Market Signal Briefing

About Ian Lyall
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Prior to Proactive, Ian helped lead the business output at the Daily... Read more

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Ottawa, Nov. 26, 2025 (GLOBE NEWSWIRE) -- The global PFAS waste management market size was valued at USD 2.23 billion in 2025 and is anticipated to reach around USD 3.72 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.84% over the forecast period from 2025 to 2034. Growing awareness of the environmental and health risks associated with PFAS chemicals is driving strong demand for effective PFAS waste management solutions. A study published by Towards Chemical and Materials a sister firm of Precedence Research.

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What is PFAS Waste Management?

The PFAS waste management market is expanding rapidly as governments and industries respond to growing environmental and health concerns surrounding persistent “forever chemicals.” Rising contamination in water bodies, soil, and industrial sites has increased the urgency for advanced treatment, destruction, and disposal solutions. Regulatory tightening in North America, Europe, and parts of Asia is driving investment in compliant waste management technologies. Industries such as chemicals, electronics, textiles, and firefighting foams are major contributors to PFAS waste streams, further boosting market demand.

Technological advancements in thermal destruction, adsorption, filtration, and emerging plasma-based methods are improving treatment efficiency. Overall, the market is moving toward stricter standards, higher safety requirements, and more sustainable, science-driven approaches to PFAS elimination.

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Waste Management Market Report Scope

Report AttributeDetailsMarket size value in 2025USD 2.36 billionRevenue forecast in 2034USD 3.72 billionGrowth rateCAGR of 5.84% from 2025 to 2034Historical data2021 - 2025Forecast period2025 - 2034Segments coveredBy Waste Type, By Treatment Method, By End-User, By RegionRegional scopeNorth America; Europe; Asia Pacific; Latin America; Middle East & AfricaCountry scopeU.S.; Canada; Mexico; UK; Germany; France; Spain; Italy; China; Japan; India; Australia; South Korea; Brazil; Argentina; UAE; South AfricaKey companies profiledDow Chemical Company, Arcadis NV, Tetra Tech Inc., Jacobs Engineering Group, SUEZ Water Technologies & Solutions,Clean Harbors, Golder Associates, PeroxyChem, Geosyntec Consultants, Solvay, Ecolab, Horizon Environmental Services, KORE Environmental, Mylan Inc., Chemours For more information, visit the Towards Chemical and Materials website or email the team at [email protected]| +1 804 441 9344

AI Transforms the Battle Against PFAS Waste

AI is reshaping the PFAS waste management industry by enabling advanced detection, mapping, and prediction of contamination hotspots with far greater accuracy than traditional methods. Machine-learning models optimize treatment processes, such as adsorption, filtration, and thermal destruction, by reducing energy use and improving removal efficiency. AI-driven monitoring systems also help industries and municipalities track PFAS levels in real time, ensuring regulatory compliance and faster response to environmental risks. Overall, AI is accelerating innovation, lowering operational costs, and supporting more effective, data-driven strategies for eliminating PFAS contamination.

Private Industry Investments in the PFAS Waste Management Industry:

Battelle’s PFAS Annihilator™ Expansion Funding – Battelle invested in scaling its supercritical water oxidation (SCWO) technology to offer full-scale PFAS destruction services to industrial and government clients.Veolia’s PFAS Treatment Technology Investments – Veolia committed funding to expand its advanced filtration and ion-exchange systems to meet rising global demand for PFAS remediation.Revive Environmental’s Strategic Capital Infusion – The company received private investment to commercialize its PFAS destruction technologies, including PFAS Air™ and PFAS Water™ treatment platforms.Ecolab’s Growth Investments in Industrial Water Treatment – Ecolab invested in enhanced PFAS detection and filtration solutions to support customers in regulated industries such as manufacturing and utilities.Aquam’s Funding for Emerging PFAS Removal Systems – Aquam secured private capital to advance its PFAS-focused water treatment technologies and expand its environmental services portfolio.
What are the Key Trends of the PFAS Waste Management Market?

Rapid Adoption of Advanced PFAS Destruction Technologies
Emerging methods like supercritical water oxidation (SCWO), plasma treatment, and high-temperature thermal destruction are gaining traction due to their ability to break PFAS molecules rather than merely capture them. These technologies are becoming preferred as regulators and industries shift toward permanent PFAS elimination.

Rising Regulatory Pressure and Compliance-Driven Investments
Governments in North America, Europe, and parts of Asia are implementing stricter limits on PFAS discharge, driving industries to upgrade waste treatment systems. This regulatory tightening is pushing companies to invest in certified disposal solutions and long-term remediation strategies.

Increasing Focus on PFAS Detection, Monitoring, and Data Analytics
Advanced sensing, AI-enabled monitoring, and real-time water quality assessment tools are being integrated to track PFAS contamination more accurately. This trend supports faster decision-making, better risk management, and improved compliance across municipal and industrial facilities.

Market Opportunity

Breakthrough Opportunity in Permanent PFAS Destruction Technologies

A major opportunity in the PFAS waste management market lies in the rapid advancement and commercialization of permanent PFAS destruction technologies such as supercritical water oxidation, plasma treatment, and electrochemical oxidation. These solutions offer complete molecular breakdown of PFAS, addressing the limitations of traditional capture-based methods that only transfer contaminants to another waste stream.

As regulations tighten and industries seek long-term liability reduction, demand for true destruction systems is rising sharply. This shift positions advanced PFAS destruction platforms as high-value, scalable solutions poised to transform the global remediation landscape.

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PFAS Waste Management Market Segmentation Insights

Waste Type Insights

In 2024, the PFAS contaminated water segment led the market because water systems, both municipal and industrial, experienced the highest levels of PFAS detection, creating urgent remediation needs. Strict drinking water regulations required utilities to rapidly adopt treatment technologies to meet new safety standards. Industries generating wastewater with PFAS compounds also faced increased compliance pressure, boosting demand for specialized removal and destruction solutions.

Additionally, growing public concern over water quality accelerated government funding and the deployment of advanced PFAS treatment systems, strengthening this segment’s leadership.

The PFAS contaminated sludge segment is growing fastest over the forecast period because wastewater treatment plants increasingly identified high PFAS concentrations accumulating in biosolids, requiring specialized handling and disposal. Stricter regulations prevented land application and traditional disposal of contaminated sludge, pushing municipalities toward advanced treatment and destruction methods. Industries producing PFAS-laden sludge, such as textiles, chemicals, and electronics, also faced heightened compliance requirements.

Treatment Method Insights

The physical treatment segment dominated market share in 2024 because it includes widely adopted methods such as activated carbon adsorption, ion-exchange resins, and membrane filtration that are proven effective for PFAS removal. These technologies were already integrated into many municipal and industrial systems, making them easier and faster to deploy at scale. Their ability to reliably capture a broad range of PFAS compounds positioned them as the first choice for compliance with tightening regulations.

The chemical treatment segment is growing fastest over the forecast period, because it enabled the breakdown of PFAS molecules through advanced oxidation, reduction, and catalytic processes that go beyond simple removal. These methods offered higher effectiveness for destroying stubborn long-chain PFAS compounds, which traditional filtration systems often struggle to eliminate permanently. Growing regulatory pressure for irreversible PFAS destruction rather than temporary capture accelerated adoption of chemical treatment technologies.

End-user Insights

The industrial waste management segment led the market in 2024, because industrial facilities, such as chemical plants, electronics manufacturers, and textile producers, generate the highest volumes of PFAS-containing waste. Stricter regulations targeted at industrial discharge and hazardous waste handling increased the need for specialized PFAS treatment and destruction solutions. Many companies also faced rising compliance costs, prompting them to adopt advanced remediation technologies to avoid penalties and long-term liability.

The municipal waste management segment is the second-largest segment leading the market, because rising PFAS contamination in drinking water, wastewater, and landfill leachate pushed municipalities to upgrade their treatment systems. Regulatory mandates for public water utilities to meet strict PFAS limits intensified the need for large-scale filtration, adsorption, and destruction technologies. Municipalities also faced growing public pressure to ensure safe water quality and reduce long-term environmental risks.

Regional Insights

North America Takes the Lead in PFAS Waste Management

North America dominated the market due to its stringent federal and state-level regulations that mandate strict limits on PFAS in water, soil, and industrial discharge. The region benefits from advanced infrastructure and strong investment in treatment technologies such as activated carbon, ion exchange, and emerging destruction methods. High PFAS contamination levels across groundwater, municipal systems, and industrial sites further accelerated demand for specialized remediation services.

U.S. PFAS Waste Management Market

The U.S. market is growing rapidly as federal and state regulations impose strict limits on PFAS levels in drinking water, wastewater, and industrial discharge. High contamination across municipal systems, military bases, and manufacturing sites has accelerated demand for advanced treatment and destruction technologies. Utilities and industries are increasingly adopting activated carbon, ion exchange, membrane filtration, and emerging destruction methods to meet compliance requirements.

Asia Pacific Rises as the Fastest-Growing PFAS Waste Management Frontier

Asia Pacific recorded the fastest growth in the market as countries intensified environmental regulations and began addressing rising PFAS contamination in water, soil, and industrial waste streams. Rapid industrial expansion in sectors like electronics, chemicals, textiles, and manufacturing significantly increased the region’s PFAS waste volumes, driving urgent demand for treatment solutions. Governments in China, Japan, South Korea, and Australia are accelerating investments in advanced filtration, monitoring, and destruction technologies.

China PFAS Waste Management Market

China’s market is expanding quickly as the government strengthens environmental regulations and targets PFAS emissions from major industrial sectors. Rapid growth in electronics, chemicals, and textile manufacturing has increased PFAS waste generation, driving demand for specialized remediation solutions. Municipalities and industrial parks are investing in advanced filtration, adsorption, and monitoring technologies to improve water and soil safety.

