Market Signal Briefing

freenet AG (OTCPK:FRTAY) Q3 2025 Earnings Call November 6, 2025 4:00 AM EST

Company Participants

Robin John Harries - CEO & Chairman of the Executive Board
Ingo Arnold - Deputy Chairman of Executive Board & CFO

Conference Call Participants

Sofija Rakicevic - Goldman Sachs Group, Inc., Research Division
Ulrich Rathe - Sanford C. Bernstein & Co., LLC., Research Division
Siyi He - Citigroup Inc., Research Division
Florian Treisch - Kepler Cheuvreux, Research Division
Simon Stippig - Warburg Research GmbH
Dhruva Shah - UBS Investment Bank, Research Division

Presentation

Robin John Harries
CEO & Chairman of the Executive Board

Good morning, everyone, and welcome to our Q3 earnings call. I'm very pleased with the development of our last quarter and with the opportunities ahead of us both in mobile and with waipu.tv. In mobile, we see strong opportunities for efficient customer growth through optimized marketing mix, through optimized web shops, through a reduction in churn and through the acquisition of mobilezone. And with waipu.tv we also believe that there is huge potential for further customer growth and even more profitability.

I'm very excited about the final sprint of The Year and an initiative-rich '26, which will mark our transformation into an AI-first telco. There's a lot to do, and we are on it and looking forward to it. I would like to thank our entire team for their hard work and their courage to discover new paths. I'm truly enjoying this. And I'm -- and we are just getting started. I also want to thank our CFO, Ingo Arnold, working with him is a real pleasure. We have rolled up our sleeves and he has been a tremendous support.

Let's dive into the presentation and our key messages. We can confirm our '25 guidance. We are on track. We can show strong key financials. Our most important postpaid and TV service

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Zahid Afzal, a member of the Board of Directors for WesBanco (WSBC +1.88%), purchased 3,321 shares in multiple open-market transactions on October 30, 2025 according to a SEC Form 4 filing.

Transaction summaryMetricValueShares traded3,321Transaction value~$100,000Post-transaction shares (direct ownership)13,223Post-transaction value (direct ownership)~$398,000Transaction and post-transaction values based on SEC Form 4 weighted average purchase price of $30.11 on October 30, 2025.

Key questionsHow significant is this purchase relative to Mr. Afzal's historical trading activity?
This transaction is the largest individual open-market acquisition disclosed by Zahid Afzal as of October 31, 2025, increasing direct holdings by 33.54%, from 9,902 to 13,223 shares as of October 30, 2025.

What is the scale of this purchase in monetary terms and direct ownership?
The purchase totaled approximately $100,000 on October 31, 2025 and brought the market value of direct holdings to approximately $398,000 as of the close on October 31, 2025, based on the weighted average acquisition price.

How does the acquisition compare to available trading liquidity and capacity?
The October 30, 2025 purchase increased direct ownership by 3,321 shares, reflecting an expansion of holdings rather than a reallocation among existing shares. This was not constrained by available capacity as direct holdings rose significantly following the transaction.

How does the trade timing relate to market pricing and recent stock performance?
Shares were purchased at a weighted average price of approximately $30.11 on October 30, 2025, close to the October 31, 2025 closing price of $30.10.

Company overviewMetricValueRevenue (TTM)$762.17 millionNet income (TTM)$125.20 millionDividend yield4.79%1-year price change(12.09%)Note: 1-year price change calculated as of November 7, 2025, using a calendar-year window.

Company snapshotWesBanco is a regional financial institution with a diversified product portfolio. It operates in two segments: community banking and trust/investment services.

The company offers a comprehensive suite of retail and corporate banking products, trust and investment services, mortgage banking, and insurance solutions. It generates revenue from loans, deposits, trust, brokerage, and insurance operations.

Foolish takeMr. Afzal's purchase of WesBanco stock demonstrates a belief that shares possess upside. While he holds 13,223 direct shares, he also owns another 36,896 shares indirectly via trusts.

