BeOne Medicines Announces Fourth Quarter and Full Year 2025 Financial Results, Highlighting Global Success of BRUKINSA and Foundational Oncology Leadership

26.2.2026 12:00:00 CET | Business Wire | Press release

Total global revenues of $1.5 billion and $5.3 billion for the fourth quarter and full year, increases of 33% and 40% from the prior-year periodsGlobal BRUKINSA (zanubrutinib) revenues of $1.1 billion and $3.9 billion for the fourth quarter and full year, increases of 38% and 49% from the prior-year periodsDiluted GAAP Earnings per American Depository Share (ADS) of $0.58 and $2.53 for the fourth quarter and full year; non-GAAP diluted Earnings per ADS of $1.95 and $8.09 for the fourth quarter and full yearFull year 2026 total revenue guidance of $6.2 billion to $6.4 billion

BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the fourth quarter and full year 2025.

“These strong financial results for the fourth quarter and full year 2025 underscore our continued evolution as a global oncology leader with durable competitive advantages in clinical development and manufacturing and one of the industry’s deepest and most differentiated pipelines,” said John V. Oyler, Co-Founder, Chairman and CEO at BeOne. “BRUKINSA has firmly established itself as the global leader in the BTK inhibitor class, distinguished by broad regulatory approvals, expanding geographic reach, strong physician adoption, and unmatched long-term efficacy and safety data in CLL. At the same time, we are securing new indications and expanded reimbursement for TEVIMBRA across key markets worldwide. With our late-stage, foundational hematology assets nearing commercialization and a robust solid tumor portfolio delivering encouraging data, we are well positioned to extend our leadership and drive the next phase of sustainable global growth.”

(Amounts in thousands of U.S. dollars full year GAAP amounts audited, all other amounts unaudited)

	Fourth Quarter							Full Year
	2025		2024			% Change		2025		2024			% Change
Net product revenues	$	1,476,442	$	1,118,035		32	%	$	5,282,061	$	3,779,546		40	%
Other revenue	$	21,728	$	9,789		122	%	$	60,972	$	30,695		99	%
Total revenue	$	1,498,170	$	1,127,824		33	%	$	5,343,033	$	3,810,241		40	%

GAAP income (loss) from operations	$	185,035	$	(79,425	)	333	%	$	447,136	$	(568,199	)	179	%
Adjusted income from operations*	$	344,476	$	78,603		338	%	$	1,099,962	$	45,356		2325	%

GAAP net income (loss)	$	66,502	$	(151,881	)	144	%	$	286,933	$	(644,786	)	145	%
Adjusted net income (loss)*	$	224,979	$	16,101		1297	%	$	917,601	$	(54,919	)	1771	%

GAAP basic earnings (loss) per ADS	$	0.60	$	(1.43	)	142	%	$	2.63	$	(6.12	)	143	%
Adjusted basic earnings (loss) per ADS*	$	2.03	$	0.15		1253	%	$	8.41	$	(0.52	)	1717	%

GAAP diluted earnings (loss) per ADS	$	0.58	$	(1.43	)	141	%	$	2.53	$	(6.12	)	141	%
Adjusted diluted earnings (loss) per ADS*	$	1.95	$	0.15		1200	%	$	8.09	$	(0.52	)	1656	%

Free Cash Flow*	$	379,825	$	(17,320	)	2293	%	$	941,741	$	(633,294	)	249	%

* For an explanation of our use of non-GAAP financial measures refer to the “Note Regarding Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.

Fourth Quarter and Full Year 2025 Financial Results

Product Revenue, which represents 99% of total revenue, totaled $1.5 billion and $5.3 billion for the fourth quarter and full year of 2025, representing growth of 32% and 40%, compared to the prior-year periods.

