RS

Earlier in August 2026, Reliance reported Q2 2026 results showing a very large increase in adjusted earnings per share, beating expectations on the back of higher shipments, firmer pricing, and contributions from a U.S. border wall project. Management’s expectation for generally healthy demand and mostly stable pricing across non-residential construction, aerospace, and semiconductor end markets highlights how broad-based operating conditions are supporting the business despite trade and geopolitical uncertainties. We’ll now examine how Reliance’s stronger-than-expected Q2 earnings and management’s demand outlook may influence the company’s existing investment narrative. Invest in the nuclear renaissance through our list of 92 elite nuclear energy infrastructure plays powering the global AI revolution. To own Reliance, you need to be comfortable with a cyclical metals business that leans on broad U.S. industrial and infrastructure demand, while managing pricing and cost volatility. The strong Q2 2026 earnings beat, driven by higher shipments, firmer pricing, and the U.S. border wall project, reinforces the near term demand catalyst but does not remove the key risk that trade and tariff uncertainty could still unsettle pricing and margins. Among recent updates, the July 2026 disclosure that Reliance paused share repurchases in Q2 after an active buyback in Q1 stands out alongside the Q2 earnings strength. Together with its recurring dividends, this pattern of capital returns frames how Reliance balances reinvestment, shareholder payouts, and financial flexibility at a time when healthy demand and generally stable pricing are supporting results, but policy and geopolitical risks remain in focus. Yet behind the strong quarter, investors should be aware of how persistent trade and tariff uncertainty could still... Read the full narrative on Reliance (it's free!) Reliance's narrative projects $17.8 billion revenue and $1.2 billion earnings by 2029. This requires 4.1% yearly revenue growth and about a $306 million earnings increase from $893.8 million today. Uncover how Reliance's forecasts yield a $409.50 fair value, a 6% upside to its current price. Two Simply Wall St Community fair value estimates span from US$223 to US$410, underlining how far apart individual views can be. As you weigh those opinions, remember that Reliance’s reliance on broad non residential construction and industrial demand makes trade policy and tariff shifts especially important for its earnings resilience. Explore 2 other fair value estimates on Reliance - why the stock might be worth 42% less than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Reliance research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision. Our free Reliance research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Reliance's overall financial health at a glance. Every day counts. These free picks are already gaining attention. See them before the crowd does: The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. Uncover the next big thing with 22 elite penny stocks that balance risk and reward. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

It has been about a month since the last earnings report for Reliance (RS). Shares have lost about 3.8% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Reliance due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Reliance, Inc. before we dive into how investors and analysts have reacted as of late. Reliance reported second-quarter 2026 adjusted earnings of $6.27 per share, up 41.5% year over year. The figure beat the Zacks Consensus Estimate of $5.38 by 16.5%, driven by higher shipments, improved gross profit per ton and contributions from the U.S. border wall project. Net sales rose 26.5% to $4.63 billion and surpassed the consensus estimate of $4.17 billion by 10.9%. Tons sold increased 10.8% year over year to a quarterly record of 1.79 million, exceeding management’s projection of 1-3% growth. The figure surpassed our estimate of 1.7 million. The average selling price per ton advanced 14.5% to $2,602. The average selling price per ton climbed 7.8% from the first quarter, topping the company’s forecast of 1.5-3.5% growth. Higher carbon steel and aluminum prices supported the increase. It was above our estimate of $2,479. Demand in non-residential construction, including infrastructure, improved year over year, supported by data centers, energy infrastructure and public projects. The company expects demand in this sector to continue to improve in the third quarter, supported by strong activity across data centers, energy infrastructure and public infrastructure. Broader manufacturing demand strengthened on healthy activity in industrial machinery, shipbuilding, military, consumer products and construction machinery. Reliance expects the demand to remain healthy in the third quarter. Aerospace demand improved from the second quarter. Reliance expects gradual commercial aerospace build-rate increases and robust defense and space activity. Reliance expects commercial aerospace demand to remain strong in the third quarter. Automotive toll-processing demand also improved and is expected to remain steady at healthy levels. The company’s toll processing operations remain agile and responsive to the automotive market’s demand fluctuations. Semiconductor demand increased meaningfully year over year, aided by growing data center activity. The company expects semiconductor-related demand to continue improving during the third quarter. Reliance ended June 30, 2026, with cash and cash equivalents of $235.4 million. Total outstanding debt was $1.7 billion, including $520 million drawn under the company’s $1.5 billion revolving credit facility. Operating cash flow totaled $162.2 million in the quarter. Free cash flow was $68.8 million. Reliance did not repurchase common shares during the second quarter. However, the company repurchased $234.2 million of stock during the first half of 2026. Roughly $529 million remained available under its share-repurchase authorization at quarter-end. Reliance expects third-quarter 2026 adjusted earnings of $6.40-$6.60 per share. The projection includes LIFO expense of $75 million, or $1.10 per share, and approximately 60 cents per share of earnings from the U.S. border wall project. Excluding the project, tons sold are expected to decline 2-4% sequentially due to normal seasonality. Including an estimated 2% sequential contribution from the project, total shipments are projected to increase 9-11% year over year. The average selling price per ton is expected to be flat to up 2% from the second quarter. Management anticipates generally healthy to improving demand and pricing, although trade-policy uncertainty, geopolitical conflict and potential supply constraints remain risks. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 39.9% due to these changes. At this time, Reliance has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Reliance has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reliance, Inc. (RS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Reliance (RS) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. The upward trend in estimate revisions for this metals service-center company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008. Consensus earnings estimates for the next quarter and full year have moved considerably higher for Reliance, as there has been strong agreement among the covering analysts in raising estimates. The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate: For the current quarter, the company is expected to earn $5.96 per share, which is a change of +63.7% from the year-ago reported number. Over the last 30 days, the Zacks Consensus Estimate for Reliance has increased 39.65% because two estimates have moved higher compared to no negative revisions. The company is expected to earn $21.33 per share for the full year, which represents a change of +49.6% from the prior-year number. There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, three estimates have moved up for Reliance versus no negative revisions. This has pushed the consensus estimate 10.71% higher. The promising estimate revisions have helped Reliance earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. While strong estimate revisions for Reliance have attracted decent investments and pushed the stock 8.4% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reliance, Inc. (RS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

In July 2026, Reliance, Inc. reported past second-quarter 2026 results showing sales of US$4,630 million and net income of US$322.9 million, with higher basic and diluted earnings per share from continuing operations than a year earlier and no additional share repurchases in the latest quarter under its long-running buyback program. An interesting takeaway is that Reliance grew both revenue and earnings over the quarter and first half of 2026 without relying on incremental buybacks, pointing to operating performance as the main driver of its recent profit improvement. We’ll now examine how Reliance’s strong year-over-year earnings growth influences its existing investment narrative around growth, margins, and risk. Uncover the next big thing with 21 elite penny stocks that balance risk and reward. To own Reliance, you need to be comfortable with a cyclical metal solutions business that aims to compound earnings through disciplined operations, value added processing, and shareholder returns. The latest second quarter report, with higher sales and earnings, reinforces that recent profit improvement is coming from the core business rather than financial engineering, but it does not remove the near term risks around pricing volatility and margin pressure from trade uncertainty and input costs. Among recent announcements, the board’s decision earlier this year to lift the quarterly dividend to US$1.25 per share stands out alongside the strong first half results. Together, they highlight management’s willingness to return cash even as the company continues to invest in capacity and acquisitions, which could amplify the benefits if demand tied to infrastructure, data centers, and electrification holds up, but also raises the stakes if end market weakness or cost inflation persists. Yet behind the strong earnings headlines, investors should still be aware of the risk that sustained trade and tariff uncertainty could... Read the full narrative on Reliance (it's free!) Reliance's narrative projects $17.1 billion revenue and $1.1 billion earnings by 2029. Uncover how Reliance's forecasts yield a $386.25 fair value, a 5% downside to its current price. Two fair value estimates from the Simply Wall St Community span roughly US$223 to US$386 per share, showing how far apart individual views can be. Against this backdrop, Reliance’s recent earnings growth without incremental buybacks highlights how differently investors may weigh operating resilience versus ongoing risks around pricing pressure and softer end markets, so it is worth looking at several perspectives before forming a view. Explore 2 other fair value estimates on Reliance - why the stock might be worth as much as $386.25! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Reliance research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision. Our free Reliance research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Reliance's overall financial health at a glance. Opportunities like this don't last. These are today's most promising picks. Check them out now: Find 55 companies with promising cash flow potential yet trading below their fair value. Outshine the giants: these 16 early-stage AI stocks could fund your retirement. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Reliance (RS) reported second quarter 2026 results, with sales of US$4,630 million and net income of US$322.9 million, alongside an update that no shares were repurchased in the recent buyback tranche. See our latest analysis for Reliance. Reliance shares trade at US$406.10 after a 9.05% 1 month share price return and 37.28% year to date share price return, while the 1 year total shareholder return of 45.61% points to solid longer term momentum. If Reliance's recent move has you thinking about other opportunities tied to industrial demand and infrastructure, it could be a good moment to look at 8 top copper producer stocks After Reliance's strong run this year and solid recent earnings, the key issue now is simple: Does the current price already reflect most of the good news, or is there still meaningful upside left in the valuation ahead? The most followed narrative pegs Reliance's fair value at $386.25, which sits below the recent $406.10 share price and frames the latest move as slightly ahead of that model. Heightened data center construction, electrification projects, and publicly funded infrastructure spending (schools, hospitals, airports) are driving demand for Reliance's specialty steels and engineered materials. This has resulted in market share gains and recurring volume growth, which the narrative suggests could benefit both revenue and operating leverage. Read the complete narrative. Readers may wish to understand what kind of revenue path and margin profile that demand story is built on. The narrative leans on steady growth, richer profitability and a higher future earnings multiple to support its fair value estimate. Result: Fair Value of $386.25 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Reliance still faces margin pressure from higher input costs and softer demand in sectors like semiconductors, which could challenge the current earnings narrative. Find out about the key risks to this Reliance narrative. Mixed