Market Signal Briefing

Key Takeaways ONDS ended Q3 with strong liquidity, including $840.4M in pro forma cash.Cash supports expansion in autonomous systems and fuels multiple recent acquisitions.OAS revenues jumped to $10M with a $22.2M backlog, signaling sustained demand momentum.
Ondas Holdings ((ONDS - Free Report) ) closed the third quarter of 2025 with a robust balance sheet. As of Sept. 30, 2025, Ondas had $433.4 million in cash, cash equivalents and restricted cash, and has raised $855 million since June to support its aggressive expansion plans. After adjusting for $407 million in net proceeds from an Oct. 7 equity raise and cash used for operations and M&A, ONDS’ pro forma cash balance reached $840.4 million, with stockholders' equity rising to $894 million.

This level of cash pile is nearly unmatched for a company of Ondas’ size and positions it strongly as it expands the defense and autonomous systems operations. The autonomous and unmanned systems, defense and security markets, according to management, are now at an “inflection point,” shifting from technology development to widespread platform adoption. Management noted that access to “low-cost capital” allows ONDS to “move decisively, scale efficiently and lead confidently” across these fast-growing verticals.

ONDS is deploying significant funds to boost the performance of the Ondas Autonomous Systems (“OAS”) unit, its fastest-growing business unit, which delivered $10 million of revenues in the third quarter, up from just $1 million in the year-ago quarter. The OAS had a backlog of $22.2 million at the end of the third quarter, driven by strong demand trends for Optimus and Iron Drone systems. Consolidated backlog stood at $23.3 million, and it reached $40 million, including acquisitions. ONDS noted that the customer pipeline remains strong and expects to end 2025 with further backlog expansion.

With ample cash, ONDS has resorted to aggressive M&A that expands its multi-domain capabilities like unmanned ground systems, robotics and fiber optic communications, subsurface intelligence and demining robotics. In the past few months, it has acquired Sentrycs, Apeiro Motion, Zickel, among others and recently announced an agreement to buy Roboteam, which specializes in multi-mission tactical ground robotics.

Image Source: Zacks Investment Research

Another major initiative funded through this capital is Ondas Capital, launched in September. This new business division is solely focused on boosting the deployment of unmanned/autonomous systems to Allied defense and security markets.

However, challenges remain. Increasingly crowded drone space and ballooning operating expenses as it builds leadership teams and infrastructure to support growth pose concerns for ONDS. The challenge ahead will be converting this financial strength into operational performance and profitability expansion.

Financial Resources for Other Drone CompaniesDraganfly ((DPRO - Free Report) ) is a Canada-based drone solutions and systems developer. It has 5-plus drone systems that are all NDAA-compliant. As the United States and NATO aggressively eliminate non-compliant Chinese systems from critical infrastructure, this compliance advantage becomes a moat. The company’s cash balance at the end of the third quarter of 2025 was C$69.9 million with minimal debt. Total assets also jumped to C$77 million due to higher cash.

On the earnings call, management noted that it was “burning about $1.5 million a month” and there was no “acute” requirement to raise cash. It is focused on acquisitions, but not necessarily around technology/products, but more focused on the people, added DPRO.

Unusual Machines ((UMAC - Free Report) ) is well-positioned within the evolving drone industry through its focus on manufacturing and selling (through B2B sales and a curated retail channel) small drones and essential components. The FPV segment is UMAC’s core operational area within the drone industry. At the end of the third quarter of 2025, UMAC had a cash balance of $64.3 million, which included a $48.5 million equity raise in July. It again raised an additional $72 million in gross proceeds from the ATM at $15.46/share and cash in hand swelled to $130 million.

UMAC held $16.8 million in short-term investments as of Sept. 30. Management noted that though the company had a profitable quarter, it was not cash flow positive. UMAC targets to sustain positive cash flow, and expects $30 million in annual revenues to reach there, which it expects in the latter half of 2026.

ONDS Price Performance, Valuation and EstimatesShares of ONDS have jumped 55.4% in the past three months against the Communication-Network software industry’s decline of 8.4%.

Image Source: Zacks Investment Research

In terms of the forward 12-month price/sales ratio, ONDS’ shares are trading at 29.26X, higher than the industry’s 2.04X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for ONDS earnings for 2025 has been revised 9.4% upwards over the past 60 days.

Image Source: Zacks Investment Research

ONDS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Rivian’s new R2 SUV could be the catalyst to drive Rivian stock higher.

Getty Images for It's Good x Rivian

Recall Tesla (NASDAQ:TSLA) before the Model 3 and Model Y? It was a high-end, relatively niche brand. The Model S and X, priced over $80,000, couldn't achieve the necessary scale. Then, the revolutionary Model 3 arrived, lowering the price point, unlocking significant volume, and launching Tesla into becoming the dominant force in the EV market.

Now, let’s introduce Rivian (NASDAQ:RIVN). The company is at a critical threshold, similar to where Tesla found itself. Although its R1T pickup and R1S SUV have received high praise for their quality and utility, they belong to a high-price niche. The enormous uncertainty—and potential opportunity—hinges on one model: Can the forthcoming $45,000 R2 mass-market SUV effectively follow the ‘Tesla Playbook’ and possibly double the company’s value?

Is owning RIVN stock precarious? Certainly. High Quality Portfolio helps reduce that risk.

The Tesla Playbook: Scaling To ThriveRivian’s offerings have been well-received, and the company has effectively figured out the blueprint for the EV pickup—an area where Tesla’s Cybertruck has so far generated more excitement than actual success. The long-term positive scenario relies on Rivian's capacity to grow beyond its niche premium vehicles and broaden its market reach. Currently, Rivian markets vehicles that retail for $70,000 and above.That represents a minuscule market.

The Model 3/Y Parallel: Prior to the Model 3, Tesla appeared as a luxury item for the affluent with the X and S models. The Model 3 reduced the cost to around $40k, enabling Tesla to sell millions rather than just thousands of vehicles.Rivian’s Pivot: The R2 is aiming for a $45,000 starting price. This transition shifts Rivian from competing with Range Rovers to competing with the Toyota RAV4, Honda CR-V, and Tesla Model Y—the largest vehicle category in the world.Survival: Rivian cannot continue existing solely by selling pricey trucks. They require the considerable revenue generated by the R2 to cover their fixed costs (such as factories and R&D).Rivian Has An Edge Over The Model The Tesla Model Y is presently the best-selling vehicle globally, yet it has drawbacks: including its “jelly bean” design and off-road performance.Differentiation: The R2 is being designed as the “Rugged Alternative.” It has a boxy, sturdy appearance, reminiscent of a traditional SUV (think mini-Land Rover)Smarter Manufacturing: Avoiding “Production Hell”This is the area of risk. Tesla nearly faced bankruptcy while attempting to manufacture the Model 3 due to over-automating too swiftly. Rivian seems to be learning from some of Tesla's errors.

Simpler Design: The R1 (the current truck) is over-engineered and costly to produce. The R2 adopts “Zonal Architecture,” which significantly diminishes wiring and the need for computer chips, thereby making the vehicle cheaper and quicker to assemble.Structural Battery: The battery pack is the vehicle's floor. This innovation reduces components and weight, a strategy Tesla was the first to implement to cut costs. These fundamental technological advancements render the vehicle lighter, less expensive to manufacture, and more easily updated via software.The Factory Strategy: Rivian initially intended to construct a large new factory in Georgia for the R2. To conserve cash (and mitigate risk), they have halted plans for Georgia and opted to commence R2 production in their existing Illinois facility.This cautious decision saves them $2.25 billion right away.The Path To A 2x Stock UpsideMass-Market Revenue Scale: Though short-term growth may be slower (with a consensus of 8% for FY’25), the introduction of the R2 platform is anticipated to awaken sales. Consensus forecasts a sales growth of approximately 28% in the upcoming year. If growth reaches 35% annually after 2026, revenue could ascend to approximately $13 billion by 2028.Margins Improvement: By leveraging the partnership with Volkswagen to cut costs, Rivian is aiming for a Bill of Materials (BOM) of only $32,000 per R2 vehicle. This, in conjunction with overhead reductions, is pivotal for achieving healthier gross margins. By 2028, enhanced factory utilization and improved fixed-cost absorption might elevate adjusted net margins to 10%. On $13 billion in revenue, this would result in $1.3 billion in Net Income (comparable to Tesla's profitability profile during its consolidation period).The Valuation Multiple: Even applying a conservative 30x P/E multiple (a small fraction of Tesla’s approximately 260x), the $1.3 billion in earnings would suggest a $40 billion market cap. This valuation implies around a 2x upside from current levels.The Trefis High Quality (HQ) Portfolio, featuring a selection of 30 stocks, has a history of consistently outperforming its benchmark, which encompasses all three indices: the S&P 500, S&P mid-cap, and Russell 2000. What accounts for this? As a collective, HQ Portfolio stocks have delivered superior returns with lower risk compared to the benchmark index, providing a smoother experience, as illustrated in HQ Portfolio performance metrics.

