Market Signal Briefing

TAMPA, FLORIDA / ACCESS Newswire / October 21, 2025 / Specificity (OTCID:SPTY), the fast-scaling ad tech disruptor redefining digital marketing precision, today announced the appointment of Rob Gagne as Chief Technology Officer (CTO). With more than three decades of experience leading breakthrough technology initiatives across finance, enterprise software, and data systems, Gagne joins Specificity's powerhouse executive team to drive the company's next phase of global growth and technical dominance.

, /PRNewswire/ -- General Motors (NYSE: GM) today reported third-quarter 2025 revenue of $48.6 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.4 billion.

GM is also updating its 2025 full-year earnings guidance:

Updated 2025 guidance

Previous 2025 guidance

Net income attributable to stockholders

$7.7 billion - $8.3 billion

$7.7 billion - $9.5 billion

EBIT-adjusted

$12.0 billion - $13.0 billion

$10.0 billion - $12.5 billion

Automotive operating cash flow

$19.2 billion - $21.2 billion

$17.0 billion - $20.5 billion

Adjusted automotive free cash flow

$10.0 billion - $11.0 billion

$7.5 billion - $10.0 billion

EPS-diluted

$8.30 - $9.05

$8.22 - $9.97

EPS-diluted-adjusted

$9.75 - $10.50

$8.25 - $10.00

An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:

1-800-857-9821 (U.S.)
1-517-308-9481 (international/caller-paid)
Conference call passcode: General Motors
An audio replay will be available on the GM Investor Relations website in the Events section.

Results Overview

Three Months Ended

($M) except per share amounts

September 30,
2025

September 30,
2024

Change

% Change

Revenue

$     48,591

$     48,757

$          (166)

(0.3) %

Net income attributable to stockholders

$       1,327

$       3,056

$       (1,729)

(56.6) %

EBIT-adjusted

$       3,376

$       4,115

$          (739)

(18.0) %

Net income margin

2.7 %

6.3 %

(3.6) ppts

(57.1) %

EBIT-adjusted margin

6.9 %

8.4 %

(1.5) ppts

(17.9) %

Automotive operating cash flow

$      6,070

$      7,863

$       (1,793)

(22.8) %

Adjusted automotive free cash flow

$      4,201

$      5,834

$       (1,633)

(28.0) %

EPS-diluted

$        1.35

$        2.68

$         (1.33)

(49.6) %

EPS-diluted-adjusted

$        2.80

$        2.96

$         (0.16)

(5.4) %

GMNA EBIT-adjusted

$      2,506

$      3,982

$       (1,476)

(37.1) %

GMNA EBIT-adjusted margin

6.2 %

9.7 %

(3.5) ppts

(36.1) %

GMI EBIT-adjusted(a)

$         226

$           42

$           184

n.m.

China equity income (loss)(a)

$           80

$        (137)

$           217

n.m.

GM Financial EBT-adjusted

$         804

$         687

$           117

17.0 %

(a)

n.m. = not meaningful

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Cautionary Note on Forward-Looking Statements : This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending December 31, 2025

Updated

Previous

Net income attributable to stockholders

$ 7.7-8.3

$ 7.7-9.5

Income tax expense

1.8-2.2

1.6-2.3

Automotive interest income, net

(0.1)

(0.0)

Adjustments(a)

2.6

0.7

EBIT-adjusted

$ 12.0-13.0

$ 10.0-12.5

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

Year Ending December 31, 2025

Updated

Previous

Diluted earnings per common share

$ 8.30-9.05

$ 8.22-9.97

Adjustments(a)

1.45

0.03

EPS-diluted-adjusted

$ 9.75-10.50

$ 8.25-10.00

(a)

Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending December 31, 2025

Updated

Previous

Net automotive cash provided by operating activities

$ 19.2-21.2

$ 17.0-20.5

Less: Capital expenditures

10.0-11.0

10.0-11.0

Adjustments

0.8

0.5

Adjusted automotive free cash flow(a)

$ 10.0-11.0

$ 7.5-10.0

(a)

These expected financial results do not include the potential impact of future adjustments related to special items.

General Motors Company and Subsidiaries1

Combining Income Statement Information

(In millions) (Unaudited)

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$ 44,256

$      —

$               —

$                —

$    44,256

$   44,735

$        26

$               —

$              (26)

$     44,735

GM Financial

—

—

4,337

(2)

4,335

—

—

4,031

(10)

4,021

Total net sales and revenue

44,256

—

4,337

(2)

48,591

44,735

26

4,031

(36)

48,757

Costs and expenses

Automotive and other cost of
     sales

41,937

—

—

(1)

41,936

38,768

240

—

(1)

39,007

GM Financial interest,
     operating and other
     expenses

—

—

3,542

—

3,542

—

—

3,354

—

3,353

Automotive and other selling,
     general and
     administrative expense

2,038

—

—

(1)

2,037

2,544

203

—

(1)

2,745

Total costs and expenses

43,975

—

3,542

(2)

47,515

41,312

442

3,354

(2)

45,105

   Operating income (loss)

281

—

795

—

1,076

3,424

(417)

678

(33)

3,651

Automotive interest expense

206

—

—

3

209

206

30

—

(30)

206

Interest income and other non-
     operating income, net

473

—

—

3

475

379

11

—

4

394

Equity income (loss)

68

—

9

—

77

(132)

—

10

—

(122)

Income (loss) before income
     taxes

$      615

$      —

$             804

$                —

$      1,419

$     3,465

$     (435)

$             687

$                —

$       3,717

Income tax expense (benefit)

127

709

Net income (loss)

