Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ For the Transition Period From to Commission File Number 001-35004 __________________________________________________________ Corpay, Inc. (Exact name of registrant as specified in its charter) __________________________________________________________ | Delaware | 72-1074903 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation ...

MONTREAL, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT) (OTCQB: TAKOF) (FSE: ABB.F) (“Volatus” or the “Company”), a Canadian aerospace and defence company delivering crewed and uncrewed aerial systems, manufacturing, and mission-critical operational services, today announced that the Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Company’s common shares in connection with its graduation from the TSX Venture Exchange, subject to the Company satisfying the ...

Core Insights - Volatus Aerospace Inc. has appointed Krish Srinivasan as Chief Technology Officer (CTO), enhancing its Executive Leadership Team and aligning with Canada's Defence Industrial Strategy [1][2] Group 1: Leadership and Strategy - The appointment of Mr. Srinivasan strengthens Volatus' engineering and autonomy leadership, focusing on sovereign production, autonomous systems, and supply chain resilience [2] - Mr. Srinivasan has over a decade of experience in autonomous unmanned systems and will oversee Volatus' unified engineering organization across Canada, the United States, and the United Kingdom [2][4] Group 2: Engineering and Development - Volatus is adopting a vertically integrated approach to develop scalable, Canadian-controlled aerospace capabilities for both civil and defence applications [3] - The company is initiating plans for manufacturing, assembly, and integration activities in Mirabel, Quebec, to support national defence priorities and maintain interoperability with allied standards [4] Group 3: Company Overview - Volatus Aerospace provides integrated dual-use aerial solutions for commercial and defence applications, serving industries such as oil and gas, utilities, healthcare, and public safety [5] - The company's mission is to enhance operational efficiency, safety, and resilience through scalable aerial technologies [5]

MONTRÉAL, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT | OTCQX: TAKOF | FSE: ABB) (“Volatus” or the “Company”), a Canadian-controlled aerospace and defence platform delivering dual-use uncrewed systems, aerial intelligence, and mission-critical operational services, today announced it will host a virtual investor briefing to discuss Canada’s Defence Industrial Strategy and its implications for Canada’s aerospace and uncrewed systems development. The session will provide investors with ...

Montreal, Quebec--(Newsfile Corp. - February 18, 2026) - Volatus Aerospace Inc. (TSXV: FLT) (OTCQX: TAKOF) (FSE: ABB) ("Volatus" or the "Company"), a Canadian-controlled aerospace and defence platform delivering dual-use uncrewed systems, aerial intelligence, and mission-critical operational services, is pleased to announce that it has been recognized as one of the 2025 top 50 performers on the TSX Venture Exchange ("TSXV"), based on an outstanding 279% share price appreciation and 441% market capitalizati ...

Core Insights - The article highlights Volatus Aerospace Inc.'s positive reception of Canada's Defence Industrial Strategy (DIS), which aims to enhance sovereign industrial capabilities and long-term defense investment [1][2]. Investment and Procurement Framework - The DIS allocates $6.6 billion as part of a larger $81.8 billion reinvestment in the Canadian Armed Forces and introduces a Defence Investment Agency (DIA) to implement a new procurement framework [2]. - The strategy aims to increase the share of defense acquisitions awarded to Canadian firms to 70% and accelerate the commercialization of Canadian-developed technologies [3]. Company Positioning and Strategy - Volatus is positioned to benefit from the DIS due to its established regulatory approvals, infrastructure, and operational capabilities, which align with the new procurement framework [4][6]. - The company has developed a Québec-based facility for defense-related manufacturing and plans to invest over $10 million to expand production capacity [7]. Partnerships and Collaborations - Volatus maintains partnerships across Canada, the UK, and Europe to support collaborative development and export pathways in line with Canada's defense relationships [8]. Operational Capabilities - The company has built regulated aerospace operations infrastructure and developed remote command and control capabilities for mission-critical environments [11]. - Volatus' remote operations capabilities and uncrewed platforms are positioned to support surveillance and monitoring in remote areas, aligning with the DIS's focus on northern defense priorities [12][13]. Leadership Perspective - The CEO of Volatus emphasizes that the DIS provides a framework for strengthening sovereign capabilities and operational readiness, indicating that companies with accredited facilities and execution track records will lead future industrial growth [14]. Investor Engagement - Volatus plans to host an investor briefing to discuss the implications of the DIS for the uncrewed and autonomous systems sector [15].

