Market Signal Briefing

CarMax terminated its chief executive Bill Nash, who had served as CEO of CarMax since 2016, and will be temporarily succeeded by board member David McCreight, who has been named interim president and CEO.

Studios revenue climbed 24% from a year ago, thanks to the box-office success of films including Superman and Weapons.

Conference call scheduled for 8:30 a.m. EST on November 13, 2025

Palo Alto, California, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB, MOBBW), a provider of cybersecurity and robust solutions for drones and robotics, today announced that it will issue a press release with its financial and operational results for the three and nine months ended September 30, 2025 before the Nasdaq Stock Market opens on Thursday, November 13, 2025. Investors are invited to email questions to the Company in advance to: [email protected].

Conference call & webcast info:

Thursday, November 13, 2025, at 8:30 am EST

US Dial-in:  833 548 0276 US Toll Free 
                   833 548 0282 US Toll Free

A live webcast will be available at: HERE

A recording of the webcast will be available in the "NEWS & MEDIA" section under ir.mobilicom.com website for those unable to join the live event

About Mobilicom

Mobilicom is a leading provider of cybersecure robust solutions for the rapidly growing defense and commercial drones and robotics market. Mobilicom’s large portfolio of field-proven technologies includes cybersecurity, software, hardware, and professional services that power, connect, guide, and secure drones and robotics. Through deployments across the globe with over 50 customers, including the world’s largest drone manufacturers, Mobilicom’s end-to-end solutions are used in mission-critical functions.

For investors, please use https://ir.mobilicom.com/  
For company, please use www.mobilicom.com

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. For example, Mobilicom Limited (the “Company”) is using forward-looking statements when it discusses seeing strong and accelerating demand in the U.S. and globally for cybersecure, field-proven drone solutions, strengthening relationships with U.S. defense procurement specialists and global partners and capturing a growing share of the expanding market. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission.

Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

For more information on Mobilicom, please contact:

Liad Gelfer
Mobilicom Ltd
[email protected]

, /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Six Flags Entertainment Corporation f/k/a CopperSteel HoldCo, Inc. (NYSE: FUN) common stock pursuant or traceable to the company's registration statement and prospectus issued in connection with the July 1, 2024 merger of legacy Six Flags Entertainment Corporation ("Legacy Six Flags") with Cedar Fair, L.P. ("Cedar Fair"), and their subsidiaries and affiliates (the "Merger"), have until January 5, 2026 to seek appointment as lead plaintiff of the Six Flags class action lawsuit.  Captioned City of Livonia Employees' Retirement System v. Six Flags Entertainment Corporation, No. 25-cv-02394 (N.D. Ohio), the Six Flags class action lawsuit charges Six Flags and certain top executive officers with violations of the Securities Act of 1933.

If you suffered substantial losses and wish to serve as lead plaintiff of the Six Flags class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-six-flags-entertainment-corporation-f-k-a-coppersteel-holdco-inc-class-action-lawsuit-fun.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

CASE ALLEGATIONS: Six Flags is an amusement park operator.

The Six Flags class action lawsuit alleges that the registration statement for the Merger failed to disclose that, notwithstanding its executives' claims that the company had pursued transformational investment initiatives in the years leading up to the Merger, Legacy Six Flags in fact suffered from chronic underinvestment and its parks required millions of dollars in additional capital and operational expenditures above the company's historical cost trends in order to maintain (let alone grow) Legacy Six Flags' share in the intensely competitive amusement park market.  Additionally, after taking over as CEO in November 2021, defendant Selim Bassoul slashed employee headcount to cut costs, but in so doing had degraded the company's operational competence and guest experience.  In short, at the time of the Merger, Legacy Six Flags required a massive, undisclosed capital infusion to turn the company around, and these acute capital needs undermined the entire rationale for the deal as portrayed in the registration statement.

On the Merger closing date, July 1, 2024, Six Flags stock traded above $55 per share.  The price of Six Flags stock subsequently fell as low as $20 per share, a nearly 64% decline.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.  You can view a copy of the complaint by clicking here.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors.  In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices. 

Contact:
            Robbins Geller Rudman & Dowd LLP
            J.C. Sanchez, Jennifer N. Caringal
            655 W. Broadway, Suite 1900, San Diego, CA 92101
            800-449-4900
            [email protected] 

SOURCE Robbins Geller Rudman & Dowd LLP

SummaryAeva Technologies is transitioning from prototype revenue to industrial sales, driven by its differentiated FMCW LiDAR technology. The Q3FY25 results have made this transition even clearer.AEVA's growth hinges on Eve-1D industrial sensor commercialization, the Daimler Truck program, and a top-10 OEM contract, with potential for significant revenue expansion.Liquidity remains a concern, but recent funding from LG Innotek & Apollo Global Management alleviates near-term stress; margins are still negative, and scaling is unproven.AEVA offers a high-risk, high-reward profile with a projected 59% upside if OEM contracts materialize. Just_Super/iStock via Getty Images

Investment Thesis Aeva Technologies (AEVA) has reached the turning point. The company’s FMCW LiDAR gives a competitive advantage compared to traditional time-of-flight competitors. Aeva was stuck in the limbo of prototype revenue for many years. But now things are changing, and Aeva is

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.

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Arhaus, Inc. (ARHS - Free Report) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.50%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.25, delivering a surprise of +66.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Arhaus, Inc., which belongs to the Zacks Retail - Miscellaneous industry, posted revenues of $344.57 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.00%. This compares to year-ago revenues of $319.13 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Arhaus, Inc. shares have added about 3.8% since the beginning of the year versus the S&P 500's gain of 15.6%.

What's Next for Arhaus, Inc.?While Arhaus, Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Arhaus, Inc. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.10 on $348.02 million in revenues for the coming quarter and $0.45 on $1.36 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Miscellaneous is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, MarineMax (HZO - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 13.

This recreational boat dealer is expected to post quarterly loss of $0.15 per share in its upcoming report, which represents a year-over-year change of -162.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

MarineMax's revenues are expected to be $535.33 million, down 4.9% from the year-ago quarter.

Epam (EPAM - Free Report) came out with quarterly earnings of $3.08 per share, beating the Zacks Consensus Estimate of $3.02 per share. This compares to earnings of $3.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.99%. A quarter ago, it was expected that this information technology services provider would post earnings of $2.61 per share when it actually produced earnings of $2.77, delivering a surprise of +6.13%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Epam, which belongs to the Zacks Computers - IT Services industry, posted revenues of $1.39 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.44%. This compares to year-ago revenues of $1.17 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Epam shares have lost about 31.2% since the beginning of the year versus the S&P 500's gain of 15.6%.

What's Next for Epam?While Epam has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Epam was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.90 on $1.38 billion in revenues for the coming quarter and $11.11 on $5.41 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computers - IT Services is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Cerence (CRNC - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 19.

This automotive artificial intelligence developer is expected to post quarterly loss of $0.66 per share in its upcoming report, which represents a year-over-year change of -842.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Cerence's revenues are expected to be $55.12 million, up 0.6% from the year-ago quarter.

The fate of Tesla CEO Elon Musk's proposed $1 trillion pay package will be in the balance on Thursday as shareholders vote on whether to approve the historic compensation plan.

Under the pay plan, which was proposed in September, Musk would receive up to about 12% of Tesla's stock, which would be subject to restrictions and worth about $1 trillion if Tesla reaches a market capitalization of $8.5 trillion and other operational milestones over a 10-year period. Tesla's current market valuation is about $1.45 trillion, and Musk currently owns about 13% of the company's outstanding shares.

The revised compensation plan was put forward amid legal uncertainty over the $56 billion pay package he was awarded in 2018, which was voided by a Delaware judge in January 2024 and remains the subject of ongoing litigation.

Tesla board Chair Robyn Denholm has warned shareholders that the company could lose Musk to his other entrepreneurial pursuits if his pay package is not approved.

TESLA COULD LOSE MUSK IF $1T PAY PACKAGE ISN'T APPROVED, BOARD CHAIR WARNS

Tesla CEO Elon Musk's proposed $1 trillion pay package is based on the company hitting performance targets. (REUTERS/Jonathan Ernst//File Photo / Reuters Photos)

Denholm sent a letter to shareholders that asked, "Do you want to retain Elon as Tesla's CEO and motivate him to drive Tesla to become the leading provider of autonomous solutions and the most valuable company in the world?"

"If we fail to foster an environment that motivates Elon to achieve great things through an equitable pay-for-performance plan, we run the risk that he gives up his executive position, and Tesla may lose his time, talent and vision, which have been essential to delivering extraordinary shareholder returns," Denholm added.

MUSK PLEADS WITH TESLA INVESTORS TO APPROVE HIS MASSIVE $1T PAY PACKAGE DEAL

Ticker Security Last Change Change % TSLA TESLA INC. 462.26 +18.00
+4.05%
Musk took a moment on Tesla's latest earnings call to urge shareholders to approve the package as he wants enough voting control "to give a strong influence, but not so much that I can't be fired if I go insane."

Not all Tesla shareholders are going to support the pay package, and one investor with a sizable stake in the company signaled opposition to the plan in advance of the vote.

MUSK TEASES TESLA FLYING CAR: 'CRAZY TECHNOLOGY'

Tesla CEO Elon Musk said he wants shareholders to approve the pay plan to ensure he has sufficient voting control. (Richard Bord/WireImage / Getty Images)

Norway's sovereign wealth fund, Tesla's sixth-largest external investor, said it would vote against the compensation plan.

"While we appreciate the significant value created under Mr. Musk's visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk — consistent with our views on executive compensation," Norges Bank Investment Management said in a post on its website.

Proxy advisory firms Glass Lewis and ISS have also urged shareholders to reject the pay package.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Last year, Tesla shareholders were asked to vote on reinstating his $56 billion pay package from 2018, and they obliged, with about 77% of shareholders in favor. The pay package was worth about $44 billion at the time of the shareholder vote due to declines in Tesla's stock price.

FOX Business' Daniella Genovese and Reuters contributed to this report.

Stock futures are ticking higher after markets rose Wednesday, signaling some renewed momentum in the AI trade; Tesla shareholders are watching today’s vote on CEO Elon Musk’s pay package; airline stocks are slipping on the government’s plans to reduce air traffic amid staffing issue related to the shutdown; Snap shares are jumping after it reported strong quarterly results and announced a deal with AI chatbot Perplexity; DoorDash is down after it delivered worse-than-expected earnings and a downbeat outlook.

Here's what you need to know today.

1. Stock Futures Tick Higher as Investors Shake Off Some AI Worries
Stock futures are edging higher in early trading. Major market indexes pulled higher in yesterday's session as investors shook off some of the worries over the artificial intelligence trade that led to a pullback earlier this week. Futures associated with the S&P 500 were up by 0.2% after that index gained 0.4% in yesterday’s session, while futures tied to the Nasdaq 100 rose by 0.1% after the tech-focused index moved higher by 0.7% on Wednesday. Futures tied to the Dow Jones Industrial Average were little changed, ticking just a bit higher, after that index moved up by 0.5% in the prior session.

Bitcoin traded at over $103,200, ticking below yesterday’s levels. Yields on the 10-year Treasury note were at 4.14%, slightly lower than yesterday’s for the influential gauge of consumer borrowing costs. Gold futures continued to trade at more than $4,000 an ounce after dipping lower earlier this week.