Mr. Afzal's buy comes days after WesBanco reported third quarter earnings results. The financial institution delivered solid performance with Q3 net income available to common shareholders of $81 million, up from $34.7 million in the prior year. This led to Q3 diluted earnings per share of $0.84 compared to $0.54 in 2024.

WesBanco's acquisition of Premier Financial Corp. earlier in 2025 led to credit losses and other expenses that weighed on the stock. Shares are down from a 52-week high of $37.36 reached last November.

However, the acquisition looks to provide long-term benefits. WesBanco's deposits rose 54% year over year to $21.3 billion thanks to the addition of $6.9 billion from Premier Financial as well as 4% organic growth.

Mr. Afzal's expansion of his WesBanco holdings seems like a good move. The bank's short-term acquisition headwinds will pass in time, and over the long run, WesBanco looks like a stronger financial institution.

GlossaryOpen-market transaction: The purchase or sale of securities on a public exchange, not through private or insider arrangements.
SEC Form 4: A required filing disclosing insider trades of a company's securities by officers, directors, or significant shareholders.
Insider trading: Buying or selling a company's stock by individuals with access to non-public, material information about the company.
Direct ownership: Shares held personally by an individual, not through trusts, funds, or indirect accounts.
Weighted average purchase price: The average price paid per share, accounting for different prices in multiple transactions.
Dividend yield: Annual dividend income expressed as a percentage of the stock's current price.
Trust and investment services: Financial services managing assets, estates, or investments on behalf of clients.
Brokerage: A service facilitating the buying and selling of securities for clients.
Community banking: Banking services focused on local individuals and small businesses, typically within a specific region.
TTM: The 12-month period ending with the most recent quarterly report.

The tech-heavy Nasdaq Composite index had its worst week since April, which was sparked by the revelation of a well-known hedge fund manager's bearish bets on popular AI stocks Nvidia and Palantir.

The S&P 500 and tech-heavy Nasdaq Composite indexes declined by about 1.6% and 3%, respectively, this week. The Dow was also down over 1%. This was the Nasdaq Composite's worst week since April, when investors were rattled by President Donald Trump's announcement of the so-called "reciprocal tariffs."

There were likely a couple of factors that concerned investors this week. But the one that most spooked them was apparently well-known hedge fund manager Michael Burry's revealing, via a Securities and Exchange Commission (SEC) filing, that his Scion Asset Management fund instituted bearish bets on popular artificial intelligence (AI) stocks Nvidia (NVDA +0.03%) and Palantir Technologies (PLTR +1.66%) in the third quarter, which ended on Sept. 30.

Burry filed the SEC 13F Form on Monday after the market close, and its market-moving effects began on Tuesday.

Image source: Getty Images.

What is an SEC Form 13F?
Fund managers are required to file an SEC Form 13F, which shows their investment holdings, 45 days after the end of each quarter. Burry filed on Nov. 3, about a week and a half before the deadline.

Why was Michael Burry able to move the market?
Some investors apparently see Burry as a stock forecaster worth listening to because of his prediction and actions preceding the financial crisis of 2007-2008. He shorted the market due to concerns that a subprime mortgage crisis would occur and drag down the market. Such a crisis did occur, which led to the Great Recession. Burry -- who is a billionaire -- and his investors made a lot of money from his short bets.

Details on Burry's bearish bets on Nvidia and Palantir
I've seen it reported that Burry "shorted" Nvidia and Palantir stocks. This is inaccurate. His bearish bets on these stocks were made by buying puts, which are options. I won't get into technicalities, as the differences between the two don't seem relevant here. The bottom line is that short-sellers and put buyers are both betting a stock will decline.

In Q3, Burry bought 1 million Nvidia put options with the underlying stock valued at $186.6 million at the end of the quarter. He apparently is much more bearish on Palantir, as he bought 5 million Palantir put options with the underlying stock valued at $912.1 million at the end of the quarter. (A standard contract for options is 100 shares of the underlying stock.)

SEC Form 13F filings don't show details beyond this, so we don't know the exact dates of Burry's transactions, the costs of his put option contracts, or the expiration dates for the contracts.

