ENHA

Download the Complete Report Here Key Takeaways: 2Q26 revenue of $17.7 million, supported by ~$32 million of sponsorship contract value, provided the first commercial validation of ENHA’s integrated sports and performance-medicine model. Revenue reached $17.7 million versus none a year ago, supported by ~$32 million of sponsorship contract value across 10 sponsors. However, the initial revenue base was concentrated and largely non-cash, with roughly $17.5 million tied to two sponsorship arrangements that included Rezolve equity and Rumble advertising inventory. Against Street’s $43.7 million 2026E revenue estimate (source: TIKR), 1H26 revenue represents ~41% of the full-year estimate, leaving ~$26 million to be generated in 2H26. The focus now shifts to sponsor diversification, stronger cash conversion and meaningful scaling of Live Enhanced. The inaugural Enhanced Games established immediate audience and brand scale, creating a commercial benchmark for future sponsorship and media-rights monetization. The Games generated more than 4 million live views excluding Roku, while Roku distribution made it available across ~100 million North American households. Total global reach exceeded 1 billion people, supported by ~4,000 media stories reaching a combined 16.7 billion unique monthly visitors. A one-hour ESPN E:60 documentary provided additional mainstream media validation. Owned audience increased 884%, social engagements rose 419%, and video views increased 227% during the event period. ENHA now enters future commercial discussions with demonstrated viewership rather than a conceptual property, after securing ~$32 million of sponsorship contract value. As of June 30, ~$4.5 million remained allocated to unsatisfied sponsorship performance obligations, providing modest forward revenue visibility as ENHA expands sponsorship, media-rights and other event monetization. The key next step is converting this reach into repeatable, higher-quality monetization across both the sports property and Live Enhanced. Brand research indicates the inaugural Games established meaningful awareness and brand strength, supporting ENHA’s customer-acquisition strategy. A pre-Games Qualtrics survey found 61% awareness and a 67% positive perception among those familiar with the property, while post-event research positioned Enhanced alongside Hyrox and The CrossFit Games despite its limited operating history. Combined with the 884% increase in owned audience and 1 billion+ global reach, these results suggest the Games investment established meaningful brand equity that ENHA can potentially monetize through Live Enhanced rather than relying on each event as a standalone marketing spend. Athlete outcomes and clinical execution strengthen ENHA’s sports property while building the proprietary-data foundation for Live Enhanced. ENHA has produced three world records across its competitions since inception, including one at the inaugural Games, alongside 21 personal bests across 42 athletes. All athletes also completed the interventional phase of its IRB-approved clinical trial safely, with the medical team making 274 protocol adjustments in the two months before the Games and generating data across biomarkers, interventions and individual responses. The broader performance narrative now extends beyond headline records toward transparent protocols, health outcomes and individualized performance improvement, better aligning the sports property with Live Enhanced’s consumer opportunity across recovery, longevity and everyday performance. The successful Games have also strengthened athlete recruiting, with Olympic champions and world-record holders expressing interest in future events, supporting a reinforcing loop in which stronger rosters can deepen both audience engagement and the data feeding Live Enhanced. Live Enhanced is becoming the more important next-stage proof point as commercialization begins to scale. The platform became fully operational in mid-May, leaving only several weeks of contribution in 2Q, while sponsorship remained the dominant source of the $17.7 million of revenue. Live Enhanced now offers 11 Rx products in the U.S. and two proprietary supplement stacks, with supplements available across 34 countries. The largest customer cohort is currently aged approximately 25 to 45, although demand extends across both genders and into older age groups, supporting an addressable consumer base broader than an athlete-centric demographic. Management cited strong weekly and monthly cohort growth and expects momentum to continue through 2H26 as new categories launch. Enhanced OS materially sharpens the consumer strategy by positioning ENHA around personalized performance medicine. Planned for launch later in 2026, Enhanced OS is designed to combine baseline health information, personal goals, therapies and supplements, wearables and ongoing response data to continuously adjust individual performance protocols. ENHA intends to apply the medical learnings generated through 274 athlete protocol adjustments to a broader consumer population, creating a data and intelligence layer around products that may otherwise become commoditized. Personalization could support multiple-product adoption, stronger retention and higher lifetime value while reducing reliance on price as the primary differentiator. It also completes the intended operating flywheel: sports creates attention and trust, athletes generate data and credibility, Enhanced