Market Signal Briefing

, /PRNewswire/ -- Science Applications International Corporation (NASDAQ: SAIC), a premier Fortune 500 mission integrator, and HavocAI, the leader in collaborative maritime autonomy, today announced an effort to integrate SAIC's real-time, multi-domain communications and data backbone with HavocAI's fully-autonomous, problem-solving fleets. This collaboration will drastically improve maritime domain awareness within the joint, unified warfighting network for the U.S. Navy.

This integration connects HavocAI's collaborative autonomy stack — which currently powers dozens of autonomous vessels in self-organizing teams with the potential to scale to thousands — to broader command and control infrastructure through SAIC's advanced Joint Range Extension (JRE) system. JRE extends the range and interoperability of Link 16 (TADIL-J), which enables U.S. armed forces and allied air, ground, and maritime platforms to collect and exchange vast amounts of tactical data in real-time for faster decision-making.

Adding maritime systems enabled with HavocAI's autonomy to Link 16 can ultimately connect huge, heterogeneous fleets of globally-networked sensors, lethal platforms, and command and control systems to the infrastructure of all military services and allies seamlessly and instantaneously. This meets multiple objectives of the U.S. military's Combined Joint All Domain Command and Control (CJADC2) effort to close all-domain kill chains near machine speed and provide U.S. and allied warfighters with unparalleled decision dominance.

"This is a significant leap forward in expanding the capability of large-scale collaborative autonomy," said Paul Lwin, CEO and co-founder of HavocAI. "By integrating with SAIC's proven JRE infrastructure, we're not just connecting our autonomous vessels to existing systems—we're fundamentally enhancing how autonomous maritime systems receive and provide real-time tactical data within joint and coalition C2 systems."

"SAIC's JRE has been the backbone of advanced joint interoperability for two decades and this partnership to bring HavocAI's innovative autonomous platform into the fold will provide immediate operational value and drive the future of maritime operations for the U.S. Navy," said Barbara Supplee, SAIC Executive Vice President of Navy Business Group. "The ability to seamlessly integrate dozens of autonomous vessels into our C2 architecture will provide warfighters with an unprecedented level of maritime domain awareness, sea denial, and sea control."

The integrated solution is being prepared for demonstrations and exercises where HavocAI's autonomous fleet will showcase its ability to provide real-time situational awareness data through JRE to maritime operations centers, supporting the Navy's vision for hybrid fleet operations.

About SAIC

SAIC® is a premier Fortune 500 mission integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.5 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

About HavocAI

HavocAI is the first-to-market leader in collaborative maritime autonomy, delivering scalable autonomous solutions that are operational today. Founded in 2024 and headquartered in Providence, Rhode Island, HavocAI has rapidly emerged as the leading provider of autonomous maritime systems to the U.S. military, with more than 30 fully operational products delivered and a collaborative autonomy stack designed to run on anything, anywhere. For more information, visit havocai.com.

SOURCE Havoc AI

Shares of Advanced Micro Devices ( NASDAQ:AMD ) lost 4.27% over the past month after soaring 46.01% the month prior.

Key Takeaways ASML shares have jumped 44.9% YTD, outpacing the broader tech sector and several semiconductor peers.ASML's leadership in EUV and progress in High-NA systems underpin long-term demand and customer adoption.ASML posted higher margins and Q4 revenue guidance of 9.2B-9.8B euros, with 2025 sales growth near 15%.
ASML Holding (ASML - Free Report) shares have been highly volatile in 2025 so far amid the ongoing macroeconomic challenges and geopolitical issues. Despite massive fluctuations, ASML stock has soared 44.9% year to date (YTD), far outpacing the Zacks Computer and Technology sector’s 23% gain.

ASML stock has also outperformed several semiconductor peers, including MKS Inc. (MKSI - Free Report) , Cirrus Logic (CRUS - Free Report) and FormFactor (FORM - Free Report) . YTD, shares of MKS, Cirrus Logic and FormFactor have risen 34.5%, 16.1% and 11%, respectively.

ASML Holding YTD Price Return Performance
Image Source: Zacks Investment Research

This outperformance has left investors wondering if ASML Holding still has room to climb or if it’s time to wait for a pullback. Let’s find out.

EUV Technology: ASML’s Core Competitive AdvantageASML Holding’s leadership in extreme ultraviolet (EUV) lithography continues to set it apart from every other chip equipment maker. It holds a near-monopoly on this technology, which is critical for manufacturing the world’s most advanced chips at 3nm and below. Major customers like TSMC, Samsung and Intel rely on ASML’s systems to stay ahead in chip innovation, giving ASML extraordinary pricing power and strategic importance.

The next phase of growth lies in ASML Holding’s High Numerical Aperture (High-NA) EUV systems. These tools are designed for sub-2nm production, representing the next technological leap for chipmakers. While adoption has taken longer than initially expected, the long-term potential is significant. As the industry moves toward denser and more efficient chips, ASML’s High-NA machines will be central to that shift.

ASML Holding is already making progress in this area. On its third-quarter 2025 earnings call, management confirmed that SK hynix received its first High-NA EXE:5200 system. This follows ASML’s first shipment and installation of the EXE:5200 system in the second quarter of 2025. These systems will support manufacturing at the 1.4nm node and beyond. ASML expects commercial adoption to begin in late 2026 or early 2027, creating a strong, multi-year growth driver.

Additionally, the accelerating demand for artificial intelligence (AI) is giving ASML Holding another powerful growth tailwind. AI workloads need cutting-edge chips with massive processing power and efficiency. This indicates more demand for advanced graphics processing units, AI accelerators and high-bandwidth memory, all of which depend on the kind of precision lithography ASML’s EUV machines deliver.

Because EUV technology is so complex and expensive to replicate, ASML Holding enjoys deep competitive protection. There’s no realistic rival in sight capable of challenging its dominance. This gives ASML not just pricing flexibility but a level of business stability rare in the semiconductor sector. As AI adoption continues across industries, ASML’s technology will remain indispensable in powering this new wave of computing.

ASML’s Strong Financial PerformanceASML Holding’s last reported third-quarter 2025 results reinforced the company’s financial strength. Earnings grew 3.8% year over year to €5.48 per share. In U.S. dollar terms, earnings came at $6.41 per share, beating the Zacks Consensus Estimate by 2.2%. Revenues rose 0.7% to €7.52 billion, supported by a robust 27% increase in the services and field operations segment.

Although system sales slipped 6.3% due to a shift in product mix, the gross margin expanded to 51.6%, up 80 basis points. During the third-quarter earnings call, CFO Roger Dassen noted that higher volumes of low-NA EUV tools and upgrades helped margins.

For the fourth quarter, ASML Holding expects revenues to be between €9.2 billion and €9.8 billion, a significant sequential increase. The company also anticipates gross margins of 51-53%, indicating a 40-basis-point sequential improvement at the midpoint. For the full-year 2025, management projects sales to grow around 15%, with margins of nearly 52%, showing sustained demand for ASML’s products.

ASML’s Fundamentals Justify Premium ValuationASML stock isn’t cheap. It trades at a forward 12-month price-to-earnings (P/E) of 33.45X compared with the sector average of 28.15X. However, that valuation looks more reasonable when viewed through the lens of ASML Holding’s market position. The company’s monopoly in EUV lithography, expanding role in advanced chip production and consistent margin performance justify a premium multiple.

ASML Holding Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

Compared to other semiconductor peers, ASML Holding has a higher P/E multiple than FormFactor, MKS and Cirrus Logic. Currently, FormFactor, MKS and Cirrus Logic trade at P/E of 33.41X, 16.91X and 15.63X, respectively. ASML’s higher multiple not only reflects its technology leadership but also the longer visibility of its growth cycle.

Conclusion: Buy ASML Stock for NowASML Holding’s unmatched dominance in EUV and emerging High-NA lithography, combined with surging AI-related chip demand, is likely to continue aiding its financial performance over the long run. With strong revenue visibility, improving margins and expanding customer adoption, ASML’s fundamentals justify adding the stock at current levels for long-term investors.

Currently, ASML Holding carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Digi Power X Inc (NASDAQ:DGXX, TSX-V:DGX) has filed an amended and restated prospectus supplement to support ongoing share sales under its at-the-market (ATM) equity program of up to US$200 million.

The amended filing updates a May 30 supplement tied to the company’s US$250 million base shelf prospectus cleared earlier this year.

Under its existing ATM sales agreement with AGP/Alliance Global Partners, Digi Power X may sell subordinate voting shares on the Nasdaq Capital Market or other US trading venues at prevailing market prices.

Digi Power X plans to use any proceeds for general corporate purposes, including funding operations, working capital, construction of its data centre, debt repayment and potential acquisitions aimed at expanding mining capacity and building its planned AI and high-performance computing network.

The company has sold 20,078,450 shares to date for gross proceeds of about US$76.5 million under the May 30 supplement.

Acquisition Broadens Better-For-You Offerings and Salty Snacking Portfolio

, /PRNewswire/ -- The Hershey Company has closed its acquisition of LesserEvil, the maker of organic, delectable snacks that combine bold flavors with better-for-you ingredients. This acquisition expands the variety of snacking choices Hershey can offer consumers, adding a high-growth brand that complements the company's existing portfolio and brings additional manufacturing capacity.

LesserEvil is the maker of organic, delectable snacks that combine bold flavors with better-for-you ingredients.

"The addition of LesserEvil expands our portfolio of loved brands to meet growing consumer needs and occasions," said Kirk Tanner, President and CEO, The Hershey Company. "Through strategic investments and product innovation, we're delivering more of what consumers want in their lives—from better-for-you options to indulgent treats. Building on our 130-year legacy, we're charting the next generation of growth to lead the future of snacking."

"At LesserEvil, our mission has always been to create delicious, organic snacks that inspire mindful snacking," said Charles Cortistine, Chief Executive Officer, LesserEvil. "We're excited to join Hershey, a company aligned with our values and our commitment to quality and community. This partnership will empower us to grow our vibrant culture, expand our reach to new consumers, and make an even greater impact together."

What is LesserEvil?
LesserEvil is a cross-category snack brand known for its use of organic ingredients and interesting, bold flavors. Its product line includes organic popcorn and puffs crafted with premium ingredients, including organic, unrefined, extra virgin oils. Its snacks are categorized as USDA Organic and non-GMO and are produced without artificial dyes and preservatives.

Why is LesserEvil a strategic fit for The Hershey Company's portfolio?
LesserEvil complements Hershey's long-established confection brands like Hershey's, Reese's, and Jolly Ranchers, as well as its growing salty snack brands, including SkinnyPop, Dot'sHomestyle Pretzels, and Pirate's Booty. Specifically, the growing salty portfolio showcases the company's strategic discipline in selecting investments that offer newness and generate excitement in categories with untapped potential. In 2024, the salty portfolio grew 1.5 times faster than the previous three years.

How does this acquisition meet consumer demand?
Consumers are at the center of Hershey's portfolio strategy. Their desire for more choices, better-for-you snacking, and bold flavors continues to inform the company's growth approach.

How will the acquisition impact LesserEvil leadership and products?
The LesserEvil leadership team will remain with the company to continue to drive its innovative commercial model, speed-to-market capabilities, and manufacturing operations. The combined teams will focus on delivering category-leading growth and provide elevated category insights to deliver the right products, in the right places, and at the right time for consumers. The acquisition will also prioritize the continued production of LesserEvil products with the same high-quality organic ingredients consumers have come to love and trust.

Where can I buy LesserEvil products?
LesserEvil products are available at major retailers nationwide.

How much do LesserEvil products cost?
Pricing is at the sole discretion of the retailer. 

About The Hershey Company 
The Hershey Company (NYSE: HSY) is an industry-leading snacks company with a purpose to make more moments of goodness through its iconic brands. With more than 20,000 remarkable employees worldwide, Hershey delivers delicious, high-quality products across approximately 70 countries, generating over $11.2 billion in annual revenues. The company's portfolio includes beloved chocolate and confectionery brands such as Hershey's, Reese's, Kisses, Kit Kat®, Jolly Rancher, Ice Breakers, Shaq-a-licious alongside popular salty snacks including SkinnyPop and Dot's Homestyle Pretzels.

For more than 130 years, Hershey has been committed to operating responsibly and supporting its people and communities. The candy and snack maker's founder, Milton Hershey, created Milton Hershey School in 1909, and since then, the company has focused on helping children succeed through access to education.

To learn more visit www.thehersheycompany.com.

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SOURCE The Hershey Company

November 19, 2025 08:36 ET

 | Source:

FibroBiologics, Inc.

HOUSTON, Nov. 19, 2025 (GLOBE NEWSWIRE) -- FibroBiologics, Inc. (Nasdaq: FBLG) (“FibroBiologics” or the “Company”), a clinical-stage biotechnology company with 270+ patents issued and pending with a focus on the development of therapeutics and potential cures for chronic diseases using fibroblasts and fibroblast-derived materials, today announced it has entered into a definitive agreement for the issuance and sale to an existing shareholder of 3,540,000 shares of its common stock and pre-funded warrants to purchase 8,570,203 shares of its common stock at a purchase price of $0.3303 per share or pre-funded warrant (less $0.00001 for each pre-funded warrant), in a registered direct offering priced at-the-market under Nasdaq rules. The pre-funded warrants are exercisable at any time at an exercise price of $0.00001 per share and do not expire.

“We’re grateful for the continued support from one of our major shareholders. Their commitment gives us the flexibility to strengthen our capital structure and stay focused on building the future. This kind of long-term alignment allows us to move faster, innovate more aggressively, and fully pursue the opportunities in our pipeline,” said Pete O’Heeron, Founder and Chief Executive Officer.

The purchase price for the shares or pre-funded warrants will be paid not in cash but with sovereign-issued .9999 fine gold coins valued at $4,069.18 per oz. based on the spot price of gold at the time of signing of the purchase agreement, delivered to the Company’s depository. The Company intends to liquidate the purchase price into United States dollars in the near term.

In addition, in a concurrent private placement, the Company will issue and sell unregistered warrants to purchase one share of its common stock for each share of common stock or pre-funded warrant purchased in the registered direct offering, for up to 12,110,203 shares of common stock. The unregistered warrants have an exercise price of $0.3303 per share of common stock, will be exercisable beginning on the effective date of, and subject to, approval by our stockholders of the issuance of the shares of common stock upon exercise of the unregistered warrants (the "Stockholder Approval") and will expire five years following the date of the Stockholder Approval. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") to register the resale of the shares of common stock underlying the unregistered warrants. If at the time of exercise of such warrants there is no effective registration statement registering the shares issuable upon exercise of such warrants, or the prospectus contained therein is not available for the resale of such shares by the warrant holder, then such warrants may also be exercised, in whole or in part, by cashless (net) exercise.

