Market Signal Briefing

Crypto analyst Arthur has predicted that the XRP price is preparing to decouple from Bitcoin (BTC). For years, XRP’s price movements have mirrored those of BTC, but according to Arthur, the market is evolving in ways that could soon set XRP apart. The emergence of Ripple’s new institutional brokerage platform and recent acquisitions, alongside the growing strength of its associated stablecoin, are key drivers that the analyst believes could drive this separation.

XRP Price Set To Break Away From Bitcoin
Arthur’s recent thread shared on X social media paints a confident picture of XRP’s future. He argues that the cryptocurrency is starting to chart its own course, breaking away from Bitcoin’s influence. Traditionally, XRP’s price has followed BTC’s overall direction and trajectory, rising and falling in tandem with the broader altcoin market. 

However, Arthur believes that the latest developments surrounding Ripple, a crypto payments company, could significantly change this dynamic. He points to Ripple Prime as the biggest factor that could drive this shift. Notably, Ripple Prime is a digital asset spot prime brokerage that Ripple recently launched following its acquisition of Hidden Road. The brokerage platform offers OTC spot trading, Foreign Exchange (FX), derivatives, and swaps, all seamlessly integrated with XRP and RLUSD, Ripple’s regulated stablecoin. 

By offering Wall Street a means to enter the blockchain finance market, Arthur contends that Ripple Prime could redefine how institutions view digital assets like XRP. Instead of being swayed by broader market sentiment, this institutional demand from Ripple’s new brokerage platform and ongoing developments could drive XRP’s value based on measurable utility. Additionally, it could finally establish the cryptocurrency as a standalone asset rather than one that constantly tracks Bitcoin’s movements. 

In his analysis, Arthur frames Bitcoin as a speculative digital asset, while XRP is viewed as a form of financial infrastructure. He explains that this is a crucial distinction considering infrastructure assets are typically driven by real-world adoption and utility, rather than “hype cycles.”

With RLUSD surpassing a $1 billion market cap just a year after its launch, the analyst maintains that Ripple has established a stable and transparent institutional framework that effectively balances liquidity and compliance. Through this setup, RLUSD provides price stability, while XRP offers transaction liquidity, creating a financial ecosystem designed for real-world use, which is ideal for driving price growth. 

Regulation And Utility Shifts To Redefine XRP’s Identity
Arthur expands on his analysis by connecting Ripple’s recent developments to a broader picture. He explains that institutions using Ripple Prime to settle payments with XRP and RLUSD are driven by different incentives. They do not care about Bitcoin and are not chasing speculative gains like typical crypto traders, but prioritize efficiency, regulation, and liquidity. 

He also highlighted the potential impact of the upcoming CLARITY Act in the US. If passed, the analyst says that the bill could reclassify XRP as a commodity, moving it away from the “crypto basket” and placing it in the same regulatory category as assets like gold. Through this combination of legal clarity, stablecoin integration, asset class change, and subsequent institutional demand, Arthur says that XRP’s price will gradually decouple from Bitcoin.

XRP trading at $2.23 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

Ripple's recent $500 million strategic raise and the headline-grabbing $40 billion private valuation have reignited debate about where faith in the company and in XRP, the token, really stands. The funding round is a clear signal that deep-pocketed investors see value in Ripple's payments rails, product roadmap, and regulatory progress.

Ripple, the blockchain firm behind XRP (CRYPTO: XRP), announced a $500 million strategic investment, strengthening its already record year of growth.

What Happened: Ripple announced the investment at a $40 billion valuation, backed by top institutional investors including Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

The new funding follows Ripple's record-breaking year and its earlier $1 billion tender offer, signalling deep institutional confidence in its expanding role as a crypto infrastructure leader.

Ripple also repurchased over 25% of its outstanding shares, strengthening ownership and alignment with key partners.

CEO Brad Garlinghouse said Ripple has evolved beyond payments into a diversified platform offering custody, stablecoins, prime brokerage, and treasury solutions, calling 2025 an "incredible year" for the company's evolution.

Also Read: Ripple Expands Institutional Footprint As XRP Drops Below $2.30

Why It Matters: Garlinghouse described the investment as "a clear bet on what the future of crypto will look like," reinforcing Ripple's growing dominance in the institutional space.

In the last two years, Ripple has completed six acquisitions, two exceeding $1 billion, expanding across payments, custody, and stablecoins.

Ripple Payments (powered by XRP and RLUSD) has processed over $95 billion across 75 regulatory licenses.
Its RLUSD stablecoin surpassed $1 billion market cap within a year.
Ripple Prime (formerly Hidden Road) now handles 60+ million daily transactions, with client collateral doubling.
The GTreasury acquisition extended Ripple's presence in corporate treasury management.
Overall, Ripple's latest investment round solidifies its position as a top-tier institutional crypto provider, with its ecosystem built firmly on the foundation of XRP.

Read Next:

Bitcoin Below $102,000 As ‘Extreme Fear’ Sentiment Takes Down Ethereum, XRP, Dogecoin
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TL;DR

Gemini will launch XRP perpetual contracts on its European platform, operated by its Malta-based subsidiary authorized by the MFSA.
The contracts will allow traders to open long or short positions with up to 100x leverage, settled in USDC and with no expiration date.
The launch expands Gemini’s lineup of regulated derivatives in Europe, which already includes Bitcoin, Ethereum, and Solana.

Gemini, the U.S. exchange founded by the Winklevoss twins, has launched XRP perpetual contracts on its European platform, operated by its subsidiary Intergalactic EU Artemis Ltd., registered in Malta and authorized by the Malta Financial Services Authority (MFSA). It is the first time the company has offered leveraged XRP products to users within the European Union.

The new contracts allow traders to take long or short positions on XRP with up to 100x leverage, settled in USDC and without an expiration date. This format differs from traditional futures, as it lets traders keep positions open indefinitely, provided margin requirements are maintained. The company explained that these products are intended for experienced traders, as their high volatility can lead to rapid liquidations and significant losses.

