SHARPE
Reported results
- Revenue was $106 million, down 80 percent on a GAAP basis compared to Q3 2025.
- Consolidated GAAP net loss was $2.07 billion, or $15.54 per diluted share.
- Non-GAAP Adjusted EBITDA was negative $559 million, down $795 million versus Q3 2025.
- Non-GAAP Adjusted loss per diluted share was $4.41, down $5.30 versus Q3 2025.
- GAAP cash from operations was $7 million, an increase of $191 million versus Q3 2025.
- Non-GAAP Free cash flow was negative $18 million, an improvement of $214 million versus Q3 2025.
Guidance
- Fourth quarter revenue excluding India (non-GAAP) is expected to be in the range of $1.04 billion to $1.14 billion.
- Fourth quarter Adjusted EBITDA is forecasted to be in the range of $210 million to $230 million.
- Fourth quarter Adjusted earnings per diluted share is expected to be in the range of $0.56 to $0.70.
- Full-year 2026 revenue excluding India (non-GAAP) is expected to be in the range of $2.75 billion to $2.85 billion.
- Full-year 2026 Adjusted EBITDA is expected to be in the range of negative $124 million to negative $104 million.
- Full-year 2026 Adjusted earnings per diluted share is expected to be in the range of negative $3.66 to negative $3.50.
- Full-year 2026 free cash flow is expected to be in the range of negative $350 million to negative $150 million.
Notes
Results include an approximately $639 million negative impact to revenue and $672 million negative impact to Adjusted EBITDA from commercial actions announced on October 15, 2026. Non-GAAP results exclude the India commercial business, which is classified as held for sale.
Price and volatility reaction
The stock moved +30.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -1.4 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 4.75 | 2026-10-29 |
| Close after release | 6.2 | 2026-10-30 |
| Realised move | +30.5% | close to close |
| 30d ATM IV change | -1.4 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-29 (8-K, Item 2.02). Read the original filing on sec.gov.