The offering is expected to close on or about November 19, 2025, subject to the satisfaction of customary closing conditions. The gross proceeds to the Company from the offering are expected to be approximately $4 million, before deducting offering expenses payable by FibroBiologics. FibroBiologics intends to use the net proceeds from the offering for general corporate purposes, including the satisfaction of debt. In addition, if the holders of the unregistered warrants exercise such warrants in full for cash following the Stockholder Approval, the Company would receive additional gross proceeds of approximately $4.0 million. The Company cannot predict when or if the unregistered warrants will be exercised for cash or exercised at all. It is possible that the unregistered warrants may expire and may never be exercised.

The shares of common stock, pre-funded warrants and shares of common stock issuable upon exercise of the pre-funded warrants offered in the registered direct offering (but not the unregistered warrants issued in the concurrent private placement or the shares issuable upon exercise of such unregistered warrants) are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-284663) previously filed and declared effective by the SEC on February 10, 2025. The offering of the shares of common stock and pre-funded warrants in the registered direct offering is being made only by means of a prospectus supplement that forms a part of the registration statement. The final prospectus supplement relating to the securities offered in the registered direct offering will be filed by FibroBiologics with the SEC. When available, copies of the final prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained from the SEC's website at www.sec.gov.

The unregistered warrants issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and/or Regulation D promulgated thereunder, have not been registered under the Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Forward-Looking Statements

This communication contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the satisfaction of customary closing conditions with respect to the registered direct offering and concurrent private placement, the use of proceeds from the registered direct offering and concurrent private placement, the receipt of Stockholder Approval, the exercise of the unregistered warrants and the receipt of proceeds therefrom. These forward-looking statements are based on FibroBiologics' management's current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FibroBiologics' management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those set forth under the caption "Risk Factors" and elsewhere in FibroBiologics' annual, quarterly and current reports (i.e., Form 10-K, Form 10-Q and Form 8-K) as filed or furnished with the SEC and any subsequent public filings. Copies are available on the SEC's website, www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FibroBiologics assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. FibroBiologics gives no assurance that it will achieve its expectations.

About FibroBiologics

Based in Houston, FibroBiologics is a clinical-stage biotechnology company developing a pipeline of treatments and seeking potential cures for chronic diseases using fibroblast cells and fibroblast-derived materials. FibroBiologics holds 270+ US and internationally issued patents/patents pending across various clinical pathways, including wound healing, multiple sclerosis, disc degeneration, psoriasis, orthopedics, human longevity, and cancer. FibroBiologics represents the next generation of medical advancement in cell therapy and tissue regeneration. For more information, visit www.FibroBiologics.com.

General Inquiries:
[email protected]

Investor Relations:
Nic Johnson
Russo Partners
(212) 845-4242
[email protected]

Media Contact:
Liz Phillips
Russo Partners
(347) 956-7697
[email protected]

One of Just 11% of Active ETFs to Surpass $100 Million in Year One

, /PRNewswire/ -- The Intech S&P Mid Cap Diversified Alpha ETF (NYSE Arca: SMDX) has surpassed $100 million in assets under management, less than a year after launch.1 Together with its large-cap counterpart (LGDX), Intech's ETF lineup now exceeds $225 million in combined assets.1

Dr. Jose Marques, CEO of Intech

According to Broadridge's 2025 Report, Active ETFs: Achieving Escape Velocity, only11% of active ETFs raise more than $100 million in their first year, and those that do represent nearly two-thirds of all active ETF assets. Reaching this level so quickly signals early traction and long-term viability in the competitive active ETF market.

"Crossing $100 million so early puts SMDX in rarified air," said Dr. Jose Marques, CEO of Intech. "Few active ETFs reach this scale in their first year. It validates that our institutional process works in the ETF structure—and that our approach resonates where markets are most complex."

Intech ETFs bridge the gap between passive simplicity and active results, combining stock fundamentals with volatility- and correlation-based portfolio design to deliver transparent, index-aligned exposures. Both ETFs trade on NYSE Arca and are designed for scalable use in advisor and institutional portfolios.

As capital continues moving from mutual funds to ETFs, small-cap exposures remain underserved. SMDX's active design combines small-cap breadth with mid-cap stability—offering a natural core for investors seeking simple exposure with a performance edge.

Since inception, SMDX has outperformed its benchmark, demonstrating how diversification-weighted investing can enhance index exposure across small- and mid-cap stocks.

SMDX Standardized Performance (as of 09/30/2025)

Fund

3 Months

6 Months

Inception
(2/27/2025)

SMDX: Intech S&P Small-Mid Cap Diversified Alpha ETF (NAV)

7.55 %

18.37 %

13.02 %

SMDX: Intech S&P Small-Mid Cap Diversified Alpha ETF (Price)

7.40 %

16.83 %

13.15 %

Benchmark: S&P 1000 Index

6.66 %

13.21 %

7.82 %

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For ETFs, the market price return is calculated from closing prices as determined by the fund's listing exchange. If you trade your shares at another time, your return may differ. Brokerage commissions and other fees may apply. Performance includes reinvestment of dividends and other earnings. Returns for periods shorter than one year are not annualized. For the most recent month-end performance, visit IntechETFs.com. Please read the prospectus or summary prospectus carefully before investing.

About Intech

For over 38 years, Intech has been at the forefront of systematic investing, pioneering strategies that harness the power of diversification and rebalancing to optimize equity portfolios. With $15 billion in assets under management as of September 30, 2025, Intech's research-driven approach—trusted by pension funds, endowments, and sovereign wealth funds—is now accessible to all investors through Intech ETFs, offering a new way to think about passive investing in a rapidly evolving market. Learn more at www.intechetfs.com.

1. As of October 24, 2025.

Disclosures

PRINCIPAL RISKS: Investing involves risk, including the possible loss of principal. There is no guarantee the Fund will achieve its investment objective. Because the value of your investment in the Fund will fluctuate, there is a risk that you may lose money. The Funds' principal risks include equity market risk, volatility risk, and market capitalization risk. Equity Market Risk: Stock prices can fluctuate significantly due to economic, political, and market conditions. The Fund's investments in equities may experience sudden declines or prolonged downturns. Volatility Risk: The Fund's strategy uses stock price volatility to optimize index exposure, but market swings can be unpredictable. High volatility may lead to short-term price fluctuations that could impact performance, particularly during periods of extreme market stress. Market Capitalization Risk: Large-cap stocks may be less volatile but offer slower growth. Small- and mid-cap stocks can experience higher volatility and liquidity risks.

ETFs trade like stocks, fluctuate in value, and may trade at bid-ask spreads or at a premium or discount to NAV, particularly during periods of market stress. Brokerage commissions and fund expenses will reduce returns.

All investments involve risk, including the possible loss of principal. There is no guarantee that Intech ETFs will meet their investment objectives. Equity markets may be volatile, and the value of ETF shares can fluctuate due to general market conditions, economic events, and changes in individual securities.

Diversification may not protect against market risk or loss of principal. It does not ensure a profit or guarantee against loss in declining markets.

Investment products:
ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Before investing, carefully consider the Fund's investment objectives, risks, charges, and expenses. This and other important information can be found in the Prospectus, available at IntechETFs.com or by calling 1-833-933-2083. Please read the Prospectus carefully before investing.

Intech Investment Management LLC serves as the sub-adviser to Intech ETFs, which are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Intech and does not provide investment advice. Intech ETFs are offered only to U.S. residents and are subject to U.S. laws and regulations.

The S&P 500®, S&P MidCap 400®, S&P SmallCap 600®, S&P 1000®, and S&P Composite 1500® indices are products of S&P Dow Jones Indices LLC ("SPDJI"), licensed for use by Intech. S&P®, S&P 500®, and other index names are trademarks of S&P Global, used under license. Intech ETFs are not sponsored, endorsed, or promoted by SPDJI, S&P Global, or their affiliates, which make no representation regarding investing. Indices are unmanaged, do not reflect fees, and are not available for direct investment.

SOURCE Intech ETFs

New materials offer deeper insight into Q3 growth drivers, margin expansion, and Capstone's accelerating path toward a $100M run-rate. NEW YORK CITY, NEW YORK / ACCESS Newswire / November 19, 2025 / Capstone Holding Corp. (NASDAQ:CAPS), a national building products distribution platform, today published its full third-quarter 2025 investor presentation and management transcript.

Revenue of $104.3 million, processing revenue growth of 33%

Organic Revenue growth of 25% (1)

Net income of $3.5 million with Adjusted EBITDA of $18.2 million (1)

Updates 2025 revenue and Adjusted EBITDA guidance to reflect delays in timing of M&As

Reaffirming full year Organic Revenue growth guidance

HERZLIYA, Israel, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Nayax Ltd. (Nasdaq: NYAX, TASE: NYAX), a global commerce payments and loyalty platform designed to help merchants scale their business, today announced its financial results for the third quarter ended September 30, 2025.

“It was another strong quarter for Nayax, reflecting the continued execution of our strategy and our focus on profitable growth. We delivered strong operational and financial results, highlighted by expanding margins, disciplined growth across our segments, and consistent progress toward our long-term objectives. For the full year 2025, we continue to anticipate organic revenue growth of at least 25%. However, we are updating the inorganic contribution in our financial outlook to reflect the delayed timing of certain strategic M&A transactions,” commented Yair Nechmad, Nayax Chief Executive Officer and Chairman of the Board.

(1) Organic Revenue, Adjusted EBITDA, Free Cash Flow and Adjusted OPEX are non-IFRS financial measures. Please refer to the footnote 3 in the table below and the additional tables at the end of this press release for a reconciliation of Organic Revenue, Adjusted EBITDA, Free Cash Flow and Adjusted OPEX to the most directly comparable IFRS measure for each. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA to IFRS net income (loss) due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, in particular, because special items such as finance expenses and issuance and acquisition costs used to calculate projected net income (loss) can vary dramatically based on actual events. Therefore, the Company is not able to forecast on an IFRS basis with reasonable certainty all deductions needed in order to provide an IFRS calculation of projected net income (loss) at this time. The amount of these deductions may be material and therefore could result in projected IFRS net income (loss) being materially different than projected Adjusted EBITDA (non-IFRS).

  Third Quarter 2025 Financial Highlights

(All comparisons are relative to the third quarter and three-month period ended September 30, 2024, unless otherwise noted)

Revenue Summary Q3 2025 ($M)Q3 2024 ($M)Growth (%)Payment processing fees47.736.032.5%SaaS revenue29.423.923.0%Total recurring revenue (1)77.159.928.7%POS devices revenue (2)27.223.117.7%Total revenue (3) 104.383.025.7%
Margin Summary
Q3 2025
Q3 2024
VariancePayment processing margin39.6%33.0%6.6%SaaS margin76.3%76.0%0.3%Total recurring margin53.6%50.1%3.5%POS devices margin37.0%34.4%2.6%Total margin49.3%45.7%3.6%     (1) Recurring revenue comprised of SaaS subscription revenue and payment processing fees.
(2) POS devices revenue includes revenues that are derived mainly from the sale of our hardware products.
(3) Organic Revenue is a non-IFRS financial measure that we define as total revenue adjusted to exclude the revenue attributable to acquired businesses for a period of 12 months following their acquisition. Total revenue for Q3 2025 includes $0.76 million of revenues from recent acquisitions.

Revenue increased 26% to $104.3 million from $83.0 million driven by both new and existing customer expansion. Revenue includes $2.0 million of favorable foreign exchange rate.Organic Revenue growth for the quarter was 24.7%.Recurring revenue from SaaS and payment processing fees grew 29%, to $77.1 million and represented 74% of total revenue. Processing revenue growth continues to demonstrate our success as a scalable and valued payment partner to our diverse customer base as the market continues its cash-to-cashless conversion. Hardware revenue increased by 18% to $27.2 million with strong demand for our products, solutions, and technology across all market segments.Gross margin improved to 49.3% from 45.7%, primarily due to: Recurring margin improved to 53.6% from 50.1%, driven mainly by processing margins that improved to 39.6% from 33.0% reflecting the ongoing benefits of renegotiated contracts with several bank acquirers and the Company’s improved smart-routing capabilities.Hardware margin improved meaningfully to 37.0% from 34.4% driven by continuing optimization of our supply chain infrastructure, and better component sourcing and cost. Operating profit was $7.8 million compared to $1.5 million in last year’s third quarter.Net income was $3.5 million compared to $0.7 million in last year’s third quarter.Basic and diluted earnings per share for the quarter ending September 30, 2025 were $0.095 and $0.092, respectively. Basic and diluted earnings per share for the quarter ending September 30, 2024, were each $0.019 per share.Weighted average number of basic and diluted shares for the third quarter of 2025 were 37,102,759 and 38,451,507, respectively, compared with weighted average number of basic and diluted shares for the third quarter of 2024 of 36,370,817 and 37,171,974, respectively.Adjusted OPEX of $34 million dollars was 32.2% of revenue and continues to improve, a testament to our disciplined cost management.Adjusted EBITDA was $18.2 million, representing a margin of 17.5% of total revenue, compared to Adjusted EBITDA of $11.1 million, representing a margin of 13.3% of total revenue, in last year’s third quarter. This significant growth in our Adjusted EBITDA demonstrates the continued scaling of operating leverage in the business.Cash flow provided from operating activities was $10.5 million and Free Cash Flow was $3.9 million mainly due to the timing of cash settlement from processing activities.As of September 30, 2025, the Company had $172.8 million in cash and cash equivalents and short-term deposits. Short-term and long-term debt balances were at $156.2 million. Third Quarter 2025 Operational Metric Highlights

Key Performance IndicatorsQ3 2025Q3 2024Growth (%)Total transaction value ($m)1,7631,31034.6%Number of processed transactions (millions)73660920.9%Take rate (payments)(4)2.71%2.75%-0.04%Managed and connected devices (thousands)1,4331,22716.8%Customers109,57190,87520.6%     (4) Payment service providers typically take a percentage of every transaction in exchange for facilitating the movement of funds from the buyer to the seller. Take rate % (payments) is calculated by dividing the Company’s processing revenue by the total dollar transaction value in the same quarter.