Gemini Now Has 4 Assets in the European Market
The launch is part of Gemini’s broader expansion into Europe’s regulated derivatives market, where the company aims to position itself as a strict compliance alternative to offshore exchanges. Until now, its platform already offered perpetual contracts for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), all settled in USDC, and it now adds XRP as the fourth asset in its derivatives lineup.

A Response to XRP’s Market Popularity
The addition of XRP reflects its continued popularity in the crypto market. According to data from CoinGlass, the token records $13.18 billion in derivatives volume and $3.35 billion in open interest, placing it among the most traded digital assets globally. For Gemini, offering exposure to XRP represents a strategic opportunity in a market increasingly focused on transparent and compliant trading instruments.

The company clarified that geographic and availability restrictions apply in accordance with EU regulations. It also reminded users that perpetual contracts are high-risk instruments and may not be suitable for all investors.

Gemini is strengthening its presence in Europe. The exchange stands out as one of the few U.S.-based firms offering XRP derivatives under a clear regulatory framework, combining leverage, liquidity, and institutional-grade security standards

Ripple has announced a $500M round at a $40B valuation, following a $1B tender offer, as institutions have participated across payments, custody, stablecoins, and prime brokerage. Licenses and acquisitions have supported growth in Ripple Payments and RLUSD adoption.

Sequans sells $100M in Bitcoin to repurchase bonds, cutting debt by half and reshaping its treasury strategy amid market pressure.

Emir Abyazov2 min read

5 November 2025, 05:51 PM

Sequans Communications has confirmed the sale of 970 BTC (approximately $100 million) to repurchase a portion of its convertible bonds and reduce its overall debt burden.

The move marks the first Bitcoin sale by a Digital Asset Treasury (DAT) firm and is seen as a significant shift in how crypto-rich companies manage leverage.

Sequans adopted a Bitcoin accumulation strategy in July 2025, growing its holdings to 3,234 BTC, funded largely through bond issuance.

Bitcoin Investment History. Source: SequansIn late October 2025, Arkham Intelligence reported that the company had transferred part of its Bitcoin holdings to Coinbase Prime, sparking speculation of a potential sale. Sequans later confirmed that the liquidation of part of its Bitcoin portfolio enabled it to reduce total debt by 50%, from $189 million to $94.5 million.

As of November 4, 2025, Sequans held 2,264 BTC valued at roughly $240 million.

The company also lowered its debt-to-NAV (Net Asset Value) ratio to 39%, which it described as a “more prudent leverage ratio.”

A Tactical Step Toward Financial StabilitySequans said the move gives it greater flexibility to manage risk, optimize operations, and pursue new opportunities.

The bond buyback is also part of a broader effort to reduce the number of American Depositary Shares (ADS) listed on U.S. exchanges, a measure the firm believes will increase yield and boost resilience.

“Our Bitcoin treasury management strategy remains unchanged,” said Sequans CEO Georges Karam.

Despite the sale, Sequans’ market performance remains weak.

According to the company’s official website, its market Net Asset Value (mNAV) stands at 0.77, meaning its shares trade at a discount compared to the value of its Bitcoin portfolio.

Data from TradingView shows the stock has declined 16.6% over the past day and 40.5% over the past month.

Earlier, analyst Omid Malekan warned that actions by Digital Asset Treasury (DAT) firms such as Sequans could intensify volatility and accelerate stress across the broader crypto market.

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Crypto pundit Butcher has suggested that Binance and market maker Wintermute may be responsible for the Bitcoin and Ethereum price crashes. The pundit also alluded to the October 10 crypto market crash and how both firms contributed to the crash. 

In an X post, Butcher alleged that Binance and Wintermute are responsible for the recent Bitcoin and Ethereum price crashes. He explained that in the past 30 days, these firms have traded $34.5 billion between themselves. The pundit further revealed that the crypto exchange sends BTC and ETH in chunks of $10 million to $100 million to Wintermute wallets hours before every major dump. Wintermute then sells these coins on the market, triggering a cascade of liquidations. 

Butcher stated that Binance and Wintermute used this playbook during the October 10 Bitcoin and Ethereum price crash, which contributed to the $19 billion liquidation event. He revealed that on that day, Wintermute received $700 million from Binance, and then spot sell walls appeared on every pair, followed by $19 billion in longs liquidated in 90 minutes. 

The pundit claimed that Wintermute bought back these coins at a 30% discount. He noted that Binance benefits by pocketing the funding rate fees while Wintermute pockets the spread. Butcher further alleged that both firms used a similar playbook during last week’s Bitcoin and Ethereum price crash, dumping $1.14 billion in BTC. This resulted in $1.16 billion in liquidations. 

The Bitcoin and Ethereum price have extended their decline this week, with BTC dropping below $100,000 yesterday for the first time since June. ETH also dropped to as low as $3,100 on the day, recording a 10% loss in the process. Butcher again claimed that Binance was responsible for the crash, stating that there was “total manipulation” from the crypto exchange.  This came as he declared that retail investors weren’t responsible for the selling pressure. 

Market Still Expected To Bounce Back
Market expert Raoul Pal suggested that the crypto market is still going to bounce back despite the Bitcoin and Ethereum price crashes. He expects the bull market to resume when the U.S. government shutdown ends, noting that the shutdown is currently causing a sharp tightening of liquidity. 

Pal noted that the global liquidity is still on the rise, suggesting that some of this liquidity could spark a bounce in the Bitcoin and Ethereum prices once the shutdown ends. The expert further remarked that the treasury could spend up to $350 billion in a couple of months once the shutdown ends and quantitative easing begins. The dollar is also expected to weaken once liquidity begins to flow, which is a positive for the crypto market. 

BTC trading at $101,872 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pexels, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Journalist

Posted: November 5, 2025

Key Takeaways
How big is World Liberty Financial’s USD1 stablecoin?
USD1 has reached a circulating supply of $2.91 billion just seven months after its launch in April 2025, making it one of the top stablecoins.

