and is aiming to define an updated resource by the end of 2026.

The company also said the current record gold price has changed Segilola's economics, prompting it to review extending the open pit in the short term before any transition to underground mining.

#2018 Assessment Sets Segilola Underground Resource Baseline

A 2018 preliminary economic assessment outlined an underground indicated resource of 28,000 ounces grading 9.4 g/t Au, together with an inferred resource of 90,000 ounces grading 7.9 g/t Au, part of which was later incorporated into a larger open pit design, the release said.

The technical information was reviewed and approved by Alfred Gillman, a qualified person under National Instrument 43-101 and the AIM Rules, the company said.

Thor cautioned that its forward-looking plans depend on the company's ability to finance the project, to bring any expansion into operation and to produce gold, and that the results are subject to risks, uncertainties and assumptions. No underground development decision has been made, and the targeted resource update is not due until the end of 2026.

Thor said continued drilling is intended to upgrade and expand the underground resource with the aim of extending Segilola's life of mine, though the underground decision, financing, further drill results and the pace of the resource review remain key risks to that outlook.

The Walt Disney Company (NYSE: DIS) reported revenue of $25.2 billion for its fiscal third quarter ended June 27, 2026, a 7% increase from $23.7 billion in the same period a year earlier. Total segment operating income rose 21% to $5.6 billion, and the company reiterated its full-year guidance in results released on August 5, 2026.

The quarter fell within a period in which large media companies have leaned on theme parks and streaming to offset pressure on traditional television. For Disney, the results reflected the impact of the Fubo transaction completed earlier in the fiscal year, alongside continued execution of its sports strategy and performance across its Entertainment, Sports and Experiences segments.

#Experiences Revenue Rises 10% On Parks And Cruise Strength

Experiences, the segment that includes Disney's theme parks, resorts, cruise line and consumer products, reported revenue of about $10 billion, up 10% from a year earlier. Segment operating income increased 20% to $3 billion.

Global guests, a metric the company defines as the sum of theme park attendance and passenger cruise days, grew 4%, while attendance at Disney's domestic parks rose 3%. The two newest cruise ships, the Disney Destiny and Disney Adventure, operated for their first full quarter.

Consumer Products recorded its strongest quarter of year-over-year revenue growth in 20 quarters, which the company linked to Toy Story 5 and Star Wars: The Mandalorian and Grogu merchandise. Toy Story 5 surpassed $1 billion in global box office during the quarter.

Disney recorded about $100 million in a tariff refund during the quarter, which it said accounted for roughly four points of the 20% Experiences operating income growth. The company said it may receive additional refunds in coming quarters.

#Streaming Gains Lift Entertainment While Sports Income Falls

Entertainment segment operating income rose 64% to $1.7 billion, which the company attributed to higher subscription and affiliate fees. Entertainment revenue increased 6% to $11.3 billion.

Operating income for the company's streaming video-on-demand business, which it reports as Entertainment SVOD, more than doubled to $712 million from $329 million, on revenue growth of 11%.

Sports segment operating income fell 17% to $858 million, which Disney attributed to higher programming and production costs, including timing effects from the NBA contract renewal and new sports rights. The company said the quarter was the most-watched fiscal Q3 for ESPN, ESPN2 and ESPN on ABC since 2016.

"We believe our shares are undervalued and we continued to lean into share repurchases during the quarter," Josh D'Amaro, Chief Executive Officer, and Hugh Johnston, Chief Financial Officer, said in the shareholder letter accompanying the results.

#Disney Raises Buyback Target To At Least $9 Billion

Disney said it is now targeting at least $9 billion in share repurchases in fiscal 2026. The company repurchased $7.2 billion of stock over the first nine months of the year.

The company said it agreed in July 2026 to sell its 50% interest in A+E Global Media to an affiliate of co-owner Hearst Corporation for about $1.2 billion in cash, and plans to use the proceeds to repurchase additional shares.

Diluted earnings per share fell 48% to $1.51 from $2.92, and net income attributable to Disney declined to $2.6 billion from $5.3 billion. The company said the decreases reflected a comparison to a $3.3 billion non-cash tax benefit recorded in the prior-year quarter. Adjusted earnings per share, which excludes certain items, rose 28% to $2.06.

