2026 PriceSmart, Inc. Overview Presentation Issued: January 2026 NASDAQ : PSMT 1 ForwardLookingStatements This presentation may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements ...

Financial Performance - The company updated its FY26 reported EPS outlook to $972-$1002 and affirmed a comparable EPS outlook of $1130-$1160[16] - The company affirmed FY26 targets for operating cash flow of $25 billion to $26 billion and free cash flow of $13 billion to $14 billion[16] - Enterprise Q3 FY26 reported net sales were $2223 billion, a 10% decrease year-over-year, while organic net sales also reached $2223 billion, reflecting a 2% decrease[21, 24] - Enterprise Q3 FY26 reported operating income was $692 million, a 13% decrease year-over-year, but comparable operating income was $739 million, remaining flat[21, 28] Segment Results - The Beer Business experienced a 1% decrease in net sales, reaching $20 billion in Q3 FY26[21] - The Wine and Spirits Business reported a 51% decrease in net sales to $213 million, with organic net sales down 7%[21] - The Wine and Spirits Business operating margin contracted significantly from 221% to 158%[17] Capital Allocation - The company maintained a net leverage ratio at the target of approximately 30X[17, 19] - The company executed $220 million in share repurchases in Q3, bringing the fiscal year-to-date total to $824 million[17, 19] - Capital expenditures in Q3 were $246 million, with a fiscal year-to-date total of $656 million, primarily focused on Beer brewing capacity additions[17, 19] Strategic Initiatives - The company achieved a net benefit through efficiency and cost optimization initiatives of over $40 million in Q3 FY26 and over $145 million fiscal year-to-date[20]

FFAI Stockholders' Day 01/ 07/ 2025 NASDAQ: FFAI © 2026 FARADAY FUTURE John Schilling Director © 2026 FARADAY FUTURE FF APP & FF.COM NASDAQ: FFAI Communications and Public Relations Legal Disclaimers Forward Looking Statements This presentation includes "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this video, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," ...

Financial Data and Key Metrics Changes - Revenues for the fiscal second quarter of 2026 were $126.6 million, up 250% from $36.2 million in the prior year [12] - Adjusted EBITDA for the quarter totaled $20.2 million [15] - Net loss was $31.2 million, or $0.11 per share, while adjusted net income was positive $100,000 or $0 per share [15] Business Line Data and Key Metrics Changes - The data center hosting segment generated $41.6 million of revenue, up 15% compared to the prior year, driven by increased capacity online [13] - Turnkey fit-out services associated with the HPC hosting business contributed $73 million to revenue [12] Market Data and Key Metrics Changes - The company has secured two hyperscale leases in North Dakota, representing 600 megawatts of lease capacity and approximately $16 billion in prospective lease revenue [6][10] - Inbound demand for data center capacity has increased significantly due to competition among hyperscalers [6] Company Strategy and Development Direction - The company aims to surpass its long-term goal of $1 billion in NOI within five years, leveraging low-cost energy and a supportive regulatory environment in the Dakotas [17] - A non-binding letter of intent has been entered to combine Applied Digital Cloud with Exo to form Chronoscale, allowing each business to scale independently [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the contracting environment has become more favorable over the past six months, with stable to slightly better pricing [31] - The company is in advanced discussions for three additional sites representing 900 megawatts, indicating a robust pipeline [48] Other Important Information - The company completed a $2.35 billion private offering of senior secured notes to finance the first two buildings at Polaris Forge One [12] - The company ended the quarter with $2.3 billion in cash and cash equivalents, positioning it well for future investments [15] Q&A Session Summary Question: Growth appetite in the cloud business and future GPU purchases - Management highlighted the advantage of having access to large-scale data center facilities for Chronoscale, which will help attract customers [22][23] Question: Landscape for leases and pricing changes - Management indicated that pricing has been stable to slightly better, with more favorable terms in contracts [30][31] Question: Expansion opportunities at PF1 and PF2 - Management confirmed that each campus has the potential to reach at least a gigawatt, with a clear path to grow capacity significantly [72][75]

