Market Signal Briefing

The company's global ambitions are becoming ever more apparent.

It was quite a memorable Monday in the short history of electric vehicle (EV) maker VinFast (VFS +5.15%). The company formally opened its first factory in Southeast Asia outside of its native Vietnam, and investors cheered the expansion. They collectively traded the company's U.S.-listed shares up by more than 5% on a generally gloomy day for the stock market.

Indonesian expansion
VinFast cut the ribbon on that new facility, located in Subang, Indonesia. It did so in a formal ceremony that included representatives of both the Indonesian and Vietnamese governments, in addition to company officials.

Image source: Getty Images.

VinFast had the accelerator firmly pressed for the factory project. In its press release trumpeting its opening, the company took pains to state that it was finished and operational only 17 months after its groundbreaking ceremony.

Initially, the plant's workers will assemble the company's VF 3, VF 5, VF 6, and VF 7 models, purely for the domestic market. VinFast added that new models scheduled for sale on the Indonesian market in 2026 will also be produced at the plant.

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Worldwide ambitions
In the press release, VinFast wrote that the new factory "clearly reinforces VinFast's role in building the electric vehicle value chain in Indonesia, contributing to the elevation of Southeast Asia's position on the global EV industry map."

And of course, by extension, it gives the auto industry upstart a direct presence in the country, which is by far the most populous in the region with over 283 million inhabitants. The company has always had ambitious plans to be a global EV player, and the Subang plant is a highly encouraging sign that management is putting its money where its mouth is.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Tilray Brands, Inc. (TLRY - Free Report) closed at $10.93 in the latest trading session, marking a -10.04% move from the prior day. This change lagged the S&P 500's 0.16% loss on the day. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 0.59%.

Shares of the company have appreciated by 12.5% over the course of the past month, outperforming the Medical sector's gain of 1.12%, and the S&P 500's loss of 0.21%.

Investors will be eagerly watching for the performance of Tilray Brands, Inc. in its upcoming earnings disclosure. In that report, analysts expect Tilray Brands, Inc. to post earnings of -$0.14 per share. This would mark year-over-year growth of 86%. Meanwhile, the latest consensus estimate predicts the revenue to be $209.65 million, indicating a 0.62% decrease compared to the same quarter of the previous year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.44 per share and revenue of $866.74 million, indicating changes of -540% and +5.53%, respectively, compared to the previous year.

Any recent changes to analyst estimates for Tilray Brands, Inc. should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.78% increase. Currently, Tilray Brands, Inc. is carrying a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 165, putting it in the bottom 34% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

On Dec. 15, 2025, trading screens focused on ServiceNow NYSE: NOW turned a deep shade of red. Shares of the enterprise software giant dropped by more than 11.5%, leading the S&P 500's list of daily decliners.

Despite exceeding earnings expectations, Broadcom (AVGO) and Oracle (ORCL) stock have now fallen more than 15% since their much-anticipated quarterly results last week.

In the latest close session, Doximity (DOCS - Free Report) was up +1.82% at $44.65. The stock outpaced the S&P 500's daily loss of 0.16%. On the other hand, the Dow registered a loss of 0.09%, and the technology-centric Nasdaq decreased by 0.59%.

The stock of medical social networking site has fallen by 11.63% in the past month, lagging the Medical sector's gain of 1.12% and the S&P 500's loss of 0.21%.

The upcoming earnings release of Doximity will be of great interest to investors. On that day, Doximity is projected to report earnings of $0.44 per share, which would represent a year-over-year decline of 2.22%. Alongside, our most recent consensus estimate is anticipating revenue of $180.66 million, indicating a 7.15% upward movement from the same quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.57 per share and revenue of $644.51 million. These totals would mark changes of +10.56% and +12.99%, respectively, from last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Doximity. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Doximity is holding a Zacks Rank of #3 (Hold) right now.

In the context of valuation, Doximity is at present trading with a Forward P/E ratio of 27.93. This indicates a discount in contrast to its industry's Forward P/E of 47.07.

We can additionally observe that DOCS currently boasts a PEG ratio of 1.47. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Medical Info Systems stocks are, on average, holding a PEG ratio of 3.52 based on yesterday's closing prices.

The Medical Info Systems industry is part of the Medical sector. This group has a Zacks Industry Rank of 138, putting it in the bottom 45% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Dow Inc. (DOW - Free Report) closed the most recent trading day at $23.45, moving -2.17% from the previous trading session. This move lagged the S&P 500's daily loss of 0.16%. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 0.59%.

The materials science's shares have seen an increase of 4.54% over the last month, surpassing the Basic Materials sector's gain of 4.07% and the S&P 500's loss of 0.21%.

Investors will be eagerly watching for the performance of Dow Inc. in its upcoming earnings disclosure. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.53 billion, down 8.45% from the year-ago period.

DOW's full-year Zacks Consensus Estimates are calling for earnings of -$0.99 per share and revenue of $40.03 billion. These results would represent year-over-year changes of -157.89% and -6.82%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Dow Inc. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.91% increase. Dow Inc. is currently sporting a Zacks Rank of #3 (Hold).

The Chemical - Diversified industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 211, this industry ranks in the bottom 15% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

In the latest trading session, Honeywell International Inc. (HON - Free Report) closed at $197.45, marking a +1.96% move from the previous day. This change outpaced the S&P 500's 0.16% loss on the day. Elsewhere, the Dow lost 0.09%, while the tech-heavy Nasdaq lost 0.59%.

The stock of company has fallen by 2.7% in the past month, lagging the Conglomerates sector's loss of 2.4% and the S&P 500's loss of 0.21%.

Investors will be eagerly watching for the performance of Honeywell International Inc. in its upcoming earnings disclosure. On that day, Honeywell International Inc. is projected to report earnings of $2.57 per share, which would represent year-over-year growth of 4.05%. At the same time, our most recent consensus estimate is projecting a revenue of $10.2 billion, reflecting a 1.11% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $10.64 per share and a revenue of $40.77 billion, representing changes of +7.58% and +5.91%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Honeywell International Inc. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Honeywell International Inc. boasts a Zacks Rank of #3 (Hold).

From a valuation perspective, Honeywell International Inc. is currently exchanging hands at a Forward P/E ratio of 18.2. Its industry sports an average Forward P/E of 17.14, so one might conclude that Honeywell International Inc. is trading at a premium comparatively.

Meanwhile, HON's PEG ratio is currently 2.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Diversified Operations industry had an average PEG ratio of 1.73.

The Diversified Operations industry is part of the Conglomerates sector. With its current Zacks Industry Rank of 144, this industry ranks in the bottom 42% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Few investors have more notoriety than Bill Ackman and Michael Burry, the latter portrayed in "The Big Short."

Few investors are more closely followed in the modern era of investing than Bill Ackman of Pershing Square Capital Management, the investment manager of Pershing Square Holdings, and Michael Burry, who famously made bets against the housing market before its collapse during the Great Recession. Burry, who previously ran Scion Asset Management, recently shut down his fund and launched a newsletter on Substack, where he shares investment advice and knowledge about the stock market.

