Market Signal Briefing

Mon, 10/11/2025 - 11:09

Solana is trying to avoid the death cross at all costs in an attempt to keep the triple-digit price level.

Cover image via www.freepik.com

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After weeks of intense selling pressure, Solana is beginning to show signs of life once more as bulls try to buck the trend and keep a death cross from forming on the daily chart. The asset has now recovered nearly 10% from its recent lows, rising back toward $169 after falling below the $160 mark earlier this month.

Moving average plummetsThis comeback comes after a period of severe correction that started in mid-October, when Solana's price fell through multiple significant moving averages after losing support at $200. The token was on the verge of a structural breakdown at its worst, having dropped more than 25% from its prior local highs. Nonetheless, the most recent increase in purchasing activity and positive sentiment on the larger cryptocurrency market point to a possible reversal or, at the very least, a halt to the decline. 

SOL/USDT Chart by TradingViewAt $179, SOL is currently trading slightly below the 50-day moving average, and at $185, it is still below the 200-day EMA. In order to prevent a death cross — which is a bearish signal that occurs when the 50-day average drops below the 200-day — a successful breakout above these levels would be essential. Such a cross on Solana's chart has typically resulted in longer consolidations or more severe declines. 

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The RSI has recovered to about 39, giving an early indication that buyers' momentum is returning. Additionally, trading volume has slightly increased, suggesting that both institutional and retail traders are once again participating. The long-term moving averages and prior breakdown levels converge at $180-$185, which is the next significant resistance. A retest of $200 could be possible if bulls are able to maintain pressure and recover this range. 

This would effectively invalidate the death cross risk and change sentiment toward cautious optimism. However, selling pressure would probably resurface and bearish dominance would be confirmed if it failed to hold above $160. 

For the time being, Solana's resilience suggests a possible recovery phase; however, whether this is the beginning of a larger comeback or merely another fleeting bounce will depend on its capacity to sustain momentum through these resistance zones.

Related articles

XRP Price Soars 12% After U.S. Senate VoteXRP surged by more than 12%, reaching $2.56, following the U.S. Senate’s 60–40 vote to advance a bill reopening the government after a prolonged 40-day shutdown. The news immediately boosted investor sentiment across both traditional and crypto markets, fueling a renewed wave of buying activity.

The relief in Washington appears to have removed a key element of uncertainty weighing on risk assets. As government operations resume, liquidity flows and spending confidence are expected to improve — which often translates into bullish momentum for assets like Bitcoin ($BTC), Ethereum ($ETH), and $XRP.

XRP Price Analysis: Key Levels and Bullish MomentumThe 2-hour XRP/USDT chart shows a strong breakout above the $2.45 resistance (yellow line), now flipping it into support. The token is trading well above the 200 SMA ($2.44) and 21 EMA ($2.34) — both confirming a short-term uptrend.

XRP/USD 2-hour chart - TradingView

The Stochastic RSI is near the overbought zone (98.45), signaling strong momentum but also suggesting a potential short cooldown before the next leg higher. As long as XRP remains above $2.45, bulls could target the next resistance zone around $2.70.

On the downside, support lies at $2.20, where previous consolidation occurred — a key area for buyers to defend if a pullback happens.

XRP Price Prediction: Political Calm, Risk Appetite ReturnsThe Senate’s decision is viewed as a bullish macro trigger that could stabilize financial markets heading into mid-November. Traders are positioning themselves ahead of fresh economic data and upcoming Fed communications, both of which could shape the next move for crypto.

If political stability continues, analysts expect XRP’s bullish momentum to extend toward $2.70–$2.80, possibly retesting its September highs.

Investors have begun to lose confidence in the Trump Media stock following its reported third-quarter loss totaling to $54.8 million. Can the stock recover from the loss incurred?

Summary

Trump Media’s stock (DJT) remains under pressure after a steep 70% decline from its previous high, reflecting investor doubts about its ability to recover from mounting losses and weak revenue.
The company’s stock price recovery will depend on whether the company can turn investor hype into real financial progress through stronger revenue growth, Bitcoin accumulation and operational stability.

According to a press release, Trump Media & Technology Group, the parent company of social media platform Truth Social, reported a $54.8 million loss in its third-quarter earnings following a decline in revenue. This is not new, considering the company has been consistently posting losses since it went public last year.

Compared to the previous year, the company’s loss has nearly tripled from the $19.2 million loss from the same period. On the other hand, TMTG’s revenue fell by 3.8% to $972,900 as of September 2025. The company’s revenue is primarily generated from paid advertising on the Truth Social platform.

This quarter’s earnings report did not bode well for investors, as the market saw the company’s stock plummet by nearly 15% within the past 5 days. At the previous close, the stock was trading on the market at a price of $13.10.

Trump Media & Technology Group’s stock fell after its reported increased losses in its third-quarter | Source: Google Finance
Is it possible for Trump Media’s stock to recover?
DJT has fallen by nearly 70% from its previous high of $43.45. This marks a sharp decline in investor confidence. Despite a modest pre-market rise to $13.36, the broader trend remains bearish. Trump Media & Technology Group’s market cap currently sits as $3.67 billion.

However, much of the company’s valuation depends on political sentiment, fueled by Trump’s updates on Truth Social, as well as other sentiment-driven price swings.

The stock’s apparent stabilization at the $13 level could indicate short-term support, but the absence of sustained volume spikes suggests that buying momentum is still weak. Without a fresh catalyst, such as a revenue breakthrough, new partnerships, or substantial user growth for Truth Social, DJT could have a hard time recovering as it remains under pressure from the earnings report.

However, there are other opportunities to lift up its stock price.

Despite the drop in corporate finances, the company reportedly holds about $3.1 billion in crypto holdings, specifically Bitcoin (BTC). The company currently holds 11,542 BTC on its balance sheet. According to the press release, the company gained $15.3 million in realized income from option premiums associated with its Bitcoin-linked securities as well as $13.4 million of interest income from other financial holdings.

“This resulted in $61.1 million in combined realized income from both [Bitcoin-related] sources year to date through September 30, 2025,” wrote the company.

Historically, Bitcoin accumulation and income generated from BTC holdings have helped to catapult stock prices, as seen in companies like Metaplanet, Strategy and the Smarter Web Company. TMTG could very well benefit from a Bitcoin accumulation strategy to bump up its stock price.

Trump Media’s CEO and President Devin Nunes expressed confidence in the company’s crypto accumulation strategy in elevating the value of the company. Despite the drop in revenue and reporting losses yet again, Nunes stated that it has “secured our financial future with a massive Bitcoin treasury.”

“With these financial assets now earning income, alongside our second consecutive quarter of positive operating cash flow, we’re well-poised to act on our mergers and acquisitions strategy by acquiring one or more of the crown jewel assets we’re now evaluating,” said Nunes.

IonQ is a leader in the quantum computing field.

IonQ (IONQ +3.20%) is perhaps the most popular pure-play quantum computing stock on the market. It has already had some success in acquiring clients, and its technologies have been used in multiple government research labs, making it an easy stock to back in the quantum computing trend.

However, the stock has already had quite a bit of success, and many investors might be wondering if this stock still has the ability to produce a millionaire from a single investment. Is that the case for IonQ? Or is the road too steep?

Image source: Getty Images.

IonQ's approach to quantum computing may separate it from the field
IonQ uses trapped-ion technology to power its quantum computing aspirations. This is different from most companies that use superconducting computing, which requires cooling a particle to near absolute zero. Trapped-ion computing can be done at room temperature, and it also has another inherent benefit: accuracy.

The primary reason quantum computing isn't being deployed at a mass scale yet is that it isn't accurate enough. Once quantum computing reaches a level where accuracy is acceptable for general-purpose computing, that's when we'll see widespread quantum computing adoption begin. Most companies point to 2030 as the year when that will occur.

IonQ is the world's current leader in quantum computing accuracy, and it holds a decent lead due to the inherently accurate nature of the trapped-ion approach. Recently, IonQ announced that it has achieved 99.99% two-qubit gate fidelity, which measures the accuracy of a quantum calculation after going through two operations.

Today's Change

(

3.20

%) $

1.84

Current Price

$

59.27

This is a big deal, as IonQ believes it has now reached the accuracy level required to have a commercially viable quantum computer. Now it will need to turn to scaling this technique up while also improving accuracy when it can. However, one outstanding problem for IonQ is its speed.

There's no free lunch in quantum computing; otherwise, every company would be taking the same approach. The trapped-ion technology that IonQ uses is slower than the processing speeds as the superconducting variety, which could make it a less-popular choice in the end if the superconducting companies can develop a large-scale quantum computer that has similar accuracy levels to IonQ's computer.

Time will tell if IonQ's technology allows it to stand out from its peers, but I think it has at least a fighting chance.

But will that be enough to make you a millionaire?

IonQ can be a successful investment even if it can't provide 100 times returns
If you invest $900,000 in IonQ stock, you'll likely be a millionaire based on the daily swings of the stock price. However, that's not what investors are looking for. Indeed, they want to become a millionaire by investing a much smaller sum of money. For this exercise, I'll set the base investment as $10,000, which would require 100 times returns to turn $10,000 into $1 million.

With IonQ's $17 billion market cap, that would transform IonQ into a $1.7 trillion business.

That's a massive company, and it would likely be larger than where IonQ projects the addressable market for its products could be. IonQ projects that the total addressable market for quantum computing products could reach $87 billion by 2035. That's not an annual value; that's a cumulative market projection. So, even if 20% of quantum computing sales occur in 2035 and IonQ can capture every one of them, that would give IonQ an annual revenue of $17.4 billion.

If it can convert 30% of that into profits and trade at a 40 times earnings multiple, that would price the stock at $209 billion. That would yield an excellent return, but it isn't enough for IonQ to make you a millionaire.

There's a lot of risk in IonQ's stock, as it may not be the quantum winner in the end. Still, if it is the overall winner in the space, it would provide investors monstrous returns. But you have to be OK with the volatility that comes with it and the potential for the stock to go to $0 if the technology doesn't pan out.