messages in the Reliance story today. If you want to move quickly and judge the balance of risk and reward for yourself, take a look at the 1 key reward and 1 important warning sign If Reliance has sharpened your focus on quality opportunities, do not stop with a single stock. Use targeted stock lists to keep building a stronger portfolio. Spot potential value plays early by scanning companies highlighted in the 55 high quality undervalued stocks. Prioritise resilience and sleep better at night by reviewing the 81 resilient stocks with low risk scores. Unearth underfollowed opportunities before the crowd by checking the screener containing 20 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Proprietary AI Platform Enhances Insurance Operations and Positions Company for Long-Term Growth Company to Host Conference Call Today at 4:30 PM Eastern Time LAKEWOOD, N.J., July 30, 2026 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: EZRA) (“we,” “us,” “our,” the “Company” or “Reliance”) today reported financial results for the second quarter ended June 30, 2026, while highlighting continued progress in the development and deployment of its proprietary artificial intelligence platform designed to enhance operational efficiency, automate complex workflows, and create new long-term growth opportunities. Key Highlights Launched proprietary AI agent for secure browser automation, marking a significant milestone in the Company's AI strategy. Began deploying AI capabilities across Reliance's insurance operations to improve workflow automation, productivity and customer service. Continued expanding proprietary AI technologies designed to enhance both internal operations and future commercial opportunities. Continued delivering organic growth within the Company's retained insurance operations following the divestiture of non-core businesses. Reduced second quarter operating expenses by approximately 28% year-over-year through continued operational efficiencies and disciplined cost management. Improved second quarter net loss by approximately 26% compared with the prior-year period. Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, commented, "The second quarter marked an important milestone in our evolution as we continue transforming Reliance through the development of proprietary AI technologies. During the quarter, we accelerated the development of our AI platform and began deploying our secure browser automation technology across our insurance operations to improve productivity, streamline workflows and enhance customer service.” "We believe artificial intelligence represents a transformational opportunity for our Company. By combining our deep insurance industry expertise with advanced AI capabilities, we are building technology that has the potential to improve operating performance while creating valuable intellectual property. As we continue to develop, deploy and refine innovative AI solutions, we believe this strategy creates meaningful opportunities to strengthen our existing insurance operations while establishing a scalable technology platform capable of driving long-term growth and creating value for our shareholders." Strategic Update In July, Reliance announced the successful launch of its proprietary AI agent for secure browser automation. The AI solution is designed to securely automate complex web-based workflows while maintaining enterprise-grade security and compliance standards. The platform represents a significant milestone in the Company's ongoing strategy to leverage proprietary artificial intelligence to enhance operational performance, improve scalability and create new long-term growth opportunities. The Company's AI platform is being deployed across Reliance's insurance operations, where it is expected to improve productivity, reduce manual processes and enhance customer service. By integrating the technology into its own operations, the Company expects to optimize internal workflows, reduce administrative burdens and further strengthen the efficiency of its insurance platform while continuing to refine the technology through real-world applications. Management believes the technology also has significant long-term commercialization potential beyond its internal applications. Building on these capabilities, Reliance intends to expand the platform's functionality across additional business processes while continuing to invest in the development of proprietary AI technologies that complement its insurance operations. The Company believes its secure browser automation technology has broad applicability for enterprise customers operating in regulated industries that require secure, reliable and compliant workflow automation. As Reliance continues to enhance its proprietary AI platform, management believes the technology has the potential to strengthen the Company's insurance operations, improve operating efficiency and create new long-term commercialization opportunities. By combining its deep insurance industry expertise with innovative AI capabilities, the Company believes it is well positioned to build a scalable technology platform that complements its core business, diversifies future revenue opportunities and creates long-term shareholder value. The Company remains focused on executing its core business strategy by growing its InsurTech and insurance operations while continuing to expand its proprietary AI platform. 2026 Second Quarter Financial Highlights Commission income was approximately $2.1 million, compared with approximately $3.1 million for the second quarter of 2025. The decrease primarily reflects the Company's previously announced divestitures of certain non-core operations, partially offset by continued organic growth within its retained insurance businesses. Commission expense was approximately $0.8 million, compared with approximately $1.0 million for the second quarter of 2025. The decrease primarily reflects lower commission expense associated with the divested operations. Salaries and wages were approximately $1.5 million, compared with approximately $2.6 million for the second quarter of 2025. The decrease primarily reflects lower personnel costs following the divestitures together with reduced non-cash share-based compensation expense. General and administrative expenses were approximately $1.2 million, compared with approximately $1.5 million for the second quarter of 2025. The reduction was primarily attributable to cost efficiencies and reduced operating expenses resulting from the Company's OneFirm operating model. The comparison was also affected by Scale51 initiatives in 2026 and acquisition activities in 2025. Net loss attributable to Reliance Global Group improved to approximately $2.0 million, compared with approximately $2.7 million for the second quarter of 2025. The improvement was primarily driven by continued