For context, along with the two put option contracts, Burry's fund owned six stocks worth about $283 million at the end of Q3. In order of largest holding first, these are pharmaceutical giant Pfizer, energy behemoth Halliburton, health plan provider Molina Healthcare, high-end athleisure wear company Lululemon Athletica, consumer-banking company SLM Corp -- commonly known as Sallie Mae -- and Bruker Corp, which sells scientific instruments and analytical solutions.

Today's Change

(

0.03

%) $

0.05

Current Price

$

188.13

How much were Nvidia and Palantir stocks down this week?
Shares of AI semiconductor (or chip) leader Nvidia declined 7.1% this week, while shares of Palantir, which operates an AI-driven data analysis platform, were down 11.2%. Both stocks were up on Monday, and then hit by the Burry news on Tuesday. From Tuesday through Thursday, Nvidia dropped 9.1%, and Palantir fell 15.5%.

The good news for investors is that both stocks stabilized on Friday. Nvidia stock opened down on Friday but steadily climbed and ended the regular trading session up by 0.04% (essentially unchanged). Palantir stock gained 1.6% on Friday. For context, on Friday, the S&P 500 edged up 0.1%, and the Nasdaq Composite edged down 0.2%.

Given Friday's action, I think what some investors like to call "the weak hands" (the stock owners who are feeling ambiguous about owning that stock) may have already been shaken out of Nvidia and Palantir. In other words, I think the "Burry effect" could be over.

Today's Change

(

1.66

%) $

2.90

Current Price

$

177.95

What should investors in Nvidia and Palantir stocks do?
My advice is to maintain whatever your positions on Nvidia and Palantir stock were -- be they bullish, neutral, or bearish -- before the Burry news broke. Some investors give too much power to headlines screaming that this or that "billionaire hedge fund manager" bought or sold or shorted this or that stock.

First, just because someone is a billionaire or a billionaire hedge fund manager doesn't mean their stock-picking is any better than yours. Indeed, some of the big hedge funds' relatively recent performances are nothing to write home about, so to speak. Frankly, from what I've seen, many of them were late to recognizing how important AI would be to the economy and stock market and, therefore, late to buying stocks such as Nvidia.

Second, most of the big-name hedge fund managers know their words have power over some investors, so they use that power to profit. By advertising, so to speak, via not just SEC filings but also by doing interviews, a hedge fund manager's bearish (or bullish) bet on a particular stock can become kind of a self-fulfilling prophecy.

I think Burry's bearish bet on Nvidia stock will be a losing bet. (I won't offer an opinion on Palantir, as I'd want to know the put option contract expiration date before offering an opinion.)

Ferrari breaks the auto valuation model. It has earned its premium.

The transportation and automotive industry are poised to change drastically, but how can investors get in on the opportunity?

The advancement of Artificial Intelligence (AI), sensor technology, and electric vehicles will drive growth in what could become an explosive, lucrative market in the long term: driverless vehicles. The story is just beginning to unfold for a driverless vehicle market estimated to reach a market size valued at over $13 trillion by 2030. If you're looking to jump on this bandwagon early, here are three tantalizing stocks to consider.

Helping investors see clearly
Ambarella's (AMBA 1.10%) systems-on-chip (SoC) offer immense processing power to extract valuable data from high-resolution video and radar streams. Its products are used in a wide range of applications, including advanced driver assistance systems (ADAS), driver/cabin monitoring, autonomous driving, and robotics, among others.

It's what the company calls edge AI that should have investors excited. Edge AI refers to the company's products designed for on-device, or "edge" artificial intelligence applications, and the company sees two driving forces behind the market: the Internet of Things (IoT) and automotive. Ambarella's Serviceable Addressable Market (SAM) is expected to more than double from $5.5 billion in fiscal 2026 to $12.9 billion in fiscal 2031.

Many automotive safety and telematics applications now use AI inferencing technology, which increases the utility of drive recorders, e-mirrors, driver and occupant monitoring, and ADAS, which will drive growth for Ambarella. As driverless vehicles slowly launch us to a wildly different world of transportation, Ambarella should be well positioned to carve out its piece of a growing pie.