SummaryGoogle Cloud is the pillar of my bull case: Q3 revenue $15.16B (up 34% YoY), $3.59B operating income (23.7% margin), with $155B backlog (up 46% sequentially).I see strong AI-led momentum, with GCP products growing faster than the total Cloud segment, mainly driven by the adoption of enterprise AI products.Ironwood (Gen-7 TPU) should soon be GA. In my view, it could credibly compete in large-scale inference, with validation from Anthropic’s expanded access to up to 1M TPUs.Valuation remains reasonable: Alphabet trades at ~27x next year’s earnings, second cheapest among hyperscalers despite stronger YTD performance. hapabapa/iStock Editorial via Getty Images

I reiterate my bull case on Alphabet Inc. (GOOG)(GOOGL) after Q3 2025 earnings, with the Cloud segment’s clean beat and a larger capex plan setting the tone for 2026.

In my earnings preview coverage, I

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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Chart Industries reported a Q3 loss due to a breakup fee from a replaced deal with Baker Hughes. Shareholders approved the new Baker Hughes proposal. GTLS's stock price reflects high confidence in deal completion.

WILLOW PARK, Texas--(BUSINESS WIRE)--ProFrac Holding Corp. (NASDAQ: ACDC) (“ProFrac”, or the “Company”) today announced financial and operational results for its third quarter ended September 30, 2025.

Third Quarter 2025 Results

Total revenue was $403 million compared to second quarter 2025 revenue of $502 million

Net loss was $92 million compared to net loss of $107 million in second quarter 2025

Adjusted EBITDA1 was $41 million compared to $79 million in second quarter 2025; 10% of revenue in the third quarter compared to 16% of revenue in second quarter 2025

Net cash provided by operating activities of $5 million compared to $97 million in second quarter 2025

Capital expenditures of $38 million compared to $43 million in second quarter 2025

Free cash flow2 of $(29) million compared to $54 million in second quarter 2025

"Our third quarter results reflected continued challenging market conditions, with improvement mid-period giving way to an unexpected decline in conditions toward quarter-end. Thus far in the fourth quarter, activity levels have improved from the end of the third quarter. We believe the U.S. onshore completions market is well-positioned for recovery when commodity prices strengthen, as production remains at or below maintenance levels, and as the pressure pumping market continues to tighten via natural equipment attrition," said Matt Wilks, ProFrac's Executive Chairman.

"We remain focused on financial and operational discipline by reemphasizing dedicated, consistent programs, right sizing our organization and optimizing our asset base. We believe these actions will collectively result in $85 to $115 million of annualized cash savings by the end of second quarter of 2026," concluded Mr. Wilks.

Outlook

In the Stimulation Services segment, the Company believes fourth quarter activity levels could continue to improve from third quarter levels on a flattish fleet count. Pricing in the fourth quarter is expected to be lower on average versus the third quarter. The Company expects results to improve sequentially.

In the Proppant Production segment, the Company expects fourth quarter profitability to improve compared to the third quarter. While pricing pressures persist, the Company anticipates enhanced operational efficiency and increased throughput and volumes to drive sequential improvement.

Business Optimization

The Company has recently taken meaningful steps to adjust its strategy with a focus on operational efficiency, through-cycle resilience and structural cost savings to align with current market conditions. The Company is prioritizing dedicated fleets paired with operators conducting more robust, less volatile programs. The Company has identified initial COGS, SG&A and capital expenditure savings of $85 to $115 million on a combined annualized basis, comprised of (i) approximately $35 million to $45 million of COGS and SG&A labor reductions that have been implemented, (ii) $30 million to $40 million across non-labor COGS and SG&A line items, and (iii) $20 million to $30 million of capital expenditures. The Company believes that this is the first step in its business optimization and that additional savings are possible.

Business Segment Information

The Stimulation Services segment generated revenues of $343 million in third quarter 2025, which resulted in $20 million of Adjusted EBITDA and a margin of 6%. This is compared with $432 million in revenues in second quarter 2025, which resulted in $51 million of Adjusted EBITDA and a margin of 12%.

The Proppant Production segment generated revenues of $76 million in third quarter 2025, which resulted in $8 million of Adjusted EBITDA and a margin of 10%. This is compared with revenues of $78 million in second quarter 2025, which resulted in $15 million of Adjusted EBITDA and a margin of 19%. Approximately 73% of the Proppant Production segment's revenue was intercompany during third quarter 2025.

The Manufacturing segment generated revenues of $48 million in third quarter 2025, which resulted in $4 million of Adjusted EBITDA and a margin of 7%. This is compared with revenues of $56 million in second quarter 2025, which resulted in $7 million of Adjusted EBITDA and a margin of 13%. Approximately 82% of the Manufacturing segment's revenue was intercompany during third quarter 2025.

Other Business Activities generated revenues of $61 million in third quarter 2025, which resulted in $12 million of Adjusted EBITDA and a margin of 20%. This is compared with revenues of $65 million in second quarter 2025, which resulted in $8 million of Adjusted EBITDA and a margin of 12%. ProFrac's Other Business Activities include the results of Flotek Industries and Livewire Power.

Capital Expenditures and Capital Allocation

Cash capital expenditures totaled $38 million in the third quarter, a decline from $43 million reported in second quarter 2025.

We now expect capital expenditures to be $160 to $190 million for 2025, representing a further reduction of approximately $25 million at the mid-point from our previous guidance of $175 to $225 million. This adjustment reflects our commitment to maintaining financial discipline during the current downturn while maintaining service quality and operational efficiency through our asset management platform.

Balance Sheet and Liquidity

Total debt outstanding as of September 30, 2025 was $1.07 billion while total principal amount of debt outstanding as of September 30, 2025 was $1.09 billion. Net debt3 outstanding as of September 30, 2025 was $1.04 billion.

Total cash and cash equivalents as of September 30, 2025 was $58 million, of which $5 million was related to Flotek and not accessible by the Company.

As of September 30, 2025 the Company had $95 million of liquidity, including approximately $53 million in cash and cash equivalents, excluding Flotek, and $41 million of availability under its asset-based credit facility.

Footnotes

Conference Call

ProFrac has scheduled a conference call on Monday, November 10, 2025, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call’s conclusion on the IR Calendar section of ProFrac’s investor relations website for 90 days.

About ProFrac Holding Corp.

ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources. ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, in addition to Other Business Activities. For more information, please visit ProFrac's website at www.PFHoldingsCorp.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s strategies and plans for cash savings and sources of liquidity, including incremental debt or non-collateralized asset sales and issuance of the Senior Secured Notes; the Company’s ability to manage the industry and commodity downturn; the Company’s positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; the Company’s expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; success of the Company’s ongoing strategic initiatives; the Company’s guidance regarding its financial and operational results; pricing of the Company’s services in light of the prevailing market conditions; the impact of continued inflation, risk of a global recession and U.S. trade policy, including the imposition of tariffs and retaliatory measures; the Company’s currently expected guidance regarding its planned capital expenditures; statements regarding the Company’s future profitability, cash flows, liquidity and management of debt obligations; the Company’s anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; the amount of capital that may be available to the Company in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and the Company’s outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of the Company to consummate expected financings; actions by customers, competitors and third-party operators, which are beyond the Company’s control; the ability to achieve the anticipated benefits of the Company’s acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company’s actions intended to achieve its financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; risks related to the imposition of tariffs and retaliatory measures, and changes in U.S. trade policy; unexpected operational issues that increase the cost of operations; the failure to operationalize or utilize to the extent anticipated the Company’s fleets and sand mines in a timely manner or at all; the Company's general ability to execute its business plans; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; the ability to realize costs savings as expected; conditions of the capital markets; risks regarding access to additional capital; industry conditions, including fluctuations in supply, demand and prices for the Company’s products and services and for oil and natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov.

Forward-looking statements are also subject to the risks and other issues described below under “Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including without limitation any expectations about the Company’s operational and financial performance or achievements through and including 2025. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.

Non-GAAP Financial Measures

Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents.

We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, gain or loss on extinguishment of debt, unrealized loss or gain on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, lease termination costs, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets.

Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company.

The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated.

- Tables to Follow-

September 30,

December 31,

(In millions)

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$

58.0

$

14.8

Accounts receivable, net

269.1

312.7

Accounts receivable — related party, net

19.1

16.1

Inventories

166.7

201.1

Prepaid expenses and other current assets

28.4

29.4

Total current assets

541.3

574.1

Property, plant, and equipment, net

1,567.9

1,761.2

Operating lease right-of-use assets, net

131.8

158.6

Goodwill

301.3

302.0

Intangible assets, net

120.8

148.9

Deferred tax assets

30.4

—

Other assets

48.9

43.3

Total assets

$

2,742.4

$

2,988.1

LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

276.6

$

324.3

Accounts payable — related party

21.5

18.1

Accrued expenses

80.9

67.2

Current portion of long-term debt

153.6

159.6

Current portion of long-term debt— related party

5.0

5.0

Current portion of operating lease liabilities

27.4

26.0

Other current liabilities

29.7

56.6

Other current liabilities — related party

0.9

3.2

Total current liabilities

595.6

660.0

Long-term debt

907.0

936.1

Long-term debt — related party

4.6

8.3

Operating lease liabilities

109.9

137.1

Deferred tax liabilities

11.2

14.9

Tax receivable agreement liability

82.9

82.9

Other liabilities

9.9

9.2

Total liabilities

1,721.1

1,848.5

Mezzanine equity:

Series A preferred stock

67.4

63.5

Stockholders' equity:

Class A common stock

1.8

1.5

Additional paid-in capital

1,326.4

1,241.2

Accumulated deficit

(466.2

)

(235.9

)

Accumulated other comprehensive income

—

0.1

Total stockholders' equity attributable to ProFrac Holding Corp.