2. Tesla Shareholder Vote Expected Today on Musk’s Trillion Dollar Pay Package
Tesla (TSLA) shares are inching higher ahead of an expected shareholder vote today that is likely to determine whether the electric vehicle maker will award CEO Elon Musk a trillion-dollar pay package. While several major investment groups have voted against Musk’s pay package, others have backed it, as has company leadership, which has said it needs Musk at the helm to help usher in new advances in robotics and artificial intelligence.  A preliminary tally of this year’s 14 proposals, which include the pay package, is expected after a meeting set to start at 3 p.m. central time. Tesla shares, which came into today’s trading session up 14% so far this year, were higher by 0.4% in premarket trading.

3. Airline Stocks Slip as Government Reduces Air Traffic Amid Shutdown Staffing Issues
Airline stocks are falling after the government said it would reduce air traffic to manage staffing levels that have been impacted by the ongoing U.S. government shutdown. The U.S. government will reduce air traffic at 40 major airports by 10% to help with staffing issues as the government shutdown continues to put pressure on transportation employee staffing levels, according to news reports. Transportation Secretary Sean Duffy said in a news conference that the reductions would start Friday and that the 40 airports would be announced today.

Shares of Delta Air Lines (DAL) Southwest (LUV) and JetBlue (JBLU) were lower by less than 1% in early trading, while United Airlines (UAL) and American Airlines (AAL) dropped more than 1% on the news.

4. Snap Soars Higher on Solid Quarterly Report, Perplexity Integration Deal
Snap (SNAP) shares are soaring in premarket after the social media app posted better sales, heavier traffic and narrower losses than analysts had expected. The social media firm also announced a deal to integrate AI search engine Perplexity into its search features. Snap’s third-quarter revenue of $1.5 billion was ahead of analyst projections of $1.49 billion compiled by Visible Alpha, while its adjusted losses per share of 6 cents was better than the 12 cents a share in losses that analysts expected.

The company reported 477 million global active daily users, resulting in an average revenue per user of $3.16, which was better than the projections of 476.3 million global users generating $3.13 apiece. Snap shares have lost nearly a third of their value so far this year, but were up by almost 18% in premarket trading.

5. DoorDash Slips on Weak Earnings, Disappointing Outlook
DoorDash (DASH) shares are falling in early trading after its quarterly earnings came in lower than expected, despite delivering more orders and bringing in more revenue than analysts projected. DoorDash reported that fiscal fourth-quarter adjusted earnings per share came in at $0.55, while analysts tracked by Visible Alpha were forecasting $0.67. Its 776 million orders and revenue of $3.45 million were above the Visible Alpha consensus.

The food delivery service also disappointed investors with its fourth quarter outlook, as its adjusted EBITDA guidance of between $710 million and $810 million was below expectations of $849.7 million.  DoorDash shares are higher by 40% so far this year, but are down from the highs it hit in early October. Shares fell by more than 10% in premarket trading.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

Swiss Bitcoin Treasury Company Future raises $34.6 million to scale institutional bitcoin services from Zurich. Future Holdings AG announces in Zurich on 5 November 2025 the successful close of a $34.6 million (CHF 28 million) strategic funding round anchored by Fulgur Ventures, Nakamoto and TOBAM to build Europe's premier Bitcoin Treasury Company.

Bitcoin steadies above $100,000 after a dip, while altcoins struggle and derivatives data show rising caution across the market.Updated Nov 6, 2025, 11:51 a.m. Published Nov 6, 2025, 11:45 a.m.

Bitcoin holds $103K as altcoins struggle (Gustavo Rezende/Pixabay modified by CoinDesk)

What to know: Bitcoin is trading around $103,000, up 1.8% on the day, but remains in a technical downtrend from October’s $126,000 high.The CoinDesk 20 Index gained as bitcoin dominance rose to 60%, with ENA and APT dropping over 20% this week.Over $300 million in leveraged positions were liquidated, ZEC open interest surged, and traders are buying $80K BTC puts amid growing downside hedging.Bitcoin BTC$103,266.77 is holding around $103,000 having rebounded from Wednesday's sub-$100,000 level. The CoinDesk 20 Index (CD20) is up 1.8% in 24 hours.

Still, the largest cryptocurrency remains in a technical downtrend from the Oct. 6 record high of $126,000, having formed a lower high at $116,000 as well as consecutive lower lows.

STORY CONTINUES BELOW

The altcoin market has fared even worse, demonstrated by bitcoin dominance ticking back up to 60% after dropping to 57% in September.

Several tokens remain well below critical levels of support including ENA$0.3205 and APT$2.6492, both of which posted declines of more than 20% over the past week.

The recent sell-off was spurred by strength in the U.S. dollar following murmurs of indecision from the Federal Reserve in terms of the rate cutting cycle.

Derivatives PositioningBy Omkar Godbole

Over $300 million in leveraged crypto futures bets were liquidated in 24 hours, mostly shorts.Zcash ZEC$527.90 leads growth in open interest (OI), while BTC and ETH show muted activity.OI in futures for prominent altcoins like XRP has declined, while non-serious tokens like PUMP are experiencing double-digit increases, a dynamic often seen before market drops.ZEC’s funding rates remain deeply negative, indicating a bias toward shorts, possibly as holders hedge against a sudden correction after its strong rally.Bitcoin CME futures positioning is light, with OI at its lowest since late September; ether OI has also declined from record highs.Near-dated BTC and ETH options on Deribit show downside nervousness: Some BTC traders are buying $80,000 put options.Token TalkBy Francisco Rodrigues

A new governance proposal on decentralized exchange Hyperliquid is drawing sharp debate across the protocol’s community channels.Known as HIP-5, the proposal seeks to set aside a slice of exchange revenue to support a wider set of ecosystem tokens, potentially altering the protocol’s existing fee-distribution model.Right now, 99% of Hyperliquid’s revenue is used to buy back its native token, HYPE. HIP-5 would instead carve out up to 5% of total protocol fees for a second assistance fund, AF2. That fund would purchase tokens from emerging projects in the Hyperliquid ecosystem, such as PURR, Kinetiq and Felix.Decisions on which tokens to support, and in what amounts, would be made by HYPE stakers through governance votes. The impact is estimated to be a $150,000 daily reduction in HYPE buybacks.Critics argue that opening up protocol revenue to outside projects could invite abuse. One user, Altoshi, said on X that HIP-5 “may lead to bribery” and could mirror governance issues seen in Cosmos and Polkadot, where some token holders accused insiders of draining DAO treasuries.Others say the plan could boost developer activity on Hyperliquid and increase governance participation. The proposal hasn’t gone to a formal vote yet.More For You

Inside Zcash: Encrypted Money at Planetary Scale

Nov 3, 2025

A deep dive into Zcash's zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

What to know:

In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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Another Piece of Michael Saylor’s Bitcoin Strategy May Be Falling Into Place

1 hour ago

With the perpetual preferred share STRC now trading at par, Strategy may unlock a new path to acquire bitcoin through its at-the-market program.

What to know:

The price of Strategy's perpetual preferred share (STRC) hit an all-time high of $100.10, paving the way for potential new issuance.The company has $4.2 billion in available share sales that could be used to buy more bitcoin.Trading at par allows Strategy to tap its at-the-market offering tied to STRC.Read full story

Top Stories

In brief
Fundstrat’s Tom Lee attributes Bitcoin's decline to macro headwinds, such as the government shutdown and a hawkish Fed.
He states that the October 10th deleveraging was the largest in crypto history, creating ongoing ripple effects.
Lee argued that Lee broader financial market indicators are signaling a positive outlook.
Bitcoin's recent break below a key technical level was driven by a cascade of macroeconomic headwinds. Still, these pressures could soon reverse and fuel a rebound, according to popular market analyst Tom Lee, Co-Founder and Head of Research at Fundstrat Global Advisors.

The top cryptocurrency recently broke below its 200-day moving average, a technical indicator watched closely by traders.

The move lower coincided with a period of significant deleveraging within the crypto market, including the major event on October 10th.

“Bitcoin is very sensitive to market liquidity and also perceptions about risk appetite,” Lee told CNBC. “Over the past couple of weeks, I think there have been headwinds building right from the government shutdown to a hawkish Fed cut.”

Lee pointed to the U.S. government shutdown and related Treasury dynamics as key factors that put pressure on risk assets like crypto. This aligns with analysis from other experts who have recently pointed to U.S. dollar strength as a significant macro headwind for cryptocurrencies.

“Headwinds become tailwinds”Despite the recent selloff, Lee struck an optimistic note for the future, suggesting that “headwinds become tailwinds when you can resolve these things.”

The analyst tempered his views, comparing the current market cleanup to past deleveraging events. “The October 10th deleveraging was the biggest in history, and that means there are still ripple effects being felt even two weeks later,” Lee said. “It's going to take some time for confidence to come back.”

Despite the recent technical weakness, Lee highlighted that broader financial market indicators are signaling a positive outlook. He noted that after stocks are up for six consecutive months, history suggests a flat or positive November, which would support a constructive environment for crypto.

This potential for a rebound is supported by prediction markets, where retail sentiment remains bullish.

On Myriad, launched by Decrypt’s parent company Dastan, users put a 64% chance on Bitcoin revisiting $115,000 before it falls to $85,000. The confidence extends to Ethereum, with users assigning a 63% chance that it will hit $4,500 before dropping to $2,500.

Bitcoin and Ethereum were up 1.3% and 2.6% over the past 24 hours, trading at $103,214 and $3,403, respectively, according to CoinGecko.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Subdued trends continue to define Ethereum ETF flows as investors react to shifting market sentiment.

Summary

Ethereum ETFs post sixth straight day of outflows, totaling over $938 million, with BlackRock’s ETHA leading withdrawals.
ETH trades near $3,388, down 14% for the week, as price action mirrors declining ETF inflows and weakening investor sentiment.
Whales accumulate over $1.3 billion in ETH, signaling potential recovery if ETF sentiment steadies and buying momentum builds above $3,100 support.

Ethereum ETFs recorded a sixth consecutive session of net outflows on November 5, losing $119 million for the day. BlackRock’s ETHA led the drop with outflows of $147 million, outweighing the inflows logged by other issuers, according to data from SoSoValue. 

Grayscale’s NYSE ETH fund took in $24 million, while Fidelity and 21Shares saw $3.45 million and half a million in inflows, respectively, while no trades were logged by the other five issuers.

This latest round brings total net outflows to more than $938 million over six sessions. The outflows closely match the price retreat seen in Ethereum (ETH), which trades near $3,388 and is down 14% for the week, per market data from crypto.news. 

With price and fund flows moving in lockstep, Ethereum’s short-term outlook is likely to be shaped by whether ETF sentiment can stabilize. 

Whales accumulate ETH amid Ethereum ETF outflows
Ethereum’s price recovery has drawn interest from large holders who are taking advantage of the recent dip. According to on-chain tracker Lookonchain, whales have collectively bought around 394,682 ETH valued at $1.37 billion over just three days. 

Notable wallets include one that borrowed 66,000 ETH to buy for $896 million, purchases linked to Bitmine, and other large accumulations made by a cluster of known sibling wallets and fresh accounts.​

With support now just above $3,100, the outlook for Ethereum splits into two scenarios. If selling pressure resumes and spot ETF outflows persist, ETH could revisit recent lows near $2,900. On the bullish side, strong whale buying and a bounce from current levels could help ETH retest resistance above $3,750 and potentially $4,250.

Ethereum price chart | Source: TradingView
For now, ETH’s trend will depend on whether accumulation at the bottom leads to real momentum. If fresh capital flows in and Ethereum ETF sentiment stabilizes, the token could start to build a new base for recovery.​

Bitcoin is holding steady near $103,000 as U.S. equities rallied on stronger-than-expected ADP jobs data and easing fears of a potential government shutdown.