ATHENS, Greece, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Stone Shipping Ltd, for one of its Ultramax dry bulk vessels, the m/v DSI Pollux. The gross charter rate is US$14,750, minus a 5.00% commission paid to third parties, for a period until minimum January 1, 2027 up to maximum February 28, 2027. The charter is expected to commence on December 8, 2025. The m/v DSI Pollux is currently chartered to Bunge SA, Geneva, at a gross charter rate of US$14,000 per day, minus a 5.00% commission paid to third parties.

The “DSI Pollux” is a 60,446 dwt Ultramax bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Western Bulk Carriers AS, for one of its Ultramax dry bulk vessels, the m/v DSI Andromeda. The gross charter rate is US$14,600, minus a 5.00% commission paid to third parties, for a period until minimum April 1, 2027 up to maximum May 31, 2027. The charter is expected to commence on December 7, 2025. The m/v DSI Andromeda was chartered, as previously announced, to Cargill Ocean Transportation (Singapore) Pte. Ltd., at a gross charter rate of US$14,000 per day, minus a 4.75% commission paid to third parties.

The “DSI Andromeda” is a 60,309 dwt Ultramax bulk vessel built in 2016.

The employments of “DSI Pollux” and “DSI Andromeda” are anticipated to generate a total of approximately US$12.60 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax and 9 Ultramax). The Company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 12.03 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute part of this press release.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Corporate Contact:
Ioannis Zafirakis 
Director, Co-Chief Financial Officer, 
Chief Strategy Officer, 
Treasurer and Secretary 
Telephone: + 30-210-9470-100 
Email:

[email protected] Website:

www.dianashippinginc.com X: @Dianaship

                                 Investor Relations/Media Contact:
Nicolas Bornozis / Daniela Guerrero 
Capital Link, Inc. 
230 Park Avenue, Suite 1540 
New York, N.Y. 10169 
Tel.: (212) 661-7566 
Email:

[email protected]

About Angela Harmantas
Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. She earned a Bachelor of... Read more

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December 04, 2025 9:25 AM EST | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2025) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that it has closed the brokered private placement previously announced by the Company on November 13, 2025, as upsized on November 14, 2025, for aggregate gross proceeds to the Company of C$7,500,000.74 (the "Offering"). The Offering was completed through a syndicate of agents, led by Haywood Securities Inc. and including Velocity Capital Partners and CIBC Capital Markets (collectively, the "Agents").

Cosa's largest shareholder, Denison Mines Corp. (TSX: DML) (NYSE American: DNN) ("Denison"), participated in the Offering pursuant to its rights under the investor rights agreement between Denison and the Company dated January 14, 2025 (the "Investor Rights Agreement"). With closing of the Offering, Denison now owns 18.59% of Cosa on a partially-diluted basis. Denison is a leading Athabasca Basin-focused uranium mining, development, and exploration company with a market capitalization of approximately C$3 billion. Denison's current focus is advancing the development-stage Wheeler River project, which represents one of the largest undeveloped uranium mining projects in the infrastructure rich eastern portion of the Athabasca Basin.

Pursuant to the Offering, the Company issued: (i) 11,538,462 hard dollar units of the Company (the "Units") at a price of C$0.26 per Unit (the "Unit Issue Price"); (ii) 7,537,690 charity flow-through units of the Company (the "Charity FT Units") at a price of C$0.398 per Charity FT Unit; and (iii) 5,000,000 flow-through common shares of the Company (the "FT Shares", and together with the Units and Charity FT Units, the "Offered Securities") at a price of C$0.30 per FT Share.

Each FT Share qualifies as a "flow-through share" within the meaning of the Income Tax Act (Canada) and will qualify as an "eligible flow-through share" as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan). Each Unit consists of one common share of the Company (a "Unit Share") plus one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit consists of one FT Share plus one-half of one Warrant. Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") at an exercise price of C$0.37 until December 4, 2027.

The Company will use the net proceeds from the sale of Units to fund exploration and for additional working capital purposes. The gross proceeds from the sale of Charity FT Units and FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada), and to incur "eligible flow-through mining expenditures" pursuant to The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the "Qualifying Expenditures") related to the Company's uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units and FT Shares effective December 31, 2025.

In consideration for the services provided by the Agents in connection with the Offering, on closing the Company: (i) paid to the Agents a cash commission equal to 5.0% of the gross proceeds of the Offering, other than in respect of Offered Securities issued to certain purchasers on a president's list agreed upon by the Company and the Agents (the "President's List"), in which case the commission in respect of such issuance was equal to 3.0%; and (ii) issued compensation options of the Company (the "Compensation Options") to the Agents to acquire that number of common shares in the capital of the Company (each a "Compensation Option Share") which is equal to 6.0% of the number of Offered Securities sold under the Offering, other than in respect of Offered Securities issued to purchasers on the President's List, in which case the Company did not issue any Compensation Options. Each Compensation Option entitles the holder to acquire one Compensation Option Share until December 4, 2027, at an exercise price of C$0.26.

The Offered Securities are subject to a hold period expiring on April 5, 2026.

Certain directors and officers of the Company, Denison, and certain officers of Denison subscribed for an aggregate of 2,607,692 Units and 616,669 FT Shares for gross proceeds of C$863,000.62 under the Offering. Participation by these insiders of the Company in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of these securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the Shares are listed on the TSX Venture Exchange. The issuance of these securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than C$2,500,000.

Denison will be filing an early warning report, under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in respect of the acquisition by Denison of 2,307,692 Units on closing of the Offering. Prior to the issuance of the Units by Cosa, Denison held 16,723,172 Shares and 1,263,833 common share purchase warrants, representing 19.95% of Cosa on a partially-diluted basis. Immediately after giving effect to the Offering, Denison had beneficial ownership of, or control and direction over, 19,030,864 Shares, representing 16.85% of the issued and outstanding Shares of Cosa as of the date hereof and 2,417,679 common share purchase warrants, representing 9.81% of the warrants issued and outstanding after the Offering. The Units were acquired by Denison for investment purposes. Denison intends to review, on a continuous basis, various factors related to its investment in Cosa, and may decide to acquire or dispose of additional securities of Cosa as future circumstances may dictate, including pursuant to the exercise of warrants, the terms of the Acquisition Agreement between Denison and Cosa dated November 26, 2024 and/or its pre-emptive rights under the Investor Rights Agreement. Further information is available in Cosa's press release dated January 14, 2025, in the early warning report to be filed by Denison under Cosa's profile on SEDAR+ or by contacting Denison:

Geoff Smith, Vice President Corporate Development & Commercial
Denison Mines Corp.
[email protected]
Suite 1100 - 40 University, Toronto, Ontario M5J 1T1

The Offered securities described in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any United States state securities laws, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons absent registration or an exemption from registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, not in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

The terms "Unites States" and "U.S. person" used herein are as defined in Regulation S under the U.S. Securities Act.

About Cosa Resources Corp.

Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple underexplored 100% owned and Cosa-operated joint venture projects in the Athabasca Basin region, the majority of which reside within or adjacent to established uranium corridors.

In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines that has secured Cosa access into several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.

Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the Hurricane uranium deposit. Cosa personnel led teams or had integral roles in the discovery of Denison's Gryphon deposit and 92 Energy's GMZ zone and held key roles in the founding of both NexGen and IsoEnergy.

The Company's focus throughout 2026 is drilling at the Darby and Murphy Lake North projects in the eastern Athabasca Basin. Both projects are operated by Cosa and are 70/30 joint ventures between Cosa and Denison respectively. Drilling at Darby is planned to test priority targets identified by thorough review of historical data and drill core and will target areas with anomalous uranium, clay alteration, and historical mineralization intersected nearby. Drilling at Murphy Lake North will follow up 2025 drilling which intersected broad zones of structurally controlled alteration over roughly 2 kilometres of strike length.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Cosa expects or anticipates will or may occur in the future including the final approval of the Offering by the TSX Venture Exchange, the proposed use of proceeds of the Offering and the tax treatment of the Charity FT Units and FT Shares.

Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner.

These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the future tax treatment of the Charity FT Units and FT Shares, competitive risks and the availability of financing; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276923

Key Takeaways Salesforce shares gained after Q3 earnings beat expectations and revenues rose 10% year over year.CRM saw broad strength across renamed Agentforce segments, led by 19.5% growth in the 360 Platform.Salesforce raised FY26 guidance, projecting up to $41.55B in revenues and higher non-GAAP EPS and cash flow.
Salesforce, Inc. (CRM - Free Report) shares gained 2.1% during Wednesday’s extended trading session after the company reported better-than-expected bottom-line results for the third quarter of fiscal 2026 and raised guidance for the full fiscal.

Salesforce reported third-quarter fiscal 2026 non-GAAP earnings of $3.25 per share, which beat the Zacks Consensus Estimate by 14.04%. The bottom line improved 34.9% year over year.

Salesforce’s fiscal third-quarter revenues of $10.3 billion match the Zacks Consensus Estimate and increased 10% year over year. The growth in top and bottom lines reflected the benefits of CRM’s go-to-market strategy and sustained focus on customer success. The initiatives to integrate generative artificial intelligence (AI) into its offerings also boosted demand for Salesforce’s solutions during the reported quarter.

Salesforce’s Q3 Performance in DetailComing to CRM’s business segments, revenues from Subscription and Support (95% of total revenues) increased 9.5% year over year to $9.73 billion. Professional Services and Other (5% of total sales) revenues declined 5.7% to $533 million.

In the third quarter of fiscal 2026, Salesforce renamed its service offerings under the Subscription and Support segment to reference Agentforce. There were no changes in the allocation of revenues between these service offerings coming from this change. The renamed offerings are now called Agentforce Sales, Agentforce Service, Agentforce 360 Platform, Slack and Other, Agentforce Marketing and Agentforce Commerce, and Agentforce Integration and Agentforce Analytics.

Agentforce Sales revenues grew 8.4% year over year to $2.3 billion. Revenues from Agentforce Service increased 9% to $2.5 billion. Agentforce 360 Platform, Slack and Other revenues rose 19.5% to $2.18 billion. Agentforce Marketing and Agentforce Commerce were up 2% to $1.36 billion. The Agentforce Integration and Agentforce Analytics division recorded 6.1% year-over-year growth to $1.39 billion.

Revenues from the Americas (65% of total revenues) increased 8% year over year to $6.7 billion. Sales in EMEA (24%) grew 7% to $2.5 billion, while the Asia Pacific (11%) region’s revenues rose 11% to $1.1 billion.

Non-GAAP operating income was $3.64 billion, up 16.5% from the year-ago quarter’s $3.12 billion. Moreover, the non-GAAP operating margin expanded 240 bps to 35.5%.

Salesforce’s Balance Sheet & Other DetailsSalesforce exited the fiscal third quarter with cash, cash equivalents and marketable securities of $11.32 billion, down from $15.37 billion at the end of the previous quarter. CRM generated an operating cash flow of $2.3 billion and a free cash flow of $2.2 billion.

As of Oct. 31, the current remaining performance obligation (cRPO) was $29.4 billion, up 11% year over year. The company returned $4.2 billion to shareholders, including $3.8 billion in share repurchases and $395 million in dividends.

Salesforce Updates Guidance for FY26Buoyed by stronger-than-expected third-quarter performance, Salesforce raised its revenue guidance for fiscal 2026. For fiscal 2026, Salesforce now expects revenues in the range of $41.45-$41.55 billion, up 9-10% year over year compared with the prior guidance of $41.1-$41.3 billion. The Zacks Consensus Estimate for revenues is currently pegged at $41.21 billion.

Subscription and Support revenues are now expected to increase slightly below 10%, instead of the 9.5% growth expected earlier. The company now anticipates fiscal 2026 non-GAAP earnings per share in the range of $11.75-$11.77, slightly higher than the previous forecast of $11.33-$11.37. The Zacks Consensus Estimate for non-GAAP earnings is currently pegged at $11.36.

Non-GAAP operating margin is projected to expand to 34.1%, while GAAP operating margin is expected to be 20.3%. Salesforce raised its forecast for operating cash flow growth to 13-14% year over year from the previous guidance of 12-13%. The company expects free cash flow growth to be in the range of 13-14% year over year, up from the previous guidance of 12-13%.

Salesforce initiated guidance for the fourth quarter of fiscal 2026. It projects total sales between $11.13 billion and $11.23 billion, which indicates 11-12% growth from the year-ago level. The Zacks Consensus Estimate for revenues is currently pegged at $10.89 billion.

The company expects non-GAAP earnings per share in the band of $3.02-$3.04, while GAAP EPS is anticipated to be between $1.47 and $1.49. The cRPO growth is projected to be approximately 15% year over year. The Zacks Consensus Estimate for non-GAAP earnings is currently pegged at $3.01.

Salesforce’s Zacks Rank and Stocks to ConsiderCurrently, CRM carries a Zacks Rank #3 (Hold).

PROS Holdings (PRO - Free Report) , Blackbaud (BLKB - Free Report) and Open Text (OTEX - Free Report) are some better-ranked stocks that investors can consider from the Zacks Computer – Software industry. PROS Holdings, Blackbaud and Open Text each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for PROS Holdings’ 2025 earnings has been revised upward by a penny to 67 cents per share over the past 60 days and suggests a year-over-year increase of 63.4%. PROS Holdings shares have risen 5.8% year to date.

The Zacks Consensus Estimate for Blackbaud’s 2025 earnings has been revised upward by a penny to $4.41 per share in the past 60 days, calling for a year-over-year rise of 8.4%. Blackbaud shares have plunged 16.5% year to date.

The Zacks Consensus Estimate for Open Text’s fiscal 2026 earnings has moved northward by 6 cents to $4.21 per share over the past 30 days and implies a year-over-year increase of 10.2%. Open Text shares have jumped 17.9% year to date.

December 4, 2025 – TheNewswire - British Columbia – Cameo Resources Inc. (CSE: MEO , FSE: Z88) (“ Cameo ” or the “ Company ”) is pleased to announce that it has completed the field data collection from its initial Induced Polarization(“ IP ”) geophysical survey previously announced October 8, 2025. The Company engaged HETAMIS Mineral Services Limited (“ HETAMIS ”) to conduct the IP survey over its 100% owned, 19.58 square kilometer, Katoro Gold Property (“ Katoro ” or the “ Property ”), located in the Geita region of the Lake Victoria Goldfields of Tanzania .   Highlights of the IP Survey :

Ethereum’s largest buyers keep adding to their ETH stacks even as the dollar value of those purchases shrinks. On-chain flows and DAT demand still absorb more supply than the market creates, while a fresh RSI breakout suggests momentum may soon spill into price.

Bitmine’s ETH Buys Slow in Dollar Terms as Monthly Totals Drop SharplyBitmine keeps increasing its Ethereum holdings, yet the value of those purchases shows a clear downward trend. The latest chart shared by Maartunn illustrates steady hourly inflows into the treasury while the broader market downturn reduces their dollar impact. As prices eased from mid-November, each tranche of accumulated ETH translated into a smaller monthly total.

Bitmine Ethereum Treasury Inflows. Source: CryptoQuant / X

The decline becomes evident when comparing recent figures. July saw Bitmine add about 2.6 billion dollars’ worth of Ethereum. August then peaked near 4.3 billion dollars, marking the strongest month in the period. However, the momentum reversed in September with 3.4 billion dollars, followed by 2.3 billion dollars in October. By November, the monthly value fell to just 892 million dollars, even though Bitmine continued buying consistently.

These numbers show that Bitmine’s accumulation strategy has not changed, but market conditions have. As ETH prices moved lower, the same inflow volumes produced smaller valuations. Therefore, the firm’s rising on-chain balances now contrast with the sharp slide in monthly dollar totals, signaling how price pressure has reshaped the scale of its treasury expansion.

ETH DAT Buying Outpaces New Supply Even as Monthly Totals DeclineMoreover, ETH demand from DAT structures remains strong, yet the latest figures show a steady drop in monthly purchase volumes. The chart shared by Max Shannon highlights that DATs continue to provide a structural bid for Ethereum, though the scale of that support has weakened since the summer peak.

ETH Purchases vs Net New Supply. Source: Bitwise / X

In July, DATs absorbed about 1.24 million ETH while net new supply held near 80,000 ETH. August marked the high point with roughly 1.97 million ETH purchased, again far above the modest monthly issuance. After that surge, buying slowed. September recorded around 1.06 million ETH, followed by 670,000 ETH in October. By November, purchases slipped to roughly 370,000 ETH even as net new supply stayed anchored at about 80,000 ETH each month.