operating efficiencies, lower non-cash share-based compensation expense and reduced interest expense. Adjusted EBITDA (“AEBITDA”) a non-GAAP financial measure was a loss of approximately $1.1 million, compared with a loss of approximately $0.4 million for the second quarter of 2025. The year-over-year change primarily reflects lower non-GAAP adjustments in the second quarter of 2026 due to significantly lower non-cash share-based compensation expense, together with lower interest expense and depreciation and amortization. These factors were partially offset by the improvement in GAAP net loss. Balance Sheet: As of June 30, 2026, the Company reported cash of approximately $0.8 million, combined cash and restricted cash of approximately $1.8 million, working capital of approximately $1.2 million, and stockholders' equity of approximately $6.6 million. Conference Call Reliance Global Group will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results and provide a business update. The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 497505. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/54350 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/. A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through July 30, 2027. A telephone replay of the call will be available approximately one hour following the call, through August 13, 2026, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 54350. About Reliance Global Group, Inc. Reliance Global Group, Inc. (Nasdaq: EZRA) is an InsurTech company leveraging artificial intelligence, cloud computing and advanced technologies to transform the insurance agency/brokerage industry. Through its growing portfolio of proprietary AI solutions and insurance operations, the Company is focused on enhancing operational efficiency, improving customer experiences and creating long-term shareholder value. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than statements of historical fact and may be identified by the use of words or expressions such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “seek,” “potential,” “target,” “project,” “forecast,” “outlook,” or similar expressions, or by discussions of strategy, plans, or intentions. Forward-looking statements in this press release include, without limitation, statements regarding: the Company's strategic plans, including its Scale51 strategy and the activities of EZRA International Group and LifeSci Global Group; the Company's ability to identify, invest in, integrate, scale, and obtain controlling interests in technology and life sciences businesses, including the timing and likelihood thereof; the Company's investment in Enquantum Ltd., the satisfaction of milestones under the related share purchase agreement, the Company's ability to acquire a majority or controlling interest in Enquantum, and the development, commercialization, and market adoption of Enquantum's post-quantum cybersecurity technologies; the Company's investment in Innervate Radiopharmaceuticals LLC and the development and potential commercialization of Innervate's positron emission tomography imaging and therapeutic radiopharmaceutical product candidates, including for the treatment of neuroblastoma and potential future applications; the future operations and prospects of LifeSci Global Group LLC and any future investments to be made through that platform; the Company's ability to maintain compliance with the minimum bid price requirement and other continued listing standards of The Nasdaq Capital Market; the development, deployment, expansion, and potential commercialization of the Company's proprietary artificial intelligence technologies, including the Company's AI agent for secure browser automation, and the anticipated benefits and applications thereof; the Company's ability to continue executing on its insurance and InsurTech operations, including the development and rollout of RELI Exchange 2.0 and the anticipated benefits of the Company's OneFirm initiative and 2025 portfolio realignment; the Company's expectations regarding revenue growth from retained businesses, cost optimization, operating efficiencies, and trends in non-cash equity-based compensation; the Company's liquidity, working capital, capital allocation priorities, and ability to fund existing and future investment commitments, including remaining tranches under the Enquantum share purchase agreement and additional commitments to LifeSci Global Group LLC; the Company's broader business strategy and growth outlook; and any other statements regarding future events, plans, or expectations. These forward-looking statements are based on management's current expectations and assumptions and are subject to risks, uncertainties, and other factors, many of which are beyond the Company's control, that could cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, without limitation: the highly speculative nature of, and substantial risk of loss associated with, investments in early-stage technology and life sciences companies, including Enquantum and Innervate; the development, regulatory, manufacturing, intellectual property, supply chain, reimbursement, and commercialization risks specific to radiopharmaceutical and post-quantum cryptography product candidates; the Company's ability to satisfy the conditions to remaining tranches under the Enquantum share purchase agreement and to acquire a controlling interest on the contemplated timeline or at all; the Company's ability to identify and complete suitable additional investments through Scale51, EZRA International Group, and LifeSci Global Group, and the risk that anticipated strategic, operational, or financial benefits of these initiatives may not be realized within expected timeframes or at all; conflicts of interest associated with the Company's life sciences investment platform, including the ownership of LifeSci Global Group LLC by certain members of the Company's management and board of directors and the role of one of the Company's directors as chief executive officer of Innervate; the Company's ability to maintain compliance with the continued listing standards of The Nasdaq Capital Market, including the minimum bid price requirement, and the risk that the reverse stock split may not achieve its intended effect or may need to be supplemented by additional measures; risks related to changes in the composition of the Company's board of directors and committees, including the impact of any change in the independence of the Company's directors on the Company's compliance with Nasdaq listing standards; cross-border legal, regulatory, geopolitical, tax, and currency risks associated with the Company's investment in an Israeli company and any future international investments; risks associated with the Company's digital asset treasury strategy and the volatility, custody, and regulatory treatment