1,293

3,008

Net loss (income) attributable
     to noncontrolling interests

35

48

Net income (loss)
     attributable to
     stockholders

$      1,327

$      3,056

Net income (loss)
     attributable to common 
     stockholders

$      1,297

$       3,029

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$  126,985

$        1

$               —

$               —

$  126,986

$  128,007

$        76

$               —

$              (76)

$   128,008

GM Financial

—

—

12,756

(9)

12,747

—

—

11,761

(29)

11,732

Total net sales and revenue

126,985

1

12,756

(9)

139,732

128,007

76

11,761

(105)

139,740

Costs and expenses

Automotive and other cost of
     sales

116,255

163

—

(2)

116,416

109,958

1,662

—

(2)

111,618

GM Financial interest,
     operating and other
     expenses

—

—

10,599

—

10,600

—

—

9,569

(1)

9,568

Automotive and other selling,
     general and administrative
     expense

6,054

111

—

(3)

6,161

6,813

482

—

(3)

7,292

Total costs and expenses

122,309

274

10,599

(5)

133,177

116,771

2,144

9,569

(5)

128,478

   Operating income (loss)

4,676

(273)

2,156

(4)

6,555

11,237

(2,067)

2,192

(100)

11,262

Automotive interest expense

557

30

—

(27)

560

631

158

—

(158)

631

Interest income and other non-
     operating income, net

1,174

2

(1)

(23)

1,151

785

29

(1)

(58)

756

Equity income (loss)

182

—

37

—

219

(366)

—

55

—

(311)

Income (loss) before income
     taxes

$   5,474

$   (301)

$          2,193

$                —

$      7,366

$    11,026

$  (2,196)

$          2,246

$                —

$     11,076

Income tax expense (benefit)

1,326

2,238

Net income (loss)

6,040

8,837

Net loss (income) attributable
     to noncontrolling interests

(33)

132

Net income (loss)
     attributable to
     stockholders

$      6,007

$       8,969

Net income (loss)
     attributable to common
     stockholders

$      6,510

$       8,914

1

Certain columns and rows may not add due to rounding.

General Motors Company and Subsidiaries1

Basic and Diluted Earnings per Share

(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Basic earnings per share

Net income (loss) attributable to stockholders

$               1,327

$               3,056

$               6,007

$               8,969

Adjustments(a)

(30)

(27)

503

(55)

Net income (loss) attributable to common stockholders

$               1,297

$               3,029

$               6,510

$               8,914

Weighted-average common shares outstanding

944

1,116

965

1,136

Basic earnings per common share

$                 1.37

$                 2.71

$                 6.75

$                 7.85

Diluted earnings per share

Net income (loss) attributable to common stockholders –
     diluted

$               1,297

$               3,029

$               6,510

$               8,914

Weighted-average common shares outstanding – diluted

964

1,131

980

1,147

Diluted earnings per common share

$                 1.35

$                 2.68

$                 6.64

$                 7.77

Potentially dilutive securities(b)

—

6

—

6

(a)

Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

(b)

Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2025 and 2024 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

General Motors Company and Subsidiaries1

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)

September 30, 2025

December 31, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

ASSETS

Current Assets

Cash and cash equivalents

$   15,019

$      72

$      7,820

$                 —

$   22,910

$   14,470

$    308

$      5,094

$                 —

$   19,872

Marketable debt securities

6,771

—

21

—

6,792

7,265

—

—

—

7,265

Accounts and notes receivable, net(a)

16,276

76

1,782

(1,009)

17,125

11,498

22

1,988

(681)

12,827

GM Financial receivables, net(d)

—

—

44,902

(381)

44,521

—

—

46,760

(398)

46,362

Inventories

15,322

—

—

(4)

15,318

14,569

—

—

(5)

14,564

Other current assets

2,844

11

5,109

5

7,970

2,816

38

4,799

2

7,655

Total current assets

56,233

159

59,634

(1,390)

114,636

50,618

369

58,640

(1,082)

108,545

Non-current Assets

GM Financial receivables, net(c)

—

—

45,300

—

45,300

—

—

46,750

(276)

46,474

Equity in net assets of
     nonconsolidated affiliates

5,178

—

1,095

—

6,272

5,896

—

1,206

—

7,102

Property, net

51,731

97

110

—

51,938

51,729

69

107

—

51,904

Goodwill and intangible assets, net

3,104

1

1,348

—

4,452

2,642

570

1,339

—

4,551

Equipment on operating leases, net

—

—

33,609

—

33,609

—

—

31,586

—

31,586

Deferred income taxes

22,940

—

(1,270)

—

21,669

21,149

1,899

(1,795)

—

21,254

Other assets(b)

8,789

52

1,451

—

10,292

9,340

41

1,323

(2,359)

8,346

Total non-current assets

91,740

150

81,642

—

173,532

90,756

2,579

80,516

(2,635)

171,216

Total Assets

$ 147,973

$    309

$  141,276

$           (1,390)

$ 288,168

$ 141,374

$ 2,948

$  139,156

$           (3,717)

$ 279,761

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally
     trade)(a)

$   27,543

$        5

$         703

$              (933)

$   27,317

$   25,446

$    200

$         714

$              (681)

$   25,680

Short-term debt and current portion of
     long-term debt

Automotive(a)(d)

873

7

—

(457)

424

2,413

7

—

(279)

2,141

GM Financial

—

—

36,053

—

36,053

—

—

37,291

—

37,291

Cruise(d)

—

—

—

—

—

—

119

—

(119)

—

Accrued liabilities

24,730

130

4,641

—

29,501

24,949

548

5,661

(4)

31,154

Total current liabilities

53,146

142

41,397

(1,390)

93,295

52,808

874

43,666

(1,082)

96,265

Non-current Liabilities

Long-term debt

Automotive(b)

15,619

71

—

—

15,690

13,288

2,397

—

(2,359)