Now, investors should never mindlessly follow the "smart money's" recommendations for several reasons, including that you don't know the true timelines behind their trades. However, Burry and Ackman have made it very clear that they have high conviction in these two stocks. And the key could lie with President Donald Trump and his administration, which currently has the power to make game-changing decisions that turn these stocks into multibaggers.

Image source: Getty Images.

The history of Fannie and Freddie
These two government-sponsored entities (GSEs), Fannie Mae (FNMA +0.37%) and Freddie Mac (FMCC 1.07%), have a long and storied journey. Both play a critical role in the mortgage market by essentially serving as the secondary market and providing liquidity. Fannie Mae and Freddie Mac purchase mortgages from banks and other institutions, then package them into mortgage-backed securities for investors to purchase.

Banks and other mortgage providers are limited in the mortgages they can hold on their balance sheets, so Fannie and Freddie enable them to transfer these mortgages off their balance sheets, allowing them to continue meeting demand. Fannie largely purchases mortgages from large banks, while Freddie buys mortgages from smaller lenders. Fannie and Freddie have a monopoly on this business, primarily because they are backed by an implied government guarantee.

Government involvement in these two mortgage giants traces back to the Great Recession. The GSEs took on too many subprime mortgages and faced massive losses, forcing the U.S. government to step in. The U.S. Treasury Department injected over $187 billion into both companies and, in return, received $190 billion in senior preferred stock and warrants that give it the right to purchase nearly 80% of each company's common shares.

The preferred shares were supposed to yield an annual 10%, but eventually -- and quite controversially -- the agreement changed to a "net worth sweep," in which Fannie and Freddie simply handed over their profits to the government. The government would go on to reap over $300 billion from these payments. During Trump's first term, the administration ended this agreement and set forth a plan, including capital requirements, under which Fannie and Freddie could start retaining their profits and build capital that would eventually forge a path for them to exit government conservatorship.

The complicated path to being released from conservatorship
The Trump administration has indicated that it wants to release Fannie and Freddie from conservatorship, and these highly profitable entities have had no trouble building capital. Fannie alone generated at least $17 billion in profits in both 2023 and 2024. At the end of the third quarter of this year, Fannie had over $105 billion of shareholder equity and appears to be about $44 billion short of meeting one of its regulatory capital requirements.

The Trump administration is reportedly looking into an initial public offering (IPO) that could help Fannie and Freddie close the gap. The Wall Street Journal previously reported that the administration is contemplating an IPO of around $30 billion, which would be the largest ever. However, several issues remain. The first obvious one is significant dilution. Not only does the government own senior preferred stock and warrants that would significantly dilute new investors, but the GSEs also have junior preferred debt.

One proposal from Ackman is to have the government count prior payments from the "net worth sweep" agreement toward repayment of the senior preferred stock. The government could still exercise its warrants, potentially reaping hundreds of billions in profits. This may also be beneficial from a political standpoint in advancing a potential IPO, as there is an ongoing question about how much Congress would be involved in the process of releasing the two GSEs from conservatorship.

"To do an IPO without Congress, you would basically need to eliminate some of the government's ownership position, which is an open legal question of whether that can occur," Daniel Hornung, a senior fellow at MIT and former deputy director of the National Economic Council under former President Joe Biden, told Politico back in August.

OTC: FNMAFederal National Mortgage Association

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Another roadblock to an IPO is what would actually happen to mortgage rates when Fannie and Freddie are once again independent. Some experts suggest mortgage rates could increase by 0.5% to 1%, primarily because Fannie and Freddie would no longer have the implied backing of the government and, therefore, would be riskier.

If this is the case, there will be little political appetite to release the GSEs, given the current housing crisis in the U.S. However, Fannie and Freddie may still have an implied government backing, even if they aren't under government conservatorship. Similar to the largest banks in the U.S., such as Bank of America, the government, for better or worse, simply cannot afford to allow these two entities to fail because they have become too big to fail.

Burry, who said in his Substack post that he has a large position in Fannie and Freddie, acknowledged that "there remains a final steep, windy and rocky climb to IPO for both," largely due to political and regulatory factors.

How much are Fannie and Freddie worth?
This is a difficult question, given that we don't know what happens with all the preferred stock and the government's warrants. However, I think it's safe to say that if they can figure everything out, Fannie and Freddie would be worth multiples of what they trade at now. Common shares of Fannie currently trade at around a $13 billion market cap, while Freddie is near a $7 billion market cap.

Ackman has said Fannie and Freddie could collectively be worth $400 billion if their stocks were moved from the over-the-counter markets to the New York Stock Exchange, although the government's stake would be worth about $300 billion in this scenario. Burry believes the two GSEs could trade at around 1.5 times to 2 times their book or equity value one or two years after an IPO.

Interested investors should understand that this remains a highly risky investment due to the numerous political and regulatory factors mentioned above. The good news for the bulls is that Trump appears to have a greater appetite than any president before him to release the GSEs from conservatorship, which is why the real window for this to occur may be over the next few years.

The junior preferred shares are the safer play because they face less risk of being wiped out and have priority over the common shares. However, they also offer less upside. The common shares are the highest risk-reward play. Ultimately, I think the common shares are worth a smaller, more speculative position, but nothing too aggressive.

, /PRNewswire/ -- The Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against DeFi Technologies Inc. ("DeFi" or the "Company") (NASDAQ: DEFT).

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN DEFI TECHNOLOGIES INC. (DEFT), CONTACT THE LAW OFFICES OF HOWARD G. SMITH BEFORE JANUARY 30, 2026 (LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at [email protected], by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.

What Is The Lawsuit About?
The complaint filed alleges that, between May 12, 2025 and November 14, 2025, Defendants failed to disclose to investors that: (1) DeFi was facing delays in executing its DeFi arbitrage strategy, which at all relevant times was a key revenue driver for the Company; (2) DeFi had understated the extent of competition it faced from other DAT companies and the extent to which that competition would negatively impact its ability to execute its DeFi arbitrage strategy; (3) as a result of the foregoing issues, the Company was unlikely to meet its previously issued revenue guidance for the fiscal year 2025; (4) accordingly, Defendants had downplayed the true scope and severity of the negative impact that the foregoing issues were having on DeFi Technologies' business and financial results; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:  
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact:
Howard G. Smith, Esq.,
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Call us at: (215) 638-4847
Email us at: [email protected],
Visit our website at: www.howardsmithlaw.com.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
[email protected]
www.howardsmithlaw.com

SOURCE Law Offices of Howard G. Smith

Payments firm PayPal said on Monday it has applied to establish a bank in the United States, as companies rush to capitalize on a friendly regulatory environment under the Trump administration.

VANCOUVER, British Columbia, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce that it has completed the first gold pour from the Company’s new 2.5Mtpa hard rock expansion.

Patrick Downey, President and CEO stated, "Commissioning of this plant is now complete, with mill throughput averaging 78% of nameplate capacity for the first 5 days of operations, resulting in first gold on December 15.

I want to extend my sincere gratitude to all involved in the construction and commissioning of the Bomboré hard rock expansion. Their dedication, hard work and commitment to excellence have safely delivered the stage 1 expansion on time and on budget over a construction period of approximately 12 months. This is a commendable achievement, reflecting an industry-leading level of project delivery.