This pattern shows that DAT demand still exceeds Ethereum’s new supply by a wide margin. However, the progressive decline in monthly inflows underscores how the pace of accumulation has cooled since late summer, leaving a narrower cushion between buyer demand and circulating issuance.

Analyst Flags Ethereum RSI Breakout as Price Compresses Near SupportMeanwhile, Ethereum chart from trader Merlijn shows momentum indicators turning higher even as price trades inside a tight triangle. On the two-day ETH/USD view, candles cluster just above horizontal support while a descending trendline caps recent highs, forming a compression zone.

Ethereum RSI Breakout Signal. Source: Merlijn The Trader

At the same time, the relative strength index has already broken its own downward resistance, hinting that buying pressure may be returning ahead of price. Merlijn wrote that “momentum leads, price follows” and pointed to 3,400 dollars as the next upside level if the breakout extends. He added that “the move is brewing,” urging market watchers to monitor Ethereum closely as it approaches the apex of the current pattern.

On December 4, 2025, Axelar, through its research division Interop Labs, unveiled AgentFlux, an innovative tool designed to bring AI-driven automation to blockchain environments without relying on external cloud services. This breakthrough offers financial institutions an opportunity to implement intelligent automation securely, safeguarding sensitive data.

AgentFlux addresses a critical need for financial services: the ability to harness the power of artificial intelligence while keeping data privacy intact. Traditionally, deploying AI systems involves utilizing external cloud infrastructure, which raises concerns about data security and compliance with privacy regulations. By offering an on-chain solution, AgentFlux eliminates the need for data to leave the secure blockchain environment, mitigating the risk of exposure to external threats.

Axelar’s initiative comes at a time when the financial sector is increasingly adopting AI technologies to enhance efficiency and decision-making. As institutions face pressure to innovate, they seek tools that not only streamline operations but also adhere to stringent security standards. AgentFlux provides a solution by integrating AI capabilities directly within blockchain frameworks, maintaining data integrity and confidentiality.

The financial industry has historically been cautious about adopting new technologies due to regulatory requirements and the potential for data breaches. The introduction of AgentFlux represents a significant step forward, allowing firms to automate complex processes such as transaction monitoring, risk assessment, and customer service. By embedding AI functionalities within the blockchain, financial institutions can achieve real-time data processing and analysis without compromising security.

One of the defining features of AgentFlux is its ability to operate independently from cloud-based systems. Traditional AI deployments often rely on cloud providers, which can become points of vulnerability. By keeping operations on-chain, AgentFlux ensures that data remains within the secure confines of the blockchain, reducing the risk of unauthorized access and data leaks.

Beyond security, AgentFlux offers financial firms a new level of transparency and accountability. Blockchain’s immutable ledger provides a clear audit trail for all automated processes, enhancing trust among stakeholders. This transparency is crucial in a sector where compliance and regulatory oversight are paramount. By enabling observable, traceable AI operations, AgentFlux supports institutions in meeting regulatory demands while leveraging advanced technology.

The integration of AI into blockchain systems is not without challenges. One potential risk is the computational intensity of AI operations, which can strain blockchain resources. However, Axelar’s solution is designed to optimize performance, balancing the demands of AI processing with the need for efficient blockchain operations. By implementing advanced algorithms and optimization techniques, AgentFlux aims to deliver robust performance without overburdening the system.

AgentFlux’s development reflects a broader trend in the convergence of AI and blockchain technologies. As industries seek to harness the power of both, the potential applications extend beyond finance. Healthcare, logistics, and supply chain management are also exploring on-chain AI to enhance operations and improve outcomes. The introduction of AgentFlux positions Axelar at the forefront of this technological fusion, offering a blueprint for other sectors to follow.

Historically, the financial industry has been a pioneer in adopting digital innovations, from online banking to algorithmic trading. The introduction of AgentFlux aligns with this trajectory, offering a new tool to navigate the complexities of modern financial operations. By providing a secure, on-chain AI solution, Axelar is tapping into the growing demand for smarter, more efficient ways to manage financial data.

The implications of AgentFlux extend to global financial markets, where cross-border transactions and international regulations add layers of complexity. By facilitating secure, automated processes within blockchain networks, the platform enables seamless, compliant transactions across jurisdictions. This capability is particularly relevant as global markets become more interconnected and regulatory frameworks evolve to address new technological advancements.

Despite its potential, the deployment of AgentFlux requires careful consideration of existing infrastructure and integration capabilities. Financial institutions must evaluate their current systems to determine compatibility with on-chain AI solutions. Moreover, while AgentFlux promises enhanced security, institutions must remain vigilant against emerging threats and continually assess the robustness of their overall cybersecurity strategies.

In summary, the launch of AgentFlux by Axelar marks a significant milestone in the integration of AI and blockchain technologies, providing financial firms with a secure, efficient means of automating processes. By keeping operations on-chain, the platform addresses key concerns about data privacy and compliance, paving the way for broader adoption of AI in the financial sector. As the industry continues to evolve, tools like AgentFlux will play a crucial role in shaping the future of finance.

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Vitalik Buterin detailed three upcoming protocol updates that will influence how Ethereum manages computation, security, and long-term scalability. The information was published in a new technical post on his official blog, highlighting renewed priorities for maintaining the network's long-term resilience.

Canada has emerged as a key player, especially in the realm of Bitcoin. As of December 2025, the country is experiencing a noticeable surge in Bitcoin usage, driven by growing public interest and increased business adoption. However, the rising number of transactions is testing the limits of its current transaction speed capabilities.

The Canadian crypto landscape is witnessing an uptick in Bitcoin transactions, with both individual and institutional participants showing heightened activity. This growth is partly fueled by the country’s progressive stance on digital currencies, with government policies encouraging innovation in the fintech sector. The friendly regulatory environment has made Canada a hub for blockchain startups and has facilitated the integration of cryptocurrencies into mainstream financial activities.

Despite the encouraging climate, the increase in Bitcoin transactions has brought to light significant challenges concerning network efficiency. The average confirmation time for a Bitcoin transaction can vary significantly, often taking longer during periods of high demand. This delay stems from the Bitcoin network’s design, which processes transactions in blocks, each taking about 10 minutes on average. When transaction volumes spike, this can lead to prolonged wait times, affecting both consumers and businesses.

Bitcoin’s underlying technology, the blockchain, processes transactions through a decentralized network of nodes that validate and confirm each exchange. The system’s decentralized nature, while enhancing security and reducing the risk of fraud, inherently limits its scalability. As demand increases, the network’s ability to maintain swift transaction speeds becomes strained. In Canada, this limitation has prompted discussions among stakeholders about potential solutions, such as implementing layer-two protocols like the Lightning Network to facilitate faster transactions.

The Lightning Network is a second-layer solution designed to enable off-chain transactions, which can significantly reduce congestion on the Bitcoin blockchain. By allowing smaller transactions to occur off the main blockchain and only settling the net result on-chain, the Lightning Network can alleviate pressure and enhance speed. This approach is gaining traction in Canada, especially among tech-savvy businesses eager to leverage Bitcoin’s potential without the lag associated with congested networks.

Canada’s financial authorities are also keenly observing the developments in the crypto space. The Bank of Canada, for instance, has been studying the implications of digital currencies and has initiated pilot projects to explore the feasibility of a central bank digital currency (CBDC). Although a Canadian CBDC would not rely on blockchain technology in the same way as Bitcoin, its development reflects the country’s commitment to staying ahead in the digital currency race.

Historically, Canada has been proactive in adopting new technologies. The country’s early embrace of the internet and mobile banking set the stage for its current openness to blockchain and cryptocurrencies. Canadian citizens are generally tech-savvy, with high internet penetration rates and a strong inclination towards digital solutions. These cultural and technological foundations have contributed to the rapid uptake of cryptocurrencies.

However, the path forward is not without risks. Bitcoin remains highly volatile, which can impact its attractiveness as a stable medium of exchange or store of value. Additionally, the environmental concerns associated with Bitcoin mining, which consumes significant amounts of energy, remain a contentious issue. In response, some Canadian companies are exploring greener mining practices, utilizing renewable energy sources to mitigate environmental impact.

Blockchain security is another area of concern. While blockchain technology is celebrated for its security features, high-profile hacks and security breaches in the crypto space have raised questions about the safety of digital assets. In Canada, regulatory bodies are focusing on implementing robust cybersecurity measures to protect users and maintain trust in digital currencies.