Across crypto markets, over $314.5 million in positions were liquidated within 24 hours, while spot ETFs saw notable outflows: Bitcoin funds lost $137 million and Ethereum funds $118.6 million.

Not Confident On The Bounce Back?

Ted Pillows cautioned that despite Bitcoin reclaiming $103,000, confidence remains low, with a possible CME gap fill near $92,000 still in play.

Daan Crypto Trades said Bitcoin has been consolidating for 18 hours, likely to sweep liquidity between $100,500–$105,500 before a clearer move emerges.

Santiment data shows Ethereum rebounded to $3,500 after dipping near $3,000. The short-term traders (past 30 days) are down an average of 12.8%, suggesting lingering pain and potential for further upside as sentiment resets.

Long-term traders (past 365 days) are also slightly negative at -0.3%, and with both short- and long-term MVRVs in the red.

For XRP, Santiment spotted renewed network activity and rising investor interest. XRP Ledger data shows 21,595 new wallets created in the last 48 hours, the fastest growth in 8 months.

CryptocurrencyTickerPriceBitcoin(CRYPTO: BTC)$103,139.27Ethereum(CRYPTO: ETH)$3,398.21Solana(CRYPTO: SOL)$159.08         XRP(CRYPTO: XRP)$2.30The meme coin market moved 2.3% higher to $53.9 billion, mirroring the broader market's pump.

Crypto chart analyst Ali Martinez highlighted a TD Sequential buy signal on Dogecoin, suggesting a potential local bottom may be near.

CryptocurrencyTickerPriceDogecoin(CRYPTO: DOGE)$0.1632Shiba Inu(CRYPTO: SHIB)$0.059012 Read Next:

‘Bear Market’ Trends For Bitcoin, Ethereum, XRP As Retail Continues To Buy The Dip
Image: Shutterstock

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Key Takeaways
Why are whales accumulating over $80 million worth of ETH?
Institutional buyers like Bitmine and whales are signaling renewed long-term confidence in Ethereum.

How are exchange outflows and rising Open Interest shaping Ethereum’s price direction?
Decreasing supply and increasing trader activity suggest growing bullish pressure for a possible breakout.

Institutional activity is picking up again as large Ethereum [ETH] purchases point to renewed conviction in the asset’s long-term potential. 

Bitmine’s $69.89 million purchase from Coinbase and FalconX, combined with the additional 4,009 ETH acquisition by a whale, has pushed total inflows beyond $80 million. 

This resurgence comes after weeks of price pressure and uncertainty across the broader market. However, such strong accumulation often marks a transitional phase where capital shifts from weaker to stronger hands. 

As liquidity tightens and confidence rebuilds, Ethereum’s market structure appears to be stabilizing, paving the way for a more sustained upward movement if accumulation continues at this pace.

Ethereum eyes rebound
Ethereum’s price action shows encouraging signs of recovery after defending the $3,292 support zone, a level that has historically triggered buying momentum. 

The daily chart indicates a rebound from a falling wedge pattern, often considered a bullish reversal signal. Moreover, the RSI’s bounce from oversold territory supports a gradual shift in momentum favoring buyers. 

If sustained, Ethereum could challenge resistance around $4,248, while a successful breakout could open the path toward $4,949. 

However, the recovery remains fragile, and failure to maintain the current trajectory might invite short-term retracement. 

Still, the ongoing accumulation suggests investors expect a potential resurgence once price stability is confirmed above key technical thresholds.

Source: TradingView

Growing confidence among investors
Recent on-chain data from CoinGlass revealed a $74.03 million net outflow of ETH from exchanges, highlighting a strong accumulation phase. 

Negative netflows often suggest investors are moving their holdings into self-custody, reducing the available supply for selling.

This shift supports a bullish narrative, as consistent exchange outflows typically precede upward price movements during supply contractions. 

Additionally, the continuation of these outflows since mid-October coincided with whale buying activity, underscoring a shared sentiment of confidence among long-term holders. 

As liquidity on centralized exchanges tightens, short-term volatility may increase, but the broader structure points toward a healthier market foundation fueled by demand outweighing supply.

Traders gear up as Open Interest surges
Ethereum’s derivatives market is showing renewed excitement, with Open Interest climbing 2.81% to $18.92 billion. 

The rise suggests traders are positioning for potential volatility and directional momentum. This growing interest reflects expectations of a major move, amplified by spot accumulation and exchange outflows. 

The synergy between rising Open Interest and strengthening spot demand indicates that both retail and institutional traders are preparing for a decisive shift in market sentiment. 

However, it also raises the probability of sharper swings if leveraged positions unwind suddenly. 

Still, if momentum continues aligning with on-chain accumulation trends, Ethereum could soon experience a volatility-driven breakout that redefines its short-term trajectory.

Conclusively, Ethereum’s outlook is turning decisively bullish as whales inject over $80 million, exchange reserves continue to decline, and Open Interest climbs steadily. 

These converging signals point toward strengthening investor conviction and a tightening supply environment that could favor upward momentum. 

If buyers successfully maintain support above $3,300 and reclaim the $4,200 barrier, Ethereum could re-enter a mid-term bullish phase, potentially targeting the $4,900 zone. 

The alignment of whale confidence, technical resilience, and rising speculative demand suggests that Ethereum’s next major breakout may already be in motion.

TLDR

Table of Contents

TLDRWhat SpaceX Plans to DoFinancial Details and TimingGet 3 Free Stock Ebooks

EchoStar is selling AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock
The deal covers wireless spectrum in the 1695-1710 MHz range across the United States
This transaction expands on a $17 billion deal between the companies from September
SpaceX will use the spectrum for its Starlink Direct to Cell satellite constellation
EchoStar’s current services including DISH TV, Sling TV, Boost Mobile, and Hughes will not be affected

EchoStar Corporation announced Thursday it will sell its nationwide AWS-3 spectrum licenses to SpaceX for approximately $2.6 billion. The payment will come in the form of SpaceX stock rather than cash.

🚨 SPACEX BUYS THE SKY – $2.6B AT A TIME

SpaceX just dropped $2.6 billion on EchoStar’s AWS-3 spectrum rights – prime wireless real estate across the U.S.

The move expands Starlink’s reach and, more quietly, Elon’s chokehold on the future of global connectivity. Internet… https://t.co/5N6w4GR6WU pic.twitter.com/t0dIy6ziqW

— Mario Nawfal (@MarioNawfal) November 6, 2025

The deal marks the second major transaction between the two companies in recent months. Back in September, EchoStar and SpaceX struck a $17 billion agreement involving other spectrum assets.

The AWS-3 licenses cover the 1695-1710 MHz uplink range. This spectrum falls within 3GPP Band 70n specifications.

EchoStar Corporation, SATS

These airwaves can support both mobile and satellite communications across the United States. SpaceX plans to use them for its Starlink Direct to Cell constellation.

The space company already acquired AWS-4 and H-block spectrum licenses from EchoStar in the earlier September deal. The new AWS-3 licenses will complement those existing assets.

What SpaceX Plans to Do
SpaceX is building out its next-generation satellite network. The company aims to provide direct connectivity to standard mobile phones without special equipment.

The spectrum licenses give SpaceX the regulatory rights to use these specific radio frequencies. These frequencies are essential for two-way communication between satellites and ground devices.

Starlink Direct to Cell represents a major expansion of SpaceX’s existing internet service. The technology could allow regular smartphones to connect to satellites in areas without traditional cell coverage.

Financial Details and Timing
EchoStar will receive approximately $2.6 billion worth of SpaceX equity. The company currently carries a market cap of $20.8 billion.

The satellite and wireless provider also manages over $30 billion in debt. EchoStar’s stock has risen 202% over the past six months despite ongoing profitability challenges.

Hamid Akhavan, CEO of EchoStar Capital, said the transaction will strengthen the company’s ability to develop new business opportunities. He added it should create value for shareholders.

The deal still requires regulatory approval before it can close. Other standard closing conditions must also be met.

The exact timeline for completion was not disclosed in the announcement.

EchoStar confirmed its current operations will continue unchanged. DISH TV, Sling TV, Boost Mobile, and Hughes services will not be affected by the spectrum sale.

The transaction represents another step in SpaceX’s strategy to expand its telecommunications infrastructure. The company continues to add wireless assets to support its satellite-based mobile connectivity plans.

Galaxy trims its 2025 Bitcoin price target to $120K as market volatility cools, signaling a “maturity era” driven by institutional flows and slower growth.

flash news

Ripple and Gemini Partner With Mastercard on Stablecoin Settlement Trial

Mastercard, Ripple, and the cryptocurrency exchange Gemini are teaming up in a strategic move to execute an innovative stablecoin settlement trial. The collaboration will use

Ripple News

Ripple and Mastercard Test Card Settlement with RLUSD Stablecoin

TL;DR Ripple, Mastercard, WebBank, and Gemini will test credit card transaction settlement using RLUSD on the public XRPL blockchain. The pilot will allow WebBank to

Companies

CMT Digital Secures $136M for Fourth Fund to Back Next Wave of Web3 Startups

TL;DR The VC firm raised $136 million for its fourth fund, below the initial target of $150 million. The capital comes from family offices, high-net-worth

Regulation

Canada Positions Stablecoins as Cornerstone of Digital Payments in New Budget

TL;DR Canada plans to make fiat-backed stablecoins part of everyday digital payments, placing them under a national regulatory framework to improve trust, usability and transparency.

BNB News

USDC Market Update: Binance Adds Dash and Zcash Trading Pairs

TL;DR Binance adds new DASH/USDC and ZEC/USDC spot trading pairs. Aims to boost USDC liquidity and usage on its platform. Automated trading bots will be

Ripple News

Ripple President Celebrates Landmark XRP Ledger Stablecoin Breakthrough

TL;DR RLUSD, Ripple’s stablecoin, has surpassed $1 billion in market capitalization, becoming the largest stablecoin on the XRP Ledger and one of the few also

TL;DR

Binance is seeing a renewed wave of spot Bitcoin trading in November as stablecoin inflows and fresh BTC deposits return to the platform.
Traders are shifting interest from derivatives to spot markets, encouraged by rising liquidity and a recovery above 103,000 dollars.
Although sentiment is still cautious, early signs show a more active environment for crypto buying and repositioning.

Bitcoin spot activity on Binance is regaining traction after several months of mixed sentiment. November brought a clearer shift toward spot trading, supported by stronger inflows of both BTC and stablecoins from new and existing wallets. This rebound helped Bitcoin regain levels above 103,000 dollars, even after brief dips and liquidations that unsettled short-term traders. The renewed participation of retail and mid-size investors is a positive sign for market health, especially as the market navigates global macro uncertainty.

Traders have increasingly stepped back from aggressive leveraged strategies. The recent uptick suggests that users are looking for exposure without excessive risk and believe spot accumulation offers a more balanced approach amid uncertain momentum. Binance has also seen renewed engagement from international markets, with increased buying volume coming from European and Asian trading hours, adding diversity to liquidity flows.

Rising Spot Inflows And Strong Liquidity Base
October and early November data show over 25,900 BTC moved into Binance from newly created wallets, reversing September’s slowdown. With more than 41.7 billion dollars in USDT now held on the platform, Binance continues to be the primary liquidity hub for digital assets. USDC balances are also near record highs, boosting flexibility for rapid market entry. These conditions provide a firm base for further spot action if confidence strengthens.

Spot trading volumes in early November surpassed 50,000 BTC, the highest level since early October. This activity suggests traders are gradually positioning for potential upward movement, even if large institutional buys remain on standby. Order book analysis reveals increasing deal size, signaling stronger conviction among proactive buyers.