13,327

GM Financial

—

—

80,336

—

80,336

—

—

76,973

—

76,973

Cruise(c)

—

—

—

—

—

—

276

—

(276)

—

Postretirement benefits other than
     pensions

3,947

—

—

—

3,947

3,990

—

—

—

3,990

Pensions

5,976

—

9

—

5,985

5,772

—

7

—

5,779

Other liabilities

16,914

292

3,306

—

20,512

14,635

297

2,904

—

17,836

Total non-current liabilities

42,458

363

83,651

—

126,471

37,686

2,970

79,885

(2,635)

117,906

Total Liabilities

95,604

505

125,048

(1,390)

219,766

90,494

3,844

123,551

(3,717)

214,171

Equity

  Common stock, $0.01 par value

9

—

—

—

9

10

—

—

—

10

  Additional paid-in capital(e)

18,477

1,794

1,137

(1,112)

20,295

19,632

1,187

1,196

(1,172)

20,843

  Retained earnings

42,355

(1,990)

16,495

1

56,862

40,203

(2,647)

15,916

1

53,472

  Accumulated other comprehensive
       loss

(9,389)

—

(1,403)

—

(10,792)

(9,744)

(3)

(1,506)

—

(11,253)

  Total stockholders' equity

51,453

(196)

16,228

(1,111)

66,374

50,100

(1,464)

15,606

(1,170)

63,072

  Noncontrolling interests(e)

917

—

—

1,111

2,028

780

568

—

1,170

2,518

Total Equity

52,369

(196)

16,228

—

68,402

50,880

(896)

15,606

—

65,590

Total Liabilities and Equity

$ 147,973

$    309

$  141,276

$           (1,390)

$ 288,168

$ 141,374

$ 2,948

$  139,156

$           (3,717)

$ 279,761

(a)

Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; Automotive accounts receivable of $0.3 billion primarily due from GM Financial; and Cruise accounts receivable of $0.1 billion due from Automotive at September 30, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.

(b)

Eliminations primarily related to convertible note issued by Cruise to Automotive and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive at December 31, 2024.

(c)

Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.

(d)

Eliminations primarily related to GM Financial accounts receivable due from Automotive and Cruise.

(e)

Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

General Motors Company and Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Cash flows from operating activities

Net income (loss)

$    4,732

$  (302)

$  1,610

$                 —

$    6,040

$    8,944

$  (1,743)

$  1,637

$                 —

$    8,837

Depreciation and impairment of
     Equipment on operating leases, net

—

—

3,675

—

3,675

—

—

3,633

—

3,633

Depreciation, amortization and
     impairment charges on Property, net

6,375

12

25

—

6,412

4,871

623

29

—

5,523

Foreign currency remeasurement and
     transaction (gains) losses

276

—

9

—

285

(231)

—

2

—

(228)

Undistributed earnings of
     nonconsolidated affiliates, net

433

—

(37)

—

396

(232)

—

(55)

—

(287)

Pension contributions and OPEB
     payments

(432)

—

(1)

—

(433)

(815)

—

—

—

(815)

Pension and OPEB income, net

21

—

1

—

23

49

—

1

—

50

Provision (benefit) for deferred taxes

(64)

—

191

—

127

970

(455)

881

—

1,396

Change in other operating assets and
     liabilities(a)(c)

1,787

(511)

594

1,678

3,548

5,618

(175)

(1,014)

(6,549)

(2,120)

Net cash provided by (used in)
     operating activities

13,127

(800)

6,067

1,678

20,072

19,174

(1,750)

5,114

(6,549)

15,989

Cash flows from investing activities

Expenditures for property

(6,054)

(2)

(27)

—

(6,083)

(7,495)

(4)

(16)

(81)

(7,597)

Available-for-sale marketable
     securities, acquisitions

(1,768)

—

(17)

—

(1,785)

(3,467)

—

—

—

(3,467)

Available-for-sale marketable
     securities, liquidations

2,398

—

—

—

2,398

2,757

—

—

—

2,757

Purchases of finance receivables(a)

—

—

(28,246)

(5)

(28,251)

—

—

(31,222)

5,358

(25,864)

Principal collections and recoveries on
     finance receivables(a)(b)

—

—

29,539

(3,016)

26,524

—

—

23,524

1

23,526

Proceeds from sale of finance receivables

—

—

2,005

—

2,005

—

—

—

—

—

Purchases of leased vehicles

—

—

(12,609)

—

(12,609)

—

—

(11,243)

—

(11,243)

Proceeds from termination of leased
     vehicles

—

—

7,780

—

7,780

—

—

8,627

—

8,627

Other investing activities(b)

(3,353)

—

1

901

(2,451)

(1,999)

—

1

1,256

(742)

Net cash provided by (used in)
     investing activities

(8,777)

(2)

(1,574)

(2,120)

(12,473)

(10,204)

(4)

(10,329)

6,535

(14,004)

Cash flows from financing activities

Net increase (decrease) in short-term
     debt

(10)

—

23

—

13

(1)

—

87

—

85

Proceeds from issuance of debt
     (original maturities greater than
     three months)(b)

2,019

555

35,103

(555)

37,122

64

1,044

38,142

(1,087)

38,163

Payments on debt (original maturities
     greater than three months)

(1,862)

(4)

(35,502)

(24)

(37,391)

(128)

(7)

(31,882)

6

(32,012)

Payment to purchase common stock

(3,512)

—

—

—

(3,512)

(2,378)

—

—

—

(2,378)

Issuance (redemption) of subsidiary
     stock(b)

—

—

—

(29)

(29)

—

255

—

(255)

—

Dividends paid(c)

(401)

—

(1,169)

1,050

(519)

(408)

—

(1,469)

1,350

(526)

Other financing activities

(160)

—

(114)

—

(274)

(65)