Top Companies in the PFAS Waste Management Market & Their Offerings:

Dow Chemical Company: Dow focuses on developing sustainable material science solutions and recycling technologies rather than directly offering commercial PFAS waste management services.Arcadis NV: Arcadis provides global consulting, engineering, and remediation services for PFAS, utilizing innovative technologies like foam fractionation for effective contaminant removal.Tetra Tech Inc.: Tetra Tech offers high-end consulting and engineering services, including designing and implementing mobile treatment technologies and digital solutions for managing PFAS-impacted media like soils and water.Jacobs Engineering Group: Jacobs provides consulting, technical, and program management services for PFAS challenges, employing proprietary data evaluation tools and innovative nature-based solutions for treatment and risk management.SUEZ Water Technologies & Solutions: SUEZ, a part of Veolia, provides advanced water treatment technologies such as granular activated carbon, ion exchange, and membrane systems to remove PFAS from water sources.Clean Harbors: Clean Harbors offers a "Total PFAS Solution," providing comprehensive services including analysis, filtration, removal, and high-temperature thermal destruction (incineration) of PFAS waste materials.Golder Associates: Golder Associates (now part of WSP) delivers specialized environmental consulting and remediation strategies for addressing PFAS waste management challenges globally.PeroxyChem: PeroxyChem (acquired by Evonik) primarily produced peroxygen chemicals, which offered chemical solutions applicable to general environmental remediation rather than a dedicated PFAS waste management service.  More Insights in Towards Chemical and Materials:

Plastic Waste Management Market Size to Reach USD 54.66 Bn by 2034

PFAS Waste Management Market Size to Hit USD 3.72 Billion by 2034

Water and Wastewater Treatment Market Size to Surge USD 656.68 bn by 2034

Wastewater Treatment Services Market Size to Surpass USD 131.78 Bn by 2035

Water and Wastewater Treatment Market Size to Surge USD 656.68 bn by 2034

Europe Water and Wastewater Treatment Market Size to Hit USD 176.48 Bn by 2035

North America Water and Wastewater Treatment Market Size to Reach USD 210.35 Bn by 2035

Packaged Wastewater Treatment Market Size to Surpass USD 73.66 Bn by 2035

Wastewater Treatment Services Market Size to Surpass USD 131.78 Bn by 2035

U.S. Water and Wastewater Treatment Market Size to Surpass USD 238.36 Bn by 2034

Plastic Waste Management Market Size to Reach USD 54.66 Bn by 2034

PFAS Waste Management Market Top Key Companies:

Dow Chemical CompanyArcadis NVTetra Tech Inc.Jacobs Engineering GroupSUEZ Water Technologies & SolutionsClean HarborsGolder AssociatesPeroxyChemGeosyntec ConsultantsSolvayEcolabHorizon Environmental ServicesKORE EnvironmentalMylan Inc.Chemours
Recent Breakthrough in the PFAS Waste Management Industry:

In April 2025, the PFAS Protection Act law was signed by the New Mexico Governor, which phases out intentionally added PFAS in food packaging, cookware, and a selection of other product categories by January 1, 2027. This law will fully ban the use by 2032.
PFAS Waste Management Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. For this study, Towards Chemical and Materials has segmented the global PFAS Waste Management Market

By Waste Type

PFAS Contaminated WaterPFAS Contaminated SoilPFAS Contaminated Sludge
By Treatment Method

Physical TreatmentAdsorptionFiltrationChemical TreatmentOxidationReductionThermal TreatmentHigh Temperature IncinerationPlasma Arc Treatment
By End-User

Industrial Waste ManagementManufacturing PlantsChemical PlantsOil & Gas IndustryMunicipal Waste ManagementWastewater Treatment Plants By Regional 

North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
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About Us

Towards Chemical and Materials is a leading global consulting firm specializing in providing comprehensive and strategic research solutions across the chemical and materials industries. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations.

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Nvidia CEO Jensen Huang and Michael Burry, the investor of "The Big Short" fame.

Ezra Acayan/Getty Images; Jim Spellman/WireImage

2025-11-26T11:19:14.886Z

Michael Burry said Nvidia made "straw man arguments" in a private memo addressing his critiques.
The investor of "The Big Short" fame said he owns bearish put options on Nvidia and Palantir.
Burry wrote on his Substack that AI companies may be exaggerating the lifespan of Nvidia chips.

Michael Burry has doubled down on his critique of Nvidia and other AI giants, and revealed he's betting against both it and Palantir.

In a Tuesday post on his new Substack, the investor of "The Big Short" fame called out Nvidia's recent memo to Wall Street analysts, saying it was responding to claims he didn't make.

Burry, in a post titled "Unicorns and Cockroaches: Blessed Fraud," wrote that he couldn't believe Nvidia's responses had come from the world's most valuable public company. He said the document contained "one straw man after another" and the memo "almost reads like a hoax."

The market veteran, who recently closed his hedge fund to outside cash and turned his focus to writing, said he'd never suggested Nvidia was dragging out the depreciation of its property, plant, and equipment (PP&E), as it's primarily a chip designer with minimal capital expenditures, not a manufacturer.

"No one cares about Nvidia's own depreciation," he said. "One straw man burnt."

Burry also dismissed Nvidia's argument that its older-generation chips are still being used, saying his concern is that newer chips could become functionally obsolete between 2026 and 2028.

"I am looking forward because I see problems that are relevant to investors today," he wrote. "A second straw man burnt."

Burry added that Nvidia's rebuttal to him was "disingenuous on the face, and disappointing."

He disclosed in his latest post that he's placed wagers against the chipmaker and another AI darling: "I continue to own puts on Palantir and Nvidia, both of which will be discussed at another time."

Nvidia didn't immediately respond to a request for comment on Burry's latest post.

The depreciation questionOne of Burry's chief concerns is AI companies' depreciation accounting, or how quickly they're projecting their assets will decline in value and how much they'll be worth at the end of their useful life.

Companies can increase their short-term profits and the stated value of their assets by spreading those costs over five or six years, rather than three. But that could pave the way for hefty writedowns in the future, Burry wrote on Substack.

He also highlighted a recent interview with Microsoft CEO Satya Nadella, in which Nadella said he had slowed the company's data center buildout earlier this year because he was wary of overbuilding infrastructure to serve one generation of AI chips, as the next generation will have different power and cooling requirements.

"The hyperscalers have been systematically increasing the useful lives of chips and servers, for depreciation purposes, as they invest hundreds of billions of dollars in graphics chips with accelerating planned obsolescence," Burry wrote.

He hinted that between the memo and wider market reaction, his depreciation comments have sparked a bigger reaction than he anticipated: "I have been drawn into something much bigger than me."

Nvidia shares have slumped 14% from their November 3 high, as investors have grown more concerned that AI companies are overspending and overvalued.

Burry shot to fame after his massive bet against the US housing bubble was immortalized in the book and movie "The Big Short. Known for his dire warnings about crashes and recessions, he returned to X after a two-year break in late October, making the case that AI stocks are in a bubble.

His Scion Asset Management firm first revealed on November 3 that it held bearish put options on Nvidia and Palantir at the end of September. The bets had a combined notional value of $1.1 billion, but Burry wrote in his latest post that they only cost him around $10 million each.

AI

Microsoft

Read next

2025 results highlight resilient performance in the face of difficult market conditions
Outlook for small ag and construction and forestry improves as large ag remains subdued
Full-year 2026 earnings are projected to be between $4.00 billion and $4.75 billion
, /PRNewswire/ -- Deere & Company (NYSE: DE) reported net income of $1.065 billion for the fourth quarter ended November 2, 2025, or $3.93 per share, compared with net income of $1.245 billion, or $4.55 per share, for the quarter ended October 27, 2024. For fiscal year 2025, net income attributable to Deere & Company was $5.027 billion, or $18.50 per share, compared with $7.100 billion, or $25.62 per share, in fiscal 2024.

Production & Precision Agriculture Operating Profit Fourth Quarter 2025 Compared to Fourth Quarter 2024 $ in millions

Small Agriculture & Turf Operating Profit Fourth Quarter 2025 Compared to Fourth Quarter 2024 $ in millions

Construction & Forestry Operating Profit Fourth Quarter 2025 Compared to Fourth Quarter 2024 $ in millions

Worldwide net sales and revenues increased 11%, to $12.394 billion, for the fourth quarter of 2025 and decreased 12%, to $45.684 billion, for the full year. Net sales were $10.579 billion for the quarter and $38.917 billion for the year, compared with $9.275 billion and $44.759 billion in fiscal 2024, respectively.

"This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we've made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle," said John May, chairman and CEO of John Deere. "Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business."

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.00 billion to $4.75 billion.

"Looking ahead, we believe 2026 will mark the bottom of the large ag cycle," May stated. "While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture & turf and construction & forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover."

Deere & Company

Fourth Quarter

Full Year

$ in millions, except per share amounts     

2025

2024

% Change

2025

2024

% Change

Net sales and revenues

$

12,394

$

11,143

11 %

$

45,684

$

51,716

-12 %

Net income

$

1,065

$

1,245

-14 %

$

5,027

$

7,100

-29 %

Fully diluted EPS

$

3.93

$

4.55

$

18.50

$

25.62

Results for the presented periods were affected by special items. See Note 2 of the financial statements for further details. The cost of additional tariffs for each segment is included in the "Production costs" and "Other" categories below.

Production & Precision Agriculture     

Fourth Quarter

$ in millions

2025

2024

% Change

Net sales

$

4,740

$

4,305

10 %

Operating profit

$

604

$

657

-8 %

Operating margin

12.7 %

15.3 %

Production & Precision Agriculture sales increased for the quarter due to higher shipment volumes and favorable price realization. Operating profit decreased primarily due to higher production costs, higher tariffs, and special items described in Note 2, partially offset by price realization and higher shipment volumes / sales mix.

Small Agriculture & Turf     

Fourth Quarter

$ in millions

2025

2024

% Change

Net sales

$

2,457

$

2,306

7 %

Operating profit

$

25

$

234

-89 %

Operating margin

1.0 %

10.1 %

Small Agriculture & Turf sales increased for the quarter due to higher shipment volumes. Operating profit decreased due to higher tariffs, warranty expenses, and production costs.

Construction & Forestry     

Fourth Quarter

$ in millions

2025

2024

% Change

Net sales

$

3,382

$

2,664

27 %

Operating profit

$

348

$

328

6 %

Operating margin

10.3 %

12.3 %

Construction & Forestry sales increased for the quarter due to higher shipment volumes. Operating profit increased primarily due to higher shipment volumes / sales mix, partially offset by increased production costs driven by higher tariffs and special items described in Note 2.

Financial Services     

Fourth Quarter

$ in millions

2025

2024

% Change

Net income

$

293

$

173

69 %

Financial Services net income for the quarter was higher due to favorable financing spreads, special items described in Note 2, and a lower provision for credit losses.

Industry Outlook for Fiscal 2026

Agriculture & Turf

U.S. & Canada:

Large Ag

Down 15 to 20%

Small Ag & Turf

Flat to up 5%

Europe

Flat to up 5%

South America (Tractors & Combines)     

Flat

Asia

Down ~5%

Construction & Forestry

U.S. & Canada:

Construction Equipment

Flat to up 5%

Compact Construction Equipment

Flat to up 5%

Global Forestry

Flat

Global Roadbuilding

Flat

Deere Segment Outlook for Fiscal 2026

Currency

Price

$ in millions

Net Sales

Translation

Realization

Production & Precision Ag     

Down 5 to 10%

+1.5 %

~ +1.5%

Small Ag & Turf

Up ~10%

+1.0 %

~ +2.0%

Construction & Forestry

Up ~10%

+1.0 %

~ +3.0%

Financial Services

Net Income

~ $830

FORWARD-LOOKING STATEMENTS
Certain statements contained herein, including in the section entitled "Company Outlook & Summary," "Industry Outlook for Fiscal 2026," "Deere Segment Outlook for Fiscal 2026," and "Condensed Notes to Consolidated Financial Statements" relating to future events, expectations, and trends constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company's operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

the agricultural business cycle, which can be unpredictable and is affected by factors such as farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, governmental farm programs, availability of transport for crops as well as adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth or a recession, and regional or global liquidity constraints
the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government, and retaliatory trade regulations
political, economic, and social instability in the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East
worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for the company's equipment
rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities
accurately forecasting customer demand for products and services and adequately managing inventory
uncertainty of the company's ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased pricing, and accurately predict financial results and industry trends
availability and price of raw materials, components, and whole goods
delays or disruptions in the company's supply chain
changes in climate patterns, unfavorable weather events, and natural disasters
suppliers' and manufacturers' business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages
higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for the company's products and solutions
ability to adapt in highly competitive markets, including understanding and meeting customers' changing expectations for products and solutions, including delivery and utilization of precision technology
the ability to execute business strategies, including the company's Smart Industrial Operating Model and Leap Ambitions
dealer practices and their ability to manage new and used inventory, distribute the company's products, and to provide support and service for precision technology solutions
the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes
negative claims or publicity that damage the company's reputation or brand
the ability to attract, develop, engage, and retain qualified employees
the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge
labor relations and contracts, including work stoppages and other disruptions
security breaches, cybersecurity attacks, technology failures, and other disruptions to the company's information technology infrastructure and products
leveraging artificial intelligence and machine learning within the company's business processes
changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, tariffs, product liability, tax, telematics, and telecommunications
governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy
warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of the company's products
investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that the company unlawfully withheld self-repair capabilities from farmers and independent repair providers
loss of or challenges to intellectual property rights
Further information concerning the company or its businesses, including factors that could materially affect the company's financial results, is included in the company's filings with the SEC (including, but not limited to, the factors discussed in Item 1A. "Risk Factors" of the company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.