OS converts those learnings into individual consumer protocols, and a growing consumer population creates additional data that can further improve personalization. The Rezolve relationship could also extend beyond sponsorship, with its AI-commerce capabilities potentially supporting Live Enhanced commerce and conversion as Enhanced OS develops. Peptides represent potentially meaningful regulatory upside for Live Enhanced. Following July FDA advisory activity, ENHA intends to launch six peptides receiving favorable advisory-panel support if the regulatory pathway permits, while strengthening U.S. pharmacy and supply-chain partnerships to support personalized compounding, nationwide fulfillment and improved product margins. Regulatory clarity could expand the addressable market beyond consumers already sourcing peptides through gray-market channels to a broader population unwilling to use untested or unregulated supply. ENHA’s differentiation is likely to depend less on access to individual peptides and more on personalization, protocol design and the data layer around them. As regulatory access broadens and the underlying molecules become more commoditized, Enhanced OS, biomarker and lifestyle data, and individualized protocols should become increasingly important sources of competitive differentiation. Management also expects to expand into cognitive enhancement and other lifestyle-oriented performance categories, broadening the product funnel and creating more opportunities to increase products per customer, wallet share and ultimately lifetime value. ENHA is evolving the sports side from a single annual tentpole toward a year-round engagement and customer-acquisition ecosystem. The first Enhanced Breakers event was held in Los Angeles in July and produced a new weightlifting world record while operating at a fraction of the scale and fixed cost of the inaugural Games. Breakers can expand into additional sports, keep athletes competing between flagship events, provide more frequent content, and give sponsors additional activation opportunities throughout the year. ENHA is also evaluating partnerships with participatory communities such as run clubs and local competitions, extending the concept beyond elite athletes toward a broader base of amateur athletes and health-conscious consumers. Together, these formats could create more frequent, lower-cost touchpoints that keep performance medicine visible year-round. If successfully executed, the model could reduce reliance on purchased digital traffic and strengthen sports as a recurring acquisition channel for Live Enhanced. Marketing is increasingly shifting from purchased acquisition toward owned media and community, but the economic advantage still needs to be demonstrated through conversion and retention. ENHA spent approximately $1.6 million on performance marketing in 2Q, while the larger customer-acquisition investment was embedded in the Games, which generated more than 4 million live views, 1 billion+ global reach and an 884% increase in owned audience. Breakers, athlete content and planned participatory events are intended to sustain that attention between flagship Games and reduce reliance on paid traffic over time. The model could support structurally lower CAC if Games- and community-acquired consumers convert at attractive rates and show stronger retention, but conversion, CAC and retention remain undisclosed. The next stage of the thesis therefore requires ENHA to demonstrate that owned attention can translate into superior customer economics. With the inaugural build complete, future Games economics should improve as ENHA monetizes the infrastructure, audience and commercial relationships established through the first event. Games, athlete and event operating costs reached $52.0 million in 2Q26, contributing to total operating expenses of $79.6 million versus $3.1 million a year ago. Operating and net losses were both $61.9 million compared with approximately $3.0 million in 2Q25, while net loss per share widened to $0.53 from $0.03. Adjusted EBITDA was negative $42.7 million versus negative $2.7 million, bringing the 1H26 adjusted EBITDA loss to $56.2 million. These results reflect the deliberate front-loaded investment required to build the venue, broadcast infrastructure and supporting event platform largely from scratch. A meaningful portion of this cost base should not recur at the same level, with the pool and track available for reuse across future Games and Breakers, while the lower-cost Breakers format provides a way to maintain sports engagement without replicating the scale and fixed cost of the flagship event. ENHA is also evaluating future host cities partly on economic-development financing and other incentives, creating another opportunity to reduce net event costs and support operating leverage as the model scales. The revenue opportunity should also broaden as the Games evolve from a proof-of-concept event into a repeatable sports property. The inaugural event was invitation-only and monetized primarily through sponsorship, whereas future Games could add ticket sales alongside sponsorship and media-rights revenue while leveraging infrastructure and commercial relationships already established. ENHA now enters those discussions with a tangible benchmark of more than 4 million live views and ~$32 million of sponsorship contract value, giving the company greater leverage when pricing sponsorships, media