(162)

(142)

—

(369)

Net cash provided by (used in)
     financing activities

(3,926)

551

(1,658)

442

(4,591)

(2,916)

1,130

4,735

14

2,963

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

163

1

73

—

237

(84)

—

(67)

—

(151)

Net increase (decrease) in cash, cash
     equivalents and restricted cash

588

(250)

2,909

—

3,246

5,969

(625)

(547)

—

4,798

Cash, cash equivalents and restricted
     cash at beginning of period

14,561

322

8,081

—

22,964

12,310

1,359

8,249

—

21,917

Cash, cash equivalents and restricted
     cash at end of period

$   15,148

$      72

$ 10,990

$                 —

$   26,210

$   18,279

$    734

$  7,702

$                 —

$   26,715

(a)

Includes eliminations of $2.7 billion and $5.3 billion in the nine months ended September 30, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)

Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the nine months ended September 30, 2025 and 2024.

(c)

Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2025 and 2024.

Note:

Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

General Motors Company and Subsidiaries1

The following tables summarize key financial information (dollars in millions):

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Three Months Ended September 30, 2025

Net sales and revenue

$   40,551

$   3,645

$        60

$           —

$     44,256

$        —

$   4,337

$                  (2)

$   48,591

Expenditures for property

$     2,011

$        92

$        11

$           —

$       2,113

$        —

$        17

$                  —

$     2,130

Depreciation and amortization

$     1,703

$      114

$          4

$           —

$       1,821

$        —

$   1,245

$                  —

$     3,066

Impairment charges

$     1,044

$        —

$        —

$           —

$       1,044

$        —

$        —

$                  —

$     1,044

Equity income (loss)(a)(b)

$        214

$        83

$      (16)

$           —

$          281

$        —

$          9

$                  —

$        290

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Three Months Ended September 30, 2024

Net sales and revenue

$   41,157

$   3,517

$        62

$           —

$     44,735

$        26

$   4,031

$                (36)

$   48,757

Expenditures for property

$     2,128

$        91

$        10

$           —

$       2,229

$          3

$          6

$                    8

$     2,245

Depreciation and amortization

$     1,491

$      131

$        27

$           —

$       1,650

$          6

$   1,217

$                  —

$     2,873

Impairment charges

$          —

$        —

$        —

$           —

$            —

$        —

$        —

$                  —

$          —

Equity income (loss)(a)(b)

$        309

$    (132)

$        —

$           —

$          177

$        —

$        10

$                  —

$        187

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Nine Months Ended September 30, 2025

Net sales and revenue

$ 117,424

$   9,398

$      163

$           —

$   126,985

$          1

$ 12,756

$                  (9)

$ 139,732

Expenditures for property

$     5,729

$      274

$        50

$           —

$       6,054

$          2

$        27

$                  —

$     6,083

Depreciation and amortization

$     4,933

$      347

$        39

$           —

$       5,319

$          5

$   3,701

$                  —

$     9,026

Impairment charges

$     1,044

$        18

$        —

$           —

$       1,063

$        —

$        —

$                  —

$     1,063

Equity income (loss)(a)(b)

$        469

$      208

$      (30)

$           —

$          647

$        —

$        37

$                  —

$        684

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Nine Months Ended September 30, 2024

Net sales and revenue

$ 117,981

$   9,897

$      130

$           —

$   128,007

$        76

$ 11,761

$              (105)

$ 139,740

Expenditures for property

$     7,220

$      258

$        18

$           —

$       7,495

$          4

$        16

$                  81

$     7,597

Depreciation and amortization

$     4,415

$      403

$        53

$           —

$       4,871

$        18

$   3,662

$                  —

$     8,551

Impairment charges

$          —

$        —

$        —

$           —

$            —

$      605

$        —

$                  —

$        605

Equity income (loss)(a)(b)

$        766

$    (343)

$        —

$           —

$          423

$        —

$        55

$                  —

$        477

(a)

Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $80 million and $197 million in the three and nine months ended September 30, 2025 and $(137) million and $(347) million in the three and nine months ended September 30, 2024.

(b)

Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $213 million and $465 million in the three and nine months ended September 30, 2025 and $309 million and $788 million in the three and nine months ended September 30, 2024.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors. 

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders)  EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance. 

EPS-diluted-adjusted  (Most comparable GAAP measure: Diluted earnings per common share)  EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted  (Most comparable GAAP measure: Effective tax rate)  ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict. 

ROIC-adjusted  (Most comparable GAAP measure: Return on equity)  ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow  (Most comparable GAAP measure: Net automotive cash provided by operating activities)  Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

The following table reconciles Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Net income attributable to stockholders(a)

$                   1,327

$                   3,056

$                   6,007

$                   8,969

Income tax expense (benefit)

127

709

1,326

2,238

Automotive interest expense

209

206

560

631

Automotive interest income

(220)

(274)

(611)

(688)

Adjustments

EV strategic realignment(b)

1,592

—

1,592

—

OnStar Smart Driver(c)

300

—

300

—

Cruise restructuring(d)

25

—

90

583

Headquarters relocation(e)

16

34

50

34

Ultium strategic realignment(f)

—

—

330

—

China restructuring actions(g)

—

—

140

—

Restructuring actions(h)

—

190

87

190

GMI plant wind down(i)

—

43

33

146

Buick dealer strategy(j)

—

150

—

321

Total adjustments

1,933

417

2,622

1,274

EBIT-adjusted

3,376

4,115

9,903

12,424

Operating segments

GM North America (GMNA)

2,506

3,982

8,207

12,254

GM International (GMI)

226

42

460

82

Cruise

—

(383)

(273)

(1,284)

GM Financial(k)

804

687

2,193

2,246

Total operating segments

3,536

4,327

10,587

13,299

Corporate and eliminations(l)

(160)

(213)

(684)

(874)

EBIT-adjusted

$                   3,376

$                   4,115

$                   9,903

$                 12,424

(a)

Net of net loss (income) attributable to noncontrolling interests.