of digital assets; the Company's ability to access additional capital on acceptable terms, or at all, including under its existing at-the-market offering program and equity line of credit, both of which are conditioned on continued Nasdaq listing; the Company's ability to maintain and grow revenue from its retained insurance and InsurTech operations following the divestiture of Fortman Insurance Services, Employee Benefits Solutions, and U.S. Benefits Alliance; competition, regulatory developments, and other risks affecting the insurance brokerage and InsurTech industries; risks related to litigation, settlements, and legal proceedings, including the matters described in the Company's filings with the Securities and Exchange Commission; and general business, economic, market, interest rate, and geopolitical conditions. Actual results may differ materially from those expressed or implied by these forward-looking statements. Additional information regarding factors that may cause actual results to differ materially is included under the heading “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as amended, and in the Company's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission, copies of which are available free of charge through the Securities and Exchange Commission's website at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances, or otherwise. The financial information presented in this press release is preliminary, unaudited, and subject to the completion of the Company's customary review and reporting processes. Such financial information has been prepared by, and is the responsibility of, the Company's management and reflects estimates based on information available to management as of the date of this press release. Although the Company believes the financial information presented in this press release fairly reflects the Company's results of operations and financial condition for the periods presented, this information should not be regarded as a representation by the Company, its management, or its independent registered public accounting firm as to the actual results that will be reflected in the Company's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, when filed. This information should be read in conjunction with the Company's audited consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as amended. The Company's independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the financial information presented herein and does not express an opinion or any other form of assurance with respect to such information. Contact: Crescendo Communications, LLCTel: +1 (212) 671-1020Email: [email protected] INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Adjusted EBITDA (“AEBITDA”), our key financial performance metric, is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below. The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained in this press release. We exclude the following items when calculating AEBITDA, and the following items define our non-GAAP financial measure AEBITDA: The following table provides a reconciliation from net income (loss) to consolidated AEBITDA for the three and six month periods ended June 30, 2026, and June 30, 2025

The steelmaker is still losing money, but a leap in guidance and a coming contract reset convinced the market the profit recovery is finally real. Cleveland-Cliffs (CLF) surged 8.9% on Friday to close at $11.93, a second straight jump right after its second-quarter 2026 earnings landed the morning before and lifted the stock 16%. The odd part is what the company actually reported, because it lost money again. What the market bought was the forecast. Was This The Whole Steel Sector Moving? No. Over the same session the broad market was flat, with the S&P 500 up 0.1%, and the rest of the group moved only modestly. Nucor (NUE) and Steel Dynamics (STLD) each added 2.7% and RS rose 3.2%, a fraction of Cleveland-Cliffs' move. A rising steel-price tide would have carried all of them, and a broad basket of materials producers would have looked ordinary. This was one company's news, and the news was its own numbers. Why Cheer A Quarter That Lost Money? On paper the results were red. Revenue was $5.2 billion, up $300 million from the first quarter of 2026, yet the company still posted a GAAP net loss of $134 million, an adjusted net loss of $115 million, and a loss of $0.25 per share. Its net margin remains in the red at negative 4.6% over the trailing twelve months, versus a 1.8% profit peak over the past three years. The pull is the trend underneath, because adjusted EBITDA reached $286 million, its best in 2 years and roughly triple the first-quarter figure. Buyers treated the loss as the tail of a downturn rather than the shape of the business. What Is The Market Really Paying Up For? The forecast, almost entirely. Management guided adjusted EBITDA of about $575 million for Q3 2026, which would be its strongest in 3 years, and said Q4 2026 should top even that. It expects automotive shipments, already at their highest in 2 years, to keep climbing, and it flagged a reset of expiring fixed-price contracts that it estimates is worth about $500 million a year in added EBITDA. On that arithmetic it aims to cut leverage below 2.5 times within about a year. None of it has been earned yet, and all of it is the company's own projection. So Should You Chase A Two-Day Run? Be honest about what you would be buying, which is a stock repriced on figures that have not happened. The results in hand are still losses, and the quarter's return to positive free cash flow leaned on a build in payables that management tied to higher raw material and maintenance costs, so the cash came from working capital rather than from profit. At $11.93 the stock sits roughly midway between its $7.82 low and $16.18 high over the past year, leaving real room if the guide lands and real air beneath it if the next report slips. The one thing worth watching is whether the Q3 2026 numbers actually deliver the $575 million management promised, which is exactly the test behind a screen of companies whose guidance keeps marching higher. A Guided Turnaround Is Still A Promise Nothing here says the recovery is fake. The order book is full, pricing is climbing, and the guide may well land. But a stock that can jump 16% and then another 8.9% on two days of forward numbers can hand it all back just as fast if a single quarter comes up short, and this one was still losing money in the very results that sparked the rally. Owning that swing is a wager on management hitting its own targets on schedule. A rules-based basket such as the Trefis High Quality Portfolio spreads that bet across quality names and re-balances by rule rather than on one company's guide. It has a track record of outpacing a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000.