What does the Solana expansion mean for USD1?
Partnerships with Bonk [Solana’s top memecoin] and Raydium [leading Solana DEX] provide USD1 with distribution channels and liquidity infrastructure to compete against other stablecoins.

World Liberty Financial announced on 5 November that its USD1 stablecoin is expanding to Solana through partnerships with memecoin platform Bonk and decentralized exchange Raydium. 

The Trump-backed DeFi project revealed it acquired USD1 for strategic reserves. This is a part of its mission to drive stablecoin adoption on the fast-growing blockchain.

Explosive growth for USD1 in seven months
USD1 launched in April 2025 and reached $2.91 billion in circulation by November. This is an impressive trajectory that positions it among crypto’s top stablecoins. 

Only Tether’s USDT, Circle’s USDC, MakerDAO’s DAI, and Sky’s USDS maintain larger market caps.

The growth demonstrates strong demand for World Liberty Financial’s dollar-pegged token.  Although the project’s association with the Trump family creates both credibility and controversy. 

The stablecoin market is valued at approximately $200 billion, with USDT and USDC collectively holding over 80% of the combined market share.

Strategic Solana play
The Bonk and Raydium partnerships signal aggressive Solana expansion. Bonk provides access to Solana’s passionate memecoin community, while Raydium offers critical DEX liquidity infrastructure for trading pairs and automated market making.

World Liberty Financial positioned USD1 as “the leading USD1 community on Solana,” suggesting plans to dominate stablecoin usage on the blockchain. 

According to data from DefiLlama, USDC currently dominates on the Solana network. 

USDC makes up over $9 billion of the $14.12 billion stablecoin market cap on Solana. 

The partnerships enable USD1 to challenge that dominance by embedding into Solana’s DeFi ecosystem at the infrastructure level.

Strategic reserve questions
World Liberty Financial also disclosed acquiring USD1 for its own strategic reserves—effectively buying back its own stablecoin.

The move serves multiple purposes: it provides initial liquidity, supports market-making operations, and creates internal demand.

However, the announcement omitted specifics on acquisition size.

The strategic reserve concept aligns with broader trends in the crypto industry and Trump’s own proposals for government Bitcoin reserves.

This potentially positions USD1 as a treasury management tool for the project’s DeFi operations.

What’s next
World Liberty Financial teased “Stay tuned,” suggesting additional announcements around USD1’s Solana expansion. 

The stablecoin’s rapid growth and strategic partnerships indicate serious ambitions to compete with established players in the $200 billion stablecoin market.

Galaxy Digital says bitcoin's “maturity era” has slowed upside momentum as whales offload and ETFs absorb supply.

19h05 ▪
4
min read ▪ by
Ifeoluwa O.

Summarize this article with:

Forward Industries is strengthening its position within the Solana (SOL) ecosystem, taking a major step with a $1 billion program to buy back its own shares. The initiative, set to continue through September 30, 2027, reflects the company’s focus on Solana, where it holds more SOL than any other corporation.

In brief

Forward Industries’ board authorized a $1 billion share buyback running through September 2027 with purchases via the open market, block trades, or private deals.
The company holds more than 6.8 million SOL, making it the largest corporate Solana treasury valued at over $1 billion.

Board Approval and Buyback Structure
The company’s board approved the program on November 3, authorizing Forward Industries to reacquire up to $1 billion of its common stock. The plan allows the firm to repurchase shares gradually, using a combination of methods. Purchases may occur directly on the open market, through block trades, or via privately arranged buybacks, giving the company flexibility to manage its share count while responding to market conditions.

Forward Industries plans to conduct the buybacks in compliance with Securities and Exchange Commission (SEC) rules and may use Rule 10b5-1 trading plans, which let companies repurchase shares without raising insider trading concerns.

Commenting on the initiative, Kyle Samani, Chairman of the Board, said the buyback reflects confidence in the company’s approach and in Solana’s ecosystem and forms part of the company’s effort to create long-term value for shareholders, noting that the resale registration followed a recent PIPE transaction.

Samani also stated that “the authorization gives us flexibility to return capital to shareholders when we believe our stock trades below intrinsic value, all while continuing to execute our Solana treasury and operational initiatives.”

Solana Holdings and Market Pressures
Forward Industries maintains a significant position in Solana, holding more than 6.8 million SOL. According to data from CoinGecko, this stake is valued at approximately $1.07 billion, making it the largest corporate Solana treasury. 

Meanwhile, the company’s stock fell roughly 25% in a single day following the buyback announcement. The decrease coincided with softer market sentiment among cryptocurrency-focused equities. Even with substantial SOL holdings and a structured repurchase program, Forward Industries faced downward pressure as investors reacted to broader market trends.

Solana itself has shown a similar downward trajectory, dropping more than 19% over the past week and over 3% in the last 24 hours. The token hit $148 on Tuesday, its lowest level since July 9, as the broader crypto market continues to struggle. 

The recent weakness in the market reflects broader challenges for companies that adopted a crypto treasury model during the bull run. These firms built up large digital asset holdings to support their operations and explore higher-growth opportunities. Current conditions, however, have exposed pressures within this approach.

Experts from Standard Chartered point out that many of these companies are now under pressure, with enterprise values falling below the market value of their crypto holdings, compressing their market net asset value and creating a clear valuation squeeze.

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Ifeoluwa O.

Ifeoluwa specializes in Web3 writing and marketing, with over 5 years of experience creating insightful and strategic content. Beyond this, he trades crypto and is skilled at conducting technical, fundamental, and on-chain analyses.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TL;DR

WisdomTree is adopting Chainlink DataLink to deliver verified onchain Net Asset Value (NAV) data for its tokenized CRDT fund on Ethereum, improving pricing reliability for investors.
The initiative expands access to real-time fund valuations across DeFi and institutional platforms.
WisdomTree expects to extend the integration to more tokenized funds, enabling wider use of automated financial products supported by trusted onchain data.