DEERE & COMPANY

FOURTH QUARTER 2025 PRESS RELEASE

(In millions of dollars) Unaudited

Three Months Ended

Years Ended

November 2

October 27

%

November 2

October 27

%

2025

2024

Change

2025

2024

Change

Net sales and revenues:

Production & Precision Ag net sales

$

4,740

$

4,305

+10

$

17,311

$

20,834

-17

Small Ag & Turf net sales

2,457

2,306

+7

10,224

10,969

-7

Construction & Forestry net sales

3,382

2,664

+27

11,382

12,956

-12

Financial Services revenues

1,548

1,522

+2

5,821

5,782

+1

Other revenues

267

346

-23

946

1,175

-19

Total net sales and revenues

$

12,394

$

11,143

+11

$

45,684

$

51,716

-12

Operating profit: *

Production & Precision Ag

$

604

$

657

-8

$

2,671

$

4,514

-41

Small Ag & Turf

25

234

-89

1,207

1,627

-26

Construction & Forestry

348

328

+6

1,028

2,009

-49

Financial Services

374

231

+62

1,114

889

+25

Total operating profit

1,351

1,450

-7

6,020

9,039

-33

Reconciling items **

68

43

+58

266

155

+72

Income taxes

(354)

(248)

+43

(1,259)

(2,094)

-40

Net income attributable to Deere & Company     

$

1,065

$

1,245

-14

$

5,027

$

7,100

-29

*     

Operating profit is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange
gains and losses, and income taxes. Operating profit of Financial Services includes the effect of interest expense and foreign exchange gains and
losses.

**     

Reconciling items are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension
and postretirement benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three Months and Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars and shares except per share amounts) Unaudited

Three Months Ended

Years Ended

2025

2024

2025

2024

Net Sales and Revenues

Net sales

$

10,579

$

9,275

$

38,917

$

44,759

Finance and interest income

1,515

1,551

5,748

5,759

Other income

300

317

1,019

1,198

Total

12,394

11,143

45,684

51,716

Costs and Expenses

Cost of sales

7,944

6,571

28,159

30,775

Research and development expenses

681

626

2,311

2,290

Selling, administrative and general expenses

1,276

1,232

4,663

4,840

Interest expense

762

870

3,170

3,348

Other operating expenses

307

326

1,124

1,257

Total

10,970

9,625

39,427

42,510

Income of Consolidated Group before Income Taxes     

1,424

1,518

6,257

9,206

Provision for income taxes

354

248

1,259

2,094

Income of Consolidated Group

1,070

1,270

4,998

7,112

Equity in loss of unconsolidated affiliates

(10)

(28)

(24)

Net Income

1,060

1,242

4,998

7,088

Less: Net loss attributable to noncontrolling interests

(5)

(3)

(29)

(12)

Net Income Attributable to Deere & Company

$

1,065

$

1,245

$

5,027

$

7,100

Per Share Data

Basic

$

3.94

$

4.57

$

18.55

$

25.73

Diluted

3.93

4.55

18.50

25.62

Dividends declared

1.62

1.47

6.48

5.88

Dividends paid

1.62

1.47

6.33

5.76

Average Shares Outstanding

Basic

270.3

272.6

270.9

276.0

Diluted

271.1

273.6

271.7

277.1

See Condensed Notes to Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited

2025

2024

Assets

Cash and cash equivalents

$

8,276

$

7,324

Marketable securities

1,411

1,154

Trade accounts and notes receivable – net

5,317

5,326

Financing receivables – net

44,575

44,309

Financing receivables securitized – net

6,831

8,723

Other receivables

2,403

2,545

Equipment on operating leases – net

7,600

7,451

Inventories

7,406

7,093

Property and equipment – net

8,079

7,580

Goodwill

4,188

3,959

Other intangible assets – net

892

999

Retirement benefits

3,273

2,921

Deferred income taxes

2,284

2,086

Other assets

3,461

2,906

Assets held for sale

2,944

Total Assets

$

105,996

$

107,320

Liabilities and Stockholders' Equity

Liabilities

Short-term borrowings

$

13,796

$

13,533

Short-term securitization borrowings

6,596

8,431

Accounts payable and accrued expenses

13,909

14,543

Deferred income taxes

434

478

Long-term borrowings

43,544

43,229

Retirement benefits and other liabilities

1,710

2,354

Liabilities held for sale

1,827

Total liabilities

79,989

84,395

Redeemable noncontrolling interest

51

82

Stockholders' Equity

Total Deere & Company stockholders' equity

25,950

22,836

Noncontrolling interests

6

7

Total stockholders' equity

25,956

22,843

Total Liabilities and Stockholders' Equity     

$

105,996

$

107,320

See Condensed Notes to Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited

2025

2024

Cash Flows from Operating Activities

Net income

$

4,998

$

7,088

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

296

310

Depreciation and amortization

2,229

2,118

Impairments and other adjustments

41

125

Share-based compensation expense

151

208

Credit for deferred income taxes

(288)

(294)

Changes in assets and liabilities:

Receivables related to sales

1,084

421

Inventories

(275)

788

Accounts payable and accrued expenses

(251)

(1,040)

Accrued income taxes payable/receivable

(136)

(123)

Retirement benefits

(865)

(227)

Other

475

(143)

Net cash provided by operating activities

7,459

9,231

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

26,480

25,162

Proceeds from maturities and sales of marketable securities

486

832

Proceeds from sales of equipment on operating leases

1,917

1,929

Cost of receivables acquired (excluding receivables related to sales)

(26,340)

(28,816)

Acquisitions of businesses, net of cash acquired

(101)

Purchases of marketable securities

(703)

(1,055)

Purchases of property and equipment

(1,360)

(1,640)

Cost of equipment on operating leases acquired

(2,868)

(3,162)

Collections of receivables from unconsolidated affiliates

507

Loans to unconsolidated affiliates

(109)

Collateral on derivatives – net

182

413

Other

(148)

(127)

Net cash used for investing activities

(2,057)

(6,464)

Cash Flows from Financing Activities

Net payments in short-term borrowings (original maturities three months or less)

(2,539)

(1,856)

Proceeds from borrowings issued (original maturities greater than three months)

13,161

18,096

Payments of borrowings (original maturities greater than three months)

(12,264)

(13,232)

Repurchases of common stock

(1,138)

(4,007)

Dividends paid

(1,720)

(1,605)

Other

(79)

(113)

Net cash used for financing activities

(4,579)

(2,717)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash     

77

(37)

Net Increase in Cash, Cash Equivalents, and Restricted Cash

900

13

Cash, Cash Equivalents, and Restricted Cash at Beginning of Year

7,633

7,620

Cash, Cash Equivalents, and Restricted Cash at End of Year

$

8,533

$

7,633

See Condensed Notes to Consolidated Financial Statements.

DEERE & COMPANY
Condensed Notes to Consolidated Financial Statements
(In millions of dollars) Unaudited

(1)   Acquisitions

In 2025, the company acquired several small-scale businesses to advance the capabilities of the company's existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions aimed at improving profitability, efficiency, and sustainability. In addition, the company acquired the remaining ownership interest of an equity method investment. The combined purchase price consideration for these acquisitions was $115 million, consisting of $101 million cash, net of cash acquired, and $14 million loan forgiven. The businesses were assigned to the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), and Construction & Forestry (CF) segments. Most of the purchase price for these acquisitions was allocated to goodwill and intangible assets.

(2)   Special Items

Litigation Accrual

In the fourth quarter of 2025, the company increased the total accrued losses on unresolved legal matters in connection with a consolidated multidistrict class action antitrust lawsuit by $95 million pretax ($75 million after-tax) which was included in "Selling, administrative and general expenses."

Impairment of Intangible Assets

In the third quarter of 2025, the company recorded a non-cash impairment charge of $61 million pretax ($49 million after-tax), primarily related to the trade name and customer relationship assets of external overseas battery operations. Of this amount, $53 million was recorded in "Selling, administrative and general expenses" and $8 million in "Cost of sales." This is presented in "Impairments and other adjustments" in the statements of consolidated cash flows. The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets.

Discrete Tax Items

In the first quarter of 2025, the company recorded favorable net discrete tax items primarily due to tax benefits of $110 million related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 million from an adjustment to an uncertain tax position of a foreign subsidiary.

Banco John Deere S.A.

In 2024, the company entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of the company's wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce the company's incremental risk as it continues to grow in the Brazilian market. The company deconsolidated BJD upon completion of the transaction in February 2025. The company accounts for its investment in BJD using the equity method of accounting and results of its operations are reported in "Equity in income (loss) of unconsolidated affiliates" within the Financial Services segment. The company reports investments in unconsolidated affiliates and receivables from unconsolidated affiliates in "Other assets" and "Other receivables," respectively.

BJD was reclassified as held for sale in 2024, resulting in a net loss of $59 million pretax and after-tax due to the establishment of a $97 million valuation allowance on the assets held for sale and a $38 million reversal of allowance for credit losses. In the first quarter of 2025, a gain of $32 million pretax and after-tax was recorded in "Selling, administrative and general expenses" related to a decrease in valuation allowance. The valuation allowance changes are presented in "Impairments and other adjustments" in the statements of consolidated cash flows. No significant gain or loss was recognized upon completion of the transaction. The equity interest in BJD was valued at $362 million at the deconsolidation date.

Legal Settlements

The company reached legal settlements concerning patent infringement claims. As a result of these settlements, in the fourth quarter of 2024, the company recognized a total of $57 million pretax gain ($45 million after-tax) in "Other Income," providing a benefit of $17 million to PPA and $40 million to CF. These settlements resolve the disputes without any admission of liability by the parties involved. The company believes that these settlements enhance its ability to protect its intellectual property and reinforce its commitment to innovation and technological advancement.

Impairment of Investment in Unconsolidated Affiliate

In the fourth quarter of 2024, the company recorded a non-cash charge of $28 million pretax and after-tax in "Equity in income (loss) of unconsolidated affiliates" for an other than temporary decline in value of an investment recorded in SAT. This is presented in "Impairments and other adjustments" in the statements of consolidated cash flows.

Employee-Separation Programs

In the third quarter of 2024, the company implemented employee-separation programs for the company's salaried workforce in several geographic areas, including the United States, Europe, Asia, and Latin America. The programs' main purpose was to help meet the company's strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period. For the limited voluntary employee-separation programs, the expense was recorded in the period in which the employee irrevocably accepted a separation offer.

The programs' pretax expenses recorded for the periods ended October 27, 2024, by operating segment were as follows in millions of dollars:

Three Months

Fiscal Year

PPA

SAT

CF

FS

Total

PPA

SAT

CF

FS

Total

Cost of sales

$

3

$

2

$

5

$

21

$

11

$

8

$

40

Research and development expenses

3

3

$

1

7

22

9

2

33

Selling, administrative and general expenses     

9

9

1

$

1

20

34

23

12

$

10

79

Total operating profit decrease

$

15

$

14

$

2

$

1

32

$

77

$

43

$

22

$

10

152

Non-operating profit expenses*

1

5

Total

$

33

$

157

* 

Relates primarily to corporate expenses.