Commercial production is expected to be declared in early Q1-2026, and will represent a major milestone for Orezone, with overall gold production at Bomboré set to increase by 45% to 170,000-185,000oz in 2026. This will mark a significant cash flow inflection point, underscored by the Company’s solid balance sheet and record high gold prices.”

Click here to view the video which illustrates the timeline and progress from commencement of construction in November 2024 to first gold in December 2025.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring the Bomboré Gold Mine in Burkina Faso. Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 170,000 and 185,000 ounces in 2026. The Company is also advancing stage 2 of the hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces.

Contact Information

Patrick Downey
President and Chief Executive Officer

Kevin MacKenzie
Vice President, Corporate Development and Investor Relations

Tel: 1 778 945 8977
[email protected] / www.orezone.com

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

This announcement was authorized for release by Patrick Downey, Director, President & CEO.

Qualified Persons and Competent Person Statement

The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects and Competent Persons as defined under the JORC Code (2012 Edition). Each of Messrs. Henderson and Tweed have sufficient experience that is relevant to the scientific and technical information disclosed in this news release and to the type of activity undertaken to qualify as Competent Persons as defined in the JORC Code. Both are employees of the Company and have consented to the inclusion in this announcement of all technical information based on their work the form and context in which it appears.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements that commercial production at the stage 1 hard rock plant is expected to be declared in early Q1-2026 and overall gold production at Bomboré is set to increase by 45% to 170,000-185,000oz in 2026.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form, management discussion and analysis and Section 4 of the ASX Prospectus dated July 11, 2025 filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

, /PRNewswire/ -- The Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Jayud Global Logistics Limited ("Jayud" or the "Company") (NASDAQ: JYD).

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN JAYUD GLOBAL LOGISTICS LIMITED (JYD), CONTACT THE LAW OFFICES OF HOWARD G. SMITH BEFORE JANUARY 20, 2026 (LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at [email protected], by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.

What Is The Lawsuit About?
The complaint filed alleges that, between April 21, 2023 and April 30, 2025, Defendants failed to disclose to investors: (1) that Jayud was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) that insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) that Jayuds public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:  
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact:
Howard G. Smith, Esq.,
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Call us at: (215) 638-4847
Email us at: [email protected],
Visit our website at: www.howardsmithlaw.com.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
[email protected]
www.howardsmithlaw.com

SOURCE Law Offices of Howard G. Smith

, /PRNewswire/ -- The Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against James Hardie Industries plc ("James Hardie" or the "Company") (NYSE: JHX).

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN JAMES HARDIE INDUSTRIES PLC (JHX), CONTACT THE LAW OFFICES OF HOWARD G. SMITH BEFORE DECEMBER 23, 2025 (LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at [email protected], by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.

What Is The Lawsuit About?
The complaint filed alleges that, between May 20, 2025 and August 18, 2025, Defendants failed to disclose to investors that: (1) sales in James Hardie's largest business segment were experiencing inventory loading by channel partners, with the hallmarks of fraudulent channel stuffing, and not sustainable customer demand as represented; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:  
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact:
Howard G. Smith, Esq.,
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Call us at: (215) 638-4847
Email us at: [email protected],
Visit our website at: www.howardsmithlaw.com.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
[email protected]
www.howardsmithlaw.com

SOURCE Law Offices of Howard G. Smith

Continued profitability expansion with net income of $0.7 million versus net loss of $(1.1) million in Q2 FY2025, and up from net income of $0.4 million in Q1 FY2026Revenue of $11.2 million; USU increases 9% year-over-yearDisciplined cost controls deliver operating income of $1.0 millionPositive Adjusted EBITDA of $2.5 million versus $1.5 million; Adjusted EBITDA margin of 22% versus 14%Fourth consecutive quarter of positive operating cash flow of $0.5 million
PHOENIX, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB: ASPU) (“AGI” or the “Company”), an education technology holding company, today announced financial results for its second quarter of fiscal year 2026 ended October 31, 2025.

Second Quarter Fiscal Year 2026 Summary Results

 Three Months Ended October 31, Six Months Ended October 31,$ in millions, except per share data 2025   2024   2025   2024 Revenue$11.2  $11.5  $22.7  $22.8 Gross Profit1$8.4  $8.1  $16.7  $15.6 Gross Margin (%)1 75%  71%  74%  69%Net Income (Loss)$0.7  $(1.1) $1.1  $(1.2)Earnings (Loss) per Share - Basic$0.02  $(0.04) $0.03  $(0.05)Earnings (Loss) per Share - Diluted$0.01  $(0.04) $0.02  $(0.05)EBITDA2$1.6  $0.1  $3.0  $1.2 Adjusted EBITDA2$2.5  $1.5  $4.3  $2.0 _______________1GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.4 million and $0.5 million; and $0.8 million and $0.9 million for the three and six months ended October 31, 2025 and 2024, respectively.2Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP–Financial Measures" starting on page 4. 
Michael Mathews, Chairman and CEO of AGI, stated: “In the quarter, we delivered solid top-line stability coupled with material margin expansion, producing our third consecutive quarter of net income. Our continued disciplined execution, cost controls and restructuring initiatives keep Aspen Group on track to achieve approximately $1.5 million of additional quarterly G&A savings by the third quarter of fiscal year 2026. Our strategy to sustain profitability and cash flow from operations is working and positions us to boost enrollments through strategic reinvestments in marketing. We remain committed to our objectives of expanding student resources and achieving positive operating cash flow for fiscal year 2026.”

Fiscal Q2 2026 Financial and Operational Results (compared to Fiscal Q2 2025)

Revenue declined by 2% to $11.2 million compared to $11.5 million. The following table presents the Company’s revenue, both per subsidiary and total:

 Three Months Ended October 31,   2025 $ Change % Change  2024 AU$3,938,503 $(835,190) (17)% $4,773,693 USU 7,280,742  594,656  9%  6,686,086 Revenue$11,219,245 $(240,534) (2)% $11,459,779             Aspen University's (“AU”) revenue decline of 17% year-over year is the result of lower post-licensure enrollments from the effect of decreased marketing spend initiated in the second half of Fiscal 2023.

United States University (“USU”) revenue increased by 9% to $7.3 million. Despite the maintenance level of marketing spend, USU experienced growth this quarter due to continued organic lead flow, strong demand from existing students returning from inactive status and higher revenue per student driven by more students entering their second year of the MSN-FNP program, which includes clinical rotations, and tuition increases.

GAAP gross profit increased by $0.2 million to $8.4 million. Consolidated gross margin was 75% compared to 71%, AU's gross margin was 72% versus 67%, and USU's gross margin was 76% versus 74%. GAAP gross profit and gross margin increased primarily due to higher revenue at USU related to increased revenue per student combined with reduced cost of revenue at AU and USU driven by more efficient allocation of faculty resources.

AU instructional costs and services represented 22% of AU revenue, and USU instructional costs and services represented 21% of USU revenue. AU marketing and promotional costs represented 1% of AU revenue, while USU marketing and promotional costs represented less than 1% of USU revenue.