Interested in Reliance, Inc.? Here are five stocks we like better. Reliance delivered a strong second quarter with record tons sold, a 27% year-over-year sales increase, and non-GAAP EPS of $6.27, helped by strong pricing and improving demand across multiple end markets. The U.S. Department of Homeland Security border wall contract made a meaningful contribution, adding $0.41 per share in the quarter, and management said shipments should ramp toward a full run rate in Q3 with a potential multi-quarter tailwind. Reliance raised its LIFO expense outlook for 2026 to $300 million from $150 million due to higher carbon and aluminum costs, but it still expects Q3 EPS of $6.40 to $6.60 and sees demand/pricing remaining healthy. 3 Waste Stocks Turning AI Investments Into Growth Reliance (NYSE:RS) reported what executives described as another strong quarter, with record tons sold, sharply higher year-over-year sales and stronger profitability supported by favorable pricing, improving demand across several end markets and initial contributions from a U.S. Department of Homeland Security border wall contract. On the company’s second-quarter 2026 earnings call, President and Chief Executive Officer Karla Lewis said Reliance achieved its “second highest quarterly revenue” and “record quarterly tons sold,” while continuing to outperform broader industry shipment trends. Lewis attributed the performance to the company’s scale, product and end-market diversification, value-added service offerings and relationships with domestic mills. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Trash to Treasure: 3 Waste Removal Stocks to Minimize Volatility “Market conditions remained favorable, supported by improving customer activity, extended mill lead times, and strong pricing across our broad product portfolio,” Lewis said. Executive Vice President and Chief Operating Officer Steve Koch said tons sold increased 7% from the first quarter and 10.8% from the second quarter of 2025, exceeding the company’s prior expectations for sequential growth of 1% to 3% and year-over-year growth of 4.5% to 6.5%. → 3 Photonics Companies Making Quantum Tech Possible Can RSG Stock Turn Guidance Into Gains in 2026? Koch said the sequential increase included a 5.1 percentage point contribution from the U.S. border wall contract. Carbon steel products led shipment growth, while aluminum and stainless-steel products also contributed at higher per-ton profitability levels. Reliance’s average selling price rose 7.8% from the first quarter, also exceeding the company’s forecast for a 1.5% to 3.5% increase. Koch said pricing for carbon steel and aluminum products continued to move higher amid constrained supply, extended lead times and strengthening demand. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Chief Financial Officer Arthur Ajemyan said sales increased 27% year over year. Gross profit was $1.3 billion, up 11% from the first quarter and 20% from the prior-year period. Non-GAAP pre-tax income rose 40% year over year to $429 million, and non-GAAP earnings per diluted share increased 42% to $6.27. The DHS border wall contract was a notable contributor to the quarter. Ajemyan said the project added $0.41 per share to second-quarter earnings. While the project created a roughly 40 basis point headwind to gross profit margin, he said lower-than-average operating costs per ton more than offset that impact and added about 30 basis points to pre-tax income margin. Lewis said shipments under the contract began in April and ramped faster than expected. During the question-and-answer portion of the call, she said third-quarter shipments are expected to be higher and close to a full run rate, which she said could be sustained through following quarters, subject to metal supply and customer inventory pulls. Lewis also said the first phase of the project is expected to generate about $1.4 billion in sales through mid-2027. A potential second phase of roughly $800 million to $900 million is subject to the customer opting in and is not guaranteed, though Lewis said Reliance believes the customer will “probably execute that extension.” Reliance said non-residential construction and general manufacturing each represented about one-third of second-quarter sales. Koch said non-residential construction demand remained strong, driven by data center and related energy infrastructure projects, heavy civil work and public infrastructure. The border wall project also increased the company’s presence in the market. In general manufacturing, Koch cited strong year-over-year shipment growth tied to industrial machinery, including data center equipment, along with shipbuilding, military, consumer products and construction machinery. Aerospace products accounted for about 9% of second-quarter sales. Koch said commercial aerospace showed early improvement as OEM build rates increased, though elevated inventories persisted. Defense and space-related aerospace activity remained strong. Automotive represented about 4% of sales, and Koch said demand improved as the company’s toll processing operations adapted to variable market conditions. Lewis said customer optimism is building across infrastructure, semiconductor, general manufacturing and aerospace markets. She also pointed to momentum from data centers, power infrastructure, military spending and reshoring. Higher carbon and aluminum product costs led Reliance to raise its full-year LIFO expense outlook to $300 million from $150 million. The company recorded second-quarter LIFO expense of $112.5 million, above its prior estimate of $37.5 million, and expects to record $75 million of LIFO expense in the third quarter. Ajemyan said aluminum was a notable driver of the increase, with roughly $100 million of the updated $300 million annual LIFO estimate tied to aluminum. He said aluminum pricing has nearly doubled from pre-tariff levels and has created “some distortion” in percentage margins, though gross profit per unit and overall gross profit dollars have increased. At the end of the quarter, Reliance’s LIFO reserve was approximately $700 million. Ajemyan said that reserve remains available to support future operating results and help mitigate the impact of future metal price declines. Reliance generated about $162 million in operating cash flow during the second quarter despite higher working capital needs from increased shipments and metal pricing. The company funded $93 million of capital expenditures and paid $64 million in dividends. It did not repurchase shares during the quarter and had approximately $529 million remaining under its current buyback authorization. Total debt was $1.7 billion at quarter-end, and net debt to EBITDA was 0.9. Lewis said the company’s balance sheet and liquidity remain competitive advantages, supporting growth investments, stockholder returns and disciplined capital deployment. Reliance maintained its full-year 2026 capital expenditure outlook of about $300 million, with roughly half allocated to strategic growth investments. For the third quarter of 2026, Reliance expects non-GAAP earnings per diluted share of $6.40 to $6.60, including an estimated $75 million of LIFO expense, or about $1.10 per share. Ajemyan said the company expects demand and pricing to remain healthy, while noting risks tied to trade policy, the U.S.-Iran conflict and normal seasonality. Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense. Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions. 