Total transaction value grew by 34.6% to $1.763 billion. Number of processed transactions increased 20.9% to 736 million.Take rate was 2.71% as the Company continues to expand into additional verticals and new geographies.Total number of managed and connected devices was approximately 1.433 million devices representing an increase of 16.8%. Nayax added more than 56,300 devices in the third quarter of 2025.Growth in the customer base continued at a healthy pace, adding 4,880 new customers in the third quarter of 2025, bringing the total customer base to 109,571, an increase of 20.6%.The dollar-based net retention rate remained high at 122%, reflecting strong customer satisfaction, alongside a low customer churn rate of 2.8%. Third Quarter Business Highlights

Partnered with ChargeSmart EV, one of the largest US charge point operators, to improve the payment experience for EV drivers across the U.S. ChargeSmart EV has named Nayax as its preferred cashless supplier, and will integrate Nayax’s EMV-certified solutions, making it easier for EV drivers to pay for services. For operators, the combination provides better visibility and real-time insights into station performance. This collaboration supports the broader push toward simpler, more reliable EV charging as the market continues to grow quickly.Retail Pro (a Nayax Ltd. Company) has teamed up with Onebeat, an AI-powered inventory optimization platform, to help retailers better match their inventory to real demand. By connecting Retail Pro’s retail management tools with Onebeat’s analytics, merchants can improve stock availability, reduce overordering, and react more quickly to changes in customer behavior.In August we announced a strategic partnership with Autel Energy, a leading global provider of EV charging solutions, to embed Nayax’s payment technology into approximately 100,000 Autel chargers across North America and Europe by the end of 2026. We also developed EMV-Core SDK integration certification for Uno Mini with six leading Chinese OEM partners, enabling embedded contactless payments across EV charging and other unattended machines. The certification validates Nayax’s embedded payment stack, paired with the Uno Mini terminal, and strengthens OEM adoption in one of the world’s largest manufacturing ecosystems. Subsequent Events

Signed a non-binding letter of intent and exclusivity to acquire Integral Vending, Nayax’s exclusive distribution partner in Mexico. The move reflects Nayax’s continued focus on strengthening its position in the Latin American market. The combination of Integral Vending and Nayax is aligned with the Company’s multi-year strategy to bring an offering of a more complete suite of tools for managing routes, operations, and payments for the Latin American market. 2025 Financial Outlook 

For the full year 2025, Nayax is reiterating its Organic Revenue guidance of at least 25%, driven by expectations of an acceleration of enterprise hardware sales in the fourth quarter and maintaining our strong recurring revenue growth.

With some delays in certain strategic M&A transactions, we are updating our financial outlook to a revenue range of $400 million to $405 million on a constant currency basis (previously $410 million to $425 million). This represents revenue growth of 27% to 29%.

The Company still anticipates an Adjusted EBITDA margin of at least 15%. The updated Adjusted EBITDA guidance for the full year reflects the lower expected inorganic contribution due to delayed M&A activity and is between $60 million and $65 million (previously $65 million to $70 million), with at least 50% Free Cash Flow conversion from Adjusted EBITDA. Free Cash Flow is defined as net cash provided from operating activities minus capitalized development costs and acquisition of property and equipment. 

2028 Outlook 

As for the Company’s 2028 targets, management continues to project an annual revenue growth of approximately 35%, driven by a combination of organic growth and strategic M&A. Management also continues to target a gross margin of 50%, and an Adjusted EBITDA margin of 30%, as we continue to drive high margin recurring revenues and operational efficiency.  

It is noted that the financial outlook provided by Nayax constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks and is current as of today. Unless required by law, Nayax has no obligation to update its guidance. Please see the cautionary note regarding forward-looking statements below. 

Investor Conference Calls

Nayax will host two conference calls to discuss its results later today, November 19, 2025. The first will be in English for international investors and the other in Hebrew for Israel-based investors to discuss its third quarter 2025 results.

The conference call in English will be held at: 8:30 a.m. Eastern Time / 3:30 p.m. Israel Time / 5:30 a.m. Pacific Time. The conference call in Hebrew will be held at: 9:30 a.m. Eastern Time / 4:30 p.m. Israel time / 6:30 a.m. Pacific Time.

Participating on the call will be Yair Nechmad, Chief Executive Officer, Sagit Manor, Chief Financial Officer, and Aaron Greenberg, Chief Strategy Officer.

For the conference call in English, Nayax encourages participants to pre-register using the link below. Those who pre-register will be given a unique PIN to gain immediate access to the call, bypassing the live operator. Participants may pre-register any time, including up to and after the call/webcast start time. Participants will immediately receive an online confirmation, an email with the dial in number and a calendar invitation for the event.

To pre-register, go to:

https://services.incommconferencing.com/DiamondPassRegistration/register?confirmationNumber=13756921&linkSecurityString=1e6c22c04a

For those who are unable to pre-register, kindly join the conference call/webcast by using one of the dial-in numbers or clicking the webcast link below.

U.S. TOLL-FREE: 1-877-737-7051ISRAEL TOLL-FREE: 1-809-455-690INTERNATIONAL: 1-201-689-8878 WEBCAST LINK: 

https://viavid.webcasts.com/starthere.jsp?ei=1741175&tp_key=171f2574b4

Following the conference call, a replay will be available until December 3, 2025. To access the replay, please dial one of the following numbers:

Replay TOLL-FREE: 1-844-512-2921Replay TOLL/INTERNATIONAL: 1-412-317-6671Access PIN: 13756921 An archive of the conference call will also be available on Nayax's Investor Relations website Nayax - Investor Relations.

To access the conference call/webcast in Hebrew, use the link: 

https://us02web.zoom.us/j/81993859510?pwd=QpkCGSCGcdqYJ8WceqIIt2UN10lKuJ.1

About Nayax

Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across multiple channels. As of September 30, 2025, Nayax has 12 global offices, approximately 1,200 employees, connections to more than 80 merchant acquirers and payment method integrations and is globally recognized as a payment facilitator. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency — effectively and simply. For more information, please visit www.nayax.com.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations, such as statements in this press release regarding our financial outlook, future business prospects and the impact of recent acquisitions or partnerships published by the Company. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of the COVID-19 pandemic and other global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment; the availability of qualified personnel and the ability to retain such personnel; changes in commodity costs, labor, distribution and other operating costs; our ability to implement our growth strategy; changes in government regulation and tax matters; other factors that may affect our financial condition, liquidity and results of operations; general economic, political, demographic and business conditions in Israel, including the war in Israel that began on October 7, 2023 and global perspectives regarding that conflict; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 4, 2025 (our "Annual Report"). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

Use of Non-IFRS Financial Information

In addition to various operational metrics and financial measures in accordance with accounting principles generally accepted under International Financial Reporting Standards, or IFRS, this press release contains financial metrics presented on a constant currency basis as well as Adjusted EBITDA and Free Cash Flow, each of which are non-IFRS financial measures, as a measure to evaluate our past results and future prospects.

Constant Currency

Nayax presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. Future expected results for transactions in currencies other than United States dollars are converted into United States dollars using the exchange rates in effect in the last month of the reporting period. Nayax provides this financial information to aid investors in better understanding our performance. The constant currency financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with IFRS.
The Company cannot provide expected net income without unreasonable effort because certain items that impact net income are out of the Company's control and/or cannot be reasonably predicted at this time, of which unavailable information could have a significant impact on the Company’s IFRS financial results.

Organic Revenue

Organic Revenue is a non-IFRS financial measure that we define as total revenue adjusted to exclude the revenue attributable to acquired businesses for a period of 12 months following their acquisition. This measure helps provide insight on organic and acquisition-related growth and presents useful information about comparable revenue growth.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS financial measure that we define as loss for the period excluding finance expenses, tax expense (benefit), depreciation and amortization, share-based compensation costs, non-recurring issuance and acquisition costs and our share in losses of associates accounted for by the equity method.
We present Adjusted EBITDA in this press release because it is a measure that our management and board of directors utilize as a measure to evaluate our operating performance and for internal planning and forecasting purposes. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We believe that Adjusted EBITDA, when taken collectively with financial measures prepared in accordance with IFRS, may be helpful to investors because it provides an additional tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial results with other companies because it provides consistency and comparability with past financial performance. However, our management does not consider this non-IFRS measure in isolation or as an alternative to financial measures determined in accordance with IFRS.

Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Adjusted EBITDA may be different from similarly titled measures used by other companies. The principal limitation of Adjusted EBITDA is that it excludes significant expenses that are required by IFRS to be recorded in our financial statements, as further detailed above. In addition, it is subject to inherent limitations as it reflects the exercise of judgment by management about which expenses are excluded or included in determining Adjusted EBITDA.

A reconciliation is provided at the end of this press release for Adjusted EBITDA to net profit or loss, the most directly comparable financial measure prepared in accordance with IFRS. Investors are encouraged to review net loss and the reconciliation to Adjusted EBITDA included below and to not rely on any single financial measure to evaluate our business.

Free Cash Flow

Free Cash Flow is a non-IFRS financial measure that we define as net cash provided from operating activities minus capitalized development costs and acquisition of property and equipment. A reconciliation is provided at the end of this press release for Free Cash Flow to Net cash provided from operating activities, the most directly comparable financial measure prepared in accordance with IFRS.

Adjusted OPEX

Adjusted OPEX is a non-IFRS financial measure that we define as total OPEX excluding stock based compensation, depreciation and amortization.

Other Financial Metrics - Dollar-based net retention rate

Measured as a percentage of Recurring Revenue from returning customers in a given period as compared to the Recurring Revenue from such customers in the prior period, which reflects the increase in revenue and the rate of losses from customer churn.

 NAYAX LTDCONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSAs of September 30, 2025
(Unaudited)

  NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)   September 30   December 31   2025   2024       U.S. dollars in thousands ASSETS       CURRENT ASSETS:   Cash and cash equivalents167,294 83,130Restricted cash transferable to customers for processing activity91,410 60,299Short-term bank deposits5,515 9,327Receivables in respect of processing activity60,624 45,071Trade receivable, net67,356 55,694Inventory24,014 19,768Other current assets22,813 14,368Total current assets439,026 287,657    NON-CURRENT ASSETS:   Long-term bank deposits210 2,155Other long-term assets7,498 4,253Investment in associate- 3,754Right-of-use assets, net4,608 6,292Property and equipment, net16,987 11,112Goodwill and intangible assets, net169,376 117,670Total non-current assets198,679 145,236TOTAL ASSETS 637,705 432,893     NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)     September 30 December 31 2025 2024     U.S. dollars in thousandsLIABILITIES AND EQUITY       CURRENT LIABILITIES:   Short-term bank credit and short term loan- 25,276Current maturities of long-term bank loans3,220 3,978Current maturities of other long-term liabilities5,408 1,353Current maturities of leases liabilities2,622 2,967Payables in respect of processing activity181,092 130,958Trade payables21,893 21,059Other payables42,507 33,887Total current liabilities256,742 219,478    NON-CURRENT LIABILITIES:   Long-term bank loans11,375 18,605Other long-term liabilities9,145 20,716Post-employment benefit obligations, net569 497Bonds141,565 -Lease liabilities2,811 4,078Deferred income taxes7,384 4,274Total non-current liabilities172,849 48,170TOTAL LIABILITIES429,591 267,648    EQUITY:   Shareholders Equity:   Share capital9 9Additional paid in capital231,223 220,715Capital reserves10,067 7,832Accumulated deficit(33,185) (63,311)TOTAL EQUITY208,114 165,245TOTAL LIABILITIES AND EQUITY637,705 432,893     NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)  Nine months ended
September 30 Three months ended
September 30 2025 2024 2025 2024 U.S. dollars in thousands (Excluding loss per share data)        Revenues280,979 225,054 104,280 83,005Cost of revenues(143,542) (124,507) (52,914) (45,033)Gross Profit137,437 100,547 51,366 37,972        Research and development expenses(23,705) (19,632) (8,821) (6,870)Selling, general and administrative expenses(88,766) (71,355) (30,007) (26,071)Depreciation and amortization in respect of technology and capitalized development costs(10,428) (8,615) (3,926) (3,232)Other income (expenses)10,944 (506) (766) -Share of losses of equity method investees(226) (885) - (347)Profit (Loss) from ordinary operations25,256 (446) 7,846 1,452Financial Income8,461 2,194 1,685 1,105Financial Expense(9,761) (8,512) (4,962) (1,434)Profit (loss) before taxes on income23,956 (6,764) 4,569 1,123Tax expense(1,611) (513) (1,032) (431)Profit (loss) for the period22,345 (7,277) 3,537 692        Basic earnings (loss) per share0.605 (0.205) 0.095 0.019Diluted earnings (loss) per share0.584 (0.205) 0.092 0.019         NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT (LOSS) (UNAUDITED)  Nine months ended
September 30 Three months ended
September 30 2025 2024 2025 2024 U.S. dollars in thousandsProfit (loss) for the period22,345 (7,277) 3,537 692        Other comprehensive income (loss) for the period:               Items that may be reclassified to profit or loss:       Gain (loss) from translation of financial statements of foreign operations852 364 323 (161)Gain (loss) on cash flow hedges1,383 (41) (650) (2)Total comprehensive profit (loss) for the period24,580 (6,954) 3,210 529         NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)  Share
capital Additional paid in capital Remeasurement of post-employment benefit obligations Other capital reserves Foreign currency translation reserve Accumulated
deficit Total
equity U.S. dollars in thousands              Balance as of January 1, 2024 (audited)8 153,524 248 9,545 (150) (65,585) 97,590Changes in the nine months ended September 30, 2024:             Loss for the period- - - - - (7,277) (7,277)Issuance of ordinary shares1 63,190 - - - - 63,191Other comprehensive income (loss) for the period- - - (41) 364 - 323Employee options exercised and vesting of restricted shares* 3,028 - - - - 3,028Share-based payment- - - - - 6,449 6,449Balance as of September 30, 2024 (unaudited)9 219,742 248 9,504 214 (66,413) 163,304              Balance as of January 1, 2025 (audited)9 220,715 463 9,973 (2,604) (63,311) 165,245Changes in the nine months ended September 30, 2025:             Profit for the period- - - - - 22,345 22,345Issuance of warrants, net- 5,706 - - - - 5,706Issuance of options due acquisition- 1,222 - - - - 1,222Other comprehensive income for the period- - - 1,383 852 - 2,235Employee options exercised and vesting of restricted shares* 3,580 - - - - 3,580Share-based payment- - - - - 7,781 7,781Balance as of September 30, 2025 (unaudited)9 231,223 463 11,356 (1,752) (33,185) 208,114               (*) Presents an amount less than $1 thousand.

NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)  Share
capital Additional paid in capital Remeasurement of post-employment benefit obligations Other capital reserves Foreign currency translation reserve Accumulated
deficit Total
equity U.S. dollars in thousands              Balance as of June 30, 2024 (unaudited)9 218,792 248 9,506 375 (70,243) 158,687Changes in the three months ended September 30, 2024:             Profit for the period- - - - - 692 692Other comprehensive loss for the period- - - (2) (161) - (163)Employee options exercised and vesting of restricted shares* 950 - - - - 950Share-based payment- - - - - 3,138 3,138Balance as of September 30, 2024 (unaudited)9 219,742 248 9,504 214 (66,413) 163,304              Balance as of June 30, 2025 (unaudited)9 230,733 463 12,006 (2,075) (39,649) 201,487Changes in the three months ended September 30, 2025:             Profit for the period- - - - - 3,537 3,537Other comprehensive income for the period- - - (650) 323 - (327)Employee options exercised and vesting of restricted shares* 490 - - - - 490Share-based payment- - - - - 2,927 2,927Balance as of September 30, 2025 (unaudited)9 231,223 463 11,356 (1,752) (33,185) 208,114               (*) Presents an amount less than $1 thousand.

NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  Nine months ended
September 30 Three months ended
September 30 2025 2024 2025 2024 U.S. dollars in thousandsCASH FLOWS FROM OPERATING ACTIVITIES:       Net profit (loss) for the period22,345 (7,277) 3,537 692Adjustments to reconcile net profit (loss) to net cash provided by operations (see Appendix A)2,352 33,171 6,925 15,872Net cash provided by operating activities24,697 25,894 10,462 16,564        CASH FLOWS FROM INVESTING ACTIVITIES:       Capitalized development costs(17,025) (15,458) (4,537) (5,670)Acquisition of property and equipment(3,977) (1,785) (2,071) (776)Loans granted to related company(2,062) (559) - -Decrease (Increase) in bank deposits4,926 (23,126) (4,080) (411)Interest received4,382 2,194 1,509 1,149Investments in financial assets(5,000) (284) - -Proceeds from sub-lessee22 170 - 59Payments for acquisitions of subsidiaries, net of cash acquired(15,541) (14,934) - -Repayment of contingent liability due consideration of subsidiary acquisition(8,287) - (2,768) -Net cash used in investing activities(42,562) (53,782) (11,947) (5,649)        CASH FLOWS FROM FINANCING ACTIVITIES:       Issuance of ordinary shares- 62,686 - -Proceeds from issue of bonds and warrants, net132,941 - - -Interest paid(6,806) (3,492) (5,208) (1,153)Changes in short-term bank credit(26,000) (17,155) - (4,751)Receipt of long-term bank loans- 17,000 - -Repayment of long-term bank loans(7,884) (2,675) (805) (495)Repayment of long-term loans from others- (2,932) - (1,209)Repayment of other long-term liabilities(1,000) (100) - -Employee options exercised4,067 3,184 1,387 558Principal lease payments(2,200) (1,968) (767) (699)Net cash provided by (used in) financing activities93,118 54,548 (5,393) (7,749)        Increase (decrease) in cash and cash equivalents75,253 26,660 (6,878) 3,166Balance of cash and cash equivalents at beginning of period83,130 38,386 172,267 61,912Gains (losses) from exchange differences on cash and cash equivalents8,663 (1,214) 1,774 (220)Gains (losses) from translation differences on cash and cash equivalents of foreign operations248 819 131 (207)Balance of cash and cash equivalents at end of period167,294 64,651 167,294 64,651         NAYAX LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  Nine months ended
September 30 Three months ended
September 30 2025 2024 2025 2024 U.S. dollars in thousandsAppendix A – adjustments to reconcile net loss to net cash provided by operations:               Adjustments in respect of:       Depreciation and amortization18,565 15,495 6,830 5,934Post-employment benefit obligations, net45 4 10 9Deferred taxes(1,569) (1,219) (497) (447)Finance expenses, net5,371 4,286 1,690 1,724Expenses in respect of long-term employee benefits- 634 - -Profit from gaining control in subsidiary(12,152) - - -Share of loss of equity method investee226 885 - 347Long-term deferred income144 287 39 (283)Expenses in respect of share-based compensation6,857 5,962 2,562 2,997Total adjustments17,487 26,334 10,634 10,281        Changes in operating asset and liability items:       Increase in restricted cash transferable to customers for processing activity(31,089) (12,229) (10,654) (7,690)Decrease (Increase) in receivables from processing activity(15,553) (25,372) 19,794 3,726Increase in trade receivables(9,328) (5,143) (5,033) (1,854)Decrease (Increase) in other current assets(4,847) 2,652 (2,399) 432Increase in inventory(3,238) (1,155) (740) (2,600)Increase (Decrease) in payables in respect of processing activity50,134 48,664 (7,078) 13,407Increase (Decrease) in trade payables(6,304) (819) 1,386 (550)Increase (Decrease) in other payables5,090 239 1,015 720Total changes in operating assets and liability items(15,135) 6,837 (3,709) 5,591Total adjustments to reconcile net loss to net cash provided by operations2,352 33,171 6,925 15,872        Appendix B – Information regarding investing and financing activities not involving cash flows:               Purchase of property and equipment in credit154 396 - 396Recognition of right-of-use assets through lease liabilities117 660 117 76Share based payments costs attributed to development activities, capitalized as intangible assets924 487 365 141         IFRS to Non-IFRS Reconciliation 
Quarter ended
(U.S. dollars in thousands) Sep 30, 2025 Sep 30, 2024Net income/loss for the period3,537 692Finance expense, net3,277 329Income tax expense (benefit)1,032 431Depreciation and amortization6,830 5,934EBITDA14,676 7,386Share-based payment costs2,562 2,997Employment benefit cost(1)196 338Other (income) expense(2)766 -Share of loss of equity method investee- 347ADJUSTED EBITDA18,200 11,068 (1) Other compensation arrangements provided to the shareholders of VMTecnologia
(2) Represents payroll expenses resulting from one-time structural change made by the Company.

The following is a reconciliation of Operating Cash for the period, the most directly comparable IFRS financial measure, to Free Cash Flow for each of the periods indicated.

Quarter ended 
(U.S. dollars in thousands) Sep 30, 2025 Sep 30, 2024Operating Cash10,462 16,564Capitalized development costs(4,537) (5,670)Acquisition of property and equipment(2,071) (776)Free Cash Flow3,854 10,118     The following is a reconciliation of OPEX for the period, the most directly comparable IFRS financial measure, to Adjusted OPEX for each of the periods indicated.

Quarter ended
(U.S. dollars in thousands) Sep 30, 2025 Sep 30, 2024OPEX42,754 36,173Stock Based Compensation(2,469) (2,896)Depreciation & Amortization(6,472) (5,609)Employment Benefit Cost(1)(196) (338)Adjusted OPEX33,617 27,330     (1) Other compensation arrangements provided to the shareholders of VMTecnologia

Cerro Viejo Drilling Confirms Broad Gold-Copper Mineralization in Upper Porphyry System
November 19, 2025 7:30 AM EST | Source: AbraSilver Resource Corp.
Toronto, Ontario--(Newsfile Corp. - November 19, 2025) - AbraSilver Resource Corp. (TSX: ABRA) (OTCQX: ABBRF) ("AbraSilver" or the "Company") is pleased to announce new assay results from four drill holes from the ongoing Phase V exploration program at its wholly-owned Diablillos project in Argentina (the "Project"). These latest results continue to expand oxide-hosted high-grade gold mineralization at Oculto East while also confirming the presence of near-surface broad gold and copper mineralization in the upper portions of a porphyry system at Cerro Viejo.

Highlight Drill Results - Widths are reported as drilled; true widths are not yet known.

Cerro Viejo: Both holes drilled at Cerro Viejo intersected continuous gold mineralization from surface, interpreted to represent the upper levels of a mineralized porphyry system:DDH 25-050: 128.0 metres ("m") at 0.24 g/t gold from surfaceDDH 25-056: 200.0 m grading 0.32 g/t gold from surface, including: 10.0 m at 1.10 g/t (oxides, from 21 m downhole) 11.0 m at 0.33 g/t gold and 0.46% copper (sulphides, from 49 m)Oculto East: Both holes intersected broad zones of oxide gold mineralization, with DDH 25-078 returning multiple high-grade intervals and DDH 25-081 confirming additional consistent gold zones within the broader mineralized corridor, which drilling continues to expand. Importantly, holes 78 and 81 represent two distinct sub-parallel zones of mineralization at Oculto East, located approximately 500 metres apart, further demonstrating the scale and continuity of this system.DDH 25-078 returned several high-grade gold intercepts within a ~100-metre-thick mineralized package, including:25.0 m grading 1.67 g/t gold (from 178 m) including 2.0 m at 11.14 g/t gold; 6.0 m grading 4.64 g/t gold (211 m);36.0 m grading 2.32 g/t gold (240 m) including 11.0 m grading 3.76 g/t gold DDH 25-081 also encountered several oxide gold zones, including:8.0 m grading 0.76 g/t gold (267 m);10.0 m grading 0.72 g/t gold (341 m);John Miniotis, President and CEO, commented, "Our drilling continues to deliver excellent results across multiple high-priority targets at Diablillos. At Oculto East, we are consistently intersecting thick zones of high-grade oxide gold mineralization that continue to expand the known mineralized footprint. In parallel, the initial results from Cerro Viejo highlight the potential for a robust gold-copper porphyry system. Together, these results underscore the strong growth potential across the broader Diablillos project."

Dave O'Connor, Chief Geologist, commented, "Oculto East continues to deliver strong, consistent oxide gold intercepts, pointing to a large, continuous extension of the mineralized system. At the same time, drilling at Cerro Viejo confirms we are in the upper levels of a significant gold-copper porphyry, and we are currently drilling a deeper hole targeting the potential porphyry source."

Table 1 - Summary of Key Drill Intercepts: Cerro Viejo & Oculto East

Intercepts greater than 25 gram-metres gold shown in bolded text:

 Drill Hole Area From
(m)To
(m) Type Interval 
(m)  Ag
g/tAu
g/t Cu
% DDH-25-050Cerro Viejo1.0129.0Mixed128.0-0.24-DDH-25-056Cerro Viejo0.0200.0Mixed200.0-0.320.04
Including21.031.0Oxides10.0-1.10-
Including49.060.0Sulphides11.05.30.330.46DDH-25-078Oculto East178.0203.0Oxides25.010.11.67-
Including190.0192.0Oxides2.029.811.14-

211.0217.0Oxides6.016.04.64-

221.0222.0Oxides1.03.91.32-

240.0276.0Oxides36.012.12.32-
Including265.0276.0Oxides11.013.73.76-

304.0306.0Oxides2.031.50.62-DDH-25-081Oculto East210.0220.0Oxides10.02.00.35-

246.0249.0Oxides3.04.80.74-

261.0262.0Oxides1.03.41.51-

267.0275.0Oxides8.02.60.76-

325.0329.0Oxides4.04.00.85-

341.0351.0Oxides10.04.60.72-

363.0364.0Oxides1.08.71.09-Note: All results in this news release are rounded. Assays are uncut & undiluted. Widths are drilled widths, not true widths. True widths are unknown.

Additional Details on Drill Results - Cerro Viejo

The two holes drilled at Cerro Viejo both encountered broad zones of gold mineralization, with associated copper within dacitic porphyry units. The gold mineralisation is hosted in d-type quartz-pyrite veins in sericite-pyrite alteration of the host rock, indicative of porphyry style alteration. These results confirm that the current drilling is testing the upper portions of a large porphyry system. Deeper drilling is underway to evaluate the underlying porphyry source responsible for the mineralization.

Figure 2 - Section Through Latest Drill Holes at Cerro Viejo 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11792/275010_4c1e4e3214b949c7_002full.jpg

Note: Widths are drilled widths, not true widths. True widths are unknown.
Drill hole DDH 24-056 has been previously announced by the Company and are shown here for illustrative purposes.

Additional Details on Drill Results - Oculto East

Drilling at Oculto East continues to demonstrate broad, continuous intervals of oxide-hosted gold mineralization extending beyond the eastern margin of the current conceptual open pit. The standout intercepts in DDH 25-078 reflect strong grade continuity across multiple stacked zones within a large, coherent mineralized envelope. Importantly, holes 78 and 81 outline two separate mineralized zones located approximately 500 metres apart, underscoring both the scale of the system and the potential for multiple parallel high-grade structures. This spatial separation further highlights the robustness and continuity of mineralization across Oculto East. Additional assay results from nearby holes are pending, and drilling is ongoing to further delineate the extent of this expanding zone.

A deep hole (completed to a downhole depth of 1,025m) has been drilled at Oculto East to test porphyry style mineralisation beneath the high sulphide epithermal zone. It was targeted to intercept elevated molybdenum mineralisation associated with gold intersected in shallower drilling. Elevated molybdenum grades are an important vector and strong geological marker when targeting potential porphyry centers, and the molybdenum is interpreted as representing the cap above a porphyry system. Assay results are pending and will be released once received.

Note: Widths are drilled widths, not true widths. True widths are unknown.
Drill holes: DDH 25-024, 25-077 and 24-064 have been previously announced by the Company and are shown here for illustrative purposes.

RIGI Application and Definitive Feasibility Study ("DFS")

The Company has now completed all required work for the application under Argentina's Large Investment Incentive Regime ("RIGI"), which is expected to be formally submitted in the near-term. RIGI is a new federal investment framework designed to attract and accelerate major development projects by providing long-term fiscal stability and a competitive suite of tax, customs, and foreign-exchange benefits.

The design and engineering work for the DFS is nearing completion and planning for early works activities is advancing on schedule. Metallurgical test work and all site investigation activities are completed, with final optimization parameters established for the updated open pit mine plan. The technical team is preparing for third party reviews at the 80% completion milestone over the coming weeks. The DFS remains on track for completion in H1 2026, at which time the project will be ready to advance with early works activities and a final investment decision.

Collar Data

Hole NumberUTM CoordinatesElevationAzimuthDipDepth (m)AreaDDH 25-05072369772027364,0590-75190Cerro ViejoDDH 25-05672360872027424,0680-80200Cerro ViejoDDH 25-07872076371996384,335180-65326Oculto EastDDH 25-08172134371993824,591110-60365Oculto EastAbout Diablillos

The Diablillos property is located within the Puna region of Argentina, in the southern part of Salta Province along the border with Catamarca Province, approximately 160 km southwest of the city of Salta and 375 km northwest of the city of Catamarca. AbraSilver acquired the property in 2016, which comprises 15 contiguous and overlapping mineral concessions with excellent year-round road access.