Market Conditions Show Gradual Confidence Returning
Selling pressure has eased, and although taker buy volume has not fully recovered, the balance is improving. The Bitcoin fear and greed index recently moved up to 27, reflecting a shift away from the most pessimistic levels. If liquidity continues to build and volatility stabilizes, November may be remembered as the month when spot markets regained momentum and set the stage for a brighter phase in crypto trading.

Investors have poured more than $280 million into new U.S. Solana exchange-traded funds (ETFs) in just six trading days, with analysts now projecting as much as $5 billion in inflows over the next year.

For six consecutive trading days, starting October 28, when Bitwise launched the BSOL US Solana ETF, it pulled in $284 million, while Bitcoin and Ethereum funds bled capital.

According to Farside Investors’ data, Bitcoin ETFs lost $1.7 billion over the same stretch. Ethereum products shed $473 million.

The divergence wasn’t subtle, and it arrived at a moment when macroeconomic headwinds, consisting of a hawkish Fed posture and a strengthening dollar, typically drain risk appetite across crypto.

Instead, the new Solana wrappers absorbed steady creations while the incumbents faced redemptions.

The question is whether this marks genuine allocator rotation or simply the front-loaded enthusiasm that accompanies any new ETF launch, amplified by a temporary risk-off swing that made Bitcoin and Ethereum look overextended.

The mechanics of a dislocationThrough Nov. 4, Bitcoin and Ethereum spot ETFs together posted roughly $797 million in single-day outflows as sentiment soured.

Meanwhile, Solana funds continued printing small but unbroken net creations. CoinShares’ weekly data for the period ending Oct. 31 tells the same story at the global ETP level.

Bitcoin products led outflows, while Solana took in about $421 million, its second-largest week on record, driven entirely by US launches.

Farside’s issuer-level tapes confirm the pattern across sessions. Bitcoin funds bled through multiple days into early November, while Ethereum flipped negative. Meanwhile, both US Solana ETFs have maintained positive flows every trading day since their debut.

These bits suggest that Solana’s ability to attract capital isn’t just noise.

Sustained redemptions in Bitcoin and Ethereum ETFs mechanically shrink their share of total crypto ETF assets under management and reduce daily primary-market demand for the underlying tokens.

Persistent creations in Solana ETFs tighten available float and deepen secondary liquidity in SOL.

If the flows cadence persists over weeks rather than days, index constructors, allocators, and market makers recalibrate exposures and inventory toward Solana, which tends to amplify relative performance in both directions.

Launch windows versus real demand.Solana flows sit squarely in the classic new-product launch window, which routinely front-loads creations.

Farside’s dashboard shows substantial seed and conversion capital at launch, particularly for Grayscale’s GSOL. The first three days delivered unusually strong results before the pace decelerated.

If the post-launch run rate settles back toward low-single-digit millions per day while Bitcoin and Ethereum outflows slow as the macro tape stabilizes, the rotation narrative collapses into a launch artifact.

However, if US-traded Solana funds continue to absorb net creations after seed capital is exhausted, potentially four to six consecutive weeks of positive flows, while Bitcoin and Ethereum funds continue to leak due to macro jitters, the reweighting becomes durable.

CoinShares already attributes last week’s Solana strength to US ETF demand, rather than a single issuer’s anomaly.

That combination suggests genuine allocator rotation, not just launch mechanics disguised as strategy.

Eric Balchunas noted on Nov. 1 that BSOL led all crypto ETPs “by a country mile” in weekly flows with $417 million, ranking 16th in overall flows across all ETFs for the week. BSOL outperformed even BlackRock’s IBIT, which posted a rare off-week.

That’s distribution at work, but it’s also a signal that allocators with new mandates found room in their sleeves for Solana exposure without waiting for Bitcoin or Ethereum to stabilize first.

Who decides the endgame?What to watch next is the post-launch steady state in Solana creations versus Bitcoin and Ethereum redemptions.

If Solana maintains positive net creations once seed flows dissipate and Bitcoin and Ethereum remain net negative on rolling weekly windows, treat the move as structural.

If Solana creations taper to flat and the incumbents stabilize, this was a launch-window blip amplified by a risk-off week that made everything feel more decisive than it was.

The stakes are distribution defaults and liquidity gravity. Solana doesn’t need to overtake Bitcoin or Ethereum in total assets to win this round. It just needs to prove that a well-timed ETF launch can attract capital even when macroeconomic conditions favor retreat.

If that holds, the lesson for the next altcoin ETF wave is clear: distribution creates its own demand, and timing the launch to coincide with a dip in incumbent flows can accelerate the shift.

The allocators writing the tickets over the next month will decide whether Solana’s ETF debut was a sign of an opening or an anomaly.

Mentioned in this article

Delivers 12% SaaS revenue growth and 19% Adjusted EBITDA Margin

November 06, 2025 06:00 ET

 | Source:

Sylogist Ltd.

Q3 2025 Financial Highlights

 Revenue (in $ millions) SaaS SubscriptionRecurringTotalReportedY/Y growthReportedY/Y growthReportedY/Y growth$8.3
11.9%
$11.4
5.0%
$15.9
(4.2)%
  SaaS ARR up 15% year over year to $33.6 million;Total ARR up 5% year over year to $45.8 million;SaaS NRR of 106%;ARR Bookings of $1.0 million;Total Contract Value of Bookings at $5.9 million;Adjusted EBITDA Margin of 19.3% or $3.1 million;Net income (loss) of $(0.9) millionGross profit margin of 60%; andRecurring revenue at 72% of total revenue. CALGARY, Alberta, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, today announced its results for the third quarter of fiscal 2025, ended September 30, 2025.

“Our third quarter performance further validates our transformation to a SaaS-driven enterprise,” said Bill Wood, CEO of Sylogist. “We are very pleased with the traction we’re seeing with our partner strategy as evidenced by 48% of ARR Bookings in the quarter being partner-driven. In a relatively short period of time, our top-line revenue has been transformed to now be 72% recurring as we hand off lower margin, one-time project services revenue relating to customer implementations to partners and add high margin SaaS revenue.”

Sylogist’s Board of Directors approved a dividend of $0.01 per share for shareholders of record on November 28, 2025, to be paid on December 10, 2025.

Conference Call Details
The Company will host a conference call at 8:30 AM Eastern Time on November 6, 2025. A replay of the call will be archived in the investor section of the Company’s website.

Date: Thursday, November 6, 2025
Time: 8:30 a.m. EDT
Participant Toll-Free Dial-In Number: + 1-833-752-3805
Participant International Dial-In Number: +1-647-846-8841

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=hnDlinCO

Please dial in before the start of the conference to secure a line and avoid delays.

About Sylogist
Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, non-profit, and education market segments. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sedarplus.ca or at www.sylogist.com.

Forward-looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities legislation. Although the forward-looking information is based on what the Company believes are reasonable assumptions, current expectations, and estimates, investors are cautioned from placing undue reliance on this information since actual results may vary from the forward-looking information. Forward-looking information may be identified by the use of forward-looking terminology such as “believe”, “assume”, “intend”, “may”, “will”, “expect”, “estimate”, “anticipate”, “continue”, “could”, “can”, “outlook” or similar terms, variations of those terms or the negative of those terms, and the use of the conditional tense as well as similar expressions.

Such forward-looking information that is not historical fact, including statements based on management’s belief and assumptions, cannot be considered as guarantees of future performance. They are subject to a number of risks and uncertainties, including but not limited to future economic conditions, the markets that the Company serves, the actions of competitors, major new technological trends, and other factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward looking information. The Company undertakes no obligation to update publicly any forward-looking information whether because of new information, future events or otherwise other than as required by applicable legislation. Important risk factors that may affect these expectations include, but are not limited to, the factors described under the section titled “Risk Factors” found in the Company’s Annual Information Form for the fiscal period ended December 31, 2024, and under the section titled “Risks and Uncertainties” in the Management’s Discussion and Analysis for the periods ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, and other documents available on the Company’s profile at www.sedarplus.ca.

Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: (i) competitive environment; (ii) operating risks; (iii) the Company’s management and employees; (iv) capital investment by the Company’s customers; (v) customer project implementations; (vi) liquidity; (vii) current global financial and geopolitical conditions; (viii) implementation of the Company’s commercial strategic plan; (ix) credit; (x) potential product liabilities and other lawsuits to which the Company may be subject; (xi) additional financing and dilution; (xii) market liquidity of the Company’s common shares; (xiii) development of new products; (xiv) intellectual property and other proprietary rights; (xv) acquisition and expansion; (xvi) foreign currency; (xvii) interest rates; (xviii) technology and regulatory changes; (xix) internal information technology infrastructure and applications and (xx) cyber security. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods
indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

Non-IFRS Financial Measures 
This news release refers to certain non-IFRS measures. These non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures reported by other companies. These measures are provided as additional information to complement measures under IFRS by providing further understanding of the Company’s expected results of operations from management’s perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Annualized Recurring Revenue (“ARR”), Software as a Service (“SaaS”) ARR, and SaaS Net Revenue Retention (“NRR”), are non-IFRS financial measures.

Bookings refers to the total value of customer accepted contracts during the reporting period. This includes SaaS bookings (the value of SaaS contracts for the entire contracted term) and the project services bookings (the full value of contracted project services).ARR Bookings is defined as the annualized value of a contractually committed SaaS or Maintenance and Support services Booking contract entered into during the reporting period.Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation, foreign exchange gains/losses and the impact of acquisition and restructuring.Adjusted EBITDA Margin refers to Adjusted EBITDA as a percentage of revenue.ARR is defined as the annualized value of contractually committed SaaS and maintenance and support services. This quantification assumes that customers will renew the contractual commitment on a periodic basis as they come up for renewal unless the customer has notified the Company of its intention to cancel. This portion of the Company’s revenue is predictable and stable.SaaS ARR refers to ARR attributable to SaaS customer contracts.SaaS NRR refers to the percentage of beginning of period ARR retained over a given 12-month period inclusive of the impact of contractions, losses and the impact of any additional expansion revenues from customer upgrades within the existing customer base. The Company’s calculation of SaaS NRR includes the impact of customers converting from its maintenance and support offerings to its SaaS offerings RPO, Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, ARR, SaaS ARR, and SaaS NRR are provided to investors as alternative methods for assessing the Company’s operating results in a manner that is focused on the Company’s ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to profit or cash flow from operating activities, determined in accordance with IFRS as an indicator of the Company’s performance. For further information regarding non-IFRS measures used by the Company, please refer to a copy of the Financial Statements and Management’s Discussion and Analysis of the Company, copies of which are available on Sylogist's SEDAR profile at www.sedarplus.ca.

Currency and Rounding
All amounts in this news release are expressed in millions of Canadian dollars unless otherwise stated. All percentage variations expressed herein have been calculated based on variations resulting from numbers expressed in millions. Any potential differences from similarly calculated percentages in the Company’s financial statements and Management’s Discussion and Analysis are due to rounding and are nonmaterial.

For further information contact:
Jennifer Smith, Investor Relations
LodeRock Advisors
(416) 491-8004
[email protected]

SCOTTSDALE, Ariz., Nov. 06, 2025 (GLOBE NEWSWIRE) -- LifeStance Health Group, Inc. (Nasdaq: LFST), one of the nation’s largest providers of outpatient mental healthcare, today announced financial results for the third quarter ended September 30, 2025.