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 "Reliance Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Reliance, Inc. RS reported second-quarter 2026 adjusted earnings of $6.27 per share, up 41.5% year over year. The figure beat the Zacks Consensus Estimate of $5.38 by 16.5%, driven by higher shipments, improved gross profit per ton and contributions from the U.S. border wall project. Net sales rose 26.5% to $4.63 billion and surpassed the consensus estimate of $4.17 billion by 10.9%. Tons sold increased 10.8% year over year to a quarterly record of 1.79 million, exceeding management’s projection of 1-3% growth. The figure surpassed our estimate of 1.7 million. The average selling price per ton advanced 14.5% to $2,602. The average selling price per ton climbed 7.8% from the first quarter, topping the company’s forecast of 1.5-3.5% growth. Higher carbon steel and aluminum prices supported the increase. It was above our estimate of $2,479. Reliance, Inc. price-consensus-chart | Reliance, Inc. Quote Demand in non-residential construction, including infrastructure, improved year over year, supported by data centers, energy infrastructure and public projects. The company expects demand in this sector to continue to improve in the third quarter, supported by strong activity across data centers, energy infrastructure and public infrastructure. Broader manufacturing demand strengthened on healthy activity in industrial machinery, shipbuilding, military, consumer products and construction machinery. Reliance expects the demand to remain healthy in the third quarter. Aerospace demand improved from the second quarter. Reliance expects gradual commercial aerospace build-rate increases and robust defense and space activity. Reliance expects commercial aerospace demand to remain strong in the third quarter. Automotive toll-processing demand also improved and is expected to remain steady at healthy levels. The company’s toll processing operations remain agile and responsive to the automotive market’s demand fluctuations. Semiconductor demand increased meaningfully year over year, aided by growing data center activity. The company expects semiconductor-related demand to continue improving during the third quarter. Reliance ended June 30, 2026, with cash and cash equivalents of $235.4 million. Total outstanding debt was $1.7 billion, including $520 million drawn under the company’s $1.5 billion revolving credit facility. Operating cash flow totaled $162.2 million in the quarter. Free cash flow was $68.8 million. RS did not repurchase common shares during the second quarter. However, the company repurchased $234.2 million of stock during the first half of 2026. Roughly $529 million remained available under its share-repurchase authorization at quarter-end. Reliance expects third-quarter 2026 adjusted earnings of $6.40-$6.60 per share. The projection includes LIFO expense of $75 million, or $1.10 per share, and approximately 60 cents per share of earnings from the U.S. border wall project. Excluding the project, tons sold are expected to decline 2-4% sequentially due to normal seasonality. Including an estimated 2% sequential contribution from the project, total shipments are projected to increase 9-11% year over year. The average selling price per ton is expected to be flat to up 2% from the second quarter. Management anticipates generally healthy to improving demand and pricing, although trade-policy uncertainty, geopolitical conflict and potential supply constraints remain risks. RS’ shares have gained 28.2% in the past year compared with the industry’s growth of 29%. Image Source: Zacks Investment Research RS currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Kronos Worldwide, Inc. KRO and Avient Corporation AVNT. Carpenter Technology is slated to report fourth-quarter 2026 results on July 30. The Zacks Consensus Estimate for earnings is pegged at $10.58 per share, indicating 41.44% year-over-year growth. CRS sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Kronos is scheduled to report second-quarter fiscal 2026 results on Aug. 5. The Zacks Consensus Estimate for KRO’s second-quarter loss per share is pegged at 33 cents, indicating 65.63% year-over-year growth. KRO flaunts a Zacks Rank #1 at present. Avient is slated to report second-quarter 2026 results on Aug. 6. The consensus estimate for AVNT’s earnings per share is pegged at $3.08. AVNT presently carries a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reliance, Inc. (RS) : Free Stock Analysis Report Carpenter Technology Corporation (CRS) : Free Stock Analysis Report Kronos Worldwide Inc (KRO) : Free Stock Analysis Report Avient Corporation (AVNT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly tons sold and second-highest revenue, driven by strong execution and a significant 5.1 percentage point volume contribution from the new U.S. border wall contract. Leveraged long-standing domestic mill partnerships to maintain reliable material availability while competitors faced supply constraints and extended lead times. Benefited from a favorable pricing environment across carbon steel, aluminum, and stainless products, supported by trade policies that limited imports. Experienced accelerating momentum in the semiconductor and aerospace sectors, alongside sustained strength in nonresidential construction and data center infrastructure. Maintained a high FIFO gross profit margin of 30.5% by focusing on value-added services and capturing higher gross profit per ton despite inflationary pressures. Utilized existing infrastructure to service the border wall project, resulting in a lower-than-average operating cost per ton that added 30 basis points to pretax income margin. Third quarter guidance assumes typical seasonality with shipments (excluding the border wall) expected to be down 2% to 4% sequentially. The border wall contract is expected to reach a full shipment run rate in Q3, with volumes likely sustained through mid-2027 for Phase 1. Management anticipates continued LIFO expense headwinds, projecting $75 million for Q3 based on elevated carbon and aluminum product costs. Strategic capital allocation remains focused on $300 million in annual Capex, with 50% dedicated to growth investments in processing capabilities and footprint expansion. Expectations for the second half of 2026 include continued recovery in commercial aerospace as OEM build rates increase, despite persistent elevated inventories. The U.S. border wall project contributed $0.41 to second quarter EPS, serving as a significant driver of the 42% year-over-year earnings growth. LIFO expense for Q2 was $112.5 million, significantly exceeding the $37.5 million estimate due to rapid increases in aluminum and carbon steel costs. Aluminum pricing, impacted by Section 32 tariffs, created a 100-basis point margin compression 'noise' despite generating higher absolute gross profit dollars. Freight and fuel cost inflation was explicitly linked to the U.S.-Iran conflict, contributing to an 11% year-over-year increase in SG&A expenses. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects Q3 shipment levels to represent a full run rate that should be sustained through mid-2027. Phase 1 is valued at $1.4 billion, but a Phase 2 extension could add $800 million to $900 million if the customer opts in. Inventory turns reached 5.2x, faster than the 4.7x target, reflecting strong demand and some industry-wide supply tightness. Reliance's domestic-only buying strategy for flat-rolled products provides a competitive lead-time advantage over imports despite mill delays. Aluminum accounts for roughly one-third of the $300 million annual LIFO expense estimate despite being only 17% of sales. While LIFO creates percentage-level margin compression, the actual gross profit per unit is up significantly compared to two years ago. Beams and carbon plate are currently under 'allocation' due to intense demand from data centers and infrastructure projects. Management noted that while supply is tight, they have not yet seen significant project delays or cancellations from customers.