rights and venue economics. The inaugural Games therefore established the upfront sports infrastructure and audience proof point; the next phase is converting those assets into a more scalable revenue-to-cost relationship as the property repeats and monetization expands. Underlying corporate costs were materially below reported 2Q levels, supporting a clearer path to operating leverage as revenue scales. SG&A was $16.6 million, including $4.2 million of Rumble advertising expense and $6.9 million of stock-based compensation, leaving approximately $5.5 million of underlying SG&A, including $1.8 million of salaries and wages and $1.6 million of performance marketing. Transaction expenses added another $10.9 million in 2Q and $12.5 million in 1H26 and should largely roll off. Combined with lower future event costs, this points to a materially leaner expense base entering 2H26 and strengthens the potential for operating leverage as revenue scales. Liquidity reflects the early-stage investment cycle following the inaugural Games, with post-quarter financing activity and liability management helping to support the near-term position. ENHA ended 2Q26 with $19.6 million of cash after using $44.0 million of operating cash and $7.4 million of investing cash during 1H26, while accounts payable and accrued expenses increased to $40.1 million. Following quarter-end, management repaid approximately $10 million of payables, reducing accounts payable to roughly $16 million while maintaining cash near $20 million as of the filing date. ENHA also holds approximately $10 million of Rezolve shares that remain locked through December, while the unrecognized $10 million Zoop title sponsorship provides additional potential value if collectability requirements are satisfied. Despite these sources, additional financing will be required to fund planned operations over the next twelve months. Street estimates sourced from TIKR show EBITDA improving from negative $64.7 million in 2026E to negative $7.5 million in 2027E before turning positive at $51.8 million in 2028E, making the pace of cash-burn normalization a key determinant of future financing needs and dilution. The forward setup now depends on a meaningful 2H operating improvement as ENHA transitions from front-loaded platform investment toward revenue scaling and a more normalized cost base. Current Street estimates sourced from TIKR indicate 2026E revenue of $43.7 million, followed by $131.7 million in 2027E and $256.6 million in 2028E. EBITDA is expected to improve from negative $64.7 million in 2026E to negative $7.5 million in 2027E before turning positive at $51.8 million in 2028E, with margins improving to +20.2% by 2028. With approximately $17.7 million of revenue and negative $56.2 million of adjusted EBITDA through 1H26, estimates imply approximately $26.0 million of 2H26 revenue and an ~$8.5 million EBITDA loss in 2H26, representing a substantial sequential improvement. The absence of another inaugural-scale Games build should materially reduce the expense base, while sponsorship recognition, Live Enhanced commercialization and broader product expansion provide the principal revenue levers into year-end. Delivery against current estimates would provide early evidence that the front-loaded investment made in 1H26 can translate into a significantly more scalable cost structure and eventual operating leverage. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. Valuation has compressed materially from the SPAC transaction, creating a meaningful disconnect between current enterprise value and ENHA’s longer-term earnings potential. At a share price of $1.96 and approximately 129 million Class A shares outstanding, ENHA’s implied market capitalization is approximately $252.8 million. Using approximately $20 million of pro forma cash and no financial debt, we calculate enterprise value of approximately $232.8 million. Current enterprise value is therefore more than 80% below the ~$1.2 billion SPAC transaction valuation, reflecting substantial investor skepticism around execution, financing requirements and the timing of profitability. Forward valuation becomes increasingly compelling if ENHA delivers against current 2027-2028 scaling assumptions. Based on current estimates, ENHA trades at approximately 5.3x 2026E revenue, 1.8x 2027E revenue and 0.9x 2028E revenue. EBITDA is expected to remain negative through 2027E before inflecting to positive $51.8 million in 2028E, implying approximately 4.5x 2028E EV/EBITDA and a 20.2% margin. The current valuation therefore embeds a meaningful discount for execution risk, particularly given the substantial revenue growth and margin improvement required over the next two years. Relative valuation remains highly discounted if Live Enhanced develops into the primary earnings engine rather than ENHA being valued principally as an emerging sports property. ENHA trades at approximately 1.8x 2027E revenue and 0.9x 2028E revenue versus subscription-health peer averages of 3.2x and 2.7x, respectively. By 2028E, ENHA’s 4.5x EV/EBITDA also compares with a 14.3x subscription-health peer average. The discount is notable given estimates implying a 142.3% revenue CAGR for ENHA from 2026-2028 versus approximately 17.3% for the subscription-health group. Sports peers trade at substantially higher revenue multiples, averaging 6.4x 2027E and 6.1x 2028E revenue, although their slower growth and different economics make that comparison less