(All results compared to prior-year comparative period, unless otherwise noted)
Q3 2025 Highlights and FY 2025 Outlook

Revenue of $363.8 million increased 16% compared to revenue of $312.7 millionClinician base increased 11% to 7,996 clinicians, a sequential net increase of 288 in the third quarterThird quarter visit volumes increased 17% to 2.3 millionNet income of $1.1 million compared to net loss of $6.0 millionAdjusted EBITDA of $40.2 million increased 31% compared to Adjusted EBITDA of $30.7 millionNet cash provided by operations of $27.3 million in the third quarter resulting in strong cash position of $203.9 millionFree Cash Flow of positive $17.0 million in the third quarterFor full year 2025, reiterating expectations for revenue of $1.41 billion to $1.43 billion; raising midpoint expectations for Center Margin to $448 million to $462 million; and raising Adjusted EBITDA expectations to $146 million to $152 million “This was a record-breaking quarter for LifeStance,” said Dave Bourdon, CEO of LifeStance. “We delivered 17% organic visit growth, fueled by our strongest-ever organic productivity improvements and clinician net adds—bringing our team to approximately 8,000 clinicians. We also achieved our second quarter of positive net income this year, at $1 million, along with Adjusted EBITDA of $40 million with 11% margins, both marking new highs for us as a public company. This performance reflects improved operating leverage in G&A and positions us to raise our full-year Adjusted EBITDA guidance while continuing to expand margins into 2026. The team’s exceptional results this quarter provide strong momentum as we enter the fourth quarter and look ahead to the coming year.”

Financial Highlights           Q3 2025  Q3 2024  Y/Y (in millions)         Total revenue $363.8  $312.7   16%Income from operations  7.4   0.0  NM Center Margin  116.6   100.4   16%Net income (loss)  1.1   (6.0)  (118%)Adjusted EBITDA  40.2   30.7   31%As % of Total revenue:         Income from operations  2.0%  0.0%   Center Margin  32.0%  32.1%   Net income (loss)  0.3%  (1.9%)   Adjusted EBITDA  11.1%  9.8%    NM - not meaningful

(All results compared to prior-year period, unless otherwise noted)

Revenue grew 16% to $363.8 million. Revenue growth in the third quarter was driven primarily by higher visit volumes from net clinician growth and improved clinician productivity.Income from operations was $7.4 million and net income was $1.1 million.Center Margin grew 16% to $116.6 million, or 32.0% of total revenue.Adjusted EBITDA increased 31% to $40.2 million, or 11.1% of total revenue. Adjusted EBITDA as a percentage of revenue increased in the third quarter as a result of improved operating leverage from revenue growing faster than general and administrative expenses. Balance Sheet, Cash Flow, and Capital Allocation

For the nine months ended September 30, 2025, LifeStance provided $88.6 million cash flow from operations, including $27.3 million during the third quarter of 2025. The Company ended the third quarter with cash of $203.9 million and net long-term debt of $269.4 million.

2025 Guidance

LifeStance is providing the following outlook for 2025:

The Company is reiterating expectations for revenue of $1.41 billion to $1.43 billion; raising midpoint expectations for Center Margin to $448 million to $462 million; and raising Adjusted EBITDA expectations to $146 million to $152 million.For the fourth quarter of 2025, the Company expects total revenue of $368 million to $388 million, Center Margin of $113 million to $127 million, and Adjusted EBITDA of $37 million to $43 million. Conference Call, Webcast Information, and Presentations

LifeStance will hold a conference call today, November 6, 2025 at 8:30 a.m. Eastern Time to discuss the third quarter 2025 results. Investors who wish to participate in the call should dial 1-800-715-9871, domestically, or 1-646-307-1963, internationally, approximately 10 minutes before the call begins and provide conference ID number 3958273 or ask to be joined into the LifeStance call. A real-time audio webcast can be accessed via the Events and Presentations section of the LifeStance Investor Relations website (https://investor.lifestance.com), where related materials will be posted prior to the conference call.

About LifeStance Health Group, Inc.

Founded in 2017, LifeStance (Nasdaq: LFST) is reimagining mental health. We are one of the nation’s largest providers of virtual and in-person outpatient mental healthcare for children, adolescents and adults experiencing a variety of mental health conditions. Our mission is to help people lead healthier, more fulfilling lives by improving access to trusted, affordable, and personalized mental healthcare. LifeStance and its supported practices employ approximately 8,000 psychiatrists, advanced practice nurses, psychologists and therapists and operates across 33 states and more than 550 centers. To learn more, please visit www.LifeStance.com.

We routinely post information that may be important to investors on the “Investor Relations” section of our website at investor.lifestance.com. We encourage investors and potential investors to consult our website regularly for important information about us.

Forward-Looking Statements

Statements in this press release and on the related teleconference that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements. These statements include, but are not limited to, statements with respect to: full year and fourth quarter guidance and management's related assumptions; business plans and objectives; and other statements contained in this press release that are not historical facts. When used in this press release and on the related teleconference, words such as “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to us are intended to identify forward-looking statements. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: if reimbursement rates paid by third-party payors are reduced or if third-party payors otherwise restrain our ability to obtain or deliver care to patients, our business could be materially harmed; we may not grow at the rates we historically have achieved or at all, even if our key metrics may imply future growth, including if we are unable to successfully execute on our growth initiatives and business strategies; if we fail to manage our growth effectively, our expenses could increase more than expected, our revenue may not increase proportionally or at all, and we may be unable to execute on our business strategy; our ability to recruit new clinicians and retain existing clinicians; we conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business, results of operations and financial condition; we are dependent on our relationships with supported practices, which we do not own, to provide healthcare services, and our business would be harmed if those relationships were disrupted or if our arrangements with these entities became subject to legal challenges; we operate in a competitive industry, and if we are not able to compete effectively, our business and financial performance would be harmed; the impact on us of healthcare reform legislation and other changes in the healthcare industry and in healthcare spending is currently unknown, but may harm our business; if our or our vendors’ security measures fail or are breached and unauthorized access to our employees’, patients’ or partners’ data is obtained, our systems may be perceived as insecure, we may incur significant liabilities, including through private litigation or regulatory action, our reputation may be harmed, and we could lose patients and partners; our business depends on our ability to effectively invest in, implement improvements to and properly maintain the uninterrupted operation and data integrity of our information technology and other business systems; our existing indebtedness could adversely affect our business and growth prospects; and other risks and uncertainties set forth under “Risk Factors” included in the reports we have filed or will file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings made with the Securities and Exchange Commission. LifeStance does not undertake to update any forward-looking statements made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based, except as otherwise required by law.

Non-GAAP Financial Information

This press release contains certain non-GAAP financial measures, including Center Margin, Adjusted EBITDA, and Adjusted EBITDA margin. Tables showing the reconciliation of these non-GAAP financial measures to the comparable GAAP measures are included at the end of this release. Management believes these non-GAAP financial measures are useful in evaluating the Company’s operating performance, and may be helpful to securities analysts, institutional investors and other interested parties in understanding the Company’s operating performance and prospects. This press release also refers to Free Cash Flow, which is calculated as net cash provided by operating activities less purchases of property and equipment. Management believes Free Cash Flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after investments in property and equipment, can be used for future growth. These non-GAAP financial measures, as calculated, may not be comparable to companies in other industries or within the same industry with similarly titled measures of performance. Therefore, the Company’s non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP, such as net income (loss) or income (loss) from operations.

Center Margin and Adjusted EBITDA anticipated for the fourth quarter of 2025 and full year 2025 are calculated in a manner consistent with the historical presentation of these measures at the end of this release. Reconciliation for the forward-looking fourth quarter of 2025 and full year 2025 Center Margin, Adjusted EBITDA guidance and Free Cash Flow is not being provided, as LifeStance does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation. As such, LifeStance management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results.

Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results.

Consolidated Financial Information and Reconciliations

CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except for par value)
   September 30, 2025  December 31, 2024 CURRENT ASSETS      Cash and cash equivalents $203,903  $154,571 Patient accounts receivable, net  121,073   131,802 Prepaid expenses and other current assets  35,401   26,137 Total current assets  360,377   312,510 NONCURRENT ASSETS      Property and equipment, net  162,672   166,041 Right-of-use assets  145,706   147,878 Intangible assets, net  180,753   190,799 Goodwill  1,293,346   1,293,346 Other noncurrent assets  6,115   7,724 Total noncurrent assets  1,788,592   1,805,788 Total assets $2,148,969  $2,118,298 LIABILITIES AND STOCKHOLDERS' EQUITY      CURRENT LIABILITIES      Accounts payable $12,215  $7,242 Accrued payroll expenses  113,772   117,461 Other accrued expenses  42,144   46,942 Operating lease liabilities, current  47,377   49,449 Other current liabilities  13,052   7,792 Total current liabilities  228,560   228,886 NONCURRENT LIABILITIES      Long-term debt, net  269,392   279,790 Operating lease liabilities, noncurrent  144,185   148,699 Deferred tax liability, net  13,986   14,329 Other noncurrent liabilities  105   309 Total noncurrent liabilities  427,668   443,127 Total liabilities $656,228  $672,013 COMMITMENTS AND CONTINGENCIES      STOCKHOLDERS’ EQUITY      Preferred stock – par value $0.01 per share; 25,000 shares authorized as of September 30, 2025 and December 31, 2024; 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024  —   — Common stock – par value $0.01 per share; 800,000 shares authorized as of September 30, 2025 and December 31, 2024; 389,000 and 382,735 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively  3,890   3,827 Additional paid-in capital  2,309,145   2,259,818 Accumulated other comprehensive income  —   929 Accumulated deficit  (820,294)  (818,289)Total stockholders' equity  1,492,741   1,446,285 Total liabilities and stockholders’ equity $2,148,969  $2,118,298  CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
(In thousands, except per share amounts)
     Three Months Ended September 30,  Nine Months Ended September 30,   2025  2024  2025  2024 TOTAL REVENUE $363,809  $312,722  $1,042,090  $925,490 OPERATING EXPENSES            Center costs, excluding depreciation and
amortization shown separately below  247,227   212,291   707,286   632,527 General and administrative expenses  95,615   85,269   287,421   269,356 Depreciation and amortization  13,557   15,115   41,319   56,279 Total operating expenses $356,399  $312,675  $1,036,026  $958,162 INCOME (LOSS) FROM OPERATIONS $7,410  $47  $6,064  $(32,672)OTHER EXPENSE            Gain on remeasurement of contingent consideration  —   15   —   1,975 Transaction costs  —   (29)  —   (821)Interest expense, net  (2,814)  (5,413)  (8,787)  (17,139)Other expense  (24)  (2)  (117)  (80)Total other expense $(2,838) $(5,429) $(8,904) $(16,065)INCOME (LOSS) BEFORE INCOME TAXES  4,572   (5,382)  (2,840)  (48,737)INCOME TAX (PROVISION) BENEFIT  (3,495)  (575)  835   (1,594)NET INCOME (LOSS) $1,077  $(5,957) $(2,005) $(50,331)EARNINGS (LOSS) PER SHARE            Basic  0.00   (0.02)  (0.01)  (0.13)Diluted  0.00   (0.02)  (0.01)  (0.13)Weighted-average shares outstanding            Basic  386,963   380,359   385,672   378,713 Diluted  388,895   380,359   385,672   378,713              NET INCOME (LOSS) $1,077  $(5,957) $(2,005) $(50,331)OTHER COMPREHENSIVE LOSS            Unrealized losses on cash flow hedge, net of tax  (345)  (1,872)  (929)  (1,532)COMPREHENSIVE INCOME (LOSS) $732  $(7,829) $(2,934) $(51,863) CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
     Nine Months Ended September 30,   2025  2024 CASH FLOWS FROM OPERATING ACTIVITIES      Net loss $(2,005) $(50,331)Adjustments to reconcile net loss to net cash provided by operating activities:      Depreciation and amortization  41,319   56,279 Non-cash operating lease costs  31,265   29,431 Stock-based compensation  57,997   60,026 Amortization of discount and debt issue costs  762   1,264 Gain on remeasurement of contingent consideration  —   (1,975)Other, net  1,440   998 Change in operating assets and liabilities, net of businesses acquired:      Patient accounts receivable, net  10,729   (32,757)Prepaid expenses and other current assets  (10,410)  (3,924)Accounts payable  2,868   620 Accrued payroll expenses  (3,689)  9,381 Operating lease liabilities  (35,829)  (34,300)Other accrued expenses  (5,856)  10,232 Net cash provided by operating activities $88,591  $44,944 CASH FLOWS FROM INVESTING ACTIVITIES      Purchases of property and equipment  (25,214)  (15,265)Net cash used in investing activities $(25,214) $(15,265)CASH FLOWS FROM FINANCING ACTIVITIES      Payments of long-term debt  (5,438)  (2,194)Payments of contingent consideration  —   (3,694)Taxes related to net share settlement of equity awards  (8,607)  — Net cash used in financing activities $(14,045) $(5,888)NET INCREASE IN CASH AND CASH EQUIVALENTS  49,332   23,791 Cash and Cash Equivalents - Beginning of period  154,571   78,824 CASH AND CASH EQUIVALENTS – END OF PERIOD $203,903  $102,615 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      Cash paid for interest, net $13,253  $19,023 Cash paid for taxes, net of refunds $1,564  $59 SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING AND FINANCING ACTIVITIES      Acquisition of property and equipment included in liabilities $4,484  $1,203  RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO CENTER MARGIN
     Three Months Ended September 30,  Nine Months Ended September 30,   2025  2024  2025  2024 (in thousands)            Income (loss) from operations $7,410  $47  $6,064  $(32,672)Adjusted for:            Depreciation and amortization  13,557   15,115   41,319   56,279 General and administrative expenses(1)  95,615   85,269   287,421   269,356 Center Margin $116,582  $100,431  $334,804  $292,963  (1) Represents salaries, wages and employee benefits for our executive leadership, finance, human resources, marketing, billing and credentialing support and technology infrastructure and stock-based compensation for all employees. 