WisdomTree is enhancing the way tokenized fund valuations are delivered by integrating Chainlink DataLink to publish the Net Asset Value for its WisdomTree Private Placement Credit and Alternative Income Digital Fund (CRDT) directly onto the Ethereum blockchain. This strengthens the accuracy and transparency of financial data for digital platforms and establishes a foundation for more advanced tokenization use cases across regulated markets, while encouraging a broader adoption of compliant digital investment products among traditional investors.

The integration connects verified NAV data with a programmable execution layer, creating smoother interaction between traditional asset management infrastructure and onchain financial applications. This enables smart contract usage of real fund pricing, supporting automated settlements, continuous auditability, and the development of structured financial products backed by tokenized assets. It also opens opportunities for fintech platforms to integrate institutional-grade fund data with improved reliability.

Growing Institutional Interest In Onchain Data
An increasing number of financial institutions are moving validated market data onchain to improve efficiency and reduce reliance on intermediaries. With DataLink, Chainlink provides infrastructure that ensures data distributed across blockchains remains consistent, secure, and tamper-resistant. WisdomTree’s involvement reinforces the adoption of blockchain technology for regulated financial instruments by well-established asset managers, while motivating other firms to explore similar integrations.

This trend is aligned with the rapid expansion of tokenized assets across private credit, fixed income, and real estate. Boston Consulting Group estimates tokenization markets could surpass 16 trillion dollars within the next decade, accelerating the need for dependable data to support automated operations, risk management, and hybrid financial products designed for both institutional and retail markets.

Expansion Toward Multi Asset Tokenization
WisdomTree indicated that this integration is only the first phase and plans to expand the use of DataLink across additional digital funds. The firm already provides regulated tokenized assets in the United States and Europe, offering investors real-time access to their portfolios through digital channels and improved reporting tools for better decision-making.

This advancement supports an environment where fund valuations, yield distributions, and accounting data can operate seamlessly on blockchain.  

TL;DR

Aster will launch a public, zero-fee blockchain focused on privacy, designed for traders seeking lower costs and enhanced confidentiality.
The network will feature tokenized stock futures and pre-market products, with integrated KYC, custody, and liquidity incentives.
The zero gas fee model promises greater efficiency for high-frequency trading, though questions remain about sustainability and regulatory scrutiny.

Aster, the decentralized exchange backed by Binance, is building a new public blockchain focused on privacy and zero gas fees, aimed at traders looking to cut costs and operate with higher confidentiality. The project will introduce tokenized stock futures and is partnering with launchpad Buidlpad to offer pre-market futures for new assets.

The network, called Aster Blockchain, will eliminate gas fees across all transactions, allowing zero-cost operations while prioritizing privacy at every stage. According to the company, orders and transactions will be obfuscated to protect trader information both before and after execution. The design aims to provide a safer environment for implementing sensitive strategies, though maintaining auditability for compliance purposes will require adjustments to be tested during pilot phases.

Questions About Aster’s Sustainability
The zero-fee model aims to position the exchange as an efficient option for high-frequency and pre-launch markets, where transaction costs often act as a barrier. However, the model raises concerns about validator incentives and long-term sustainability. Aster has not yet disclosed its economic structure, though it is expected to rely on token issuance or staking rewards to secure the network.

The partnership with Buidlpad will enable Aster to offer tokenized stock futures and pre-market futures, integrating KYC verification, custody solutions, and liquidity incentive programs. The goal is to shorten launch timelines and improve price discovery for new projects. Buidlpad stated that this collaboration will enable faster market access and deeper order books during initial listings.

A Platform for Sophisticated Traders
The combination of advanced privacy features and a zero-fee model could attract sophisticated traders but may also draw increased regulatory attention, especially in jurisdictions where tokenized derivatives face strict KYC and AML oversight.

Aster has yet to release technical details or governance frameworks for the new network. The project aims to establish a new operational standard for tokenized derivatives platforms, merging anonymity, low costs, and regulatory compliance into a single infrastructure

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Sleep Number Corporation (SNBR) Q3 2025 Earnings Call November 5, 2025 8:30 AM EST

Company Participants

Linda Findley - President, CEO & Director
Robert Ryder - Interim Chief Financial Officer

Conference Call Participants

Robert Griffin - Raymond James & Associates, Inc., Research Division
Daniel Silverstein - UBS Investment Bank, Research Division
Bradley Thomas - KeyBanc Capital Markets Inc., Research Division
Peter Keith - Piper Sandler & Co., Research Division

Presentation

Operator

Welcome to Sleep Number's Q3 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded today, Wednesday, November 5, 2025. This conference call will be available on the company's website, ir.sleepnumber.com. Please refer to today's news release to access the replay.

On today's call, we have Linda Findley, President and CEO; and Bob Ryder, Interim Financial -- Chief Financial Officer of Sleep Number.

Before handing the call over to the company, we will review the safe harbor statement. The primary purpose of this call is to discuss the results of the fiscal period ending on September 27, 2025. Commentary and responses to questions may include certain forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties outlined in the company's earnings news release and discussed in some detail in the annual report on Form 10-K and other periodic filings with the SEC. The company's actual future results may vary materially. In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The company specifically disclaims any obligation to update these statements.

Please also refer to the company's news release and SEC filings for a reconciliation of certain non-GAAP financial measures and supplemental financial information included in the news release or that may be discussed on this

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Flowco Holdings Inc. (FLOC) Q3 2025 Earnings Call November 5, 2025 8:00 AM EST

Company Participants

Andrew Leonpacher
Joseph Edwards - President, CEO & Director
Jonathan Byers - Chief Financial Officer

Conference Call Participants

Derek Podhaizer - Piper Sandler & Co., Research Division
Phillip Jungwirth - BMO Capital Markets Equity Research
Sean Mitchell - Daniel Energy Partners, LLC
Jeffrey LeBlanc - Tudor, Pickering, Holt & Co. Securities, LLC, Research Division

Presentation

Operator

Good morning. Welcome to Flowco Holdings, Inc.'s Third Quarter 2025 Earnings Call. Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A.