Exploration to date has outlined multiple occurrences of silver-gold oxide mineralization at Oculto, JAC, Laderas, and Fantasma, located within a 500 m to 1.5 km distance surrounding the Oculto/JAC epicentre. To date, over 150,000 metres have been drilled on the property, which continues to demonstrate the strong growth potential of shallow, oxide-hosted silver and gold resources. In addition, a large porphyry complex is centered approximately 4 km northeast of Oculto which includes outcropping porphyry intrusions within a major zone of alteration and associated gold rich epithermal mineralization.

Comparatively nearby examples of high sulphidation epithermal deposits include: La Coipa (Chile); Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo del Sol (Argentina). The most recent Mineral Resource estimate for Diablillos is shown in Table 2:

Table 2 - Diablillos Mineral Resource Estimate - As of July 21, 2025

ZoneCategoryTonnes
(000 t)Ag
(g/t)Au
(g/t)AgEq
(g/t)Contained Ag
(000 Oz Ag)Contained Au
(000 Oz Ag)Contained AgEq
(000 Oz Ag)
Tank LeachOxidesMeasured26,5451190.71183101,564604156,487Indicated46,584560.6311484,430948170,592Measured &73,129790.66139185,9941,553327,078IndicatedInferred9,693340.578610,61617626,647Heap LeachOxidesMeasured6,673160.14253,486305,342Indicated24,102120.17239,16313317,506Measured &30,774130.162312,64916222,848Indicated

Inferred10,02490.20212,811646,850TotalOxidesMeasured33,218980.59152105,050634161,829Indicated70,686410.488393,5931,081188,098Measured &103,904590.51105198,6431,715349,927Indicated

Inferred19,628210.385313,42724133,496 Footnotes for Tank Leach Resource:

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains. The 1m composite grades were capped where appropriate.The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 27.50/oz Ag price, US $2,400/oz Au price, 83% process recovery for Ag, and 87% process recovery for Au.The constraining open pit optimization parameters used were US $1.94/t mining cost, US $22.96/t processing cost, US $3.32/t G&A cost, and average 51-degree open pit slopes.The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income]The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit and tank leach processing methods.In-situ bulk density were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), Independent Qualified Person under NI 43-101.Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource.All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.Footnotes for Heap Leach Resource:

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains. The 1m composite grades were capped where appropriate.The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 27.50/oz Ag price, US $2,400/oz Au price, 80% process recovery for Ag, and 58% process recovery for Au.The constraining open pit optimization parameters used and overall operational cost of US $11.31/t.The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income]In-situ bulk density were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.The Mineral Resource was estimated by Mr. Peralta, B.Sc., FAusIMM CP (Geo), Independent Qualified Person under NI 43-101.Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource.All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.QA/QC and Core Sampling Protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the Company's geologists in accordance with industry best practices. Drill core is transported from the drill platform to the logging facility where drill data is compared and verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals at site; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to assess sampling precision and reproducibility. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

All samples are received by the ASA (Alex Stewart Argentina) preparation laboratory in Salta, where they are prepared, then the pulp sachet is directly dispatched to its facility in Mendoza, Argentina, where they are analyzed. All samples are analyzed using a multi-element technique consisting of a four-acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are re-analyzed using four acid digestion with an ore grade AAS finish.

Qualified Persons

David O'Connor P.Geo., Chief Geologist for AbraSilver, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.

About AbraSilver

AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina. The current Measured and Indicated Mineral Resource estimate for Diablillos (tank leach-only) consists of 73.1 Mt grading 79 g/t Ag and 0.66 g/t Au, containing approximately 186Moz silver and 1.6Moz gold, with significant further upside potential based on recent exploration drilling. The Company is led by an experienced management team and has long-term supportive shareholders. In addition, the Company has an earn-in option and joint venture agreement with Teck on the La Coipita project, located in the San Juan province of Argentina. AbraSilver is listed on the Toronto Stock Exchange under the symbol "ABRA" and in the U.S. on the OTCQX under the symbol "ABBRF."

For further information please visit the AbraSilver Resource website at www.abrasilver.com, our LinkedIn page at AbraSilver Resource Corp., and follow us on X at www.x.com/abrasilver

Cautionary Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in the Company's disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275010

Upholds San Jose Water’s current 9.81% allowed return on equity (ROE), which is the CPUC-approved 10.01% base ROE prior to a 20-basis-point reduction related to the Water Conservation Memorandum Account (WCMA)Timing for next cost of capital filing will be May 1, 2027, effective Jan. 1, 2028Water Cost of Capital Mechanism (WCCM) remains in place until Jan. 1, 2028
SAN JOSE, Calif., Nov. 19, 2025 (GLOBE NEWSWIRE) -- H2O America (NASDAQ: HTO) announced today that its wholly owned subsidiary, San Jose Water Company, along with three other California water utilities (the “Joint Parties”) received a letter dated Nov. 18, 2025, from the Executive Director of the California Public Utilities Commission (“CPUC”) granting the Joint Parties’ request to defer their scheduled 2026 Cost of Capital (“COC”) filings to May 1, 2027.

On Nov. 10, 2025, the Joint Parties filed a request for a one-year postponement of their COC filings otherwise scheduled to be filed on May 1, 2026. Pursuant to the CPUC’s rate case plan, the Joint Parties are required to file their COC applications every three years. The last COC decision was issued on June 29, 2023. The Joint Parties previously requested one-year deferments for 2025 and 2026, which were granted. Postponing the filing for one additional year alleviates administrative processing costs for both the Joint Parties and CPUC staff.

“This approval provides greater clarity and stability for our customers through 2027,” said San Jose Water Company President, Tanya Moniz-Witten. “We deeply appreciate the CPUC’s support and timely response, and we are confident this positions us well for continued success.”

The deferral includes a provision that the WCCM remains in place until Jan. 1, 2028. The WCCM allows the ROE to adjust up or down in accordance with the movement in the Moody’s Aa Utility Bond Index.

San Jose Water’s 9.81% ROE will remain in effect through 2027 absent an adjustment by the WCCM.  As a reminder, the 9.81% ROE reflects our CPUC-approved 10.01% base ROE prior to a 20-basis-point reduction related to the WCMA.  The WCMA is a temporary revenue protection mechanism authorized by the CPUC due to a voluntary 15% water reduction request from San Jose Water’s water wholesaler because a large reservoir is offline for seismic dam improvements.

About H2O America

H2O America is among the largest investor-owned pure-play water and wastewater utilities in the United States, providing life-sustaining and high-quality water service to over 1.6 million people. H2O America’s locally led and operated water utilities - San Jose Water Company in California, The Connecticut Water Company in Connecticut, The Maine Water Company in Maine, and SJWTX, Inc. (dba The Texas Water Company) in Texas - possess the financial strength, operational expertise, and technological innovation to safeguard the environment, deliver outstanding service to customers, and provide opportunities to employees. H2O America remains focused on investing in its operations, remaining actively engaged in its local communities, and delivering continued sustainable value to its stockholders. For more information about H2O America, please visit www.H2O-America.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws relating to future events and future results of H2O America and its subsidiaries that are based on current expectations, estimates, forecasts, and projections about H2O America and its subsidiaries and the industries in which H2O America and its subsidiaries operate and the beliefs and assumptions of the management of H2O America. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,” “should,” “will,” “approximately,” “strategy,” or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.

The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risks associated with the proposed transactions with Quadvest, including, the risk of the proposed transactions not closing on the anticipated timeline, or at all, the ability to obtain required regulatory approvals, and the ability to successfully integrate Quadvest’s operations and realize the projected financial and other benefits of the proposed transactions; (2) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures, PFAS and other decisions; (3) changes in demand for water and other services; (4) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (5) the effect of the impact of climate change; (6) unexpected costs, charges or expenses; (7) our ability to successfully evaluate investments in new business and growth initiatives; (8) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (9) the risk of work stoppages, strikes and other labor-related actions; (10) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (11) changes in general economic, political, legislative, business and financial market conditions; and (12) the ability to obtain financing on favorable terms, or at all (including the financing for the proposed transactions with Quadvest in a timely manner), which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions. The risks, uncertainties and other factors may cause the actual results, performance or achievements of H2O America to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results, performance or achievements are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of future performance, and speak only as of the date made, and H2O America undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

San Jose Water Media Contacts:
John B. Tang
Vice President of Regulatory Affairs
408.279.7933
[email protected]

Liann Walborsky
Director of Corporate Communications
408.918.7247
[email protected]

H2O America Investor Relations Contacts:
Ann P. Kelly
Chief Financial Officer and Treasurer
408.385.4752
[email protected]

Jonathan Reeder
Senior Director of Treasury and Investor Relations
475.414.1034
[email protected]

November 19, 2025 07:30 ET

 | Source:

Jayud Global Logistics Ltd

Jiniu Aviation Services Expands Low-Altitude Economy Business with Guangdong Guangsheng Aviation Partnerships

SHENZHEN, China, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Jayud Global Logistics Limited (NASDAQ: JYD) ("Jayud" or the "Company"), a leading end-to-end supply chain solution provider based in Shenzhen, specializing in cross-border logistics, today announced that its majority-owned subsidiary, Shenzhen Jiniu Aviation Services Co., Ltd. ("Jiniu Aviation"), has received official certification from China's Civil Aviation Administration (CAAC) for drone pilot training operations and secured a strategic partnerships with Guangdong Guangsheng Low-Altitude Aviation Services, a leading state-backed Low-Altitude aviation service provider in the Guangdong-Hong Kong-Macao Greater Bay Area.

The CAAC certification enables Jiniu Aviation to conduct comprehensive drone pilot training programs, including hover and line operations, as well as commercial flight categories. The subsidiary has leveraged this certification to establish training partnerships with institutions in Gansu and Jiangxi provinces, as well as to secure specialized industrial service contracts for facade cleaning and timber transportation operations.

Expansion into China's Low-Altitude Economy

Jayud established Jiniu Aviation in 2021 to capitalize on China's rapidly expanding low-altitude economy sector. The Company maintains a 51% ownership stake in the subsidiary, which operates in Shenzhen's Longgang District and provides integrated aviation services, including intelligent control systems, satellite remote sensing applications, and CAAC-licensed training programs.

The low-altitude economy represents a significant growth opportunity in China's aviation sector, encompassing applications in logistics, agriculture, emergency services, and infrastructure inspection. Jiniu Aviation's comprehensive certification positions Jayud to participate in this expanding market while complementing the Company's existing logistics operations.

Operational Integration and Growth Plans

Jiniu Aviation's services extend beyond traditional pilot training to include industrial applications that align with Jayud's logistics expertise. Jiniu Aviation has secured contracts for specialized operations, including facade cleaning services covering 100,000 square meters and timber transportation projects that handle 1,000 tons of cargo, demonstrating the practical applications of drone technology in commercial operations.

The Company plans to expand Jiniu Aviation's training capabilities to 12 additional cities, including Xi'an, Lanzhou, Nanning, and Meizhou. Future initiatives include developing a 5,000 square meter (approximately 54,000 square foot) youth research and education base featuring drone technology, AI robotics, and artificial intelligence training programs. Additionally, Jiniu Aviation plans to launch specialized technical certification programs for aircraft assembly, debugging, and maintenance to address the growing demand for skilled technicians in the drone industry.

China's expanding drone market, forecast to grow at a 25.6 percent compound annual growth rate from 2024 to 2029 and surpass 600 billion yuan ($81.9 billion) by 2029, is driving increased demand for professional training services. With approximately 350 vocational colleges across China now offering programs in drone application technology, institutional partnerships represent a growing revenue stream for certified training providers. The educational partnerships and training operations Jiniu Aviation has secured provide recurring revenue opportunities while establishing Jayud's presence in China's developing low-altitude economy sector.

The subsidiary's expansion supports Jayud's broader strategy of diversifying service offerings while maintaining focus on supply chain solutions. Jiniu Aviation's integration with Jayud's existing logistics network creates opportunities to develop "aerial logistics" transportation platforms with fixed route services, potentially enhancing the Company's overall logistics efficiency and service capabilities.

Xiaogang Geng, Chairman of the Board and CEO of Jayud, stated, "Jiniu Aviation's CAAC certification and expanding partnerships represent our commitment to strategic diversification while leveraging our core logistics expertise. This subsidiary positions Jayud to participate in China's growing low-altitude economy while potentially enhancing its traditional supply chain operations through innovative aerial logistics solutions."

About Jayud Global Logistics Limited

Jayud Global Logistics Limited is one of the leading Shenzhen-based providers of end-to-end supply chain solutions in China, focusing on cross-border logistics services. The Company benefits from the unique geographical advantages of providing a high degree of support for ocean, air, and overland logistics. The Company has established a global operational network featuring logistics facilities throughout major transportation hubs in China and globally, with a footprint in 12 provinces in Mainland China and 16 countries across six continents. Jayud offers a comprehensive range of cross-border supply chain solutions, including freight forwarding, supply chain management, and other value-added services. With its strong service capabilities and research and development expertise in proprietary IT systems, the Company provides customized and efficient logistics solutions, fostering long-standing customer relationships. For more information, please visit the company’s website at https://ir.jayud.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:

Jayud Global Logistics Limited
Investor Relations Department
Email: [email protected]  

Investor Relations Contact:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]

November 19, 2025 7:30 AM EST | Source: American Tungsten Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2025) - American Tungsten Corp. (CSE: TUNG) (OTCQB: TUNGF) (FSE: RK90) ("American Tungsten" or the "Company") is pleased to announce key strategic appointments.

Carolyn Loder Joins Board of Directors

The Company welcomes Carolyn Loder to its Board of Directors. Ms. Loder brings decades of leadership in mineral rights, permitting, and stakeholder engagement, having served in senior roles across both private and public sectors. Her expertise in navigating complex regulatory landscapes and building consensus among diverse interest groups will be instrumental as American Tungsten scales its operations. Ms. Loder currently serves as a Director for Integra Resources (NYSE: ITRG) and K2 Gold (TSXV: KTO), and is a Board Advisor to Kodiak Copper. In 2023, she became the first living woman—and first woman in more than a century—to be inducted into the U.S. National Mining Hall of Fame.

As a key member of American Tungsten's management team, Mr. Austin Zinsser will step down from the Board of Directors, and will be focusing all of his efforts on his continuing role as Vice President of Exploration.

Michael Zehr Appointed Strategic Advisor

The Company has appointed Michael Zehr as a Strategic Advisor. With a distinguished background in government affairs, critical minerals policy, and capital markets, Mr. Zehr will support the Company's engagement with U.S. federal and state agencies as tungsten continues to gain recognition as a critical mineral essential to national security and industrial resilience. His expertise will be instrumental in advancing American Tungsten's permitting, funding, and strategic positioning initiatives within the evolving geopolitical landscape.