Furthermore, the potential for regulatory changes poses a challenge. As cryptocurrencies become more integrated into the financial system, the possibility of stricter regulations looms. While Canada currently maintains a balanced approach, future shifts in policy could impact the growth trajectory of crypto adoption.

Comparing Canada’s situation with other countries, the United States, for example, has a more fragmented approach to crypto regulation, with different states adopting varying policies. This contrasts with Canada’s more unified regulatory framework, which could provide a competitive advantage. Conversely, countries like El Salvador, which have taken bold steps by adopting Bitcoin as legal tender, present a different model of integration that could influence Canada’s policy decisions.

In conclusion, Canada stands at the forefront of the cryptocurrency revolution, balancing innovation with caution. The surge in Bitcoin transactions underscores both the opportunities and challenges inherent in adopting digital currencies. As Canada navigates these complexities, its approach could serve as a blueprint for other nations looking to harness the benefits of cryptocurrencies while mitigating their risks. As the global landscape of digital finance evolves, Canada’s experience will likely offer valuable insights into the sustainable integration of cryptocurrencies into the mainstream economy.

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Whales closing their BTC longs could also mean that smart money believed the upside is limited.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana Mobile will roll out a native token called SKR at the start of next year, a move that ties a new crypto asset directly to the company’s Seeker smartphone and its growing app network.

According to the company’s own blog and subsequent reports, SKR is being positioned as a governance and incentive token for people who use, build for, or operate parts of the platform.

Solana Mobile Confirms SKR Launch
Solana Mobile confirmed that SKR will launch in January 2026 and that the total supply will be 10 billion SKR. The announcement appeared on the company’s official channels and was widely picked up by crypto news outlets.

SKR Tokenomics

The total SKR supply is 10 billion SKR.

SKR distribution:

– 30% Airdrops

– 25% Growth + Partnerships

– 10% Liquidity + Launch

– 10% Community Treasury

– 15% Solana Mobile

– 10% Solana Labs pic.twitter.com/pluKRzTDVZ

— Seeker | Solana Mobile (@solanamobile) December 3, 2025

Token Distribution And Staking
Reports have disclosed a detailed split of that 10 billion. Some 30% is reserved for airdrops. 25% goes to growth and partnerships. 10% is set aside for liquidity and launch, another 10% for a community treasury, and 15% for Solana Mobile itself, etc.

This arrangement puts a large chunk of supply into the hands of users and partners from day one, with a sizeable allocation kept for the company and its parent.

SOL market cap currently at $80 billion. Chart: TradingView
How SKR Will Be Used
According to the Solana Mobile post, SKR will be used to reward builders and reinforce device security, and it will help coordinate how the dApp Store and related services work on Seeker devices.

The company also described a “Guardian” model meant to involve trusted actors in tasks like app review and device verification.

Source: Solana Mobile
Who Might Benefit First
Seeker owners and early dApp developers are the most likely to see immediate benefits. Airdrops are intended for users and builders, so people who actively use Seeker apps or who run services for that ecosystem could receive SKR at launch.

Based on reports, the token’s real value will hang on how many people buy Seeker phones, how many apps appear, and how active the community becomes.

A big airdrop number does not guarantee broad usage, and governance systems often face challenges if participation is low or power concentrates with a few parties.

Featured image from Gemini, chart from TradingView

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Ethereum shows renewed strength across multiple market signals as fresh ETF inflows, a weekly MA50 reclaim, and a clean ETHBTC breakout all align at the same time. Together, these developments mark one of the strongest multi-chart shifts for Ethereum in recent weeks.

Ethereum exchange traded funds saw a combined inflow of about 140.2 million dollars on Dec. 3, according to data shared by market watcher Ted. The table shows a broad rebound across issuers, with green entries marking positive flows after several days of mixed activity.

Ethereum ETF Daily Flows Table. Source: Ted

BlackRock recorded the largest single-issuer inflow, adding roughly 53 million dollars to its ETHA product. Fidelity followed with 34.4 million dollars, while Bitwise reported 4.5 million dollars. Grayscale’s ETHE and ETH trusts also posted modest positive entries, including 27.6 million dollars into EZET and 20.7 million dollars into ETHE.

The latest inflow reverses the sharp outflows seen on Dec. 2, when several issuers showed red figures. Transitioning into December, flows turned positive as multiple funds moved back into green territory. The data reflects renewed accumulation among U.S. spot Ethereum issuers during a period of broader market volatility.

Ethereum Reclaims Weekly MA50 After Sharp BounceEthereum moved back above the weekly 50-period moving average, according to a chart shared by Crypto Rover. The latest candle shows price reclaiming the blue MA50 line after several weeks of decline, signaling a clean recovery on the higher-timeframe chart.

Ethereum Weekly MA50 Chart. Source: Crypto Rover on X / TradingView

The weekly chart highlights a swift rebound from the recent pullback zone. ETH closed the week near 3,195 dollars, pushing back through the moving average that previously acted as resistance during the November drop. The move places Ethereum back inside the mid-trend structure after testing deeper support levels.

Trading volume on the weekly chart remains steady, and the green candle shows renewed buying after last week’s long downside wick. ETH now trades near the center of its multi-month range as it approaches the next cluster of overhead levels visible on the chart.

ETH/BTC Breaks Three-Month Downtrend on Daily ChartThe ETH/BTC pair has broken above a descending trendline that capped price since early September, according to a chart shared by Max Crypto. The daily candles show a clean move through the white resistance line after weeks of consolidation near the lows of the range.

ETHBTC Daily Downtrend Breakout. Source: Max Crypto on X and TradingView

The breakout follows a long sequence of lower highs, with ETH lagging behind Bitcoin for most of the past three months. Now, the fresh green candle closes above the trendline, signaling the first clear shift in structure on this timeframe.

This move improves the relative strength picture for Ethereum and other large-cap altcoins. As long as ETH/BTC holds above the former downtrend line, the cross signals that capital is rotating gradually away from Bitcoin and toward the broader altcoin market.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

Bitcoin (BTC) mining has evolved from garage rigs and warehouse farms into an institutional-scale industry projected to generate over $20 billion in revenue in 2025. Yet, most investors still see mining through an old lens. They either buy ASICs and deal with the headaches or gamble on volatile mining stocks. 

Summary

Bitcoin mining is shifting from hardware ownership to financial products, with tokenized hashrate and derivatives giving investors direct exposure to mining rewards without managing machines.
Hashrate is becoming a full-fledged commodity market, with forwards, hedges, and structured products allowing miners to stabilize revenue and institutions to trade mining capacity like energy or metals.
As infrastructure scales and institutional interest grows, hashrate is on track to become a standardized tradable asset, enabling predictable margins for miners and broad, ETF-like access for investors.

Markets are developing a cleaner exposure: tradable hashrate. Instead of managing hardware, investors can now buy tokens that represent computational power, collect mining rewards, and let professional operators handle machines behind the scenes.

Tokenization is just the first step
The early infrastructure is taking shape, with real money starting to flow in.

At the basic level, mining companies tokenize their computational power into tradable units. Each token represents a specific amount of hashrate — say, 1 TH/s. Token holders receive their proportional share of mining rewards. The mining company handles hardware, electricity, and maintenance. Investors just collect Bitcoin. For retail, tokenized hashrate lowers the barrier to entry: no hardware, hosting, or energy contracts, just exposure through a tradable token or listed product.

Platforms like Luxor have also introduced hashrate derivatives, forward contracts that miners use to hedge production and that sophisticated investors can trade for exposure through regulated markets. As of August 2025, Luxor’s OTC hashrate forwards had traded nearly $200 million notional YTD. These contracts hedge the revenue side of mining (hashprice), not input costs like electricity, so many operators combine them with traditional power hedges or PPAs to balance both sides of the equation. Together with tokenized mining, these instruments expand the financial toolkit that could mature into a full-fledged commodity market for hashrate.

Bitcoin’s 7D SMA hashrate recently peaked at 1.15 zettahashes per second on October 18th, 2025. That massive computational power now gets sliced up and sold to investors who never touch a mining rig.

Mining pools that once served only industrial operators issue tokens backed by their collective hashrate. The industry is shifting from selling mined Bitcoin to selling the ability to mine it.

