Market Signal Briefing

Industry research signals rising demand for stone; recent acquisitions and a 32-state footprint position Capstone to lead the market

NEW YORK CITY, NEW YORK / ACCESS Newswire / November 13, 2025 / Capstone Holding Corp. (NASDAQ:CAPS), a national building products distribution platform, today highlighted accelerating demand for stone in global construction markets. This industry trend is directly supportive of Capstone's strategy, as the company builds scale in stone distribution through Carolina Stone and its recently announced, on-track LOI.

Key Highlights:

Accelerating Stone Demand: Recent industry research projects a 4.1% CAGR for natural stone over the next five years, driven by rising adoption among developers and homeowners.

Scaled Stone Platform: Capstone has built a leading stone platform through HHT's Stone Business, Heller's Stone, Carolina Stone, and a recently signed LOI, positioning the company to capitalize on this demand tailwind.

Expanding Distribution Footprint: Capstone operates across 32 states with a strong network of proprietary brands, positioning it to meet growing demand with consistent supply and quality.

Strong Outlook: With stone demand rising and a remodeling rebound expected, Capstone reaffirms its $100 million 2026 run-rate revenue target and highlights continued gross-margin expansion.

Sustainability is one of the most important trends in residential and commercial construction. Energy-efficient building practices deliver measurable ROI, often reducing operating costs by up to 40 percent.1 Recent research shows stone is the most effective material in sustainable construction, fueling a surge in demand for stone products.2

Capstone Holding Corp. built a platform of high-quality stone manufacturers and distributors through its acquisitions of HHT's Stone Business, Heller's Stone, and Carolina Stone, along with its recently signed LOI. Today, the company has a scaled presence in one of the fastest-growing categories in building products, supported by a 32-state distribution network and a growing family of proprietary brands.

"We're seeing a renaissance in demand for stone products, and given their durability, sustainability, and aesthetic advantages, we expect this momentum to continue," said Matthew Lipman, CEO of Capstone Holding Corp. "Through a series of strategic acquisitions, we've built one of the most sophisticated and scaled stone distributors in the United States, and we believe we are exceptionally well-positioned to capture this market tailwind."

A recent report from Grand View Research projects the natural stone market will grow at a 4.1 percent compound annual rate over the next five years.3 Similar momentum is underway in the U.K., where builders are being encouraged by both public and private stakeholders to adopt stone.4 The global nature of this trend suggests Capstone will benefit from a durable and expanding demand tailwind in the years ahead.

"Our acquisitions continue to put us at the forefront of a very exciting market," said Lipman. "We see this tailwind, combined with a rebound in remodeling demand, setting us up for a very strong 2026."

Capstone reaffirms its $100 million run-rate revenue target for 2026. The company also reported record gross-margin expansion in Q2 2025, rising to 24.4% from 21.4% in the prior-year period.

About Capstone Holding Corp.

Capstone Holding Corp. (NASDAQ:CAPS) is a diversified platform of building products businesses focused on distribution, brand ownership, and acquisition. Through its Instone subsidiary, Capstone serves 32 U.S. states, offering proprietary stone veneer, hardscape materials, and modular masonry systems. The company's strategy combines disciplined M&A, operational efficiency, and a growing portfolio of owned brands to build a scalable and durable platform.

Investor Contact

Investor Relations
Capstone Holding Corp.
[email protected]
www.capstoneholdingcorp.com

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements relate to future events and performance, including guidance regarding revenue and EBITDA targets, M&A strategy, use of capital, and operating outlook. Actual results may differ materially from those projected due to a range of factors, including but not limited to acquisition timing, macroeconomic conditions, and execution risks. Please review the Company's filings with the SEC for a full discussion of risk factors. Capstone undertakes no obligation to revise forward-looking statements except as required by law.

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The homes that do sell are taking a long time to find buyers, who are wary of high housing costs and economic instability

SEATTLE--(BUSINESS WIRE)--U.S. pending home sales fell 0.3% from a year earlier during the four weeks ending November 9, a tiny decline but the first in four months, according to a new report from Redfin, the real estate brokerage powered by Rocket.

The homes that are selling are staying on the market longer: Homes are taking a median of 49 days to go under contract, the longest span for this time of year since 2019.

House hunters are hesitant because costs are high and the economy is uncertain:

The weekly average mortgage rate rose to 6.22% after dropping to a year-low of 6.17% a week earlier after the Fed indicated it may not cut interest rates in December.

The median home-sale price increased 2.4% year over year, the biggest jump in six months.

Many would-be buyers are wary of purchasing a home while the U.S. economy feels unstable. More than 20% of Americans are delaying a major purchase like a home or car due to the government shutdown, and another 15% have canceled a major purchase altogether, per a recent Redfin survey.

The selling side is holding up better, with hundreds of thousands more sellers than buyers in the market nationwide. Redfin agents recommend sellers price their home realistically from the start to attract buyers. This week, new listings of homes for sale are up 3.4% year over year, similar to the increases Redfin has seen over the last month.

Agents also report that some would-be buyers are waiting for mortgage rates to dip below 6% before making a move.

“House hunters are sensitive to rates and prices; many are waiting for one or both to drop before buying,” said W.J. Eulberg, a Redfin Premier agent in Milwaukee. “But that’s not always a great strategy. If mortgage rates come down significantly, there will be more bidding wars. And if prices drop, it will probably be because the economy has weakened and people are losing their jobs. For people who can afford a home now, they may consider jumping into the market while competition is low and many sellers are willing to negotiate on price or offer concessions like funds to cover closing costs.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity

Value (if applicable)

Recent change

Year-over-year change

Source

Daily average 30-year fixed mortgage rate

6.29% (Nov. 12)

Up from 6.13% two weeks earlier

Down from 7.02%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.22% (week ending Nov. 6)

Up slightly from the week before, but near lowest level in a year

Down from 6.79%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

Up 6% from a week earlier (as of week ending Nov. 7)

Up 31%

Mortgage Bankers Association

Redfin Homebuyer Demand Index

Highest level since June (as of week ending Nov. 9)

Down 6%

A measure of tours and other homebuying services from Redfin agents

Google searches of “homes for sale”

Up about 20% from a month earlier (as of Nov. 9)

Up more than 20%

Google Trends

Touring activity

Up 10% from the start of the year (as of Nov. 9)

At this time last year, it was down 5% from the start of 2024

ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Nov. 9, 2025

Redfin’s national metrics include data from 400+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.

Four weeks ending Nov. 9, 2025

Year-over-year change

Notes

Median sale price

$393,700

2.4%

Biggest increase in 6 months

Median asking price

$391,750

2.6%

Biggest increase in 5 months

Median monthly mortgage payment

$2,495 at a 6.22% mortgage rate

-1.9%

Lowest level since start of the year

Pending sales

75,287

-0.3%

First decline in over 4 months

New listings

81,265

3.4%

Active listings

1,189,896

6.3%

Smallest increase since Feb. 2024

Months of supply

4.6

+0.5 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions

Share of homes off market in two weeks

28.5%

Down from 31%

Median days on market

49

+6 days

Share of homes sold above list price

22.8%

Down from 25%

Average sale-to-list price ratio

98.3%

Down from 98.7%

Metro-level highlights: Four weeks ending Nov. 9, 2025

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Notes

Median sale price

Philadelphia (9.8%)

Detroit (9.7%)

Newark, NJ (8%)

Cincinnati (7.9%)

Cleveland (7.7%)

Dallas (-4.5%)

Jacksonville, FL (-3.5%)

San Jose, CA (-2.1%)

Fort Worth, TX (-1.9%)

San Diego (-1.7%)

Declined in 15 metros

Pending sales

West Palm Beach, FL (21.8%)

Cleveland (11.7%)

Phoenix (8.8%)

Miami (8.5%)

Fort Lauderdale, FL (7%)

Seattle (-19.2%)

San Jose, CA (-16.7%)

Minneapolis (-11%)

Detroit (-10.7%)

Virginia Beach, VA (-10.4%)

New listings

Minneapolis (13.4%)

Montgomery County, PA (13%)

Phoenix (12.5%)

Cincinnati (12.2%)

Detroit (11.6%)

Orlando, FL (-12.1%)

Tampa, FL (-9.5%)

Sacramento, CA (-9.2%)

San Antonio (-8.9%)

Jacksonville, FL (-8.2%)

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-decline-buyers-waiting-for-lower-rates

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

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November 13, 2025 07:30 ET

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LAVA Therapeutics N.V.

UTRECHT, The Netherlands, and PHILADELPHIA, Nov. 13, 2025 (GLOBE NEWSWIRE) -- LAVA Therapeutics N.V. (“LAVA”) (Nasdaq: LVTX) today announced that 22,877,463 of LAVA’s common shares, representing approximately 87% of LAVA’s outstanding common shares, were validly tendered and not withdrawn prior to the expiration of the initial offering period one minute after 11:59 p.m. Eastern Time on November 12, 2025. As a result, the minimum tender condition and other conditions of the previously announced tender offer (the “Offer”) of XOMA Royalty Corporation (“XOMA Royalty”) to acquire LAVA have been satisfied. All validly tendered shares are expected to be accepted for payment on or about November 13, 2025.

The subsequent offering period has now commenced. LAVA shareholders who have not yet tendered their common shares may still tender during the subsequent offering period, which will expire one minute after 11:59 p.m. Eastern Time on November 20, 2025. Any common shares tendered during the subsequent offering period may not be withdrawn. LAVA’s common shares are expected to be suspended from trading on the Nasdaq Global Select Market prior to the opening of the market on or about November 21, 2025.

LAVA also announced today that it has submitted written notice to Nasdaq of its intention to voluntarily delist its common shares from Nasdaq. The voluntary delisting is subject to and conditioned upon the acquisition by XOMA Royalty of all common shares validly tendered and not properly withdrawn in accordance with the previously disclosed purchase agreement entered into between LAVA and XOMA Royalty. On or about November 24, 2025, LAVA expects Nasdaq will file with the U.S. Securities and Exchange Commission ("SEC") a notification of removal from listing of its common shares on Nasdaq. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO filed by XOMA Royalty with the SEC (as amended and supplemented).

About LAVA Therapeutics
LAVA Therapeutics N.V. is a biopharmaceutical company that has developed several clinical-stage bispecific gamma delta T cell engagers using its proprietary Gammabody® platform, including JNJ-89853413, targeting CD33 and hematologic cancers (NCT06618001), partnered with Johnson & Johnson, and PF-08046052, targeting EGFR and solid tumors (NCT05983133), partnered with Pfizer, Inc. For more information on LAVA, please visit www.lavatherapeutics.com.

Gammabody® is a registered trademark of LAVA Therapeutics N.V.

LAVA’s Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “could”, “will”, “may”, “expect”, “should”, “plan”, “intend”, “estimate”, “potential”, “suggests”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on LAVA’s expectations and assumptions as of the date of this press release and are subject to various risks and uncertainties that may cause actual results to differ materially from these forward-looking statements. As a result, a number of important factors could cause actual results to differ materially from those indicated by such forward-looking statements, including: the risk that the transactions may not be completed in a timely manner, or at all, which may adversely affect LAVA’s business and the price of its common shares; the delay or failure of the conditions of the Offer to be satisfied (or waived); the possibility that competing offers will be made; significant costs associated with the transactions; the risk that any shareholder or other litigation in connection with the transactions may result in significant costs of defense, indemnification and liability; the risk that activities related to the CVR Agreement may not result in any value to LAVA’s shareholders, including payments related to the resolution of certain potential liabilities; the possibility that prior to the completion of the transactions, LAVA’s or XOMA Royalty’s business may experience significant disruptions due to transaction-related uncertainty; the effects of disruption from the transactions of LAVA’s business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees, manufacturers, suppliers, vendors or business partners; the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; as well as potential adverse effects on LAVA’s business condition and results from general economic and market conditions and overall fluctuations in the United States and international equity markets, including as a result of inflation, heightened interest rates, recent and potential future pandemics and other health crises, and hostilities, including the Russian invasion of Ukraine and the conflict in the Middle East. These and other risks are described in greater detail under the caption “Risk Factors” in LAVA’s most recent Annual Report on Form 10-K and other filings LAVA makes with the SEC. LAVA assumes no obligation to update any forward-looking statements contained herein whether as a result of any new information, future events, change in expectations or otherwise, except as otherwise required by law.

Additional Information and Where to Find It
The description contained in this press release is for informational purposes only and is not a recommendation, an offer to buy or the solicitation of an offer to sell any shares of LAVA’s common shares. XOMA Royalty has filed a Tender Offer Statement on Schedule TO and LAVA has filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC related to the tender offer.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES (INCLUDING THE TERMS AND CONDITIONS OF THE OFFER).

Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the Offer, which is named in the tender offer statement. Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by LAVA under the “SEC Filings” subsection of the “Financials & Filings” section of LAVA’s website at https://ir.lavatherapeutics.com or by accessing the Investor Relations sections of XOMA Royalty’s website at https://www.investors.xoma.com.

LAVA Therapeutics Investor Contact
Fred Powell
LAVA Therapeutics
+1 800-311-6892
[email protected]

Reported late-breaking Phase 2 data at SITC for vilastobart demonstrating a 40% ORR in heavily pretreated patients with MSS mCRC without liver metastases and high plasma tumor mutational burden  Presented Phase 1 data at SITC for efarindodekin alfa showing promising monotherapy anti-tumor activity and generally well-tolerated safety profile in patients with advanced solid tumors Announced new preclinical data at SITC for masked T cell engager programs supporting best-in-class potential and showing efficient masking, potent anti-tumor activity and broad therapeutic index Anticipate cash runway into the first quarter of 2027 WALTHAM, Mass., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Xilio Therapeutics, Inc. (Nasdaq: XLO), a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies for people living with cancer, today announced pipeline progress and business updates and reported financial results for the third quarter ended September 30, 2025.

Strong financial position with cash, cash equivalents and marketable securities of $93.7M     Moderna litigation U.S. trial scheduled for March 2026; Favorable claim construction ruling in Pfizer-BioNTech litigation issued in September 2025     Additional analysis of imdusiran (AB-729) clinical data shows: - 46% of Phase 2a patients met criteria to discontinue all treatment - 94% of long-term follow-up patients remain off all treatment for up to 2+ years - 100% of HBV DNA positive patients in Phase 1b achieved HBV DNA levels belowquantification after only 18 weeks of imdusiran and nucleos(t)ide analogue therapy - All HBV e-antigen positive patients demonstrated dose-dependent HBV e-antigen decreases     WARMINSTER, Pa., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Arbutus Biopharma Corporation (Nasdaq: ABUS) (“Arbutus” or the “Company”), a clinical-stage biopharmaceutical company focused on infectious disease, today reported third quarter 2025 financial results and provided a corporate update.