Core Insights - Volatus Aerospace Inc. has been awarded a contract with a NATO defense organization to provide training for advanced remotely piloted aircraft systems (RPAS) [1][4] - The contract is expected to be fulfilled within fiscal year 2026, with margins anticipated to align with historical performance [2] - The training will prepare operators for various defense and security missions, including emergency response, patrol, surveillance, search-and-rescue, and reconnaissance [3] Company Overview - Volatus Aerospace is a next-generation aerospace and defense company specializing in dual-use uncrewed systems and aerial intelligence [1][6] - The company serves multiple industries, including oil and gas, utilities, healthcare, and public safety, aiming to enhance operational efficiency and safety through scalable aerial technologies [6] Market Position - The contract reflects Volatus' expanding role within NATO-aligned defense and security programs, highlighting the demand for comprehensive uncrewed systems capabilities rather than standalone products [4] - The award was granted following a competitive procurement process, indicating the company's strong position in the defense sector [4]

Summary of Volatus Aerospace Conference Call Company Overview - **Company Name**: Volatus Aerospace - **Stock Symbols**: OTCQX: TAKOF, TSXV: FLT - **Business Model**: Dual-use aerial intelligence and logistics platform operating in regulated environments such as energy, infrastructure, and public safety [2][3] Core Industry Insights - **Market Shift**: There is a clear shift in global priorities towards sovereignty and operational resilience, with a preference for dual-use capabilities that are proven in commercial environments [3][4] - **Customer Preferences**: Customers are moving away from point solutions to long-term operating partners that can sustain capabilities over time [4][5] - **Regulatory Environment**: Regulatory changes are evolving, with Canada allowing larger drones to operate beyond visual line of sight, creating significant opportunities [21][22] Financial Performance - **Revenue Growth**: Revenue grew by 60% in Q3 2025 to CAD 10.6 million, with gross margins between 32% and 34% [13] - **Profitability Improvement**: EBITDA drain reduced from approximately CAD 3 million to less than CAD 500,000 per quarter [14] - **Cash Position**: The company had CAD 40 million in cash at the end of 2025, with CAD 20 million in long-term contracts and a CAD 10 million backlog [15] Market Positioning - **Valuation Discrepancy**: Volatus is trading at less than 13 times trailing 12 months' revenue, while comparable companies are trading at over 90 times, indicating a significant market opportunity [15][16] - **Insider Holdings**: Approximately 21% insider holdings, with no insider selling, indicating confidence in the company's long-term prospects [16][17] Strategic Growth Areas - **Core Markets**: Focus on energy, critical infrastructure, public sector, and safety missions, with sovereign and defense as major growth areas [7][8] - **Expansion Plans**: Establishing a U.S. base in Tulsa, Oklahoma, to expand pipeline operations, with a long-term technology roadmap to introduce drones [12][19] Competitive Advantages - **Regulatory Credibility**: Operating in regulated environments creates barriers to entry that take years to build [9] - **Operational Efficiency**: Centralized operations allow for scaling without a linear increase in personnel or infrastructure [7][9] - **Platform Agnostic**: Flexibility to operate across multiple aircraft systems reduces dependency on any single platform [9] Future Outlook - **Defense Demand**: Anticipated growth in defense-related revenue, with strong demand for autonomous technologies expected to continue for the next three to five years [27][28] - **Manufacturing Focus**: Increased emphasis on domestic manufacturing to support defense needs, with a new facility in Mirabel, Quebec [19][20] Conclusion - Volatus Aerospace is positioned for significant growth in the dual-use aerial intelligence market, with strong financial performance, a solid operational model, and a strategic focus on expanding its capabilities in both commercial and defense sectors. The company is well-aligned with current market demands and regulatory trends, presenting a compelling investment opportunity.