Mining is becoming Wall Street’s next commodity play
Miners face the same problem that drove oil producers to create futures markets a century ago. Revenue swings wildly with prices, operational costs only climb higher, and competition appears suddenly and changes everything. Just as Exxon learned to sell next year’s oil production today to lock in predictable prices, Bitcoin miners now sell future hashrate to help miners secure more predictable revenue streams and make cash flows easier for banks to model and investors to understand. The model has worked for decades in energy and agriculture, where forward contracts protect producers from price swings.

When network difficulty spikes 20% in a single month, miners who hedged their hashrate through forward contracts keep their margins intact. The rest just take whatever the market gives them. So, what does a hashrate forward actually hedge? In practice, the underlier is computational power (e.g., TH/s). Settlement is indexed to Bitcoin block rewards and transaction fees, with adjustments for network difficulty. Key risks include basis risk (difficulty or fee volatility), operational uptime, and counterparty performance. Unlike BTC spot exposure, hashrate forwards directly reflect the economics of mining capacity.

Financial institutions are exploring how to adapt commodity market tools for hashrate. Some platforms now offer forward contracts for computational power. Others are developing difficulty hedging instruments. Regional indices exist mostly as concepts, waiting for the market depth to support real derivatives trading.

Once hashrate becomes fully financialized, it will redefine who can participate in mining. Today’s futures and swaps serve institutional traders. Tomorrow’s tokenized products will let anyone, from retail investors and crypto enthusiasts to institutional funds, access mining rewards without the operational complexity.

The building blocks are falling into place
Every financial innovation follows the same pattern. First comes basic trading, then derivatives, then structured products, and finally mass market adoption. Mining is moving through these stages quickly.

It started with a few bold moves: institutions adding Bitcoin to their balance sheets. Today, it’s no longer just a trend but a fixture: institutions now hold more than 10% of the total supply. Blockchain data shows this shift clearly, with public companies and ETFs absorbing Bitcoin at a pace the market has never seen before.

When Marathon and Riot went public, they gave retail investors their first shot at mining exposure without buying hardware. But mining stocks carried corporate risk, equity volatility, and offered only indirect exposure to the underlying business.

And now, tokenized hashrate takes this further. These products attract investors who’re looking for direct mining exposure, without the corporate layer. Some banks, like Sygnum, accept compute power as collateral for credit facilities and let miners borrow against future hashrate instead of selling Bitcoin reserves. The same transformation that took commodities decades is happening to hashrate in 24 months.

Miners need these tools as margins compress and competition intensifies. Investors want Bitcoin exposure beyond volatile spot prices. Hashrate products solve both problems simultaneously, which explains why adoption is growing rapidly, outpacing many other emerging crypto derivative categories.

The infrastructure is scaling up: systems that were little more than ideas a few years ago now channel hundreds of millions. If the pattern holds, retail products could follow the ETF trajectory, bringing hashrate within reach of everyday investors. The underlying mechanism is straightforward: investors don’t need to manage machines or self-custody BTC; they can participate in mining rewards through structured, professionally managed products.

In five years, hashrate could trade like any other commodity. Instead of pulling up a Bloomberg terminal and seeing only oil or copper futures, traders could also see BTC hashrate contracts listed alongside them. Portfolio managers would treat computational power as just another allocation, and major exchanges such as CME may eventually list standardized contracts, similar to other commodities.

Miners could finally run their businesses with predictable margins. They could sell their hashrate production three years forward and know exactly what they’ll earn, regardless of where Bitcoin trades. Mining turns into a predictable spread business: you know your power costs, you lock in your hashrate price, you pocket the difference.

The products available would range from dead simple to derivatives-trader complex. Anyone could buy basic hashrate tokens for exposure. Meanwhile, the quants would be trading difficulty swaps and would arbitrage regional indices. Banks would issue structured notes backed by computational power, and pension funds that won’t touch Bitcoin directly could still buy hashrate ETPs.

No longer hypothetical, the financialization of hashrate is underway, and advantage goes to those who recognize compute as both a resource and asset class.

Fakhul Miah

Fakhul Miah is the Managing Director of GoMining Institutional, bringing over 20 years of experience across investment banking and blockchain, including leadership roles at Morgan Stanley and Web3 pioneers. Founded in 2017, GoMining has grown into a Bitcoin-centered ecosystem anchored by 11 million+ TH/s of computing power across data centers in the U.S., Africa, and Central Asia. Its ecosystem spans digital miners, the Miner Wars GameFi project, a launchpad for BTCFi startups, GoMining Academy for education, and GoMining Institutional, the investment division of GoMining, where Fakhul leads institutional relationships and strategic growth, including the Alpha Blocks Fund, tailored for institutional investors.

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Tron (TRX) founder Justin Sun has reacted as the blockchain hit a milestone in terms of unique account holders. Sun’s reaction came after Lookonchain, an on-chain analytics platform, highlighted that Tron’s total number of accounts has surpassed 350 million.  

Tron dominance on full displaySun took to X to write, "350 million milestone!" The development is very significant to the blockchain as it shows the growing usage and adoption of the network. It shows that 350 million different addresses have been created since Tron launched in 2017.

The spike to 350 million came after the network recorded over 261,000 new registrations in the last 24 hours, according to Tronscan data. This pushed the total number of accounts to 350,357,719.

Meanwhile, within the same time frame, the Tron network recorded 10,473,710 transactions, taking the total transaction count to 12.25 billion. These figures signal increased usage of the Tron network due to its dominance in low-fee stablecoin transfer.

This feature has made Tron very attractive to users looking to make transactions in terms of remittances and DeFi.

Meanwhile, on the crypto market, Tron has managed to stay green in the last 30 days despite broader market volatility. 

According to CoinMarketCap data, in the last 30 days, Tron is up by 0.1%. As of press time, Tron was changing hands at $0.2806, which represents a 0.5% increase in the last 24 hours. TRX climbed from a low of $0.2806 to its current level.

Tron might print higher figures in the price outlook if market participants actively engage in transacting the coin. The trading volume is currently in the red, down by 23.47% to $524.69 million. An exit from the red zone could support the price to move toward the $0.30 target.

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Tron’s resilience and growing adoptionTron has been known to post impressive numbers relative to other blockchains. In September 2025, for instance, Tron flipped nearly all other blockchains by raking in $1.142 million in revenue within a single day. 

Comparatively, Ethereum made $174,677 while Solana raked in $175,70,8, which showed Tron’s dominance for the month.

Meanwhile, the Tron treasury also got an upgrade in the month of September as Bravemorning Limited bought 312.5 million TRX. The value of the purchase was put at approximately $110 million at the time. The development shows confidence in the Tron network.

American Bitcoin price (American Bitcoin Corp, NASDAQ) has spent the last 24 hours grinding higher in a volatile post-crash bounce, trading in a wide intraday range but ultimately sitting roughly mid-range after yesterday’s lock-up‑driven wipeout.

Summary

American Bitcoin price fell nearly 40% after pre‑merger private placement shares came unlocked and early investors sold.​
Eric Trump called the volatility expected, said fundamentals are “virtually unmatched,” and pledged not to sell his shares.​
Despite strong Q3 earnings and 4,090 BTC in treasury, ABTC is down about 76.5% from its September peak amid a broader crypto equity slump.

Traders watched American Bitcoin price fall off a cliff on Dec. 2. The Trump‑family‑backed miner opened into a wave of selling as locked‑up shares came free, and the stock briefly lost almost half its value before staggering into the close nearly 40% lower on the day.​

However, by Dec. 4, intraday, price ranged roughly between 2.25 USD and 2.77 USD, signaling aggressive two‑way flow and short‑term mean reversion after the prior day’s capitulation.

ABTC, which trades on Nasdaq, dropped from a previous close of 3.58 dollars to an intraday low of 1.80 dollars in the first hour on Dec. 2, before recovering part of the move to finish at 2.19 dollars, a 38.83% loss. The plunge lined up directly with the end of the lockup on pre‑merger private placement shares that were issued before American Bitcoin completed its merger with Gryphon Digital Mining and listed in September.​

“Today our pre‑merger private placement shares unlocked — these early investors are freely available to cash in on their profits for the first time, which is why we will see volatility,” co‑founder Eric Trump wrote on X, trying to frame the event as mechanical selling rather than a sudden collapse in confidence. Trump added that the company’s fundamentals are “virtually unmatched” and underlined that he is not selling his own stake, casting himself as a long‑term holder in the middle of the turmoil.