Summary of 2025 and 2024 Special Items

The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and fiscal years ended November 2, 2025, and October 27, 2024:

Three Months

Fiscal Years

PPA

SAT

CF

FS

Total

PPA

SAT

CF

FS

Total

2025 Expense (benefit):

Litigation accrual

$

47

$

24

$

24

$

95

$

47

$

24

$

24

$

95

Impairment

28

17

16

61

BJD measurement

$

(32)

(32)

Total expense (benefit)

47

24

24

95

75

41

40

(32)

124

2024 Expense (benefit):

Legal settlements

(17)

(40)

(57)

(17)

(40)

(57)

Impairment

28

28

28

28

Employee-separation programs     

15

14

2

$

1

32

77

43

22

10

152

BJD measurement

44

44

59

59

Total expense (benefit)

(2)

42

(38)

45

47

60

71

(18)

69

182

Period over period change

$

49

$

(18)

$

62

$

(45)

$

48

$

15

$

(30)

$

58

$

(101)

$

(58)

(3)

The consolidated financial statements represent the consolidation of all the company's subsidiaries. 
The supplemental consolidating data in Note 4 to the financial statements is presented for informational purposes. Equipment operations represent
the enterprise without Financial Services. Equipment operations include the company's Production & Precision Agriculture operations, Small
Agriculture & Turf operations, Construction & Forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected
within Financial Services. Transactions between the equipment operations and Financial Services have been eliminated to arrive at the
consolidated financial statements.

DEERE & COMPANY

(4) SUPPLEMENTAL CONSOLIDATING DATA
STATEMENTS OF INCOME

For the Three Months Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2025

2024

2025

2024

2025

2024

2025

2024

Net Sales and Revenues

Net sales

$

10,579

$

9,275

$

10,579

$

9,275

Finance and interest income

169

154

$

1,500

$

1,569

$

(154)

$

(172)

1,515

1,551

 1

Other income

242

274

171

117

(113)

(74)

300

317

2, 3, 4

Total

10,990

9,703

1,671

1,686

(267)

(246)

12,394

11,143

Costs and Expenses

Cost of sales

7,950

6,578

(6)

(7)

7,944

6,571

 4

Research and development expenses

681

626

681

626

Selling, administrative and general expenses

1,095

946

183

288

(2)

(2)

1,276

1,232

 4

Interest expense

91

83

716

828

(45)

(41)

762

870

 1

Interest compensation to Financial Services

109

131

(109)

(131)

 1

Other operating expenses

16

54

396

337

(105)

(65)

307

326

3, 4, 5

Total

9,942

8,418

1,295

1,453

(267)

(246)

10,970

9,625

Income before Income Taxes

1,048

1,285

376

233

1,424

1,518

Provision for income taxes

269

187

85

61

354

248

Income after Income Taxes

779

1,098

291

172

1,070

1,270

Equity in income (loss) of unconsolidated affiliates

(12)

(29)

2

1

(10)

(28)

Net Income

767

1,069

293

173

1,060

1,242

Less: Net loss attributable to noncontrolling interests     

(5)

(3)

(5)

(3)

Net Income Attributable to Deere & Company

$

772

$

1,072

$

293

$

173

$

1,065

$

1,245

1 Elimination of intercompany interest income and expense.

2 Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.

3 Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.

4 Elimination of intercompany service revenues and fees.

5 Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF INCOME

For the Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2025

2024

2025

2024

2025

2024

2025

2024

Net Sales and Revenues

Net sales

$

38,917

$

44,759

$

38,917

$

44,759

Finance and interest income

521

596

$

5,768

$

6,035

$

(541)

$

(872)

5,748

5,759

 1

Other income

821

1,006

521

458

(323)

(266)

1,019

1,198

2, 3, 4

Total

40,259

46,361

6,289

6,493

(864)

(1,138)

45,684

51,716

Costs and Expenses

Cost of sales

28,190

30,803

(31)

(28)

28,159

30,775

 4

Research and development expenses

2,311

2,290

2,311

2,290

Selling, administrative and general expenses

3,856

3,791

815

1,059

(8)

(10)

4,663

4,840

 4

Interest expense

372

396

2,923

3,182

(125)

(230)

3,170

3,348

1

Interest compensation to Financial Services

414

640

(414)

(640)

 1

Other operating expenses

(29)

133

1,439

1,354

(286)

(230)

1,124

1,257

3, 4, 5

Total

35,114

38,053

5,177

5,595

(864)

(1,138)

39,427

42,510

Income before Income Taxes

5,145

8,308

1,112

898

6,257

9,206

Provision for income taxes

1,020

1,887

239

207

1,259

2,094

Income after Income Taxes

4,125

6,421

873

691

4,998

7,112

Equity in income (loss) of unconsolidated affiliates

(17)

(29)

17

5

(24)

Net Income

4,108

6,392

890

696

4,998

7,088

Less: Net loss attributable to noncontrolling interests     

(29)

(12)

(29)

(12)

Net Income Attributable to Deere & Company

$

4,137

$

6,404

$

890

$

696

$

5,027

$

7,100

1 Elimination of intercompany interest income and expense.

2 Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.

3 Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.

4 Elimination of intercompany service revenues and fees.

5 Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

As of November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2025

2024

2025

2024

2025

2024

2025

2024

Assets

Cash and cash equivalents

$

6,340

$

5,615

$

1,936

$

1,709

$

8,276

$

7,324

Marketable securities

217

125

1,194

1,029

1,411

1,154

Receivables from Financial Services

4,649

3,043

$

(4,649)

$

(3,043)

 6

Trade accounts and notes receivable – net

1,316

1,257

5,900

6,225

(1,899)

(2,156)

5,317

5,326

 7

Financing receivables – net

88

78

44,487

44,231

44,575

44,309

Financing receivables securitized – net

1

2

6,830

8,721

6,831

8,723

Other receivables

1,809

2,193

658

427

(64)

(75)

2,403

2,545

 7

Equipment on operating leases – net

7,600

7,451

7,600

7,451

Inventories

7,406

7,093

7,406

7,093

Property and equipment – net

8,047

7,546

32

34

8,079

7,580

Goodwill

4,188

3,959

4,188

3,959

Other intangible assets – net

892

999

892

999

Retirement benefits

3,181

2,839

94

83

(2)

(1)

3,273

2,921

 8

Deferred income taxes

2,507

2,262

46

43

(269)

(219)

2,284

2,086

 9

Other assets

2,218

2,194

1,244

715

(1)

(3)

3,461

2,906

Assets held for sale

2,944

2,944

Total Assets

$

42,859

$

39,205

$

70,021

$

73,612

$

(6,884)

$

(5,497)

$

105,996

$

107,320

Liabilities and Stockholders' Equity

Liabilities

Short-term borrowings

$

414

$

911

$

13,382

$

12,622

$

13,796

$

13,533

Short-term securitization borrowings

1

2

6,595

8,429

6,596

8,431

Payables to Equipment Operations

4,649

3,043

$

(4,649)

$

(3,043)

 6

Accounts payable and accrued expenses

12,757

13,534

3,116

3,243

(1,964)

(2,234)

13,909

14,543

 7

Deferred income taxes

347

434

356

263

(269)

(219)

434

478

 9

Long-term borrowings

8,756

6,603

34,788

36,626

43,544

43,229

Retirement benefits and other liabilities

1,646

2,250

66

105

(2)

(1)

1,710

2,354

 8

Liabilities held for sale

1,827

1,827

Total liabilities

23,921

23,734

62,952

66,158

(6,884)

(5,497)

79,989

84,395

Redeemable noncontrolling interest

51

82

51

82

Stockholders' Equity

Total Deere & Company stockholders' equity

25,950

22,836

7,069

7,454

(7,069)

(7,454)

25,950

22,836

 10

Noncontrolling interests

6

7

6

7

Financial Services' equity

(7,069)

(7,454)

7,069

7,454

 10

Adjusted total stockholders' equity

18,887

15,389

7,069

7,454

25,956

22,843

Total Liabilities and Stockholders' Equity     

$

42,859

$

39,205

$

70,021

$

73,612

$

(6,884)

$

(5,497)

$

105,996

$

107,320

6  Elimination of receivables / payables between equipment operations and Financial Services.

7  Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.

8  Reclassification of net pension assets / liabilities.

9  Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

10 Elimination of Financial Services' equity.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2025

2024

2025

2024

2025

2024

2025

2024

Cash Flows from Operating Activities

Net income

$

4,108

$

6,392

$

890

$

696

$

4,998

$

7,088

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

18

14

278

296

296

310

Depreciation and amortization

1,280

1,220

1,082

1,040

$

(133)

$

(142)

2,229

2,118

 11

Impairments and other adjustments

73

28

(32)

97

41

125

Share-based compensation expense

151

208

151

208

 12

Distributed earnings of Financial Services

1,368

250

(1,368)

(250)

 13

Provision (credit) for deferred income taxes

(369)

(97)

81

(197)

(288)

(294)

Changes in assets and liabilities:

Receivables related to sales

(91)

(13)

1,175

434

1,084

421

14, 16

Inventories

(138)

1,011

(137)

(223)

(275)

788

15

Accounts payable and accrued expenses

(617)

(1,429)

109

277

257

112

(251)

(1,040)

16

Accrued income taxes payable/receivable

(112)

(218)

(24)

95

(136)

(123)

Retirement benefits

(814)

(215)

(51)

(12)

(865)

(227)

Other

394

(38)

147

40

(66)

(145)

475

(143)

11, 12, 15

Net cash provided by operating activities

5,100

6,905

2,480

2,332

(121)

(6)

7,459

9,231

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

27,037

26,029

(557)

(867)

26,480

25,162

 14

Proceeds from maturities and sales of marketable securities

46

99

440

733

486

832

Proceeds from sales of equipment on operating leases

1,917

1,929

1,917

1,929

Cost of receivables acquired (excluding receivables related to sales)

(26,623)

(29,152)

283

336

(26,340)

(28,816)

 14

Acquisitions of businesses, net of cash acquired

(101)

(101)

Purchases of marketable securities

(125)

(209)

(578)

(846)

(703)

(1,055)

Purchases of property and equipment

(1,358)

(1,636)

(2)

(4)

(1,360)

(1,640)

Cost of equipment on operating leases acquired

(3,053)

(3,464)

185

302

(2,868)

(3,162)

 15

Decrease (increase) in investment in Financial Services

(10)

4

10

(4)

 17

Decrease in trade and wholesale receivables

1,161

21

(1,161)

(21)

 14

Collections of receivables from unconsolidated affiliates

190

317

507

Loans to unconsolidated affiliates

(109)

(109)

Collateral on derivatives – net

(1)

183

413

182

413

Other

(90)

(125)

(61)

(8)

3

6

(148)

(127)

Net cash provided by (used for) investing activities

(1,449)

(1,867)

629

(4,349)

(1,237)

(248)

(2,057)

(6,464)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original maturities three months or less)     

144

28

(2,683)

(1,884)

(2,539)

(1,856)

Change in intercompany receivables/payables

(1,695)

1,459

1,695

(1,459)

Proceeds from borrowings issued (original maturities greater than three months)

2,369

159

10,792

17,937

13,161

18,096

Payments of borrowings (original maturities greater than three months)

(923)

(1,123)

(11,341)

(12,109)

(12,264)

(13,232)

Repurchases of common stock

(1,138)

(4,007)

(1,138)

(4,007)

Capital investment from (returned to) Equipment Operations

10

(4)

(10)

4

 17

Dividends paid

(1,720)

(1,605)

(1,368)

(250)

1,368

250

(1,720)

(1,605)

 13

Other

(53)

(46)

(26)

(67)

(79)

(113)

Net cash provided by (used for) financing activities

(3,016)

(5,135)

(2,921)

2,164

1,358

254

(4,579)

(2,717)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

86

(15)

(9)

(22)

77

(37)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

721

(112)

179

125

900

13

Cash, Cash Equivalents, and Restricted Cash at Beginning of Year

5,643

5,755

1,990

1,865

7,633

7,620

Cash, Cash Equivalents, and Restricted Cash at End of Year

$

6,364

$

5,643

$

2,169

$

1,990

$

8,533

$

7,633

11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

12 Reclassification of share-based compensation expense.

13 Elimination of dividends from Financial Services to the equipment operations, which are included in the equipment operations operating activities.