The following tables present the Company’s net income (loss), both per subsidiary and total:

 Three Months Ended October 31, 2025 Consolidated AGI Corporate AU USUNet income (loss)$651,738 $(2,800,567) $428,780 $3,023,525Per share information available to common stockholders:       Earnings per share - Basic$0.02      Earnings per share - Diluted$0.01        Three Months Ended October 31, 2024 Consolidated AGI Corporate AU USUNet income (loss)$(1,057,420) $(1,611,277) $(1,866,384) $2,420,241Per share information available to common stockholders:       Loss per share - Basic$(0.04)      Loss per share - Diluted$(0.04)                 The following tables present the Company’s Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under “Non-GAAP–Financial Measures” starting on page 4.

 Three Months Ended October 31, 2025 Consolidated AGI Corporate AU USUEBITDA$1,631,062 $(2,425,361) $871,880  $3,184,543EBITDA Margin15% NM 22%  44%Adjusted EBITDA$2,468,810 $(2,343,696) $1,341,195  $3,471,311Adjusted EBITDA Margin22% NM 34%  48%_______________NM - Not meaningful  Three Months Ended October 31, 2024 Consolidated AGI Corporate AU USUEBITDA$126,190 $(1,179,476)  $(1,264,051) $2,569,717 EBITDA Margin 1% NM  (26)%  38% Adjusted EBITDA$1,549,020 $(2,161,445)  $910,733 $2,799,732 Adjusted EBITDA Margin 14% NM  19%  42%              Adjusted EBITDA improved by $0.9 million primarily due to increased revenue per student at USU, increased instructional efficiencies at AU and USU and a decrease in general and administrative costs attributed to our restructurings.

Operating Metrics

New Student Enrollments

On a Company-wide basis, new student enrollments decreased 29% year-over-year. Sequentially, new student enrollments at USU increased due to continued strong organic lead flow, existing students returning from inactive status, and students enrolling in advance of Q2 Fiscal 2026 price increases. New student enrollments at both AU and USU were negatively impacted by the on-going maintenance level of marketing spend. As a result of the restructurings and increased instructional efficiencies, we anticipate the resumption of marketing spend at a level necessary to provide enrollments needed to grow the student body and allow for the generation of positive operating cash flow following the repayment of the 15% Debentures.

New student enrollments for the past five quarters are shown below:

 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26AU508 359 350 338 297USU442 196 258 338 378Total950 555 608 676 675           Total Active Student Body

Total active student body for the past five quarters is shown below:

 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26AU3,827 3,564 3,375 3,140 2,771USU2,560 2,475 2,434 2,369 2,302Total6,387 6,039 5,809 5,509 5,073           Nursing Students

Nursing student body for the past five quarters is shown below:

 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26AU2,948 2,745 2,606 2,418 2,122USU2,300 2,297 2,254 2,210 2,153Total5,248 5,042 4,860 4,628 4,275           Liquidity

The Q2 Fiscal 2026 ending unrestricted cash balance was $0.3 million. As of December 12, 2025, the Company had $0.4 million of unrestricted cash on hand. On September 15, 2025, we implemented a fifth restructuring plan, which will result in additional cash benefits for the Company starting in Q3 Fiscal 2026. The restructuring resulted in the elimination of approximately 75 positions within AU and AGI. The resulting additional on-going quarterly compensation-related savings will be approximately $1.5 million beginning in Q3 Fiscal 2026.

Our restructuring efforts were designed to achieve break-even to positive annual operating cash flows, which will permit the resumption of marketing spend at a level that we expect will renew growth in our post-licensure nursing student body following the repayment of the 15% Debentures. In Q2 Fiscal 2026, we had positive cash flow from operations of $0.5 million.

Cost reductions associated with the restructuring plans and other corporate cost reductions ensure that the Company will have sufficient cash to meet its working capital needs for the next 12 months.

Non-GAAP Financial Measures

This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

Our management uses and relies on EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.

We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules.

AGI defines Adjusted EBITDA as EBITDA excluding: (1) provision for credit losses; (2) stock-based compensation; (3) severance, if applicable; (4) lease modifications, if applicable; (5) impairments of right-of-use assets and tenant leasehold improvements, if applicable; (6) change in fair value of put warrant liability, if applicable; and (7) other non-recurring charges (income). The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to Adjusted EBITDA Margin.

EBITDA Margin is defined as EBITDA divided by revenue. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. We believe these margins are useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

 Three Months Ended October 31,  2025   2024 Net income (loss)$651,738  $(1,057,420)Interest expense, net 295,530   342,490 Tax expense, net 42,504   46,225 Depreciation and amortization 641,290   794,895 EBITDA 1,631,062   126,190 Provision for credit losses 450,000   450,000 Stock-based compensation 30,486   98,245 Severance 232,659   35,522 Impairments of right-of-use assets and tenant leasehold improvements —   1,848,209 Change in fair value of put warrant liability —   (1,085,145)Non-recurring charges - Other 124,603   75,999 Adjusted EBITDA$2,468,810  $1,549,020 Net income (loss) Margin 6%   (9)% EBITDA Margin 15%   1% Adjusted EBITDA Margin 22%   14%          The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to EBITDA margin and Adjusted EBITDA margin by business unit:

 Three Months Ended October 31, 2025 Consolidated AGI Corporate AU USUNet income (loss)$651,738 $(2,800,567) $428,780 $3,023,525Interest expense, net 295,530  295,530   —  —Tax expense, net 42,504  11,789   26,840  3,875Depreciation and amortization 641,290  67,887   416,260  157,143EBITDA 1,631,062  (2,425,361)  871,880  3,184,543Provision for credit losses 450,000  —   225,000  225,000Stock-based compensation 30,486  30,170   —  316Severance 232,659  51,495   174,514  6,650Non-recurring charges - Other 124,603  —   69,801  54,802Adjusted EBITDA$2,468,810 $(2,343,696) $1,341,195 $3,471,311 Net income (loss) Margin6% NM 11% 42%EBITDA Margin15% NM 22% 44%Adjusted EBITDA Margin22% NM 34% 48%_______________NM - Not meaningful  Three Months Ended October 31, 2024 Consolidated AGI Corporate AU USUNet income (loss)$(1,057,420) $(1,611,277) $(1,866,384) $2,420,241Interest expense, net 342,490   342,490   —   —Tax expense, net 46,225   15,479   25,900   4,846Depreciation and amortization 794,895   73,832   576,433   144,630EBITDA 126,190   (1,179,476)  (1,264,051)  2,569,717Provision for credit losses 450,000   —   225,000   225,000Stock-based compensation 98,245   94,819   1,954   1,472Severance 35,522   8,357   23,622   3,543Impairments of right-of-use assets and tenant leasehold improvements 1,848,209   —   1,848,209   —Change in fair value of put warrant liability (1,085,145)  (1,085,145)  —   —Non-recurring charges - Other 75,999   —   75,999   —Adjusted EBITDA$1,549,020  $(2,161,445) $910,733  $2,799,732 Net income (loss) Margin(9)% NM (39)% 36%EBITDA Margin1% NM (26)% 38%Adjusted EBITDA Margin14% NM 19% 42%            Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the expected general and administrative savings to be achieved by the third quarter of the fiscal year ending April 30, 2026 (“Fiscal 2026”), increased marketing spend, our refinancing of our 15% Debentures, and achieving positive operating cash flow for Fiscal 2026, the future boost of enrollment including growth in the post-licensing nursing student body and our liquidity. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the continued demand of nursing students for the new programs, student attrition, national and local economic factors including the impact of tariffs on the economy and affordability in general, competition from nursing schools in local markets, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors, the impact, if any from any future U.S. government shutdowns, and our ability to refinance our outstanding convertible debentures. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Aspen Group, Inc.

Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

Investor Relations Contact

Kim Rogers
Managing Director
Hayden IR
385-831-7337 
[email protected]

GAAP Financial Statements

ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
     October 31, 2025 April 30, 2025 (Unaudited)  Assets   Current assets:   Cash and cash equivalents$261,918  $736,871 Restricted cash 338,002   338,002 Accounts receivable, net of allowance of $5,862,014 and $5,731,139, respectively 16,712,629   17,167,346 Prepaid expenses 340,630   443,366 Other current assets 841,072   518,171 Total current assets 18,494,251   19,203,756     Property and equipment:   Computer equipment and hardware 897,124   894,251 Furniture and fixtures 1,974,271   1,974,271 Leasehold improvements 5,621,087   5,621,087 Instructional equipment 529,299   529,299 Software 7,886,764   7,527,066   16,908,545   16,545,974 Less: accumulated depreciation and amortization (11,157,520)  (9,907,309)Total property and equipment, net 5,751,025   6,638,665 Goodwill 5,011,432   5,011,432 Intangible assets, net 7,900,000   7,900,000 Courseware and accreditation, net 227,952   256,994 Long-term contractual accounts receivable 21,904,037   19,846,823 Operating lease right-of-use assets, net 6,447,146   7,250,407 Deposits and other assets 644,796   657,850 Total assets$66,380,639  $66,765,927            (Continued)  ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONTINUED)
     October 31, 2025 April 30, 2025 (Unaudited)  Liabilities and Stockholders’ Equity   Liabilities:   Current liabilities:   Accounts payable$3,319,147  $2,055,173 Accrued expenses 2,738,900   2,483,520 Advances on tuition 1,416,428   2,235,332 Deferred tuition 2,373,652   2,535,533 Due to students 2,062,410   2,115,581 Current portion of long-term debt 6,277,684   2,000,000 Operating lease obligations, current portion 3,059,767   2,811,471 Other current liabilities 747,604   185,296 Total current liabilities 21,995,592   16,421,906     Long-term debt, net —   5,224,524 Operating lease obligations, less current portion 10,754,124   12,398,678 Put warrant liabilities 1,427,521   1,427,521 Other long-term liabilities 77,402   327,402 Total liabilities 34,254,639   35,800,031     Commitments and contingencies       Stockholders’ equity:   Preferred stock, $0.001 par value; 1,000,000 shares authorized,   10,000 issued and 10,000 outstanding at both October 31, 2025 and April 30, 2025 10   10 Common stock, $0.001 par value; 85,000,000 shares authorized, 30,063,203 and   28,389,531 issued and outstanding at October 31, 2025 and April 30, 2025, respectively 30,063   28,390 Additional paid-in capital 122,252,421   122,152,533 Accumulated deficit (90,156,494)  (91,215,037)Total stockholders’ equity 32,126,000   30,965,896 Total liabilities and stockholders’ equity$66,380,639  $66,765,927          ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)     Three Months Ended October 31, Six Months Ended October 31,  2025   2024   2025   2024  (Unaudited) (Unaudited) (Unaudited) (Unaudited)Revenue$11,219,245  $11,459,779  $22,659,711  $22,788,616         Operating expenses:       Cost of revenue (exclusive of depreciation and amortization shown separately below) 2,479,617   2,885,895   5,164,669   6,233,120 General and administrative 6,658,746   7,237,555   13,569,883   14,564,889 Impairments of right-of-use assets and tenant leasehold improvements —   1,848,209   —   1,848,209 Provision for credit losses 450,000   450,000   900,000   900,000 Depreciation and amortization 641,290   794,895   1,310,952   1,614,899 Total operating expenses 10,229,653   13,216,554   20,945,504   25,161,117         Operating income (loss) 989,592   (1,756,775)  1,714,207   (2,372,501)        Other income (expense):       Interest expense (295,530)  (342,490)  (605,921)  (689,660)Change in fair value of put warrant liability —   1,085,145   —   1,906,132 Other income, net 180   2,925   180   16,762 Total other (expense) income, net (295,350)  745,580   (605,741)  1,233,234         Income (loss) before income taxes 694,242   (1,011,195)  1,108,466   (1,139,267)        Income tax expense 42,504   46,225   49,923   46,017         Net income (loss) 651,738   (1,057,420)  1,058,543   (1,185,284)        Dividends attributable to preferred stock (63,519)  (7,057)  (105,864)  (148,209)        Net income (loss) available to common stockholders$588,219  $(1,064,477) $952,679  $(1,333,493)        Per share information available to common stockholders:       Earnings (loss) per share - Basic$0.02  $(0.04) $0.03  $(0.05)Earnings (loss) per share - Diluted$0.01  $(0.04) $0.02  $(0.05)        Weighted average number of common stock outstanding:       Basic 29,902,903   26,692,457   29,480,057   26,308,766 Diluted 39,985,232   26,692,457   40,245,130   26,308,766                  ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
   Six Months Ended October 31,  2025   2024  (Unaudited) (Unaudited)Cash flows from operating activities:   Net income (loss)$1,058,543  $(1,185,284)Adjustments to reconcile net income (loss) to net cash provided by operating activities:   Provision for credit losses 900,000   900,000 Depreciation and amortization 1,310,952   1,614,899 Stock-based compensation 62,666   190,836 Change in fair value of put warrant liability —   (1,906,132)Amortization of warrant-based cost —   7,000 Amortization of debt issuance costs 35,440   — Non-cash lease (benefit) expense (536,382)  107,696 Impairments of right-of-use assets and tenant leasehold improvements —   1,848,209 Changes in operating assets and liabilities:   Accounts receivable (2,502,497)  (762,744)Prepaid expenses 102,736   (171,330)Other current assets (322,901)  799,264 Deposits and other assets 13,054   25,695 Accounts payable 1,263,974   (1,072,854)Accrued expenses 255,380   430,795 Due to students (53,171)  (264,878)Advances on tuition and deferred tuition (980,785)  (965,151)Other current liabilities 562,308   424,954 Other long-term liabilities (250,000)  — Net cash provided by operating activities 919,317   20,975     Cash flows from investing activities:   Purchases of courseware and accreditation (31,700)  (33,110)Purchases of property and equipment (362,570)  (565,068)Net cash used in investing activities (394,270)  (598,178)    Cash flows from financing activities:   Repayment of portion of 15% Senior Secured Debentures (1,000,000)  (721,066)Payments of debt issuance costs —   (155,376)Net cash used in financing activities (1,000,000)  (876,442)           (Continued)
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
   Six Months Ended October 31,  2025   2024  (Unaudited) (Unaudited)Net decrease in cash, cash equivalents and restricted cash$(474,953) $(1,453,645)Cash, cash equivalents and restricted cash at beginning of period 1,074,873   2,619,427 Cash, cash equivalents and restricted cash at end of period$599,920  $1,165,782     Supplemental disclosure of cash flow information:   Cash paid for interest$605,921  $689,660 Cash paid for income taxes$49,923  $46,017     Supplemental disclosure of non-cash investing and financing activities:   Accrued dividends$63,519  $7,057 Common stock issued for accrued dividends$144,757  $200,988          The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:

 October 31,   2025  2024  (Unaudited) (Unaudited) Cash and cash equivalents$261,918 $827,780 Restricted cash 338,002  338,002 Total cash, cash equivalents and restricted cash$599,920 $1,165,782 

When it comes to Tesla Inc (NASDAQ:TSLA), investors have given the stock a higher multiple than traditional automotive companies. Investor and Ark Invest CEO Cathie Wood has argued for years the stock should trade more like a tech stock.