BRUKINSA: Global sales totaled $1.1 billion and $3.9 billion the fourth quarter and full year of 2025, representing growth of 38% and 49%, compared to the prior-year periods; U.S. sales of BRUKINSA totaled $845 million and $2.8 billion in the fourth quarter and full year of 2025, representing growth of 37% and 45%, compared to the prior-year periods.
TEVIMBRA (tislelizumab): Global sales totaled $182 million and $737 million, in the fourth quarter and full year of 2025, representing growth of 18% and 19%, compared to the prior-year periods.
Amgen in-licensed products: Global sales totaled $112 million and $486 million for the fourth quarter and full year of 2025, representing growth of 11% and 33%, compared to prior-year periods.

Gross Margin as a percentage of global product sales for the fourth quarter and full year of 2025 was 90.4% and 87.3%, compared to 85.6% and 84.3%, in the prior-year periods on a GAAP basis. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of global product sales increased to 90.7% and 87.8% for the fourth quarter and full year of 2025, compared to 87.4% and 85.5%, in the prior-year periods.

Operating Expenses

The following table summarizes operating expenses for the fourth quarter of 2025 and 2024:


	GAAP						Non-GAAP
(in thousands, except percentages)	Q4 2025		Q4 2024		% Change		Q4 2025		Q4 2024		% Change
Research and development	$	615,423	$	542,012	14	%	$	544,823	$	474,874	15	%
Selling, general and administrative	$	555,290	$	504,677	10	%	$	471,468	$	433,059	9	%
Total operating expenses	$	1,170,713	$	1,046,689	12	%	$	1,016,291	$	907,933	12	%

The following table summarizes operating expenses for the full year 2025 and 2024:

	GAAP						Non-GAAP
(in thousands, except percentages)	FY 2025		FY 2024		% Change		FY 2025		FY 2024		% Change
Research and development	$	2,145,868	$	1,953,295	10	%	$	1,855,979	$	1,668,368	11	%
Selling, general and administrative	$	2,081,489	$	1,831,056	14	%	$	1,743,118	$	1,549,864	12	%
Total operating expenses	$	4,227,357	$	3,784,351	12	%	$	3,599,097	$	3,218,232	12	%

Research and Development (R&D) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled nil and $0.7 million in the fourth quarter and full year of 2025, compared to $63 million and $114 million in the prior-year periods.

Selling, General and Administrative (SG&A) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. SG&A expenses as a percentage of product sales were 38% and 39% for the fourth quarter and full year of 2025, compared to 45% and 48% in the prior-year periods.

Net Income/(Loss) and Basic/Diluted Earnings Per Share

GAAP net income for the fourth quarter and full year of 2025 was $67 million and $287 million, an increase of $218 million and $932 million, over the prior-year periods, primarily attributable to revenue growth and improved operating leverage. Included within GAAP net income for full year 2025 were $76 million of equity investment impairment charges, $25 million of non-recurring tax expenses and $20 million of timing related tax expenses in certain jurisdictions, which were primarily incurred in the fourth quarter.

For the fourth quarter of 2025, basic and diluted earnings per share were $0.05 and $0.04 per share and $0.60 and $0.58 per American Depositary Share (ADS), compared to basic loss of $0.11 per share and $1.43 per ADS in the prior-year period. For the full year of 2025, basic and diluted earnings per share were $0.20 and $0.19 per share and $2.63 and $2.53 per ADS, compared to basic loss of $0.47 per share and $6.12 per ADS in the prior-year period.

Free Cash Flow for the fourth quarter of 2025 was $380 million, representing an increase of $397 million over the prior-year period. For the full year of 2025, free cash flow was $942 million, representing an increase of $1.6 billion over the prior-year period.

For further details on BeOne’s 2025 Financial Statements, please see BeOne’s Annual Report on Form 10-K for fiscal year 2025 filed with the U.S. Securities and Exchange Commission.