Results included restructuring and impairment charges of $900 million, most of which related to an impairment of the company's A+E investment. Disney said consumer softness at its Asia parks is expected to continue in the fiscal fourth quarter, and cited a softer advertising environment in domestic streaming.

Management guided to fourth-quarter total segment operating income of about $4.9 billion, including the impact of a 53rd week, and reiterated expected fiscal 2026 adjusted EPS growth of about 12% excluding that week. Regulatory and legal matters, including an FCC order for early television license renewals and pending securities and antitrust litigation, remain risks to the outlook, along with the performance of upcoming film releases.

PhenixFIN Corporation (NASDAQ: PFX, PFXNZ), a New York-based business development company, reported net asset value of $81.69 per share for its fiscal third quarter ended June 30, 2026. The company said its NAV per share reached a six-year high.

The per-share figure compares with $79.56 as of March 31, 2026, and $80.24 at the close of the prior fiscal year on September 30, 2025. PhenixFIN, which adopted an internalized management structure in January 2021, invests mainly in private credit.

Total net assets were $157.9 million at quarter end, down from $160.8 million at the close of fiscal 2025, as net asset value per share rose on a smaller share base.

NAV shows the estimated underlying value of PhenixFIN’s investments after debt and other liabilities. It matters because, as a Business Development Company (BDC), PhenixFIN primarily owns a portfolio of private investments rather than operating a conventional business, so NAV per share helps investors judge the value of its portfolio and whether the stock trades at a discount or premium to NAV.

#PhenixFIN Reports Net Investment Income of $2.1 Million

Total investment income was $6.5 million for the quarter. Of that, $6.2 million came from portfolio interest, dividend income and payment-in-kind interest, and $0.3 million came from fee and other income.

Net investment income was $2.1 million, compared with $1.2 million in the same quarter a year earlier. Total expenses fell to $4.4 million from $5 million.

The company recorded a net realized gain of $0.4 million and a net unrealized gain of $1.8 million during the quarter.

On a per-share basis, PhenixFIN reported a net increase in net assets from operations of $2.19, against a loss of $0.74 per share a year earlier. The prior-year quarter had produced a net decrease in net assets from operations of $1.5 million, compared with a net increase of $4.2 million in the latest period.

#Portfolio Holds 31 Companies Valued at $301.6 Million

The fair value of PhenixFIN's investment portfolio totaled $301.6 million as of June 30, 2026, held across 31 portfolio companies.

The weighted average yield on debt and other income producing investments was 13.2%.

The quarter's $1.8 million unrealized gain reflected gains on controlled and non-controlled, non-affiliated investments, partly offset by losses on affiliated investments.

"Credit quality across our portfolio remained resilient this quarter amid persistent macroeconomic volatility," David Lorber, Chief Executive Officer, said in the statement. "We continue to source attractive private credit opportunities while optimizing our platform, with continued focus on enhancing long-term shareholder value."

#PhenixFIN Carries $147.5 Million in Debt at Quarter End

The company held $2.2 million in cash and cash equivalents at June 30, 2026. It also had $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 and $90 million outstanding under its credit facility.

PhenixFIN paid a special dividend of $0.07 per share on May 28, 2026, to stockholders of record as of May 18, 2026.

Shares outstanding declined to about 1.93 million as of June 30, 2026, from roughly 2 million at the close of the prior fiscal year, reflecting share repurchases.

For the first nine months of fiscal 2026, net investment income rose to $4.9 million from $3.7 million a year earlier. Total investment income was $18.3 million, little changed from $18.4 million. Net increase in net assets from operations for the nine-month period was $586,530, compared with $70,561 in the same period of fiscal 2025.

As a business development company regulated under the Investment Company Act of 1940, PhenixFIN lends to and invests in private companies. It competes for private credit deals with other business development companies and private credit funds.

The company is incorporated in Delaware, completed its initial public offering in January 2011, and has elected to be treated as a regulated investment company for U.S. federal tax purposes.