Revenue Growth - Fourth quarter revenue increased by 21% to $1,248.2 million compared to $1,034.4 million in the same quarter of 2024[5] - Organic revenue growth for the fourth quarter was 11%, driven by double-digit growth in the two largest segments[3] - Full year 2025 revenue increased by 14% to $4.5 billion, up from $4.0 billion in 2024[6] - Total revenues for Q4 2025 reached $1.25 billion, a 21% increase from $1.03 billion in Q4 2024[32] - Revenues for Q4 2025 reached $1,248,226, a 21% increase from $1,034,431 in Q4 2024; total annual revenues were $4,528,403, up 14% from $3,974,589 in 2024[23] Income and Earnings - Adjusted net income for the fourth quarter rose by 11% to $423.6 million, compared to $383.2 million in the fourth quarter of 2024[5] - Net income for Q4 2025 was $265,616, an 8% increase from $246,004 in Q4 2024; annual net income was $1,071,948, up 7% from $1,003,732[23] - Adjusted net income per diluted share for the fourth quarter increased by 13% to $6.04, compared to $5.36 per diluted share in the fourth quarter of 2024[5] - Adjusted net income attributable to Corpay for the year 2025 was $1.52 billion, compared to $1.36 billion in 2024, reflecting a 11.3% growth[29] - Adjusted net income per diluted share for 2025 was $21.38, up from $19.01 in 2024, marking a 12.0% increase[29] Operating Performance - Adjusted EBITDA for the fourth quarter increased by 18% to $712.4 million compared to $605.3 million in the fourth quarter of 2024[5] - Operating income for Q4 2025 was $564,474, reflecting a 16% increase from $488,348 in Q4 2024; annual operating income was $1,994,108, a 12% increase from $1,787,157[23] - The Corporate Payments segment's operating income increased by 21% to $165.2 million from $136.3 million year-over-year[37] - Adjusted EBITDA for Q4 2025 was $712.4 million, with an adjusted EBITDA margin of 57.1%[40] Shareholder Returns - The company repurchased 1.7 million shares for $500 million in the fourth quarter[3] Future Projections - For fiscal year 2026, the company expects revenue growth of 16% and adjusted earnings per share growth of 22% at the midpoint[7] - First quarter 2026 organic revenue growth is projected to be 9% at the midpoint, with adjusted EPS expected to grow over 20%[8] - The company provided full-year 2026 net income guidance between $1,344 million and $1,438 million, with adjusted net income projected between $1,762 million and $1,856 million[43] - For Q1 2026, net income guidance is set between $263 million and $277 million, with adjusted net income expected to be between $371 million and $385 million[43] Segment Performance - Vehicle Payments segment revenues increased by 15% to $572.8 million in Q4 2025, compared to $497.7 million in Q4 2024[32] - Corporate Payments segment revenues surged by 39% to $480.8 million in Q4 2025, up from $346.2 million in Q4 2024[32] - Revenues from the US market for Q4 2025 were $581 million, a 6.2% increase from $547 million in Q4 2024[34] - The Lodging Payments segment reported a revenue decline of 7% to $112.5 million in Q4 2025, down from $120.9 million in Q4 2024[32] Cash Flow and Assets - Net cash provided by operating activities for 2025 was $1,499,901, compared to $1,940,565 in 2024[27] - Cash and cash equivalents and restricted cash at the end of the period totaled $8,991,940, up from $4,456,345 in 2024[27] - Total current assets increased to $13,974,114 in 2025 from $8,675,869 in 2024, driven by significant increases in cash and cash equivalents and restricted cash[25] - Total assets rose to $26,419,009 in 2025, up from $17,957,031 in 2024, primarily due to increases in goodwill and other intangibles[25] - Total current liabilities increased to $14,307,551 in 2025 from $8,707,881 in 2024, largely due to higher customer deposits[25] Acquisitions - The company deployed over $4.3 billion in capital in 2025, including its largest cross-border acquisition to date[4] - The company made acquisitions totaling $1,933,783 in 2025, significantly impacting cash flows[27]

Core Insights - Volatus Aerospace Inc. is advancing its partnership with Dufour Aerospace to develop runway-independent cargo capabilities for Arctic, defense, and commercial applications [1][2]. Group 1: Partnership Progress - Since the partnership announcement in February 2025, Volatus and Dufour Aerospace have moved from initial alignment to capability development, focusing on operational readiness [2]. - A dedicated simulator has been installed at Volatus' Toronto facility to train pilots and support customer-facing training and evaluation [3]. Group 2: Capability Areas - The collaboration prioritizes three interrelated capability areas: 1. Arctic and Remote Operations, leveraging Volatus' experience in cold-weather environments [7]. 2. Military and Government Logistics Support, focusing on defense and public-sector resupply missions where runway access is limited [7]. 3. Commercial Applications, assessing opportunities in critical infrastructure support and emergency response [7]. Group 3: Strategic Focus - The partnership emphasizes building operational capability rather than promoting individual performance metrics, addressing the demand for reliable cargo solutions in challenging environments [6][8].