Strong quarter, growing bitcoin stack
The selloff comes just weeks after American Bitcoin reported what it called strong third‑quarter results. Revenue jumped to 64.2 million dollars from 11.6 million dollars a year earlier, while net income reached 3.5 million dollars compared with a 0.6 million dollar loss in the same quarter of the previous year. “We more than doubled our mining capacity, more than doubled revenue, and grew gross margin by seven percentage points quarter-over-quarter,” CEO Michael Ho said at the time, arguing the business is scaling rapidly.​

Alongside that expansion, the company has been building its own bitcoin reserve. As of 13 November, American Bitcoin said it held around 4,090 BTC in its treasury, counting coins in custody and those pledged toward miner purchases, giving shareholders direct exposure to the asset as well as the mining operation.​

Despite the upbeat metrics, the stock has been grinding lower for months. Since hitting a 9.31 dollar peak in September, ABTC has fallen about 76.5%, turning the name into one of the more volatile listed bitcoin proxies. The latest drop simply accelerated that trend, compressing a slow rerating into a single trading session.​

The backdrop across crypto‑linked equities has not helped. Coinbase is down 20% over the past month, USDC issuer Circle has fallen 39%, and Gemini has slipped 47%, reflecting a wider slump as digital‑asset markets remain weak. Looking ahead, Clear Street analyst Brian Dobson told Bloomberg that further equity unlocks for ABTC are scheduled in 2026 and advised investors to watch those expirations closely, warning that more supply could add pressure to an already fragile stock.

TL;DR

An Appeals Court ruled that the lower court erred in dismissing the case for lack of jurisdiction.
The plaintiff seeks to recover 1,000 BTC, arguing negligence and breach of contract by the exchange.
The case’s revival exposes Binance to a wave of new litigation related to stolen assets and money laundering.

The legal landscape is becoming complicated for the Binance exchange. The Third District Court of Appeal in Florida has reactivated an $80 million Bitcoin lawsuit against the company, a dispute that had been previously dismissed. Now, the plaintiff, Michael Osterer, has the opportunity to refile his lawsuit at the state level against the crypto exchange.

The case reopens after the appellate court ruled that the trial court erred in concluding that it lacked personal jurisdiction over Binance.

The plaintiff claims that 1,000 BTC were stolen from his account and laundered on Binance. Osterer argues that the platform was negligent, breached its contract, and contributed to the laundering of stolen property by failing to immediately freeze the funds after being notified of the theft.

The plaintiff seeks to recover the entirety of the $80 million lost, plus corresponding interest.

The Implications of Jurisdiction in the Osterer Case
Despite Binance Holdings Inc. being domiciled outside of Florida, the new ruling allows the plaintiff to argue that the exchange has sufficient ties to the state for the lawsuit to be heard in local courts. The appellate court challenged the original dismissal, suggesting that California law could plausibly apply and that Binance cannot automatically evade jurisdiction simply because it is an offshore platform.

For Binance, this reopened case is particularly delicate at this moment. It adds to a growing list of legal issues that include accusations of failing to secure or freeze stolen assets.

Recently, the company was singled out in a case that accuses it of helping to transfer millions of dollars to US-designated terrorist organizations, such as Hamas and Hezbollah, a lawsuit filed by victims of attacks in Israel.

Pressure on the platform intensifies due to the accusation of transferring more than $1 billion to accounts linked to groups designated as terrorists, including $50 million sent after the October attacks.

In summary, the revival of this $80 million Binance lawsuit in Florida highlights the regulatory and compliance challenges facing the world’s largest cryptocurrency platform.

Citadel Securities is pushing the SEC to apply full exchange and broker-dealer requirements to DeFi protocols, rejecting calls for lighter rules for tokenized trading platforms.

Regulators Face Pressure To Treat DeFi As Traditional Market IntermediariesCitadel told the SEC that DeFi platforms involved in trading tokenized U.S. equities should not receive broad exemptions from federal exchange definitions. 

The firm said decentralized protocols often match buyers and sellers using non-discretionary algorithms, which it argued aligns with the statutory definition of an exchange.

The letter said many DeFi participants act as broker-dealers when they receive transaction-based compensation. 

Citadel warned that granting exemptions would create two inconsistent regulatory regimes for the same securities, violating the Exchange Act's technology-neutral principles.

Fair Access And Market Integrity Are Core Themes In Citadel's ArgumentCitadel said exemptions could weaken fair access, post-trade transparency, market surveillance, and anti-front-running protections. 

The firm urged the SEC to use formal rulemaking rather than carve-outs that reduce oversight for digital trading protocols.

The company said tokenization will only succeed if existing investor protections remain intact. 

It argued that DeFi exchanges must meet the same standards as traditional trading venues to ensure market stability.

Crypto Community Accuses Citadel Of Targeting Open FinanceThe letter drew immediate backlash across the cryptocurrency sector. 

Uniswap (CRYPTO: UNI) founder Hayden Adams said Citadel has been lobbying against DeFi for years, accusing the firm of undermining open-source systems that reduce barriers to liquidity creation.

He said it was ironic that Citadel raised concerns about "fair access," given its dominant role in traditional market making. 

Adams framed the move as an attempt to suppress decentralized competition that challenges legacy trading structures.

Blockchain Association CEO Summer Mersinger also rejected Citadel's interpretation. 

She said the firm's argument lacks grounding in the Exchange Act, judicial precedent, or Commission practice, adding that developers who build software should not be regulated like custodial financial intermediaries.

Industry Warns Of Innovation Flight If SEC Follows Citadel's PathMersinger said regulating developers as broker-dealers would harm U.S. competitiveness and push innovation offshore. 

She argued that the approach offers no meaningful benefit to investor protection. 

Industry leaders said the SEC should reject proposals that classify coding activity as financial intermediation.

It isn't immediately clear how the SEC will respond to Citadel's push. 

The agency has signaled interest in tightening oversight of tokenized assets, but it has not indicated whether it will pursue exemptions or full regulatory treatment.

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TL;DR

XRP approaches key resistance at $2.28, the top of its descending channel.
A confirmed break above that level could target a move towards $2.75.
Ripple continues securing new partnerships for CBDC and payment solutions.

The pair XRP/USD approaches a key barrier near $2.28, where many short-term traders concentrate attention. Price action unfolds inside a descending channel in place since early October and still shows lower highs and lower lows, even after quick rebounds above $2.00.

On-chain and chart watchers highlight $2.28 as a major resistance area. Analyst Ali Martinez points out that the zone lines up with the 0.618 Fibonacci retracement and with the upper boundary of the descending channel. Several recent tests stop in that band, which shows how sellers step in each time XRP reaches the level and cap advances in the short term.

If $XRP can break past $2.28, a breakout toward $2.75 opens up. pic.twitter.com/dhw3DMfItY

— Ali (@ali_charts) December 4, 2025

Martinez explains that a clean break above $2.28 opens room for a continuation toward $2.75. Traders link $2.75 with the 0.236 Fibonacci level and an earlier support zone that now acts as a ceiling. Above $2.75, many order books cluster offers around $2.90–$3.00, where long-term holders often lock in gains after previous rallies.

XRP (Ripple) Technical and Fundamental Analysis – December 4, 2025
From a technical perspective, XRP is currently in a consolidation phase after reaching its monthly high near $2.20 USD. The Bollinger Bands are narrowing, signaling a temporary reduction in volatility. The upper band is positioned at $2.18 USD, the lower band near $2.08 USD, and the 20-day moving average (middle band) around $2.12 USD.

If XRP manages to stay above this moving average, it could initiate a new upward push toward $2.25 USD; however, a drop below $2.10 USD might lead to a retest of the key support level at $2.00 USD.

The RSI (Relative Strength Index) stands at 58 points, suggesting a balance between buyers and sellers, while the MACD remains neutral, awaiting a decisive breakout from the current range. The decline in trading volume supports the notion of a market pause before the next major directional move.

From a fundamental standpoint, Ripple continues to solidify its position in the global financial ecosystem. Ripple Labs recently announced new partnerships with central banks to develop CBDC (Central Bank Digital Currency) solutions, particularly across Asia and the Middle East. 

Meanwhile, the company’s RippleNet continues expanding its On-Demand Liquidity (ODL) services, facilitating faster and cheaper international money transfers for major financial institutions.

On-chain metrics for XRP indicate steady transactional growth, with daily transfers up 6% and exchange deposits down 3%, suggesting an accumulation phase among large holders (whales). The number of active wallets has surpassed 490,000 addresses, reflecting organic user growth and broader adoption of the XRP Ledger network.