Full Year 2026 Guidance

BeOne’s financial guidance is summarized below:


	FY 2026¹
Total revenue	$6.2 - $6.4 billion
GAAP gross margin %	High-80% range
GAAP operating expenses² (combined R&D and SG&A)	$4.7 - $4.9 billion
GAAP operating income²	$700 - $800 million
Non-GAAP operating income^2,3	$1.4 - $1.5 billion

¹Assumes January 1, 2026 foreign exchange rates.

²Does not assume any potential new, material business development activity or unusual/non-recurring items.

³ Non-GAAP operating income is a financial measure that excludes from the corresponding GAAP measure costs related to share-based compensation, depreciation and amortization expense. Guidance assumes that Non-GAAP expenses track overall expense growth.

BeOne’s total revenue guidance for full year 2026 of $6.2 billion to $6.4 billion includes expectations for strong revenue growth driven by BRUKINSA’s U.S. leadership position and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and a full year of 2026 productivity improvements. Guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth in both commercial and research at a pace that continues to deliver meaningful operating leverage.

The Company is providing the following additional guidance on items impacting net income and earnings per ADS:

Other income (expense): estimated range of $25 million to $50 million in expense, includes interest amortization from Royalty Pharma arrangement.
Income tax outlook: earnings may provide sufficient positive evidence to reverse certain valuation allowances in 2026, resulting in a material tax benefit when recognized; the timing and magnitude of a potential reversal is uncertain; prior to reversal, income tax expense should trend with earnings per historical relationship.
Diluted ADS outstanding: the Company expects diluted ADSs outstanding of approximately 118 million.

Fourth Quarter Business Highlights

Core Marketed Products

BRUKINSA(zanubrutinib)

Presented 6-year landmark results from the Phase 3 SEQUOIA trial and long-term results from the Phase 3 ALPINE trial at the American Society of Hematology (ASH) Annual Meeting, confirming sustained benefit for the treatment of adult patients with treatment-naïve (TN) and relapsed or refractory (R/R) chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), respectively.

Sonrotoclax (BCL2 inhibitor)

Received first global approvals in China for the treatment of adult patients with:
- R/R mantle cell lymphoma (MCL) who have received at least two systemic therapies, including a Bruton tyrosine kinase (BTK) inhibitor;
- and R/R CLL/SLL who have previously received at least one systemic therapy, including a BTK inhibitor.
Granted U.S. Food and Drug Administration (FDA) priority review for the treatment of adult patients with R/R MCL.
Submitted Marketing Authorization Application in the European Union for the treatment of adult patients with R/R MCL.
Enrolled first subject in Phase 3 trial in combination with BRUKINSA as a fixed-duration regimen versus acalabrutinib plus venetoclax for the treatment of adult patients with TN CLL.

TEVIMBRA(tislelizumab)

Presented full results in partnership with Jazz Pharmaceuticals and Zymeworks from the HERIZON-GEA-01 trial in combination with ZIIHERA (zanidatamab) and chemotherapy, demonstrating statistically significant and clinically meaningful improvement in overall survival versus trastuzumab plus chemotherapy for the first-line treatment of adult patients with HER2-positive gastroesophageal adenocarcinoma (GEA).

Select Clinical-Stage Programs

Hematology

BGB-16673 (BTK chimeric degradation activation compound (CDAC)): Presented results at ASH from the Phase 1 CaDAnCe-101 trial for the treatment of adult patients with R/R CLL.

Breast and Gynecologic Cancers

BG-75202 (KAT6A/B inhibitor): Initiated first in human study.
BG-75908 (CDK2 CDAC): Initiated first in human study.

Lung Cancer

BG-C0902 (EGFRxMETxMET antibody-drug conjugate): Initiated first in human study.

Gastrointestinal Cancers

BGB-B2033 (GPC3x41BB bispecific antibody): Granted FDA Fast Track Designation for the treatment of adult patients with hepatocellular carcinoma who experience disease progression on or after post-systemic therapy.