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
     Three Months Ended September 30,  Nine Months Ended September 30,   2025  2024  2025  2024 (in thousands)            Net income (loss) $1,077  $(5,957) $(2,005) $(50,331)Adjusted for:            Interest expense, net  2,814   5,413   8,787   17,139 Depreciation and amortization  13,557   15,115   41,319   56,279 Income tax provision (benefit)  3,495   575   (835)  1,594 Gain on remeasurement of contingent consideration  —   (15)  —   (1,975)Stock-based compensation expense  18,297   14,895   57,997   60,026 Loss on disposal of assets  24   2   117   80 Transaction costs(1)  —   29   —   821 Executive transition costs  577   —   1,296   591 Litigation costs(2)  (70)  224   1,088   1,053 Strategic initiatives(3)  —   134   —   1,292 Real estate optimization and restructuring charges(4)  (6)  —   (103)  (250)Amortization of cloud-based software implementation costs(5)  444   298   1,199   478 Other expenses(6)  —   —   —   172 Adjusted EBITDA $40,209  $30,713  $108,860  $86,969  (1) Primarily includes capital markets advisory, consulting, accounting and legal expenses related to our underwritten public offering completed in the second quarter of 2024.
(2) Litigation costs, net of insurance recoveries, include only those costs which are considered non-recurring and outside of the ordinary course of business based on the following considerations, which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) the complexity of the case (e.g., complex class action litigation), (iii) the nature of the remedy(ies) sought, including the size of any monetary damages sought, (iv) the counterparty involved, and (v) our overall litigation strategy. During each of the three and nine months ended September 30, 2025 and 2024, litigation costs included cash expenses related to distinct litigation matters, including a privacy class action litigation and a compensation model class action litigation, and for the three and nine months ended September 30, 2024, a securities class action litigation.
(3) Strategic initiatives consist of expenses directly related to a multi-phase system upgrade in connection with our recent and significant expansion. During the three and nine months ended September 30, 2024, we continued a process of evaluating and adopting critical enterprise-wide systems for (i) human resources management and (ii) clinician credentialing and onboarding process. Strategic initiatives represents costs, such as third-party consulting costs and one-time costs, that are not part of our ongoing operations related to these enterprise-wide systems. We considered the frequency and scale of this multi-part enterprise upgrade when determining that the expenses were not normal, recurring operating expenses.
(4) Real estate optimization and restructuring charges consist of cash expenses and non-cash charges related to our real estate optimization initiative, which included certain asset impairment and disposal costs, certain gains and losses related to early lease terminations, and exit and disposal costs related to our real estate optimization initiative to consolidate our physical footprint during 2023. As the decision to close these centers was part of a significant strategic project driven by a historic shift in behavior, the magnitude of center closures was greater than what would be expected as part of ordinary business operations and did not constitute normal recurring operating activities. During the three and nine months ended September 30, 2025 and 2024, real estate optimization and restructuring charges consisted of certain gains and losses related to early lease terminations of previously abandoned real estate leases in 2023.
(5) Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within general and administrative expenses included in our unaudited consolidated statements of operations and comprehensive income (loss).
(6) Represents costs incurred pre- and post-center acquisition to integrate operations, including expenses related to conversion of compensation model, legacy system costs and data migration, consulting and legal services, and overtime and temporary labor costs and includes severance expense unrelated to integration services, which are included in our unaudited consolidated statements of operations and comprehensive income (loss).

CORAL GABLES, Fla.--(BUSINESS WIRE)--Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Bank” or “Amerant”) today announced that the Company's Board of Directors (“Board”) and Jerry Plush, Chairman and CEO, have mutually agreed for him to step down, effective November 5, 2025. The Board has appointed Carlos Iafigliola, Senior Executive Vice President (“SEVP”) and Chief Operating Officer (“COO”), Interim Chief Executive Officer (“Interim CEO”). In addition, Odilon Almeida Jr., who had been ser.

COSTA MESA, Calif., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”) today reported results for its third quarter ended September 27, 2025.

Third Quarter 2025 Recap

Net Revenue was $212.6 million, an increase of 6% over Q3 2024Gross margin of 26.6%, year-over-year growth of 40 bpsNet loss of $64.4 million or $4.30 per share, or 30.3% of revenueNon-GAAP adjusted net income of $15.2 million (increase of 2% year-over-year), or $0.99 per diluted shareAdjusted EBITDA of $34.4 million (increase of 8% year-over-year), or 16.2% of revenue, up 40 bps year-over-year “Ducommun had another excellent quarter as we continued to make solid progress towards our VISION 2027 goals with both gross margin and Adjusted EBITDA margin at record levels. Net revenue grew 6% to a new quarterly record of $212.6 million, led by strength in our defense business which offset the continued headwinds in commercial aerospace OEM demand which was previously forecasted,” said Stephen G. Oswald, chairman, president and chief executive officer. “Ducommun’s Missile franchise continued to see strong growth in the quarter along with our military rotorcraft and fixed-wing platforms. Commercial aerospace was weak across the board and destocking continued to impact revenues despite growing production rates at the OEMs, which is very encouraging. The FAA's recent decision to allow Boeing to increase production rates on the 737 MAX to 42 aircraft per month is a big positive and a faster ramp-up in production rates will certainly help burn down the inventory in the system. We were also very pleased to see the Book to Bill ratio very strong for the Company at 1.6 times which established a new record for remaining performance obligations (“RPO”) for the Company.

“Ducommun continues to make strong progress as well in its margin expansion journey with gross margins expanding 40 bps year-over-year to 26.6%, continuing the strong momentum from the first half of the year, also at 26.6%. Adjusted EBITDA exceeded $30 million for the third consecutive quarter, expanding 40 bps year-over-year from 15.8% to 16.2% and keeping us on a good pace to meet the VISION 2027 financial goal of 18% Adjusted EBITDA with nine quarters remaining.

“The tariff environment continues to evolve but we currently do not expect it to have any material impact on our financial outlook. Ducommun is largely a U.S. manufacturer with U.S. workers and our domestic facilities generate more than 95% of Ducommun’s revenue. We are also making progress in putting in plans to largely mitigate raw materials tariff exposures through either duty exemptions on military products or by passing through to our customers under the terms of our contracts.

“In summary, Q3 was another strong performance and full year 2025 is positioned to be another record year for the Company. We are very optimistic for greater revenue growth year-over-year to close out 2025 and beyond as market demand continues to strengthen in both defense and commercial aerospace.”

Third Quarter Results

Net revenue for the third quarter of 2025 was $212.6 million compared to $201.4 million for the third quarter of 2024. The year-over-year increase was primarily due to the following in the Company's key end-use markets:

$14.2 million higher revenue in the Company’s military and space end-use markets due to higher rates on selected missiles, fixed-wing aircraft, rotary-wing aircraft, and ground vehicle weapon platforms; partially offset by$8.1 million lower revenue in the Company’s commercial aerospace end-use markets due to lower rates on business jet aircraft and large aircraft platforms. In addition, revenue for the Company’s industrial end-use markets for the third quarter of 2025 increased $5.1 million compared to the third quarter of 2024 mainly due to restocking and last time buys.

Net loss for the third quarter of 2025 was $(64.4) million, or (30.3)% of revenue, or $(4.30) per share, compared to net income of $10.1 million, or 5.0% revenue, or $0.67 per diluted share, for the third quarter of 2024. This reflects higher litigation settlement and related costs, net, of $99.7 million, partially offset by lower income tax expense of $19.8 million and higher gross profit of $3.8 million.

Gross profit for the third quarter of 2025 was $56.5 million, or 26.6% of revenue, compared to gross profit of $52.7 million, or 26.2% of revenue, for the third quarter of 2024. The increase in gross profit as a percentage of net revenue year-over-year was primarily due to lower other manufacturing costs and lower restructuring charges as a result of nearing the completion of the wind down of the Monrovia performance center, partially offset by unfavorable product mix.

Operating loss for the third quarter of 2025 was $80.1 million, or 37.7% of revenue, compared to operating income of $15.3 million, or 7.6% of revenue, in the comparable period last year. The year-over-year decrease of $95.3 million was primarily due to higher litigation settlement and related costs, net, partially offset by higher gross profit and lower restructuring charges. Non-GAAP adjusted operating income for the third quarter of 2025 was $22.4 million, or 10.6% of revenue, compared to $21.1 million, or 10.5% of revenue, in the comparable period last year. The year-over-year increase was primarily due to better operating leverage from higher revenue and gross profit.

Adjusted EBITDA for the third quarter of 2025 was $34.4 million, or 16.2% of revenue, compared to $31.9 million, or 15.8% of revenue, for the comparable period in 2024.

Interest expense for the third quarter of 2025 was $2.9 million compared to $3.8 million in the comparable period of 2024. The year-over-year decrease was primarily due lower interest rates along with a lower debt balance.

During the third quarter of 2025, the net cash provided by operations was $18.1 million compared to $13.9 million during the third quarter of 2024. The higher net cash provided by operations during the third quarter of 2025 was primarily due to the litigation settlement and related costs, net, which impacted net loss but has not yet been paid, lower accounts receivable, partially offset by lower contract liabilities, higher contract assets, and lower accrued and other liabilities.