Robotaxi-ready
Nvidia (NVDA +0.04%) is the pioneer of GPU-accelerated computing, and its products act as the brain of computers, robots, and yes, even driverless vehicles. In October, the company made an announcement that signaled to investors that the company is continuing to dive into the driverless vehicle opportunity.

Image source: Getty Images.

More specifically, Nvidia announced it would partner with Uber Technologies to scale the world's largest level 4-ready mobility network. The idea is for Nvidia to enable faster growth across the level 4 autonomous ecosystem and to support Uber in scaling its global autonomous fleet to 100,000 vehicles over time, beginning in 2027.

Further, Nvidia and Uber will also support shared partners across the level 4 ecosystem, developing software stacks on the Nvidia DRIVE level 4 platform, further building the company's economic moat, and will work together to develop a data factory to curate and process data needed for autonomous vehicle development. As vehicles become increasingly electrified, software-defined, and complex, Nvidia is well positioned to post strong growth in automotive as driverless vehicles gain acceptance.

The holy grail
It might seem like a really bad time to buy QuantumScape (QS +4.53%) after the stock has soared nearly 300% over the past six months. Fear not, potential investors, as the company is still in the incredibly early innings of what could be a generational long-term opportunity.

Today's Change

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4.53

%) $

0.72

Current Price

$

16.62

QuantumScape is building what could become arguably the most important part of driverless vehicles, which are increasingly likely to be electric vehicles. QuantumScape is developing and testing next-generation solid-state lithium-metal batteries that would increase range, reduce cost, and improve safety. These batteries would be highly valuable for fleets of high-mileage vehicles.

QuantumScape recently made a number of important announcements. First, management announced that the company officially started deliveries of QSE-5 samples, which is another step toward commercialization. Second, the company noted that a pivot toward a more "capital-light licensing focus" has helped extend the company's cash position, and management now expects its current cash position to last until 2030.

QuantumScape is a high-risk, speculative, and volatile stock, and the company just reported its first-ever customer billings during the third quarter. However, if QuantumScape reaches commercialization, long-term investors are poised for more gains similar to the past six months.

Not for everyone
If there's one thing Wall Street loves, it's massive upside. If there's one thing Wall Street hates, it's uncertainty. Unfortunately, for investors, the future of driverless vehicles is filled with both massive upside and uncertainty. QuantumScape is a volatile stock in the early innings of a long, difficult journey, but could revolutionize batteries for robotaxis and mainstream vehicles alike. Ambarella is struggling with its profitability, but has strong automotive growth potential, and Nvidia might be the biggest no-brainer buy of any driverless vehicle stock. Investors should keep these stocks on their watchlist because they could play a huge part in the driverless vehicle revolution.

NEW YORK, Nov. 08, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Tandem Diabetes Care, Inc. (NASDAQ: TNDM) resulting from allegations that Tandem Diabetes Care may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Tandem Diabetes Care securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=19024 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On August 7, 2025, before the market opened, the company issued a press release entitled “Tandem Diabetes Care Issues Voluntary Medical Device Correction for Select t:slim X2 Insulin Pumps.” The release stated that Tandem Diabetes had “announced a voluntary medical device correction for select t:slim X2 insulin pumps to address a potential speaker-related issue that can trigger an error resulting in a discontinuation of insulin delivery.”

On this news, Tandem Diabetes’ stock fell 19.9% on August 7, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

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Contact Information:

        Laurence Rosen, Esq.
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        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
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        www.rosenlegal.com

Buffett and his team's confidence in this stock isn't misplaced.

Apple (AAPL 0.45%) has been one of Berkshire Hathaway's (BRK.A +1.14%) (BRK.B +1.30%) best investments. The conglomerate first bought shares of the iPhone maker in 2016, increased its stake thereafter, and made it its biggest holding by 2017. Apple's shares have produced incredible returns since, and even though the Buffett-led holding company has trimmed its stake in recent years, it remains Berkshire Hathaway's largest holding.