Anticipated R&D Milestones

Programs	Milestones			Timing
BRUKINSA	•	Phase 3 MANGROVE trial interim analysis in combination with rituximab versus bendustamine plus rituximab for the treatment of adult patients with first-line MCL.		1H 2026
TEVIMBRA	•	Supplemental Biologics License Application submissions in U.S. and China for the treatment of adult patients with first-line HER2-positive GEA in combination with zanidatamab.		1H 2026
	•	Japan regulatory action for the treatment of adult patients with first-line gastric cancer.		2H 2026
Hematology	•	Sonrotoclax (BCL2 inhibitor):
		◦	FDA regulatory action on New Drug Application as monotherapy treatment of adult patients with R/R MCL.	1H 2026
		◦	Phase 3 trial initiation for the treatment of adult patients with R/R multiple myeloma t(11;14).	2H 2026
	•	BGB-16673 (BTK CDAC):
		◦	Phase 2 potential accelerated approval submission (if data support) for the treatment of adult patients with R/R CLL.	2H 2026
Breast/Gynecologic Cancers	•	BGB-43395 (CDK4 inhibitor):		1H 2026
		◦	Phase 3 trial initiation for the treatment of adult patients with first-line HR-positive, HER2-negative metastatic breast cancer.
Gastrointestinal Cancers	•	BGB-B2033 (GPC3x41BB bispecific antibody):		2H 2026
		◦	Potentially registrational Phase 2 trial initiation.
Inflammation and Immunology	•	BGB-45035 (IRAK4 CDAC):
		◦	Phase 1/2 trial data readout for the treatment of adult patients with rheumatoid arthritis.	2H 2026
	•	BGB-16673 (BTK CDAC):
		◦	Phase 1b trial data readout for the treatment of adult patients with moderate to severe chronic spontaneous urticaria.	1H 2026

BeOne’s Earnings Results Webcast

The Company’s earnings conference call for the fourth quarter and full year 2025 will be broadcast via webcast at 8:00 a.m. ET on Thursday, February 26, 2026, and will be accessible through the Investors section of BeOne’s website at www.beonemedicines.com. Supplemental information in the form of a slide presentation, transcript of prepared remarks, and a replay of the webcast will also be available.

About BeOne

BeOne Medicines is a global oncology company that is discovering and developing innovative treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The Company has a growing global team spanning six continents who are driven by scientific excellence and exceptional speed to reach more patients than ever before.

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding: potential commercialization of BeOne’s late-stage hematology assets; BeOne’s next phase of global growth; BeOne’s future revenue, gross margin percentage, operating expenses, operating income, other income or expense, income tax and diluted ADS outstanding; BeOne’s expectations regarding continued global expansion and investment to support growth; upcoming R&D milestones to be achieved by BeOne; the timing of clinical developments and data readouts; and BeOne’s plans, commitments, aspirations and goals under the caption “About BeOne.” Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeOne’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeOne’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeOne’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeOne’s reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeOne’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeOne’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”), as well as discussions of potential risks, uncertainties, and other important factors in BeOne’s subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law. BeOne’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.

Condensed Consolidated Statements of Operations (U.S. GAAP)
(Amounts in thousands of U.S. dollars, except for shares, American Depositary Shares (ADSs), per share and per ADS data)

	Fourth Quarter						Full Year
	2025			2024			2025			2024
	(unaudited)						(audited)
Revenue
Product revenue, net	$	1,476,442		$	1,118,035		$	5,282,061		$	3,779,546
Other revenue		21,728			9,789			60,972			30,695
Total revenues		1,498,170			1,127,824			5,343,033			3,810,241
Cost of sales – products		142,422			160,560			668,540			594,089
Gross profit		1,355,748			967,264			4,674,493			3,216,152
Operating expenses
Research and development		615,423			542,012			2,145,868			1,953,295
Selling, general and administrative		555,290			504,677			2,081,489			1,831,056
Total operating expenses		1,170,713			1,046,689			4,227,357			3,784,351
Income (loss) from operations		185,035			(79,425	)		447,136			(568,199	)
Interest income		26,770			14,707			70,505			69,641
Interest expense		(26,873	)		(6,899	)		(58,234	)		(21,805	)
Other expense, net		(35,691	)		(13,734	)		(42,553	)		(12,638	)
Income (loss) before income taxes		149,241			(85,351	)		416,854			(533,001	)
Income tax expense		82,739			66,530			129,921			111,785
Net income (loss)		66,502			(151,881	)		286,933			(644,786	)