directly relevant. The valuation gap remains understandable given ENHA’s limited operating history, near-term financing needs and delayed EBITDA breakeven, but measurable consumer conversion, improving retention and CAC, Enhanced OS adoption and lower recurring event costs could increasingly support a rerating toward the subscription-health framework. Rerating drivers are becoming increasingly measurable as the investment case shifts from proving ENHA can create attention and commercial demand toward demonstrating that those assets can compound through recurring consumer monetization. The inaugural Games generated 1 billion+ global reach, more than 4 million live views excluding Roku and approximately $32 million of sponsorship contract value, while 21 personal bests and 274 athlete protocol adjustments strengthened the data and credibility supporting Live Enhanced. The next phase is translating that foundation into recurring consumer revenue, stronger customer economics and a materially lower recurring event cost base. Delivery against estimates of $131.7 million of revenue in 2027E and $256.6 million in 2028E, alongside EBITDA improving from negative $7.5 million to positive $51.8 million, would materially de-risk the current valuation. The next several quarters should therefore be judged less by incremental media reach and more by Live Enhanced conversion, retention and acquisition efficiency, cash-burn normalization, and ENHA’s ability to sustain the sports flywheel through lower-cost formats such as Breakers and community participation. Read Exec Edge’s Initiation on Enhanced Group, Inc. Here Enhanced CEO Maximilian Martin & CFO Sid Banthiya, Live at NYSE Enhanced CEO Maximilian Martin on Enhanced Games: ICR Conference 2026 Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Enhanced Games Reinforce Audience & Sponsorship, Focus Shifts to Live Enhanced Conversion – Quarterly Update Report appeared first on ExecEdge.

Interested in Enhanced Group? Here are five stocks we like better. Enhanced Group reported $17.7 million in Q2 revenue, with nearly all of it generated by sponsorships for its inaugural Enhanced Games. The company posted a $61.9 million net loss and a $42.7 million adjusted EBITDA loss as it funded the event, public listing and platform launch. Games, athlete and event costs totaled $52 million, while transaction expenses were $10.9 million and SG&A was $16.6 million. Management characterized much of the event spending as one-time and expects smaller Breaker Series events to have lower fixed costs. Enhanced ended June with $19.6 million in cash and subsequently received about $13 million from its final PIPE tranche, while reducing accounts payable by roughly $10 million. Its Live Enhanced telehealth and supplement platform is operational, and the company plans to expand personalized health offerings through its upcoming Enhanced OS and potential peptide products. Enhanced Group (NYSE:ENHA) reported $17.7 million in second-quarter revenue, largely driven by sponsorships tied to its inaugural Enhanced Games, while posting a net loss of $61.9 million as it invested in the event, its public listing and the launch of its consumer health platform. On its first earnings call as a public company, Chief Executive Officer Maximilian Martin said the company completed its business combination with A Paradise Acquisition Corp. and began trading on the New York Stock Exchange in May. Three weeks later, Enhanced held its inaugural medically supervised sporting event allowing enhancement, while also launching its direct-to-consumer telehealth and supplement platform, Live Enhanced. → Lumentum Just Delivered the AI Growth Investors Wanted Chief Financial Officer Sid Banthiya said nearly all second-quarter revenue came from Enhanced Games sponsorships, with revenue recognized as the company delivered services related to the event. Enhanced had previously announced about $32 million in sponsorship agreements, and Banthiya said a substantial portion was recognized during the quarter, primarily from Rezolve AI and Rumble. The remaining $10 million relates to a title sponsorship agreement with Zoo. Banthiya said the company will recognize that revenue as it completes related obligations and its collectibility assessment supports recognition. → Ryman Checks Into a $1.38B Hospitality Upgrade Martin said the invitation-only inaugural Games produced 21 personal bests and one world record. He said the event generated more than 4 million live views and more than 1 billion impressions through the company’s social channels, Twitch streamers and content creators. Those figures do not include viewership data from Roku, which made the broadcast available in 100 million North American homes, according to Martin. Enhanced also said it received approximately $32 million in sponsorship deal value and secured distribution through Roku. Martin said the company’s next Games will provide a more established benchmark for negotiating sponsorship and media-rights agreements. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal While Martin acknowledged that expectations surrounding world records may have been too high, he said the company views the event as a success based on athletes’ personal-best performances and the clinical protocols used during the competition. Games, athlete and event operating costs totaled $52 million in the quarter. Banthiya said those expenses included event build and production, athlete compensation, world-record awards, marketing and content, medical and regulatory expenses, and travel and logistics. He characterized most of those costs as one-time expenditures associated with building the first event, including venue, broadcast and competition infrastructure. The company expects future event formats, including its smaller Enhanced Breaker Series, to operate with lower fixed costs. Enhanced held its first Breaker Series event in Los Angeles in July. Martin said weightlifter Beatriz Pirón set a world record in her Olympic snatch weight class during the event. He described the format as a lower-cost way to keep athletes active, audiences engaged and sponsors involved between the larger Games. Transaction expenses were $10.9 million during the second quarter and $12.5 million year to date, consisting of offering costs and banking, investor relations and legal advisory fees associated with the business combination and private investment in public equity financing. Selling, general and administrative expenses were $16.6 million. Banthiya said that total included $4.2 million of Rumble advertising and marketing expense and $6.9 million in stock-based compensation. Excluding those items, SG&A was approximately $5.5 million, including $1.8 million in salaries and wages, $1.6 million in performance marketing and other general and administrative expenses. The company reported an adjusted EBITDA loss of $42.7 million for the quarter. The measure excludes items including interest, depreciation, equity-based compensation, transaction costs and certain other one-time and non-operating items. Enhanced ended the quarter with $19.6 million in cash. Since June 30, the company completed the second tranche of its PIPE and received approximately $13 million from the third and final tranche, Banthiya said. Accounts payable and accrued expenses totaled $40.1 million at June 30, including $26 million in accounts payable. Since quarter end, Enhanced paid down approximately $10 million of accounts payable, reducing that balance to about $16 million while maintaining $20 million in cash as of the filing date, according to Banthiya. The company also holds a $10 million contract asset in Rezolve shares that remains locked up through December, as well as the $10 million Zoo sponsorship agreement that could represent a future source of liquidity as obligations are completed and payment is collected. Live Enhanced became fully operational in May, meaning the quarter included only several weeks of activity from the platform. Martin said the business currently offers 11 prescription products in the U.S. and two supplement stacks, with supplements available in the U.S. and 33 additional international markets. He said the company’s largest customer group is currently people ages 25 to 45, though it has not seen a significant decline among older consumers. Martin said Enhanced is seeing “very strong growth” in weekly and monthly customer cohorts, though he did not provide customer or sales figures. Martin said Enhanced plans to launch its Enhanced OS platform later this year, designed to use health data, wearable-device information and consumer feedback to guide personalized performance protocols. The company intends to compete in hormone optimization, recovery, longevity and other performance-related categories rather than focusing on condition-specific telehealth treatment models, he said. During the question-and-answer session, Martin said Enhanced expects to introduce new substance categories, including cognitive-enhancement and lifestyle-related products. He also said the company intends to pursue launches of six peptides if relevant FDA and Department of Health and Human Services rulemaking permits compounding and prescribing them. Martin said the company expects personalization to be its primary differentiator if peptide offerings become more widely available. He said Enhanced is also considering participatory events and partnerships with communities such as run clubs to expand beyond spectator sports. We are a blank check company incorporated in the British Virgin Islands as a business company with limited liability and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Enhanced Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Company Delivers $17.7 Million in Revenue in its First Reported Public Quarter Company Secures $32 Million of Sponsorship Contract Value for First-Year Event Inaugural Enhanced Games Engaged More Than One Billion People Globally Launched Live Enhanced Platform, Including Athlete Protocol and 11 Rx Products NEW YORK, August 13, 2026--(BUSINESS WIRE)--Enhanced Group, Inc. (NYSE: ENHA) ("Enhanced" or the "Company"), the personalized performance products and elite sports competition company, today announced financial results for its second quarter ended June 30, 2026. Second Quarter 2026 Financial Results For the three months ended June 30, 2026: Revenue of $17.7 million, primarily reflecting sponsorship revenue recognized in connection with the inaugural Enhanced Games. Approximately $32 million of sponsorship contract value2 secured for the inaugural Enhanced Games with company delivering value to sponsors throughout the year with revenue recognition occurring over several quarters Net Loss of $61.9 million mostly comprising costs associated with staging the inaugural Enhanced Games, successful IRB clinical trial, de-SPAC merger completion, increased general and administrative expenses