At this time, I would like to turn the conference over to Andrew Leonpacher, Vice President, Finance, Corporate Development and Investor Relations at Flowco. Thank you. You may begin.

Andrew Leonpacher

Good morning, everyone, and thanks for joining us to discuss Flowco's third quarter results.

Before we begin, we would like to remind you that this conference call may include forward-looking statements. These statements, which are subject to various risks, uncertainties and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties and assumptions are detailed in this morning's press release as well as our filings with the SEC, which can be found on our website at ir.flowco-inc.com. We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

During our call today, we will also reference certain non-GAAP financial information. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in this morning's

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Liberty Broadband Corporation (LBRDK) Q3 2025 Earnings Call November 5, 2025 11:15 AM EST

Company Participants

Shane Kleinstein - Head of Investor Relations
Ronald Duncan - Co-Founder, CEO & Director
Brian Wendling - Chief Accounting Officer & Principal Financial Officer

Presentation

Operator

Greetings. Welcome to the GCI Liberty 2025 Q3 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded today, November 5.

I will now turn the call over to Shane Kleinstein, Senior Vice President, Investor Relations. Please go ahead.

Shane Kleinstein
Head of Investor Relations

Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in the prospectus forming part of GCI Liberty's registration statement, most recent forms 10-Q followed by GCI Liberty and Liberty Broadband with the SEC. These forward-looking statements speak only as of the date of this call, and GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

On today's call, we will discuss certain non-GAAP financial measures for GCI Liberty, including adjusted OIBDA, adjusted OIBDA margin and free cash flow. Information regarding the required definitions along with the comparable GAAP metrics and reconciliations including Schedule 1 can be found in the earnings press release issued today, which is available on GCI Liberty's website.

Speaking on the call today, we have Ron Duncan, CEO of GCI Liberty; Brian Wendling; GCI Liberty's Chief Accounting and Principal Financial Officer. And during

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Super Micro Computer (NASDAQ: SMCI) shares sank sharply on Tuesday after the AI server specialist posted disappointing fiscal first-quarter results, extending a streak of earnings shortfalls and raising fresh concerns about profitability despite booming demand for artificial intelligence hardware.

The stock dropped as much as 9% following the report and was trading at around $43, trimming some of this year’s impressive surge but still leaving the SMCI stock up roughly 43% year-to-date.

SMCI one-week stock price chart. Source: Finbold
The company delivered revenue of $5.02 billion, well below the $5.80 billion analysts expected. Adjusted earnings per share came in at $0.35, missing forecasts of $0.39. It marked the sixth straight quarter that Super Micro has fallen short of Wall Street estimates.

This latest miss did not come as a complete surprise. In late October, the technology firm warned that first-quarter revenue would land near $5 billion, far below its earlier projection of $6 billion to $7 billion, citing “design win upgrades” that delayed some orders into the December quarter. 

Even so, investors reacted harshly as the final numbers confirmed a meaningful slowdown. Revenue dropped 15% from the $5.94 billion a year earlier, while net income was nearly cut in half to $168.3 million from $424.3 million. 

The steep profit decline reflects intensifying margin pressures as the company launches new products and scales up its global manufacturing footprint.

SMCI’s AI rally
Super Micro has been one of the most notable beneficiaries of the AI boom, with its high-performance servers, often paired with Nvidia’s (NASDAQ: NVDA) powerful GPUs, fueling explosive growth through late 2023 and early 2024. 

But momentum has cooled, and industry watchers say rivals like Dell (NYSE: DELL) have been picking up share just as Super Micro’s growth flattens.

Despite the weaker quarter, management struck an upbeat tone for the full year. Super Micro raised its sales outlook to $36 billion from $33 billion, highlighting a pipeline bolstered by new large-scale deals tied to Nvidia-powered AI systems. 

Featured image via Shutterstock

NEW YORK, NY / ACCESS Newswire / November 5, 2025 / Technology rarely reinvents something as timeless as gold. Yet SMX (NASDAQ: SMX ), through its majority-owned subsidiary trueGold, is doing precisely that by embedding molecular-level proof into the world's oldest store of value.

Key Takeaways AIG's adjusted EPS of $2.20 beat estimates by 31%, with revenues up 3.2% year over year.International Commercial premiums grew 3%, driving underwriting income to $330 million.Lower expenses and stronger North America Commercial results supported the quarterly beat.
American International Group, Inc. (AIG - Free Report) reported third-quarter 2025 adjusted earnings per share of $2.20, which topped the Zacks Consensus Estimate by 31%. The bottom line surged 77% year over year.

Adjusted operating revenues advanced 3.2% year over year to $7.1 billion. The top line beat the consensus mark by 3%.

The strong quarterly results benefited on the back of strong segmental strength in the form of improved underwriting results across the North America Commercial and International Commercial segments. A declining expense level also contributed to the upside. However, the upside was partly offset by weak Global Personal segment premiums and lower dividends received from Corebridge Financial.

AIG’s Quarterly Operational UpdatePremiums came in at $6.1 billion, which grew 2.2% year over year in the quarter under review. Total net investment income declined 20.7% year over year to $772 million on the back of a favorable change in the fair value of AIG's equity stake in Corebridge. The metric missed the Zacks Consensus Estimate of $990 million. The company now has a 15.5% ownership interest in Corebridge.

Total benefits, losses and expenses of $5.6 billion declined 7.6% year over year on the back of lower general operating and other expenses.

Adjusted return on equity of AIG improved 470 basis points year over year to 11.6%.

Segmental Performances of AIGGeneral Insurance – North America CommercialThe segment’s net premiums written were in line year over year at $2.4 billion in the third quarter, attributable to strength in Lexington and Retail Casualty, Western World and Programs.