862.0

1,006.9

Noncontrolling interests

91.9

69.2

Total stockholders' equity

953.9

1,076.1

Total liabilities, mezzanine equity, and stockholders' equity

$

2,742.4

$

2,988.1

Three Months Ended

Nine Months Ended

Sep. 30,

June 30,

Sep. 30,

June 30,

Sep. 30,

Sep. 30,

(In millions)

2025

2025

2024

2024

2025

2024

Total revenues

$

403.1

$

501.9

$

575.3

$

579.4

$

1,505.3

$

1,736.2

Operating costs and expenses:

Cost of revenues, exclusive of depreciation, depletion and amortization

324.1

374.7

390.7

393.1

1,118.2

1,157.5

Selling, general, and administrative

43.0

51.4

51.9

54.1

148.0

156.6

Depreciation, depletion and amortization

103.0

104.7

112.7

103.4

313.7

328.9

Acquisition and integration costs

—

0.1

2.0

2.9

0.2

5.1

Goodwill impairment

—

—

6.8

67.7

—

74.5

Other operating expense, net

11.8

29.0

15.5

7.4

46.0

27.2

Total operating costs and expenses

481.9

559.9

579.6

628.6

1,626.1

1,749.8

Operating loss

(78.8

)

(58.0

)

(4.3

)

(49.2

)

(120.8

)

(13.6

)

Other income (expense):

Interest expense, net

(34.5

)

(35.1

)

(40.6

)

(39.6

)

(105.5

)

(117.8

)

Loss on extinguishment of debt

—

—

—

—

—

(0.8

)

Other income (expense), net

0.7

(9.7

)

(0.1

)

(0.5

)

(4.2

)

1.2

Loss before income taxes

(112.6

)

(102.8

)

(45.0

)

(89.3

)

(230.5

)

(131.0

)

Income tax benefit (expense)

20.2

(4.4

)

1.5

23.7

15.5

24.9

Net loss

(92.4

)

(107.2

)

(43.5

)

(65.6

)

(215.0

)

(106.1

)

Less: net income attributable to noncontrolling interests

(8.5

)

(0.8

)

(1.7

)

(1.1

)

(11.4

)

(4.0

)

Net loss attributable to ProFrac Holding Corp.

$

(100.9

)

$

(108.0

)

$

(45.2

)

$

(66.7

)

$

(226.4

)

$

(110.1

)

Net loss attributable to Class A common shareholders

$

(102.2

)

$

(109.3

)

$

(46.4

)

$

(67.9

)

$

(230.3

)

$

(113.7

)

Three Months Ended

Nine Months Ended

Sep. 30,

June 30,

Sep. 30,

Sep. 30,

Sep. 30,

(In millions)

2025

2025

2024

2025

2024

Cash flows from operating activities:

Net loss

$

(92.4

)

$

(107.2

)

$

(43.5

)

$

(215.0

)

$

(106.1

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, depletion and amortization

103.0

$

104.7

112.7

313.7

328.9

Amortization of acquired unfavorable contracts

—

(1.9

)

(11.7

)

(7.6

)

(39.1

)

Stock-based compensation

4.7

0.8

1.1

6.6

6.1

Loss (gain) on insurance recoveries

0.3

—

—

0.3

(3.2

)

Loss (gain) on disposal of assets, net

5.5

5.2

(1.4

)

14.1

(2.5

)

Non-cash loss on extinguishment of debt

—

—

—

—

0.8

Amortization of debt issuance costs

2.9

3.0

3.6

8.9

11.2

Loss on investments, net

—

10.5

1.1

6.8

0.9

Provision for supply commitment charges

—

—

9.6

—

9.6

Provision for credit losses, net of recoveries

—

12.8

—

12.8

—

Goodwill impairment

—

—

6.8

—

74.5

Deferred tax expense (benefit)

(16.5

)

—

1.8

(16.5

)

(25.4

)

Other non-cash items, net

0.2

—

(0.1

)

0.4

(0.1

)

Changes in operating assets and liabilities

(3.1

)

68.8

18.2

15.5

35.2

Net cash provided by operating activities

4.6

96.7

98.2

140.0

290.8

Cash flows from investing activities:

Acquisitions, net of cash acquired

—

—

—

—

(194.4

)

Investment in property, plant & equipment

(38.0

)

(42.8

)

(70.0

)

(133.3

)

(191.8

)

Proceeds from sale of assets

4.2

0.5

2.9

4.9

31.9

Proceeds from insurance recoveries

—

—

0.1

—

4.5

Other

—

(0.2

)

—

0.4

(2.0

)

Net cash used in investing activities

(33.8

)

(42.5

)

(67.0

)

(128.0

)

(351.8

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

16.9

21.6

15.5

38.5

136.4

Repayments of long-term debt

(31.8

)

(29.4

)

(54.4

)

(103.7

)

(110.0

)

Borrowings from revolving credit agreements

427.6

497.6

546.2

1,344.3

1,580.4

Repayments of revolving credit agreements

(430.2

)

(533.3

)

(536.9

)

(1,324.6

)

(1,540.6

)

Payment of debt issuance costs

(0.2

)

(0.4

)

(0.1

)

(0.6

)

(3.5

)

Cash settlement of vested stock awards

—

(0.2

)

—

(1.2

)

—

Tax withholding related to net share settlement of equity awards

—

—

—

—

(1.5

)

Proceeds from issuance of common stock

82.4

—

—

82.4

—

Payment of common stock issuance costs

(3.4

)

—

—

(3.4

)

—

Other

(0.1

)

(0.1

)

—

(0.5

)

—

Net cash provided by (used in) financing activities

61.2

(44.2

)

(29.7

)

31.2

61.2

Net increase in cash, cash equivalents, and restricted cash

32.0

10.0

1.5

43.2

0.2

Cash, cash equivalents, and restricted cash beginning of period

26.0

16.0

24.0

14.8

25.3

Cash, cash equivalents, and restricted cash end of period

$

58.0

$

26.0

$

25.5

$

58.0

$

25.5

Three Months Ended

Nine Months Ended

Sep. 30,

June 30,

Sep. 30,

June 30,

Sep. 30,

Sep. 30,

(In millions)

2025

2025

2024

2024

2025

2024

Net loss

$

(92.4

)

$

(107.2

)

$

(43.5

)

$

(65.6

)

$

(215.0

)

$

(106.1

)

Interest expense, net

34.5

35.1

40.6

39.6

105.5

117.8

Depreciation, depletion and amortization

103.0

104.7

112.7

103.4

313.7

328.9

Income tax expense (benefit)

(20.2

)

4.4

(1.5

)

(23.7

)

(15.5

)

(24.9

)

Loss (gain) on disposal of assets, net

5.5

5.2

(1.4

)

0.3

14.1

(2.5

)

Loss on extinguishment of debt

—

—

—

—

—

0.8

Provision for credit losses, net of recoveries

—

12.8

—

—

12.8

—

Stock-based compensation

4.2

2.0

1.1

2.9

7.3

6.1

Lease termination

—

0.8

—

—

0.8

—

Transaction costs

1.1

7.0

3.9

—

8.3

3.9

Severance charges

—

0.4

0.7

1.1

0.4

2.5

Acquisition and integration costs

—

0.1

2.0

2.9

0.2

5.1

Supply commitment charges

—

—

9.4

—

—

9.6

Impairment of goodwill

—

—

6.8

67.7

—

74.5

Loss (gain) on insurance recoveries

0.3

—

—

(3.2

)

0.3

(3.2

)

Litigation expenses and accruals for legal contingencies

4.9

2.8

2.9

9.2

9.3

16.9

Loss on investments, net

—

10.5

1.1

1.0

6.8

0.9

Adjusted EBITDA

$

40.9

$

78.6

$

134.8

$

135.6

$

249.0

$

430.3

Three Months Ended

Nine Months Ended

Sep. 30,

June 30,

Sep. 30,

June 30,

Sep. 30,

Sep. 30,

(In millions)

2025

2025

2024

2024

2025

2024

Revenues

Stimulation services

$

342.9

$

432.0

$

507.1

$

505.6

$

1,299.4

$

1,530.0

Proppant production

76.4

77.5

52.8

69.5

221.2

200.0

Manufacturing

48.1

55.8

61.5

55.9

169.7

160.9

Other

60.8

65.0

51.3

47.6

188.0

140.6

Total segments

528.2

630.3

672.7

678.6

1,878.3

2,031.5

Eliminations

(125.1

)

(128.4

)

(97.4

)

(99.2

)

(373.0

)

(295.3

)

Total revenues

$

403.1

$

501.9

$

575.3

$

579.4

$

1,505.3

$

1,736.2

Adjusted EBITDA

Stimulation services

$

19.6

$

51.1

$

112.6

$

107.3

$

175.3

$

345.1

Proppant production

8.0

14.8

17.3

25.7

41.1

71.4

Manufacturing

3.6

7.3

0.1

0.1

14.9

4.6

Other

12.0

8.4

4.8

4.4

28.1

12.8

Total segments

43.2

81.6

134.8

137.5

259.4

433.9

Eliminations

(2.3

)

(3.0

)

—

(1.9

)

(10.4

)

(3.6

)

Total adjusted EBITDA

$

40.9

$

78.6

$

134.8

$

135.6

$

249.0

$

430.3

September 30,

December 31,

(In millions)

2025

2024

Current portion of long-term debt

$

153.6

$

159.6

Current portion of long-term debt— related party

5.0

5.0

Long-term debt

907.0

936.1

Long-term debt — related party

4.6

8.3

Total debt

1,070.2

1,109.0

Plus: unamortized debt discounts, premiums, and issuance costs

23.8

29.9

Total principal amount of debt

1,094.0

1,138.9

Less: cash and cash equivalents

(58.0

)

(14.8

)

Net debt

$

1,036.0

$

1,124.1

Three Months Ended

Nine Months Ended

Sep. 30,

June 30,

Sep. 30,

Sep. 30,

Sep. 30,

(In millions)

2025

2025

2024

2025

2024

Net cash provided by operating activities

$

4.6

$

96.7

$

98.2

$

140.0

$

290.8

Investment in property, plant & equipment

(38.0

)

(42.8

)

(70.0

)

(133.3

)

(191.8

)

Proceeds from sale of assets

4.2

0.5

2.9

4.9

31.9

Free cash flow

$

(29.2

)

$

54.4

$

31.1

$

11.6

$

130.9

More News From ProFrac Holding Corp.

, /PRNewswire/ - DXC Technology (NYSE: DXC), a global technology services provider, today announced it has been chosen as the successful Master Vendor to deliver BPO services as well as ERP and Resource Management (RM) replacement systems, to the Metropolitan Police Service ("the Met"), the UK's largest police force. The 7+1+1 year contract was awarded to DXC following a competitive tender process.  

DXC will modernise how the Met deploys their resources, through the delivery of replacement ERP and RM systems, as well as helping to transform certain HR, Commercial and Finance services. It will enable the Met to use real time data to respond better to local needs and priorities, streamline internal processes and deliver significant savings by reducing unnecessary costs. The transformation will also enhance collaboration across departments, improve transparency, and ensure that technology investments directly support frontline policing.  