A Tesla analyst has come around to the same conclusion as Wood and asks investors if electric vehicle delivery numbers even matter going forward.

Tesla Analyst On DeliveriesTesla reported record electric vehicle deliveries for the third quarter, helped by strong demand as the federal government EV tax credit came to an end in September.

Going forward, the company's electric vehicle delivery figures could be less important, according to one analyst.

Barclays analyst Dan Levy said that Tesla's fourth-quarter deliveries "likely won't matter for the stock" in a recent investor note, as reported by Teslarati.

Levy expects fourth-quarter deliveries to come in "soft."

The analyst has an Equal Weight rating on Tesla and price target of $350, which was raised from $275 back in October.

Levy called Tesla an "OG meme stock" back in September, which may have suggested that part of the company's valuation came from retail investors and less so from items like vehicle delivery numbers.

Tesla stock not relying on vehicle delivery figures could be good news for investors, with the company experiencing sales declines and weaker demand in places like China.

After seeing 2025 deliveries down an estimated 7%, Deepwater Management's Gene Munster predicts Tesla will report weak delivery figures in 2026. The investor predicts Tesla's 2026 deliveries will be flat to up 5% from 2025, versus a Street estimate of 16% year-over-year growth.

Read Also: SpaceX And Tesla Are Both Worth $1.5 Trillion — But Investors Favor One By A Mile

Musk Bets Future Valuation Isn't Tied To EV SalesThe latest investor note could put a greater emphasis on Tesla's own growth items like robotaxis, FSD  and the Optimus Bot.

Tesla CEO Elon Musk has put less emphasis on electric vehicles when talking about the future, and instead placed the future of the company's growth in the hands of technology and AI advancements.

Musk has repeatedly said Tesla can reach a public valuation of $25 trillion in the future and assigned 80% of the company's value to the Optimus Bot.

Musk sees the company's future value coming from FSD and Optimus, calling these two items as the "biggest factors" going forward.

The note from Levy shows another example of an analyst putting more emphasis on Tesla's technology and less focus on EV deliveries. Analyst notes like these likely amplify calls for Tesla stock to trade at a premium and like a technology or AI stock and less so like an automotive company.

Read Next:

Here’s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019
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Meta is now worth more than Broadcom once again.

by AJ LaTrace on Dec 15, 2025 at 3:17 pmDecember 15, 2025 at 3:17 pm

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This story originally appeared on Real Estate News.

Could Google crush the “portal wars” once and for all?

A key Google partner is starting to display home listing details directly in search results, prompting some industry experts and analysts to question what impact the feature could have on the traffic — and financials — of major portal players like Zillow, Realtor.com and others.

A ‘controlled experiment’: In some markets, Google’s data partner HouseCanary and its IDX site ComeHome are beginning to experiment with placing home listings at the top of Google search results, complete with basic details, price, images and a “Request a tour” button. According to HouseCanary, the company is licensed in all 50 states and in Washington, D.C., as a full-service brokerage. 

Real estate consultant and analyst Mike DelPrete was the first to report on the pilot listing initiative. 

HouseCanary offered some insight into the “controlled experiment” via an announcement on LinkedIn this week, suggesting that the company and Google “are innovating” and “pushing into new territory” with the effort.

“Before this test started, we contacted and notified every MLS in the regions included. We are working with those MLSs directly and we have active, ongoing communication with them throughout the test. If an MLS has questions or concerns, we address them directly and promptly,” the announcement reads. 

“The goal is simple: improve how consumers discover listings while staying aligned with the rules and expectations of the MLS community. We are excited about what we are building with Google, and we are equally committed to doing it the right way with the MLSs and other stakeholders. We will continue to communicate directly with the MLSs involved and respond quickly to any concerns.”

Impacts of previous search shifts: The move to incorporate home listing information into Google comes over a year after the search giant started integrating AI summaries directly into the top of search results. A July Pew Research Center study found that web users were less likely to click into other pages — such as news media and other outlets that had long depended on traffic as a metric for determining revenue — since Google incorporated AI summaries.

Some major mainstream news sites have seen traffic drop upwards of 30-40% year-over-year partially thanks to AI summaries, NPR reported in July. 

What analysts are saying: There may already be concern about what kind of impact home listing summaries on Google pages could have on the top portals. As the leader in home search, Zillow would be the site with the most to lose. At the time of publishing this story, Zillow’s share price has dropped more than 8% since the opening bell on Dec. 15. 

But some analysts say the concerns may be exaggerated.

“While we don’t expect a direct near-term impact on Zillow’s business, given that most of Zillow’s traffic is direct (e.g., Zillow.com, StreetEasy.com, mobile apps) and Google’s new product is currently limited to select markets and mobile browsers, we view this development as a long-term risk for real estate portals like Zillow,” Goldman Sachs analyst Michael Ng wrote in a recent note to clients, CNBC reports.

Piper Sandler called the concerns “overblown,” and analysts with Oppenheimer and Wells Fargo also appeared to be less concerned about immediate impacts on Zillow’s traffic and revenue. Instead, they suggest that the experiment may simply present a new opportunity for Google to generate more revenue.

Wells Fargo analyst Alec Brondolo sees “Zillow, Homes.com, Realtor.com, etc. bidding for home listing ad units rather than Google attempting to monetize directly with an ad product sold to agents,” CNBC reported. 

In a blog post, Victor Lund, managing partner of real estate consulting firm WAV Group, highlighted some issues with the pilot and suggested it could overstep existing norms and standards with the IDX protocol. 

“IDX was never designed to allow listings to be turned into paid media inventory on global ad networks. If this practice stands, it redefines IDX from a display-based cooperation agreement into an advertising license, something neither MLSs nor brokers have agreed to,” Lund wrote.

Real Estate News has reached out to HouseCanary for more details on the scope and scale of the experiment and to Zillow for comment on the new Google feature.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PTON either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The final trades of the day with CNBC's Melissa Lee and the 'Fast Money' traders.

TL;DR

Aster has launched Shield Mode as a protected trading environment embedded into Aster Perpetual, preserving its full 1001x leverage model.
The new mode limits exposure of trading intent by removing interaction with public order books while keeping on-chain settlement and zero slippage.
Shield Mode eliminates gas costs and closing fees, with upcoming options for commission-based or profit-based fees designed for professional on-chain traders.

Aster has expanded its product suite with the release of Shield Mode, a protected high-performance trading option built for advanced on-chain participants. Backed by YZi Labs, the platform continues to focus on derivatives traders who demand speed, leverage, and discretion without abandoning decentralized settlement. The update arrives as on-chain perpetual markets mature and traders seek alternatives to fully transparent execution environments.