Earnings (loss) per share
Basic	$	0.05		$	(0.11	)	$	0.20		$	(0.47	)
Diluted	$	0.04		$	(0.11	)	$	0.19		$	(0.47	)
Weighted-average shares outstanding—basic		1,439,485,461			1,381,378,234			1,417,803,727			1,368,746,793
Weighted-average shares outstanding—diluted		1,499,900,248			1,381,378,234			1,474,829,908			1,368,746,793

Earnings (loss) per American Depositary Share (“ADS”)
Basic	$	0.60		$	(1.43	)	$	2.63		$	(6.12	)
Diluted	$	0.58		$	(1.43	)	$	2.53		$	(6.12	)
Weighted-average ADSs outstanding—basic		110,729,651			106,259,864			109,061,825			105,288,215
Weighted-average ADSs outstanding—diluted		115,376,942			106,259,864			113,448,454			105,288,215

Select Condensed Consolidated Balance Sheet Data (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)

	As of December 31,
	2025		2024
	(audited)
Assets:
Cash, cash equivalents and restricted cash	$	4,609,647	$	2,638,747
Accounts receivable, net		865,080		676,278
Inventories, net		608,227		494,986
Property, plant and equipment, net		1,641,678		1,578,423
Total assets	$	8,188,573	$	5,920,910
Liabilities and equity:
Accounts payable	$	479,035	$	404,997
Accrued expenses and other payables		1,109,120		803,713
Royalty financing liability		906,956		—
R&D cost share liability		64,345		165,440
Debt		1,019,206		1,018,013
Total liabilities		3,827,379		2,588,688
Total equity	$	4,361,194	$	3,332,222

Select Condensed Consolidated Statements of Cash Flows (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)

	Fourth Quarter						Full Year
	2025			2024			2025			2024
	(unaudited)						(audited)
Cash, cash equivalents and restricted cash at beginning of period	$	4,110,542		$	2,713,428		$	2,638,747		$	3,185,984
Net cash provided by (used in) operating activities		417,347			75,160			1,127,580			(140,631	)
Net cash used in investing activities		(38,335	)		(93,605	)		(276,155	)		(548,350	)
Net cash provided by (used in) financing activities		96,931			(4,523	)		1,059,451			193,449
Net effect of foreign exchange rate changes		23,162			(51,713	)		60,024			(51,705	)
Net increase (decrease) in cash, cash equivalents and restricted cash		499,105			(74,681	)		1,970,900			(547,237	)
Cash, cash equivalents and restricted cash at end of period	$	4,609,647		$	2,638,747		$	4,609,647		$	2,638,747

Note Regarding Use of Non-GAAP Financial Measures

BeOne provides certain non-GAAP financial measures, including Adjusted Operating Expenses, Adjusted Operating Loss, Adjusted Net Income, Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeOne’s operating performance. Adjustments to BeOne’s GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Non-GAAP adjustments are tax effected to the extent there is U.S. GAAP current tax expense. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. BeOne maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeOne believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeOne’s operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of BeOne’s historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeOne’s management uses for planning and forecasting purposes and measuring BeOne’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by BeOne may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Amounts in thousands of U.S. Dollars)
(unaudited)