(b)

These adjustments were excluded because they relate to our planned strategic realignment of our EV capacity and manufacturing footprint to expected consumer demand.

(c)

These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product.

(d)

These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntary pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs.

(e)

These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.

(f)

These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right manufacturing and cell capabilities in place to meet EV demand and expected growth.

(g)

These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(h)

These adjustments were excluded because they relate to employee separation charges.

(i)

These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.

(j)

These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy.

(k)

GM Financial amounts represent EBT-adjusted.

(l)

GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel/Vauxhall Business (primarily pension costs) and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted earnings per common share

$  1,297

$    1.35

$  3,029

$    2.68

$  6,510

$    6.64

$  8,914

$    7.77

Adjustments(a)

1,933

2.01

417

0.37

2,622

2.67

1,274

1.11

Tax effect on adjustments(b)

(536)

(0.56)

(96)

(0.08)

(606)

(0.62)

(290)

(0.25)

Return from preferred shareholders(c)

—

—

—

—

(593)

(0.60)

—

—

EPS-diluted-adjusted

$  2,694

$    2.80

$  3,350

$    2.96

$  7,933

$    8.09

$  9,898

$    8.63

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)

The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(c)

This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Effective tax rate

$  1,419

$   127

8.9 %

$  3,717

$ 709

19.1 %

$  7,366

$  1,326

18.0 %

$  11,076

$  2,238

20.2 %

Adjustments(a)

1,933

536

418

96

2,622

606

1,342

290

ETR-adjusted

$  3,352

$   663

19.8 %

$  4,135

$ 805

19.5 %

$  9,988

$  1,932

19.3 %

$  12,418

$  2,528

20.4 %

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):

Four Quarters Ended

September 30, 2025

September 30, 2024

Net income attributable to stockholders

$                   3.0

$                 11.1

Average equity(a)

$                 65.2

$                 69.5

ROE

4.7 %

15.9 %

(a)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions): 

Four Quarters Ended

September 30, 2025

September 30, 2024

EBIT-adjusted(a)

$                 12.4

$                 14.2

Average equity(b)

$                 65.2

$                 69.5

Add: Average automotive debt and interest liabilities (excluding finance leases)

16.1

16.3

Add: Average automotive net pension & OPEB liability

8.7

9.8

Less: Average automotive and other net income tax asset

(22.9)

(22.7)

ROIC-adjusted average net assets

$                 67.1

$                 73.0

ROIC-adjusted

18.5 %

19.4 %

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Net automotive cash provided by operating activities

$              6,070

$              7,863

$           13,127

$           19,174

Less: Capital expenditures

(2,113)

(2,229)

(6,054)

(7,495)

Add: Buick dealer strategy

243

100

708

376

Add: Restructuring actions

—

74

139

74

Add: GMI plant wind down

—

26

12

35

Add: China restructuring actions

1

—

10

—

Less: Ultium strategic realignment

—

—

(103)

—

Add: Employee separation costs

—

—

—

58

Adjusted automotive free cash flow

$              4,201

$              5,834

$              7,840

$           12,222

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2025, 26.4% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

GMNA

840

893

2,516

2,588

GMI

137

140

346

383

Total

977

1,033

2,862

2,971

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

North America

United States

4,187

710

17.0 %

4,000

660

16.5 %

12,516

2,150

17.2 %

12,026

1,950

16.2 %

Other

1,015

127

12.5 %

985

130

13.2 %

3,008

384

12.8 %

2,884

376

13.0 %

Total North America

5,202

837

16.1 %

4,985

790

15.8 %

15,523

2,534

16.3 %

14,910

2,326

15.6 %

Asia/Pacific, Middle East
     and Africa

China(a)

6,901

469

6.8 %

6,585

426

6.5 %

19,299

1,359

7.0 %

18,123

1,240

6.8 %

Other

5,598

150

2.7 %

5,536

150

2.7 %

16,603

369

2.2 %

16,310

382

2.3 %

Total Asia/Pacific, Middle
     East and Africa

12,499

619

5.0 %

12,121

576

4.8 %

35,903

1,729

4.8 %

34,433

1,622

4.7 %

South America

Brazil

711

72

10.1 %

715

82

11.4 %

1,910

192

10.0 %

1,858

223

12.0 %

Other

455

35

7.7 %

365

28

7.7 %

1,266

95

7.5 %

991

82

8.3 %

Total South America

1,166

107

9.2 %

1,079

110

10.3 %

3,176

287

9.0 %

2,849

305

10.7 %

Total in GM markets

18,868

1,563

8.3 %

18,185

1,476

8.1 %

54,602

4,549

8.3 %

52,193

4,253

8.1 %

Total Europe

3,883

1

— %

3,724

1

— %

12,493

2

— %

12,541

2

— %

Total Worldwide(b)

22,751

1,564

6.9 %

21,910

1,477

6.7 %

67,095

4,552

6.8 %

64,734

4,255

6.6 %

United States

Cars

658

12

1.8 %

731

38

5.2 %

2,080

44

2.1 %

2,207

141

6.4 %

Trucks

1,143

369

32.3 %

1,093

337

30.9 %

3,417

1,115

32.6 %

3,137

987

31.5 %

Crossovers

2,387

330

13.8 %

2,176

284

13.1 %

7,018

992

14.1 %

6,683

822

12.3 %

Total United States

4,187

710

17.0 %

4,000

660

16.5 %

12,516

2,150

17.2 %

12,026

1,950

16.2 %

China(a)

SGMS

130

98

381

372

SGMW

339

329

978

868

Total

6,901

469

6.8 %

6,585

426

6.5 %

19,299

1,359

7.0 %

18,123

1,240

6.8 %

(a)

Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b)

Cuba, Iran, North Korea, Syria and certain regions of Ukraine are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

GMNA

148

127

498

447

GMI

106

107

269

274

Total fleet sales

254

234

767

721

Fleet sales as a percentage of total vehicle sales

16.3 %

15.9 %

16.9 %

17.0 %

North America capacity two-shift utilization

118.3 %

109.1 %

115.1 %

106.4 %

SOURCE General Motors

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, /PRNewswire/ -- PermRock Royalty Trust (NYSE: PRT) (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of October 31, 2025, and payable on November 17, 2025, in the amount of $384,018.36 ($0.031565 per Trust Unit), based principally upon production during the month of August 2025.