Third quarter 2025 GAAP net income of $4.05 million or $0.30 per basic weighted average common share and Distributable Earnings(1) of $4.12 million or $0.31 per basic weighted average common share

November 13, 2025 07:33 ET

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Sunrise Realty Trust, Inc.

WEST PALM BEACH, Fla., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”), a lender on the Tannenbaum Capital Group (“TCG”) Real Estate platform, today announced its results for the quarter ended September 30, 2025.

SUNS reported generally accepted accounting principles (“GAAP”) net income of $4.05 million or $0.30 per basic weighted average common share and Distributable Earnings of $4.12 million or $0.31 per basic weighted average common share for the third quarter of 2025.

Brian Sedrish, Chief Executive Officer of SUNS, said, “Our accomplishments during the third quarter demonstrate our continued focus on the strategic objectives we established approximately eighteen months ago as we continue building a new-vintage, premier commercial mortgage REIT. We remain focused on originating loans to borrowers of transitional real estate assets located primarily in the Southern United States. The progress achieved this quarter reflects continued execution toward our core goals – delivering a consistent and stable dividend, diversifying our portfolio across asset classes, geographies and borrowers, and utilizing efficiently priced senior and unsecured financing to support prudent growth.”

Common Stock Dividend

On October 15, 2025, the Company paid a cash dividend of $0.30 per common share for the third quarter of 2025. SUNS distributed $4.0 million in dividends, or $0.30 per common share, compared to Distributable Earnings of $0.31 per basic weighted average common share for such period.

Additional Information

SUNS issued a presentation, titled “Third Quarter 2025 Investor Presentation,” which can be viewed at www.sunriserealtytrust.com under the Investor Relations section. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, with the Securities and Exchange Commission (the “SEC”) on November 13, 2025.

SUNS routinely posts important information for investors on its website, www.sunriserealtytrust.com. The Company intends to use this webpage as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. SUNS encourages investors, analysts, the media and others interested in SUNS to monitor the Investors section of its website, in addition to following its press releases, SEC filings, public conference calls, presentations, webcasts and other information posted from time to time on the website. To sign-up for email-notifications, please visit the “Email Alerts” section of the website under the “IR Resources” section.

Conference Call & Discussion of Financial Results

SUNS will host a conference call at 10:00 am (Eastern Time) on Thursday, November 13, 2025, to provide an update on the business. All interested parties are welcome to participate. The call will be available through a live audio webcast at the Investor Relations section of SUNS’s website found here: SUNS – Investor Relations. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The complete webcast will be archived for 90 days on the Investor Relations section of the SUNS website.

About Sunrise Realty Trust, Inc.

Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”) is an institutional commercial real estate (“CRE”) lender providing flexible financing solutions to sponsors of CRE projects primarily in the Southern United States. It focuses on transitional CRE business plans with the potential for near-term value creation, collateralized by top-tier assets predominantly located in established and rapidly expanding Southern markets. For additional information regarding the Company, please visit www.sunriserealtytrust.com.

About TCG Real Estate

TCG Real Estate refers to a group of affiliated CRE-focused debt funds, including a Nasdaq-listed mortgage real estate investment trust (“REIT”), Sunrise Realty Trust, Inc. (Nasdaq: SUNS), and a private mortgage REIT, Southern Realty Trust Inc. The funds provide flexible financing on transitional CRE properties that present opportunities for near-term value creation, with a focus on top-tier CRE assets located primarily within markets in the Southern U.S. benefiting from economic tailwinds with growth potential. For additional information regarding TCG Real Estate, please visit www.theTCG.com.

Non-GAAP Metrics

In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable Earnings to evaluate our performance excluding the effects of certain transactions and GAAP adjustments we believe are not necessarily indicative of our current loan activity and operations. Distributable Earnings is a measure that is not prepared in accordance with GAAP. Distributable Earnings and the other capitalized terms not defined in this section have the meanings ascribed to such terms in our most recently filed quarterly report. We use this non-GAAP financial measure both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that this non-GAAP financial measure and the information they provide are useful to investors since these measures permit investors and shareholders to assess the overall performance of our business using the same tools that our management uses to evaluate our past performance and prospects for future performance.

The determination of Distributable Earnings is substantially similar to the determination of Core Earnings under our Management Agreement, provided that Core Earnings is a component of the calculation of any Incentive Compensation earned under the Management Agreement for the applicable time period, and thus Core Earnings is calculated without giving effect to Incentive Compensation expense, while the calculation of Distributable Earnings account for any Incentive Compensation earned for such time period. We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i) stock-based compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provision for (reversal of) current expected credit losses (“CECL”), (v) taxable REIT (as defined below) subsidiary (“TRS”) (income) loss, net of any dividends received from TRS and (vi) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our independent directors and after approval by a majority of such independent directors.

We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to shareholders in assessing the overall performance of our business. As a real estate investment trust (“REIT”), we are required to distribute at least 90% of our annual REIT taxable income, subject to certain adjustments, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the principal reasons that shareholders invest in our common stock, we generally intend to attempt to pay dividends to our shareholders in an amount at least equal to such REIT taxable income, if and to the extent authorized by our Board of Directors. Distributable Earnings is one of many factors considered by our Board of Directors in authorizing dividends and, while not a direct measure of net taxable income, over time, the measure can be considered a useful indicator of our dividends.

Distributable Earnings is a non-GAAP financial measure and should not be considered as a substitute for GAAP net income. We caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not be comparable to similar measures presented by other REITs.
The following table provides a reconciliation of GAAP Net income to Distributable Earnings:

 Three months ended
September 30, Nine months ended
September 30,  2025   2024   2025  2024        Net income$4,054,959  $1,738,363  $10,512,710 $5,014,451Adjustments to net income:       Stock-based compensation expense 260,307   160,139   762,994  160,139Depreciation and amortization —   —   —  —Unrealized (gains) losses, or other non-cash items —   —   —  —(Reversal of) provision for current expected credit
 losses (193,865)  (47,527)  392,276  24,327TRS (income) loss —   —   —  —One-time events pursuant to changes in GAAP and
 certain non-cash charges —   —   —  —Distributable earnings$4,121,401  $1,850,975  $11,667,980 $5,198,917Basic weighted average shares of common stock
 outstanding 13,247,030   6,800,500   12,571,091  6,800,500Distributable earnings per basic weighted average share$0.31  $0.27  $0.93 $0.76
Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “may,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, and our estimates of future distributable earnings, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio and implement our investment strategy; the demand for commercial real estate investment; management’s current estimate of expected credit losses and current expected credit loss reserve and other factors could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in SUNS’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of SUNS’s Annual Report on Form 10-K filed on March 6, 2025, and subsequently filed Quarterly Reports on Form 10-Q. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect SUNS. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact

Robyn Tannenbaum
(561) 510-2293
[email protected]

Media Contact

Doug Allen
Dukas Linden Public Relations
(646) 722-6530
[email protected]

1 Distributable Earnings is a non-GAAP financial measure. See the “Non-GAAP Metrics” section of this release for a reconciliation of GAAP Net Income to Distributable Earnings.

SAN DIEGO, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Stride, Inc. (NYSE: LRN) securities between October 22, 2024 and October 28, 2025. Stride is a technology company that provides an education platform to deliver online learning to students throughout the U.S.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations That Stride, Inc. (LRN) Mislead Investors Regarding its Business Prospects

According to the complaint, during the class period, Stride told the market that it was “one of the nation’s most successful technology-based education companies” and that its “[d]eep educational, regulatory, and policy expertise” across the United States allowed it to “leverage[e] capabilities and assets to address market failures or shortcomings.” The complaint continues that the foregoing were false and misleading statements because Stride was: (1) inflating enrollment numbers by retaining “ghost students”; (2) cutting staffing costs by assigning teachers’ caseloads far beyond the required statutory limits; (3) ignoring compliance requirements, including background checks and licensure laws for its employees, and ignoring federally mandated special education services to students; (4) suppressing whistleblowers who documented financial directives from Stride’s leadership to delay hiring and deny services to preserve profit margins; and (5) losing existing and potential enrollments.

Plaintiff alleges that on September 14, 2025, a report stated that the Gallup-McKinley County Schools Board of Education had filed a complaint against Stride, alleging fraud, deceptive trade practices, systemic violations of law, and intentional and tortious misconduct, including inflating enrollment numbers by retaining “ghost students” on rolls to secure state funding per student and ignoring compliance requirements, including background checks and licensure laws for its employees. On this news, the price of Stride’s stock fell $18.60 per share, or 11.7%, to close at

$139.76 per share on September 15, 2025.

Then, on October 28, 2025, the Company announced that “poor customer experience” had resulted in “higher withdrawal rates,” “lower conversion rates,” and had driven students away. Stride estimated the impact caused approximately 10,000-15,000 fewer enrollments and stated that, because of this, its outlook is “muted” compared to prior years. On this news, the price of Stride’s stock dropped $83.48 per share, or more than 54%, to close at $70.05 per share on October 29, 2025.

What Now: You may be eligible to participate in the class action against Stride, Inc. Shareholders who wish to serve as lead plaintiff for the class must file their papers with the court by January 12, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Stride, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

TORONTO, ON / ACCESS Newswire / November 13, 2025 / McFarlane Lake Mining Limited ("McFarlane" or the "Company") (CSE:MLM)(OTCQB:MLMLF) is pleased to announce that, in accordance with the trust indenture dated September 29, 2025 (the "Indenture"), between the Company and Odyssey Trust Company (the "Trustee") and with the consent of a majority of the holders provided on October 24, 2025 waiving the Indenture's 60-day notice requirement for redemption, the Company submitted notice on November 11, 2025 of the early redemption of US$2,344,469 of its US$15,000,000 aggregate principal amount of 15% senior secured debentures maturing October 26, 2026 (the "Debentures"). The Debentures have been redeemed as of November 11, 2025 (the "Redemption Date"), in accordance with the terms of the Indenture.

The Trustee will pay holders of Debentures a redemption amount of approximately US$167.92 for each US$1,000 principal amount of the Debentures, being equal to (i) US$156.30 and (ii) all accrued and unpaid interest hereon to but excluding the Redemption Date, inclusive of the early repayment premium required pursuant to the Indenture (collectively, the "Redemption Price").

Under the Indenture, the October 28, 2025 West Hawk Lake and High Lake sale was considered a Permitted Asset Sale (as defined in the Indenture) of a secured asset, of which at least 50% of the Net Cash Proceeds (as defined in the Indenture) are to be applied to redeem the Debentures. The payment of US$2,344,469 against the Debentures represents 50% of the Net Cash Proceeds from the sale of West Hawk Lake and High Lake.

Holders of the Debentures are encouraged to contact their investment dealer or the Trustee to coordinate the surrender of their Debentures. The Redemption Price will be payable in cash upon presentation and surrender to the Trustee of the Debentures called for redemption at #1230, 300 - 5th Avenue SW Calgary, Alberta, T2P 3C Attention: Corporate Trust.

About McFarlane Lake Mining Limited

McFarlane Lake Mining Limited is a Canadian gold exploration company focused on advancing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt. The Juby Project hosts a current (effective September 29, 2025) NI 43-101 compliant Mineral Resource Estimate (MRE) of 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the Inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). The estimate was calculated using a long-term gold price of US$2,500 per ounce, applying cut-off grades of 0.25 g/t gold for open pit and 1.85 g/t gold for underground resources.

A sensitivity analysis completed at a higher gold price of US$3,750 per ounce resulted in an Indicated Mineral Resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tonnes) and an Inferred Mineral Resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tonnes) applying cut-off grades of 0.25 g/t gold for open pit and 1.15 g/t gold for underground resources.

The independent MRE was prepared by BBA E&C Inc. in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The full technical report supporting the resource estimate will be filed on SEDAR+ within 45 days of the Company's public announcement of the MRE, see announcement of October 7, 2025.

McFarlane is actively planning an exploration drilling program and additional technical studies at the Juby Gold Project to further evaluate and advance this large-scale gold system.

In addition to the Juby Gold Project, McFarlane holds a portfolio of 100%-owned gold assets in Ontario, including the past-producing McMillan Gold Mine and Mongowin properties located approximately 70 kilometres west of Sudbury and the Michaud/Munro properties located 115 kilometres east of Timmins. McFarlane Lake Mining Limited is a reporting issuer in Ontario, British Columbia, and Alberta.

Readers are cautioned to refer to the "Cautionary Statement on Mineral Resources" and all other disclaimers included in this news release for important information regarding the limitations and verification status of the data presented above and elsewhere herein.

To learn more, visit: https://mcfarlanelakemining.com/.

Additional information on McFarlane can be found by reviewing its profile on SEDAR+ at www.sedarplus.com.

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Mark Trevisiol, P.Eng., an officer of McFarlane and a Qualified Person under National Instrument 43-101.

Advisors

Wildeboer Dellelce LLP is acting as legal counsel for McFarlane.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", "is expected", "anticipates" or "does not anticipate", "plans", "believes" or "intends", or variations of such words and phrases, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of McFarlane to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of November 27, 2024, which is available for view on SEDAR+ at www.sedarplus.com. Forward-looking statements contained herein are made as of the date of this press release and McFarlane disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Cautionary Statement on Mineral Resources

This news release uses the terms indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimates disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to an indicated or measured mineral resource category, however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Further Information

For further information regarding McFarlane, please contact:

Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 665-5087
[email protected]

Kaitlin Taylor,
Investor Relations
McFarlane Lake Mining Limited
(778) 887-6861
[email protected]

SOURCE: McFarlane Lake Mining Limited

The Walt Disney Co. had a difficult quarter with the fallout from pulling Jimmy Kimmel off the air, its fight with YouTube and switching gears with its betting partner at ESPN.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Netflix (NASDAQ:NFLX) excited investors last week with its announcement it would split its stock 10-for-1 after the market closes tomorrow. Shares will begin trading on the split-adjusted basis starting Monday. 

This marks the company’s first split in over a decade, following a surge that pushed shares above $1,100. Investors are buzzing about potential short-term gains from heightened enthusiasm, but the real question is whether this event makes Netflix a timely buy. While splits don’t alter a company’s core value, they often spotlight strong underlying performance. Not every company that splits its stock actually benefits, so let’s see if Netflix’s business warrants buying — no matter if it is before or after the split.

A Growth Engine That Shows No Signs of Slowing
One of Netflix’s standout features is its accelerating revenue growth, even as it matures in the competitive streaming landscape. In the third quarter, sales climbed 17.2% year over year, marking the strongest pace since 2023. Guidance for the fourth quarter points to a similar 16.7% increase, driven by effective monetization tactics like ad-supported tiers and global expansion. 