	Fourth Quarter						Full Year
	2025			2024			2025			2024
Reconciliation of GAAP to adjusted cost of sales - products:
GAAP cost of sales – products	$	142,422		$	160,560		$	668,540		$	594,089
Less: Depreciation		3,474			18,089			13,669			42,707
Less: Amortization of intangibles		1,545			1,183			10,004			4,729
Less: Other		—			—			893			—
Adjusted cost of sales – products	$	137,403		$	141,288		$	643,974		$	546,653

Reconciliation of GAAP to adjusted research and development:
GAAP research and development	$	615,423		$	542,012		$	2,145,868		$	1,953,295
Less: Share-based compensation expenses		52,442			44,992			217,440			186,113
Less: Depreciation		18,158			22,146			72,449			98,814
Adjusted research and development	$	544,823		$	474,874		$	1,855,979		$	1,668,368

Reconciliation of GAAP to adjusted selling, general and administrative:
GAAP selling, general and administrative	$	555,290		$	504,677		$	2,081,489		$	1,831,056
Less: Share-based compensation expenses		71,015			62,790			292,807			255,680
Less: Depreciation		12,785			8,811			45,497			25,417
Less: Amortization of intangibles		22			17			67			95
Adjusted selling, general and administrative	$	471,468		$	433,059		$	1,743,118		$	1,549,864

Reconciliation of GAAP to adjusted operating expenses
GAAP operating expenses	$	1,170,713		$	1,046,689		$	4,227,357		$	3,784,351
Less: Share-based compensation expenses		123,457			107,782			510,247			441,793
Less: Depreciation		30,943			30,957			117,946			124,231
Less: Amortization of intangibles		22			17			67			95
Adjusted operating expenses	$	1,016,291		$	907,933		$	3,599,097		$	3,218,232

Reconciliation of GAAP to adjusted income (loss) from operations:
GAAP income (loss) from operations	$	185,035		$	(79,425	)	$	447,136		$	(568,199	)
Plus: Share-based compensation expenses		123,457			107,782			510,247			441,793
Plus: Depreciation		34,417			49,046			131,615			166,938
Plus: Amortization of intangibles		1,567			1,200			10,071			4,824
Plus: Other		—			—			893			—
Adjusted income (loss) from operations	$	344,476		$	78,603		$	1,099,962		$	45,356

Reconciliation of GAAP to adjusted net income (loss):
GAAP net income (loss)	$	66,502		$	(151,881	)	$	286,933		$	(644,786	)
Plus: Share-based compensation expenses		123,457			107,782			510,247			441,793
Plus: Depreciation		34,417			49,046			131,615			166,938
Plus: Amortization of intangibles		1,567			1,200			10,071			4,824
Plus: Other		—			—			893			—
Plus: Impairment of equity investments		41,410			6,838			75,626			6,838
Plus: Discrete tax items		34,441			15,232			24,778			18,597
Plus: Income tax effect of non-GAAP adjustments		(76,815	)		(12,116	)		(122,562	)		(49,123	)
Adjusted net income (loss)	$	224,979		$	16,101		$	917,601		$	(54,919	)

Reconciliation of GAAP to adjusted EPS - basic
GAAP earnings (loss) per share - basic	$	0.05		$	(0.11	)	$	0.20		$	(0.47	)
Plus: Share-based compensation expenses		0.09			0.08			0.36			0.32
Plus: Depreciation		0.02			0.04			0.09			0.12
Plus: Amortization of intangibles		0.00			0.00			0.01			0.00
Plus: Other		0.00			0.00			0.00			0.00
Plus: Impairment of equity investments		0.03			0.00			0.05			0.00
Plus: Discrete tax items		0.02			0.01			0.02			0.01
Plus: Income tax effect of non-GAAP adjustments		(0.05	)		(0.01	)		(0.09	)		(0.04	)
Adjusted earnings (loss) per share - basic	$	0.16		$	0.01		$	0.65		$	(0.04	)