The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations:

Underlying Sales Volumes

Average Price

Oil

Natural Gas

Oil

Natural Gas

Bbls

Bbls/D

Mcf

Mcf/D

(per Bbl)

(per Mcf)

Current Month

22,490

725

25,914

836

$58.06

$2.31

Prior Month

20,993

677

15,784

509

$65.79

$3.94

Oil cash receipts for the properties underlying the Trust totaled $1.31 million for the current month, a decrease of $0.07 million from the prior month's distribution period. This decrease was primarily due to a decrease in oil prices that was not offset by the increase in oil sales volumes.

Natural gas cash receipts for the properties underlying the Trust totaled $0.06 million for the current month. This amount is essentially unchanged from the prior month's distribution period because the decrease in natural gas prices was offset by the increase in natural gas sales volumes.

Total direct operating expenses, including marketing, lease operating expenses, and workover expenses, were $0.61 million, an increase of $0.18 million from the prior month's distribution period. This increase was related to completion of workover projects and the implementation of a chemical treatment program. Severance and ad valorem taxes included in this month's net profits calculation were $0.14 million. Total capital expenditures during the production month of August 2025 were $0.04 million. T2S Permian Acquisition II LLC ("T2S") informed the Trust that this amount was related to capital additions to a well operated by a third-party operator.

T2S informed the Trust that this month's net profits calculation included the application of $0.10 million net to the Trust of funds previously reserved by T2S to cover capital obligations and expenses.

About PermRock Royalty Trust

PermRock Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned and operated by T2S in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com. 

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's and T2S's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, future cash retentions, advancements or recoupments from distributions, and statements regarding T2S's operations and the resulting impact on the computation of the Trust's net profits. The amount of cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by volatility in commodity prices and oversupply. Other important factors that could cause actual results to differ materially from those projected in the forward-looking statements include expenses of the Trust and reserves for anticipated future expenses, uncertainties in estimating the cost of drilling activities and risks associated with drilling and operating oil and natural gas wells.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Trust's Annual Report on Form 10-K filed with the SEC on March 31, 2025, and other public filings filed with the SEC. The risk factors and other factors noted in the Trust's public filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. 

Contact:

PermRock Royalty Trust

 Argent Trust Company, Trustee

Nancy Willis, Director of Royalty Trust Services,

Trust Administrator

Toll-free: (855) 588-7839

Fax: (214) 559-7010

Website: www.permrock.com 

e-mail: [email protected]

SOURCE PermRock Royalty Trust

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TORONTO, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT; OTCQB: TAKOF; Frankfurt: A3DP5Y/ABB.F) (“Volatus” or the “Company”) a Canadian leader in aerial intelligence and unmanned aircraft systems, is pleased to announce today the plans to establish the Volatus Mirabel Innovation Centre and Drone Manufacturing Hub at Montréal–Mirabel International Airport. This Made-in-Canada initiative will expand sovereign, NATO-aligned drone capacity, supporting the Canadian Armed Forces (CAF) and allied requirements while strengthening Canada’s industrial and defence resilience. The project directly aligns with recent Government of Canada priorities to rebuild, rearm, and reinvest in domestic capability and secure supply chains.

Located within the Mirabel Innovation Zone, Volatus Aerospace will establish its operations inside a 200,000-square-foot advanced and secure manufacturing facility. With the support of Aéroports de Montréal (ADM), the facility is designed for scalability and efficiency, enabling serial production of Canadian-built drone platforms to meet the growing needs of domestic defence programmes and allied markets.

The Mirabel Manufacturing Hub will enable serial production of Volatus’ proprietary drone platforms as well as the licensed manufacture of partner systems to meet NATO-aligned requirements and Canadian end-use needs. The hub will operate through a secure, domestic supply chain with full configuration control, quality assurance, and export compliance under applicable Canadian and allied regulatory frameworks.

“Investissement Québec International is proud to support Volatus in establishing its innovation center in Mirabel, at the heart of Québec’s aerospace ecosystem. This announcement underscores the value of our efforts to attract and assist companies that actively contribute to the vitality of one of the most dynamic sectors of our economy,” said Hubert Bolduc, President, Investissement Québec International.

“By combining an Innovation Centre for rapid integration and qualification with a dedicated Manufacturing Hub for serial production, Mirabel will become our anchor for Canadian-made, defence-grade drones,” said Glen Lynch, CEO of Volatus Aerospace Inc. “Our focus is to accelerate readiness for CAF missions, ISR, maritime, Arctic, and base security, while ensuring interoperable capability for NATO partners and a resilient Canadian supply chain.”

Recent federal initiatives underscore Canada’s growing commitment to domestic defence capability and the strategic importance of uncrewed systems. In 2025, the Government of Canada launched the new Defence Investment Agency to streamline major procurements, pledged $500 million in NATO-aligned support for Ukraine, and advanced multiple RPAS and C-UAS programmes, including the Skyranger R70 donation and Halifax-class maritime UAS contracts. With defence spending now targeting 2% of GDP, Canada is signalling sustained demand for Made-in-Canada deployable drone solutions at scale.