This consistency stems from Netflix’s sticky subscriber base — viewers often stay or return due to compelling content, setting it apart from rivals that have struggled or folded. Even when they subscribe to other services, the streamer is the foundation upon which viewers build other complementary offerings.

Breaking it down regionally, the U.S. and Canada — its largest market — posted 9% growth with $4.6 billion in revenue in Q3. Europe, the Middle East, and Africa followed at 16% on a constant currency basis with $3.4 billion, while Latin America soared 27% and Asia-Pacific hit 26% on $1.17 billion and $1 billion, respectively. 

This widespread performance underscores management’s savvy international strategy, crucial as non-U.S. regions now contribute over half of total revenue. With untapped markets still ahead, Netflix is positioned for sustained expansion.

A Reasonable Valuation Amid Tech Hype
Despite its premium pricing, Netflix’s stock isn’t as inflated as some AI-driven stocks. Trading at about 34 times next year’s expected earnings, it undercuts valuations of chipmaker Advanced Micro Devices (NASDAQ:AMD) at 40 times forward earnings as well as consumer staples like Costco (NASDAQ:COST), which sits at 42 times. 

Netflix’s service increasingly feels essential, offering affordable entertainment that holds up during economic dips. Analysts project 11% average annual revenue growth over the next five years, supported by subscriber retention and profitability gains. This blend of growth and resilience justifies the multiple, especially compared to broader market averages.

What Stock Splits Really Signal for Investors
Stock splits themselves are cosmetic — they multiply shares outstanding while slashing the price proportionally, leaving market cap and ownership stakes unchanged. For Netflix, this means roughly 423 million shares become 4.23 billion, dropping the price to around $113. No fundamental shift occurs; it’s like slicing a pizza into more pieces without adding toppings. 

Yet, splits often reflect management’s confidence in ongoing momentum, as seen in Netflix’s history. After its 2015 split, shares rose significantly, and data from Bank of America shows split-announcing companies average 25% gains in the following year — double the S&P 500‘s typical return. This enthusiasm can draw in retail investors, boosting liquidity and short-term pops, though it’s not guaranteed.

Catalysts Beyond the Split Add Appeal
Adding fuel to the bull thesis, Netflix’s content pipeline looks robust. The final season of “Stranger Things,” its third-most-watched series, rolls out in phases beginning later this month through Dec. 31, likely sparking subscriber surges as past installments did. Hits like “Frankenstein” and “Nobody Wants This,” plus NFL holiday games, broaden the service’s appeal. 

These elements, combined with the potential for a $1 trillion market cap by 2030, highlight Netflix’s edge in a crowded field.

Key Takeaway
Netflix stands out as a solid long-term buy-and-hold stock, thanks to its proven growth, global reach, and resilient model — regardless of purchasing before or after the split. Date-specific buys aren’t a strategy to rely on routinely, as timing the market is tricky and often fails. 

Yet scooping up shares now could capitalize on the post-split investor hype that historically lifts prices. While investors should keep their focus on its business fundamentals after the event, Netflix remains a compelling, long-term pick for patient portfolios.

Unicorn Mineral Resources PLC (LSE:UMR) shares rocketed some 45%, reaching as high as 4.79p in early deals, after announcing a conditional deal to acquire a 75% interest in the Klein Aub copper mine in Namibia.

The proposed ZAR 26.5 million acquisition includes settlement of minor local liabilities and will be partly satisfied through new shares.

Unicorn said technical work on the historic mine, completed since 2020, indicates potential tailings and slimes resources totalling more than 5 million tonnes, with copper grades ranging from 0.26% to 1.34%.

"Whilst the due diligence has been time consuming and challenging, we are encouraged by the results of the tests to date, and we are confident that the Klein Aub project represents a great opportunity for Unicorn's shareholders," chair Paddy Doherty said

He added that the project could be a "stepping stone into the rest of Namibia", and other prospects are being considered.

For Klein Aub, Unicorn said its initial focus would be to evaluate environmentally friendly leaching methods for recovering copper and silver from the material, with metallurgical test work expected to complete in early 2026.

The mine sits within the Kalahari copperbelt and was one of central Namibia’s productive small-scale underground operations before closing in 1987.

This high-flying AI infrastructure company can't keep up with demand. That's a blessing -- and a curse.

Few stocks have been as hot as Nebius Group (NBIS 7.96%) in 2025. Shares of the artificial intelligence (AI) infrastructure company skyrocketed more than 5x before a recent pullback.

This high-flying AI stock looks tempting, especially for growth-oriented investors. But there's one big thing to watch with Nebius Group.

Today's Change

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Lots of good news for Nebius Group
You won't have a hard time finding good news related to Nebius Group. As a case in point, the company just announced its second huge contract with a major hyperscaler. Meta Platforms inked a five-year agreement with Nebius valued at roughly $3 billion. Nebius CEO Arkady Volozh implied that the deal could have been even larger, writing to shareholders that "the size of the contract was limited to the amount of capacity that we had available."

The Meta agreement follows an even bigger deal with Microsoft announced in September that's valued between $17.4 billion and $19.4 billion. Volozh said in Nebius Group's third-quarter update that the company expects revenue from the contract to begin ramping up next year.

Nebius Group doesn't have to wait for its revenue to take off, though. It reported year-over-year revenue growth of 355% in Q3. The company projects an annualized revenue run rate of $7 billion to $9 billion by the end of 2026.

Again, Nebius Group's revenue could have been even greater if it had more capacity. The company sold out all of its available capacity in Q3, just as it has done throughout 2025.

There was also good news outside of Nebius' core AI infrastructure business. The company announced that Uber Technologies is a new strategic investor in Avride, Nebius Group's autonomous driving technology subsidiary. The two companies previously signed a multi-year commercial partnership agreement in 2024.

Image source: Getty Images.

One critical thing to watch
With all of this good news for Nebius Group, there's still one critical thing to watch: the company's mounting losses. Nebius posted a net loss of $119.6 million in Q3, compared to a loss of $43.6 million in the prior year period. The company's bottom line could deteriorate further as Nebius aggressively adds capacity.

The expansion of Nebius Group's Finland data center should be completed by the end of 2025. Nebius recently announced a deployment of Nvidia B300 GPUs in the U.K. It's launching Nvidia B200 GPUs in Israel. Further scaling up of data centers in the U.K. and Israel is on the way.

Nebius is working to secure more sites in the U.S. and Europe, some with hundreds of megawatts of power. The company has the option to boost its capacity in New Jersey by hundreds of megawatts as well.

All this added capacity will be expensive. Nebius plans to use three primary sources of financing to pay for the expansion. The company will add to its debt, which already tops $4 billion. It will pursue asset-backed financing. Nebius will also issue new shares, which will lead to a dilution in the value of existing shares.

The company is currently getting the ball rolling for the last financing method. Nebius announced that it's implementing an at-the-money (ATM) equity program to sell up to 25 million Class A shares. It will be able to tap into this ATM program as needed to obtain additional capital to increase capacity.

Is Nebius Group stock a buy?
Nebius Group is well-positioned to continue growing revenue at a fast pace as long as AI demand increases. I think that's a pretty good bet. Does that mean the stock is a buy? Not necessarily.

Sooner or later, Nebius Group needs to turn a profit. The stock's valuation could also be concerning to many investors, with a trailing 12-month price-to-sales ratio of 93. However, that multiple isn't as worrisome when you factor in Nebius' rapid growth.

I don't think this stock is a great pick for every investor. It's possible that Nebius Group's growth won't be as strong as anticipated. Still, Wall Street thinks the stock has plenty of room to run. I suspect that analysts are right.

Keith Speights has positions in Meta Platforms and Microsoft. The Motley Fool has positions in and recommends Meta Platforms, Microsoft, Nvidia, and Uber Technologies. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

HUNTSVILLE, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Serina Therapeutics, Inc. (“Serina” or the "Company") (NYSE American: SER), a clinical-stage biotechnology company advancing its lead Investigational New Drug ("IND") candidate, SER-252, for advanced Parkinson's disease, enabled by its proprietary POZ Platform™ drug optimization technology, today announced its financial results for the third quarter ended September 30, 2025, along with key recent updates.

Steve Ledger, Chief Executive Officer of Serina, stated, "The FDA's alignment with our plan to advance SER-252 under a 505(b)(2) NDA pathway, and its recognition of the Phase 1b trial as registrational, represents a key milestone for Serina. This outcome underscores our regulatory and development strategy, positioning SER-252 for an accelerated path to potential approval. It also highlights the broader opportunity for our POZ platform to streamline development timelines and unlock significant value across our pipeline."

Regulatory Update: SER-252 for Advanced Parkinson’s Disease: Following a Type B meeting with the U.S. Food and Drug Administration (the "FDA") in August 2025, the FDA's written feedback supported Serina’s proposal to advance SER-252 under a 505(b)(2) NDA pathway for advanced Parkinson’s disease. On November 3, 2025, the FDA placed the IND on clinical hold pending additional information regarding a commonly used formulation excipient. The hold does not relate to the active drug substance or its mechanism of action. Serina expects the formal FDA communication within 30 days and is actively working to address the FDA’s questions to enable the initiation of the registrational study as soon as possible. Advancement of SER-270 for Tardive Dyskinesia: Serina continues to advance SER-270, its next program from the POZ Platform, designed to deliver long-acting VMAT2 inhibition for the treatment of tardive dyskinesia (TD). The Company is on track to complete formulation optimization and pre-IND activities in 2026.Secured Up to $20 Million in Funding: In September 2025, Serina entered into a convertible note and warrant financing agreement providing up to $20 million in funding, led by a member of Serina’s Board of Directors. The first $5 million tranche was drawn in September. If all warrants are issued and exercised in full, the financing could yield additional gross proceeds of up to $20 million.
Expanded Stakeholder Communications and Transparency Initiatives: In October 2025, Serina launched a comprehensive corporate communications platform to enhance stakeholder engagement and transparency. The initiative includes regular digital updates, educational content, multimedia resources, and expert commentary aimed at patients, clinicians, investors, and the scientific community.At-the-Market (ATM) Equity Program: In April 2025, Serina entered into a Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, under which the Company may offer and sell up to $13.3 million of common stock. As of November 7, 2025, Serina has issued 474,712 shares of common stock at a gross average price of $6.00, resulting in net proceeds of $2.8 million. Third Quarter Operating Results

Operating Expenses: Operating expenses for the three months ended September 30, 2025 and 2024 were $6.4 million and $5.3 million, respectively.

Research and Development (R&D) Expenses: R&D expenses were $3.6 million for the three months ended September 30, 2025, compared to $2.4 million for the same period in 2024. The increase of $1.2 million is primarily driven by increases in outsourced research services, consultant spend mainly for chemistry, manufacturing, and controls activities, amortization for a prepaid technology access fee and increased spend in clinical related activities. These increases were partially offset by decreases in legal patent fees for certain patent and other intellectual property and biological material assets included in Legacy Assets and salaries.

General and Administrative Expenses: General and administrative expenses were $2.7 million for the three months ended September 30, 2025, compared to $2.9 million for the same period in 2024. The net decrease of $0.2 million is due to the reduction of compensation related costs partially offset by an increase in investor outreach expenses.

Other Income, Net: Other income was $1.8 million for the three months ended September 30, 2025 compared to $6.7 million net income for the same period in 2024. The $4.9 million net decrease in income was primarily attributable to the change in fair value of liability classified warrants partially offset by a gain in warrant expirations.

Net (Loss) Income: The net loss attributable to Serina for the three months ended September 30, 2025 was $4.6 million, or $0.45 per basic and diluted share, compared to net income of $1.4 million, or $0.16 per basic share and $0.13 per diluted share for 2024.

Liquidity Information

Cash and cash equivalents totaled $8.6 million as of September 30, 2025.

About Serina Therapeutics

Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

About the POZ Platform™

Serina’s proprietary POZ technology is based on a synthetic, water soluble, low viscosity polymer called poly(2-oxazoline). Serina’s POZ technology is engineered to provide greater control in drug loading and more precision in the rate of release of attached drugs delivered via subcutaneous injection. The therapeutic agents in Serina’s product candidates are typically well-understood and marketed drugs that are effective but are limited by pharmacokinetic profiles that can include toxicity, side effects and short half-life. Serina believes that by using POZ technology, drugs with narrow therapeutic windows can be designed to maintain more desirable and stable levels in the blood.

Serina’s POZ platform delivery technology has potential for use across a broad range of payloads and indications. Serina intends to advance additional applications of the POZ platform via out-licensing, co-development, or other partnership arrangements, including the non-exclusive license agreement with Pfizer, Inc. to use Serina’s POZ polymer technology for use in lipid nanoparticle drug (LNP) delivery formulations.

About SER-252 (POZ-apomorphine)

SER 252 is an investigational apomorphine therapy developed with Serina’s POZ platform and designed to provide continuous dopaminergic stimulation (CDS). CDS has been shown to reduce the severity of levodopa-related motor complications (dyskinesia) in Parkinson’s disease. Preclinical studies support the potential of SER 252 to provide CDS without skin reactions. Serina plans to advance SER 252 to clinical testing in 2025.

SER-252 Registrational Study Design Overview

The SER-252-1b study is a randomized, double-blind, placebo-controlled Phase 1b trial with single-ascending-dose (five cohorts of eight; n=40) and multiple-ascending-dose components (up to three cohorts of sixteen; n=48) in adults with Parkinson’s disease and motor fluctuations. The registrational study is designed to evaluate safety, tolerability, and pharmacokinetics of subcutaneous SER-252 versus placebo, with exploratory efficacy measures that include MDS-UPDRS motor scores and structured motor-state assessments. Dose escalation will be overseen by a Safety Review Committee and the study will be conducted across sites in the U.S. and Australia.

About SER-270 (POZ-VMAT2i)

SER-270 is an investigational once-weekly VMAT2 inhibitor developed with Serina’s POZ platform to address adherence and access challenges in tardive dyskinesia. TD is a disabling movement disorder often caused by long-term exposure to antipsychotic medications. The subcutaneous formulation of SER-270 is designed for patients on long-acting injectable antipsychotics, those with dysphagia, and institutionalized populations and other patients with challenged adherence. Serina is also exploring development in Huntington’s disease chorea.

For more information, please visit https://serinatx.com.

Cautionary Statement Regarding Forward-Looking Statement

References in this Report to “Serina,” “the Company,” “we” or “us” refer to Serina Therapeutics, Inc.