However, some investors have been concerned about Apple's long-term prospects following recent developments. Can the company still deliver solid returns? Let's look deeper into Apple's business and decide.

Image source: Getty Images.

Looking at Apple's challenges
Apple is one of the largest corporations in the world by market cap, but even well-established businesses face headwinds. The tech giant has encountered several challenges over the past few years. First, the buzz surrounding new iPhone releases has died down significantly since the early days of the device. The iPhone still makes up the lion's share of Apple's sales, so slowing revenue in that department substantially impacts the company.

Second, Apple is once again facing the threat of tariffs from the Donald Trump administration. The U.S. president has pursued an aggressive agenda in that department, sparking trade wars with some countries, especially China, where Apple has significant manufacturing operations. Apple could see margins and profits squeezed as a result. Third, some investors worry that the company's long-term growth opportunities no longer look attractive.

While its similarly sized tech peers are taking full advantage of the ongoing artificial intelligence (AI) revolution, Apple has lagged most of them in that area. And on top of all that, the company's shares aren't particularly cheap by traditional valuation metrics compared to its similarly sized peers, despite lagging all of them in revenue growth.

AAPL PE Ratio (Forward) data by YCharts

These challenges make the stock fairly risky and unattractive, or at least, so the argument goes. Is Apple still a buy?

Don't count this tech giant out yet
It's worth noting that Apple continues to deliver financial results that, although not exceptional, often come in ahead of analyst estimates. In the fourth quarter of its fiscal year 2025, ending Sept. 27, Apple's revenue increased by about 8% year over year to $102.5 billion. The company's earnings per share climbed 13% year over year to $1.85. Apple credited strong demand for some of its latest models, including the iPhone 17, for the results. The company set a September quarterly record for iPhone sales.

In other words, even if the iPhone no longer generates significant buzz on Wall Street, it is still a sales powerhouse. Think of it as a subscription that people upgrade every few years. From that angle, we can reasonably expect that, at least for the foreseeable future, the iPhone will continue to help Apple post solid earnings. One important reason is that the company has an installed base of more than two billion devices. Apple's iPhone installed base did, in fact, hit an all-time high during the period.

Today's Change

(

-0.45

%) $

-1.20

Current Price

$

268.57

So, the company is growing its ecosystem. And on top of that, Apple benefits from high switching costs. Once consumers are locked into its ecosystem, it's hard to leave, as that requires transferring data and giving up the many ways Apple devices work together to make people's lives much easier.

On top of its subscription-like iPhone business, Apple's long-term prospects look better than the bears imagine, in my view. First, the company has more than a billion paid memberships within its services segment, a unit that carries far higher margins, grows its sales faster than the rest of the business, and should eventually make up a larger portion of total revenue.And as that happens, Apple's overall profits and margins will increase.

Second, Apple is quietly working on an AI strategy behind the scenes. It could boost AI innovation through acquisitions, as it has been looking to do, and eventually make a splash in the field. Third, thanks to its large installed base and incredible brand power, Apple doesn't have to hit it out of the park with every initiative. The company can make a significant dent in its financial results by launching one or two highly successful devices. With almost $100 billion in free cash flow generated over the trailing-12-month period, it has the funds to pour into R&D.

Lastly, Apple is navigating tariffs by negotiating with the administration and increasing its domestic manufacturing footprint. All these moves should provide Apple with ample long-term growth fuel while mitigating threats. That's why, in my view, the stock remains a terrific long-term bet.

Prosper Junior Bakiny has positions in Alphabet, Amazon, Berkshire Hathaway, Meta Platforms, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Berkshire Hathaway, Meta Platforms, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

These stocks offer yields of 5.5% to 7.5% and less volatility than the broader market.

The stocks and investments that are right for you will largely depend on your personal circumstances. If you're young and have decades of work ahead, you may prefer very different stocks from someone who's retired or close to it.

If you're retired, you may be looking for dividend income to pay your bills with cash from your portfolio -- perhaps without having to sell your shares. Most retirees also want peace of mind so that they can spend their time doing things they enjoy, without financial stress.