Financial Data and Key Metrics Changes - Total first quarter reported revenue was $64 million, down 7% from the prior year, driven by an 8% decline in the enterprise division and a 2% decrease in the education division [28][32] - Adjusted EBITDA was $3.7 million compared to $7.7 million in the previous year, reflecting lower reported revenue and higher SG&A expenses [32] - Cash flows from operating activities were $0.1 million compared to $14.1 million in the previous year, primarily due to timing-related changes in working capital [32] Business Line Data and Key Metrics Changes - The enterprise division generated 74% of the company's overall revenue, with invoiced amounts growing 4% to $45.5 million [33] - North America segment invoiced amounts grew 7% to $34.9 million, and excluding government contracts, it grew 13% [33][34] - Education division revenue was $16.1 million, 2% lower than the prior year, primarily due to decreased material sales [39] Market Data and Key Metrics Changes - International segment revenue was $11.2 million, down slightly from $11.4 million in the prior year, primarily due to challenges in China [38] - Excluding China, international segment revenue increased 4%, and licensee revenue increased 8% compared to the first quarter of fiscal 2025 [38] Company Strategy and Development Direction - The company views fiscal 2026 as a year of execution and return to growth, with expectations for strong growth in invoiced amounts and reported revenue in fiscal 2027 [4][46] - Strategic investments in transforming the enterprise North America go-to-market strategy are gaining traction, with a focus on solution selling and bundling content with services [34][46] - The company aims to be the partner of choice for organizations seeking to achieve breakthrough results, emphasizing the importance of human capabilities alongside AI [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong growth in invoiced amounts, particularly in North America, and expects this momentum to continue [5][26] - The company anticipates that the meaningful growth in invoiced amounts will translate into substantial growth in reported revenue, Adjusted EBITDA, and free cash flow in fiscal 2027 [12][46] - Management acknowledged the impact of macroeconomic conditions and government actions on revenue recognition and deferred revenue [28][32] Other Important Information - The company has a strong liquidity position with $80 million at the end of the first quarter and no drawdowns on its credit facility [41] - The company repurchased approximately 582,000 shares in the open market at a cost of $10.4 million during the first quarter [42] Q&A Session Summary Question: Guidance for the full year and adjusted EBITDA timing - Management reaffirmed guidance for the full year, noting that adjusted EBITDA will be more back-end loaded due to the timing of large education contracts [51][52] Question: Update on North American Enterprise sales force - Management confirmed that invoice growth in Q1 was up 7% in North American Enterprise, with a significant increase in new logo subscription invoiced amounts [57][58] Question: Drivers of growth in new logo sales - Management indicated that growth was driven by a combination of higher attach rates of services and an increase in subscription sales [88][92]

Financial Data and Key Metrics Changes - Total sales for the fiscal first quarter were $73.5 million, up from $64.5 million in the prior year period, representing a comparable sales growth of negative 2.5% [10][12] - Cost of goods sold as a percentage of sales was 29.9%, compared to 29% in the prior year quarter, influenced by tariffs on imported ingredients [11][12] - Labor costs as a percentage of sales decreased to 32.5% from 32.9% in the prior year, attributed to operational initiatives [6][11] - Net loss was $3.1 million, or negative $0.25 per share, compared to a net loss of $1 million, or negative $0.08 per share in the prior year [12][14] - Adjusted net loss was $2.8 million, or negative $0.23 per share, compared to an adjusted net loss of $1 million, or negative $0.08 per share in the prior year [13] Business Line Data and Key Metrics Changes - The company opened four new restaurants in the first quarter and has 10 units under construction, with plans to open one more in the fiscal second quarter [4][7] - Restaurant-level operating profit as a percentage of sales was 15.1%, down from 18.2% in the prior year quarter [13] Market Data and Key Metrics Changes - Comparable sales in the West Coast market were negative 2.8%, and in the Southwest market, they were negative 2.7% [10] - Effective pricing for the quarter was 3.5%, with expectations for the second quarter to be 4.5% after lapping prior year increases [10] Company Strategy and Development Direction - The company aims to open 16 new units in fiscal 2026, maintaining an annual unit growth rate above 20% [14] - The focus on aggressive cost management has reduced general and administrative expenses as a percentage of sales by 80 basis points on an adjusted basis [4] - The company is leveraging technology, such as robotic dishwashers, to improve operational efficiency [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving qualitative comparable sales for the year, citing strong momentum from the end of the first quarter into the second [4][26] - The management noted that the pricing taken in November has led to improved traffic and sales, indicating a positive consumer response [26][32] - There is optimism regarding the potential for improved margins and sales as the company navigates tariff impacts and operational efficiencies [32][46] Other Important Information - The company has $78.5 million in cash and no debt, indicating strong liquidity [14] - The company is currently engaged in marketing campaigns tied to popular IPs, which have been well received by customers [8][105] Q&A Session Summary Question: Discussion on decoupling the reservation system from loyalty - Management noted that more than half of visits by rewards members are through the reservation system, indicating better-than-expected uptake [21][22] Question: Expectations for Q2 comparable sales - Management expects positive comps for Q2, supported by strong performance in November and December [26] Question: Impact of tariffs on food costs - Management indicated that food costs are expected to be around 30%, with a significant impact from tariffs, but negotiations have helped mitigate some costs [31][32] Question: Future promotions and collaborations - Management highlighted successful collaborations with popular IPs and plans for future promotions, including Sanrio and Jujutsu Kaisen [107] Question: Long-term growth targets - Management reiterated the target of 16 new units for the year, with no changes to the long-term growth target of 300 units in the U.S. [95][61]

Financial Data and Key Metrics Changes - Total sales for the fiscal first quarter were $73.5 million, compared to $64.5 million in the prior year period, representing a year-over-year increase of approximately 12.4% [9] - Comparable sales growth was negative 2.5%, with a negative traffic of 2.5% and flat price and mix [9] - Adjusted net loss was $2.8 million, or negative $0.23 per share, compared to an adjusted net loss of $1 million, or negative $0.08 per share in the prior year quarter [13] - Restaurant-level operating profit as a percentage of sales was 15.1%, compared to 18.2% in the prior year quarter [13] Business Line Data and Key Metrics Changes - The company opened four new restaurants in the first quarter and has 10 units under construction, including locations in new markets [7] - Labor as a percentage of sales improved to 32.5% from 32.9% in the prior year period due to operational initiatives [6] - Cost of goods as a percentage of sales increased to 29.9% from 29% in the prior year quarter, impacted by tariffs [10] Market Data and Key Metrics Changes - Comparable sales in the West Coast market were negative 2.8%, while the Southwest market saw negative 2.7% [9] - The company expects full-year costs to stabilize around 30% after considering tariffs and menu price adjustments [6] Company Strategy and Development Direction - The company aims to open 16 new restaurants in fiscal 2026, maintaining an annual unit growth rate above 20% [13] - Marketing efforts include a campaign with Kirby, coinciding with the release of Kirby Air Riders for Switch 2, and the introduction of a reservation system decoupled from the rewards program [7][8] - The company is focused on aggressive cost management, reducing G&A as a percentage of sales by 80 basis points on an adjusted basis [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive comparable sales for the year, citing strong performance in November and December [25] - The company anticipates that the pricing taken in November will continue to support sales growth and improve traffic [25] - Management noted that the broader industry is showing signs of improvement, which is encouraging for future performance [53] Other Important Information - The company has $78.5 million in cash, cash equivalents, and investments, with no debt [13] - General and administrative expenses as a percentage of sales were 13%, down from 13.5% in the prior year quarter [11] Q&A Session Summary Question: What led to the decision to decouple the reservation system from loyalty? - Management noted that more than half of visits by rewards members are through the reservation system, indicating better-than-expected uptake [20] Question: Do you expect positive comps in the February quarter? - Management confirmed expectations for positive comps in Q2, supported by strong performance in November and December [25] Question: How long would it take for tariff relief to impact financials? - Management indicated it would take 60 to 90 days to see benefits from reduced tariffs due to inventory turnover [30] Question: Can you comment on the impact of tariffs on other expense lines? - Management stated that tariffs have significantly impacted promotional costs, particularly for items sourced from overseas [100] Question: How are rewards members performing in terms of spending? - Management reported that rewards members spend about $6 more per person compared to non-members, with a significant increase in visit frequency [75] Question: What are the future planned promotions for the year? - Upcoming promotions include Sanrio for February and Jujutsu Kaisen for March and April [108]