This article first appeared on GuruFocus. Revenue: Increased 27% year-over-year. Gross Profit: $1.3 billion, up 11% from Q1 2026 and 20% from Q2 2025. Non-GAAP Gross Profit Margin: 30.5%, slightly down from 30.6% in Q2 2025. Non-GAAP Pretax Income: Increased 40% year-over-year to $429 million. Non-GAAP Earnings Per Share (EPS): $6.27, up 42% year-over-year. Tons Sold: Increased 7% from the prior quarter and 10.8% year-over-year. Average Selling Price: Increased 7.8% from Q1 2026. Capital Expenditures: $93 million funded during the quarter. Cash Flow from Operations: Approximately $162 million. Total Debt: $1.7 billion with a net debt-to-EBITDA ratio of 0.9. Inventory Turn Rate: Improved to approximately 5.2x from 4.8x in 2025. Accounts Receivable DSO: Approximately 42 days, consistent with the prior year. Dividends Paid: $64 million during the quarter. Share Repurchase Program: $529 million remaining available. Third Quarter EPS Guidance: $6.40 to $6.60, up 76% to 81% year-over-year. Warning! GuruFocus has detected 9 Warning Signs with RS. Is RS fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Reliance Inc (NYSE:RS) achieved its second highest quarterly revenue and record quarterly tons sold, outperforming broader industry shipment trends. The company benefited from initial contributions from the U.S. Department of Homeland Security border wall contract, exceeding guidance and contributing significantly to earnings. Non-residential construction end market sales remained strong, with improvements in general manufacturing, aerospace, and semiconductor markets. Reliance Inc (NYSE:RS) reported a 40% year-over-year increase in non-GAAP pretax income and the highest EPS result since the second quarter of 2023. The company's strong domestic mill partnerships ensure reliable material availability, supporting strategic growth investments and ongoing returns to stockholders. Higher-than-anticipated carbon and aluminum product costs led to an increase in the full year LIFO expense outlook, impacting gross profit margins. The U.S. border wall project, while contributing to earnings, introduced a margin headwind due to higher shipment volumes of lower-priced products. Inflationary impacts on compensation, freight, and fuel costs, as well as higher variable warehousing and delivery costs, increased SG&A expenses. The company faces ongoing risks from domestic and international trade policy and geopolitical conflicts, which could impact demand and pricing. Supply constraints and extended lead times in certain products, such as beams and carbon plate, could limit the company's ability to meet customer demand fully. Q: My first question is on the border wall contract. The shipments accounted for like 5.1% of Q2 volumes and then you expect an additional 2% improvement in Q3. Is there potential for further upside to these volumes? A: Yes, the volumes were stronger than anticipated. We expect higher shipments in Q3, which should be close to a full shipment run rate and sustained through the following quarters, depending on metal supply and customer inventory pull. Q: Can you provide more color on the opportunities you mentioned for the second half and into 2027? Is there potential for similar large government or infrastructure contracts? A: The border wall contract is significant, and while similar large contracts may not be frequent, we are well-positioned to support customer needs across various sectors like data centers, infrastructure, and military spending. We are capitalizing on reshoring and customer optimism. Q: Despite continued run-ups in pricing, your quarter-end inventory increased less than $100 million despite the $600 million increase in revenue. Could you talk about inventory positioning moving forward? A: Our inventory turn rate was above 5x, faster than typical. We are comfortable with our inventory position, and our strong relationships with domestic mills ensure we get the inventory needed for our customers. Q: SG&A as a percent of sales was lower than it's been in a couple of years. Can you discuss the cost to service the border wall contract versus the rest of your business? A: The elevated selling prices helped cover inflationary factors on SG&A expenses. The border wall contract involves some value-add processing but at a lower rate, keeping SG&A costs lower per ton for the volume going into the project. Q: Are there any products within your portfolio that are currently harder to source than others? A: While we are not having issues getting metal due to our strong supplier relationships, some markets like beams and carbon plate are tighter. However, we are managing well with our existing infrastructure and supplier partnerships. For the complete transcript of the earnings call, please refer to the full earnings call transcript.