14 Primarily reclassification of receivables related to the sale of equipment.

15 Reclassification of direct lease agreements with retail customers.

16 Reclassification of sales incentive accruals on receivables sold to Financial Services.

17 Elimination of change in investment from equipment operations to Financial Services.

SOURCE John Deere Company

HOUSTON--(BUSINESS WIRE)--Civeo Corporation (NYSE: CVEO) (“Civeo” or “the Company”) today appointed Jeffrey B. Scofield and Daniel B. Silvers to its Board of Directors (the “Board”), effective immediately. Mr. Silvers' and Mr. Scofield's appointments are made in conjunction with a cooperation agreement that the Company has reached with Engine Capital LP (“Engine Capital”) and certain of its affiliates. Mr. Scofield will serve on the Audit and Finance and Investment Committees of the Board and M.

BTC recovered from $80,000 to $88,000, leading traders to believe the price bottom was reached.

TLDR

MegaETH canceled plans to expand its token sale from $250 million to $1 billion after technical failures disrupted the pre-deposit event on Tuesday
Configuration errors and KYC system failures from partner Sonar prevented verified users from accessing the platform during the scheduled opening
A multisig transaction meant for later use was executed too early, allowing unverified deposits to flow in and fill the $250 million cap instantly
The team froze deposits at $500 million and will offer withdrawals to users who want refunds while crediting them toward future rewards
No user funds were at risk during the technical breakdown, but MegaETH acknowledged the launch experience was unacceptable

MegaETH has abandoned its plan to raise $1 billion after a series of technical problems disrupted its pre-deposit event on Tuesday. The Ethereum layer-2 project initially aimed to collect $250 million from verified users but encountered multiple system failures that forced the team to halt expansion plans.

The pre-deposit window was designed to give KYC-verified users early access to lock in MEGA token allocations. Users would deposit USD Coin in exchange for USDm, a stablecoin being built with Ethena’s framework. The system broke down almost immediately after launch.

Configuration errors caused MegaETH’s Know Your Customer system to fail during the opening. The KYC partner, Sonar, experienced rate-limit issues that prevented users from completing verification. This blocked legitimate participants from accessing the deposit platform during the scheduled window.

A second problem emerged when a fully signed Safe multisig transaction was executed ahead of schedule. The team had prepared this transaction for a later cap increase. The early execution allowed new deposits to flow into the system before the team was ready.

How the $250 Million Cap Was Filled
The combination of failures created an unintended opening in the deposit window. Users who kept refreshing the pre-deposit website caught the random opening time. The $250 million cap filled almost instantly with deposits from people who happened to be monitoring the page.

The team attempted to fix the issues and raise the cap to $400 million, then $500 million. Each attempt came too late. The contract became oversubscribed before the new limits could take effect properly.

MegaETH froze deposits at $500 million and decided not to proceed with the planned $1 billion raise. The team said no user funds were at risk during the technical breakdown. They acknowledged the launch experience failed to meet expectations.

A withdrawal page is being prepared for users who want their funds returned. Participants who request refunds will still receive credit toward the MEGA token rewards program. The team plans to publish a detailed explanation of what went wrong and how they will prevent similar issues in the future.

Background on MegaETH and the Token Auction
The pre-deposit event followed a successful MEGA token auction that concluded on October 30. That auction offered 5 percent of the 10 billion token supply and attracted over $1.3 billion in commitments. The sale was fully subscribed within minutes of opening.

Bids in the auction ranged from $2,650 to $186,282 per allocation. Participants had the option to lock tokens for one year in exchange for a 10 percent discount. The overwhelming demand meant MegaETH would use a special allocation mechanism to distribute tokens among participants.

MegaETH is backed by major figures including Ethereum co-founders Vitalik Buterin and Joe Lubin. The project launched its testnet in March and aims to process 100,000 transactions per second with sub-millisecond latency. The MEGA token is scheduled to launch in early 2026.

The Stellar (XLM) network is experiencing its most active year of development in 2025, with a strong focus on attracting major financial institutions. However, XLM price performance has moved in the opposite direction despite solid fundamentals.

These developments highlight Stellar’s growing presence in cross-border payments. They also fuel expectations of a strong XLM price recovery toward the end of the year.

Sponsored

Stellar Expands Institutional ReachUS Bank — one of the largest commercial banks in the United States — has begun actively testing stablecoin issuance on the Stellar network.

A major traditional financial institution choosing Stellar over Ethereum or other layer-2 solutions signals a crucial milestone. It suggests that the network has reached the level of reliability and performance required by banks.

“For bank customers, we have to think about other protections around know your customers, the ability to unwind transactions, the ability to clawback transactions, and one of the great things about the Stellar platform as we did some more research and development on it was learning that they have the ability at their base operating layer to freeze assets and unwind transactions.”
— Mike Villano, Senior Vice President, Head of Digital Asset Products, US Bank, said.

This information spread rapidly through the XLM community, boosting confidence that US Bank’s move could encourage other banks to follow suit. Greater institutional adoption may support network usage and strengthen XLM pricing.

At the same time, AUDD — a 1:1 Australian dollar-backed stablecoin — officially surpassed $1 billion in organic transaction volume on Stellar. The milestone is notable because it reflects actual user and business activity, rather than wash trading or liquidity farming, which is often seen in other crypto projects.

Sponsored

Stellar Prioritizes Security as Institutional Privacy Needs GrowThe most significant technical advancement comes with the launch of X-Ray, part of Protocol 25, which introduces infrastructure for zero-knowledge-based privacy applications.

This development aligns with current market behavior. A report from BeInCrypto indicates that institutions are gradually shifting away from public-chain Ethereum toward privacy-focused blockchains.

Stellar’s implementation of advanced ZK technology strengthens its competitive advantage in the race for institutional capital.

Sponsored

Retail investors have also been shifting attention toward Zero-Knowledge (ZK) coins such as Zcash (ZEC) and StarkNet (STRK). These altcoins have performed well despite a broader market correction.

XLM Trades at the Most Critical Support Level of the YearAnalysts note that XLM is currently positioned directly on its strongest support zone of 2025.

This outlook is based on two key factors. First, XLM has repeated the same falling wedge structure twice this year. The previous pattern led to a sharp rebound.

Sponsored

Stellar (XLM) Falling Wedge Structure. Source: Elite CryptoSecond, XLM has flipped the 200-week EMA from resistance into support. This moving average points to strong demand near the $0.20 zone.

Beyond technical indicators, on-chain metrics signal rising XLM demand in DeFi. The total value locked (TVL) on Stellar has reached a new high of $168.8 million, despite a two-month decline in prices.

Stellar Total Value Locked. Source: DefiLlamaThe combination of institutional developments, privacy-focused upgrades, and strong technical support provides a basis for investors to anticipate an XLM recovery as the year comes to a close.

TL;DR

Monad’s MON token jumped 78% after its official launch, fueled by strong investor demand and a broader crypto market recovery.
The blockchain, developed over three years, sold 7.5 billion MON tokens at $0.025 each, implying a $2.5 billion valuation.
MON now trades at $0.04589, with a market cap of $497.04 million, delivering early profits to initial investors while attracting renewed market attention.

Monad’s MON token climbed sharply following its launch as investor interest and a Bitcoin rebound supported market momentum. The Ethereum-compatible blockchain, in development for over three years, is designed for fast and low-cost transactions. MON has risen 37.65% in the past 24 hours, reaching $0.04589 and signaling strong early adoption. Early trading volumes suggest a robust secondary market is forming, with investors increasingly monitoring network activity and on-chain metrics.

Investor Demand Drives Monad Token Growth
The public sale of 7.5 billion MON tokens between November 17 and 22 priced each token at $0.025, giving Monad a pre-launch valuation of $2.5 billion. On launch day, additional buying pressure pushed the price higher, bringing MON’s market cap close to $497.04 million. The network has already processed over three million transactions from 140,000 addresses, and more than 18,000 smart contracts have been deployed, according to Nansen data. These metrics indicate that developer engagement and real usage are expanding faster than many comparable launches, enhancing confidence in the platform.

Bitcoin Recovery Boosts Smaller Assets
MON’s surge aligns with a broader recovery in the crypto market after a multiweek decline that began on October 10. Bitcoin’s rebound of roughly 5% from its lows is lifting smaller tokens. Coinbase’s sale conditions, which discourage immediate selling, are further supporting MON’s stability. Early investors are seeing substantial gains while the project continues to demonstrate network activity. Additionally, growing attention from institutional investors may further support liquidity and long-term token adoption.

Pro-Crypto Vision and Long-Term Outlook
Monad is co-founded by former Jump Trading employees Keone Hon and James Hunsaker and has raised $248 million from Paradigm, Coinbase Ventures, and Dragonfly Capital. Unlike other recent blockchain launches such as Plasma or Berachain, which saw initial hype fade quickly, Monad’s combination of investor incentives and active network usage could help sustain momentum. 

Analysts suggest that MON’s strong start, functional blockchain, and strategic funding position it as a promising project in the evolving crypto ecosystem. The project’s roadmap emphasizes scalability, DeFi integration, and developer-friendly tools, which may contribute to continued growth.

TAO and ENA are today's top performers.

Although it managed to recover several grand since last Friday’s calamity, BTC has failed to decisively overcome the $87,000 resistance line.

In contrast, several altcoins have produced more impressive gains over the past day, including Pi Network’s native token, which is up by double digits weekly.

BTC Stopped at $88K Again
It was just over two weeks ago when the primary cryptocurrency was riding high at around $107,000. However, it quickly lost momentum, and the overall trend turned bearish with a price drop to a five-digit price territory by the end of that business week. Although it tried to rebound, it couldn’t challenge the $100,000 mark again, and the correction continued.

The culmination took place last Friday when the bears seemed in complete control. In the past of less than 24 hours, they drove BTC south hard to a seven-month low of under $81,000 (on most exchanges). After losing more than $25,000 in days, bitcoin finally bounced off and jumped to around $84,000, where it spent most of the weekend.

The recovery attempts continued on Monday and especially Tuesday when it jumped to $89,000. However, it couldn’t keep climbing and has slipped to $87,000 as of press time.

Its market cap has dropped to $1.735 trillion on CG, while its dominance over the altcoins stands still at 56.4%.

BTCUSD. Source: TradingView
PI Sees Weekly High
Most larger-cap alts have charted insignificant moves over the past day. On one hand, ETH, BNB, SOL, TRX, DOGE, ADA, and LINK are slightly in the green, while XRP and ZEC are with minor losses.