🛡️ Introducing Shield Mode

A new protected trading mode for high-leverage perps: up to 1001x leverage, instant execution, zero slippage, no gas costs—all under one seamless interface.

What's in the shield:
✨ One-tap LONG/SHORT
✨ No public order book—your orders stay off the… pic.twitter.com/XAPCLY79Zo

— Aster (@Aster_DEX) December 15, 2025

Shield Mode integrates directly into Aster Perpetual and maintains the platform’s defining feature, access to leverage of up to 1001x. The release reflects a broader shift within decentralized finance, where infrastructure increasingly mirrors professional trading standards long associated with centralized venues.

Shield Mode And The Shift In On-Chain Trading Design
Shield Mode changes how traders open and manage positions by removing the need to place orders on a public order book. This design reduces the visibility of price levels and position sizing, which has historically exposed strategy intent in decentralized markets. Execution remains fully on-chain, preserving transparency at settlement while offering greater control at trade entry.

The platform keeps its core mechanics intact. Traders can access up to 1001x leverage on BTC and ETH, trade with zero slippage, and avoid opening fees. Shield Mode also removes closing fees and gas costs, addressing two major sources of friction for active traders. These changes improve execution efficiency and make frequent position adjustments more viable on-chain.

Earlier in mid-2025, Aster introduced Hidden Orders, allowing users to conceal order details from public view. Shield Mode builds on that release by offering a broader protected environment rather than a single order-level feature.

Fee Options And Product Integration
Aster confirmed that Shield Mode supports a flexible fee framework. Upcoming options include a commission-based structure with a fixed percentage per trade and a profit-based model where fees apply only when positions close in profit. This approach aligns trading costs with different strategies, from high-volume execution to selective directional trading.

To support adoption, all Shield Mode fees are waived through the end of the year. Incentive-led launches remain common across decentralized derivatives platforms as competition intensifies for active liquidity and experienced traders.

2 mins mins

In Brief

MoonPay launches a crypto shopping app for Solana Seeker users.
Seeker users enjoy discounts and rewards on crypto payments.
The app integrates MoonPay Commerce and Solana Pay for easy transactions.

MoonPay has launched a new shopping app for the Solana Seeker smartphone. The app allows users to shop with cryptocurrency easily. 

It offers a curated list of businesses and creators that accept crypto payments at checkout. This includes well-known brands such as Fortune Media, Pudgy Penguins, and Doodles. Users can now make payments directly through MoonPay Commerce and Solana Pay on Shopify. 

The app simplifies the crypto shopping experience, allowing Seeker users to explore merchants and make payments within a single flow. No need for extra platforms or workarounds, making it easy to use.

Exclusive Discounts and Rewards for Seeker Users
To mark the launch, merchants on the platform offer exclusive discounts and rewards. These offers are available to Seeker users who complete purchases through the MoonPay Commerce App. 

This initiative aims to drive actual use and engagement, rather than just app downloads. The Seeker phone integrates crypto functionality and decentralized apps directly into the mobile experience. 

With MoonPay Commerce embedded, users benefit from secure and seamless crypto payments. The app aims to position MoonPay as a leading crypto payment solution globally.

Impact of the Seeker Phone and MoonPay Partnership
The Solana Seeker is designed to seamlessly incorporate blockchain capabilities. It enhances mobile payments by integrating with secure hardware solutions, such as Seed Vault. 

This partnership between MoonPay and Solana Mobile demonstrates the growing trend of mobile-first crypto solutions. Solana Mobile has already shipped its second-generation Seeker smartphones, continuing to innovate within the crypto space. 

The app supports a broader goal to make crypto payments more accessible to everyday consumers. By focusing on smooth user experiences, MoonPay seeks to expand its global reach and adoption.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Invesco and Galaxy Asset Management have expanded regulated access to Solana with the launch of the Invesco Galaxy Solana ETP, which trades under the ticker QSOL. This new product joins Bitcoin and Ethereum in the ETP suite of both firms. Kathleen Wrynn, Global Head of Digital Assets at Invesco, highlighted the strategic importance of expanding crypto-linked ETPs alongside tokenization initiatives, reflecting a multi-asset digital strategy.

The institutional Solana ETP QSOL tracks Solana’s spot price using the Lukka Prime Solana Reference Rate, offering a regulated framework that aligns with institutional compliance requirements. Coinbase Custody Trust Company handles the custody of the underlying SOL. In addition to price exposure, QSOL allows for potential yield, as it stakes its holdings through Galaxy Digital Infrastructure, with rewards treated as income for the trust.

The launch occurs at a time of short-term pressure for SOL, which is trading in a defined range with support near $129–$130. Investors are watching to see if the institutional demand driven by the institutional Solana ETP is sufficient to break the $134 resistance and lift Solana out of its current range. Meanwhile, the ETP’s liquidity and tracking efficiency will be key to evaluating the long-term success of this vehicle on the Cboe BZX Exchange.

Source: https://www.prnewswire.com/news-releases/invesco-and-galaxy-expand-access-to-solana-through-the-invesco-galaxy-solana-etp-qsol-302640472.html

Disclaimer: Crypto Economy Flash News is prepared based on official and public sources verified by our editorial team. Its purpose is to quickly inform about relevant facts in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.

Filecoin slides 5% alongside major decline in broader crypto marketFIL dropped to $1.24 as the technical breakdown accelerated on heavy volume, 380% above average. Dec 15, 2025, 9:17 p.m.

Filecoin FIL$1.2470 broke through critical technical support on Monday, with the token dropping 5.1% to $1.24 as a massive volume surge signaled institutional selling pressure, according to CoinDesk Research's technical analysis model.

The broader crypto market fell sharply as well, with bitcoin registering a 3.5% decline and the CoinDesk 20 4.4%.

STORY CONTINUES BELOW

Trading volume exploded to 11.74 million tokens, nearly 400% above normal levels, as bears overwhelmed buyers at the $1.25 support zone, according to the model.

The model showed that the selling accelerated in recent hours, with three consecutive lower lows confirming the technical structure collapse.

The breakdown opens the door to deeper losses toward $1.23, with resistance now cemented at $1.25 former support.

Technical Analysis:

Primary resistance cemented at $1.35 following failed recovery attemptsCritical support breach confirmed at $1.245 Next major demand zone targets $1.23-1.235 range based on prior structureAscending trend support failure opens door to deeper retracement levelsExceptional volume surge of 380% above average confirms breakdown validityHigh-volume breakdown suggests institutional participation rather than retail sellingKey resistance for any relief rally: $1.25 former support levelDisclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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Bitcoin slides to $86,000 as slower rate cut risk, AI stock woes shake markets

57 minutes ago

Crypto-related stocks suffered far deeper declines as bitcoin slumped well below its recent trading range.