This release contains forward-looking statements within the meaning of federal securities laws. Any statements that are not historical fact (including, but not limited to statements that contain words such as “may,” “will,” “believes,” “plans,” “intends,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Additional factors that could cause actual results to differ materially from the results anticipated in these forward-looking statements are contained in Serina’s periodic reports filed with the Securities and Exchange Commission (the “SEC”) under the heading “Risk Factors” and other filings that Serina may make with the SEC. Undue reliance should not be placed on these forward-looking statements which speak only as of the date they are made, and the facts and assumptions underlying these statements may change. Except as required by law, Serina disclaims any intent or obligation to update these forward-looking statements. These statements are based on management’s current expectations, plans, beliefs or forecasts for the future, and are subject to uncertainty and changes in circumstances. Any express or implied statements in this press release that are not statements of historical fact, including statements about the potential of Serina’s POZ polymer technology, Serina’s estimates regarding future revenue, expenses, capital requirements and need for additional financing, and Serina’s planned clinical programs, including planned clinical trials, are forward-looking statements that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the timing and extent of the FDA's clinical-hold letter and of Serina's response, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; Serina’s ability to continue as a going concern; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when any applications may be filed for any drug or vaccine candidates in any jurisdictions; whether and when regulatory authorities may approve any potential applications that may be filed for any drug or vaccine candidates in any jurisdictions, which will depend on a myriad of factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether any such drug or vaccine candidates will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of any drug or vaccine candidates; and competitive developments. These risks as well as other risks are more fully discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the company’s other periodic reports and documents filed from time to time with the SEC. The information contained in this release is as of the date hereof, and Serina assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

For inquiries, please contact:

Stefan Riley
[email protected]
(256) 327-9630

SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

  September 30, 2025  December 31, 2024 ASSETS        Current assets:        Cash and cash equivalents $8,620  $3,672 Prepaid expenses and other current assets  2,877   2,004 Total current assets  11,497   5,676          Property and equipment, net  580   501 Right of use assets - operating leases  312   461 Right of use assets - finance leases  —   86 Other long-term prepaid assets  24   — TOTAL ASSETS $12,413  $6,724          LIABILITIES AND STOCKHOLDERS’ EQUITY        Current liabilities:        Accounts payable $2,731  $744 Accrued expenses  1,144   1,429 Warrant liability  1,676   — Convertible Note, net  2,888   — Other current liabilities  350   193 Total current liabilities  8,789   2,366          Warrant liability, non-current  1,882   3,582 Operating lease liabilities, net of current portion  148   268 Total liabilities  10,819   6,216 Total stockholders’ equity  1,594   508 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $12,413  $6,724 
SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

  Three months ended
September 30,  Nine months ended
September 30,   2025  2024  2025  2024 REVENUES            Grant revenues $—  $14  $130  $70 Total revenues  —   14   130   70                  OPERATING EXPENSES                Research and development  3,651   2,415   9,754   5,115 General and administrative  2,741   2,911   8,191   6,454 Total operating expenses  6,392   5,326   17,945   11,569                  Loss from operations  (6,392)  (5,312)  (17,815)  (11,499)                 OTHER (EXPENSE) INCOME, NET                Interest expense  (6)  (16)  (15)  (509)Change in fair value of convertible promissory notes  —   —   —   (7,017)Change in fair value of warrants  1,044   6,669   1,076   10,385 Gain on warrants expiration  724   —   724   — Other income, net  35   42   151   185 Total other income, net  1,797   6,695   1,936   3,044                  NET (LOSS) INCOME  (4,595)  1,383   (15,879)  (8,455)Net loss attributable to noncontrolling interest  10   27   33   54 NET (LOSS) INCOME ATTRIBUTABLE TO SERINA THERAPEUTICS, INC. $(4,585) $1,410  $(15,846) $(8,401)                 NET (LOSS) INCOME PER COMMON SHARE:                BASIC $(0.45) $0.16  $(1.60) $(1.24)DILUTED $(0.45) $0.13  $(1.60) $(1.24)                 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                BASIC  10,339   8,851   10,032   6,774 DILUTED  10,339   10,751   10,032   6,774 
SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

  Nine months ended
September 30,   2025  2024 Net cash used in operating activities $(11,922) $(12,548)Net cash used in investing activities  (59)  (17)Net cash provided by financing activities  16,931   8,181 Effect of foreign currency on cash  (2)  — NET CHANGE IN CASH AND CASH EQUIVALENTS  4,948   (4,384)         CASH AND CASH EQUIVALENTS:        At beginning of the period  3,672   7,619 At end of the period $8,620  $3,235 

Per Weisethaunet
Group Chief Executive Officer

Good morning, and welcome to the presentation of NORBIT's Third Quarter Results. It's a privilege to be allowed to present the result of what our dedicated colleagues has achieved. As you will see, after the first 9 months of the year, we're delivering revenues at par with what we did for the full year last year and with nearly a doubling of the result. For us, this is encouraging and helps us to go to work every day and ensure that we deliver on the expectations our customers has.

So then let's dive into the numbers. As you see, Q3, as always, is somewhat weaker than the other quarters. Still, Q3 2024 is the best Q3 ever for NORBIT. So we came in with revenues on NOK 505 million, and -- which is a 36% increase from last year with a margin of 15%, giving NOK 75 million in EBIT.

And as I already said, for the first 9 months of the year, we are delivering at par of what we did for the full year last year, NOK 1.7 billion, up 43%. It's growth in all 3 business segments. with an EBIT of NOK 377 million, which is 92% higher than what we had for the same period last year. That represents a margin of 22%.

Some other events, we've announced some new contracts in the PIR segment towards the Defense and Security sector, it's NOK 120 million contract. And I think in that announcement, we also said that we have had accumulated smaller orders, which also summed up to NOK 100 million.

Yesterday, our

Baidu unveiled two artificial intelligence chips as Chinese tech giants ramp up their chip-making efforts amid China's push for technological self-sufficiency.

Cisco pops 7% premarket on strong AI-driven earnings; traders await Disney and AMAT reports as uncertainty lingers over missing U.S. data.

Persimmon PLC (LSE:PSN) shares rose 3% to 1,270p after the housebuilder reported steady trading momentum in the past quarter, despite some softening in the wider market.

A private sales rate of 0.63 per outlet per week was reported for the quarter to 30 September, excluding bulk sales, up 3% year on year.

Total weekly sales increased 14% to 208, supported by an expanded outlet base and broad UK coverage.

The company said: “This progress has been achieved despite some softening in the market since the summer, with consumer confidence affected by ongoing uncertainties including the upcoming government budget.”

Persimmon expects to deliver full-year results in line with market expectations, projecting year-end net cash between £0 million and £200 million. The City consensus is for £103 million of cash, down from £259 million at the end of 2024.

Management noted that the business is “well positioned” to build margins and returns over the medium term, even amid affordability pressures.

Analysts at Stifel said Persimmon was still their “top pick”, citing its focus on the north of England and first-time buyers, as well as limited fire safety remediation exposure.

They forecast 2025 pre-tax profit of about £430 million, up 8% on 2024, supported by easing mortgage rates and resilient housing demand, while the average City forecast is for £429 million.

"Housebuilders' sales rates are likely holding up better than feared because amid the Budget gloom, mortgage rates have been falling, from 4.5% in May to 4.2% by September.

"Banks have also been relaxing lending criteria with the government's encouragement."

The Stifel team notes that both Persimmon's and the sector's current valuations are unusually low and "not normally seen outside of recessions", so beleive the sector is "well set for a re-rating as strong housing fundamentals eventually outweigh the weak confidence of house buyers and investors, with the Budget potentially a clearing event (though this remains uncertain)".

-

MELVILLE, N.Y.--(BUSINESS WIRE)--Henry Schein, Inc., (Nasdaq: HSIC) the world’s largest provider of health care solutions to office-based dental and medical practitioners, announced today that the Company will present at the following investor conference in December:

Piper Sandler’s Healthcare Conference at the Lotte New York Palace Hotel, New York, on December 2, 2025, at 9:00 a.m. Eastern time.

Henry Schein’s presentations can be heard via live webcast by visiting www.henryschein.com/IRwebcasts. Replays will be available on the Henry Schein website following the presentations.

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With more than 25,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our main distribution centers.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 33 countries and territories. The Company's sales reached $12.7 billion in 2024, and have grown at a compound annual rate of approximately 11.2 percent since Henry Schein became a public company in 1995.

For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, LinkedIn.com/Company/HenrySchein, and @HenrySchein on X.

HS-IN

More News From Henry Schein, Inc.

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VANCOUVER, BC / ACCESS Newswire / November 13, 2025 / Banyan Gold Corp . (the " Company " or " Banyan ") ( TSX-V:BYN )( OTCQB:BYAGF ) continues to intersect high-grade mineralization in Airstrip (" Airstrip ") and extend the high-grade domains at its AurMac Project (" AurMac ").

Drill-hole highlights include:

AX-25-708 - 3.66 g/t Au over 17.6 metres ("m"), including 6.80 g/t Au over 9.3m, with high-grade interval of 35.98 g/t Au over 1.6m

AX-25-640 - 1.25 g/t Au over 5.4m within 0.72 g/t Au over 13.0m

AX-25-703 - 2.04 g/t Au over 11.4m, including 3.60 g/t Au over 5.6m with a high-grade interval of 7.98 g/t Au over 1.2m

AX-25-711 - 1.25 g/t Au over 7.00m

AX-25-712 - 1.36 g/t Au over 15.3m including 1.87 g/t Au over 9.1m

AX-25-714 - 1.12 g/t Au over 18.4m including 2.12 g/t Au over 6.7m and 1.49 g/t Au over 4.6m

"These results continue to highlight the >1g/t Au near-surface mineralized domains in AurMac," said Tara Christie, Banyan President and CEO.

"We continue to see strong replacement (skarn) style mineralization at Airstrip in the lower calcareous metasedimentary unit that contacts the felsic dyke (Cal 2) that was intersected in hole AX-25-650 (see News Release dated June 25, 2025)," stated Duncan Mackay, Vice President of Exploration. "Extending very high-grade mineralization over 100m down dip with an interval of 35.98 g/t Au over 1.6m (calculated true thickness is approx. 1.5m) highlights the potential to continue to add ounces to the Airstrip deposit and improve areas of the existing Mineral Resource Estimate. The high-grade core of Airstrip associated with the felsic dyke contact now extends over 500m along strike and nearly 300m down dip."

Figure 1: Plan map of the Airstrip Deposit. Drillholes with assays pending denoted by green dots.

Figure 2: Oblique view of 3D mineralized domain (mineralized calcareous metasediment; Cal 2; see figure 3) in Airstrip. Magenta shape indicates expanded high-grade core of the airstrip deposit (see news release dated June 25, 2025; select drill holes in blue). Yellow dots indicate drillholes in this news release. The intersection in AX-25-708 extends very high-grade mineralization in Cal 2 down dip by over 100m, with potential to continue expanding the Cal2 Zone. Cross-section line for Figure 2 shown by gold line.

Figure 3: Cross-section looking east, showing drillhole AX-25-708, extending high-grade mineralization down dip from AX-25-650 and AX-24-590.

Figure 4: High-grade skarn mineralization in drill hole AX-25-708 associated with pyrrhotite and quartz replacement.

Table 1: Significant diamond drill hole assay intercepts for Powerline in this release

HOLE NUMBER

depth from

depth to

Au Interval (m)

Au Interval (g/t)

AX-25-640

18.6

27.1

8.5

0.31

and

46.0

59.0

13.0

0.72

including

53.6

59.0

5.4

1.25

and

92.5

104.7

12.2

0.29

AX-25-644

8.8

59.0

50.2

0.36

including

20.7

29.3

8.6

0.37

and including

42.4

49.7

7.3

0.91

and

75.5

77.0

1.5

0.51

and

142.9

143.8

0.9

0.34

AX-25-702

25.0

93.4

68.4

0.38

including

43.5

45.0

1.5

3.72

and including

57.0

78.5

21.5

0.47

including

76.8

77.1

0.3

3.43

and

137.9

141.4

3.5

0.51

including

139.4

139.8

0.4

1.38

AX-25-703

25.2

31.5

6.3

0.59

including

25.2

26.8

1.6

1.87

and

80.8

82.3

1.5

0.39

and

102.1

106.3

4.2

1.56

including

105.1

106.3

1.2

4.28

and

126.4

154.7

28.3

0.68

including

129.3

131.1

1.8

1.47

and including

138.3

139.7

1.4

5.31

and including

152.5

154.7

2.2

1.56

and

166.9

167.8

0.9

4.14

and

196.2

207.6

11.4

2.04

including

196.2

201.8

5.6

3.60

including

197.5

201.8

4.3

3.99

including

197.5

198.7

1.2

7.98

and including

207.2

207.6

0.4

3.20

AX-25-705

51.6

78.2

26.6

0.30

including

53.8

54.7

0.9

1.54

and

105.9

112.0

6.1

0.47

including

110.9

112.0

1.1

1.83

and

122.0

130.8

8.8

0.34

and

163.9

167.6

3.7

0.95

including

165.4

167.6

2.2

1.30

AX-25-708**

24.0

25.5

1.5

0.44

and

49.5

58.3

8.8

1.49

including

57.1

58.3

1.2

7.60

including

57.9

58.3

0.4

18.90

and

84.4

91.4

7.0

Assay Pending

and including

104.9

133.5

28.6

0.62

including

132.2

132.6

0.4

12.10

and

163.9

181.5

17.6

3.66

including

164.8

174.1

9.3

6.80

including

171.9

173.5

1.6

35.98

AX-25-710

21.0

61.2

40.2

0.51

including

21.0

36.2

15.2

0.41

and including

57.0

59.0

2.0

4.52

including

57.0

57.6

0.6

11.60

and

89.6

107.9

18.3

0.51

including

89.6

92.1

2.5

2.57

including

91.2

92.1

0.9

3.85

AX-25-711

27.0

34.5

7.5

0.58

including

31.5

33.0

1.5

1.50

and

50.0

57.0

7.0

1.25

including

54.0

57.0

3.0

2.39

AX-25-712

15.3

30.6

15.3

1.36

including

15.3

24.4

9.1

1.87

including

16.8

22.8

6.0

2.18

and

47.6

53.4

5.8

0.55

including

52.0

53.4

1.4

1.26

and

65.5

67.0

1.5

0.42

AX-25-713

8.0

56.6

48.6

0.70

including

9.2

11.3

2.1

8.81

and including

24.9

27.3

2.4

1.62

and including

55.3

56.6

1.3

2.71

AX-25-714

14.2

32.6

18.4

1.12

including

25.9

32.6

6.7

2.12

including

28.6

32.6

4.0

2.78

including

32.2

32.6

0.4

6.18

and

51.6

56.2

4.6

1.49

including

54.2

56.2

2.0

2.78

including

54.2

55.0

0.8

4.54

** - assay pending

Note: True widths are calculated to be approximately 90% of drilled interval.