More impressive gains come from BCH, HYPE, XMR, and SHIB – all of which have jumped by up to 4%. ENA has surged by 6%, while TAO is up by 6.5%. Some rumors of an upcoming big update pushed Pi Network’s PI token higher today, jumping to a weekly high of over $0.25.

The total crypto market cap has remained essentially unchanged from yesterday, at around $3.075 trillion on CG.

Cryptocurrency Market Overview Daily. Source: QuantifyCrypto

, /PRNewswire/ -- Immunic, Inc. (Nasdaq: IMUX), a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic and gastrointestinal diseases, today announced that Daniel Vitt, Ph.D., Chief Executive Officer of Immunic, will participate in a fireside chat on Thursday, December 4, 2025 at 9:35 am ET at the 8th Annual Evercore ISI Healthcare Conference, taking place December 2-4, 2025 in Coral Gables, FL.

A webcast will be available on the "Events and Presentations" section of Immunic's website at: https://ir.imux.com/events-and-presentations.

Dr. Vitt and Jason Tardio, President and Chief Operating Officer of Immunic, will also participate in one-on-one investor meetings at the conference. To schedule a meeting, please contact your Evercore ISI representative or Jessica Breu at: [email protected].

About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic and gastrointestinal diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 clinical trials for the treatment of relapsing multiple sclerosis, for which top-line data is expected to be available by the end of 2026. It has already shown therapeutic activity in phase 2 clinical trials in patients suffering from relapsing-remitting multiple sclerosis and progressive multiple sclerosis. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor related 1 (Nurr1) activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH). IMU-856, which targets the protein Sirtuin 6 (SIRT6), is intended to restore intestinal barrier function and regenerate bowel epithelium, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease as well as inflammatory bowel disease, Graft-versus-Host-Disease and weight management. IMU-381, which currently is in preclinical testing, is a next generation molecule being developed to specifically address the needs of gastrointestinal diseases. For further information, please visit: www.imux.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to management's and employee's participation in investor conferences. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025, and in the company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release.

Contact Information

Immunic, Inc.
Jessica Breu
Vice President Investor Relations and Communications
+49 89 2080 477 09
[email protected]

US IR Contact
Rx Communications Group
Paula Schwartz
+1 917 633 7790
[email protected]

US Media Contact
KCSA Strategic Communications
Caitlin Kasunich
+1 212 896 1241
[email protected]

SOURCE Immunic, Inc.

November 26, 2025 6:30 AM EST | Source: Cabral Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 26, 2025) - Cabral Gold Inc. (TSXV: CBR) (OTCQB: CBGZF) ("Cabral" or the "Company") is pleased to announce the completion of all transaction documents for the previously announced arm's length gold loan agreement and the receipt of the entire US$45.1M principal amount (the "Principal Amount") under the gold loan between Precious Metals Yield Fund, (the "Lender") and Magellan Minerais Prospecção Geológica Ltda., a wholly-owned subsidiary of the Company (the "Borrower").

The Company has entered into binding transaction agreements, including all necessary Finance Agreements and the Intercreditor Agreements and has issued a draw down notice to the Lender and received the Principal Amount under the Gold Loan equal to 345 kilograms of gold at a value of US$45,121,732. No finders fees are payable in connection with the Gold Loan and the terms of such Gold Loan are substantially consistent with those disclosed in the Company's news release dated October 16, 2025. The Borrower's obligations under the Gold Loan will be secured by, among other things, corporate guarantees and first ranking security from each of the Company, the Borrower and Cabral Gold B.C. Inc., a wholly owned subsidiary of the Company.

The Company expects to use the proceeds of the Gold Loan to fully fund the construction for the Cuiú Cuiú Heap Leach gold starter project (the "Project"), which has an estimated capex of US$37.7 million as per the Company's Pre-feasibility study released on July 29, 2025.

Concurrent with the receipt of the Principal Amount under the Gold Loan, the Company issued 10,000,000 non-transferrable common share purchase warrants of the Company (the "Warrants") to the Lender. Each Warrant entitles the Lender to acquire one common share of the Company (each, a "Warrant Share") for a period of 24 months following the date hereof at an exercise price of C$0.71 per Warrant Share, representing a 50% premium on the 5-day VWAP ending 15th October, 2025, being the day prior to the initial announcement of the Gold Loan. The Warrants, and Warrant Shares, are subject to a hold period expiring four months and one day from the date hereof in accordance with applicable Canadian securities laws.

With approximately C$66 million in the treasury following receipt of the Principal Amount, the Company has pre-emptively accelerated its early works program into full construction mode in support of the first gold pour planned for Q4, 2026. As of today's announcement, the Company has 141 employees and contractors on site at Cuiú Cuiú for construction and support roles, excluding the exploration team.

Additionally, the financial flexibility provided by this Gold Loan will allow the Company to continue to execute its exploration drilling program during construction of the Project, which is aimed expanding the hard rock resource base, which was last updated in September 2022, and will form the basis of the much larger Stage 2 development of the Cuiú Cuiú project.

The Gold Loan and the related issuance of the Warrants to the Lender have been conditionally approved by the TSX Venture Exchange (the "TSXV") and remain subject to final approval of the TSXV.

Project Financing and Initial Capital

The US$45.1 million in proceeds from the Gold Loan financing fully funds the initial capital costs to develop the Project based on the Updated Pre-Feasibility Study prepared by Ausenco earlier this year and released on July 29, 2025 (the "Updated PFS"). The results of this study indicated that an attractive opportunity exists to monetize the gold in surface oxide blankets at Cuiú Cuiú. With a 1 Mtpa capacity Heap Leach plant, the Project has a 6.2-year mine life, producing gold at an all-in-sustaining operating cost of US$1,210 per ounce. The investment is modest, with capital costs estimated at US$37.7 million, of which approximately US$6 million has been invested to date in early works activities. Commissioning of the Project is planned for Q3 2026, with production scheduled for Q4 2026.

The Project returns an IRR of 78% and an NPV5 of US$74 million, with a project payback period of 10 months at the base case gold price of US$2,500 per ounce (see press release dated July 29, 2025). The anticipated financial returns of the Project have greatly increased since the release of the Updated PFS, following the recent substantial rise in gold prices.

The Gold Loan provides capital at a very attractive cost of capital, especially in relation to the forecast returns of the Project. It also provides Cabral with the security of locking in the current gold price for all debt service obligations, while retaining the upside exposure on all gold reserves and resources at Cuiu Cuiu that are not allocated to the debt service of the Gold Loan.

About Cabral Gold Inc.

The Company is a junior resource company engaged in the identification, exploration, and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Three main gold deposits have so far been defined in the Cuiú Cuiú gold district which contain National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Indicated resources of 12.29Mt @ 1.14 g/t gold (450,200oz) in fresh basement material and 13.56Mt @ 0.50 g/t gold (216,182oz) in oxide material. The Cuiú Cuiú gold district also contains Inferred resources of 13.63Mt @ 1.04 g/t gold (455,100oz) in fresh basement material and 6.4Mt @ 0.34 g/t gold (70,569oz) in oxide material. The resource estimate for the primary material is based on the NI 43-101 technical report dated October 12, 2022. The resource estimate for the oxide material at the Company's PDM and MG deposits are based on a NI 43-101 technical report dated October 21, 2024. The resource estimates for the oxide material at the Central and Machichie deposits are based on the Updated PFS NI 43-101 technical report dated September 10, 2025.

The Tapajós Gold Province is the site of the largest gold rush in Brazil's history which according to the ANM (Agência Nacional de Mineração or National Mining Agency of Brazil) produced an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.

Qualified Person and Technical Information

Technical information included in this release was supervised and approved by Brian Arkell, B.S. Geology and M.S. Economic Geology, SME (Registered Member), AusIMM (Fellow) and SEG (Fellow), Cabral Gold's Vice President, Exploration and Technical Services, and a Qualified Person under NI 43-101.

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

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such factors include, among others, risks relating to the Company's ability to obtain final TSXV approval for the Gold Loan and the issuance of the Warrants, the Company's ability to use the net proceeds of the Gold Loan as described in this news release, the Company's ability to complete construction of the Project and begin production on the projected timelines and cost estimates (if at all), the ability and timing (if at all) to complete future exploration programs, the ability of exploration activities (including drill results) to accurately predict mineralization, and the ability to adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the profitability (if at all) of the Company's operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statements contained in this news release represent management's current expectations and are based on information currently available to management and are subject to change after the date of this news release. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter any forward-looking statements, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking statements in this news release are qualified by the cautionary statements herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276014

November 26, 2025 6:30 AM EST | Source: Ivanhoe Mines Ltd.
 Mark Farren, Chief Operating Officer, to transition from executive role to become Strategic Advisor to the board

Tom van den Berg, Executive Operations at Kamoa-Kakula to be appointed Chief Operating Officer following handover period

Mining industry leader Nick Popovic appointed as Strategic Advisor to the board

Significant further personnel additions planned to enhance operational capabilities

Manfu Ma steps down from Ivanhoe board after six years of dedicated service; Xianwen Wu, CITIC Metal General Manager, joins Ivanhoe board

Ivanhoe Mines to issue Kamoa-Kakula's 2026 & 2027 copper production guidance next week

Johannesburg, South Africa--(Newsfile Corp. - November 26, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announce today key management and board appointments of Ivanhoe Mines.

After more than ten years in various key operational leadership positions at Ivanhoe Mines, Mark Farren, Chief Operating Officer, will transition from his executive role to become Strategic Advisor to the board. In his capacity as Strategic Advisor, Mr. Farren will continue to support the delivery of Ivanhoe's next phase of organic growth, including the Platreef Phase 2 expansion and the development of the Western Forelands.

Tom van den Berg, Senior Executive, Operations at Kamoa-Kakula, will be appointed as Ivanhoe Mines' Chief Operating Officer, effective January 1, 2026. Mr. van den Berg will remain at Kamoa-Kakula for an interim period to oversee the ongoing operational recovery and turnaround strategy.

Mr. van den Berg will also be responsible for building out technical expertise and operational excellence across the Ivanhoe Mines organization, with significant further personnel additions planned in the near term.

Mining industry leader Nick Popovic joins Ivanhoe Mines as a Strategic Advisor to the board. Mr. Popovic brings a wealth of knowledge from over three decades with Glencore International AG, including significant experience in both the Democratic Republic of the Congo and Kazakhstan, and he will advise the company in terms of commercial and operational matters, as well as growth strategy.

In addition, Manfu Ma, will step down from Ivanhoe Mines' Board of Directors. Ivanhoe Mines extends its deepest appreciation to Mr. Ma for his distinguished service since his appointment in August 2019. In his place, Ivanhoe Mines welcomes Mr. Xianwen Wu to the board of directors, effective November 26, 2025. Mr. Wu is currently the General Manager of CITIC Metal Group and has over 30 years of experience in international commodity trading and mining investment.

Ivanhoe Mines plans to issue Kamoa-Kakula's 2026 and 2027 copper production week commencing December 1, 2025.

Ivanhoe Mines Executive Co-Chair, Robert Friedland, commented:

"The next chapters of Ivanhoe's growth are going to be nothing short of extraordinary, and we are positioned well following the appointments of Tom van den Berg, Mark Farren, and Nick Popovic. I couldn't be more energized and excited about what is yet to come.