What to know:

Bitcoin and major altcoins fell further throughout U.S. trading hours as macro uncertainty continued to pressure risk assets.Many crypto-related stocks, including leaders Coinbase and Strategy, posted deeper slumps than crypto itself.Wintermute's Jasper De Maere suggested the decline is and should remain orderly.Read full story

In brief
The UK Supreme Court refused a $13 billion appeal on behalf of Bitcoin Satoshi Vision (BSV) investors.
The appeal alleged that BSV holders were harmed by exchanges delisting the token, impacting its price immediately and its potential growth.
BSV has fallen more than 96% from its all-time high in 2021.
An appeal from Bitcoin ​​Satoshi Vision (BSV) investors in a case seeking more than $13 billion in damages from prominent crypto exchanges was rejected by the UK Supreme Court last week. 

The appeal stems from losses that mounted in the BSV token following its delisting by major crypto exchanges like Binance and Kraken in 2019. The latest proceedings and permission to appeal fell to three court justices who ultimately refused the appeal, as spotted by Protos.

“The application does not raise an arguable point of law or a point of law of general public importance,” justices Lord Hodge, Lord Sales, and Lady Rose concluded. 

The appellants—BSV Claims Limited—alleged that token holders suffered from “immediate and persistent effect” and “the forgone growth effect,” which pertain to the coin’s immediate fall in value following the delisting and the stunted potential growth as a result of the delisting.

BSV was launched in 2018 in an attempt to “restore” the original vision of pseudonymous Bitcoin creator Satoshi Nakamoto. It was created as a hard fork of Bitcoin Cash—which is also a fork of Bitcoin. Neither coin is worth anywhere near as much as Bitcoin (BTC).

In July 2024, the UK’s Competition Appeal Tribunal struck out the appellants’ claim on the “forgone growth effect,” dismissing an assumption that BSV would have ultimately grown to match the same value as Bitcoin itself.

In May, the appellants attempted to revive the claim, but it was dismissed once more, affirming the 2024 ruling under the “market mitigation rule,” which requires claimants to take reasonable steps to reduce their losses when functioning markets are available. 

In other words, BSV investors should have attempted to mitigate their losses when it became apparent the token was being delisted by exchanges. 

BSV has plummeted more than 96% from its 2021 all-time high of $489.75, recently changing hands at $18.37. Last year, it fell sharply amid news that a UK court ruled that Craig Wright, the creator of BSV, was not in fact the pseudonymous Bitcoin creator Satoshi Nakamoto, as he had claimed. 

Coinbase fully disabled support for BSV in 2021 after the network suffered a “51% attack” and became unstable.

While BSV has seen a downward price trajectory over the last few years, Bitcoin has continued to rise and set new peak prices in the time since, most recently setting a new high above $126,000 in October. Bitcoin was recently trading for $85,873, down 32% from that peak.

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Bitcoin slides to $86,000 as slower rate cut risk, AI stock woes shake marketsCrypto-related stocks suffered far deeper declines as bitcoin slumped well below its recent trading range. Dec 15, 2025, 9:34 p.m.

Pain for crypto bulls persisted on Monday as bitcoin BTC$86,038.64 remained sharply lower during U.S. afternoon trading amid growing investor uncertainty surrounding the macroeconomic outlook.

Just after the close of U.S. stock trading, bitcoin was lower by 3% over the past 24 hours to $86,000. XRP$1.8881, ether ETH$2,941.92 and solana SOL$126.40 all fell more than 5%. Most crypto stocks showed deeper losses, with Circle (CRCL), Galaxy Digital (GLXY) and Strategy (MSTR) falling more than 8% and Coinbase (COIN) shedding 6.4% on Monday. Meanwhile, some stocks fared relatively better amid the carnage, including Bullish (BLSH), which saw a 2.5% loss, and eToro (ETOR), down 3.7%.

STORY CONTINUES BELOW

The decline in crypto comes as traditional markets are only modestly lower, the Nasdaq closing down 0.6% and the S&P 500 fell 0.15%. AI-linked stocks, such as Broadcom and Oracle, however, continue to reel from soft earnings results last week. This sentiment has punished the bitcoin miners, many of whom have seen significant benefits from shifting their business plans to AI infrastructure. Hut 8 (HUT), CleanSpark (CLSK), Cipher Mining (CIFR) and IREN (IREN) are all sporting double-digit percentage drops on Monday.

Deciphering the declineCrypto trading firm Wintermute pointed to signs of fatigue across risk assets, noting that both equities and digital tokens are “digesting macro uncertainty rather than entering a sustained risk-off phase.”

While bitcoin had been trading between $88,000 and $92,000 for over two weeks, it's now fallen below $86,000, raising questions about whether further downside is likely. “Without evidence of forced selling or a sustained deterioration in liquidity, downside moves are more likely to remain orderly rather than disorderly,” Jasper De Maere, desk strategist at Wintermute, wrote in a Monday note.

One key factor weighing on markets is last week’s Federal Reserve meeting, which delivered a widely expected 25 basis point cut. But forward guidance turned sharply cautious, said De Maere, with the Fed’s new projections showing just one rate cut in all of 2026, a slower pace than many investors had priced in. Markets continue to expect closer to three cuts next year, leaving a gap between investor positioning and central bank signaling.

This mismatch between inflation data and policy expectations is creating a choppy environment for risk assets, he added, especially given the Bank of Japan’s expected rate hike this week and its plans to unwind more than $500 billion in ETF holdings, which have stirred concerns around global liquidity and the yen carry trade.

'Selective dip-buying'Going forward, De Maere expects choppy, range-bound trading to continue into early 2026, with no clear trend emerging until more clarity is provided on growth, liquidity, and policy. He noted that macro concerns have dominated markets for months, but there may be room for bottom-up narratives to re-emerge soon, such as developments in U.S. crypto regulation.

He doesn’t see signs of forced selling in crypto, meaning any drawdowns could remain orderly, barring a shock. “Until then, expect wider ranges, choppy price action, and selective dip-buying, rather than a clean trend,” he wrote.

Analysts at Bitfinex are somewhat in agreement, arguing that the nature of bitcoin's market structure has fundamentally changed and the famous "four-year cycle" is no longer the dominant driver of price action.

"With annual BTC issuance now below 1%, the halving’s influence has diminished," Bitfinex analysts wrote in a Monday report. "Drawdowns since 2024 have been materially shallower, as structural inflows from ETFs, corporates, and sovereign-linked entities have absorbed multiples of the annual mined supply."

They argued that bitcoin is now transitioning to a new phase: one dominated by long-term, patient capital and lower volatility, more akin to gold.

The analysts also noted a historical correlation between gold and bitcoin, pointing out that BTC often lags gold rallies by 100–150 trading days. With gold having rallied sharply in 2025, they said bitcoin may be poised to follow in the coming months, after a consolidation phase.

Paul Howard, senior director at trading firm Wincent, also projected a more constructive outlook for 2026, but he cautioned against expecting fireworks anytime soon.

"The regulatory changes of 2025 coupled with loosening monetary policy set a good foundation for the ongoing development of the crypto asset class," Howard said. "But I don't expect BTC to be printing any new all-time highs this side of Easter."

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Filecoin slides 5% alongside major decline in broader crypto market

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FIL dropped to $1.24 as the technical breakdown accelerated on heavy volume, 380% above average.

What to know:

FIL declined sharply as crypto markets fell across the board on Monday.Volume surged to 11.7 million during the decisive breakdownTechnical momentum accelerated downward with three consecutive lower lows confirmed.Read full story