"DXC will help us continue the transformational journey to deliver our New Met for London strategy by helping us to better plan and manage our resources,  modernise  our technology, reduce cost and enable our officers to focus  more  on frontline policing, " said Marie  Heracleous, Chief Officer Business Services, Metropolitan Police Service. "DXC submitted the strongest bid and I look forward to working with DXC to  modernise  the Met over the coming years. "  

The contract was signed between DXC and London's Mayor's Office for Policing and Crime (MOPAC).  This collaboration underlines MOPAC's commitment to delivering smarter, more efficient digital services that support officers and improve public trust.  

"DXC is proud to partner with the Metropolitan Police Service on this mission-critical transformation, delivering a  modernised  business service model that enables the  New Met for London strategy and  creates lasting, positive impact, " said  Derek Allison, UKI Manager Director, DXC. "Together with our expert delivery partners, we are bringing together Oracle Fusion SaaS and AI capabilities as well as Strategic Workforce Management for Operational Policing. We are committed to delivering enduring benefits, not only for the Met, but also for the people and communities across London that it protects and serves."  

The programme builds on DXC's extensive experience supporting digital transformation for public sector organisations across the UK and globally. DXC will help to simplify a part of the Met's technology landscape, enabling an improved overall performance across frontline operations. DXC's leadership in this space was recently recognised by IDC MarketScape, which named the company a Leader in Worldwide AI Services for National Civilian Government, highlighting its innovation, public sector expertise, and commitment to responsible, sovereign AI solutions.  

About DXC Technology
DXC Technology (NYSE: DXC) is a leading global provider of information technology services. We're a trusted operating partner to many of the world's most innovative organizations, building solutions that move industries and companies forward. Our engineering, consulting and technology experts help clients simplify, optimize and modernize their systems and processes, manage their most critical workloads, integrate AI-powered intelligence into their operations, and put security and trust at the forefront. Learn more on dxc.com.

SOURCE DXC Technology Company

One of the final studies required to complete the Environmental and Social Impact Assessment (ESIA) and advance toward mine permitting.
November 10, 2025 5:00 AM EST | Source: Focus Graphite Inc.
Ottawa, Ontario--(Newsfile Corp. - November 10, 2025) - Focus Graphite Inc. (TSXV: FMS) (OTCQB: FCSMF) (FSE: FKC0) ("Focus" or the "Company"), a leading Canadian graphite developer advancing high-grade projects in Quebec, is pleased to announce the commencement of a hydrogeological study (the "Study") at its wholly owned Lac Knife Project (the "Project").

The Study will be executed by Yves Leblanc, P.Geo., of Richelieu Hydrogeologie Inc. ("RHI"), a Quebec based consulting firm specializing in groundwater management, mining and environmental hydrogeology, geothermal systems, and individual well design. RHI has supported Focus and the Lac Knife Project since 2019. The program will be carried out under the supervision and management of IOS Geosciences Inc. ("IOS"), the Company's geological consulting firm and general contractor for the Lac Knife Project.

This Study represents one of the final major technical milestones in advancing the Company's Environmental and Social Impact Assessment ("ESIA") - a critical step toward the mine permitting phase for the Project. The hydrogeological program will characterize groundwater flows, aquifer properties, and potential interactions with Project infrastructure such as the open pit and tailings storage facility, ensuring responsible water management and full compliance with Quebec's regulatory standards.

The Lac Knife deposit is located on a hillcrest between Knife Lake and Pecan River, both tributaries of the Moisie River, which is designated as a planned aquatic reserve. As such, the highest standards of aquifer protection must be applied. This Study aims to address concerns outlined in the second round of questions received in 2019 from Quebec's Ministry of Sustainable Development, Environment, and the Fight Against Climate Change ("MDDELCC") during its review of the Company's original Environmental and Social Impact Study submitted in 2014. As part of the 2021 Lac Knife Feasibility

Study ("Feasibility") update, the Project's tailings storage facility was fully redesigned to incorporate nearby dolomitic marble, which will amend the tailings and eliminate the risk of acid mine drainage. This new design concept required a complete remodelling of the aquifer system. Results from the current hydrogeological modelling are expected by February 2026, aligning with the planned submission of the final ESIA revision.

Focus continues to collaborate with IOS to finalize contracting for the remaining studies, including tailings dam breach analysis and dust dispersion modelling.

“The launch of the hydrogeological study marks another important step toward permit readiness,” said Jason Latkowcer, Vice President, Corporate Development, Focus Graphite. “We are systematically closing out the final technical components of the ESIA — with hydrogeological modelling being the most time-sensitive — ensuring that every environmental and social consideration is addressed with scientific rigour. Our commitment remains to advance Lac Knife responsibly, in alignment with Indigenous and Quebec environmental standards and the growing global demand for ethically sourced graphite.”

The Lac Knife Project hosts one of the highest-grade flake graphite deposits in the world, with measured and indicated resources grading 14.95% graphitic carbon (Cg). Once in production, Lac Knife is expected to supply high-purity graphite for defense, battery, and advanced materials markets, supporting Canada's Critical Minerals Strategy.

On November 3, 2025 the Company announced that it had been selected by Natural Resources Canada ("NRCan") under the Global Partnership Initiatives ("GPI") for conditional approval for a non-repayable contribution of up to $14,062,500, pending final due diligence.

Qualified Persons

The technical content disclosed in this news release was reviewed and approved by Réjean Girard, P.Geo. (QC), President of IOS Geosciences Inc., a consultant to the Company, and a qualified person as defined under National Instrument NI-43-101.

About Richelieu Hydrogeologie Inc.

Founded in 2005, Richelieu Hydrogeologie Inc. is a hydrogreology firm offering interdisciplinary services across groundwater management, mining hydrogeology, environmental hydrogeology, geothermal systems, and individual well design.

Their clientele includes mining companies, engineering-consulting firms, municipalities, commercial enterprises and private interests.

For more information on Richelieu Hydrogeologie Inc. please visit https://www.richelieu-hydro.com

About Focus Graphite Advanced Materials Inc.

Focus Graphite Advanced Materials is redefining the future of critical minerals with two 100% owned world-class graphite projects and cutting-edge battery technology. Focus Graphite's flagship Lac Knife project stands as one of the most advanced high-purity graphite deposits in North America, with a fully completed feasibility study. Lac Knife is set to become a key supplier for the battery, defense, and advanced materials industries.

Focus Graphite's Lac Tetepisca project further strengthens our portfolio, with the potential to be one of the largest and highest-purity and grade graphite deposits in North America. At Focus, they go beyond mining - we are pioneering environmentally sustainable processing solutions and innovative battery technologies, including our patent-pending silicon-enhanced spheroidized graphite, designed to enhance battery performance and efficiency.

Focus Graphite's commitment to innovation ensures a chemical-free, eco-friendly supply chain from mine to market. Collaboration is at the core of our vision. We actively partner with industry leaders, research institutions, and government agencies to accelerate the commercialization of next-generation graphite materials. As a North American company, we are dedicated to securing a resilient, locally sourced supply of critical minerals - reducing dependence on foreign-controlled markets and driving the transition to a sustainable future.

For more information on Focus Graphite Inc. please visit http://www.focusgraphite.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could," "intend," "expect," "believe," "will," "projected," "estimated," and similar expressions, as well as statements relating to matters that are not historical facts, are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events.

In particular, this press release contains forward-looking information regarding, among other things, the anticipated timing, scope, and outcomes of the hydrogeological study at the Lac Knife Project; the completion of the Company's Environmental and Social Impact Assessment ("ESIA") and related technical studies, including tailings dam breach analysis and dust dispersion modelling; the expected timing of regulatory submissions and approvals; the potential for successful mine permitting and development; and the advancement of the Lac Knife Project toward production. Forward-looking information also includes statements regarding the Company's expectations concerning the effectiveness of proposed environmental management measures, the ability to meet Québec's regulatory standards, the anticipated role of the Lac Knife and Lac Tetepisca projects within Canada's Critical Minerals Strategy, and the Company's capacity to secure future project financing or partnerships required for construction and commercialization.

Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, risks related to market conditions, regulatory approvals, changes in economic conditions, the ability to raise sufficient funds on acceptable terms or at all, operational risks associated with mineral exploration and development, and other risks detailed from time to time in the Company's public disclosure documents available under its profile on SEDAR+.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties, and assumptions contained herein, investors should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273801

BEIJING, Nov. 10, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Business and Financial Highlights for the Third Quarter 2025

Gross transaction value (GTV)1 was RMB736.7 billion (US$103.5 billion), relatively flat year-over-year. GTV of existing home transactions was RMB505.6 billion (US$71.0 billion), an increase of 5.8% year-over-year. GTV of new home transactions was RMB196.3 billion (US$27.6 billion), a decrease of 13.7% year-over-year.Net revenues were RMB23.1 billion (US$3.2 billion), an increase of 2.1% year-over-year.Net income was RMB747 million (US$105 million), a decrease of 36.1% year-over-year. Adjusted net income2 was RMB1,286 million (US$181 million), a decrease of 27.8% year-over-year.Number of stores was 61,393 as of September 30, 2025, a 27.3% increase from one year ago. Number of active stores3 was 59,012 as of September 30, 2025, a 25.9% increase from one year ago.Number of agents was 545,511 as of September 30, 2025, a 14.5% increase from one year ago. Number of active agents4 was 471,501 as of September 30, 2025, an 11.4% increase from one year ago.Mobile monthly active users (MAU)5 averaged 49.3 million in the third quarter of 2025, compared to 46.2 million in the same period of 2024.
Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “In the third quarter of 2025, we continued to explore ways to improve operational efficiency and enhance customer experience through organizational optimization, process restructuring, and technological innovation. In our home transaction services, we launched a pilot program in Shanghai featuring a ‘buyer-seller agent specialization’ mechanism, helping sell-side agents strengthen their capabilities in marketing and selling properties. In our home rental services, we are deeply integrating AI into our operations, with AI empowering the entire service providers’ workflows and customer experience. This business contributed over RMB100 million in profit in the third quarter of 2025.”

“Continuous innovation is key to navigating industry cycles. Through these efforts, we have identified a new path to growth—one that restructures our operating model with technology and drives scale expansion through efficiency. Looking ahead, we will accelerate the deep integration of AI capabilities into our core business scenarios to achieve dual improvement in experiences for both service providers and customers,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the third quarter of 2025, GTV of existing home transactions grew steadily, and the monetization capability of our new home transaction services remained robust. Both home renovation and furnishing business and home rental services achieved city-level profitability before deducting headquarters expenses, with their combined contribution profit to the Company’s total gross profit reaching a record high. Our operational efficiency further improved. The operating expenses in the third quarter of 2025 were RMB4.3 billion, down 1.8% year-over-year and 6.7% quarter-over-quarter.