Financial Data and Key Metrics Changes - Revenues for the fiscal second quarter of 2026 were $126.6 million, up 250% from $36.2 million in the prior year [12] - Adjusted EBITDA for the quarter totaled $20.2 million [15] - Net loss was $31.2 million, or $0.11 per share, while adjusted net income was positive $100,000 or $0 per share [15] Business Line Data and Key Metrics Changes - The data center hosting segment generated $41.6 million of revenue, up 15% compared to the prior year, driven by increased capacity online [13] - Turnkey fit-out services associated with the HPC hosting business contributed $73 million to revenue [12] Market Data and Key Metrics Changes - The company has secured two hyperscale leases in North Dakota, representing 600 MW of lease capacity and approximately $16 billion in prospective lease revenue [6] - Inbound demand has increased significantly, with advanced discussions ongoing with another investment-grade hyperscaler across multiple regions [6] Company Strategy and Development Direction - The company aims to surpass its long-term goal of $1 billion in NOI within five years, leveraging low-cost energy and a supportive regulatory environment in the Dakotas [17] - A non-binding letter of intent has been entered to combine Applied Digital Cloud with Exo to form Chronoscale, allowing each to scale independently [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the contracting environment has become more favorable over the past six months, with stable to slightly better pricing and improved contract terms [31] - The company is focused on scaling construction across multiple sites and ensuring timely delivery to customers [49] Other Important Information - The company ended the second fiscal quarter with $2.3 billion in cash and cash equivalents, compared to $2.6 billion in debt [15] - The company is exploring ways to add power to the grid without increasing costs to customers, reinforcing its leadership in data center design [18] Q&A Session Summary Question: Growth appetite in the cloud business and future GPU purchases - Management highlighted the advantage of having access to large-scale data center facilities for deploying accelerated compute, which will benefit the cloud business as it spins out [22][23] Question: Landscape for leases and pricing changes - Management indicated that pricing has been stable to slightly better, with more favorable terms in contracts [30][31] Question: Advanced discussions on new sites - Management confirmed advanced discussions on three sites totaling 900 MW [46][47] Question: Expansion opportunities at PF1 and PF2 - Management stated that each campus has the potential to scale to at least a gigawatt, with a clear path to grow capacity to 5 GW by 2030 or 2031 [72][75]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 was approximately $117.7 million, reflecting an 18.4% decline year-over-year on a constant currency basis [19][20] - Adjusted EBITDA was $4 million, resulting in a 3.4% adjusted EBITDA margin, despite a GAAP net loss of $12.7 million due to one-time expenses [19][20] - Gross margin decreased to 37.1% from 38.5% in the prior year, impacted by healthcare costs and holiday pay [20][21] Business Line Data and Key Metrics Changes - On-demand segment revenue was $43 million, down 18.4% year-over-year, with segment-adjusted EBITDA at $4.1 million, a margin of 9.5% [25] - Consulting segment revenue declined 28.8% to $42.6 million, with segment-adjusted EBITDA at $4.5 million, a margin of 10.4% [25] - Europe and Asia Pac segment revenue grew 0.6% to $20.1 million, maintaining stable gross margins [25][26] Market Data and Key Metrics Changes - North America saw improved pipeline activity due to expanded go-to-market initiatives, while Europe and Asia Pac segments delivered growth [12][17] - Outsourced services revenue remained steady year-over-year at $9.4 million, with improved gross margins [26] Company Strategy and Development Direction - The company aims to align its cost structure with current revenue levels, refocus on-demand offerings, and scale its consulting business [6][7] - Emphasis on providing relevant skills and solutions to clients at competitive prices to enhance value [6][9] - The integration of Reference Point is expected to enhance collaboration and strengthen focus on CFO Advisory and Digital Transformation [13][14] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a challenging market but believes in the potential for growth due to a large market of client needs [6][11] - Future strategies will focus on improving sales execution and optimizing