Table 2: Collar Locations for drillholes in this release

HOLE ID

Easting (m)

Northing (m)

Elevation (m)

Depth (m)

Azimuth

Dip

AX-25-640

467053

7084043

782

111

0

-60

AX-25-644

466878

7084044

774

151

0

-60

AX-25-702

466899

7083901

768

154

0

-60

AX-25-703

466901

7083798

773

227

0

-60

AX-25-705

466905

7083845

771

186

0

-60

AX-25-708*

467002

7083859

772

191

0

-60

AX-25-710

466956

7083978

778

140

0

-60

AX-25-711

466840

7084053

771

76

0

-60

AX-25-712

466792

7084042

767

70

0

-60

AX-25-713

466744

7084034

763

70

0

-60

AX-25-714

466689

7084038

754

69

0

-60

*Pending Assays

Grant of Incentive Stock Options

The Board of Directors of the Company have granted 230,000 stock options to purchase 230,000 shares at an exercise price of $0.91 per share with a vesting period of up to 18 months with a five-year term.

The stock options are being issued to consultants, advisors and exploration staff of the Company. The options were granted under and are subject to the terms and conditions of the Company's stock option plan.

Analytical Method and Quality Assurance/Quality Control Measures

All diamond drill core was systematically logged and photographed by Banyan geology personnel. All core samples (HTW and NTW diameter) were split on-site at Banyan's core processing facilities. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were delivered by Banyan personnel or a dedicated expediter to the Bureau Veritas, Whitehorse preparatory laboratory where samples are prepared and then shipped to Bureau Veritas's Analytical laboratory in Vancouver, B.C. for pulverization and final chemical analysis.

Core splits reported in this news release were analysed by Bureau Veritas of Vancouver, B.C., utilizing the four-acid digestion ICP-ES 35-element MA-300 or ICP-ES/MS 59-element MA-250 analytical package with FA-450 50-gram Fire Assay with AAS finish for gold on all samples. Samples returning >10 g/t Au were reanalysed by fire assay with gravimetric finish on a 50g sample (FA-550). High-grade samples with documented visible gold are also analysed using metallic screen fire assay (FS-652). Bureau Veritas is an accredited lab following ISO/IEC 17025:2017 SCC File Number 15895. A robust system of standards, ¼ core duplicates and blanks has been implemented in the 2025 exploration drilling program and is monitored as chemical assay data becomes available.

Qualified Persons

Duncan Mackay, M.Sc., P.Geo., is a " Qualified Person" as ‎defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects (" NI 43-101 "), and has reviewed and approved the content of this news release in respect of all disclosure other than the MRE.‎ Mr. Mackay is Vice President Exploration for Banyan and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the information.

Upcoming Event's

Deutsche Goldmesse Fall, Frankfurt - November 14 to 15, 2025

Yukon Geoscience Forum, Whitehorse - November 16 to 19, 2025

121 Mining Investment Dubai - November 26-27, 2025

About Banyan

Banyan's primary asset, the AurMac Project is located in the Traditional Territory of First Nation of Na-Cho Nyäk Dun, in Canada's Yukon Territory. The current Mineral Resource Estimate (" MRE ") for the AurMac Project has an effective date of June 28, 2025 and comprises an Indicated Mineral Resource of 2.274 million ‎ounces of gold (" Au ") (112.5 M tonnes at 0.63 g/t) and an Inferred Mineral Resource of 5.453 Moz of Au (280.6 M tonnes at 0.60 g/t ) (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (" CIM ") Definition ‎Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43‑101). The 303 square kilometres (" sq km ") AurMac Project lies 40 kilometres from Mayo, Yukon. The AurMac Project is transected by the main Yukon highway and benefits from a 3-phase powerline, existing power station and cell phone coverage.

Table 3: Pit-Constrained Indicated and Inferred Mineral Resources - AurMac Project

Deposit

Gold Cut-Off (g/t)

Tonnage
(M Tonnes)

Average Gold Grade (g/t)

Contained Gold (Moz)

Indicated MRE

Airstrip

0.30

27.7

0.69

0.611

Powerline

0.30

84.8

0.61

1.663

Total Combined Indicated MRE

0.30

112.5

0.63

2.274

Inferred MRE

Airstrip

0.30

10.1

0.75

0.245

Powerline

0.30

270.4

0.60

5.208

Total Combined Inferred MRE

0.30

280.6

0.60

5.453

Notes to Table 3 :

The effective date for the MRE is June 28, 2025, and was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent " Qualified Person " within the meaning of NI 43-101.

Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.

The CIM Definition Standards were followed for classification of Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature ‎and there has been insufficient exploration to define these Inferred Mineral Resources as an ‎Indicated Mineral Resource.

Mineral Resources are reported at a cut-off grade of 0.30 g/t gold for all deposits, using a US$/CAN$ exchange rate of 0.73 and constrained within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: gold price of US$2,050/ounce, US$2.50/t mining cost, US$10.00/t processing cost, US$2.00/t G+A, 90% gold recoveries, and 45° pit slopes. [1]

The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects.

In addition to the AurMac Project, the Company holds the Hyland Gold Project, located 70km Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the " Hyland Project") in the Traditional Territory of the Kaska Nations, closest to the Liard First Nation and Daylu Dena Council.The Hyland Project represents a sediment hosted, structurally controlled, intrusion related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads. The updated MRE comprises an Indicated Mineral Resource of 337 thousand (" k ") ‎ounces (" oz ") of gold (" Au ") and 2.63 million (" M ") oz of silver (" Ag ") (11.3 M tonnes of ore at 0.93 g/t Au and 7.27 g/t Ag), and an Inferred Mineral Resource of 118 koz of Au and 0.86 Moz Ag (3.9 M tonnes of ore at 0.95 g/t Au and 6.94 g/t Ag)(as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (" CIM ") Definition ‎Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43‑101) effective September 1, 2025 and with technical report filed on Sedar on October 27, 2025.

Banyan also holds the Nitra Gold Project, a grassroots exploration project located in the Mayo Mining district, approximately 10km west of the AurMac Gold Project. The Nitra Project lies in the northern part of the Selwyn basin and is underlain by metaclastic rocks of the Late Proterozoic Yusezyu Formation of the Hyland Group, similar to lithologies hosting portions of the AurMac Project. Middle Cretaceous Tombstone Plutonic suite intrusions occur along the property including the Morrison Creek and Minto Creek stocks. The property is 100% owned and operated by Banyan Gold Corporation ("Banyan") and covers approximately 313.9 sq km. The property is accessible by road along the Silver Trail Highway, South McQuesten Road and 4x4 roads.

Banyan trades on the TSX-Venture Exchange under the symbol " BYN " and is quoted on the OTCQB Venture Market under the symbol " BYAGF ". For more information, please visit the corporate website at or contact the Company.

ON BEHALF OF BANYAN GOLD CORPORATION

(signed) "Tara Christie"
Tara Christie
President & CEO

For more information, please contact:

Tara Christie • 778 928 0556 • [email protected]
Jasmine Sangria • 604 312 5610 • [email protected]

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

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

FORWARD LOOKING INFORMATION: This video release contains forward-looking information, which is not comprised of historical facts and is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs and the Company's plans and timing for the closing the 100% acquisition of the McQuesten and Aurex properties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend(s)", "believe", "potential" and "continue" or the negative thereof or similar variations, Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the potential for resource expansion; the potential to convert inferred resources into indicated resource, mineral resource estimates; mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan's public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

[1] The gold price and cost assumptions are consistent with current pricing assumptions and costs and, in particular, with those employed for recent technical reports for similar pit-constrained Yukon gold projects.

SOURCE: Banyan Gold Corp.

November 13, 2025 6:30 AM EST | Source: Happy Belly Food Group Inc.
Toronto, Ontario--(Newsfile Corp. - November 13, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands is pleased to announce that Heal Wellness has signed a franchise agreement for London, Ontario, advancing the brand's disciplined, asset-light expansion across key markets in Canada. Heal Wellness ("Heal") is a quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, and smoothies.

Happy Belly 1

To view an enhanced version of this graphic, please visit:
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"For Heal, our priorities in 2025 and 2026 are driving organic growth and expanding our presence to establish the brand as North America's leading smoothie bowl chain, measured both by scale and strong unit economics," said Sean Black, Chief Executive Officer of Happy Belly. "London is a natural fit for Heal with its vibrant neighborhoods, strong daytime traffic, and a growing base of health-conscious consumers who value convenient, better-for-you meals. The city is also home to Western University, one of Canada's largest post-secondary institutions, with approximately 44,000 students who represent a substantial customer base seeking fresh, nutritious, and on-the-go food options. This combination of a dynamic urban population and a large student community makes London an ideal market for Heal's continued expansion."

The London franchisee will leverage Happy Belly's proven playbook - pairing experienced operators with high-visibility trade areas to drive strong unit economics and accelerate time-to-opening. This approach mirrors recent Heal milestones across Canada where the Company has combined franchise growth with strategic real-estate execution. Heal continues to build momentum toward becoming Canada's leading smoothie bowl and smoothie wellness QSR brand, supported by a growing national pipeline and a disciplined focus on site selection and franchise partner quality.

Happy Belly 2

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With 27 locations operating and over 168 in development, Heal's expansion contributes to Happy Belly's broader portfolio, which now counts 626 contractually committed retail franchise locations across emerging brands at various stages of development, construction, and operation.

"We are just getting started", said Sean Black.

About Heal Wellness

Heal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

Franchising

For franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly 3

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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274329

, /PRNewswire/ -- EPWK Holdings Ltd. (Nasdaq: EPWK) (the "Company"), a company that connects businesses with great talents through innovative and efficient cloud-sourcing platforms, today announced that the Company's board of directors approved on October 20, 2025 that the authorised, issued, and outstanding shares of the Company be consolidated on a 40 for 1 ratio with the marketplace effective date of November 17, 2025.

The objective of the share consolidation is to enable the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq.

Beginning with the opening of trading on November 17, 2025, the Company's Class A ordinary shares will trade on the Nasdaq Global Market on a split-adjusted basis, under the same symbol "EPWK" but under a new CUSIP number, G30905114.

As a result of the share consolidation, each 40 ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share without any action on the part of the shareholders. No fractional shares will be issued to any shareholders in connection with the share consolidation, and each shareholder will be entitled to receive one share of the Company in lieu of the fractional share of that class that would have resulted from the share consolidation.

At the time the share consolidation is effective, the Company's authorised share capital will be changed from US$1,000,000 divided into (i) 9,000,000,000 Class A Ordinary Shares of US$0.0001 par value each and (ii) 1,000,000,000 Class B Ordinary Shares of US$0.0001 par value each, to US$1,000,000 divided into 225,000,000 Class A Ordinary Shares with a par value of US$0.004 each and 25,000,000 Class B Ordinary Shares with a par value of US$0.004 each. The Company's total issued and outstanding Class A ordinary shares will be changed from 144,506,412 Class A Ordinary Shares with a par value of US$0.0001 per share to approximately 3,612,660 Class A Ordinary Shares with a par value of US$0.004 per share. The Company's total issued and outstanding Class B ordinary shares will be changed from 3,555,948 Class B Ordinary Shares with a par value of US$0.0001 per share to approximately 88,899 Class B Ordinary Shares with a par value of US$0.004 per share.

About EPWK Holdings Ltd.

The Company connects businesses with outstanding talent through an innovative and efficient integrated crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers. The Company was founded by Guohua Huang, former chief reporter of Fujian Daily Press Group, and conducts its operations through its subsidiaries and contractual arrangements with the variable interest entity in China. For more information, please visit the Company's website: www.epwk.com

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering will be closed. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" 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.

SOURCE EPWK HOLDINGS LTD.

Third quarter 2025 revenue was $5.0 million, compared to $7.4 million in the third quarter of 2024, and $5.4 million in the second quarter of 2025
Targeting $12.4 million in new business, reflecting both committed annual recurring revenue ("CARR") and late-stage opportunities nearing completion; 2026 pipeline expanded to $69 million
Exceeded 2025 goal of 40 new signed accounts for 2026 revenue, with 45 new signed accounts to date—several already contributing to 2025 results; average employer customer size nearly doubled what was projected
Strong business fundamentals in the third quarter including GAAP gross margin increase to 60%, 7 consecutive quarters of 80%+ non-GAAP gross margins on core B2B2C business, and $17.2 million, or 31%, reduction in operating expenses for the first nine months of 2025 compared to the same period in 2024
Dario's integrated whole-person digital health platform is driving adoption as more than 50% of Company's new clients are choosing the multi-condition offering—combining AI-driven personalization across diabetes, hypertension, weight management, musculoskeletal, and mental health
Backed by $31.9 million in cash and cash equivalents on the balance sheet as of September 30, 2025, and accelerating commercial momentum, Dario expects to reach cashflow breakeven by late 2026 to early 2027
Dario will host an investor conference call and webcast at 8:30 a.m. ET today

, /PRNewswire/ -- DarioHealth Corp. (NASDAQ: DRIO) ("Dario" or the "Company"), a leader in the global digital health market, today announced financial results for the third quarter ended September 30, 2025, along with strategic and commercial updates.

"As we execute a powerful transition to a high-margin recurring revenue model built on high-quality, long-term contracts generating 60% GAAP and 80%-plus non-GAAP gross margins, Dario's financials are significantly improving as evidenced by continued gross margin expansion, declines in operating expenses, and a robust balance sheet. We believe we are on a solid path to profitability," stated Erez Raphael, Chief Executive Officer of Dario. "While revenue declined during this transition, mainly due to our focus on a high-margin, annual recurring revenue model, our multi-condition platform is garnering strong traction with large insurers and with employers that are two to ten-times larger than our historical client size." 

"We have 45 new clients in 2025 thus far and are targeting $12.4 million in new business including committed annual recurring revenues and a portion of our late-stage pipeline that is in the contracting process. Our commercial pipeline now stands at $69 million for 2026 reflecting the success of our channel strategy and robust momentum which we believe positions us for strong revenue acceleration in 2026 as we sign and onboard new clients. Our diversified customer base numbers over 125 clients, including four national and seven major regional health plans, 112 employers, and seven channel partners representing 116 million lives. With more than 50% of new contracts now multi-condition, we aim to lead healthcare's shift toward integrated, clinically proven, outcomes-driven digital solutions. We believe we have created tremendous value both in our technology platform and our business, and this is being recognized by other companies in the rapidly evolving digital health ecosystem," Raphael concluded.

In September 2025, in response to multiple unsolicited inbound expressions of interest, Dario engaged Perella Weinberg Partners and established a Special Committee of its Board of Directors. We will not be commenting further on this matter unless or until there is a material update.