Reconciliation of GAAP to adjusted EPS - diluted
GAAP earnings (loss) per share - diluted	$	0.04		$	(0.11	)	$	0.19		$	(0.47	)
Plus: Share-based compensation expenses		0.08			0.08			0.35			0.32
Plus: Depreciation		0.02			0.03			0.09			0.12
Plus: Amortization of intangibles		0.00			0.00			0.01			0.00
Plus: Other		0.00			0.00			0.00			0.00
Plus: Impairment of equity investments		0.03			0.00			0.05			0.00
Plus: Discrete tax items		0.02			0.01			0.02			0.01
Plus: Income tax effect of non-GAAP adjustments		(0.05	)		(0.01	)		(0.08	)		(0.04	)
Adjusted earnings (loss) per share - diluted	$	0.15		$	0.01		$	0.62		$	(0.04	)

Reconciliation of GAAP to adjusted earnings (loss) per ADS - basic
GAAP earnings (loss) per ADS - basic	$	0.60		$	(1.43	)	$	2.63		$	(6.12	)
Plus: Share-based compensation expenses		1.11			1.01			4.68			4.20
Plus: Depreciation		0.31			0.46			1.21			1.59
Plus: Amortization of intangibles		0.01			0.01			0.09			0.05
Plus: Other		0.00			0.00			0.01			0.00
Plus: Impairment of equity investments		0.37			0.06			0.69			0.06
Plus: Discrete tax items		0.31			0.14			0.23			0.18
Plus: Income tax effect of non-GAAP adjustments		(0.69	)		(0.11	)		(1.12	)		(0.47	)
Adjusted earnings (loss) per ADS - basic	$	2.03		$	0.15		$	8.41		$	(0.52	)

Reconciliation of GAAP to adjusted earnings (loss) per ADS - diluted
GAAP earnings (loss) per ADS - diluted¹	$	0.58		$	(1.39	)	$	2.53		$	(6.12	)
Plus: Share-based compensation expenses		1.07			0.98			4.50			4.20
Plus: Depreciation		0.30			0.45			1.16			1.59
Plus: Amortization of intangibles		0.01			0.01			0.09			0.05
Plus: Other		0.00			0.00			0.01			0.00
Plus: Impairment of equity investments		0.36			0.06			0.67			0.06
Plus: Discrete tax items		0.30			0.14			0.22			0.18
Plus: Income tax effect of non-GAAP adjustments		(0.67	)		(0.11	)		(1.08	)		(0.47	)
Adjusted earnings (loss) per ADS - diluted	$	1.95		$	0.15		$	8.09		$	(0.52	)

1. Tax effect of Non-GAAP adjustments is based on the statutory tax rate in the relevant tax jurisdiction. Please note that the Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects.

2. For the fourth quarter of 2024, GAAP diluted loss per ADS includes $0.04 loss per ADS attributable to the dilutive ADS outstanding for purposes of this reconciliation. As the Company was in a GAAP net loss position no diluted weighted average shares outstanding were calculated for US GAAP purposes.

	Fourth Quarter						Full Year
	2025			2024			2025			2024
Free Cash Flow (Non-GAAP)
Net cash provided by (used in) operating activities (GAAP)	$	417,347		$	75,160		$	1,127,580		$	(140,631	)
Less: Purchases of property, plant and equipment		(37,522	)		(92,480	)		(185,839	)		(492,663	)
Free Cash Flow (Non-GAAP)	$	379,825		$	(17,320	)	$	941,741		$	(633,294	)



Reconciliation of GAAP Operating Income Guidance to Non-GAAP
Operating Income Guidance for Full Year 2026
	(Unaudited)

GAAP Operating Income	700,000	—	800,000
Plus: Adjustments to arrive at Non-GAAP¹	700,000	—	700,000
Non-GAAP Operating Income	1,400,000	—	1,500,000

1. The non-GAAP adjustments are based on best available information at this time related to non-cash items similar to those reported in our actual Non-GAAP results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226660598/en/

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