PhenixFIN said its results are unaudited. It cautioned that forward-looking statements are subject to uncertainties, including its ability to source investment opportunities, grow net asset value and have its portfolio companies perform in the prevailing market environment.

Lorber said the company would keep sourcing private credit opportunities while optimizing its platform. PhenixFIN noted that macroeconomic volatility, the performance of its portfolio companies and execution of its investment strategy remain key factors that could affect future results.

Space Exploration Technologies Corp. (Nasdaq: SPCX), the Hawthorne, California-based company known as SpaceX, reported revenue of $7.8 billion for the quarter ended June 30, 2026, up 92% from $4.1 billion a year earlier. It was the company's first quarterly report since its shares began trading on Nasdaq in June.

The gain spanned the company's Space, Connectivity and AI segments and came in ahead of analyst expectations for both revenue and earnings. SpaceX narrowed its net loss to $541 million from $1 billion a year earlier, and Adjusted EBITDA, a non-GAAP measure, rose 191% to $3.5 billion from $1.2 billion. The net loss amounted to $0.09 per share, compared with $0.34 a year earlier.

#Connectivity Revenue Rises 66% as Starlink Subscribers Double

Connectivity, the segment that houses Starlink, generated revenue of $4.3 billion, up 66% year over year and 32% from the prior quarter. Income from operations for the segment rose 79% to $1.7 billion.

SpaceX ended the quarter with 12 million Starlink subscribers, double the total a year earlier and up 1.7 million from the first quarter. Average revenue per user held at $66 a month, in line with the prior quarter.

The company said it signed an agreement with American Airlines and activated Starlink service on carriers including Southwest, Virgin Atlantic, Iberia and Aer Lingus. It also reported new Starlink Mobile partnerships with SoftBank, NTT Docomo and Spark NZ, and more than $6 billion in multi-year U.S. government contracts for its Starshield network.

#AI Revenue More Than Triples on Cloud Contracts

AI revenue reached $2.6 billion, up 247% year over year and 213% from the first quarter. SpaceX attributed the increase mainly to new Cloud Services Agreements, which it said totaled $14.1 billion in contracted sales, along with higher Grok and X subscription revenue.

The segment posted a $1.3 billion operating loss, which the company said narrowed 49% from the first quarter, and reported positive Adjusted EBITDA of $1.1 billion. SpaceX said it expanded compute capacity to 1.4 GW and announced an agreement to acquire the coding-tools company Cursor for $60 billion, a deal it expects to close in the third quarter of 2026.

"Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements," Bret Johnsen, SpaceX's chief financial officer, said in commentary accompanying the results.

#IPO and Bond Sale Reshape the Balance Sheet

SpaceX completed its initial public offering in June, selling about 639 million Class A shares for net proceeds of roughly $85.7 billion. The shares began trading on the Nasdaq Global Select Market and Nasdaq Texas on June 12, 2026, under the ticker SPCX.

Later in the month, the company closed a $25 billion issuance of investment-grade senior notes across five tranches maturing between 2031 and 2056, with a weighted average interest rate of 5.855%. SpaceX said it ended the quarter with $100 billion in cash, cash equivalents and marketable securities, and $47.5 billion in backlog.

#Heavy Spending Continues Across Segments

The results reflect a company still investing heavily. Capital expenditure reached $18.4 billion in the quarter, of which $15.8 billion went to the AI segment as SpaceX built out its Colossus II compute facility. For the six months ended June 30, cash used in investing activities was $34.5 billion, against $3.5 billion generated by operations.

The Space segment reported a wider operating loss of $542 million even as revenue grew 29% to $962 million. SpaceX said it completed two Starship V3 flight tests within 90 days and continued research aimed at reducing the cost to orbit, spending that weighs on near-term Space margins.

#Outlook and Risks

Management pointed to its launch business, Starlink subscriber growth, enterprise and government partnerships and AI infrastructure as the basis for further scale. The company cautioned that its forward-looking statements involve risks and uncertainties described in its filings, including the "Risk Factors" section of its Form 10-Q.