With robust cash reserves, we reward our shareholders through consistently active share repurchase. In the third quarter of 2025, we allocated US$281 million to share repurchases, with the single-quarter share repurchase spending reaching its highest level in the past two years. As of the end of the third quarter of 2025, we repurchased around US$675 million worth of shares this year, up 15.7% year-over-year, which accounted for around 3% of the Company’s total shares outstanding at the end of 2024. Since the launch of our share repurchase program in September 2022, we have repurchased around US$2.3 billion worth of shares as of the end of September this year, accounting for about 11.5% of our total issued shares before the program began.

We will keep proactively optimizing the business structure, strengthening technology empowerment, and enhancing shareholder returns, so as to generate greater value for investors over the long term.”

Third Quarter 2025 Financial Results

Net Revenues

Net revenues increased by 2.1% to RMB23.1 billion (US$3.2 billion) in the third quarter of 2025 from RMB22.6 billion in the same period of 2024, primarily attributable to the increase of the growth of net revenues from home rental services, which is partially offset by the decrease of net revenues from new home and existing home transaction services.

Net revenues from existing home transaction services were RMB6.0 billion (US$0.8 billion) in the third quarter of 2025, decreased by 3.6% from RMB6.2 billion in the same period of 2024. GTV of existing home transactions increased by 5.8% to RMB505.6 billion (US$71.0 billion) in the third quarter of 2025 from RMB477.8 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis.Among that, (i) commission revenue was RMB4.8 billion (US$0.7 billion) in the third quarter of 2025, compared to RMB5.1 billion in the same period of 2024, while the GTV of existing home transactions served by Lianjia stores decreased by 2.3% to RMB190.0 billion (US$26.7 billion) in the third quarter of 2025 from RMB194.5 billion in the same period of 2024; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 2.7% to RMB1,197 million (US$168 million) in the third quarter of 2025 from RMB1,165 million in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 11.4% to RMB315.6 billion (US$44.3 billion) in the third quarter of 2025 from RMB283.3 billion in the same period of 2024, partially offset by the decrease in revenues from certain value-added services which were not directly driven by the GTV of existing home transactions served by connected agents and incentive-based reductions in platform service and franchise service fees for connected stores.

Net revenues from new home transaction services decreased by 14.1% to RMB6.6 billion (US$0.9 billion) in the third quarter of 2025 from RMB7.7 billion in the same period of 2024, primarily due to the decrease of GTV of new home transactions of 13.7% to RMB196.3 billion (US$27.6 billion) in the third quarter of 2025 from RMB227.6 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels decreased by 12.4% to RMB160.3 billion (US$22.5 billion) in the third quarter of 2025 from RMB183.0 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand decreased by 19.2% to RMB36.0 billion (US$5.1 billion) in the third quarter of 2025 from RMB44.5 billion in the same period of 2024.Net revenues from home renovation and furnishing were RMB4.3 billion (US$0.6 billion) in the third quarter of 2025, relatively flat compared with RMB4.2 billion in the same period of 2024.Net revenues from home rental services increased by 45.3% to RMB5.7 billion (US$0.8 billion) in the third quarter of 2025 from RMB3.9 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.Net revenues from emerging and other services were RMB0.4 billion (US$0.06 billion) in the third quarter of 2025, compared to RMB0.5 billion in the same period of 2024.
Cost of Revenues

Total cost of revenues increased by 3.8% to RMB18.1 billion (US$2.5 billion) in the third quarter of 2025 from RMB17.4 billion in the same period of 2024.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels decreased by 11.5% to RMB4.6 billion (US$0.6 billion) in the third quarter of 2025, from RMB5.2 billion in the same period of 2024, primarily due to the decrease in GTV of new home transactions facilitated through connected agents and other sales channels.Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation decreased by 3.7% to RMB4.2 billion (US$0.6 billion) in the third quarter of 2025 from RMB4.4 billion in the same period of 2024, primarily due to the decrease in commission of new home transaction services for Lianjia agents and operation staff of new home transaction services, resulting from the decreased GTV of new home transactions they served by.Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing was RMB2.9 billion (US$0.4 billion) in the third quarter of 2025, relatively flat compared with RMB2.9 billion in the same period of 2024, which was in line with the trend of net revenues from home renovation and furnishing.Cost of home rental services. The Company’s cost of revenues for home rental services which mainly consists of variable cost, increased by 38.8% to RMB5.2 billion (US$0.7 billion) in the third quarter of 2025 from RMB3.8 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.Cost related to stores. The Company’s cost related to stores decreased by 5.8% to RMB663 million (US$93 million) in the third quarter of 2025 from RMB703 million in the same period of 2024, primarily attributable to the decreased number of Lianjia stores.Other costs. The Company’s other costs were RMB484 million (US$68 million) in the third quarter of 2025, compared with RMB502 million in the same period of 2024.
Gross Profit

Gross profit decreased by 3.9% to RMB4.9 billion (US$0.7 billion) in the third quarter of 2025 from RMB5.1 billion in the same period of 2024. Gross margin decreased to 21.4% in the third quarter of 2025 from 22.7% in the same period of 2024, primarily due to a) reduced contribution of net revenues from existing home and new home transaction services, which historically carried higher contribution margins than the overall gross margin; and b) a drop in contribution margin of existing home transaction services, which was primarily due to deteriorated fixed compensation costs absorption rates for Lianjia agents caused by lower net revenues in this segment. The decline in gross margin was partially offset by the increased contribution margin of home rental services.

Income from Operations

Total operating expenses were RMB4.3 billion (US$0.6 billion) in the third quarter of 2025, relatively flat compared with RMB4.4 billion in the same period of 2024.

General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the third quarter of 2025, relatively flat compared with RMB1.9 billion in the same period of 2024.Sales and marketing expenses decreased by 10.7% to RMB1.7 billion (US$0.2 billion) in the third quarter of 2025 from RMB1.9 billion in the same period of 2024, primarily due to the decrease in personnel costs for home renovation and furnishing and the decreased advertising and promotion expenses.Research and development expenses increased by 13.2% to RMB648 million (US$91 million) in the third quarter of 2025 from RMB573 million in the same period of 2024, primarily due to the increased headcount of research and development personnel. Income from operations was RMB608 million (US$85 million) in the third quarter of 2025, compared to RMB727 million in the same period of 2024. Operating margin decreased to 2.6% in the third quarter of 2025 from 3.2% in the same period of 2024, primarily due to the decreased gross profit margin, which was partially offset by the improved operating leverage.

Adjusted income from operations6 was RMB1,173 million (US$165 million) in the third quarter of 2025, compared to RMB1,363 million in the same period of 2024. Adjusted operating margin7 was 5.1% in the third quarter of 2025, compared to 6.0% in the same period of 2024. Adjusted EBITDA8 was RMB1,922 million (US$270 million) in the third quarter of 2025, compared to RMB2,154 million in the same period of 2024.

Net Income

Net income was RMB747 million (US$105 million) in the third quarter of 2025, compared to RMB1,168 million in the same period of 2024.

Adjusted net income decreased by 27.8% to RMB1,286 million (US$181 million) in the third quarter of 2025, from RMB1,782 million in the same period of 2024.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB749 million (US$105 million) in the third quarter of 2025, compared to RMB1,171 million in the same period of 2024.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,288 million (US$181 million) in the third quarter of 2025, compared to RMB1,785 million in the same period of 2024.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.68 (US$0.10) and RMB0.65 (US$0.09) in the third quarter of 2025, respectively, compared to RMB1.04 and RMB1.00 in the same period of 2024, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.17 (US$0.16) and RMB1.12 (US$0.16) in the third quarter of 2025, respectively, compared to RMB1.58 and RMB1.53 in the same period of 2024, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of September 30, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB55.7 billion (US$7.8 billion).

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, August 2024 and August 2025, under which the Company may purchase up to US$5 billion of its Class A ordinary shares and/or ADSs until August 31, 2028, subject to obtaining general unconditional mandate for the repurchase from the shareholders of the Company at each of the next three annual general meetings to be held in the forthcoming years to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 27, 2025. As of September 30, 2025, the Company in aggregate has purchased approximately 145.1 million ADSs (representing approximately 435.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$2,300.5 million under this share repurchase program since its launch.

Conference Call Information

The Company will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Monday, November 10, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, November 10, 2025) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10050534-isnceg.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10050535-1y2mts.html

A replay of the conference call will be accessible through November 17, 2025, by dialing the following numbers:

United States:+1-855-883-1031Mainland, China:400-1209-216Hong Kong, China:800-930-639International:+61-7-3107-6325Replay PIN (English line):10050534Replay PIN (Chinese simultaneous interpretation line):10050535   A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

Exchange Rate

This press release 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$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, 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 statements about KE Holdings Inc.’s beliefs, plans, 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: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: https://investors.ke.com.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
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]

Source: KE Holdings Inc.

  KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, per share data)    As of
December 31, As of
September 30,  2024 2025  RMB RMB US$       ASSETS      Current assets      Cash and cash equivalents 11,442,965 9,221,654 1,295,358Restricted cash 8,858,449 6,744,815 947,439Short-term investments 41,317,700 39,765,360 5,585,807Financing receivables, net of allowance for credit losses of RMB147,330 and RMB169,973 as of December 31, 2024 and September 30, 2025, respectively 2,835,527 659,905 92,696Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,685,597 as of December 31, 2024 and September 30, 2025, respectively 5,497,989 3,777,678 530,647Amounts due from and prepayments to related parties 379,218 390,379 54,836Loan receivables from related parties 18,797 407,348 57,220Prepayments, receivables and other assets 6,252,700 7,458,565 1,047,697Total current assets 76,603,345 68,425,704 9,611,700Non-current assets      Property, plant and equipment, net 2,400,211 2,286,577 321,194Right-of-use assets 23,366,879 21,835,216 3,067,175Long-term investments, net 23,790,106 19,665,242 2,762,360Intangible assets, net 857,635 755,562 106,133Goodwill 4,777,420 4,664,706 655,247Long-term loan receivables from related parties 131,410 259,442 36,444Other non-current assets 1,222,277 1,403,274 197,116Total non-current assets 56,545,938 50,870,019 7,145,669TOTAL ASSETS 133,149,283 119,295,723 16,757,369   KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)    As of
December 31, As of
September 30,  2024 2025  RMB RMB US$       LIABILITIES      Current liabilities      Accounts payable 9,492,629 5,955,358 836,544Amounts due to related parties 391,446 540,885 75,978Employee compensation and welfare payable 8,414,472 5,640,906 792,373Customer deposits payable 6,078,623 3,755,202 527,490Income taxes payable 1,028,735 654,724 91,969Short-term borrowings 288,280 657,414 92,346Lease liabilities current portion 13,729,701 12,018,779 1,688,268Contract liabilities and deferred revenue 6,051,867 5,484,769 770,441Accrued expenses and other current liabilities 7,268,505 7,906,559 1,110,627Total current liabilities 52,744,258 42,614,596 5,986,036Non-current liabilities      Deferred tax liabilities 317,697 317,697 44,627Lease liabilities non-current portion 8,636,770 8,283,170 1,163,530Long-term borrowings - 137,934 19,375Other non-current liabilities 2,563 2,269 319Total non-current liabilities 8,957,030 8,741,070 1,227,851TOTAL LIABILITIES 61,701,288 51,355,666 7,213,887   KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)   As of
December 31, As of
September 30,  2024 2025  RMB RMB US$       SHAREHOLDERS’ EQUITY      KE Holdings Inc. shareholders’ equity      Ordinary Shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1)as of December 31, 2024; 3,403,080,518 Class A ordinary shares issued and 3,272,515,613 Class A ordinary shares outstanding(1)as of September 30, 2025; and 145,413,446 and 140,951,375 Class B ordinary shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) 461  454  64 Treasury shares (949,410) (778,411) (109,343)Additional paid-in capital 72,460,562  66,037,233  9,276,195 Statutory reserves 926,972  926,972  130,211 Accumulated other comprehensive income 609,112  473,060  66,450 (Accumulated Deficit) / Retained Earnings (1,723,881) 1,182,240  166,068 Total KE Holdings Inc. shareholders' equity 71,323,816  67,841,548  9,529,645 Non-controlling interests 124,179  98,509  13,837 TOTAL SHAREHOLDERS' EQUITY 71,447,995  67,940,057  9,543,482 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 133,149,283  119,295,723  16,757,369 
(1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Net revenues           Existing home transaction services6,217,054  5,990,720  841,511  19,278,973  19,580,472  2,750,453 New home transaction services7,726,316  6,639,287  932,615  20,576,636  23,333,605  3,277,652 Home renovation and furnishing4,213,041  4,299,985  604,015  10,662,113  11,810,782  1,659,051 Home rental services3,941,234  5,726,701  804,425  9,753,977  16,489,101  2,316,210 Emerging and other services487,002  395,764  55,593  2,060,692  1,177,480  165,400 Total net revenues22,584,647  23,052,457  3,238,159  62,332,391  72,391,440  10,168,766 Cost of revenues           Commission-split(5,199,321) (4,599,490) (646,087) (14,057,167) (16,225,061) (2,279,121)Commission and compensation-internal(4,381,616) (4,218,844) (592,618) (12,446,905) (13,766,340) (1,933,746)Cost of home renovation and furnishing(2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)Cost of home rental services(3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)Cost related to stores(703,045) (662,598) (93,075) (2,069,022) (2,141,348) (300,793)Others(501,947) (483,863) (67,967) (1,391,552) (1,619,423) (227,479)Total cost of revenues(1)(17,449,914) (18,117,374) (2,544,933) (46,558,522) (56,935,675) (7,997,706)Gross profit5,134,733  4,935,083  693,226  15,773,869  15,455,765  2,171,060 Operating expenses           Sales and marketing expenses(1)(1,933,878) (1,727,825) (242,706) (5,439,341) (5,398,770) (758,361)General and administrative expenses(1)(1,900,959) (1,866,486) (262,184) (5,999,453) (5,820,959) (817,665)Research and development expenses(1)(572,932) (648,280) (91,063) (1,544,741) (1,865,332) (262,022)Impairment of goodwill, intangible assets and other long-lived assets-  (84,524) (11,873) (36,397) (112,715) (15,833)Total operating expenses(4,407,769) (4,327,115) (607,826) (13,019,932) (13,197,776) (1,853,881)Income from operations726,964  607,968  85,400  2,753,937  2,257,989  317,179 Interest income, net310,493  176,640  24,812  976,746  669,148  93,995 Share of results of equity investees7,783  8,774  1,232  4,048  23,090  3,243 Fair value changes in investments, net109,170  112,950  15,866  187,458  335,176  47,082 Impairment loss for equity investments accounted for using Measurement Alternative(388) (502) (71) (8,437) (1,716) (241)Foreign currency exchange gain (loss)45,156  (10,141) (1,424) (27,869) (55,088) (7,738)Other income, net472,359  401,396  56,384  1,373,969  1,169,395  164,264 Income before income tax expense1,671,537  1,297,085  182,199  5,259,852  4,397,994  617,784 Income tax expense(503,131) (550,337) (77,305) (1,758,920) (1,489,279) (209,198)Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586    KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Net loss (income) attributable to non-controlling interests shareholders2,667  2,535  356  (6,024) (2,594) (364)Net income attributable to KE Holdings Inc.1,171,073  749,283  105,250  3,494,908  2,906,121  408,222 Net income attributable to KE Holdings Inc.’s ordinary shareholders1,171,073  749,283  105,250  3,494,908  2,906,121  408,222             Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586 Currency translation adjustments(252,110) (150,981) (21,208) (131,660) (228,088) (32,039)Unrealized gains on available-for-sale investments, net of reclassification130,261  85,944  12,072  162,874  92,036  12,928 Total comprehensive income1,046,557  681,711  95,758  3,532,146  2,772,663  389,475 Comprehensive loss (income) attributable to non-controlling interests shareholders2,667  2,535  356  (6,024) (2,594) (364)Comprehensive income attributable to KE Holdings Inc.1,049,224  684,246  96,114  3,526,122  2,770,069  389,111 Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders1,049,224  684,246  96,114  3,526,122  2,770,069  389,111    KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

             For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$Weighted average number of ordinary shares used in computing net income per share, basic and diluted           —Basic3,380,011,519 3,313,787,988 3,313,787,988 3,408,518,304 3,360,457,280 3,360,457,280—Diluted3,501,151,763 3,451,304,318 3,451,304,318 3,522,652,156 3,509,432,168 3,509,432,168            Weighted average number of ADS used in computing net income per ADS, basic and diluted           —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723            Net income per share attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.35 0.23 0.03 1.03 0.86 0.12—Diluted0.33 0.22 0.03 0.99 0.83 0.12            Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.04 0.68 0.10 3.08 2.59 0.36—Diluted1.00 0.65 0.09 2.98 2.48 0.35            (1) Includes share-based compensation expenses as follows: Cost of revenues136,101 122,906 17,264 385,935 326,921 45,922Sales and marketing expenses53,149 50,863 7,145 143,910 131,965 18,537General and administrative expenses370,106 232,514 32,661 1,461,016 881,191 123,781Research and development expenses47,220 43,854 6,160 140,146 126,457 17,763   KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Income from operations726,964  607,968  85,400  2,753,937  2,257,989  317,179 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883  29,882  4,197  214,167  89,648  12,593 Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Adjusted income from operations1,363,423  1,172,511  164,700  5,135,508  3,926,886  551,608             Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883  29,882  4,197  214,167  89,648  12,593 Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(16,867) (19,485) (2,737) (3,589) (60,256) (8,464)Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Impairment of investments388  502  71  8,437  1,716  241 Tax effects on non-GAAP adjustments(6,494) (6,553) (920) (19,904) (19,541) (2,745)Adjusted net income1,781,892  1,285,755  180,608  5,867,447  4,499,531  632,047             Net income1,168,406  746,748  104,894  3,500,932  2,908,715  408,586 Income tax expense503,131  550,337  77,305  1,758,920  1,489,279  209,198 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets36,125  35,282  4,956  230,643  105,848  14,868 Depreciation of property, plant and equipment166,373  250,101  35,131  505,232  610,920  85,815 Interest income, net(310,493) (176,640) (24,812) (976,746) (669,148) (93,995)Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(16,867) (19,485) (2,737) (3,589) (60,256) (8,464)Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Impairment of investments388  502  71  8,437  1,716  241 Adjusted EBITDA2,153,639  1,921,506  269,911  7,191,233  5,966,323  838,085             Net income attributable to KE Holdings Inc.’s ordinary shareholders1,171,073  749,283  105,250  3,494,908  2,906,121  408,222 Share-based compensation expenses606,576  450,137  63,230  2,131,007  1,466,534  206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883  29,882  4,197  214,167  89,648  12,593 Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(16,867) (19,485) (2,737) (3,589) (60,256) (8,464)Impairment of goodwill, intangible assets and other long-lived assets-  84,524  11,873  36,397  112,715  15,833 Impairment of investments388  502  71  8,437  1,716  241 Tax effects on non-GAAP adjustments(6,494) (6,553) (920) (19,904) (19,541) (2,745)Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders(7) (7) (1) (21) (21) (3)Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders1,784,552  1,288,283  180,963  5,861,402  4,496,916  631,680    KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Weighted average number of ADS used in computing net income per ADS, basic and diluted           —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723            Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted           —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723            Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.04 0.68 0.10 3.08 2.59 0.36—Diluted1.00 0.65 0.09 2.98 2.48 0.35            Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.54 0.49 0.06 2.08 1.42 0.20—Diluted0.53 0.47 0.07 2.01 1.36 0.19            Adjusted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.58 1.17 0.16 5.16 4.01 0.56—Diluted1.53 1.12 0.16 4.99 3.84 0.54   KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(All amounts in thousands) 

  For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$            Net cash provided by (used in) operating activities2,248,527  851,130  119,557  4,244,619  (2,287,928) (321,385)Net cash provided by (used in) investing activities(518,848) (944,347) (132,652) (7,362,441) 7,006,145  984,149 Net cash used in financing activities(3,389,027) (3,163,542) (444,380) (6,904,495) (9,084,506) (1,276,095)Effect of exchange rate change on cash, cash equivalents and restricted cash(46,881) (9,346) (1,311) (14,720) 31,344  4,405 Net decrease in cash and cash equivalents and restricted cash(1,706,229) (3,266,105) (458,786) (10,037,037) (4,334,945) (608,926)Cash, cash equivalents and restricted cash at the beginning of the period17,526,653  19,232,574  2,701,583  25,857,461  20,301,414  2,851,723 Cash, cash equivalents and restricted cash at the end of the period15,820,424  15,966,469  2,242,797  15,820,424  15,966,469  2,242,797    KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE(All amounts in thousands)