“These actions confirm that demand for drone capability is accelerating across CAF and NATO missions,” added Lynch. “Mirabel positions Volatus to respond decisively with Canadian production, allied interoperability, and a secure supply chain.”

This announcement marks the first in a series as Volatus strengthens its domestic defence manufacturing posture and collaborates with federal and provincial partners to build sovereign, Made-in-Canada capability.

About Volatus Aerospace Inc.
With more than a century of combined aviation expertise, Volatus Aerospace delivers innovative aerial solutions for intelligence, surveillance, and cargo, utilizing both piloted and remotely piloted aircraft (RPAS/drones). Volatus provides a complete ecosystem of aerial services, including operations, equipment sales, training, and mission support, helping industries integrate aerial capabilities safely, efficiently, and sustainably.

For additional Information, please contact:
Bill Mitoulas, Investor Relations
+1-416-479-9547
[email protected]

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

Forward Looking Information

This news release contains statements that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the foregoing) be taken, occur, be achieved, or come to pass.

Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs.

Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company's current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but not limited to, those factors set forth in the Company's annual and quarterly management’s discussion and analysis filed on www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Key Highlights:

Record production – September was the highest output month in company history, producing over 38,500 kg of finished product, a $16M annualized run rate reaching the company’s estimated breakeven production level.Strong revenue – Q3 revenue reached approximately $3.2 million, bringing year-to-date revenue to $9.7 million, up 93% year over year.ATM program completed – The company successfully completed its At-The-Market (ATM) equity program, significantly strengthening the balance sheet.Current notes payable reduced by over 92% – Current notes payable declined from $6.39 million to approximately $0.5 million, with the remaining balance expected to be repaid shortly.Strawberry product success – The new strawberry item ranked among the top 10 best-selling products in its club category, earning national attention within the retailer’s organization.Capacity expansion – Committed to purchasing an additional EnWave REV™ 120kW machine, which will significantly increase production capacity to meet anticipated 2026 demand. BEND, Ore., Oct. 21, 2025 (GLOBE NEWSWIRE) -- BranchOut Food Inc. (NASDAQ: BOF), a leading food technology company specializing in patented GentleDry™ dehydrated fruit and vegetable snacks, today announced record operational and financial results for the third quarter of 2025, highlighting major progress toward profitability, balance sheet strength, and capacity expansion.

Record Output Delivers $16 Million Production Run Rate Milestone

September marked the highest production month in BranchOut’s history, with more than 38,500 kilograms of finished product, reaching the company’s breakeven production level and establishing a $16 million annualized run rate. The Peru facility continues to make strong progress in scaling production, supporting multiple large warehouse club programs, as well as growing demand from industrial and retail customers.

During the quarter, BranchOut scaled up production of its strawberry item for a large warehouse club order in the Los Angeles region, as well as for its ingredient customer. The product initially proved technically challenging and costly to produce at scale, but the effort ultimately paid off. The team successfully optimized the process, achieving efficient, consistent production and establishing a reliable model for future strawberry runs. The item delivered exceptional sales velocity in the LA club region, ranking among the top 10 selling items and gaining national visibility within the club organization.

“This has been a transformative quarter,” said Eric Healy, CEO of BranchOut Food. “This year, and this quarter in particular, was defined by extensive scale-up and R&D efforts across our entire product portfolio. Each time we launch a new product, we invest heavily in the scale-up process to ensure quality, consistency, and efficiency. These efforts often extend production timelines and, in many cases, require air shipping to meet strict customer delivery dates.

Our third quarter marks a true turning point. With most of our R&D and scale-up investments now behind us, operations are positioned for greater efficiency and improved cost performance as we continue to scale.”

Throughout 2025, the company focused on building a strong foundation, establishing its full range of a dozen-plus products and mastering the production process for each. With that work now largely complete, BranchOut does not anticipate needing to repeat these scale-up investments. The company achieved a 17% gross margin for the quarter; however, excluding air shipments and transitioning to ocean freight, margins would be closer to 30%. Looking ahead, with R&D and scale-up efforts mostly behind it, production efficiencies are expected to increase substantially. Any new orders that lift output beyond 38,500 kilograms will be above breakeven and add approximately 50% contribution margin, positioning BranchOut for significantly stronger profitability in 2026.

Financial Highlights

Third quarter revenue totaled approximately $3.2 million, bringing year-to-date revenue to about $9.7 million, representing strong growth versus the prior year.

The company completed its ATM equity program during the quarter, providing growth capital while strengthening the balance sheet. As a result, current notes payable decreased from $6.39 million to just $0.5 million, a reduction of over 92%, with the remaining balance expected to be repaid shortly.

Healy added: “With a cleaner balance sheet, record output, and rising demand across multiple channels, we’re entering 2026 with the foundation built and the engine ready. The next 12 months will be about accelerating scale, driving profitability, and solidifying BranchOut as the category defining brand in dehydrated snacks.”

Growth Outlook and Capacity Expansion

In response to strong and growing demand, BranchOut has committed to purchasing an additional EnWave REV™ 120kW machine, which will further expand production capacity substantially in early 2026. Along with this investment, the company secured global exclusive rights to produce dragon fruit using EnWave’s REV™ technology. Dragon fruit is an emerging trend in the healthy snack and ingredient markets, and BranchOut is already engaged in several large sales opportunities centered around this product.

The company is also in advanced discussions with several of the nation’s largest retailers across multiple channels, in addition to its current customer base, setting the stage for an exceptional 2026.