Commercial Momentum Accelerates: Dario is a Multi-Condition Leader in Digital Health

45 New Annual Recurring Revenues ("ARR") Clients year-to-date, surpassing stated goal of signing 40 new accounts in 2025
Signing Larger Clients that are increasingly looking for multi-condition solutions, doubling expected client size and doubling win rate for sustained revenue ramp
Value-Based Pricing Model Enables Faster Expansion as an increasing number of new accounts are opting for Dario's innovative new performance-based pricing model
Expansion into Fall-Risk Assessment through strategic collaboration with OneStep to further drive measurable return on investment ("ROI") for health plans by reducing falls, the leading cause of injury of older adults in the U.S. generating more than $50 billion in annual direct medical costs
Channel Partners Representing 116 million Lives are accelerating market penetration

"We believe that Dario's multi-condition platform, among the few in the market addressing over five conditions, is resonating strongly with blue-chip employers and insurers," said Steven Nelson, Dario's President and Chief Commercial Officer. "In addition to surpassing our new business goal, we have built a 2026 commercial pipeline that is extremely healthy and still has early 2026 and mid 2026 opportunities on the table due to diversifying our product market fit to new employers and health plans, including government opportunities. Impressively, more than 50% of our new clients choose our multi-condition option. We now serve over 125 clients, including Fortune 100 companies, and our diversified approach across employers, health plans, and pharma creates multiple revenue streams with low customer concentration risk. Our growth is further amplified by top-tier channel partnerships, collectively reaching over 116 million lives."

Solid Financial Foundation for Growth

Cash Balance of $31.9 million following a $17.5 million oversubscribed private placement during the third quarter of 2025
Runway to Cashflow Positive based on growing ARR, robust commercial pipeline, continued reductions in operating expenses, and strong cash position
Optimized Cap Table in September 2025, as all outstanding preferred shares converted into shares of common stock and common stock equivalents, creating a clearer equity structure
Expanded Gross Margins in the third quarter of 2025 to 60% with the core B2B2C channel sustaining approximately 80% non-GAAP gross margins since the first quarter of 2024
Decreased Operating Expenses by $17 million, or 31%, in the first nine months of 2025 compared to the year-ago period and decreased by $3.4 million, or 21%, in the third quarter compared to the year-ago period, reflecting strong operational discipline, efficiencies and continued impact of the Company's artificial intelligence ("AI") transformation; Further 10-15% improvements expected from additional AI implementations and efficiencies over the next 12-15 months
Narrowed Operating Loss in the third quarter of 2025 by 21% and by 39% for the nine-month period compared to the same periods in 2024
Credit Agreement amended to reset covenants, creating greater flexibility

"During the third quarter of 2025, Dario significantly strengthened its financial position, highlighted by an oversubscribed $17.5 million private placement, reflecting strong investor confidence in our ability to capture a massive digital health opportunity," stated Chen Franco Yehuda, Dario's Chief Financial Officer. "Our disciplined approach to operations resulted in further substantial reductions in operating expenses and corresponding operating loss on a year-over-year basis both for the third quarter of 2025 and the first nine months of 2025. High-quality accounts are translating into 60% GAAP gross margins and sustained 80% gross margins on our B2B2C business on a non-GAAP basis, setting Dario on a clear path to cashflow breakeven by late 2026 to early 2027."

Financial Results for the Three Months Ended September 30, 2025

Revenue for the three months ended September 30, 2025 was $5.0 million, compared to $7.4 million, for the three months ended September 30, 2024, and $5.4 million for the three months ended June 30, 2025. The quarter-over-quarter and year-over-year decrease was primarily due to Dario's transition away from one-time and non-recurring revenues to its focus on building ARR revenues from its core B2B2C business and a significant scope change with a large national health plan client that was not renewed in the beginning of 2025.

Gross profit for the three months ended September 30, 2025 was $3.0 million, compared to gross profit of $3.9 million for the three months ended September 30, 2024, and gross profit of $3.0 million for the three months ended June 30, 2025. The reason for the increase as compared to the three months ended September 30, 2024 resulted mainly from change in revenue mix and lower amortization of technology expenses recorded in the cost of revenues. Gross profit as a percentage of revenues increased year-over-year to 60% in the three months ended September, 2025, from 52% in the three months ended September 30, 2024, and increased from 55% in the three months ended June 30, 2025.

Non-GAAP gross profit, excluding $0.2 million of amortization expenses related to the acquisition of technology, stock-based compensation, and depreciation was $3.2 million, or 64% of revenues, for the three months ended September 30, 2025, compared to non-GAAP gross profit of $5.2 million, or 70% of revenues, for the three months ended September 30, 2024, and a non-GAAP gross profit of $3.4 million, or 64% of revenues, for the three months ended June 30, 2025. A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Total operating expenses for the three months ended September 30, 2025, were $12.5 million compared to $15.9 million for the three months ended September 30, 2024, and $12.2 million for the three months ended June 30, 2025 a decrease of $3.4 million, or 21%, compared to the three months ended September 30, 2024, and an increase of $0.3 million, or 3%, compared to the three months ended June 30, 2025. The year-over-year decrease in operating expenses resulted mainly from increased operational efficiency and post-merger integration activities.

Non-GAAP operating expenses (excluding stock-based compensation, acquisition related expenses, depreciation and amortization expenses) for the three months ended September 30, 2025, were $9.2 million compared to $12.3 million for the three months ended September 30, 2024, and $9.8 million for the three months ended June 30, 2025, representing a decrease of 25% and 6%, respectively.

Operating loss for the three months ended September 30, 2025, was $9.5 million, a decrease of $2.5 million, or 21%, compared to $12.0 million for the three months ended September 30, 2024, and remained relatively the same compared to $9.2 million for the three months ended June 30, 2025. The decrease in operating loss compared to the three months ended June 30, 2024, was mainly due to an increase in operational efficiencies and post-merger integration activities.

Non-GAAP operating loss (excluding stock-based compensation, acquisition related expenses, depreciation and amortization expenses) for the three months ended September 30, 2025 was $6.0 million representing a decrease of 16% and an decrease of 6% respectively, compared to a Non-GAAP operating loss of $7.1 million in the three months ended September 30, 2024, and Non-GAAP operating loss of $6.4 million in the three months ended June 30, 2025.

Net loss was $10.5 million for the three months ended September 30, 2025, compared to a net loss of $12.3 million for the three months ended September 30, 2024, and $13.0 million for three months ended June 30, 2025.

Non-GAAP net loss (excluding stock-based compensation, acquisition related expenses, depreciation and amortization expenses) for the three months ended September 30, 2025 was $7.0 million compared to a Non-GAAP net loss of $7.4 million for the three months ended September 30, 2024, and a Non-GAAP net loss of $10.2 million in the three months ended June 30, 2025.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Financial Results for the Nine Months Ended September 30, 2025

Revenues for the nine months ended September 30, 2025 were $17.1 million, compared to $19.4 million for the nine months ended September 30, 2024. The reason for the decrease as compared to the nine months ended September 30, 2024 was primarily due to Dario's transition away from one-time and non-recurring revenues to its focus on building ARR revenues from its core B2B2C business and a significant scope change with a large national health plan client that was not renewed in the beginning of 2025, partially offset by new ARR.

Gross profit for the nine months ended September 30, 2025, was $9.9 million, an increase of $0.8 million or 9%, compared to gross profit of $9.1 million for the nine months ended September 30, 2024. The reason for the increase as compared to the nine months ended September 30, 2024 resulted mainly from the change in revenue mix and lower amortization of technology expenses recorded in the cost of revenues. Gross profit as a percentage of revenues increased year-over-year to 58% in the nine months ended September 30, 2025, from 47% in the nine months ended September 30, 2024.

Non-GAAP gross profit, excluding $1.6 million of amortization expenses related to the acquisition of technology, stock-based compensation and depreciation, was $11.4 million, or 67% of revenues, for the nine months ended September 30, 2025, compared to non-GAAP gross profit of $12.9 million, or 66% of revenues, for the nine months ended September 30, 2024. A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Total operating expenses for the nine months ended September 30, 2025, were $38.0 million compared to $55.1 million for the nine months ended September 30, 2024, a decrease of $17.1 million, or 31%. The decrease in operating expenses compared to the nine months ended September 30, 2024, resulted mainly from increased operational efficiencies and post merger integration activities.

Non-GAAP operating expenses (excluding stock-based compensation, acquisition-related expenses, depreciation and amortization expenses) for the nine months ended September 30, 2025, were $29.6 million compared to $39.7 million for the nine months ended September 30, 2024, representing a decrease of $10.1 million.

Operating loss for the nine months ended September 30, 2025, was $28.1 million, a decrease of $17.9 million, or 39%, compared to $46.1 million for the nine months ended September 30, 2024. The decrease in operating loss compared to the nine months ended September 30, 2024, was mainly due to an increase in operational efficiencies and post merger integration activities.

Non-GAAP operating loss (excluding stock-based compensation, acquisition related expenses, depreciation and amortization expenses) for the nine months ended September 30, 2025 was $18.2 million representing a decrease of 32%, compared to a non-GAAP operating loss of $26.9 million in the nine months ended September 30, 2024.

Net loss was $32.7 million for the nine months ended September 30, 2025, compared to a net loss of $33.1 million for the nine months ended September 30, 2024.

Non-GAAP net loss (excluding stock-based compensation, acquisition related expenses, depreciation and amortization expenses) for the nine months ended September 30, 2025 was $22.8 million compared to a Non-GAAP net loss of $13.9 million for the nine months ended September 30, 2024.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Conference Call Details: Thursday November 13, 8:30am ET  

Dial-in Number: 1-800-717-1738 (domestic) or 1-646-307-1865 (international)

Call me™: https://emportal.ink/4mObSmB

Participants can use the dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. This link will be made active 15 minutes prior to the scheduled start time.

Webcast link: https://viavid.webcasts.com/starthere.jsp?ei=1732064&tp_key=b74033256e

Participants are asked to dial in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately three hours after completion of the conference call through Thursday, November 27th, 2025. To listen to the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use replay passcode 1196613.

About DarioHealth Corp.

DarioHealth Corp. (NASDAQ: DRIO) is a leading digital health company revolutionizing how people with chronic conditions manage their health through a user-centric, multi-chronic condition digital therapeutics platform. Dario's platform and suite of solutions deliver personalized and dynamic interventions driven by data analytics and one-on-one coaching for diabetes, hypertension, weight management, musculoskeletal pain and behavioral health.

Dario's user-centric platform offers people continuous and customized care for their health, disrupting the traditional episodic approach to healthcare. This approach empowers people to holistically adapt their lifestyles for sustainable behavior change, driving exceptional user satisfaction, retention and results and making the right thing to do the easy thing to do.

Dario provides its highly user-rated solutions globally to health plans and other payers, self-insured employers, providers of care and consumers. To learn more about Dario and its digital health solutions, or for more information, visit http://dariohealth.com. 

Cautionary Note Regarding Forward-Looking Statements

This news release and the statements of representatives and partners of DarioHealth Corp. related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses the amount of its targeted new business, its 2026 pipeline and expected strong revenue acceleration in 2026, that it expects to reach cashflow breakeven by late 2026 to early 2027, that it expects to transition to a high-margin recurring revenue model; that it is on a solid path to profitability; the number of new accounts it expects to sign in 2025, its potential future business opportunities, and that it expects to further cut its operating expenses over the next 12-15 months. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company's commercial and regulatory plans for Dario™ as described herein) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

DarioHealth Corporate Contacts

Michael Lipari
SVP Corporate Development
[email protected]
+1-201-785-6310

Zoe Harrison
VP, Accounting and Corporate Development
[email protected]

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Operating expenses (non-GAAP). Our presentation of non-GAAP operating expenses excludes stock-based compensation expenses, amortization of acquisition related expenses and depreciation of fixed assets. Due to varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash operating expenses, we believe that providing non-GAAP financial measures that exclude non-cash expenses provides us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

Net loss (non-GAAP). Our presentation of adjusted net loss excludes the effect of certain items that are non-GAAP financial measures. Adjusted net loss represents net loss determined under GAAP without regard to stock-based compensation expenses, deferred inventory, depreciation of fixed assets, earn-out remeasurement and acquisition related expenses and amortization. We believe these measures provide useful information to management and investors for analysis of our operating results.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands

September 30, 

December 31, 

2025

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

31,907

$

27,764

Short-term bank deposits

-

697

Short-term restricted bank deposits

222

175

Trade receivables, net

2,375

4,804

Inventories

4,869

4,753

Other accounts receivable and prepaid expenses

2,812

2,336

Total current assets

42,185

40,529

NON-CURRENT ASSETS:

Deposits

79

79

Operating lease right of use assets

746

1,065

Long-term assets

307

313

Property and equipment, net

578

709

Intangible assets, net

16,405

18,762

Goodwill

57,427

57,427

Total non-current assets

75,542

78,355

Total assets

$

117,727

$

118,884

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands (except stock and per share data)

September 30, 

December 31, 

2025

2024

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Trade payables

$

3,469

$

3,045

Deferred revenues

860

1,583

Operating lease liabilities

442

504

Other accounts payable and accrued expenses

4,508

6,052

Current maturity of long-term loan

—

5,451

Total current liabilities

9,279

16,635

NON-CURRENT LIABILITIES

Operating lease liabilities

579

765

Long-term loan

30,617

23,472

Warrant liability

2,244

5,968

Other long-term liabilities

74

25

Total non-current liabilities

33,514

30,230

STOCKHOLDERS' EQUITY **

Common stock of $0.0001 par value - authorized: 400,000,000 shares; issued and
outstanding: 6,768,184 and 1,919,422 shares on September 30, 2025 and
December 31, 2024, respectively

4

4

Preferred stock of $0.0001 par value - authorized: 5,000,000 shares; issued and
outstanding: 0 and 49,585 shares on September 30, 2025 and December 31, 2024,
respectively

*) -

*) -

Additional paid-in capital

516,756

462,358

Accumulated deficit

(441,826)

(390,343)

Total stockholders' equity

74,934

72,019

Total liabilities and stockholders' equity

$

117,727

$

118,884

*) Represents an amount lower than $1.
(**) See note 1e regarding reverse share split.
The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
U.S. dollars in thousands (except stock and per share data)

Three months ended

Nine months ended

September 30, 

September 30, 

2025

2024

2025

2024

Revenues:

Services

$

3,209

$

5,604

$

11,745

$

14,424

Consumer hardware

1,798

1,819

5,383

5,012

Total revenues

5,007

7,423

17,128

19,436

Cost of revenues:

Services

613

920

2,299

2,845

Consumer hardware

1,198

1,282

3,479

3,786

Amortization of acquired intangible assets

181

1,344

1,489

3,740

Total cost of revenues

1,992

3,546

7,267

10,371

Gross profit

3,015

3,877

9,861

9,065

Operating expenses:

Research and development

$

3,328

$

5,446

$

11,157

$

18,898

Sales and marketing

4,604

6,733

15,708

20,775

General and administrative

4,567

3,728

11,089

15,468

Total operating expenses

12,499

15,907

37,954

55,141

Operating loss

9,484

12,030

28,093

46,076

Interest expenses

1,157

—

1,923

—

Other financial expenses (income), net

(175)

313

2,645

(10,954)

Total financial expenses (income), net

982

313

4,568

(10,954)

Loss before taxes

10,466

12,343

32,661

35,122

Income tax (benefit)

—

(13)

22

(2,007)

Net loss

$

10,466

$

12,330

$

32,683

$

33,115

Deemed dividend (contribution)

$

8,389

$

2,278

$

18,800

$

(4,394)

Net loss attributable to common shareholders

$

18,855

$

14,608

$

51,483

$

28,721

Net loss per share:

Basic and diluted loss per share of common stock

$

2.96

$

4.91

$

9.05

$

10.38

Weighted average number of common stock used in
computing basic and diluted net loss per share**

3,138,106

2,020,872

2,673,794

1,954,679

(**) See note 1e regarding reverse share split.
The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands

Nine months ended

September 30, 

2025

2024

Cash flows from operating activities:

Net loss

$

(32,683)

$

(33,115)

Adjustments required to reconcile net loss to net cash used in operating activities:

Stock-based compensation

7,327

13,206

Depreciation and impairment

247

773

Disposal of property and equipment

-

7

Change in operating lease right of use assets

319

666

Amortization of acquired intangible assets

2,357

4,519

Decrease in trade receivables, net

2,429

1,536

Increase in other accounts receivable, prepaid expense and long-term assets 

(470)

(894)

Decrease (increase) in inventories

(117)

320

Increase (decrease) in trade payables

424

(886)

Decrease in other accounts payable and accrued expenses

(1,495)

(3,704)

Decrease in deferred revenues

(723)

(621)

Change in operating lease liabilities

(248)

(791)

Change in fair value of warrant liability

(903)

(13,370)

Non-cash financial expenses

2,832

432

Other

650

92

Net cash used in operating activities

(20,054)

(31,830)

Cash flows from investing activities:

Purchase of property and equipment

(116)

(117)

Payments for business acquisitions, net of cash acquired

—

(8,796)

Net cash used in investing activities

(116)

(8,913)

Cash flows from financing activities:

Proceeds from issuance of common stock and prefunded warrants, net of issuance costs

17,393

—

Proceeds from issuance of preferred stock, net of issuance costs

6,754

20,206

Proceeds from borrowings on credit agreement, net

31,700

—

Repayment of long-term loan

(31,515)

—

Net cash provided by financing activities

24,332

20,206

Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents

4,162

(20,537)

Effect of exchange rate differences on cash, cash equivalents and restricted cash and cash equivalents

(19)

(50)

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period

27,764

36,797

Cash, cash equivalents and restricted cash and cash equivalents at end of period

$

31,907

$

16,210

Supplemental disclosure of cash flow information:

Cash paid during the period for interest on long-term loan

$

2,260

$

2,968

Non-cash activities:

Right-of-use assets obtained in exchange for lease liabilities

$

—

$

428

Exercise of pre-funded warrants to common stock upon acquisition

$

2,821

$

—

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

Reconciliation of Operating Loss, Net Loss  and Operating Expenses to Adjusted

Operating Loss, Net Loss  and Operating Expenses (Non-GAAP)

U.S. dollars in thousands

Three months ended September 30, 2025

GAAP

Stock-Based
Compensation
Expenses

Amortization of
acquisition
related expenses
and depreciation
of fixed assets

Non-GAAP

Cost of Revenues

$

1,992

(6)

(192)

1,794

Gross Profit

3,015

6

192

3,213

Research and development

3,328

(389)

(30)

2,909

Sales and Marketing

4,604

(555)

(308)

3,741

General and Administrative

4,567

(2,000)

(17)

2,550

Total Operating Expenses

12,499

(2,944)

(355)

9,200

Operating Loss

$

(9,484)

2,950

547

(5,987)

Financing expenses

928

-

-

982

Net Loss

$

(10,466)

2,950

547

(6,969)

Reconciliation of Operating Loss, Net Loss  and Operating Expenses to Adjusted

Operating Loss, Net Loss  and Operating Expenses (Non-GAAP)

U.S. dollars in thousands

Three months ended September 30, 2024

GAAP

Stock-Based
Compensation
Expenses

Amortization of
acquisition
related expenses
and depreciation
of fixed assets

Non-GAAP

Cost of Revenues

$

3,546

7

(1,359)

2,194

Gross Profit

3,877

(7)

1,359

5,229

Research and development

5,446

(748)

(63)

4,635

Sales and Marketing

6,733

(948)

(689)

5,096

General and Administrative

3,728

(1,097)

(17)

2,614

Total Operating Expenses

15,907

(2,793)

(769)

12,345

Operating Loss

$

(12,030)

2,786

2,128

(7,116)

Financing expenses

313

-

313

Income Tax

(13)

(13)

Net Loss

$

(12,330)

2,786

2,128

(7,416)

Reconciliation of Operating Loss, Net Loss  and Operating Expenses to Adjusted

Operating Loss, Net Loss  and Operating Expenses (Non-GAAP)

U.S. dollars in thousands

Nine months ended September 30, 2025

GAAP

Stock-Based
Compensation
Expenses

Amortization of
acquisition
related expenses
and depreciation
of fixed assets

Non-GAAP

Cost of Revenues

$

7,267

(22)

(1,529)

5,716

Gross Profit

9,861

22

1,529

11,412

Research and development

11,157

(1,356)

(104)

9,697

Sales and Marketing

15,708

(1,953)

(926)

12,829

General and Administrative

11,089

(3,996)

(46)

7,047

Total Operating Expenses

37,954

(7,305)

(1,076)

29,573

Operating Loss

$

(28,093)

7,327

2,605

(18,161)

Financing expenses

4,568

-

-

4,568

Income Tax

22

22

Net Loss

$

(32,683)

7,327

2,605

(22,751)

Reconciliation of Operating Loss, Net Loss  and Operating Expenses to Adjusted

Operating Loss, Net Loss  and Operating Expenses (Non-GAAP)

U.S. dollars in thousands

Nine months ended September 30, 2024

GAAP

Stock-Based
Compensation
Expenses

Amortization of
acquisition
related expenses
and depreciation
of fixed assets

Non -GAAP

Cost of Revenues

$

10,371

(5)

(3,784)

6,582

Gross Profit

9,065

5

3,784

12,854

Research and development

18,898

(2,311)

(187)

16,400

Sales and Marketing

20,775

(4,354)

(859)

15,562

General and Administrative

15,468

(6,536)

(1,175)

7,757

Total Operating Expenses

55,141

(13,201)

(2,221)

39,719

Operating Loss

$

(46,076)

13,206

6,005

(26,865)

Financing expenses

(10,954)

-

-

(10,954)

Income Tax

(2,007)

(2,007)

Net Loss

$

(33,115)

13,206

6,005

(13,904)

Logo: https://mma.prnewswire.com/media/1920436/DarioHealth_Logo.jpg

SOURCE DarioHealth Corp.

, /PRNewswire/ -- Yatsen Group (NYSE: YSG), a leading multi-brand beauty company, has released Yatsen Group Beauty Innovation Insight — China's first comprehensive report exploring innovation across beauty science, sustainability, and corporate responsibility.

The publication signals a milestone in the evolution of China's beauty industry from brand storytelling to scientific leadership, and highlights Yatsen's growing influence within the global research and development (R&D) community.

Yatsen Group Beauty Innovation Insight

David (Jinfeng) Huang, Founder, Chairman and CEO of Yatsen Group, delivers a keynote speech at the launch ceremony

Yatsen Group Chief Scientific Officer Cheng Jing and IFSCC President Dr. Vania Leite reviewing the white paper

Yatsen Group 2024 Environmental, Social and Governance Report

Galénic Couture Secret D'Excellence The Active Soft Cream

Yatsen Global Innovation R&D Center

Defining Chinese Innovation from a Global Perspective

As the first white paper of its kind in China, Yatsen Group Beauty Innovation Insight centers on the theme of scientific innovation and includes six chapters spanning global R&D networks, technological breakthroughs, efficacy validation, and sustainable development.

At its launch ceremony in Shanghai's Jing'an District, attended by government, academic, and industry leaders, Yatsen presented the white paper as both a reflection of its scientific progress and a statement of its global innovation roadmap.

"Our ambition to become a world-class technology-driven beauty pioneer is founded on years of consistent R&D investment and a commitment to scientific rigor," said David (Jinfeng) Huang, Founder, Chairman, and CEO of Yatsen Group. "We are building a future where global research, global talent, and global markets intersect."

Dr. Vania Leite, President of the International Federation of Societies of Cosmetic Chemists (IFSCC), contributed the report's foreword:

"This is the first white paper from a Chinese beauty company to interpret cosmetic innovation through a global lens. Science knows no borders, and beauty knows no boundaries — this report serves as a bridge connecting China's beauty science with the world."

In August, Yatsen debuted the English edition of the white paper at the 35th IFSCC Congress — marking the first time Chinese cosmetic R&D achievements were presented in a comprehensive, internationally peer-reviewed format. Over the past four years, Yatsen has participated in major dermatological and cosmetic congresses, including the IFSCC, EADV, ADC, and WCD, strengthening China's scientific voice in the global beauty dialogue.

From Lab to Market: Turning Science into Beauty

The Insight highlights how Yatsen transforms laboratory research into real consumer impact — an essential measure of innovation's value.

Perfect Diary, Yatsen's flagship brand, co-published the industry's first Makeup Skinification Report with the China Association of Fragrance Flavor and Cosmetic Industries (CAFFCI) and Ruijin Hospital of Shanghai Jiao Tong University School of Medicine. The brand also launched its third-generation Biotec™ Technology, inspired by five Nobel Prize-recognized scientific discoveries that redefine how makeup enhances skin health.

In premium skincare, Galénic's patented ActiveAnchor® technology has improved the dermal penetration of water-soluble Vitamin C, while EVE LOM has pioneered the world's first Emotional Skincare Science framework, establishing new standards for mood-based skincare efficacy evaluation.

Yatsen's Open Lab ecosystem connects more than 20 research collaborations across industry, academia, and medicine — including partnerships with Sun Yat-sen University, Fudan University, Ruijin Hospital, and Hôpital Saint-Louis in France. Since 2022, Yatsen has published 32 peer-reviewed papers in journals such as Science Bulletin and Nature Medicine, and has filed 252 global patents, including 78 invention applications.

"With a clear roadmap and deep interdisciplinary collaboration, we aim not only to innovate, but to lead how innovation is practiced in the beauty sector," said Cheng Jing, Chief Scientific Officer of Yatsen Group.

Sustainable Innovation and Social Impact

Beyond R&D, Yatsen's innovation philosophy extends to sustainability and social impact. The Group has published four consecutive ESG reports since 2021 and achieved an MSCI ESG Rating of A for two years running — the only Chinese beauty company to do so.

Aligned with China's dual-carbon goals, Yatsen integrates low-carbon practices throughout its operations — from carbon audits and green sourcing to sustainable packaging. Perfect Diary's "Slim Heel Lipstick" became one of the first beauty products in China to receive a Product Carbon Footprint Certification.

Premium brands have followed suit: EVE LOM now uses 100% FSC-certified recycled paper across all outer packaging, while Galénic has introduced refillable jar systems and removed printed inserts, cutting material usage by over 50%. The Galénic Skin Science Research Foundation further supports dermatological research globally, reinforcing Yatsen's vision of beauty with purpose.

About Yatsen Group

Since its NYSE listing in 2020, Yatsen Group has made R&D the cornerstone of its strategy — investing more than RMB 600 million to date and maintaining R&D spending above 3% of annual revenue. The Group operates three global R&D centers in Shanghai, Guangzhou, and Toulouse (France), supported by six joint laboratories and over 20 international collaborations.

The Group's "1-3-4-6-20 Global Research Network" includes:

1 world-class biotech manufacturing facility
3 proprietary R&D centers
4 frontier research domains: Biotechnology, Scientific Skincare, Emotional Skincare, and Skin Data Science
6 joint laboratories
20+ academic and industry partnerships
As of mid-2025, skincare represents more than half of Yatsen's total revenue — positioning the company among the top ten Chinese beauty enterprises by R&D investment and scientific capability.

"The future of beauty will be defined at the intersection of science, sustainability, and culture," said David Huang. "Our mission is to help shape that future — responsibly, collaboratively, and globally."

SOURCE Yatsen Holding Limited

SHANGHAI, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights:

Average daily active users (DAUs) were 117.3 million, representing an increase of 9% year over year.Total net revenues were RMB7.69 billion (US$1.08 billion), representing an increase of 5% year over year, including RMB2.57 billion (US$361.0 million) in advertising revenues, which increased by 23% year over year.Gross profit was RMB2.82 billion (US$395.8 million), representing an increase of 11% year over year. Gross profit margin reached 36.7%, improving from 34.9% in the same period of 2024.Net profit was RMB469.4 million (US$65.9 million), compared with a net loss of RMB79.8 million in the same period of 2024. Net profit margin was 6.1%, compared with a net loss margin of 1.1% in the same period of 2024.Adjusted net profit1 was RMB786.3 million (US$110.5 million), representing an increase of 233% year over year. Adjusted net profit margin1 was 10.2%, improving from 3.2% in the same period of 2024.
“We maintained strong momentum in the third quarter, led by remarkable community growth and continued financial progress,” said Mr. Rui Chen, Chairman and Chief Executive Officer of Bilibili. “Each of our core user metrics reached all-time highs in the third quarter. DAUs increased by 9% year over year to 117 million, monthly active users were up 8% to 376 million, and monthly paying users also grew by 17% to 35 million. During the quarter, average daily time spent also reached a record high of 112 minutes, up 6 minutes year over year. This solid user growth and deeper engagement reflect over a decade of focus on high-quality content and the distinctive community experience we have cultivated. As we grow with our users, their engagement increasingly translates into commercial value. We will keep reinforcing this healthy cycle across our user and commercial ecosystem, where a vibrant community directly fuels business growth and creates long-term value for all of our stakeholders.”

Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “A year ago, Bilibili turned profitable on a non-GAAP basis. Building on that milestone, we have continued to grow our businesses and meaningfully improved our financials throughout 2025. In the third quarter, total revenues grew by 5% year over year to RMB7.69 billion, with 23% growth in advertising revenues. Gross profit rose by 11% year over year, and our gross profit margin expanded to 36.7%, marking the 13th quarter of consecutive growth. Through increased operating leverage and disciplined cost management, our non-GAAP net profit surged by 233% year over year to RMB786 million in the third quarter. Our non-GAAP net profit margin expanded to 10.2% in the third quarter, a substantial improvement from 3.2% in the same period of 2024. This continued momentum reinforces our ability to maintain a healthy balance sheet and positions us to reinvest in innovation and capture new opportunities in the evolving technology landscape.”