SpaceX said the balance sheet gives it capacity to keep investing in Starship, Starlink and its AI platform under a long-term capital allocation framework, though sustained losses in the Space and AI segments, elevated capital spending, and the pending Cursor acquisition remain key variables for the outlook.

Eli Lilly and Company (NYSE: LLY) reported second-quarter 2026 revenue of $23 billion on August 5, an increase of 48% from the same quarter of 2025. The company attributed the increase primarily to higher volumes of its Mounjaro and Zepbound medicines.

Mounjaro treats type 2 diabetes and Zepbound treats obesity, both based on the compound tirzepatide. Reported revenue growth reflected a 60% increase in volume, partially offset by a 13% decline in realized prices, according to the company.

#Mounjaro and Zepbound Lead Revenue Higher

Worldwide Mounjaro revenue rose 91% to $9.9 billion in the quarter. U.S. revenue for the diabetes treatment increased 45% to $4.8 billion, while revenue outside the United States rose 172% to $5.2 billion.

U.S. Zepbound revenue increased 44% to $4.9 billion, which Lilly said reflected demand and previously announced reductions in cash-pay prices. Total company revenue in the United States rose 33% to $14.4 billion.

Revenue outside the United States increased 80% to $8.6 billion. The company said lower realized prices abroad were driven mainly by the addition of Mounjaro to China's National Reimbursement Drug List.

Revenue from the company's Key Products group reached $15.7 billion, led by Mounjaro and Zepbound. Gross margin rose 50% to $19.7 billion, or 85.8% of revenue, an increase of 1.5 percentage points from the prior-year quarter.

#Lilly Raises Full-Year Revenue and Earnings Guidance

Lilly raised its 2026 revenue guidance to a range of $85 billion to $87 billion, from a prior range of $82 billion to $85 billion. The company cited continued revenue performance in the first half of the year.

Non-GAAP earnings per share guidance was updated to a range of $35.50 to $36.50, from $35.50 to $37.00. The company said underlying business growth added $2.78 at the midpoint, offset by $3.03 in acquired IPR&D charges from business development activity.

Reported earnings per share for the quarter rose 26% to $7.94, and non-GAAP earnings per share rose 33% to $8.38. Both figures included $3.03 of acquired IPR&D charges, compared with $0.14 a year earlier.

Reported net income increased 25% to $7.1 billion, and non-GAAP net income rose 32% to $7.5 billion. The reported effective tax rate was 23.3%, up from 16.5% a year earlier, which the company said reflected the tax impact of non-deductible acquired IPR&D charges.

"Lilly's momentum continues, as we delivered 48% revenue growth and raised our full-year guidance," said David A. Ricks, Lilly chair and CEO, in the earnings release.

#Regulatory Approvals and Retatrutide Data Advance the Pipeline

During the quarter, the U.S. Food and Drug Administration approved Ebglyss for one maintenance dose every eight weeks in patients with moderate-to-severe atopic dermatitis. The European Commission approved Jaypirca as a monotherapy for adults with chronic lymphocytic leukemia across all lines of therapy.

The company also submitted its oral GLP-1 medicine orforglipron for type 2 diabetes for review in the United States.

Lilly reported positive data from three additional Phase 3 trials of retatrutide, an experimental obesity medicine. The company said the clinical data package now supports planned global registrations for obesity, obstructive sleep apnea, and knee osteoarthritis pain, and that it intends to submit a Biologics License Application to the FDA in the first quarter of 2027.

Lilly competes primarily with Novo Nordisk in incretin-based therapies for diabetes and obesity. The two companies account for most of the GLP-1 class treatments that have expanded rapidly across both markets.

Acquired IPR&D charges totaled $2.8 billion in the quarter, compared with $154 million a year earlier. Lilly said the charges related primarily to its acquisitions of Orna Therapeutics and Ajax Therapeutics.

The company completed four acquisitions during the quarter and committed an additional $4.5 billion to expand its manufacturing sites in Indiana.

Lilly said its guidance excludes acquired IPR&D charges incurred after June 30 and assumes stated foreign exchange rates. The company identified regulatory approval timelines, competition, pricing pressures, and the outcome of acquisitions and business development transactions among the factors that could affect its outlook.