Leadership Expansion

BranchOut is excited to announce the hiring of Jesse Thomas as Chief Marketing Officer following the successful completion of his contract role with the Company. Mr. Thomas brings extensive consumer-packaged-goods and e-commerce experience, having previously founded and sold his own CPG company. His focus will be on expanding BranchOut’s e-commerce initiatives and building out its retail brand strategy.

In connection with his appointment, the Company’s Compensation Committee approved the grant to Mr. Thomas of a stock option to purchase 50,000 shares of BranchOut common stock as an inducement material to Mr. Thomas entering into employment with the Company, in accordance with NASDAQ Listing Rule 5635(c)(4). The stock option has an exercise price per share equal to $2.09, the closing price of BranchOut’s common stock on the Nasdaq Capital Market on the date of grant, and vests in equal monthly installments over the three-year period following the date of grant, subject to continued employment on each vesting date.

BranchOut also announced the appointment of Jesse Thomas as Chief Marketing Officer, following his successful contract tenure. Thomas, founder of a CPG brand acquired by Laird Superfood, will lead BranchOut’s direct to consumer and digital brand strategy as the company expands its retail and e-commerce presence.

About BranchOut Food Inc.
BranchOut Food is a leading international food technology company, specializing in the production of high-quality dehydrated fruit and vegetable-based products through its proprietary GentleDry Technology. This next-generation dehydration method preserves up to 95% of the original nutrition of fresh produce, offering superior quality and taste. Protected by over 17 patents, BranchOut’s technology enables it to stand out as a trusted brand, ingredient and a private-label supplier. For more information, visit www.branchoutfood.com or follow us on social media here.

For more information:
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate", "plan," “position”, "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of BranchOut Food, Inc., (the Company) strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SummaryLineage, the largest temperature-controlled warehouse REIT, is trading near all-time lows since 2024's IPO due to industry headwinds and recent guidance cuts.LINE maintains a solid 5.3% dividend yield with a sustainable payout ratio that could soon increase, and continues to invest in growth through partnerships and acquisitions.The stock trades at a significant discount to NAV, offering potential upside if occupancy rates improve and macroeconomic conditions become more favorable.I rate LINE a Buy for its resilient business model, industry leadership, and attractive valuation, while acknowledging ongoing risks from economic uncertainty.sinceLF/iStock via Getty Images

Introduction & Financials Lineage, Inc. (NASDAQ:LINE) serves over 13,000 customers across 19 countries through their warehouses, being the largest temperature-controlled warehouse REIT in the US and globally. Since LINE's IPO back in late July 2024, the stock is

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in LINE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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The logo of General Motors is pictured in Santa Ana Tlapaltitlan, Mexico, July 29, 2025. REUTERS/Raquel Cunha/File Photo Purchase Licensing Rights, opens new tab

CompaniesOct 21 (Reuters) - General Motors

(GM.N), opens new tab lifted its financial outlook for the year and slightly lowered its expected hit from tariffs, as the automaker settles into a more stable trade landscape while confronting a dynamic electric vehicle market and new supply-chain snarls.

The company now expects its annual adjusted core profit to be between $12.0 billion to $13.0 billion, compared with its prior estimate of $10.0 billion to $12.5 billion. The Detroit automaker said tariffs would hit its bottom line less than anticipated, lowering its updated impact to a range of $3.5 billion to $4.5 billion, from a previous $4 billion to $5 billion.

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Shares rose 6% in premarket trading.

The auto giant earlier this month took a $1.6 billion charge from changes to its EV strategy. At the end of September, a $7,500 tax credit on battery-powered models went away, and there has been further loosening of regulations around vehicle emissions.

In a letter to shareholders, GM CEO Mary Barra said she expects the company to incur future charges related to EVs.

“By acting swiftly and decisively to address overcapacity, we expect to reduce EV losses in 2026 and beyond,” she said.

Revenue for the quarter ended September marginally fell to $48.6 billion from a year earlier.

Reporting by Nathan Gomes and Nora Eckert; Editing by Shilpi Majumdar and Nick Zieminski

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Getinge AB (publ) (OTCPK:GNGBY) Q3 2025 Earnings Call October 21, 2025 4:00 AM EDT

Company Participants

Mattias Perjos - CEO, President & Director
Agneta Palmer - Chief Financial Officer

Conference Call Participants

Kristofer Liljeberg-Svensson - DNB Carnegie, Research Division
Mattias Vadsten - SEB, Research Division
Sten Gustafsson - ABG Sundal Collier Holding ASA, Research Division
Erik Cassel - Danske Bank A/S, Research Division
Ludvig Lundgren - Nordea Markets, Research Division
Ludwig Germunder - Handelsbanken Capital Markets AB, Research Division

Presentation

Operator

Welcome to the Getinge Q3 Report 2025 Presentation.

[Operator Instructions] Now I will hand the conference over to the speakers CEO, Mattias Perjos; and CFO, Agneta Palmer. Please go ahead.

Mattias Perjos
CEO, President & Director

Thank you very much, and welcome, everyone, to today's conference. Today, we will first look into our performance in the third quarter and then also reflect a bit on the current market situation and our expectations for the remainder of 2025.

So we can move over to Page #2, please. So if we start then by looking at the development of some of our long-term or strategic KPIs, we can see that we continue to clearly track in line with our plan to increase the share of sales from recurring revenue products and also accelerating the share of sales from high-margin products, like our Paragonix offering, our ECLS portfolio, consumables in infection prevention and BetaBags in Sterile Transfer. This is all supported by solid and effective quality processes as well. Sales from recurring revenue is now at 65% and the high-margin products make up more than 2/3 of sales today. When it comes to quality, the number of field actions in relation to sales has decreased significantly, and we see this positive trend to continue also in the third quarter of this year. These improvements should, of course, be achieved through responsible leverage and an attractive long-term return on invested capital.

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