   For the Three Months Ended For the Nine Months Ended  September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025  RMB RMB US$ RMB RMB US$Existing home transaction services            Net revenues 6,217,054  5,990,720  841,511  19,278,973  19,580,472  2,750,453 Commission and compensation (3,667,827) (3,656,835) (513,673) (10,700,539) (11,944,430) (1,677,824)Contribution 2,549,227  2,333,885  327,838  8,578,434  7,636,042  1,072,629 New home transaction services            Net revenues 7,726,316  6,639,287  932,615  20,576,636  23,333,605  3,277,652 Commission and compensation (5,812,384) (5,039,448) (707,887) (15,581,327) (17,741,105) (2,492,078)Contribution 1,913,932  1,599,839  224,728  4,995,309  5,592,500  785,574 Home renovation and furnishing            Net revenues 4,213,041  4,299,985  604,015  10,662,113  11,810,782  1,659,051 Material costs, commission and compensation (2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)Contribution 1,316,028  1,375,925  193,275  3,317,031  3,802,056  534,072 Home rental services            Net revenues 3,941,234  5,726,701  804,425  9,753,977  16,489,101  2,316,210 Property leasing costs, commission and compensation (3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)Contribution 174,262  498,182  69,979  505,183  1,314,324  184,622 Emerging and other services            Net revenues 487,002  395,764  55,593  2,060,692  1,177,480  165,400 Commission and compensation (100,726) (122,051) (17,145) (222,206) (305,866) (42,965)Contribution 386,276  273,713  38,448  1,838,486  871,614  122,435    KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)(All amounts in thousands)

   For the Three Months Ended For the Nine Months Ended  September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025  RMB RMB US$ RMB RMB US$Reconciliation of profit            Cost related to stores (703,045) (662,598) (93,075) (2,069,022) (2,141,348) (300,793)Other costs (501,947) (483,863) (67,967) (1,391,552) (1,619,423) (227,479)Amounts not allocated to segment:            Sales and marketing expenses (1,933,878) (1,727,825) (242,706) (5,439,341) (5,398,770) (758,361)General and administrative expenses (1,900,959) (1,866,486) (262,184) (5,999,453) (5,820,959) (817,665)Research and development expenses (572,932) (648,280) (91,063) (1,544,741) (1,865,332) (262,022)Impairment of goodwill, intangible assets and other long-lived assets -  (84,524) (11,873) (36,397) (112,715) (15,833)Total operating expenses (4,407,769) (4,327,115) (607,826) (13,019,932) (13,197,776) (1,853,881)Income from operations 726,964  607,968  85,400  2,753,937  2,257,989  317,179  ________________________
1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 46,857 as of September 30, 2024.
4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 423,400 as of September 30, 2024.
5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

, /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its third quarter 2025 financial results on Thursday, November 20, 2025, before the US market open.

The Company will hold a conference call on Thursday, November 20, 2025 at 7:00 am US Eastern Time, 8:00 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:
https://register-conf.media-server.com/register/BIa4c765227cd84d4fb940f017c5724abc

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/o3vfr3h5. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/. 

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: [email protected]

SOURCE Vipshop Holdings Limited

, /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that it will report its third quarter 2025 unaudited financial results after the market closes on Monday, November 24, 2025.

Tuya's management will hold a conference call at 07:30 P.M. Eastern Time on Monday, November 24, 2025 (08:30 A.M. Hong Kong Time on Tuesday, November 25, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following links to complete the online registration process. Upon registering, each participant will receive the dial-in information and a unique PIN (personal access code) to join the call as well as an email confirmation with the details.

Participants Online Webcast Registration: https://edge.media-server.com/mmc/p/qmezjvzg

Participants Call Registration: https://register-conf.media-server.com/register/BI86c04c19c52a48c6bb64d46104c02dff

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.tuya.com.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

Investor Relations Contact

Tuya Inc.
Investor Relations
Email: [email protected]

HL Strategy
Haiyan LI-LABBE
Email: [email protected]

Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: [email protected]

SOURCE Tuya Inc.

Workers picket in front of a Starbucks outlet in New York City, U.S., October 1, 2025. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab

CompaniesNov 10 - Twenty-six U.S. senators and 82 House representatives have written to Starbucks

(SBUX.O), opens new tab CEO Brian Niccol, urging the company to resume talks with its workers union, the lawmakers said on Monday.

“We have heard of a troubling return to union busting,” states the letter from the group of senators led by Senator Bernie Sanders, which was seen by Reuters. It said Starbucks must “bargain a fair contract in good faith with these employees.”

Sign up here.

House representatives, led by the House Labor Caucus and Representative Pramila Jayapal, penned a similar letter sent on Monday. No Republicans signed either letter.

SIDES BLAME EACH OTHERTalks between Starbucks and Starbucks Workers United, which represents roughly 9,500 workers, began in April last year but have since stalled. Both sides blame the other for ending talks and say they are ready to return to discussions.

Starbucks said in a statement the union represents only 4% of its workforce and that the company already offers “the best job in retail.” Starbucks offers employees who work at least 20 hours a week benefits including healthcare, parental leave, and tuition for online classes at Arizona State University.

Starbucks Workers United has filed more than 100 charges against the company since December for alleged unfair labor practices, such as retaliation against unionizing baristas, according to the letters.

The letters also said Starbucks “has the money to reach a fair agreement,” noting that in 2024 Starbucks spent several billion dollars on dividends and stock buybacks and compensated Niccol $95 million, which largely covered shares he left at Chipotle.

Starbucks said its stock actions benefited workers who own shares through a company program as well as institutional investors and pension funds.

The union said last week workers are prepared to strike if a contract is not finalized by November 13, the company's high-sales “Red Cup Day,” and that strikes could hit more than 25 cities initially and escalate if there is no progress.

Niccol has sought to overhaul U.S. store operations in a bid to win back customers. The coffee company suffered six quarters of sales declines before October 29, when the company reported 1% global sales growth.

Starbucks in September shut more than 600 stores, including its flagship unionized outlet in Seattle, and trimmed its corporate workforce as part of the turnaround efforts.

Reporting by Waylon Cunningham
Editing by Rod Nickel

Our Standards: The Thomson Reuters Trust Principles., opens new tab

SummaryCrocs faces ongoing sales and earnings declines, driven by North American weakness and shifting consumer preferences, but trades at a low forward P/E of 6.Despite business headwinds, CROX maintains premium margins and strong international growth, especially in China, Japan, and Western Europe, partially offsetting U.S. softness.Shareholder-friendly capital allocation, including buybacks and debt reduction, supports a potential turnaround if business erosion slows and margins hold.I rate CROX a Hold with an $86 price target (10% upside), as undervaluation and international momentum balance structural risks and continued top-line pressure. Svetlana Dyachkova/iStock via Getty Images

Crocs, Inc. (CROX) is an American footwear company known for its iconic clogs, slides, sandals, and boots. The company operates in the consumer cyclical sector and designs, manufactures, and markets products for men, women, and children.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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TSMC reported its slowest pace of monthly sales growth since February 2024.

VANCOUVER, BC / ACCESS Newswire / November 10, 2025 / Kingfisher Metals Corp. (TSX-V:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to announce further results from the 2025 exploration and drilling program at the HWY 37 Project. The 933 km2 HWY 37 Project is located within the Golden Triangle, British Columbia.

Bitcoin surges past $106,000 as US Senate votes to end 40-day government shutdown.

Bitcoin is showing early signs of recovery after last week's sharp decline that sent prices tumbling below the $102,000 level. The leading cryptocurrency has rebounded above $104,000, and traders are watching whether bulls can maintain momentum and push toward key resistance near $106,500.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

In a major Solana news, financial giants Rothschild Investment and PNC Financial Services have revealed interest in SOL. Latest financial disclosures highlighting holdings in Solana ETF are groundbreaking news, as spot Solana ETFs continue to record inflows despite the crypto market meltdown.

Solana News: Rothschild, PNC Financial Services Invest in SOL
Traditional financial giants’ interest in SOL grew significantly in the past few months amid tokenization and Solana ETF launch anticipation. Investors have abandoned Bitcoin ETFs for staking rewards in Solana ETFs, Bitwise Solana ETF staking 100% of holdings in Solana Staking ETF (BSOL).

Rothschild Investment LLC, with $1.5 billion AuM, has disclosed holdings of 6,000 shares of Volatility Shares Solana ETF (SOLZ). The “sole” investment is worth $132,720, according to the latest US SEC filing.

Rothschild remains one of the major holders in many crypto ETFs, including BlackRock iShares Bitcoin ETF (IBIT) and Grayscale Ethereum ETF (ETHE).

In addition, $569 billion PNC Financial Services has reported 1,453 shares worth $32,140 in Volatility Shares Solana ETF (SOLZ). Notably, Heck Capital Advisors, Belvedere Trading, and Tactive Advisors are the largest holders in SOLZ.

SOL Price Rebound Amid Massive Solana ETF Inflows
The continuous inflows into Solana ETFs remained key news for investors amid buy recommendations by analysts. Notably, Bitwise Solana Staking ETF (BSOL) and Grayscale Solana ETF (GSOL) have recorded total inflows of $336 million in two weeks. BSOL leads with $323.8 million in inflows.

Crypto analyst Ali Martinez pointed out the TD Sequential indicator flashing a buy signal on SOL. Holding the $150 support remained a key level for a potential rebound.

Solana Price in 1-Day Timeframe. Source: Ali Charts
SOL price jumped nearly 5% in the past 24 hours, with the price currently trading at $167. The 24-hour low and high are $157.45 and $168.71, respectively. Furthermore, the trading volume has increased by 55% in the last 24 hours, indicating a complete reversal in sentiment among traders.

Meanwhile, Coinglass data shows the total SOL futures open interest climbed nearly 3% to $7.80 billion in the past 24 hours. SOL futures on CME and Binance jumped almost 5% and 4% in the last 4 hours, respectively.

The company’s holdings include 11,542 Bitcoin and over 746 million Cronos tokens. Meanwhile, Binance co-founder Changpeng “CZ” Zhao recently said he was surprised by his recent presidential pardon from Donald Trump, and denied any business ties with the former president or his family.