from operating as a public company and launching the Company’s direct-to-consumer platform Adjusted EBITDA¹ loss of $42.7 million Cash and cash equivalents of $19.6 million as of June 30, 2026 Business & Operational Highlights Hosted the inaugural Enhanced Games in Las Vegas in a purpose-built arena complex, securing 10 sponsors and $32 million in sponsorship contract value Athletes achieved 21 personal bests and three world records since inception Successfully completed the interventional phase of a first-of-its-kind Institutional Review Board (IRB)-approved clinical trial in conjunction with the Games Launched Live Enhanced platform with athlete branded protocol stack and product line including 11 different Rx therapies and two proprietary supplement products First Enhanced Breakers event series debuts with a world record performance Signed exclusive media rights agreement with Roku delivering the Games to 100 million North American households on leading streaming platform Enhanced Games content and press strategy drove considerable brand value at a fraction of the media cost, significantly increasing owned audience (+884%), social engagements (+419%), and video views (+227%) during event period Games engaged one billion people globally including four million live views (excluding Roku streaming data) equivalent to a regular season NBA game or episode of The Tonight Show with Jimmy Fallon Independent media coverage of Enhanced generated 4,000 global stories in publications reaching a combined 16.7 billion unique visitors per month (UVM) with an additional ~932M people watching globally via a broadcast television piece Enhanced received prominent Tier I coverage in Vanity Fair, The Economist, Financial Times, GQ Magazine, Times London, Der Spiegel and Men’s Health Magazine to name just a few A one hour ESPN E:60 documentary aired on the Enhanced Games on July 2nd "Six months ago, Enhanced was a privately held startup with a bold idea and a great deal of skepticism aimed at it," said Maximilian Martin, Chief Executive Officer of Enhanced. "Today, we are a globally recognized sports brand, the only organization to have successfully conducted a medically supervised enhanced sporting event in history. Simultaneously, we have built the foundation for a personalized performance medicine business, which we believe can help redefine the next decade of health and wellness, particularly as the regulatory tailwinds we expect to arrive in the peptide space continue to develop. We achieved each of these milestones in just the first six months of 2026 and we are just getting started." The Company’s second quarter results reflect an intentional decision to invest heavily in its inaugural Enhanced Games, as the foundational platform for both its sports business and as a customer acquisition engine for its performance medicine platform. As a result of this investment, Enhanced established extraordinary brand recognition across the globe. In July, the Company expanded its model beyond one tentpole event per year with the Enhanced Breakers Series. The Breakers Series operates at a fraction of the cost of a full Games event, keeping athletes competing, audiences engaged, sponsors interested, and performance medicine in front of the world year-round. The Company’s strategy leverages the Games to acquire global attention, which is sustained quarter-over-quarter by the Enhanced Breakers and additional planned participatory events that are focused on building and strengthening our community. Enhanced is further recognizing an increase in consumer interest in both sports and live entertainment in an increasingly AI driven world, and the Company is positioned to capitalize on these societal developments through event formats such as the Enhanced Breakers series. In parallel, the Company continues to focus on growing its performance medicine business operated under the brand Live Enhanced. The Company is also evaluating strategic M&A opportunities in addition to strategic partnerships that would accelerate capabilities in its sports, live entertainment and consumer businesses. Management believes a data intelligence layer and community is critical to winning trust with consumers and will continue to promote education and advocacy for performance medicine products to strengthen Enhanced’s flywheel between its sports, live entertainment and consumer businesses. Second Quarter 2026 Consolidated Results For the three months ended June 30, 2026, unless otherwise specified: Revenue was $17.7 million, compared to no revenue in the prior-year period. Revenue in the current period consisted primarily of sponsorship revenue recognized in connection with the inaugural Enhanced Games held in May 2026. The Company expects the remaining sponsorship revenue associated with the approximately $32 million of aggregate sponsorship deal value to be recognized in future periods as the related performance obligations are satisfied and, where applicable, as our collectability assessment supports recognition. Loss from operations was $61.9 million, compared to $3.0 million in the prior-year period. The increase in loss from operations primarily reflected direct costs associated with staging the inaugural Enhanced Games, including athlete, venue, production and event-related costs, as well as an increase in general and administrative expenses associated with operating as a public company and building the Company’s direct-to-consumer platform. Net