Business Segment Information

Electronic Systems

Electronic Systems segment net revenue for the quarter ended September 27, 2025 was $123.1 million, compared to $115.4 million for the third quarter of 2024. The year-over-year increase was primarily due to the following in the Company's key end-use markets:

$8.2 million higher revenue within the Company’s military and space end-use markets due to higher rates on selected missile and fixed-wing aircraft platforms, partially offset by lower rates on electronic warfare platforms; partially offset by$5.6 million lower revenue in the Company’s commercial aerospace end-use markets due to lower rates on large aircraft platforms. In addition, revenue for the Company’s industrial end-use markets for the third quarter of 2025 increased $5.1 million compared to the third quarter of 2024 mainly due to some restocking and last time buys.

Electronic Systems segment operating income for the quarter ended September 27, 2025 was $21.1 million, or 17.1% of revenue, compared to $18.9 million, or 16.4% of revenue, for the comparable quarter in 2024. The year-over-year increase of $2.2 million was primarily due to higher manufacturing volume. Non-GAAP adjusted operating income for the third quarter of 2025 was $21.5 million, or 17.5% of revenue, compared to $19.4 million, or 16.8% of revenue, in the comparable period last year.

Structural Systems

Structural Systems segment net revenue for the quarter ended September 27, 2025 was $89.5 million, compared to $86.0 million for the third quarter of 2024. The year-over-year increase was primarily due to the following:

$6.0 million higher revenue within the Company’s military and space end-use markets due to higher rates on selected rotary-wing aircraft and ground vehicle weapon platforms; partially offset by$2.5 million lower revenue within the Company’s commercial aerospace end-use markets due to lower rates on business jet aircraft platforms, partially offset by higher rates on large aircraft platforms. Structural Systems segment operating income for the quarter ended September 27, 2025 was $11.9 million, or 13.3% of revenue, compared to $8.3 million, or 9.6% of revenue, for the comparable quarter in 2024. The year-over-year increase of $3.6 million was primarily due to lower other manufacturing costs and lower restructuring charges as a result of nearing the completion of the wind down of the Monrovia performance center, partially offset by lower manufacturing volume. Non-GAAP adjusted operating income for the third quarter of 2025 was $14.3 million, or 16.0% of revenue, compared to $12.6 million, or 14.7% of revenue, in the comparable period last year.

Corporate General and Administrative (“CG&A”) Expenses

CG&A expenses for the third quarter of 2025 were $113.1 million, or 53.2% of total Company revenue, compared to $11.9 million, or 5.9% of total Company revenue, for the comparable quarter in the prior year. The year-over-year increase in CG&A expenses was primarily due to higher litigation settlement and related costs, net, of $99.7 million discussed above.

Conference Call

A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president and chief executive officer, and Suman B. Mookerji, the Company’s senior vice president, chief financial officer will be held today, November 6, 2025 at 10:00 a.m. PT (1:00 p.m. ET) to review these financial results. To access the conference call, please pre-register using the following registration link:

https://register-conf.media-server.com/register/BIae514c03f41a4b62b03fc86251b6e6a4

Registrants will receive a confirmation with dial-in details. Mr. Oswald and Mr. Mookerji will be speaking on behalf of the Company and anticipate the call (including Q&A) to last approximately 45 minutes. A live webcast of the event can be accessed using the link above. A replay of the webcast will be available on the Ducommun website at Ducommun.com.

Additional information regarding Ducommun's results can be found in the Q3 2025 Earnings Presentation available at Ducommun.com.

About Ducommun Incorporated

Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the Company specializes in two core areas - Electronic Systems and Structural Systems - to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit Ducommun.com.

Forward Looking Statements

This press release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, expectations relating to growing production rates at commercial aerospace OEMs, any statements about the Company's VISION 2027 Strategy and its progress towards the financial goals stated therein, including our expectations related to year-over-year revenue growth for the remainder of 2025 and beyond, our expectations relating to the impact of the current tariff environment on the Company's financial outlook and the success of planned mitigation measures to reduce the impact thereof. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “continue” and similar expressions in this press release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: whether the anticipated pre-tax restructuring charges will be sufficient to address all anticipated restructuring costs, including related to employee separation, facilities consolidation, inventory write-down and other asset impairments; whether the expected cost savings from the restructuring will ultimately be obtained in the amount and during the period anticipated; whether the restructuring in the affected areas will be sufficient to build a more cost efficient, focused, higher margin enterprise with higher returns for the Company's shareholders; the strength of the real estate market, the duration of any lease entered into as part of any sale-leaseback transaction, the amount of commissions owed to brokers, and applicable tax rates; the impact of the Company’s debt service obligations and restrictive debt covenants; our ability to overcome headwinds relating to pending subrogation claims asserted by third-party insurers, including the carrier of the entity that provides the labor and facilities for our Guaymas performance center through an arbitration proceeding currently pending in Arizona with respect to the Guaymas performance center fire, which may become material; the Company’s end-use markets are cyclical; the Company depends upon a selected base of industries and customers; a significant portion of the Company’s business depends upon U.S. Government defense spending; risks associated with a prolonged U.S. federal government shutdown; the Company is subject to extensive regulation and audit by the Defense Contract Audit Agency; contracts with some of the Company’s customers contain provisions which give the its customers a variety of rights that are unfavorable to the Company; further consolidation in the aerospace industry could adversely affect the Company’s business and financial results; the Company’s ability to successfully make acquisitions, including its ability to successfully integrate, operate or realize the projected benefits of such businesses; the possibility of labor disruptions adversely affecting our business; the Company relies on its suppliers to meet the quality and delivery expectations of its customers; the Company uses estimates when bidding on fixed-price contracts which estimates could change and result in adverse effects on its financial results; the impact of existing and future laws and regulations; the impact of existing and future accounting standards and tax rules and regulations; environmental liabilities could adversely affect the Company’s financial results; cyber security attacks, internal system or service failures may adversely impact the Company’s business and operations; the ultimate geographic spread, duration and severity of the coronavirus (COVID-19) outbreak, and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or treat its impact, and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release, November 6, 2025, or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the Securities and Exchange Commission (which are available from the SEC’s EDGAR database at www.sec.gov).

Note Regarding Non-GAAP Financial Information

This release contains non-GAAP financial measures, including Adjusted EBITDA (which excludes interest expense, income tax (benefit) expense, depreciation, amortization, stock-based compensation expense, restructuring charges, professional fees related to unsolicited non-binding acquisition offer, inventory purchase accounting adjustments, gain on sale of property and other assets, and litigation settlement and related costs, net), including as a percentage of revenue, non-GAAP operating income, including as a percentage of net revenues, non-GAAP net income, non-GAAP earnings per share, and backlog. In addition, certain other prior period amounts have been reclassified to conform to current year’s presentation.

The Company believes the presentation of these non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company discloses different non-GAAP financial measures in order to provide greater transparency and to help the Company’s investors to more meaningfully evaluate and compare Ducommun’s results to its previously reported results. The non-GAAP financial measures that the Company uses may not be comparable to similarly titled financial measures used by other companies.

The Company defines backlog as customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and expected delivery dates of 24 months or less. The majority of the LTAs do not meet the definition of a contract under ASC 606 and thus, the backlog amount disclosed herein may or may not be greater than the remaining performance obligations disclosed under ASC 606. Backlog is subject to delivery delays or program cancellations, which are beyond the Company’s control. Backlog is affected by timing differences in the placement of customer orders and tends to be concentrated in some of the Company’s programs.

CONTACT:

Suman Mookerji, Senior Vice President, Chief Financial Officer, 657.335.3665

[Financial Tables Follow]

DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)         September 27, 
2025 December 31, 
2024Assets      Current Assets      Cash and cash equivalents $50,918  $37,139 Accounts receivable, net  111,269   109,716 Contract assets  248,402   200,584 Inventories  192,817   196,881 Production cost of contracts  5,685   6,802 Other current assets  72,259   16,959 Total Current Assets  681,350   568,081 Property and Equipment, Net  107,361   109,812 Operating Lease Right-of-Use Assets  42,173   28,611 Goodwill  244,600   244,600 Intangibles, Net  137,027   149,591 Deferred income taxes  18,172   2,239 Other Assets  17,887   23,167 Total Assets $1,248,570  $1,126,101 Liabilities and Shareholders’ Equity      Current Liabilities      Accounts payable $85,281  $75,784 Contract liabilities  34,450   34,445 Accrued and other liabilities  194,227   44,214 Operating lease liabilities  7,796   8,531 Current portion of long-term debt  12,500   12,500 Total Current Liabilities  334,254   175,474 Long-Term Debt, Less Current Portion  215,046   229,830 Non-Current Operating Lease Liabilities  36,129   21,284 Other Long-Term Liabilities  14,096   16,983 Total Liabilities  599,525   443,571 Commitments and Contingencies      Shareholders’ Equity      Common Stock  149   148 Additional Paid-In Capital  229,980   217,523 Retained Earnings  412,093   453,475 Accumulated Other Comprehensive Income  6,823   11,384 Total Shareholders’ Equity  649,045   682,530 Total Liabilities and Shareholders’ Equity $1,248,570  $1,126,101           DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)       Three Months Ended Nine Months Ended  September 27, 
2025 September 28, 
2024 September 27, 
2025 September 28, 
2024Net Revenues $212,558  $201,412  $608,932  $589,259 Cost of Sales  156,083   148,736   447,122   438,401 Gross Profit  56,475   52,676   161,810   150,858 Selling, General and Administrative Expenses  36,267   35,486   106,820   104,498 Restructuring Charges  583   1,924   1,617   4,548 Litigation Settlement and Related Costs, Net  99,675   —   99,675   — Operating (Loss) Income  (80,050)  15,266   (46,302)  41,812 Interest Expense  (2,927)  (3,829)  (9,198)  (11,687)Other Income  —   —   1,746   — (Loss) Income Before Taxes  (82,977)  11,437   (53,754)  30,125 Income Tax (Benefit) Expense  (18,531)  1,289   (12,372)  5,404 Net (Loss) Income $(64,446) $10,148  $(41,382) $24,721 (Loss) Earnings Per Share        Basic (loss) earnings per share $(4.30) $0.69  $(2.77) $1.68 Diluted (loss) earnings per share $(4.30) $0.67  $(2.77) $1.65 Weighted-Average Number of Common Shares Outstanding        Basic  14,978   14,806   14,925   14,758 Diluted  14,978   15,039   14,925   14,981          Gross Profit %  26.6 %  26.2 %  26.6 %  25.6 %SG&A %  17.1 %  17.6 %  17.5 %  17.7 %Operating (Loss) Income % (37.7)%  7.6 % (7.6)%  7.1 %Net (Loss) Income % (30.3)%  5.0 % (6.8)%  4.2 %Effective Tax (Benefit) Rate (22.3)%  11.3 % (23.0)%  17.9 %              DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
(Dollars in thousands)       Three Months Ended Nine Months Ended  September 27, 
2025 September 28, 
2024 September 27, 
2025 September 28, 
2024GAAP net (loss) income $(64,446) $10,148  $(41,382) $24,721 Non-GAAP Adjustments:        Interest expense  2,927   3,829   9,198   11,687 Income tax (benefit) expense  (18,531)  1,289   (12,372)  5,404 Depreciation  4,037   4,285   12,305   12,339 Amortization  4,301   4,246   12,890   12,790 Stock-based compensation expense (1)  5,808   4,467   17,511   12,753 Restructuring charges (2)  583   1,924   1,617   5,405 Professional fees related to unsolicited non-binding acquisition offer  —   1,033   —   2,407 Inventory purchase accounting adjustments  —   663   —   1,745 Gain on sale of property and other assets  —   —   (1,746)  — Litigation settlement and related costs, net  99,675   —   99,675   — Adjusted EBITDA $34,354  $31,884  $97,696  $89,251 Net (loss) income as a % of net revenues (30.3)%  5.0 % (6.8)%  4.2 %Adjusted EBITDA as a % of net revenues  16.2 %  15.8 %  16.0 %  15.1 % (1)The three and nine months ended September 27, 2025 included $0.6 million and $2.0 million, respectively, of stock-based compensation expense for awards with both performance and market conditions that will be settled in cash. The three and nine months ended September 28, 2024 included $0.9 million and $2.8 million, respectively, of stock-based compensation expense for awards with both performance and market conditions that will be settled in cash. The three and nine months ended September 27, 2025 included $0.1 million and $0.3 million, respectively, of stock-based compensation expense recorded as cost of sales. The three and nine months ended September 28, 2024 included $0.1 million and $0.3 million, respectively, of stock-based compensation expense recorded as cost of sales.
(2)The three and nine months ended September 28, 2024 included zero and $0.9 million, respectively, of restructuring charges that were recorded as cost of sales.   DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited)
(Dollars in thousands)       Three Months Ended Nine Months Ended  %
Change September 27,
2025 September 28,
2024 %
of Net  Revenues
2025 %
of Net  Revenues
2024 %
Change September 27,
2025 September 28,
2024 %
of Net  Revenues
2025 %
of Net  Revenues
2024Net Revenues                    Electronic Systems 6.6 % $123,082  $115,412  57.9 % 57.3 % 5.8 % $343,056  $324,391  56.3 % 55.1 %Structural Systems 4.0 %  89,476   86,000  42.1 % 42.7 % 0.4 %  265,876   264,868  43.7 % 44.9 %Total Net Revenues 5.5 % $212,558  $201,412  100.0 % 100.0 % 3.3 % $608,932  $589,259  100.0 % 100.0 %Segment Operating Income                    Electronic Systems   $21,098  $18,910  17.1 % 16.4 %   $60,212  $54,685  17.6 % 16.9 %Structural Systems    11,927   8,289  13.3 % 9.6 %    31,844   21,716  12.0 % 8.2 %     33,025   27,199         92,056   76,401     Corporate General and Administrative Expenses (1)    (113,075)  (11,933) (53.2)% (5.9)%    (138,358)  (34,589) (22.7)% (5.9)%Total Operating (Loss) Income   $(80,050) $15,266  (37.7)% 7.6 %   $(46,302) $41,812  (7.6)% 7.1 %Adjusted EBITDA                    Electronic Systems                    Operating Income   $21,098  $18,910        $60,212  $54,685     Depreciation and Amortization    3,553   3,575         10,694   10,869     Stock-Based Compensation Expense (2)    71   70         294   241     Restructuring Charges    71   91         242   562          24,793   22,646  20.1 % 19.6 %    71,442   66,357  20.8 % 20.5 %Structural Systems                    Operating Income    11,927   8,289         31,844   21,716     Depreciation and Amortization    4,670   4,849         14,182   14,058     Stock-Based Compensation Expense (3)    60   105         381   261     Restructuring Charges    512   1,833         1,375   4,843     Inventory Purchase Accounting Adjustments    —   663         —   1,745          17,169   15,739  19.2 % 18.3 %    47,782   42,623  18.0 % 16.1 %Corporate General and Administrative Expenses (1)                    Operating loss    (113,075)  (11,933)        (138,358)  (34,589)    Depreciation and Amortization    115   107         319   202     Stock-Based Compensation Expense (4)    5,677   4,292         16,836   12,251     Professional Fees Related to Unsolicited Non-Binding Acquisition Offer    —   1,033         —   2,407     Litigation Settlement and Related Costs, Net    99,675   —         99,675   —          (7,608)  (6,501)        (21,528)  (19,729)      Adjusted EBITDA   $34,354  $31,884  16.2 % 15.8 %   $97,696  $89,251  16.0 % 15.1 %Capital Expenditures                    Electronic Systems   $1,216  $1,011        $4,264  $2,950     Structural Systems    1,029   1,295         6,272   4,172     Corporate Administration    109   —         122   3,024       Total Capital Expenditures   $2,354  $2,306        $10,658  $10,146                                   (1)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.(2)The three and nine months ended September 27, 2025 each included $0.1 million of stock-based compensation expense recorded as cost of sales. The three and nine months ended September 28, 2024 each included $0.1 million of stock-based compensation expense recorded as cost of sales.(3)The three and nine months ended September 27, 2025 included $0.1 million and $0.2 million, respectively, of stock-based compensation expense recorded as cost of sales. The three and nine months ended September 28, 2024 included $0.1 million and $0.2 million, respectively, of stock-based compensation expense recorded as cost of sales.
(4)The three and nine months ended September 27, 2025 included $0.6 million and $2.0 million, respectively, of stock-based compensation expense for awards with both performance and market conditions that will be settled in cash. The three and nine months ended September 28, 2024 included $0.9 million and $2.8 million, respectively, of stock-based compensation expense for awards with both performance and market conditions that will be settled in cash.    DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP OPERATING INCOME RECONCILIATION
(Unaudited)
(Dollars in thousands)       Three Months Ended Nine Months EndedGAAP To Non-GAAP Operating Income September 27, 2025 September 28, 2024 %
of Net  Revenues
2025 %
of Net  Revenues
2024 September 27, 2025 September 28, 2024 %
of Net  Revenues
2025 %
of Net  Revenues
2024GAAP operating (loss) income $(80,050) $15,266      $(46,302) $41,812                      GAAP operating income - Electronic Systems $21,098  $18,910      $60,212  $54,685     Adjustments to GAAP operating income - Electronic Systems:                Restructuring charges  71   91       242   562     Amortization of acquisition-related intangible assets  373   373       1,120   1,120     Total adjustments to GAAP operating income - Electronic Systems  444   464       1,362   1,682     Non-GAAP adjusted operating income - Electronic Systems  21,542   19,374  17.5 % 16.8 %  61,574   56,367  17.9 % 17.4 %                 GAAP operating income - Structural Systems  11,927   8,289       31,844   21,716     Adjustments to GAAP operating income - Structural Systems:                Restructuring charges  512   1,833       1,375   4,843     Inventory purchase accounting adjustments  —   663       —   1,745     Amortization of acquisition-related intangible assets  1,859   1,859       5,578   5,578     Total adjustments to GAAP operating income - Structural Systems  2,371   4,355       6,953   12,166     Non-GAAP adjusted operating income - Structural Systems  14,298   12,644  16.0 % 14.7 %  38,797   33,882  14.6 % 12.8 %                 GAAP operating loss - Corporate  (113,075)  (11,933)      (138,358)  (34,589)    Adjustments to GAAP Operating Income - Corporate                Professional fees related to unsolicited non-binding acquisition offer  —   1,033       —   2,407     Litigation settlement and related costs, net  99,675   —       99,675   —     Total adjustments to GAAP Operating Income - Corporate  99,675   1,033       99,675   2,407     Non-GAAP adjusted operating loss - Corporate  (13,400)  (10,900)      (38,683)  (32,182)    Total non-GAAP adjustments to GAAP operating income  102,490   5,852       107,990   16,255     Non-GAAP adjusted operating income $22,440  $21,118  10.6 % 10.5 % $61,688  $58,067  10.1 % 9.9 %  DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP NET INCOME AND EARNINGS PER SHARE RECONCILIATION
(Unaudited)
(Dollars in thousands, except per share amounts)       Three Months Ended Nine Months EndedGAAP To Non-GAAP Net Income September 27,
2025 September 28,
2024 September 27,
2025 September 28,
2024GAAP net (loss) income $(64,446) $10,148  $(41,382) $24,721 Adjustments to GAAP net income:        Restructuring charges  583   1,924   1,617   5,405 Professional fees related to unsolicited non-binding acquisition offer  —   1,033   —   2,407 Inventory purchase accounting adjustments  —   663   —   1,745 Gain on sale of property and other assets  —   —   (1,746)  — Amortization of acquisition-related intangible assets  2,232   2,232   6,698   6,698 Litigation settlement and related costs, net  99,675   —   99,675   — Total adjustments to GAAP net income before provision for income taxes  102,490   5,852   106,244   16,255 Income tax effect on non-GAAP adjustments (1)  (22,890)  (1,170)  (23,641)  (3,251)Non-GAAP adjusted net income $15,154  $14,830  $41,221  $37,725                     Three Months Ended Nine Months EndedGAAP Earnings Per Share To Non-GAAP Earnings Per Share September 27,
2025 September 28,
2024 September 27,
2025 September 28,
2024GAAP diluted (loss) earnings per share (“EPS”) $(4.30) $0.67  $(2.77) $1.65 Adjustments to GAAP diluted EPS:        Restructuring charges  0.04   0.13   0.10   0.36 Professional fees related to unsolicited non-binding acquisition offer  —   0.07   —   0.16 Inventory purchase accounting adjustments  —   0.05   —   0.12 Gain on sale of property and other assets  —   —   (0.11)  — Amortization of acquisition-related intangible assets  0.14   0.15   0.44   0.45 Litigation settlement and related costs, net  6.49   —   6.53   — Total adjustments to GAAP diluted EPS before provision for income taxes  6.67   0.40   6.96   1.09 Income tax effect on non-GAAP adjustments (1)  (1.49)  (0.08)  (1.55)  (0.22)Non-GAAP adjusted diluted EPS (2) $0.99  $0.99  $2.70  $2.52          GAAP weighted-average shares - basic  14,978   14,806   14,925   14,758 GAAP weighted-average shares - diluted  14,978   15,039   14,925   14,981 Non-GAAP weighted-average shares - diluted (3)  15,361   15,039   15,267   14,981                   (1)Effective tax rate of 20.0% used for both 2025 and 2024 adjustments, except for litigation settlement and related costs, net which utilized the incremental tax rate of 22.4%.(2)Non-GAAP adjusted diluted EPS will not foot for the three and nine months ended September 27, 2025 as the GAAP net loss per share was calculated using the GAAP weighted-average shares - basic but the adjustments to GAAP diluted EPS and Non-GAAP adjusted diluted EPS were calculated using the Non-GAAP weighted-average shares - diluted.(3)In periods of GAAP net loss, non-GAAP weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported.   DUCOMMUN INCORPORATED AND SUBSIDIARIES
NON-GAAP BACKLOG* BY REPORTING SEGMENT
(Unaudited)
(Dollars in thousands)         September 27,
2025 December 31,
2024Consolidated Ducommun      Military and space $650,749  $624,785 Commercial aerospace  465,496   415,905 Industrial  19,496   20,129 Total $1,135,741  $1,060,819 Electronic Systems      Military and space $462,142  $459,546 Commercial aerospace  91,111   76,291 Industrial  19,496   20,129 Total $572,749  $555,966 Structural Systems      Military and space $188,607  $165,239 Commercial aerospace  374,385   339,614 Total $562,992  $504,853           * Under ASC 606, the Company defines performance obligations as customer placed purchase orders with firm fixed price and firm delivery dates. The remaining performance obligations disclosed under ASC 606 as of September 27, 2025 were $1,031.2 million. The Company defines backlog as customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and expected delivery dates of 24 months or less. Backlog as of September 27, 2025 was $1,135.7 million compared to $1,060.8 million as of December 31, 2024.