Underwriting income of $384 million soared 300% year over year on the back of a decline in catastrophe losses and more favorable prior-year development. Catastrophe-related losses, net of reinsurance, came in at $68 million. The combined ratio improved to 82.6% from a year-ago ratio of 95.5%.

General Insurance – International CommercialThe segment recorded net premiums written of $2.1 billion, which increased 3% year over year on a reported basis and 1% on a comparable basis. The metric benefited from expansion in Global Specialty and Property.

Underwriting income advanced 3% year over year to $330 million in the quarter under review. Catastrophe-related charges were $19 million. The combined ratio of 84.9% deteriorated 60 bps year over year as a result of lower catastrophe losses.

General Insurance – Global PersonalNet premiums written totaled $1.7 billion, which tumbled 11% on a reported basis and 4% on a comparable basis. The metric was hit by an adverse impact from the U.S. High Net Worth business.

Underwriting income increased nearly fourfold year over year to $79 million. Catastrophe-related charges were $13 million in the third quarter. The combined ratio of 95.2% improved 360 bps year over year on the back of lower catastrophe-related charges and an improved expense ratio.

Other OperationsNet investment income and other dropped 40% year over year to $72 million in the quarter under review due to a lower dividend income received from Corebridge.

Interest expenses of $100 million decreased 9% year over year on the back of a declining debt level. Adjusted pre-tax loss narrowed from $135 million in the prior-year quarter to $116 million.

Financial Position of AIG (As of Sept. 30, 2025)AIG exited the third quarter with a cash balance of $1.6 billion, which climbed 22% from the 2024-end level. Total assets of $163.4 billion increased 1.3% from the figure at 2024-end.

Long-term debt amounted to $9.1 billion, up 3.7% from the figure as of Dec. 31, 2024.

Total shareholders’ equity slipped 3.4% from the 2024-end level to $41.1 billion. Total debt to total capital was 18% at the third-quarter end, which deteriorated 10 bps year over year.

Adjusted book value per share improved 4.2% year over year to $77.04.

AIG’s Capital Deployment UpdateAIG rewarded its shareholders to the tune of share repurchases of around $1.3 billion and dividends of $250 million in the third quarter.

AIG’s Zacks RankAIG currently carries a Zacks Rank #3 (Hold).

Upcoming Earnings ReleasesHere are three companies from the Finance space that are likely to report their respective quarterly earnings soon.

HCI Group, Inc. (HCI - Free Report) has a Zacks Rank of 2 (Buy) at present. The Zacks Consensus Estimate for HCI’s bottom line for the to-be-reported quarter is pegged at $2.35 per share, indicating 400% year-over-year growth. HCI Group’s earnings beat estimates in each of the past four quarters, with an average surprise of 41.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Palomar Holdings, Inc. (PLMR - Free Report) has a Zacks Rank of 3 at present. The Zacks Consensus Estimate for PLMR’s bottom line for the to-be-reported quarter is pegged at $1.60 per share, indicating 30.1% year-over-year growth. Palomar Holdings’ earnings beat estimates in each of the past four quarters, with an average surprise of 14.7%.

Essent Group Ltd. (ESNT - Free Report) currently has a Zacks Rank #3. The Zacks Consensus Estimate for ESNT’s bottom line for the to-be-reported quarter of $1.75 per share indicates 6.1% year-over-year growth. It remained stable over the past week. Essent Group’s earnings beat estimates in two of the last four quarters and missed twice, with an average surprise of 2.1%.

A Spirit Airlines flight arrives at Arnold Palmer Regional Airport in Westmoreland County, Pennsylvania, U.S., September 18, 2025. REUTERS/Quinn Glabicki Purchase Licensing Rights, opens new tab

Nov 5 (Reuters) - Spirit Airlines said on Wednesday it would cut about 150 salaried roles, and discontinue service at five airports, including Milwaukee and Phoenix, by January as the low-cost carrier aims to turn itself around.

The carrier said last month it would furlough 365 pilots and downgrade the status of up to 170 pilots in the first quarter of 2026, as part of its restructuring efforts.

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Spirit estimated to incur losses of $804 million in 2025. It said its transformation plan to return to profitability in 2027 requires it to reduce its network in 2026.

Meanwhile, other U.S. carriers have been rushing to cash in on Spirit's routes in their core regions.

Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar

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Key Takeaways Mission Produce's Q3 revenues rose 10% to $357.7 million, driven by higher avocado volumes.Average avocado prices fell about 5% amid ample supply from Peru and Mexico.Expansion into mangoes, blueberries and new regions supports long-term, balanced growth.
Mission Produce, Inc. (AVO - Free Report) is navigating a shifting market landscape where global demand for avocados continues to rise even as prices soften. In third-quarter fiscal 2025, the company delivered record revenues of $357.7 million, up 10% year over year, largely fueled by a 10% increase in avocado volumes sold. Yet average per-unit prices declined about 5%, reflecting broader market trends of abundant supply from Peru and Mexico. Despite these pricing pressures, Mission Produce’s performance underscores its strategic agility, leveraging its vertically integrated operations, international reach and deep customer relationships to maintain steady profitability amid industry volatility.

Rather than chasing short-term gains, Mission Produce is focused on long-term resilience through scale, efficiency and diversification. By investing in global sourcing and logistics, the company ensures a reliable year-round supply, a key advantage in a volatile market. Its growing presence in Europe and Asia, along with expansion into mangoes and blueberries, strengthens its position and supports a more balanced, sustainable growth strategy.

Looking ahead, Mission Produce’s strategy hinges on consistency and disciplined execution rather than immediate margin expansion. While global avocado prices may remain under pressure amid rising supply, the company’s investments in productivity, infrastructure and category management position it to thrive in the long term. As global consumers increasingly embrace avocados and other fresh produce as everyday staples, Mission Produce’s vertically integrated platform could enable it to convert market fluctuations into opportunity, solidifying its role as a global leader in premium produce.