loss was $61.9 million, compared to $3.0 million in the prior-year period. Adjusted EBITDA¹ was a loss of $42.7 million, compared to a loss of $2.7 million in the prior-year period. Cash used in operating activities was $44.0 million for the six months ended June 30, 2026, compared to $7.5 million in the prior-year six month period. Cash and cash equivalents were $19.6 million as of June 30, 2026, compared to $25.3 million as of December 31, 2025. Liquidity and Capital Resources As of June 30, 2026, the Company held cash and cash equivalents of $19.6 million. During Q2 and following the success of the Games, the Company raised $50 million in a PIPE financing that included participation from the Company’s Executive Chairman and Chief Executive Officer, as well as several blue-chip investors. As of the date of the Company’s Q2 2026 earnings release, an additional $3.3 million from tranche two has been received and is closed and $13.3 million from tranche three is expected to be received on or about August 14, 2026. Other Matters Regulatory Engagement The Company submitted written testimony to the U.S. Food and Drug Administration’s Peptide Coalition Advisory Committee in connection with hearings held in July 2026, which the Chief Executive Officer attended. The Company believes clear and sensible regulation of the peptide market distinguishes legitimate, medically supervised operators from the unregulated gray market, and views the developing regulatory framework as a potential tailwind for its business. Strategic Partnerships The Company has engaged advisors to identify potential acquisitions and partnerships that would accelerate development of its capabilities across sports, live entertainment and consumer, and is concurrently strengthening its United States supply chain and pharmacy partnerships to support personalized compounding, nationwide fulfillment and improved product margins in response to regulatory tailwinds. Brand Research Affirmation In a pre-Games survey of 1,080 respondents conducted by Qualtrics, 61% of respondents were aware of the Enhanced Games, and 67% of those respondents held a positive view of the Company. Following the Games, a separate independent marketing consultancy assessed the Company’s sporting property as positioned in the middle of its peer set alongside Hyrox and The CrossFit Games based on consumer brand strength that matched, or in some cases exceeded, several longer-established properties. Notes (1) Adjusted EBITDA is a non-GAAP financial measure. The definition of Adjusted EBITDA can be found in the Non-GAAP Financial Measures section of this release. A reconciliation of net loss to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 can be found in the Supplemental Information in this release. (2) Sponsorship contract value represents the aggregate contracted value of sponsorship agreements executed in connection with the inaugural Enhanced Games. Sponsorship contract value is an operating metric and is not a measure of revenue recognized under GAAP. Contracted amounts are recognized as revenue in accordance with ASC 606 over the periods in which the related performance obligations are satisfied, and the amount and timing of revenue recognized will differ from contract value. (3) The Company manages its business as a single operating and reportable segment operating within an integrated sports, entertainment, and consumer-health ecosystem. Non-GAAP Financial Measures The Company refers to certain financial measures that are not recognized under United States generally accepted accounting principles ("GAAP"). This press release includes financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA. Please see the definition below and the reconciliation table included in this release for additional information and a reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure. The Company defines Adjusted EBITDA as net loss excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, transaction costs, certain legal costs, restructuring and severance charges, and certain other items when applicable. Enhanced management believes Adjusted EBITDA is useful to investors because it eliminates the significant level of non-cash and non-recurring items, including stock-based compensation and the one-time transaction cost associated with the Business Combination that affect period-over-period comparability. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations are: It does not reflect every cash expenditure, future requirements for capital expenditures, or contractual commitments; It does not reflect interest expense or the cash requirements necessary to service interest or principal payments on the Company’s obligations; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted EBITDA does not reflect any cash requirement for such replacements or improvements; Equity-based compensation is a recurring component of the Company’s compensation programs, and excluding it does not reflect the full cost of retaining personnel; and It is not adjusted for all non-cash income or expense items reflected in the Company’s statements of cash flows. Adjusted EBITDA should not be considered a substitute for the reported results prepared in accordance with GAAP and should not be considered in isolation or as an alternative to net loss as an indicator of the Company’s financial performance, as a measure of discretionary cash available to invest in the growth of its business, or