"I also extend my sincere thanks to Manfu Ma for his wisdom, support, and unwavering dedication in shaping the development of the Kamoa-Kakula Copper Complex, and in the process building Ivanhoe Mines into a world-class company with now three operating mines. Since joining the board in 2019, Mr. Ma has been instrumental in Kamoa-Kakula's three phases, each of which were delivered ahead of schedule. We welcome Xianwen Wu to our board, and we look forward to continuing to work with CITIC Metal on our shared vision for a bright future."

Ivanhoe to appoint Tom van den Berg as Chief Operating Officer following handover period

Tom van den Berg, Chief Operating Officer, Ivanhoe Mines

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Tom van den Berg will join Ivanhoe Mines as Chief Operating Officer on January 1, 2026 from Kamoa Copper, where he was appointed Senior Executive, Operations in February 2025. For an interim period, he will remain at Kamoa-Kakula as Ivanhoe Mines' senior management designate to oversee the ongoing recovery and turnaround plan at Kamoa-Kakula.

Mr. van den Berg has 37 years of mining and mine development experience across Southern Africa, spanning numerous operational leadership and management roles at Sibanye-Stillwater, Harmony Gold, and Anglo American Platinum (now Valterra Platinum).

Mr. van den Berg has extensive underground and open-pit mining expertise and has experience developing strategic long-term operating partnerships and leading award-winning community and stakeholder engagement programs.

Mr. van den Berg holds a Master's degree in Business Leadership and a Bachelor's degree in Mining Engineering. He is also a Fellow at the Southern African Institute of Mining and Metallurgy.

Mark Farren, Chief Operating Officer, to transition from executive role to become Strategic Advisor to the board

Mark Farren Strategic Advisor, Ivanhoe Mines

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Mark Farren will transition to a new role as Strategic Advisor to the board. Mr. Farren will assist Mr. van den Berg with the build-out of a technical centre of excellence, and retaining and developing skills within the group that will be vital to continuing the strong track record Ivanhoe Mines has achieved to date.

Mr. Farren has overseen a remarkable phase of project execution and growth at Ivanhoe Mines, including the delivery of nine major capital projects in the past five years while as Chief Operating Officer at Ivanhoe Mines and Chief Executive Officer at Kamoa Copper. This includes the construction of Kamoa-Kakula's Phase 1, 2 and 3 operations and subsequent debottlenecking, Kamoa-Kakula's on-site direct-to-blister copper smelter, the rehabilitation and construction of Kipushi Mine, the recently-opened Phase 1 operation at Platreef, as well as the refurbishment of the hydroelectric facilities at Mwadingusha and Turbine #5 at Inga II.

Given his wealth of experience, Mr. Farren will continue to support the board of directors and management team on the delivery of Ivanhoe's next phase of organic growth, including the further expansions of the Platreef Mine and the commencement of development of the Makoko District in the Western Forelands.

Ivanhoe Mines appoints recognized industry leader, Nick Popovic, as Strategic Advisor

Nick Popovic Strategic Advisor, Ivanhoe Mines 

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Nick Popovic has been appointed as a Strategic Advisor to the board, to assist with the growth strategy of the company as well as advise on commercial and operational matters.

Mr. Popovic is a highly accomplished professional in the metals and mining industry, with over 30 years of trading and operational experience. Mr. Popovic began his career at Marc Rich + Co, which later became Glencore International AG, in 1992, trading base metals.

Over the course of his tenure at Glencore, Mr. Popovic ascended to a senior executive role as Co-Head of Copper, Zinc, Lead, and Cobalt trading, before retiring in 2023.

While at Glencore, Mr. Popovic was also integral in the company's acquisition and expansion of Kazzinc, following its privatization in 1997. He initially served as Chief Executive Officer of Kazzinc from 1998, overseeing multiple phases of investment and growth during his tenure. In 2014, Mr. Popovic was Chairman of Kazzinc until 2024.

Mr. Popovic holds a Master's degree in Economics from Cambridge University.

Manfu Ma steps down from Ivanhoe board of directors after six years of dedicated service; Xianwen Wu, CITIC Metal General Manager, joins Ivanhoe board

Xianwen Wu Board of Directors, Ivanhoe Mines

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Manfu Ma, is stepping down as a director of Ivanhoe Mines, having served as a member of Ivanhoe Mines' Board of Directors since August 16, 2019. Since joining the board in 2019, Mr. Ma has provided invaluable guidance, strategic insight, and steadfast support during a transformative period in the company's growth.

CITIC Metal nominates Mr. Xianwen Wu to replace Mr. Ma on the board of directors, effective November 26, 2025.

Mr. Wu is currently the General Manager of CITIC Metal Group, the parent company of CITIC Metal Africa Investment Limited, as well as the Chairman of CITIC Metal Co. Limited. Mr. Wu joined CITIC Group in 1994 and has over 30 years of experience in international commodity trading and mining investment.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold mine in South Africa.

Ivanhoe Mines is also exploring across its highly prospective, 60-100% owned exploration licences in the Western Forelands, covering an area over five times larger than the adjacent Kamoa-Kakula Copper Complex. Ivanhoe is exploring for new sedimentary copper discoveries, as well as expanding and further defining its high-grade Makoko, Kiala, and Kitoko copper discoveries as the company's next major development projects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276012

Shiba Inu breaks a key trendline and shows early recovery momentum as analysts track new support levels and potential upside targets for SHIB.

Newton Gitonga2 min read

26 November 2025, 11:15 AM

Shiba Inu gained new strength after breaking a major trendline, according to analyst TraderSZ. He stated that SHIB was “also breaking out,” pointing to improving sentiment. His comments came during a broader relief rally after Bitcoin briefly touched $89,000 earlier today. The move placed SHIB among the altcoins benefiting from renewed confidence.

SHIB Breaks Descending Structure After Extended WeaknessShiba Inu climbed 4% today to $0.000008632 after falling to $0.00000678 last week. For most of November, SHIB moved inside a steady downward structure, forming lower highs and lower lows. Recent price action shows the token pushing above a descending trendline that held for several weeks. Analysts viewed this move as an early sign that buyers were regaining control after a long period of weakness.

SHIB price chart, Source: CoinMarketCap

TraderSZ noted that the breakout followed a brief consolidation near the $0.000007 level. SHIB then moved above a diagonal resistance point for the first time in weeks, signaling improved momentum. Breaking a trendline often marks the first phase of a potential shift, especially after sustained selling pressure. SHIB lost the $0.00001 price level in October and has struggled to reclaim it, making today’s progress more notable.

Source: X

A higher high would confirm a stronger reversal and reinforce SHIB’s recovery attempt. The current breakout provided traders with a structural signal that the downtrend may be weakening. SHIB’s position above resistance now places attention on its next move.

SHIB Attempts to Extend Breakout as Analysts Map Key Targets Shiba Inu’s recovery comes as several altcoins, including Dogecoin, attempt to bounce from recent sell-offs. SHIB’s momentum now depends on whether the broader market maintains strength and attracts consistent buying interest.

Last week, analyst Kledji Cuni said SHIB was approaching major support at $0.0000067. He described the zone as an area that historically aligned with cycle bottoms and sparked rebounds. Cuni mapped possible upside targets at $0.0000170, $0.0000320, and $0.0000420. These levels represent potential gains of 150% to 500% if SHIB extends its current breakout.

Analyst Shib Knight also expressed confidence at current levels. He described the range as a quiet accumulation zone and said he planned to continue DCAing if conditions remained stable.

TraderSZ did not give a specific target but emphasized that breaking the long-standing trendline warranted close attention. Analysts agreed that SHIB must hold above its breakout level and establish a higher high to confirm a sustained recovery.

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Newton Gitonga

Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Latest Shiba Inu News Today (SHIB)

Bitcoin hovers below recent highs after a modest bounce, with mixed technical signals and fading gains across leading cryptocurrencies this week.

Bitcoin, ethereum, and ripple opened the week stronger but lost momentum, with bitcoin trading below key resistance near $86,000.
Technical indicators suggest near-term uncertainty: RSI moved up from oversold, while MACD points to ongoing buyer activity.
Coinbase UK’s CEO notes increased institutional involvement and pilot programs in Europe, yet medium-term bitcoin outlook stays optimistic.

Bitcoin declined slightly over the past 24 hours, trading below recent highs around $86,000, according to market data. The cryptocurrency found support at psychological price levels on Friday before staging a modest recovery.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) opened the week with gains but have since shown fading momentum, market analysts reported. The leading cryptocurrencies are hovering around key technical levels as buyers have been unable to push prices higher in the near term.

Bitcoin’s technical analysis paints a mixed picture
Technical analysis of Bitcoin’s 4-hour chart indicates bearish conditions, with the cryptocurrency failing to overcome a key resistance barrier. If the recovery continues, Bitcoin could rally toward the next resistance level, according to technical indicators. Conversely, failure to break through resistance could lead to further declines toward key psychological support levels.

The Relative Strength Index on the 4-hour chart moved below the oversold threshold last week, suggesting declining downside pressure. The MACD indicator lines are approaching the bullish zone, indicating buyers remain active in the market.

Keith Grose, CEO of Coinbase UK, commented on current market conditions, stating, “Market conditions are shifting as institutions across Europe take a more structured and regulated approach to digital assets. We’re seeing clearer frameworks emerge, stronger infrastructure being developed, and early examples of central banks and financial institutions running controlled pilots to build practical understanding – including the Czech National Bank’s recent decision to test a small, ring-fenced portfolio of digital assets.”

Analysts maintain an optimistic outlook for Bitcoin’s price appreciation over the medium to long term, though near-term price action remains dependent on whether current support levels hold.

Cover image via U.Today

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.

XRP recently experienced one of the most severe short-term drops of the year, falling about 30% overnight before making an effort to partially recover. The price chart illustrates the exact course of events: XRP broke below the lower edge of its descending channel, sliced straight through support between $2.15 and $2.20, and only then discovered sufficient liquidity to return to the channel.

XRP longs position droppingThis type of move necessitates a wave of liquidations and forced selling, which the data supports. It does not occur on thin trading. Over a number of time periods, the CoinGlass metrics show a sharp increase in liquidation activity. Over $1.14 million in XRP liquidations occurred in just a 12-hour period, with the great majority of those liquidations hitting long positions.

A similar pattern can be seen in the 24-hour liquidation tally: short liquidations remained comparatively muted, while long traders took a hit. The rapid decline can be explained by this imbalance; leveraged long traders were completely eliminated.

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Source: CoinglassVolume distribution among exchanges is another important factor. According to the XRP Spot Volume Heatmap, MEXC and Binance have the highest trading loads, both reporting volume of over $1.7 billion. These are typically the first locations where cascading liquidations lead to follow-through sales, and this instance was obviously one of those.  

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The long/short ratios had an impact as well. Even as the price declined, Binance’s long-to-short ratio (2.55 to 1) remained significantly skewed toward longs. This kind of lopsided market is always susceptible to liquidation cascades, where liquidation engines take over when support fails.

XRP is not that badThe price chart’s only indication of bullish structure is that XRP recovered above the lower trendline of its descending channel in spite of the decline. Additionally, the RSI recovered from almost oversold levels, indicating that sellers might be losing steam.

Whether or not volume stabilizes will determine what happens next. XRP might try to grind back toward $2.30-$2.40 if network and exchange flows return to normal. However, if futures flows continue to be skewed toward outflows and inflows continue to be negative, another retest of the $2.00 zone is likely.