Don't worry, I've got you covered. Here are three dependable high-yield dividend stocks, with dividend yields between 5.5% and 7.5% that will fill your pockets and give you the peace you deserve.

Image source: Verizon Communications

1. Verizon Communications
Wireless networks are a staple of modern life in the United States, and you may have used Verizon Communications (VZ +0.53%) at some point as your phone or internet provider. The company is one of just a few players in the U.S. telecommunications market, entrenched by its expansive infrastructure built over the course of decades. Today, Verizon has 146 million connected lines across its retail segment.

Today's Change

(

0.53

%) $

0.21

Current Price

$

40.03

While Verizon must continually invest in infrastructure, it produces enormous cash flow, which has funded its dividend and enabled management to raise it for 19 consecutive years. Shares currently yield a juicy 7% at their current share price.

Fortunately, investors needn't stress about Verizon's ability to pay its shareholders. The company's free cash flow, guided for $19.5 billion to $20.5 billion this year, is easily enough to cover the dividend.

Retirees will also like the stock's docile nature. It has a stock beta of just 0.35, meaning it doesn't respond nearly as much to the broader market's ups or downs. Verizon's smooth share-price action, generous yield, and modest 58% dividend-payout ratio check all the boxes that retirees look for.

2. Altria Group
Most retirees grew up in a time when smoking was more accepted than it is today. Despite a steady decline in smoking rates, Altria Group (MO +1.33%), which sells Marlboro cigarettes in the United States, has continued to raise its dividend year after year by continuously hiking its prices.

The company has increased its dividend for 54 consecutive years. Tobacco stocks are famous for their high dividend yields, and Altria's 7.5% doesn't disappoint.

Today's Change

(

1.33

%) $

0.76

Current Price

$

58.03

More importantly, the dividend has solid backing, including a manageable payout ratio of 78% of 2025 earnings estimates and an investment-grade (BBB-rated) balance sheet. There are some legitimate long-term concerns about the company's inability thus far to capture meaningful market share in new smoke-free nicotine-product categories, but that's not as much of a problem for retirees. Marlboro has carried the company for years and probably won't fall off overnight.

Altria and other tobacco stocks are notoriously resilient. Shares currently have a beta of 0.51, so once again, investors face less risk of share-price swings that might raise their blood pressures to concerning levels. Wall Street still anticipates low-single-digit earnings growth over the next three to five years, so there isn't much near-term concern for the dividend unless Altria's earnings begin to drop unexpectedly.

3. Realty Income
Real estate is an old-school investment asset that's still a great source of passive income. Realty Income (O +0.88%) is one of the largest real estate investment trusts (REITs), companies that acquire and lease real estate and distribute their income to investors as dividends. The stock currently yields over 5.5% at its current share price, and retirees will love that the company pays dividends monthly.

Today's Change

(

0.88

%) $

0.49

Current Price

$

56.83

Realty Income's strong consumer-facing tenant base, net-lease model, and astute management team have delivered 32 years of uninterrupted dividend growth. The only catch with the REIT's dividends is that they're nonqualified -- meaning the IRS may tax them as ordinary income unless you hold the stock in a tax-advantaged account.

The stock has languished amid rising rates and some hefty acquisitions over the past few years, but it could be poised to emerge from its slump with the Fed's recent rate cuts and strong profit guidance for this year.

Lastly, Realty Income is yet another stock that shouldn't keep you up at night. Shares currently have a beta of 0.77, so Realty Income, like the previous two stocks, is typically less volatile than the broader market.

November 08, 2025 2:10 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 8, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Fly-E Group, Inc. (NASDAQ: FLYE) between July 15, 2025 and August 14, 2025, both dates inclusive (the "Class Period"), of the important November 10, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Fly-E securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fly-E class action, go to https://rosenlegal.com/submit-form/?case_id=44575 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the safety of Fly-E's lithium battery which in turn took a material toll on its E-vehicle sales revenue, despite making lofty long-term projections, Fly-E's forecasting processes fell short as sales continued to decline and operating expenses increased, ultimately, derailing Fly-E's revenue projections. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fly-E class action, go to https://rosenlegal.com/submit-form/?case_id=44575 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273692

HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE)’ executive chairman Frank Holmes talked with Proactive about the company's strategic transformation of its digital infrastructure assets.