as a measure of cash that will be available to meet its obligations. This non-GAAP financial measure, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies. Additional Information The Company will host a conference call at 4:30 pm ET on August 13, 2026 to discuss its second quarter 2026 results. All interested parties are welcome to listen to a live webcast hosted through the Company’s website at investors.enhanced.com. Any accompanying materials referenced during the call will be made available on August 13, 2026 at investors.enhanced.com. A replay of the call will be available shortly after the conference call concludes and can be accessed on the Company’s investor website. Website and Social Media Disclosure Investors and others should note that Enhanced announces material financial and operational information to its investors using press releases, SEC filings and public conference calls and webcasts, as well as its investor relations site at investors.enhanced.com. Enhanced may also use its website and/or social media outlets, such as LinkedIn, Instagram, TikTok, YouTube, Facebook, and X, as distribution channels of material information about the Company. Financial and other information regarding Enhanced is routinely posted on and accessible through the company’s LinkedIn page at https://www.linkedin.com/company/enhanced-games/, its Instagram page at https://www.instagram.com/enhanced_games/, its TikTok page at https://www.tiktok.com/@enhanced_games, its YouTube page at https://www.youtube.com/@enhanced_games1, its Facebook page at https://www.facebook.com/enhancedgames1/, and its X page at https://x.com/enhanced_games. In addition, you may automatically receive email alerts and other information about Enhanced by enrolling your email address on the investor relations section of the Company’s website. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends 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, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s business strategy and plans, future events and event economics, anticipated sponsorship, media rights and other revenue opportunities, the development and monetization of its direct-to-consumer and telehealth platforms, potential acquisitions and partnerships, expectations regarding the regulatory environment, liquidity and capital resources, and anticipated financial and operational performance. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "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 forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: the Company’s limited operating history and history of operating losses; the Company’s need for additional capital and its ability to obtain financing on acceptable terms or at all; the Company’s ability to stage future events profitably and to secure sponsorship, media rights, ticketing and hospitality revenue on anticipated terms; the Company’s dependence on athlete, clinician, scientific and commercial partners willing to participate in a novel and publicly scrutinized model; changes in, or the Company’s failure to comply with, laws and regulations applicable to performance-enhancing substances, peptides, compounded products, telehealth and direct-to-consumer healthcare; adverse publicity, litigation or regulatory action concerning the Company, its events, its products or its key personnel; risks relating to athlete health and safety and the Company’s medical and clinical protocols; competition in the telehealth, supplement and performance medicine markets, including pricing pressure; the Company’s ability to build consumer and clinician trust and to develop the data capabilities described in this release; the Company’s ability to identify, complete and integrate acquisitions and partnerships; risks relating to conducting operations and clinical activities in international jurisdictions, including geopolitical instability; the Company’s dependence on the continued services of executive management and other key personnel; risks relating to the Company’s recent business combination and status as a newly public company, including its ability to remediate existing material weaknesses and implement and maintain an effective system of internal controls over financial reporting; and other important factors discussed in the section entitled "Risk Factors" in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, as they may be updated in subsequent filings with the Securities and Exchange Commission, accessible on the SEC’s website at www.sec.gov and on the Company’s investor relations site. Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About Enhanced Group, Inc. Enhanced Group, Inc. (NYSE: ENHA) is a performance medicine and sports company. Enhanced operates the Enhanced Games, the first global sporting competition conducted under medically supervised performance enhancement protocols, and the Enhanced Breakers series. Through Live Enhanced, its direct-to-consumer platform, the Company offers personalized performance products and is building a personalized performance telehealth business informed by data generated in its Institutional Review Board-approved clinical trial. Enhanced’s mission is to expand access to medically supervised performance optimization for athletes and non-athletes alike. View source version on businesswire.com: https://www.businesswire.com/news/home/20260813331607/en/ Contacts Investor Contact [email protected] Media Contact Chris [email protected]