talent to meet client demands [51][52] - The company expects Q3 revenue to be between $105-$110 million, with gross margins projected at 35%-36% [27][28] Other Important Information - The company has a strong balance sheet with $89.8 million in cash and no outstanding debt, allowing for balanced capital allocation [26] - A reduction in force was executed, impacting 5% of management and administrative headcount, expected to yield annual savings of $6-$8 million [22][23] Q&A Session Summary Question: Areas where AI is impacting finance and accounting roles - Management noted that operational accounting roles are most affected by AI and automation, with ongoing experimentation by clients [31][33] Question: Impact of AI on decision-making - Management clarified that while AI is causing clients to reassess roles, it is not significantly delaying decisions [57][59] Question: Clarification on SG&A expenses - SG&A expenses for Q3 are expected to be $40-$42 million, excluding $6-$7 million in non-cash and restructuring costs [47][49] Question: Impact of healthcare costs on margins - Healthcare costs had a significant impact, estimated at over $1 million, affecting both SG&A and gross margins [48][62] Question: Broader strategic focus for the next 12-24 months - The company will focus on aligning cost structures, enhancing on-demand services, and growing the consulting segment [51][52]

Financial Data and Key Metrics Changes - Total first quarter reported revenue was $64 million, down 7% from the prior year, driven by an 8% decline in the enterprise division and a 2% decrease in the education division [27] - Adjusted EBITDA was $3.7 million compared to $7.7 million in the previous year, reflecting lower reported revenue and higher SG&A expenses [31] - Cash flows from operating activities were $0.1 million compared to $14.1 million in the previous year, primarily due to timing-related changes in working capital [31] Business Line Data and Key Metrics Changes - The enterprise division generated 74% of the company's overall revenue, with invoiced amounts growing 4% to $45.5 million [32] - Invoiced amounts in North America grew 7% to $34.9 million, and excluding government contracts, it grew 13% [32][33] - The education division's revenue was $16.1 million, 2% lower than the prior year, primarily due to decreased material sales [37] Market Data and Key Metrics Changes - International segment revenue was $11.2 million, down slightly from $11.4 million in the prior year, primarily due to business conditions in China [36] - Excluding China, international segment revenue increased 4%, and licensee revenue increased 8% compared to the first quarter of fiscal 2025 [36] Company Strategy and Development Direction - The company views fiscal 2026 as a year of execution and return to growth, with expectations for significant growth in invoiced amounts and reported revenue in fiscal 2027 [4][42] - Strategic investments in transforming the enterprise North America go-to-market strategy are gaining traction, with a focus on solution selling and bundling content with services [33][21] - The company aims to be the partner of choice for organizations seeking to achieve breakthroughs in performance, emphasizing the importance of human capabilities alongside AI [16][18] Management's Comments on Operating Environment and Future Outlook - Management anticipates strong growth in invoiced amounts in fiscal 2026, particularly in Enterprise North America, with a strong pipeline and significant year-over-year increase in advanced bookings [6][12] - The company expects education to achieve strong growth in both invoiced and reported sales in fiscal 2026, despite the seasonality of revenue recognition [11][39] - Management remains optimistic about the company's ability to deliver sustainable growth, supported by strong client retention and expanding demand for leadership development services [44][45] Other Important Information - The company incurred $3.4 million in restructuring expenses during the first quarter, reflecting efforts to streamline operations [30] - The balance of billed deferred subscription revenue in North America increased 8% to $49.1 million, indicating a solid foundation for future growth [36] Q&A Session Questions and Answers Question: Guidance reaffirmation and adjusted EBITDA timing - Management reaffirmed guidance for the full year, noting that adjusted EBITDA will be more back-end loaded due to the timing of large education contracts [46][47] Question: North American Enterprise sales force performance - The invoiced growth in North American Enterprise was up 7% in Q1, with a significant increase in new logo subscription invoiced amounts growing 25% [49][50] Question: Lifecycle of new logos and attachment rates - The company has seen success in transitioning new logos to client partners, maintaining retention rates and expanding revenue through dedicated focus on customer success [65]