HIGHWAY HOLDINGS REPORTS FISCAL YEAR 2026 THIRD QUARTER AND NINE MONTH RESULTS

About this update from Highway Holdings Limited

HONG KONG, March 2, 2026 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO) (the "Company" or "Highway Holdings") today reported financial results for its third quarter and nine months fiscal 2026 ended December 31, 2025. The Company's results reflect the continued impact of the previously disclosed loss of a significant electric motor customer, as well as ongoing actions to diversify its revenue base and execute its strategic acquisition program during the transition period. The Company intends for its strategic initiatives, cost actions, and acquisitions to potentially support a return to profitability in the next fiscal year. Net revenue for the first nine months of fiscal year 2026 decreased 34.6% to $3.8 million, compared with $5.9 million in the year ago period. Net loss for the first nine months of 2026 was $427,000, or $0.09 per basic share, compared with a net income of $421,000, or $0.10 per diluted share for the year ago period.Net revenue for the third quarter of fiscal year 2026 decreased 40.5% to $1.1 million compared with $1.9 million in the year ago period. Net loss for the third quarter of fiscal year 2026 was $115,000, or $0.02 per basic share, compared with net income of $92,000 or $0.02 per diluted share in the year ago period.Roland Kohl, chairman, president and chief executive officer of Highway Holdings, said, "Unfortunately our entire fiscal year 2025 was affected by the political decisions of our biggest customers to stop all their business from Myanmar. Our beautiful and highly profitable factory in Yangon, and our dedicated employees who have served our customers for many years were severely affected by it. The operations came to a near full stop, with the exception of some business from smaller customers and wind-down orders. Consequently, we had to lay off most employees. Today, we only operate with the essential core. They are the best, most skilled and knowledgeable employees, including the management. We believe that with this core group we can restart operations in a very short time. After reviewing business options and market opportunities to best leverage our Myanmar factory, we found an electric car manufacturer in China, which gave us a permit to assemble car kits in order to sell them in Myanmar. Our Myanmar management is busy negotiating with the Myanmar government to allow this change of business, as well as to...

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