Earnings roundup

The following are recent financial reports as posted by selected Utah corporations:

Extra Space Storage

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations attributable to common stockholders of $434.4 million, or $1.97 per share, for the first quarter ended March 31. That compares with $428.1 million, or $1.93 per share, for the same quarter a year earlier.

Net income attributable to common stockholders totaled $241 million, or $1.14 per share. That compares with $270.9 million, or $1.28 per share, for the same quarter a year earlier.

Same-store revenues totaled $678.6 million in the most recent quarter, compared with $667.5 million in the year-earlier quarter.

Extra Space Storage is a real estate investment trust that owns and/or operates 4,344 self-storage stores in 42 states and Washington, D.C. It is the largest operator of self-storage properties in the United States.

“We are off to a strong start to 2026, with core FFO of $2.04 per share in the first quarter, up 2 percent year-over-year,” Joe Margolis, CEO, said in announcing the results. “Our portfolio is experiencing broad-based improvement with positive new and existing customer rate gains and industry-leading occupancy, resulting in same-store revenue growth of 1.7 percent. Also, our external growth channels continue to perform well, with disciplined investments across acquisitions, bridge lending and third-party management driving consistent returns.”

Zions

Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $232 million, or $1.56 per share, for the first quarter. That compares with $169 million, or $1.13 per share, for the same quarter a year earlier.

“Our first-quarter results were solid, with diluted earnings per share rising 38 percent to $1.56 from $1.13 in the same quarter last year,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Adjusted pre-tax pre-provision net revenue increased 13 percent, as adjusted taxable-equivalent revenue rose 7.4 percent and adjusted operating expenses increased 4.7 percent, resulting in positive operating leverage of 2.7 percent. We were particularly pleased to achieve broad-based strong growth in customer-related noninterest income, which increased 9 percent over the same quarter last year. Credit quality was strong, with net loan losses to average loans of a mere 0.03 percent annualized, and a 19 percent decrease in classified loans over the past year.”

Total customer deposits have grown $2.2 billion over the past year and long-term debt increased $1 billion, while brokered deposits and short-term borrowings fell $3.8 billion.

At the end of last year, Zions had total assets of approximately $89 billion. It operates banks primarily in 11 western states.

SkyWest

SkyWest Inc., based in St. George, reported net income of $102 million, or $2.50 per share, for the first quarter. That compares with $101 million, or $2.42 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $1 billion, up from $948 million in the year-earlier quarter.

SkyWest Inc. is the holding company for SkyWest Airlines, SkyWest Charter and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America.

“Demand for our product remains solid, and we continue to re-invest in our fleet, creating long-term value for our customers, our people and our shareholders,” Chip Childs, president and CEO, said in announcing the results.

HealthEquity

HealthEquity Inc., based in Draper, reported net income of $69.4 million, or 82 cents per share, for the first quarter ended April 30. That compares with $53.9 million, or 61 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $354.6 million, up from $330.8 million in the year-earlier quarter.

HealthEquity is the nation’s largest independent health savings account custodian by account volume and a leader in consumer-directed benefits.

“HealthEquity delivered strong first-quarter results, with adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin expanding to 46 percent and a raised fiscal 2027 outlook,” Scott Cutler, president and CEO, said in announcing the results. “These results demonstrate that our flywheel is compounding through account and asset growth, deeper member engagement, technology-enabled efficiency, and increasing operating leverage.”

Bed Bath & Beyond

Bed Bath & Beyond Inc., based in Murray, reported a net loss of $16.4 million, or 24 cents per share, for the first quarter ended March 31. That compares with a loss of $39.9 million, or 74 cents per share, for the same quarter a year earlier.

First-quarter revenue totaled $247.8 million, up from $231.7 million in the year-earlier quarter.

Bed Bath & Beyond Inc. is the owner of Bed Bath & Beyond, Overstock, Buybuy Baby, and more recently, the Kirkland’s and Kirkland’s Home brands, as well as a blockchain asset portfolio.

“Our first-quarter results show that the work we’ve been doing to stabilize and rebuild the business is taking hold,” Marcus Lemonis, executive chairman and CEO, said in announcing the results. “We delivered real year-over-year revenue growth, something we haven’t seen meaningfully in several years, while continuing to take costs out of the business and operate more efficiently. That combination matters.”

FatPipe

FatPipe Inc., based in Salt Lake City, reported net income of $4 million, or 2 cents per share, for the fiscal fourth quarter ended March 31. That compares with a net loss of $370,000 in the same quarter a year earlier.

Revenue in the most recent quarter totaled $7.2 million, up from $3.8 million in the prior-year period.