Dogecoin’s journey from being a fun memecoin to garnering popularity from the likes of SpaceX/Tesla boss Elon Musk is cementing itself into the mainstream as Grayscale’s GDOG ETF started trading on NYSE Arca on Monday with a zero-fee structure for its first $1 billion, marking the first U.S.-listed spot DOGE exchange-traded fund (ETF).

However, debut trading volume for the much-anticipated DOGE product came in drastically lower than expected by pundits.

Grayscale’s GDOG Underwhelming Debut
Bloomberg’s senior ETF analyst noted that GDOG recorded $1.41 million in day-one trading volume but no net inflows, marking a much quieter start than his initial volume estimation of $12 million in debut trading.

“Solid for an average launch but low for a ‘first-ever spot’ product,” Balchunas wrote in a post on X. “Not too surprising [though], we actually made a rhyme a while ago predicting this: ‘The further away you get from BTC, the less asset there will be.’”

Dogecoin is the 10th biggest crypto by market cap at $22.8 billion, according to crypto data provider CoinGecko. The coin started as a meme featuring the Shiba Inu dog that later caught Musk’s attention as the centibillionaire frequently posted about the OG memecoin. 

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The muted launch for GDOG pales in comparison to recently listed ETFs tracking the prices of Solana and XRP. Earlier this month, Canary Capital’s spot XRP fund (XRPC) raked in roughly $58 million in trading volume, the strongest debut of any ETF launched this year.

Canary’s XRPC even surpassed the Solana staking ETF from Bitwise — which registered approximately $57 million in trading volume on day one in October.

Grayscale’s GDOG is now the second to list in the U.S. following the debut of the REX-Osprey DOGE ETF in September. That one took a different approach since it is registered under the Investment Company Act of 1940, which provides a 75-day approval window, but does not directly hold the cryptocurrency.

Another Dogecoin ETF is expected to hit the market soon, after NYSE Arca filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday to certify its approval and listing of Bitwise’s Dogecoin ETF (BWOW), which Bitwise announced would start trading on Wednesday.

Meanwhile, DOGE’s price is trading just around $0.1502, over 79% from its all-time high of $0.7316, according to CoinGecko. Over the last seven days, the altcoin has witnessed a decline of over 5%, exacerbated by the broader crypto market correction that started in October.

The SPX price prediction 2025 gains attention this week as the memecoin rebounds sharply from its long-standing demand zone. With rising weekly and intraday gains, growing holder accumulation, and supportive moves in BTC and the S&P 500 index itself, traders are watching whether this momentum can fuel a stronger rally into December.

SPX Price Prediction 2025 Strengthens as Weekly Gains Lead the Meme MarketAmong the top 15 memecoins by market cap, only three SPX, FART, and B are posting simultaneous positive gains on weekly and intraday timeframes, also. Notably, SPX/USD stands out with 18% weekly and 20% intraday growth, while others show only mild upside on weekly gains. This suggests investor interest is flowing into SPX 6900 crypto more.

Part of this momentum comes from broader market dynamics. Bitcoin’s rise from $80,500 to $87,000 this week has renewed risk-on appetite, creating a favorable backdrop for memecoins. 

Likewise, the S&P 500 index is climbing and making price action aimed toward a potential new all-time high surpassing $6926 is indirectly elevating attention toward its parody version, SPX memecoin, reinforcing speculative enthusiasm.

Accumulation Grows as SPX Price USD Rebounds from Key Demand ZoneAnother constructive signal emerges from holder trends. Holderscan data shows that since the October crash from $1.60, investors have steadily accumulated SPX. Holder count increased from 105,210 in late October to 107,910 in late November, confirming persistent demand at lower price levels. This period reflects strategic accumulation as SPX/USD traded at a discount.

Similarly, its price action aligned with this behavior. The longstanding demand zone between $0.40 and $0.58 remained active through the recent downturn, and once again acted as the base for a trend reversal. 

As of writing, the SPX price today stands at $0.6436 with a market cap of $599.19 million, signaling renewed confidence from traders betting on a December breakout.

SPX Price Chart Shows Path Toward $1 and Beyond, If Momentum SustainsTechnically, the closest logical target in the near term is the $1 level, a major resistance that has capped SPX for now. Should SPX price USD close above this threshold in December, a reclaim of $1.60 becomes feasible, which would imply a potential 160% rally from current levels.

Supporting this outlook, liquidity data from Coinglass highlights strong liquidity clusters at $1.20 and $1.70, suggesting these zones may act like magnets during a bullish rally. These levels align well with current SPX price forecast expectations for a December or 2026-first-half continuation.

However, if bullish momentum fades, consolidation back toward $0.40 could persist into early 2026. Thus, the SPX price prediction 2025 ultimately depends on maintaining holder strength while avoiding liquidity traps.

With market-wide risk appetite rising faintly for now and SPX holders steadily accumulating, the SPX price prediction 2025 hinges on whether momentum can sustain above the long-protected demand zone. 

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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TL;DR

CleanSpark reports strong fiscal 2025 results, driven by expanding bitcoin mining capacity and growing investment in AI-focused infrastructure.
Revenue reached $766.3 million with a sharp shift from losses to profitability.
The company positions its power and computing assets to support both bitcoin mining and high-performance AI workloads, reinforcing its strategy in advanced data-center development.

CleanSpark, one of the largest bitcoin miners in the United States, reported significant revenue growth and a sharp turnaround in profitability for fiscal 2025 while accelerating its push into data centers that support artificial intelligence. The company continues building computing capacity tied to energy-focused infrastructure, signaling that bitcoin miners may evolve into long-term suppliers of power and compute resources for emerging AI industries.

CleanSpark Strengthens Position With Bitcoin and AI Integration
The firm posted $766.3 million in revenue, more than doubling results from the prior year, and moved from a net loss to a $364.5 million profit. CEO Matt Schultz said strong operating performance came from surpassing 50 EH/s of mining capacity and financing growth through convertible debt and bitcoin-backed credit rather than frequent equity issuance. This strategy, he said, provides stronger balance-sheet control as the company expands into broader computing markets.

CleanSpark executives highlighted that its data-center expansion aligns naturally with bitcoin mining operations. Infrastructure that secures the Bitcoin network can also support machine-learning workloads, and the company’s power assets contribute to lower operating costs. CFO Gary Vecchiarelli stated that CleanSpark’s treasury strategy and asset base offer an advantage as demand for high-density computing infrastructure grows across the AI sector.

AI Expansion Shows How Bitcoin Miners Evolve
The company deepened its AI shift by hiring Jeffrey Thomas, formerly at Humain, to lead its new data-center division. CleanSpark is reviewing existing Georgia facilities for conversion and evaluating large-scale campus developments suited for AI compute clusters. This aligns with a broader movement in which bitcoin miners seek new revenue streams linked to energy-efficient data processing.

CleanSpark also announced a $1.15 billion zero-coupon convertible notes deal that enabled the repurchase of 30.6 million shares and supported land acquisition, additional power development, and AI-focused infrastructure. Its balance sheet included $1.2 billion in bitcoin holdings and more than $3.2 billion in total assets, maintaining the firm’s status as one of the largest public bitcoin holders.

CleanSpark describes fiscal 2025 as the beginning of broader growth in computing services powered by bitcoin mining infrastructure.

Ian Murray

Good afternoon everybody. My name is Ian Murray, as Chair of Jupiter Mines. It is my pleasure to welcome you to the company's 2025 Annual General Meeting.

I would like to begin by acknowledging Whadjuk, their Elders, past, present and emerging. I also extend my acknowledgment to the local communities of the Northern Cape in South Africa, where the Tshipi manganese mine is located.

We recognize their cultural heritage and longstanding relationship with those lands. I extend a warm welcome to our shareholders who are joining us both online and in person.

I am joined in person today by my fellow, Nonexecutive Directors, Scott Winter and Sally Langer, with Kiho Han joining us online from Sydney.

We are also joined by our Managing Director, Brad Rogers, our Company Secretary and Chief Financial Officer, Melissa North, Kate Noone from MUFG, who's still outside at the reception desk as our share registry representative, and Graham Hogg and Sharon Inglis from our auditors, KPMG.

I am privileged to provide you with an update of our business. The 2025 financial year was a record-breaking one for the Tshipi manganese mine, achieving record operational and sales results. This enabled Jupiter to continue its track record of outstanding returns for shareholders.

Jupiter declared a total dividend of $0.015 per share in financial year '25, which included a final dividend of $0.0075 per share. Tshipi delivered its highest-ever mining volumes during the year, totaling 15 million bank cubic metres, BCMs. The mine processed 3.72 million tons of material and exported 3.6 million tons of manganese ore, setting new records for both of these.

Shares in Valneva VLA 7.02%increase; green up pointing triangle rose after the French biotech company reported positive final data from a mid-stage study of a Lyme disease vaccine candidate it is developing with Pfizer.

Valneva said that antibody levels remained well above baseline across all six Lyme disease serotypes and all age groups in the trial. This was six months after participants received the third yearly booster dose of the vaccine candidate under development, called VLA15.

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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.

Pets at Home Group PLC (LSE:PETS) results and strategy update offered some encouragement, but not all analysts saw it as changing the picture much.

Peel Hunt analyst Jonathan Pritchard said the interims "reflected a poor half of trading on the retail side, and a solid half in vets".

The new four-pronged plan under executive chair Ian Burke to rejuvenate the business focussess on price, product, execution and costs, with aims to cut £20 million from the cost base for the 2027 financial year with the restructuring of the head office. 

"Current trading does not sound any worse than [the second quarter], but little better too," he said, with vets "likely a little slower" but retail in "a similar shape" in that online growth is strong while store performance is not.

The group held guidance for profit before tax at £90-100 million, versus the City consensus at around £92 million.

"The news on cost savings may incline some to ease FY27 estimates up, but we intend to make no changes to our forecasts today as there is still plenty of uncertainty on trading here," Pritchard said, maintaining his 'hoold' recommendation.

"The shares are not cheap given a lack of underlying forecast momentum."

Andrew Wade at Jefferies said, due to the £20 million of restructuring savings, he was raising his 2027 PBT estimate by 15%, which flowed through to his share price target, which he raised from 250p to 265p.

"PETS continues to offer solid fundamentals (scale, long-term market trends, vet group) and we see upside in the shares."

In terms of numbers, he was encouraged to see guidance reiterated, though this was predicated on a return to "slightly positive" retail like-for-likes in the second half.

With the business moving from an H1 market share loss to a small H2 gain, given the weaker performance in the comparative period would support this, Wade said, particularly supported by benefits from the new initiatives.

VANCOUVER, BC / ACCESS Newswire / November 26, 2025 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) ("Avino" or the "Company") announces that it has filed a prospectus supplement dated November 25, 2025 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated May 26, 2025 (the "Shelf Prospectus") with the securities commissions in each of the provinces and territories of Canada, with the exception of Québec, pursuant to which the Company may, at its discretion and from time to time, distribute common shares (the "Offered Shares") pursuant to a sales agreement dated June 13, 2023 (the "Sales Agreement") with Cantor Fitzgerald & Co. (the "Designated Agent"), H.C.

Deere DE 2.24%increase; green up pointing triangle logged higher sales in its fiscal fourth quarter as agricultural trends began to improve, but the company issued a downbeat forecast for the current year and said tariffs and uncertainty are expected to continue to weigh on earnings.

The world’s largest seller of farm equipment on Wednesday posted a profit of $1.07 billion for its three months ended Nov. 2, down from $1.25 billion in last year’s comparable quarter. On a per-share basis, earnings were $3.93, ahead of the $3.84 that analysts polled by FactSet had expected.

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