Appoints New Independent Auditor

The Board of American Tungsten has approved the appointment of a new independent auditor, Davidson & Company LLP, registered with both the Canadian Public Accountability Board (CPAB) and the Public Company Accounting Oversight Board (PCAOB). This change reflects the Company's commitment to enhance financial governance and regulatory compliance, and will help position American Tungsten for its planned uplisting to a senior U.S. exchange. The new auditor brings deep experience in cross-border reporting and public company audit standards, aligning with the Company's growth trajectory and institutional readiness.

The Company also announces that Murray Nye will be stepping down from the role of President and will move to Advisor. The Board and Management at American Tungsten Corp would like to extend their sincere gratitude for Mr. Nye's leadership and contribution to the Company, and look forward to his guidance as we progress.

"The addition of Carolyn Loder to our Board of Directors, alongside other recent appointments, reinforces American Tungsten's commitment to assembling a world-class leadership team," stated Ali Haji, CEO of American Tungsten. "These appointments strengthen our strategic capabilities as we advance the IMA Mine Project in Idaho and accelerate our mission to establish American Tungsten as a premier North American source of critical minerals."

ABOUT AMERICAN TUNGSTEN CORP.

American Tungsten Corp. is a Canadian exploration company focused on high-potential tungsten and magnetite assets in North America. The Company is advancing the Ima Mine Project in Idaho to commercial production, addressing critical metal scarcity in North America. The Company's Ima Mine Project is a historic and high-quality underground tungsten past-producing property on private-patented land well above the water table with significant infrastructure. The Company holds an exclusive option to acquire full ownership (subject to a 2% royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres.

CSE: TUNG
OTCQB: TUNGF
FSE: RK90

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.

This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the completion of the Offering on the terms described herein or at all, and the use of proceeds and available funds following the completion of the Offering and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company undertake no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275131

Rocket launch of DeStarlink Genesis-1 satellite expected December 2025.
Orbit AI integrates DeStarlink (the first decentralized Starlink-style network) and DeStarAI (orbital AI data centers) into a unified space infrastructure where data can flow, compute, and verify in Low Earth Orbit ("LEO") powered by Solar Energy.
Technologies and components from NVIDIA, Ethereum Foundation, Galaxy Space, Galactic Energy, SparkX Satellite, and AscendX Aerospace who are existing or planned suppliers.
USD$615B projected Global Satellite Market by 2032.

, /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company), a leader in distributed solar energy, battery storage, and clean energy infrastructure across North America, is collaborating with Orbit AI in the launch of a revolutionary space initiative known as the Orbital Cloud — where communications, compute, and verification converge in LEO powered by Solar energy.

The mission leverages cutting-edge satellite technology, high-performance AI compute hardware, blockchain verification systems, and clean-energy solutions to demonstrate a next-generation digital infrastructure in orbit.

Strategic Vision

Orbit AI is developing DeStarlink, the first decentralized low-Earth-orbit network for global connectivity, and DeStarAI, a suite of orbital AI data centers powered by solar arrays and naturally cooled in space. Together, these systems form the Orbital Cloud, a unified infrastructure layer designed to enable sovereign, censorship-resistant connectivity and in-orbit compute services.

Through its collaboration with Orbit AI, PowerBank intends to contribute advanced solar energy systems and adaptive thermal control solutions, reflecting its broader shift toward digital asset, data center, and RWA (Real World Asset) infrastructure, where solar power supports digital infrastructure deployments and high-growth AI markets. PowerBank's contribution focuses on solar power and adaptive thermal technologies essential to future satellite's "Execution Layer."

"The next frontier of human innovation isn't just in space exploration, it's in building the infrastructure of tomorrow above the Earth," said Dr. Richard Lu, CEO of PowerBank. "The combined markets for orbital satellites, in-orbit data centers, blockchain verification, and solar-powered digital infrastructure are projected to exceed $700 billion over the next decade. By integrating solar energy with orbital computing, PowerBank is helping create a globally sovereign, AI-enabled digital layer in space , which is a system that can help power finance, communications, and critical infrastructure."

"Orbit AI is creating the first truly intelligent layer in orbit — satellites that compute, verify, and optimize themselves autonomously," said Gus Liu, Co-Founder and CEO of Smartlink AI. "The Orbital Cloud turns space into a platform for AI, blockchain, and global connectivity. By leveraging solar-powered compute payloads and decentralized verification nodes, we are opening an entirely new potentially $700+ billion-dollar market opportunity — one that combines energy, data, and sovereignty to reshape industries from finance to government and Web3. PowerBank's expertise in advanced solar energy systems will be significant in supporting this initiative."

As Jeff Bezos recently commented at Italian Tech Week, Turin, Italy, October 2025[1]:

"We will be able to beat the cost of terrestrial data centres in space in the next couple of decades. These giant training clusters will be better built in space, because we have solar power there, 24/7 — no clouds, no rain, no weather. It already has happened with weather and communication satellites. The next step is going to be data centres and then other kinds of manufacturing."

Benefits of the Orbital Cloud

Energy & Efficiency: Solar-powered orbital computing bypasses terrestrial grid and cooling constraints.
Unified Infrastructure: Seamless integration of communication and compute layers for space-based data services.
Global Resilience: Designed to operate beyond geopolitical or national network controls.
Blockchain Verification: Genesis-1 will include an Ethereumwallet and blockchain node for verified transactions in orbit.

Market Opportunity

The Orbital Cloud intersects multiple rapidly expanding markets:

Orbital Infrastructure: USD $13.5B in 2024 → $21.3B by 2029 (CAGR ~9.6%)[2]
Global Satellite Market: projected USD $615B by 2032[3]
In-Orbit Data Centers: USD $1.77B in 2029 → $39.1B by 2035[4]
Satellite Data Services: ~$12.16B in 2024 → ~$55.24B by 2034 (CAGR ~16.3%)[5]

Combined, these markets represent a potential $700B+ growth opportunity over the next decade, driven by AI, blockchain, renewable energy, and digital-sovereignty demands.

Technologies and Ecosystem

The project intends to utilize advanced technologies and hardware from global leaders, including:

Ethereum Foundation – blockchain framework and wallet architecture.
NVIDIA Corporation – high-performance GPUs powering AI compute payloads.
Galaxy Space – satellite manufacturing components for future satellites.
Galactic Energy – launch systems and rocket technologies for future satellites.
SparkX Satellite – builder of the DeStarlink Genesis-1 satellite.
AscendX Aerospace – advanced rocket materials integrated into future satellite assemblies.

Investment and Mission Overview

PowerBank intends to complete an initial investment of US $50,000 in Orbit AI, providing an option to invest $1 million for equity of 2%, which with the approval of Orbit AI may be increased to up to US $10 million for equity of 20%, contingent on agreement on final terms and to be completed prior to the launch of DeStarlink Genesis-1 which is expected in December 2025.

Key Milestones

Q4 2025: Launch of Genesis-1 with Ethereumwallet, blockchain node, and initial AI inference payload.
2026: Expansion to 5–8 orbital nodes integrating compute and connectivity.
2027–2028: Full constellation rollout and commercialization of Orbital Cloud services.
2028–2030: Autonomous network governance; large-scale orbital compute and communication operations.

About Orbit AI

Orbit AI is a Singapore based pioneer in Aerospace. Cooperating with supply chain from China and US, the company is building a decentralized low-Earth orbit satellite network (DeStarlink) combined with orbital AI compute/data-center infrastructure (DeStarAI). The company plans blockchain verified nodes in space, solar-powered compute payloads and a mesh network architecture to deliver global connectivity and digital-sovereignty services. To learn more about Orbit AI please visit https://orbitAI.global or follow http://x.com/OrbitAI_OAI.

About PowerBank Corporation

PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.

Notes

[1]:https://www.reuters.com/business/energy/data-centres-space-jeff-bezos-thinks-its-possible-2025-10-03/

[2]:https://www.thebusinessresearchcompany.com/report/orbital-infrastructure-global-market-report?

[3]: https://www.alliedmarketresearch.com/press-release/satellite-market.html?

[4]:https://www.globenewswire.com/news-release/2025/04/08/3057428/28124/en/In-Orbit-Data-Centers-Market-Report-2025-Key-Players-like-NVIDIA-IBM-HPE-and-NASA-are-Pioneering-Scalable-Radiation-hardened-Computing-in-LEO.html?

[5]: https://www.precedenceresearch.com/satellite-data-services-market? 

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information ‎within the meaning of Canadian securities legislation (collectively, "forward-looking ‎statements") that relate to the Company's current expectations and views of future events. ‎Any statements that express, or involve discussions as to, expectations, beliefs, plans, ‎objectives, assumptions or future events or performance (often, but not always, through the ‎use of words or phrases such as "will likely result", "are expected to", "expects", "will ‎continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", ‎‎"projection", "strategy", "objective" and "outlook") are not historical facts and may be ‎forward-looking statements and may involve estimates, assumptions and uncertainties ‎which could cause actual results or outcomes to differ materially from those expressed in ‎such forward-looking statements. In particular and without limitation, this news release ‎contains forward-looking statements pertaining to the Company's expectations regarding industry trends and overall market growth; the details of the collaboration with Orbit AI and its expected benefits; the Company's contributions towards the collaboration with Orbit AI; the timelines for Orbit AI's operations the Company's growth strategies,  and the size of the Company's development pipeline. No assurance ‎can be given that these expectations will prove to be correct and such forward-looking ‎statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: the Company is able to raise sufficient financing to complete the announced investment into Orbit AI; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-‎Looking Statements" and "Risk ‎Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company fails to raise sufficient financing to complete the announced investment into Orbit AI; Orbit AI is unable to raise sufficient financing to complete its launch of satellites on the timelines proposed or at all; technical risks associated with Orbit AI's planned operations; the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar Project exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation and tariffs; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any global pandemic on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any ‎forward-looking statements, whether as a result of new information, future events or ‎otherwise, except as may be required by law. New factors emerge from time to time, and it ‎is not possible for the Company to predict all of them, or assess the impact of each such ‎factor or the extent to which any factor, or combination of factors, may cause results to ‎differ materially from those contained in any forward-looking statement. Any forward-‎looking statements contained in this news release are expressly qualified in their entirety by ‎this cautionary statement.‎

SOURCE PowerBank Corporation

November 19, 2025 7:30 AM EST | Source: Glow Lifetech Corp.
Toronto, Ontario--(Newsfile Corp. - November 19, 2025) - Glow Lifetech Corp. (CSE: GLOW) (OTCID: GLWLF) (FSE: 9DO) ("Glow" or the "Company") is pleased to announce that it has achieved debt-free status, eliminating all outstanding debt and further strengthening its already strong balance sheet and financial flexibility. This milestone marks an important step in Glow's ongoing commitment to disciplined financial management positioning the business for long-term sustainable growth.

Over the past 18 months, Glow has made consistent progress improving its financial position through strategic debt reduction and operational efficiency. The Company has fully eliminated its remaining $368,509 in long-term debt and demand loans, further strengthening its balance sheet, reducing interest expenses, and enabling Glow to channel more cash flow directly into the growth initiatives. Since Q3 2024, Glow has reduced over $1.4 million in debt, reflecting the Company's disciplined financial management and commitment to operational efficiency, which has transformed its balance sheet to pave the way for long-term growth opportunities.

"Achieving debt-free status marks a significant milestone for Glow and a defining shift in our balance sheet from just one year ago," said Rob Carducci, CEO of Glow Lifetech. "By eliminating all debt, we've substantially strengthened our financial foundation, reduced interest expenses, and created more flexibility to invest in growth initiatives that matter most. This positions Glow to execute our growth agenda with confidence, continue strengthening our brands, and build sustainable long-term value for shareholders."

With a solid financial foundation and strong operating fundamentals, Glow is well-positioned to advance its national growth strategy, scale its category-leading brands, and continue progressing towards sustainable profitability.

SUBSCRIBE: For more information on Glow or to subscribe to the Company's mail list visit: https://www.glowlifetech.com/news

About Glow Lifetech Corp
Glow Lifetech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has a groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.

Website: www.glowlifetech.com

Contact:
Rob Carducci, CEO
Glow Lifetech Corp.
TF. 855-442-GLOW (4569)
[email protected]

FORWARD-LOOKING STATEMENTS
This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, and (iii) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of the Company's products; decreases in the prevailing prices for the Company's products; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company's public disclosure documents filed on SEDAR+ at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275032

, /PRNewswire/ -- XPLR Infrastructure, LP (NYSE: XIFR) today announced the results of the previously announced cash tender offer (the "offer") by its direct subsidiary, XPLR Infrastructure Operating Partners, LP ("XPLR OpCo") (the "offeror"), for any and all of its outstanding 3.875% senior notes due 2026 (the "OpCo 2026 notes").

As of 5:00 p.m., New York City time, on Nov. 18, 2025 (the "expiration time"), holders of $466,994,000 in aggregate principal amount (excluding tenders through guaranteed delivery procedures), representing approximately 93.40% of the outstanding OpCo 2026 notes, had validly tendered (and not validly withdrawn) their notes pursuant to the offer, which commenced on Nov. 12, 2025, as described in the offer to purchase, dated as of Nov. 12, 2025, and the related letter of transmittal and notice of guaranteed delivery (collectively, the "offer documents").

Subject to the satisfaction or waiver of the conditions set forth in the offer documents, including the consummation of the concurrent bond offering of at least $750 million aggregate principal amount of senior notes (the "financing condition"), settlement for OpCo 2026 notes validly tendered (and not validly withdrawn) prior to the expiration time and accepted for purchase in the offer, including notes submitted using the notice of guaranteed delivery, is expected to occur on Nov. 21, 2025 (the "settlement date").

Holders whose notes are accepted for purchase will receive tender consideration equal to $997.10 per $1,000 principal amount of notes accepted for purchase, plus accrued and unpaid interest from and including the last interest payment date up to, but excluding, the settlement date. 

Available documents and other details
In connection with the offer, XPLR Infrastructure retained Wells Fargo Securities, LLC as the dealer manager. Questions regarding the offer should be directed to Wells Fargo Securities, LLC at [email protected] or by calling collect at (704) 410-4820 or toll-free at (866) 309-6316. Requests for copies of the offer documents should be directed to D.F. King & Co., Inc., the tender agent and information agent for the offer, at [email protected] or by calling (212) 448-4476 or (866) 356-6140 (banks and brokers only). These documents are also available at www.dfking.com/XPLR.