Third Quarter 2025 Financial Results

Total net revenues. Total net revenues were RMB7.69 billion (US$1.08 billion), representing an increase of 5% from the same period of 2024.

Value-added services (VAS). Revenues from VAS were RMB3.02 billion (US$424.6 million), representing an increase of 7% from the same period of 2024, mainly attributable to increased revenues from premium memberships and other value-added services.

Advertising. Revenues from advertising were RMB2.57 billion (US$361.0 million), representing an increase of 23% from the same period of 2024, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

Mobile games. Revenues from mobile games were RMB1.51 billion (US$212.2 million), representing a decrease of 17% from the same period of 2024, mainly attributable to the high prior-year comparison baseline following the successful launch of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia.

IP derivatives and others. Revenues from IP derivatives and others were RMB582.3 million (US$81.8 million), representing an increase of 3% from the same period of 2024.

Cost of revenues. Cost of revenues was RMB4.87 billion (US$683.7 million), representing an increase of 2% from the same period of 2024. The increase was mainly due to higher revenue sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key component of cost of revenues, were RMB3.04 billion (US$426.5 million), representing an increase of 4% from the same period of 2024.

Gross profit. Gross profit was RMB2.82 billion (US$395.8 million), representing an increase of 11% from the same period of 2024, mainly attributable to the growth in total net revenues and relatively stable costs related to platform operations, as the Company enhanced its monetization efficiency.

Total operating expenses. Total operating expenses were RMB2.46 billion (US$346.1 million), representing a decrease of 6% from the same period of 2024.

Sales and marketing expenses. Sales and marketing expenses were RMB1.05 billion (US$147.6 million), representing a decrease of 13% from the same period of 2024. The decrease was attributable to lower mobile games marketing expenses.

General and administrative expenses. General and administrative expenses were RMB508.7 million (US$71.5 million), remaining stable compared with the same period of 2024.

Research and development expenses. Research and development expenses were RMB904.5 million (US$127.1 million), remaining stable compared with the same period of 2024.

Profit/(loss) from operations. Profit from operations was RMB353.9 million (US$49.7 million), compared with a loss of RMB66.7 million in the same period of 2024.

Adjusted profit from operations1. Adjusted profit from operations was RMB687.9 million (US$96.6 million), representing an increase of 153% from the same period of 2024.

Total other income/(expenses), net. Total other income was RMB100.7 million (US$14.1 million), compared with total other expenses of RMB21.5 million in the same period of 2024.

Income tax benefit. Income tax benefit was RMB14.8 million (US$2.1 million), compared with RMB8.4 million in the same period of 2024.

Net profit/(loss). Net profit was RMB469.4 million (US$65.9 million), compared with a net loss of RMB79.8 million in the same period of 2024.

Adjusted net profit1. Adjusted net profit was RMB786.3 million (US$110.5 million), representing an increase of 233% from the same period of 2024.

Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB1.13 (US$0.16) and RMB1.05 (US$0.15), respectively, compared with basic and diluted net loss per share of RMB0.19 each in the same period of 2024. Adjusted basic and diluted earnings per share were RMB1.89 (US$0.27) and RMB1.75 (US$0.25), respectively, compared with RMB0.57 each in the same period of 2024.

Net cash provided by operating activities. Net cash provided by operating activities was RMB2.02 billion (US$283.2 million), compared with RMB2.23 billion in the same period of 2024.

Cash and cash equivalents, time deposits and short-term investments. As of September 30, 2025, the Company had cash and cash equivalents, time deposits and short-term investments of RMB23.49 billion (US$3.30 billion).

Share Repurchase Program

Pursuant to the Company’s two-year US$200 million share repurchase program, which was approved by the Board of Directors in November 2024, the Company had repurchased a total of 6.4 million of its listed securities as of September 30, 2025, for a total cost of US$116.4 million. As of September 30, 2025, the remaining amount of Board authorization for the Company’s share repurchase program was approximately US$83.6 million.

Change of Joint Company Secretary and Process Agent

Ms. Lai Ying Tung has been appointed as Joint Company Secretary and an authorized representative of the Company for accepting the service of process and notices on behalf of the Company in Hong Kong pursuant to Rule 19.05(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), effective November 13, 2025. Ms. Lai replaces Ms. Chau Hing Ling Anita, who stepped down from these roles, effective on the same date. Ms. Chau has confirmed she has no disagreement with the Board and that there are no other matters relating to her resignation that need to be brought to the attention of shareholders or The Stock Exchange of Hong Kong Limited. Mr. Xin Fan, Chief Financial Officer, continues to serve as the Company's other Joint Company Secretary.

Ms. Lai is currently a manager of corporate services of Vistra Corporate Services (HK) Limited and she has nearly 10 years of experience in corporate secretarial, providing a full range of corporate and compliance services to listed and private companies. She currently assists with corporate secretarial affairs of certain companies listed on the Main Board of the Hong Kong Stock Exchange. Ms. Lai obtained a master’s degree in Corporate Governance from Hong Kong Metropolitan University. She has been an associate member of The Hong Kong Chartered Governance Institute and of The Chartered Governance Institute in the United Kingdom since 2021.

1 Adjusted profit from operations, adjusted net profit, adjusted net profit margin and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 13, 2025 (8:00 PM Beijing/Hong Kong Time on November 13, 2025). Details for the conference call are as follows:

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.

About Bilibili Inc.

Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with “All the Videos You Like” as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and a frontier for promoting Chinese culture around the world.

For more information, please visit: http://ir.bilibili.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) margin, adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) attributable to the Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, and loss on repurchase of convertible senior notes. The Company calculates adjusted net profit/(loss) margin by dividing the adjusted net profit/(loss) by revenue for the same period. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore, may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Bilibili Inc.
Juliet Yang
Tel: +86-21-2509-9255 Ext. 8523
E-mail: [email protected]

Piacente Financial Communications 
Helen Wu
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Piacente Financial Communications 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

BILIBILI INC.
Unaudited Condensed Consolidated Statements of Operations
(All amounts in thousands, except for share and per share data)  For the Three Months Ended For the Nine Months Ended September
30, June
30, September
30, September
30, September
30, 2024
 2025
 2025
 2024
 2025
 RMB RMB RMB RMB RMB          Net revenues:         Value-added services (VAS)2,821,269  2,836,596  3,022,526  7,916,066  8,666,462 Advertising2,094,427  2,448,888  2,569,930  5,800,502  7,016,453 Mobile games1,822,609  1,612,333  1,510,739  3,812,786  4,854,227 IP derivatives and others567,315  439,873  582,266  1,568,010  1,489,257 Total net revenues7,305,620  7,337,690  7,685,461  19,097,364  22,026,399 Cost of revenues(4,758,434) (4,661,844) (4,867,533) (13,111,617) (13,993,527)Gross profit2,547,186  2,675,846  2,817,928  5,985,747  8,032,872           Operating expenses:         Sales and marketing expenses(1,202,407) (1,048,189) (1,050,774) (3,165,062) (3,265,938)General and administrative expenses(505,386) (509,631) (508,669) (1,525,202) (1,533,938)Research and development expenses(906,072) (866,414) (904,537) (2,765,893) (2,612,428)Total operating expenses(2,613,865) (2,424,234) (2,463,980) (7,456,157) (7,412,304)(Loss)/profit from operations(66,679) 251,612  353,948  (1,470,410) 620,568           Other (expenses)/income:         Investment loss, net (including impairments)(70,957) (56,875) (70,336) (186,890) (189,414)Interest income91,279  101,639  122,526  324,830  318,338 Interest expense(17,824) (35,506) (42,135) (69,207) (110,212)Exchange losses(5,909) (11,710) (21,683) (79,244) (45,052)Debt extinguishment loss-  (2) -  (20,980) (2)Others, net(18,134) (4,518) 112,321  36,305  105,966 Total other (expenses)/income, net(21,545) (6,972) 100,693  4,814  79,624 (Loss)/profit before income tax(88,224) 244,640  454,641  (1,465,596) 700,192 Income tax benefit/(expense)8,419  (26,357) 14,760  13,011  (23,185)Net (loss)/profit(79,805) 218,283  469,401  (1,452,585) 677,007 Net loss attributable to noncontrolling interests290  719  829  15,825  3,123 Net (loss)/profit attributable to the Bilibili Inc.'s shareholders(79,515) 219,002  470,230  (1,436,760) 680,130 Net (loss)/profit per share, basic(0.19) 0.52  1.13  (3.45) 1.62 Net (loss)/profit per ADS, basic(0.19) 0.52  1.13  (3.45) 1.62 Net (loss)/profit per share, diluted(0.19) 0.51  1.05  (3.45) 1.58 Net (loss)/profit per ADS, diluted(0.19) 0.51  1.05  (3.45) 1.58 Weighted average number of ordinary shares, basic417,849,446  419,443,582  417,467,814  416,475,386  418,989,673 Weighted average number of ADS, basic417,849,446  419,443,582  417,467,814  416,475,386  418,989,673 Weighted average number of ordinary shares, diluted417,849,446  437,370,780  454,956,127  416,475,386  439,461,086 Weighted average number of ADS, diluted417,849,446  437,370,780  454,956,127  416,475,386  439,461,086                 The accompanying notes are an integral part of this press release.

BILIBILI INC.
Notes to Unaudited Financial Information
(All amounts in thousands, except for share and per share data)         For the Three Months Ended For the Nine Months Ended September
30, June
30, September
30, September
30, September
30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB                    Share-based compensation expenses included in:         Cost of revenues26,781 26,314 27,418 58,828 77,728Sales and marketing expenses16,015 19,800 19,277 41,936 55,494General and administrative expenses133,825 137,165 141,341 430,681 423,003Research and development expenses120,490 101,568 109,225 289,731 316,648Total297,111 284,847 297,261 821,176 872,873  BILIBILI INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except for share and per share data)     December
31, September
30, 2024
 2025
 RMB RMB    Assets   Current assets:   Cash and cash equivalents10,249,382  12,101,172 Time deposits3,588,475  6,209,944 Restricted cash50,000  50,800 Accounts receivable, net1,226,875  1,135,917 Prepayments and other current assets1,934,788  2,326,997 Short-term investments2,706,535  5,176,449 Total current assets19,756,055  27,001,279 Non-current assets:   Property and equipment, net589,227  636,554 Production cost, net1,851,207  1,618,295 Intangible assets, net3,201,012  2,939,518 Goodwill2,725,130  2,725,130 Long-term investments, net3,911,592  4,353,581 Other long-term assets664,277  658,749 Total non-current assets12,942,445  12,931,827 Total assets32,698,500  39,933,106 Liabilities   Current liabilities:   Accounts payable4,801,416  5,297,185 Salary and welfare payables1,599,482  1,526,485 Taxes payable428,932  419,005 Short-term loan and current portion of long-term debt1,571,836  1,636,078 Deferred revenue3,802,307  4,428,786 Accrued liabilities and other payables2,558,830  3,169,792 Total current liabilities14,762,803  16,477,331 Non-current liabilities:   Long-term debt3,264,153  8,056,329 Other long-term liabilities567,631  507,797 Total non-current liabilities3,831,784  8,564,126 Total liabilities18,594,587  25,041,457     Total Bilibili Inc.’s shareholders’ equity14,108,397  14,899,296 Noncontrolling interests(4,484) (7,647)Total shareholders’ equity14,103,913  14,891,649     Total liabilities and shareholders’ equity32,698,500  39,933,106      BILIBILI INC.
Unaudited Selected Condensed Consolidated Cash Flows Data
(All amounts in thousands, except for share and per share data)  For the Three Months Ended For the Nine Months Ended
 September
30, June
30, September
30, September
30, September
30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB          Net cash provided by operating activities2,225,629 1,989,265 2,016,188 4,613,866 5,307,548  BILIBILI INC.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except for share and per share data)  For the Three Months Ended For the Nine Months Ended
 September
30, June
30, September
30, September
30, September
30, 2024
 2025
 2025
 2024
 2025
 RMB RMB RMB RMB RMB          (Loss)/profit from operations(66,679) 251,612  353,948  (1,470,410) 620,568 Add:         Share-based compensation expenses297,111  284,847  297,261  821,176  872,873 Amortization expense related to intangible assets acquired through business acquisitions41,776  36,692  36,657  125,328  110,041 Adjusted profit/(loss) from operations272,208  573,151  687,866  (523,906) 1,603,482           Net (loss)/profit(79,805) 218,283  469,401  (1,452,585) 677,007 Add:         Share-based compensation expenses297,111  284,847  297,261  821,176  872,873 Amortization expense related to intangible assets acquired through business acquisitions41,776  36,692  36,657  125,328  110,041 Income tax related to intangible assets acquired through business acquisitions(5,406) (4,136) (4,131) (16,220) (12,403)(Loss)/gain on fair value change in investments in publicly traded companies(17,778) 25,641  (12,894) 10,347  61,616 Loss on repurchase of convertible senior notes-  2  -  20,980  2 Adjusted net profit/(loss)235,898  561,329  786,294  (490,974) 1,709,136           Net (loss)/profit margin-1.1% 3.0% 6.1% -7.6% 3.1%Adjusted net profit/(loss) margin3.2% 7.6% 10.2% -2.6% 7.8%          Net loss attributable to noncontrolling interests290  719  829  15,825  3,123 Adjusted net profit/(loss) attributable to Bilibili Inc.’s shareholders236,188  562,048  787,123  (475,149) 1,712,259 Adjusted net profit/(loss) per share, basic0.57  1.34  1.89  (1.14) 4.09 Adjusted net profit/(loss) per ADS, basic0.57  1.34  1.89  (1.14) 4.09 Adjusted net profit/(loss) per share, diluted
0.57
  1.29
  1.75
  (1.14
) 3.92
 Adjusted net profit/(loss) per ADS, diluted0.57  1.29  1.75  (1.14) 3.92 Weighted average number of ordinary shares, basic417,849,446  419,443,582  417,467,814  416,475,386  418,989,673 Weighted average number of ADS, basic417,849,446  419,443,582  417,467,814  416,475,386  418,989,673 Weighted average number of ordinary shares, diluted417,849,446
  437,370,780
  454,956,127
  416,475,386
  439,461,086
 Weighted average number of ADS, diluted417,849,446  437,370,780  454,956,127  416,475,386  439,461,086                

For the three months ended in October, analysts polled by FactSet expect JBS to post $21.9 billion in total revenue and net income of $564 million.