Trump Media and Technology Group (TMTG), the company behind President Donald Trump’s Truth Social platform, reported a steep third-quarter loss despite holding an impressive Bitcoin treasury and expanding its crypto portfolio. The firm posted a net loss of $54.8 million for the quarter ending Sept. 30, which was more than the $19.3 million loss that was recorded during the same period last year. 

Revenues declined slightly to $972,900, down from just over $1 million a year earlier. This means that the company is still struggling to translate its political brand recognition into sustainable financial performance.

Shares of Trump Media closed Friday at $13.10 after slipping 1.73% before inching up marginally to $13.20 in after-hours trading. The stock fell more than 61% year-to-date, due to investor skepticism despite the firm’s aggressive push into digital assets. 

Trump Media & Technology Group YTD share price (Source: Google Finance)

According to its earnings report, Trump Media held 11,542 Bitcoin as of Sept. 30, worth roughly $1.23 billion at recent market prices. The company began purchasing Bitcoin in May after a $1.5 billion stock sale and a $1 billion convertible bond offering, which positioned cryptocurrency as a key part of its investment strategy.

TMTG also revealed that it generated $15.3 million in realized income from Bitcoin options investments and posted $33 million in unrealized gains from its holdings of Cronos (CRO), the native token of the Cronos blockchain. As of September, the company held more than 746 million CRO tokens, valued at around $0.18 each. 

In August, Trump Media entered into an agreement with Crypto.com and Yorkville Acquisition Corp to launch Trump Media Group CRO Strategy, a digital asset treasury vehicle that plans to purchase up to $1 billion worth of Cronos. This is equivalent to more than 6.3 trillion tokens.

Despite the expansion of its financial assets from $274 million in March to $3.1 billion by the end of September, profitability is still elusive. CEO Devin Nunes described the third quarter as “crucial” to the company’s long-term growth, and specifically pointed to the firm’s strengthened financial position and ongoing pursuit of mergers and acquisitions. However, with mounting costs and continued losses, Trump Media’s reliance on its growing crypto portfolio may not be enough to reverse its declining market performance in the near term.

CZ Denies Trump Ties After PardonIn other Trump-related news, Binance co-founder Changpeng ‘CZ’ Zhao recently said that he was surprised to receive a presidential pardon from President Donald Trump and denied having any business relationship with Trump or his family. In an interview with Fox News on Friday, Zhao explained that he never met or spoke with Trump before or after the pardon, which was granted in October. The Binance founder added that he only met Trump’s son, Eric, once at the Bitcoin Middle East and North Africa conference in Abu Dhabi.

CZ’s Fox News interview

“There is no business relationship between me, Binance, and World Liberty Finance,” Zhao said during the interview. He explained that his lawyers submitted a petition for the pardon in April but that he was never informed of its progress. “I did not know when or if it was going to happen,” he said. “There was no indication of how far it went along. Then, it happened one day.”

The pardon caused a strong reaction across the political spectrum. In the crypto community, many saw it as a victory for the digital asset industry and a sign that the Trump administration is more open to cryptocurrency than the previous government. However, Democratic lawmakers criticized the decision by accusing Trump of corruption and suggesting that the pardon was politically motivated.

At a press conference after the pardon, Trump said he did not personally know Zhao but believed the case against him was unjust. “He had a lot of support, and they said that what he did is not even a crime,” Trump said. “He was persecuted by the Biden administration.”

Statement from Maxine Waters

Democratic Representative Maxine Waters alleged that Trump’s decision was part of a “pay-to-play” arrangement, and suggested that CZ’s pardon was linked to investments in crypto ventures associated with Trump’s family, including World Liberty Financial (WLFI). The allegations led several lawmakers, including Senators Elizabeth Warren and Bernie Sanders, to sign an open letter addressed to Attorney General Pam Bondi, urging more scrutiny of the pardon and Trump’s relationship with Zhao.

Ethereum gas fees have dropped to a record low of 0.067 Gwei, making transactions cost just a few cents.

Chinese scammer Zhimin Qian, who defrauded over 128,000 victims and stashed billions in Bitcoin, is expected to face more than a decade in prison.

Summary

Chinese scammer Zhimin Qian can face up to 14 years in prison for her role in a multi-billion-dollar Ponzi scheme in China.
UK police seized more than 61,000 BTC from Qian in one of the UK’s largest crypto-related raids.

Qian, along with her accomplices, ran a sprawling Ponzi scheme that promised sky-high returns to unsuspecting investors, and has been on the run since fleeing China in 2017 using fake documents.

Now, her long-awaited sentencing in London is set to bring an end to a case that has spanned multiple countries, shattered thousands of lives, and led to the largest Bitcoin seizure in British history. 

According to reports, Qian can face up to 14 years in prison if the court delivers the maximum penalty, a sentencing that would be handed down by Southwark Crown Court in a two-day hearing.

Qian, who used aliases like Yadi Zhang and was also referred to as the “goddess of wealth,” pleaded guilty in late September.

Zhimin Qian behind UK’s largest crypto seizure
UK authorities allege she played a central role in directing a massive fraud and laundering operation in what may be one of the largest crypto-related criminal cases ever pursued against an individual. After soliciting funds from tens of thousands of investors, Qian then moved the money into Bitcoin in an attempt to conceal the scale of the theft.

Between 2014 and 2017, the 47-year-old woman ran an investment operation that promised extraordinary returns while mainly targeting senior citizens and middle-aged savers with limited experience in high-risk products.

After Chinese authorities began closing in on the scheme, Qian fled to the UK using false documents and attempted to launder her crypto fortune through luxury property purchases and high-end living.

One of her accomplices, Jian Wen, was previously arrested and later jailed for more than six years after police uncovered Bitcoin wallets worth billions linked to the same scheme.

Authorities were able to trace Qian’s movements through surveillance and financial records and managed to recover cash, gold, and crypto assets worth millions during coordinated raids. Qian initially pled not guilty and prepared to contest the charges, but later changed her plea as the evidence mounted against her.

More than 61,000 BTC worth over $6 billion have been seized from Qian during the investigation, a haul that marked the largest cryptocurrency recovery ever made by UK authorities and became a central pillar of the case against her.

She is facing charges of possessing and transferring criminal property in the UK under the Proceeds of Crime Act.

ETH prices are more dependent on derivative markets during the current market cycle. The coin recovered to $3,600 after a series of short liquidations.

As Washington nears a deal, crypto traders eye BTC's $106K zone for signs of lasting recovery.

10h05 ▪
5
min read ▪ by
Fenelon L.

Summarize this article with:

Making a transaction on Ethereum now costs only a few cents. This Sunday, gas fees plunged to 0.067 gwei, a level never seen in years. While traders praise this spectacular drop, it raises questions about the economic viability of Ethereum’s model.

In brief

Gas fees on Ethereum dropped to 0.067 gwei on Sunday, in a context of widespread crypto market slowdown.
An exchange transaction now costs only 0.11 dollars, compared to over 150 dollars during congestion periods in 2021.
This drop is notably explained by the March 2024 Dencun update, which reduced fees for layer 2 solutions.
Ethereum base layer revenues have dropped by 99% since 2024, raising concerns about the model’s sustainability.

Ethereum records historically low transaction fees
Yesterday, Ethereum users were able to make transactions for a fraction of a cent. The gas fees hit the floor at 0.067 gwei, a level rarely seen in the network’s history. 

For active traders, it is an unexpected boon. Exchanging tokens costs 0.11 dollars, buying an NFT costs 0.19 dollars, and transferring assets to another blockchain requires only 0.04 dollars.

This phenomenon fits into a downward trend started after the October “flash crash.” On October 10, during a flash crash where some cryptos lost up to 90% of their value in 24 hours, fees momentarily surged to 15.9 gwei. But two days later, they had already fallen back to 0.5 gwei. Since then, they have remained below the symbolic 1 gwei mark.

This situation sharply contrasts with the golden era of 2021. At the height of the bull market, making a simple transaction on Ethereum could cost 150 dollars, or even more during congestion peaks. 

Users then had to choose between paying exorbitant fees or waiting hours, sometimes days, for the network to clear. Today, that problem belongs to the past.

The Dencun update, deployed in March 2024, played a key role in this transformation. By optimizing data management for layer 2 solutions, it significantly reduced pressure on the main network. 

Platforms like Arbitrum, Optimism, and Base can now process massive volumes of transactions at lower costs, freeing up space on layer 1.

Gas price evolution on Ethereum layer 1 over the last 30 days. Source: Etherscan
The dangers of a weakened economic model
However, this medal has its flip side. Since the beginning of 2024, Ethereum’s base layer has been recording net revenue losses. The fees generated are no longer sufficient to cover the network’s operational costs. 

The 99% drop in revenues alarms seasoned observers. How can a network remain viable with such an erosion of its financial income?

Validators, who secure the network by processing transactions, depend on these fees to monetize their investments. With revenues plummeting, their motivation could wane. 

Certainly, staking rewards still exist, but they do not fully offset the disappearance of transaction fees. In fact, nearly 2.45 million ETH are currently waiting in the validator withdrawal queue, indicating some nervousness among participants.

Critics point to Ethereum’s scaling strategy, which heavily relies on a layer 2 ecosystem. This architecture presents an apparent contradiction. 

On one hand, it allows the network to compete with recent blockchains like Solana or Aptos, capable of processing thousands of transactions per second. On the other, it channels economic activity towards external protocols, thus depriving layer 1 of its traditional revenue sources.

According to a Binance analysis, Ethereum faces a “double-edged sword.” Layer 2 solutions strengthen its technical competitiveness but simultaneously create internal competition. 

Users naturally favor networks where fees are lowest. As a result, activity massively shifts toward Base, Arbitrum, or Optimism, leaving the main layer underutilized. This dynamic could ultimately weaken Ethereum’s fundamental value proposition.

A necessary strategic reconsideration
Facing this paradoxical situation, the Ethereum community stands at a crossroads. Low fees undeniably constitute a competitive advantage to attract users. 

However, they also signal a drop in demand for the base layer, casting doubt on the model’s long-term sustainability. Upcoming updates, notably Fusaka scheduled for December 2025, will introduce mechanisms like PeerDAS to further optimize the network. 

But will they solve the structural revenue problem? The community must quickly find a viable model: one that balances accessibility for users and sufficient remuneration for validators, otherwise the leader of smart contracts could lose its throne to competitors less scrupulous about decentralization.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

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