For the full fiscal year, the company reported net income of $5 million, or 35 cents per share.

That is up 154 percent compared with the prior fiscal year. Revenue during the year totaled $19.2 million, up 18 percent from the prior year.

FatPipe is focused on software-defined wide area networking and hybrid WANs that eliminate the need for hardware and software or cooperation from ISPs and allows companies and service providers to control multi-link network traffic.

“Our fourth-quarter results demonstrate the scalability of FatPipe’s model and the progress we have made converting pipeline into revenue, profitability, and recurring billings growth,” Dr. Ragula Bhaskar, CEO, said in announcing the results. “We believe the combination of strong quarterly revenue growth, meaningful net income generation, and continued customer adoption of our offerings reflects both the strength of our technology and the expanding market need for secure, resilient enterprise connectivity.

“As we enter fiscal 2027, our focus remains on disciplined execution, channel expansion, and increasing the contribution from recurring software and cybersecurity revenue.”

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $9.1 million, or $4.06 per share, for the first quarter ended March 31. That compares with a loss of $7.5 million, or $7.05 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $145,954, up from $50,277 in the prior-year period.

Co-Diagnostics is a molecular diagnostics company that develops, manufactures and markets diagnostics technologies.

“The progress we’ve made across the business is translating into tangible milestones and expanded opportunities,” Dwight Egan, CEO, said in announcing the results. “During the quarter, we advanced key initiatives across our clinical pipeline, strengthened our presence in strategic global markets through CoSara and CoMira, and continued to build the foundation for a scalable, globally deployable diagnostics platform. These efforts reflect a focused strategy centered on execution, innovation, and expanding our reach into high-need markets.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $3.7 million, or 52 cents per share, for the first quarter ended March 31. That compares with a loss of $1.9 million, or 35 cents per share, for the same quarter a year earlier.

Revenues totaled $119,000 for the most recent quarter, compared with $94,000 for the prior-year period.

Lipocine is a biopharmaceutical company focused on using its technology platform to augment therapeutics through effective oral delivery. It has drug candidates in development as well as drug candidates for which it is exploring partnerships.

Sera Prognostics

Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $8.4 million, or 17 cents per share, for the first quarter ended March 31. That compares with $8.2 million, or 20 cents per share, in the year-earlier quarter.

Revenue in the most recent quarter totaled $14,000, compared with $38,000 in the year-earlier quarter.

Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.

“In the first quarter, our primary focus was building awareness with clinicians and the broader stakeholder community as we continue the evolution from clinical stage to a commercial-driven organization,” Zhenya Lindgardt, president and CEO, said in announcing the results.

“We made meaningful progress translating our expanding clinical foundation into commercial readiness, supported by growing peer-reviewed validation in Europe, increasing clinician engagement, expanded education and access through the launch of our third partnership program, and active discussions with 13 payers across 15 states.”

Domo

Domo Inc., based in American Fork, reported a net loss of $14.2 million, or 33 cents per share, for the first quarter ended April 30. That compares with a loss of $18 million, or 45 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $79.4 million, down from $80.1 million in the year-earlier quarter.

Domo is an AI and data products platform that helps companies of all sizes leverage data and AI.

The company said it was in advanced negotiations regarding a potential transaction.

“One thing that has become clear is that we are still in the early innings of a major shift from AI experimentation to AI embedded in everyday work,” Josh James, founder and CEO, said in announcing the results. “I believe Domo’s combination of data, applications and AI agents positions us to play an important role in that shift. The board’s responsibility was to determine the best way to build on that opportunity and maximize value for stockholders. After considering the available alternatives, the board concluded that pursuing a strategic transaction is the best path forward.”

Medallion Bank

Medallion Bank, based in Salt Lake City, reported net income of $13 million for the first quarter ended March 31. That compares with $15.6 million for the same quarter a year earlier.

Net income attributable to common shareholders totaled $10.7 million, compared with $14.1 million in the prior-year quarter.

Medallion Bank, a wholly owned subsidiary of Medallion Financial Corp., specializes in providing consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners.

FinWise

FinWise Bancorp, based in Murray, reported net income of $2.7 million, or 20 cents per share, for the quarter ended March 31. That compares with $3.9 million, or 27 cents per share, for the same quarter a year earlier.

FinWise Bancorp is the parent company of FinWise Bank.

“FinWise delivered $1.7 billion in loan originations during the first quarter — up 38 percent year over year — and core expenses were held flat, enabling us to grow tangible book value to $14.34 per share and maintaining a strong bank leverage ratio of 16.8 percent, nearly double the current well capitalized minimum requirement," Jim Noone, CEO, said in announcing the results.