AVO Faces Stiff Competition From CTVA & FDPCorteva, Inc. (CTVA - Free Report) and Fresh Del Monte Produce Inc. (FDP - Free Report) stand out as notable players in the fresh produce and agricultural industry, each leveraging unique strategies to strengthen their market positions.

Corteva continues to solidify its global leadership by integrating cutting-edge seed technologies with sustainable crop protection solutions. In recent quarters, the company has accelerated growth in its biologicals portfolio and digital agriculture tools, empowering farmers to enhance productivity despite climate variability and regulatory challenges. Its disciplined cost management and robust innovation pipeline, featuring advanced seed traits and environmentally friendly crop protection products, are helping to counter input cost pressures and soft commodity markets. Through a blend of research-driven innovation and operational efficiency, Corteva is aligning its strategy with the growing global demand for sustainable and resilient food systems.

Fresh Del Monte is navigating the evolving produce landscape by emphasizing value-added offerings, operational excellence and sustainability-led growth. The company is harnessing automation, renewable energy projects and strategic alliances to improve profitability across its fresh and prepared product lines. Strong momentum in its fresh-cut and convenience segments reflects increasing consumer demand for nutritious, ready-to-eat foods. Despite persistent cost and logistics challenges, Fresh Del Monte’s vertically integrated operations and focus on innovation continue to underpin its margin stability and reinforce its long-term competitiveness within the global fresh food market.

AVO’s Price Performance, Valuation & EstimatesShares of Mission Produce have gained 13.9% in the last six months compared with the industry’s growth of 0.1%.

Image Source: Zacks Investment Research

From a valuation standpoint, AVO trades at a forward price-to-earnings ratio of 17.70X, significantly above the industry’s average of 12.37X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for AVO’s fiscal 2025 and 2026 earnings suggests a year-over-year decline of 9.4% and 28.3%, respectively. The estimates for fiscal 2025 and 2026 have been stable in the past 30 days.

Image Source: Zacks Investment Research

AVO stock currently carries a Zacks Rank of #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways Pinterest's Q3 revenues rose 17% year over year to $1.049 billion, surpassing estimates.AI-powered ad tools and strong retail momentum fueled global user and revenue growth.Global MAUs hit 600 million, while ARPU and EBITDA improved on higher efficiency and demand.

Pinterest Inc. (PINS - Free Report) reported modest third-quarter 2025 results, wherein the bottom line missed the Zacks Consensus Estimate while revenues beat the same. The San Francisco-based Internet content provider reported revenue growth year over year, driven by strong momentum in all regions. Management’s focus on improving shoppability and monetization potential across the platform and the incorporation of advanced AI-integrated tools to support advertisers and retailers led to top-line growth.

PINS’ Net IncomeOn a GAAP basis, net income was $92.1 million, or 13 cents per share, compared to an income of $30.5 million, or 4 cents per share, in the prior-year quarter. Top-line growth led to an improvement in net income.

Non-GAAP net income was $262.9 million, or 38 cents per share, up from $223.3 million, or 32 cents per share, in the year-ago quarter. The bottom line fell short of the Zacks Consensus Estimate by 2 cents.

PINS’ Q3 RevenuesDuring the quarter, revenues rose to $1.049 billion from $898.4 million in the prior-year quarter, beating the Zacks Consensus Estimate of $975 million. Pinterest witnessed 17% year-over-year growth in global monthly active users (MAUs) to 600 million, which is an all-time record.

The company is witnessing healthy momentum in the retail sector, coupled with growing traction in some emerging markets. The AI-powered Pinterest Performance+ suite has gained strong market traction among advertisers worldwide.

 Pinterest’s effort to bridge the gap between upper-funnel storytelling and inspiration to lower-funnel conversion is improving campaign performance. Focus on personalization through AI recommendation models is driving click-through rates. Initiatives to boost international expansion and open up new monetization opportunities are positive.

The United States and Canada generated $786 million in revenues, up 9% year over year. Net sales beat our revenue estimate of $782.5 million. Solid momentum in retail, consumer packaged goods, telecom and entertainment supported the net sales. Revenues from Europe totaled $193 million, up 41% from $137 million in the year-ago quarter. Net sales missed our estimate of $198.5 million. Healthy traction in retail boosted the top line. Net sales from the Rest of World rose to $70 million from $42 million recorded in the prior-year quarter, exceeding our revenue estimate of $64.6 million.

MAUs from the United States and Canada were 103 million, up 4% year over year. The quarterly figure matches our estimate. The Rest of the World registered MAUs of 347 million, up 16% from 300 million in the year-earlier quarter. It surpassed our estimate of 337.7 million. MAUs from Europe increased to 150 million from 139 million in the year-ago quarter, beating our estimate of 149.4 million.

In the September quarter, global average revenues per user (ARPU) stood at $1.78 compared with the year-ago quarter’s figure of $1.7. ARPU in Europe improved 31% year over year to $1.31, while the United States and Canada rose 5% year over year to $7.64. ARPU from the Rest of World increased 44% year over year to 21 cents.

Other DetailsAdjusted EBITDA was $306.1 million in the third quarter of 2025, up from the prior-year quarter’s tally of $246.9 million. Disciplined expense management and operational efficiency led to the improvement. Total costs and expenses were $990.6 million, up from $904.3 million in the year-ago quarter. On a GAAP basis, research and development expenses rose to $371.3 million from $326.7 million.

PINS’ Cash Flow & LiquidityIn the third quarter, the company generated $321.6 million of cash from operating activities compared with $248 million in the prior-year quarter. As of Sept. 30, 2025, Pinterest had $1.13 billion in cash and cash equivalents and $205.3 million of operating lease liabilities.

PINS’ Outlook for Q4For the fourth quarter of 2025, Pinterest expects revenues in the range of $1.313-$1.338 billion, indicating 14-16% year-over-year growth. Management expects adjusted EBITDA to be in the range of $533-$558 million.