None of the offeror, its general partner, XPLR Infrastructure, LP, the dealer manager, the tender agent and information agent, the trustee under the indenture governing the OpCo 2026 notes or any of their respective affiliates is making any recommendation as to whether holders should tender any OpCo 2026 notes in response to the offer. Holders must make their own decision as to whether to participate in the offer and, if so, the principal amount of OpCo 2026 notes as to which action is to be taken.

This press release is for information purposes only, and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The offer was not made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. 

XPLR Infrastructure, LP
XPLR Infrastructure, LP (NYSE: XIFR) is a limited partnership that has an ownership interest in a clean energy infrastructure portfolio with long-term, stable cash flows. XPLR Infrastructure is focused on delivering long-term value to its common unitholders through disciplined capital allocation of the cash flows generated by its assets and is positioning itself to benefit from the expected growth in the U.S. power sector. Headquartered in Juno Beach, Florida, XPLR Infrastructure's portfolio of contracted clean energy assets is diversified across generation technologies, including wind, solar and battery storage projects in the U.S.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of XPLR Infrastructure, LP (together with its subsidiaries, XPLR) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of XPLR's control. Forward-looking statements in this news release include, among others, statements concerning future financing activities. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of XPLR and its business and financial condition are subject to risks and uncertainties that could cause XPLR's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require XPLR to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: XPLR's business and results of operations are affected by the performance of its renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices for power; operation and maintenance of renewable energy projects, battery storage projects and other facilities involve significant risks that could result in unplanned power outages, reduced output or capacity, property damage, environmental pollution, personal injury or loss of life; XPLR's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather; XPLR depends on certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; developing and investing in power and related infrastructure, including repowering of XPLR's existing renewable energy projects, requires up-front capital and other expenditures and could expose XPLR to project development risks, as well as financing expense; threats of terrorism and catastrophic events that could result from geopolitical factors, terrorism, cyberattacks, or individuals and/or groups attempting to disrupt XPLR's business, or the businesses of third parties, may materially adversely affect XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; the ability of XPLR to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events at XPLR or NextEra Energy, Inc. (NEE), as well as the financial condition of insurers. XPLR's insurance coverage does not provide protection against all significant losses; XPLR relies on interconnection and transmission of third parties to deliver energy from certain of its projects. If these facilities become unavailable, XPLR's projects may not be able to operate or deliver energy; XPLR's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations and other standards, compliance with which may require significant capital expenditures, increase XPLR's cost of operations and affect or limit its business plans; XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan could be materially adversely affected by new or revised laws, regulations or executive orders, as well as by regulatory action or inaction; XPLR does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to XPLR's rights or the United States of America (U.S.) Bureau of Land Management suspends its federal rights-of-way grants; XPLR is subject to risks associated with litigation or administrative proceedings, as well as negative publicity; XPLR is subject to risks associated with its ownership interests in projects that undergo development or construction, including for repowering, and other capital improvements to its clean energy or other projects, which could result in its inability to complete development and construction at those projects on time or at all, and make those projects too expensive to complete or cause the return on an investment to be less than expected; XPLR relies on a limited number of customers and vendors and is exposed to credit and performance risk in that they may be unwilling or unable to fulfill their contractual obligations to XPLR or that they otherwise terminate their agreements with XPLR; XPLR may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs), lease agreement or other customer contracts at favorable rates or on a long-term basis and XPLR may not have the ability to amend existing PPAs for renewable energy repowering projects; if the energy production by or availability of XPLR's clean energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; XPLR's ability to develop and/or acquire assets involves risks; government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact XPLR and its ability to repower, acquire, develop or invest in clean energy and related projects; XPLR's ability to develop projects, including repowering renewable energy projects, faces risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; acquisitions of existing clean energy projects involve numerous risks; XPLR may develop or acquire assets that use other renewable energy technologies and may develop or acquire other types of assets. Any such development or acquisition may present unforeseen challenges and result in a competitive disadvantage relative to XPLR's more-established competitors; certain agreements which XPLR or its subsidiaries are parties to have provisions which may limit or preclude XPLR from engaging in specified change of control and similar transactions; XPLR faces substantial competition primarily from regulated utility holding companies, developers, independent power producers, pension funds and private equity funds for opportunities in the U.S.; regulatory decisions that are important to XPLR may be materially adversely affected by political, regulatory, operational and economic factors; XPLR may not be able to access sources of capital on commercially reasonable terms; restrictions in XPLR and its subsidiaries' financing agreements could adversely affect XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; XPLR may be unable to maintain its current credit ratings; XPLR's liquidity may be impaired if its credit providers are unable to fund their credit commitments to XPLR or to maintain their current credit ratings; as a result of restrictions on XPLR's subsidiaries' cash distributions to XPLR and XPLR Infrastructure Operating Partners, LP (XPLR OpCo) under the terms of their indebtedness or other financing agreements, cash distributions received by XPLR and XPLR OpCo from their subsidiaries could be reduced or not received at all; XPLR's and its subsidiaries' substantial amount of indebtedness, which may increase, may adversely affect XPLR's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness or refinance, extend or repay the indebtedness could have a material adverse effect on XPLR's financial condition; XPLR is exposed to risks inherent in its use of interest rate swaps; widespread public health crises and epidemics or pandemics may have material adverse impacts on XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; NEE has influence over XPLR; under the Cash Sweep and Credit Support Agreement, XPLR receives credit support from NEE and its affiliates. XPLR's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and XPLR will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) and certain of its affiliates are permitted to borrow funds received by XPLR OpCo or its subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by XPLR OpCo. XPLR's financial condition and ability to execute its business plan is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEER's right of first refusal may adversely affect XPLR's ability to consummate future sales or to obtain favorable sale terms; XPLR Infrastructure Partners GP, Inc. (XPLR GP) and its affiliates may have conflicts of interest with XPLR and have limited duties to XPLR and its unitholders; XPLR GP and its affiliates and the directors and officers of XPLR are not restricted in their ability to compete with XPLR, whose business is subject to certain restrictions; XPLR may only terminate the Management Services Agreement among XPLR, NextEra Energy Management Partners, LP (NEE Management), XPLR OpCo and XPLR Infrastructure Operating Partners GP, LLC under certain limited circumstances; if certain agreements with NEE Management or NEER are terminated, XPLR may be unable to contract with a substitute service provider on similar terms; XPLR's arrangements with NEE limit NEE's potential liability, and XPLR has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to XPLR than it otherwise would if acting solely for its own account; disruptions, uncertainty or volatility in the credit and capital markets, and in XPLR's operations, business and financing strategies, may exert downward pressure on the market price of XPLR's common units; XPLR may not make any distributions in the future to its unitholders as a result of the execution of its business plan; XPLR's ability to execute its business plan depends on the ability of XPLR OpCo's subsidiaries to make cash distributions to XPLR OpCo; holders of XPLR's units may be subject to voting restrictions; XPLR's partnership agreement replaces the fiduciary duties that XPLR GP and XPLR's directors and officers might have to holders of its common units with contractual standards governing their duties and the New York Stock Exchange does not require a publicly traded limited partnership like XPLR to comply with certain of its corporate governance requirements; XPLR's partnership agreement restricts the remedies available to holders of XPLR's common units for actions taken by XPLR's directors or XPLR GP that might otherwise constitute breaches of fiduciary duties; certain of XPLR's actions require the consent of XPLR GP; holders of XPLR's common units currently cannot remove XPLR GP without NEE's consent and provisions in XPLR's partnership agreement may discourage or delay an acquisition of XPLR that XPLR unitholders may consider favorable; NEE's interest in XPLR GP and the control of XPLR GP may be transferred to a third party without unitholder consent; reimbursements and fees owed to XPLR GP and its affiliates for services provided to XPLR or on XPLR's behalf will reduce cash distributions from XPLR OpCo and there are no limits on the amount that XPLR OpCo may be required to pay; the liability of holders of XPLR's units, which represent limited partnership interests in XPLR, may not be limited if a court finds that unitholder action constitutes control of XPLR's business; unitholders may have liability to repay distributions that were wrongfully distributed to them; the issuance of common units, or other limited partnership interests, or securities convertible into, or settleable with, common units, and any subsequent conversion or settlement, will dilute common unitholders' ownership in XPLR, will impact the relative voting strength of outstanding XPLR common units and issuance of such securities, or the possibility of issuance of such securities, as well as the resale, or possible resale following conversion or settlement, may result in a decline in the market price for XPLR's common units; XPLR's future tax liability may be greater than expected if XPLR does not generate net operating losses (NOLs) sufficient to offset taxable income, if the tax law changes, or if tax authorities challenge certain of XPLR's tax positions; XPLR's ability to use NOLs to offset future income may be limited; XPLR will not have complete control over XPLR's tax decisions; and distributions to unitholders may be taxable as dividends. XPLR discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and XPLR undertakes no obligation to update any forward-looking statements.

SOURCE XPLR Infrastructure, LP

NEW YORK, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Marex Group plc (“Marex”; NASDAQ: MRX), the diversified global financial services platform, has launched its structured products business in the United States to serve demand from registered investment advisors (RIAs), broker-dealers, and private banks seeking greater issuer and credit diversification. The expansion is led by Scott Kerbel, recently appointed Head of US Distribution for Marex Financial Products.

Marex Financial Products brings its established structured products expertise to the US market, drawing on a global business that has issued more than 20,000 structured products. As a globally active non-bank issuer, Marex offers advisors an additional source of diversification alongside faster product turnaround and transparent pricing.

Structured investments are evolving from short-term yield tools toward becoming part of core portfolio allocations, a shift Marex supports through easy access, competitive pricing, and scalable structuring capabilities. The US business plans to deliver a broad and flexible range of structured investment solutions, drawing on Marex’s global structuring expertise, designed for RIAs, broker-dealers, and private banks.

Joost Burgerhout, Head of Financial Products said, “This is a pivotal moment for the US structured-products market, with increasing volumes on track for $220Bn in 2025 (source: SPi, part of WSD), as advisors continue to seek tailored investment solutions designed to deliver defined outcomes for clients. There has not been a new issuer in the US market for several years and end users are finding that amongst existing issuers, their concentration of credit risk is increasing. Marex, as a non-bank issuer, has a different credit risk profile than existing bank issuers and therefore truly provides for credit risk diversification. With Scott leading our US efforts and drawing on his strong industry relationships alongside Marex’s global structuring expertise, we’re well placed to serve this growing advisor base.”

Scott brings more than two decades of structured-investment experience from senior roles at HSBC, Credit Suisse, and Wells Fargo. Under his leadership, Marex is expanding its US team to deepen client coverage and to strengthen relationships with financial professionals.

Scott Kerbel, Head of US Distribution said, “Advisors are looking for greater choice and clarity in how structured investments are delivered. I’m pleased to be leading this initiative in the US where Marex’s global experience and responsiveness can be helpful to advisors seeking access to solutions that meet their clients’ objectives.”

Ram Vittal, CEO, Americas “In a market concentrated with bank issuers, Marex’s structured products business will provide investors with credit diversification. The offering expands our product capabilities in the region while leveraging our existing operating infrastructure efficiently, marking an exciting milestone in our continued growth across the Americas.”

Contact us

Jennifer Hallahan
Head of Marketing and Communications, Americas
[email protected]

Emma Cormerais
Head of Marex Solutions Business Development
[email protected]

About Marex

Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

KUALA LUMPUR, Nov. 19, 2025 (GLOBE NEWSWIRE) -- CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of the Banle Group (“Banle” or “the Group”), a leading marine fuel logistics company in the Asia-Pacific region, is pleased to announce the appointment of Mr. Yuan He to its board of directors, effective December 1, 2025.

Mr. Yuan He has been serving as senior vice president of the Company and its predecessor entity since the inception of the Group in 2015. He is primarily responsible for the bunkering business division and the Group’s management and strategic development. With over 17 years of experience in the oil and gas-related industries and business management, Mr. He plays a pivotal role in positioning the Group as a key player in the competitive marine fuel logistics market. He holds a bachelor’s degree in engineering and a master’s degree in science from the University of Wollongong, Australia.

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “I am pleased to welcome Mr. Yuan He to the CBL Board. As a longstanding member of our senior leadership team, his extensive experience in the oil and gas sectors and his proven record in business management will be a significant asset to the Board. His appointment to the Board formalizes his long-standing strategic contributions and reflects our commitment to strengthening the Company’s governance structure and ensuring we are well-positioned to continue expanding our footprint and seizing emerging opportunities in the marine fuel and logistics sectors.”

About the Banle Group

CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistics company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with a one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in 65 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam. The Group actively promotes the use of sustainable fuels and has been awarded the ISCC EU and ISCC Plus certifications.

For more information about our Company, please visit our website at: https://www.banle-intl.com.

CBL INTERNATIONAL LIMITED
(Incorporated in the Cayman Islands with limited liabilities)

Strategic Financial Relations Limited
Shelly Cheng Tel: (852) 2864 4857
Iris Au Yeung Tel: (852) 2114 4913
Email: [email protected]

CANADA - 2025/09/15: In this photo illustration, the Circle Internet Group logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Circle Internet Group (NYSE:CRCL) stock has experienced a challenging month, decreasing by approximately 40 percent and currently trading around $76. This is a significant adjustment, but it’s important to note that the stock was initially priced at $31 during its remarkable June IPO and is still valued at more than two-and-a-half times that amount. The decline is indicative of various pressures coming together at once. The company’s recent quarterly performance appeared robust at first glance — its third-quarter revenue surged 66% year-over-year to $740 million, and adjusted EBITDA rose from $126 million to $166 million. Nevertheless, Circle has also increased its projected operating expenses for the fiscal year, which seems to have triggered a sell-off. Additionally, broader economic factors have contributed to the ongoing pressure.

The primary macroeconomic factor is interest rates. There is a growing debate in the market regarding the trajectory of U.S. interest rate cuts. While a cut in December seems less probable, 2026 appears to be on track for reductions as inflation subsides and unemployment remains stable. Typically, most high-growth tech companies would welcome this type of outlook. However, Circle is not among them. More than 90 percent of its revenue last quarter was derived from interest accrued on the cash and Treasuries backing its stablecoins. Lower rates translate to decreased yield income, meaning a declining interest rate environment could be detrimental.

USDC Is Core of Circle’s BusinessCircle’s operations remain centered around USDC, the dollar-linked stablecoin that functions on networks like Ethereum, Solana, and Tron. USDC continues to grow rapidly. Its circulation reached 73.7 billion dollars in the latest quarter, marking an increase of 108 percent compared to a year ago, and Circle anticipates long-term annual growth of about 40%. This growth is not solely a result of increased crypto trading volume. USDC is being used more frequently for cross-border remittances, B2B transactions, and international treasury operations.