Key Takeaways Nutrien's shares rose 11.3% as strong fertilizer demand and tight inventories support its growth. The company raised 2025 potash sales guidance after a record nine-month and strong Q3 volumes. Nutrien targets about $200M in 2025 cost reductions while expanding retail and digital platforms.
Nutrien Ltd.’s (NTR - Free Report) shares have popped 11.2% over the past month. The company has also outperformed the industry’s 0.7% fall and the S&P 500’s 1% increase over the same period. 

Price Performance of NTR vs. Industry & S&P 500Image Source: Zacks Investment Research

Let’s take a look at the factors that are driving this fertilizer maker. 

Nutrien Poised for Growth on Strong Fertilizer DemandNutrien is well-positioned to benefit from rising global fertilizer demand, supported by strong agricultural markets and tight inventories that are expected to keep crop prices firm in 2025. Strong demand and supply tightness have pushed fertilizer prices higher this year. Potash demand is set to grow on favorable farmer economics, improved affordability and low inventory levels globally, while the phosphate market remains supported by reduced Chinese exports and lean producer inventories. Nitrogen demand also stays healthy, driven by strong consumption in North America, India and Brazil, along with a rebound in industrial nitrogen use. 

The company expects record U.S. crop production and continued strength in crop-input demand. Nutrien logged record potash sales in the first nine months of 2025, benefiting from robust consumption across North America and major offshore markets. Third-quarter volumes were similarly strong, leading the company to raise its 2025 potash sales guidance to 14–14.5 million tons. 

Nutrien is also gaining from acquisitions and the growing adoption of its digital platform. It continues expanding in Brazil and plans to use free cash flow to pursue targeted growth investments and tuck-in acquisitions across its retail business in 2025. 

Nutrien Advances Cost Cuts and Efficiency GainsNutrien’s cost and operational efficiency efforts are set to further support performance. The company is focused on lowering potash production costs and has implemented several strategic actions to reduce controllable expenses and improve free cash flow. With accelerated efficiency and savings initiatives, Nutrien expects to achieve about $200 million in total cost reductions in 2025 and is currently ahead of schedule on this target. 

Nutrien Ltd. Price and ConsensusNTR’s Zacks Rank & Key PicksNTR currently carries a Zacks Rank #3 (Hold). 

Better-ranked stocks in the basic materials space include Agnico Eagle Mines Limited (AEM - Free Report) , Allied Gold Corporation (AAUC - Free Report) and Croda International Plc. (COIHY - Free Report) . 

The Zacks Consensus Estimate for Agnico Eagle’s current-year earnings is pegged at $7.77 per share. AEM, carrying a Zacks Rank #1 (Strong Buy), surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with the average earnings surprise being 12%. The company's shares have rallied 74.4% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for AAUC’s current-year earnings is pegged at $1.33 per share. AAUC carries a Zacks Rank #2 (Buy). The company's shares have soared 45.3% in the past year. 

The Zacks Consensus Estimate for Croda’s current-year earnings is pegged at 95 cents per share. COIHY carries a Zacks Rank #2. The company's shares have fallen 17% in the past year. 

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

NEW YORK--(BUSINESS WIRE)--Pace, the agentic workforce for insurance, was chosen by Prudential's Individual Life Insurance (ILI) business to help simplify and improve its service delivery. Pace's AI-powered agents are now streamlining policy servicing and supporting quality assurance efforts within Prudential's ILI business. The first set of automated systems is now live taking on thousands of hours of work. “Our work with Prudential is an example of how AI can be used as a strategic advantage,.

December 04, 2025 08:15 ET

 | Source:

Heron Therapeutics, Inc.

APONVIE, an aprepitant product, highlighted as the only FDA-approved IV formulation Neurokinin-1 (“NK-1”) antagonist indicated for the prevention of PONV in adults, with a long half-life and quicker onset than oral aprepitantAprepitant alone, or added to a multimodal regimen, recognized as significantly reducing the risk of PONV, and aprepitant monotherapies are noted as more effective compared to 5-HT3 receptor antagonists for postoperative vomiting preventionPost-discharge nausea and vomiting (PDNV) recognized as a significant risk to discharged postoperative patients and the role of long-acting antiemetic strategies highlighted as extending protection beyond the recovery room and into the home setting CARY, N.C., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Heron Therapeutics, Inc. (Nasdaq: HRTX) (“Heron” or the “Company”), a commercial-stage biotechnology company, today announced the inclusion of APONVIE® (aprepitant) injectable emulsion in the newly released Fifth Consensus Guidelines for the Management of Postoperative Nausea and Vomiting: Executive Summary and Full Report as published in Anesthesia and Analgesia (collectively, the “PONV Guidelines”).

PONV impacts about 30% of postoperative patients in the general surgical population and up to 80% of high-risk patients1 and is a major cause of patient dissatisfaction after surgery, with patients ranking vomiting as the most undesirable outcome when asked about postsurgical complications.2

The PONV Guidelines name APONVIE as an NK-1 receptor antagonist option for the prevention of PONV in adults and note APONVIE’s long half-life and 30-second IV administration, which provides for quicker onset than oral formulations and a long-acting profile. The PONV Guidelines also provide evidence that aprepitant alone or in combination therapies significantly reduced the risk of PONV and that aprepitant is comparable or superior to ondansetron for PONV prophylaxis. The PONV Guidelines also cite evidence for aprepitant’s significant impact on postoperative vomiting.

“The release of the PONV Guidelines comes at a defining moment for surgical care. More procedures than ever are being performed in outpatient and short-stay settings, and patients are going home within hours of anesthesia. Preventing PONV is not just a comfort measure, it is critical to ensuring a safe and satisfying recovery for patients,” said Craig Collard, Chief Executive Officer of Heron. “We see substantial opportunity for APONVIE to help reduce avoidable postoperative complications, enhance patient and caregiver confidence at home, and support clinicians in delivering a smooth and reliable postoperative recovery experience.”

The PONV Guidelines continue to recommend and reinforce an algorithmic approach to risk assessment, mitigation, multimodal PONV prophylaxis, and rescue treatment as most adult patients undergoing surgery and anesthesia will have at least one risk factor for PONV. For patients at high risk of PONV (e.g., having three or more PONV risk factors), the PONV Guidelines recommended a multimodal approach to prophylaxis with three or more agents. The PONV Guidelines also discussed risk factors for PDNV and recommended prophylactic, long acting antiemetics before discharge for patients at risk of PDNV.

“Importantly, the PONV Guidelines bring renewed attention to the burden that nausea and vomiting place on patients after they leave the hospital,” said Kevin Warner, PharmD, Senior Vice President, Medical Affairs Strategy and Engagement of Heron. “By helping clinicians identify who remains at risk and encouraging the use of long-acting antiemetic options before discharge, the recommendations within the PONV Guidelines give us another chance to protect patients when they are back at home, where support may be more limited. Consistent awareness of the PONV Guidelines and disciplined adherence to its recommendations are essential if we want to translate this progress into safer recoveries, fewer complications, and better overall experiences for patients and their families.”

About APONVIE® for Prevention of Postoperative Nausea and Vomiting (“PONV”) Prevention

APONVIE is a substance P/neurokinin 1 (NK-1) Receptor Antagonist (RA), indicated for the prevention of postoperative nausea and vomiting (PONV) in adults. Delivered via a 30-second IV push, APONVIE 32 mg was demonstrated to be bioequivalent to oral aprepitant 40 mg with rapid achievement of therapeutic drug levels. APONVIE is the same formulation as Heron's approved drug product CINVANTI. APONVIE is supplied in a single-dose vial that delivers the full 32 mg dose for prevention of PONV. APONVIE was approved by the FDA in September 2022 and became commercially available in the U.S. on March 6, 2023.

Please see full prescribing information at www.APONVIE.com.

About Heron Therapeutics, Inc.

Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard-of-care for acute care and oncology patients. For more information, visit www.herontx.com.

Forward-Looking Statements

This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. All statements contained in this news release other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercialization strategy as well as plans and objectives of management for future operations, are forward-looking statements. Heron cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding the potential market opportunities for APONVIE. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law.

References:

1. Gan TJ, Belani KG, Bergese S, et al. Fourth consensus guidelines for the management of postoperative nausea and vomiting. Anesth Analg. 2020;131(2):411-448. doi:10.1213/ ane.0000000000004833.

2. Macario A, Weinger M, Carney S, Kim A. Which clinical anesthesia outcomes are important to avoid? The perspective of patients. Anesth Analg. 1999;89(3):652-658. doi:10.1097/00000539-199909000-00022.

Investor Relations and Media Contact:

Ira Duarte
Executive Vice President, Chief Financial Officer
Heron Therapeutics, Inc.
[email protected]
858-251-4400