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

Upcoming ReleasesUbiquiti Inc. (UI - Free Report) is scheduled to release third-quarter 2025 earnings on Nov. 14. The Zacks Consensus Estimate for earnings is pegged at $2.48 per share, suggesting growth of 15.89% from the year-ago reported figure.

The company delivered an average earnings surprise of 49.5% in the last four reported quarters. It delivered an earnings surprise of 82.47% in the last reported quarter.

Akamai Technologies, Inc. (AKAM - Free Report) is slated to release third-quarter 2025 earnings on Nov. 6. The Zacks Consensus Estimate for earnings is pegged at $1.64 per share, indicating 3.1% growth from the year-ago reported figure.

Akamai has a long-term earnings growth expectation of 4.9%. The company delivered an average earnings surprise of 7.1% in the last four reported quarters.

Workday, Inc. (WDAY - Free Report) is set to release third-quarter 2025 earnings on Nov. 25. The Zacks Consensus Estimate for earnings is pegged at $2.12 per share, implying growth of 12.17% from the year-ago reported figure.

Workday has a long-term earnings growth expectation of 21.25%. The company delivered an average earnings surprise of 9.35% in the last four reported quarters.

Q3: 2025-11-04 Earnings SummaryEPS of $1.11 beats by $0.49

 |

Revenue of

$986.82M

(29.68% Y/Y)

beats by $156.22M

Everus Construction Group, Inc. (ECG) Q3 2025 Earnings Call November 5, 2025 10:30 AM EST

Company Participants

Jeff Thiede - President, CEO & Director
Maximillian Marcy - VP, CFO & Treasurer

Conference Call Participants

Paul Bartolai - Vallum Advisors
Ian Zaffino - Oppenheimer & Co. Inc., Research Division
Brent Thielman - D.A. Davidson & Co., Research Division
Brian Brophy - Stifel, Nicolaus & Company, Incorporated, Research Division
Christopher Senyek - Wolfe Research, LLC

Presentation

Operator

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Everus Third Quarter 2025 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Paul Bartolai. Please go ahead.

Paul Bartolai
Vallum Advisors

Thank you. Good morning, everyone, and welcome to Everus Construction Group's third quarter 2025 results conference call.

Leading the call today are CEO, Jeff Thiede; and CFO, Max Marcy.

We issued a news release yesterday detailing our third quarter 2025 operational and financial results. This release and the accompanying presentation materials are publicly available on the website at investors.everus.com.

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest filings with the SEC.

Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the news release issued yesterday in the appendix of today's presentation.

Today's call will begin with prepared

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Q3: 2025-11-04 Earnings SummaryEPS of $0.48 beats by $0.06

 |

Revenue of

$1.65B

(-1.55% Y/Y)

misses by $2.98M

O-I Glass, Inc. (OI) Q3 2025 Earnings Call November 5, 2025 8:00 AM EST

Company Participants

Christopher Manuel - Vice President of Investor Relations
Gordon Hardie - CEO, President & Director
John Haudrich - Senior VP & CFO

Conference Call Participants

Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Joshua Spector - UBS Investment Bank, Research Division
Francisco Ruiz - BNP Paribas, Research Division
Michael Roxland - Truist Securities, Inc., Research Division
George Staphos - BofA Securities, Research Division
Bryan Burgmeier - Citigroup Inc., Research Division
Arun Viswanathan - RBC Capital Markets, Research Division
Gabe Hajde - Wells Fargo Securities, LLC, Research Division

Presentation

Operator

Good morning. Thank you for attending today's O-I Glass Third Quarter 2025 Earnings Conference Call. My name is Jerry, and I will be your moderator today.

[Operator Instructions] I would now like to pass the conference over to our host, Chris Manuel, Vice President of Investor Relations. Please go ahead.

Christopher Manuel
Vice President of Investor Relations

Thank you, Jerry, and welcome, everyone, to the O-I Glass Third Quarter 2025 Earnings Conference Call. Our discussion today will be led by Gordon Hardie, our CEO; and John Haudrich, our CFO. Following prepared remarks, we will host a Q&A session.

Presentation materials for this call are available on the company's website. Please review the safe harbor comments and disclosure of our use of non-GAAP financial measures included in those materials.

Now, I'd like to turn the call over to Gordon, who will start on Slide 3.

Gordon Hardie
CEO, President & Director

Good morning, everybody, and thank you for your interest in O-I Glass. Today, we will review our third quarter performance, examine recent market trends and highlight the progress we have made on our transformation journey. We will also share our improved outlook for 2025 and an early view on key business drivers for further improvement

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Bristow Group Inc. (VTOL) Q3 2025 Earnings Call November 5, 2025 10:00 AM EST

Company Participants

Redeate Tilahun - Senior Manager of Investor Relations & Financial Reporting
Christopher Bradshaw - President, CEO & Director
Jennifer Whalen - Senior VP & CFO

Conference Call Participants

Jason Bandel - Evercore ISI Institutional Equities, Research Division
Joshua Sullivan - JonesTrading Institutional Services, LLC, Research Division
Steven Silver - Argus Research Company
Colby Sasso

Presentation

Operator

Good day, everyone, and welcome to Bristow Group's Third Quarter of 2025 Earnings Call. Today's call is being recorded. [Operator Instructions] At this time, I'd like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.

Redeate Tilahun
Senior Manager of Investor Relations & Financial Reporting

Thank you, Luke. Good morning, everyone, and welcome to Bristow Group's Third Quarter 2025 Earnings Call. I am joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen. Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on Slide 3 of our investor presentation. You may access the investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release and the investor presentation. I'll now turn the call over to our President and CEO. Chris?

Christopher Bradshaw
President, CEO & Director

Thank you, Red. To begin, I want to commend the Bristow team for their steadfast dedication to deliver safe, efficient and reliable services despite the persistent supply chain challenges that have plagued the aviation industry in general and

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