There is also an improvement in regulatory clarity. The GENIUS Act, which was passed in July 2025, established the first federal framework for payment stablecoins. This represents a significant advancement: it provides banks, fintech companies, and corporations a more stable environment to integrate stablecoins into everyday operations. Nonetheless, USDC still falls short compared to its larger competitor. Tether’s USDT holds a significantly greater share of the dollar stablecoin market.

Building Payment RailsCircle is establishing itself as more than just a USDC issuer by creating the essential infrastructure for next-generation payments. The Arc test network — which is already attracting interest from over 100 companies — serves as the blockchain layer where developers and financial entities can eventually facilitate quicker, programmable money flows, potentially supported by a native token. CPN represents the other half of the strategy: the off-chain payments network, which currently involves 29 institutions that have committed to it and many more that are assessing its viability. Arc functions as the on-chain rails, directly coordinating transactions on a blockchain, while CPN acts as the off-chain rails, enabling organizations to transfer USDC balances without the necessity of a blockchain for each transfer.

MORE FOR YOU

This initiative places Circle in direct competition with major payments players such as Visa (NYSE: V) and Mastercard (NYSE:MA), in addition to the crypto networks it currently relies on like Ethereum and Solana. This change is significant, as Circle not only would issue digital currency but also manage the system that enables transactions and may collect fees. The key challenge, however, lies in gaining adoption. A network is only effective if a sufficient number of participants utilize it, and various others are in the process of developing their own systems. Circle must demonstrate that Arc is valuable enough to build upon. In addition to this, there are other risks to consider.

A Risky BetAlthough the long-term strategy is ambitious, the immediate future carries significant risks. Demand for stablecoins is historically cyclical, increasing during crypto bull markets — when trading activity is high — and weakening during recessions. The volatility within the crypto market accentuates this point. Coinbase (NASDAQ:COIN), an industry benchmark, traded at over $340 in late 2021 but plummeted to about $30 by early 2023, marking a decrease of nearly 90 percent. This decline occurred even with Coinbase generating $7.4 billion in revenue and $3.6 billion in profit in 2021. Circle is not yet functioning on that scale. For the fiscal year ending March 2025, Circle reported revenue of $1.89 billion and approximately $172 million in profit. A prolonged downturn in the crypto market or a sharp drop in interest income would likely have a more substantial impact on Circle’s stock.

The Trefis High Quality (HQ) Portfolio, which consists of 30 stocks, has consistently outperformed its benchmark, which includes the S&P 500, Russell 2000, and S&P midcap. What accounts for this? In aggregate, HQ Portfolio stocks provide superior returns with less risk compared to the benchmark index; it’s less of a turbulent ride, as evidenced by the HQ Portfolio performance metrics.

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today Nov. 19th:

Great Lakes Dredge & Dock (GLDD - Free Report) : This company, which is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.8% over the last 60 days.

Great Lakes Dredge & Dock has a PEG ratio of 0.91 compared with 4.78 for the industry. The company possesses a Growth Score of A.

Skillsoft (SKIL - Free Report) : This company, which delivers digital learning, training and talent solutions, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 519.3% over the last 60 days.

Skillsoft has a PEG ratio of 0.29 compared with 0.31 for the industry. The company possesses a Growth Score of B.

Alarm.com (ALRM - Free Report) : This company, which offers interactive security solutions for home and business owners, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.5% over the last 60 days.

Alarm.com has a PEG ratio of 1.52 compared with 3.10 for the industry. The company possesses a Growth Score of B.

See the full list of top ranked stocks here.

Learn more about the Growth score and how it is calculated here.

Short-term traders sell in panic while miners accumulate. A market split historically signaling Bitcoin's final phase of a correction.

Bitwise CIO pushes back on bear market fears, says institutions want Bitcoin's value as a 'service'Markets
• November 19, 2025, 5:42AM EST

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Quick Take
Bitwise CIO Matt Hougan said Bitcoin’s value comes from its role as a digital wealth-storage “service” without relying on governments, banks, or other third parties.
Hougan argued that rising institutional demand for that service underpins Bitcoin’s long-term trajectory, despite recent market pullback concerns.
Bitwise Chief Investment Officer Matt Hougan pushed back on fears of a deeper Bitcoin downturn, arguing that the asset's long-term value stems from the "service" it provides rather than near-term price action.

Bitcoin has fallen around 27.5% since its all-time high of almost $126,000 on Oct. 6, briefly dipping below the $90,000 level this week, according to The Block's BTC price page. However, in a memo to clients late Tuesday, Hougan said he remains unconcerned about the current pullback, which he views as short-term in nature.

Hougan said he routinely begins advisor discussions by addressing a basic question: why does Bitcoin have any value at all? It doesn't generate profits, cash flow, or dividends, and it can't be physically touched, he noted, leading many to question how it can command a $2 trillion market cap. The answer, Hougan said, is to stop viewing Bitcoin as an object and instead see it as a service.

Bitcoin as a digital wealth-storage serviceAccording to Hougan, Bitcoin's service is the ability to store wealth digitally without relying on a government, bank, or other third party. Reframing it this way, he argued, removes the skepticism some feel toward buying something intangible, as we are all used to services having value, drawing a comparison to Microsoft.

"To say something obvious: The value of Microsoft's stock is tied to how many people want its service," Hougan said, adding that Bitcoin operates under a similar demand curve. "The more people who want Bitcoin's service, the more valuable it becomes; if fewer people wanted its service, the value would be lower; if no one wanted Bitcoin's service, its value would be zero," he wrote. But unlike Microsoft, "you can't subscribe to or rent Bitcoin's service. The only way you get the service is to buy the asset."

He pointed to Bitcoin's approximate 28,000% gain over the past decade as evidence of rising demand for that service. Today, he said, institutions such as Harvard's endowment, the Abu Dhabi sovereign wealth fund, prominent investors including Ray Dalio and Stan Druckenmiller, state pensions, and millions of individual holders all want access to it.

"In our increasingly digital age, with governments piling up more and more debt, I'm guessing a lot more people will want its service in the future," he concluded.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR James Hunt is a Senior Reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected]. See More

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As Bitcoin moves sideways and traders hunt for high-conviction opportunities, two altcoins are quietly gaining momentum: StarkNet (STRK) and MYX Finance (MYX). StarkNet price is strengthening its position in the Ethereum layer-2 race with rising staking activity and deeper cross-chain integration, while MYX Finance price is attracting fast-growing interest in the DeFi derivatives space with its gasless, slippage-free perpetual trading model. Together, they stand out as today’s notable movers, backed by expanding ecosystems and improving market sentiment.

StarkNet (STRK)StarkNet, built with zero-knowledge (ZK) rollup technology, continues to advance its mission of high-throughput, low-cost transactions on Ethereum. A major development: StarkNet introduced on-chain staking, enabling holders to earn rewards by delegating or validating with at least 20,000 STRK. 

Key Drivers:Staking Growth: According to the latest reports, around 900 million STRK (~20% of circulating supply) is now staked. This reduces the liquid circulating supply, which could support upward price pressure.Bitcoin Integration (BTCFi): StarkNet is incentivising Bitcoin DeFi through a staking/liquidity program, drawing BTC into its ecosystem and offering STRK rewards. Protocol Upgrades: Recent upgrades like the S-two prover (faster zero-knowledge proof generation) and more efficient consensus are helping scale StarkNet’s throughput while cutting costs. Starknet Price AnalysisThe STRK price has been on the rise since the start of the month, with a significant rise in the trading volumeThe bulls defended the pivotal support zone between $0.18 and $0.19 and triggered a strong upswing to surpass the interim resistance at $0.22. The supertrend has flipped bullish, while the CMF has risen and is heading towards the neutral levels at 0The chart patterns and the technicals suggest a bullish continuation and rise above $0.25 to reach $0.3.MYX Finance (MYX)MYX Finance is carving out a niche as a chain-abstracted perpetual DEX, enabling users to trade derivatives across blockchains without traditional friction. Its architecture features a “Universal Account” and a “Matching Pool Mechanism (MPM)” to deliver zero slippage, gasless execution, and deep liquidity. 

Key Momentum Drivers:MYX raised strong backing (e.g., from HashKey Capital and Consensys) and launched its native token through a Token Generation Event (TGE). It joined a $100 million BNB Chain incentive pool after being listed on Binance Alpha, validating its utility and strategic alignment with BNB infrastructure. The platform’s TVL crossed $37 million in just a week on BNB Chain, signaling strong user adoption. Token Price Action & Outlook:After a month-long consolidation, the MYX price is about to test one of the pivotal resistance zones between $3.5 and $4.01The token has attempted to clear the resistance zone, but has failed to pierce through the resistanceThe CMF & RSI are rising, which suggests the growing strength of the rally with enough influx of buying liquidityTherefore, the MYX price is believed to reach the interim resistance at $6, and if it secures the range, a rise to $8 could be imminent.Both StarkNet and MYX Finance are gaining traction for very different—but equally compelling—reasons. StarkNet’s expanding staking base and cross-chain push give it strong structural momentum, while MYX Finance’s rapid TVL growth and innovative perpetual trading model are drawing traders seeking fresh opportunities. With both ecosystems accelerating, STRK and MYX remain two altcoins worth watching closely as the market looks for its next breakout leaders.

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

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DeFi Liquidity is improving rapidly, and new tools are pushing it even further, with 1inch making a bold entry. 1inch is making this move with Aqua to unlock a new level of DeFi Liquidity for everyone.
This shift matters because on-chain activity continues to show a clear need for smarter DeFi Liquidity.

What is 1inch’s Aqua?
1inch describes Aqua as a shared liquidity protocol, and that idea alone marks a giant jump from the old days of pool-based systems. In the past, users had to split assets across several pools, and that made liquidity thin and inefficient. However, Aqua removes that problem.

With Aqua, a single wallet can run multiple strategies simultaneously. Your assets remain in your wallet while supporting several actions at once. The majority of users would want systems that allow them to have full custody while still providing access to advanced strategies.

Excited to see @1inch launching Aqua today, the first shared liquidity protocol

How does it work?

For example: one wallet turns into a self-managed AMM giant: multiple strategies accessing the same assets simultaneously, without fragmenting funds across pools, like in the old… pic.twitter.com/QQFY89u3IF

— Alex (@obchakevich_) November 17, 2025

The big promise here is Total Value Unlocked, not Total Value Locked. Aqua boosts DeFi Liquidity by enabling a single asset stack to serve many use cases. It multiplies efficiency and deepens markets. It raises potential profit, and you stay fully in control.

Forget TVL. It’s time for Total Value Unlocked.

1inch Aqua is the new liquidity protocol to change the face of DeFi.

Share assets across multiple strategies, without locking.

Deeper liquidity. Unlimited capital efficiency. Funds stay in your wallet.

Get developer access now… pic.twitter.com/0EkJIhDNX1

— 1inch (@1inch) November 17, 2025

This shift also reduces fragmentation. Instead of scattering tokens into different pools, you use one base. Aqua handles the strategies in parallel. It feels like turning your wallet into a self-managed AMM giant.

Aqua for Developers
1inch has opened Aqua to Web3 developers from the start. The SDK and libraries are already live on GitHub. Anyone can explore the system, test strategies, and build new tools on top of this shared liquidity model.

1inch Aqua is now open to Web3 devs.

Build, optimize and verify the potential of shared liquidity –

with the SDK and libraries already available.

Bounties up to $100k available for key contributions.

Help shape the open architecture that will unlock DeFi.

Start here:…

— 1inch (@1inch) November 17, 2025

There are also bounties up to $100K for major contributions. That is a strong sign that 1inch wants the community to shape Aqua. The protocol is open-architecture, and developer involvement is part of its core. The full Aqua frontend will go live in Q1 2026, but builders can start right now. The earlier developers jump in, the more advantage they gain.

Conclusion
1inch’s Aqua improves DeFi Liquidity by enabling a single set of assets to support many strategies without breaking ownership or control. It unlocks more efficiency, deeper markets, and better user experience. As on-chain behaviour continues to shift toward greater flexibility, Aqua comes in at the perfect time. It is a fresh step toward a more open and more unlocked DeFi future.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

U.S. senators are calling for an investigation into WLFI token sales after a report linked some buyers to sanctioned entities, raising national security concerns.

Emir Abyazov2 min read

19 November 2025, 10:59 AM

Senators Elizabeth Warren and Jack Reed have called on federal officials to investigate the possible sale of World Liberty Financial (WLFI) tokens to individuals allegedly associated with North Korea, Russia, and other sanctioned entities. They argue that the platform’s operations could pose risks to U.S. national interests.

Letter to Bessent and Bondi on WLFI token sales. Source: U.S. SenateIn a letter addressed to Attorney General Pam Bondi and Treasury Secretary Scott Bessent, the senators referenced a mid-September 2025 report by Accountable. According to that report, WLFI allegedly sold tokens to users involved in transactions with sanctioned counterparties.

The examples cited include a user known as Shryder.eth, said to be connected to a wallet believed to belong to the Lazarus Group; a user of Iranian crypto exchange NoBitex.ir; and a trader identified as 0x9009, who reportedly used the ruble stablecoin A7A5, linked to the sanctioned exchange Garantex.

The letter states:

“By selling these tokens, WLF has “take[n] money from people with open andobvious connections to enemies of the United States” and raised national security risks bygiving them “a seat at the table” to set WLF’s forward-looking governance policies.”

Concerns About Potential Conflicts of InterestThe senators also highlighted concerns about WLFI’s financial ties to the president’s family, arguing that the token sale could create a conflict of interest.

According to the letter, DT Marks DEFI LLC, a company reportedly linked to the Trump family, holds 22.5 billion WLFI tokens (valued at roughly $3 billion) and receives 75% of proceeds from the token sale.

The lawmakers asked the Department of Justice and the Treasury to provide answers by December 1, 2025, to four key questions:

What requirements apply to governance token holders on DeFi platforms?What national security risks could arise if token holders include individuals tied to sanctioned entities?Are there any ongoing inquiries into the sale of WLFI tokens to such individuals?Has any review been conducted into potential conflicts of interest involving the president’s crypto-related business ventures?This marks the latest request from political opponents of the administration. Senators previously urged an investigation into the pardon of former Binance CEO Changpeng Zhao, alleging potential improprieties — claims that remain unproven.

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Emir Abyazov

Editor-in-Chief at Coinpaper, scaling data-driven editorial ops, SEO-led discovery, and audience-first storytelling across crypto, AI, and fintech.