Holmes explained how HIVE is converting its global network of Tier 1 Bitcoin mining data centers into Tier 3 supercomputing AI campuses, beginning with its operations in Grand Falls, New Brunswick.

He also pointed to HIVE’s broader expansion, including a GPU-powered partnership with Bell Canada in Manitoba and additional development in Sweden and Toronto.

HIVE plans to deploy over 25,000 next-generation GPUs, aiming to tap into the rising demand for AI compute capacity, including use cases for open chat platforms and large language models.

Holmes highlighted that this transformation is expected to generate significant revenue, estimating between $1.3 billion and $1.5 billion once operations scale.

On the mining side, he confirmed that HIVE has reached 23 exahashes per second (EH/s), maintaining strong 50% margins despite industry challenges. The company is targeting a further 10 EH/s growth from a 100MW expansion in Paraguay.

Proactive: Welcome back inside our Proactive newsroom. And joining me now is Frank Holmes. He is the Executive Chairman of HIVE Digital Technologies. Frank, great to see you again. How are you?

Frank Holmes: Outstanding, my friend.

Good to have you along. I know that you had another exahash number, and we’ll get to that in just a second. But you also, in the latest news release, talked about finalizing the acquisition of additional space in Grand Falls, New Brunswick. I know that you’ve got operations in Toronto and other places. Tell me about New Brunswick.

What’s happening around the world is that Bitcoin miners were first to source stranded or surplus electricity and monetize it economically. With that, they had to build the basic infrastructure of a data center — called Tier 1 — and often a substation as well, if you had around 100MW. Today, we’re seeing examples like the Stargate project in Abilene, Texas — a $500 billion data center that started with Bitcoin mining using flare gas, solar, and wind electricity.

We looked at our assets, such as in New Brunswick, where we have 70MW currently used for Bitcoin mining, and decided to convert it. Starting from scratch can take three years to go from Tier 1 to Tier 3. But if you’ve already built a substation, it can take just nine months. So, we’re buying more real estate around our existing infrastructure, forming a campus of several data centers that we’ll convert into Tier 3.

Frank, we're talking about more than 25,000 next-generation GPUs. This is not a small operation. Tell me about demand. Where is it coming from — Canada or elsewhere?

America is way ahead of the rest of the world. Canada has created an AI mission and data center mission, which is fantastic. But the big growth is in open chat — 70% of the Stargate project’s spend is for open chat. Other large language models like Claude are also growing. We’re seeing more and more corporate demand.

We have a transaction with Bell Canada — four megawatts in Manitoba — where our GPU chips will go in over the next 3–4 months. That will make us the biggest in Canada. Our 70MW already going through transformation is significant. As for the 25,000 GPUs, the Blackwells are earning over $5 an hour, meaning $1.3 billion to $1.5 billion in potential revenue when the center is fully operational. The demand is huge and not slowing down. As JENSA says, this is an industrial revolution.

And still on track with Sweden and Toronto?

Yes. Boden is going well. There’s big demand. Microsoft is building 100MW there. In San Antonio, where I’m based, Canadian pension funds are investing in data centers. It’s a major hub for Tier 3 and Tier 4, due to the military and NSA presence. Canadian capital can now stay in Canada to invest in this buildout. Toronto is also a center of AI talent, with a Nobel Prize winner last year and another Canadian Nobel win this year in economics, emphasizing the role of innovation in economic growth.

Lastly, Frank, with US Thanksgiving approaching, you’ve reached 23 EH/s in your latest update. Things seem to be going well for mining.

Mining is harder than ever, but we’re still pushing 50% margins, which is healthy. We’ve gone from 20 to 23 EH/s, and it’s exciting. We’ll redeploy that cash flow into more growth. Next year, we’ll grow another 100MW in Paraguay — that’s another 10 EH/s. There’s a huge growth profile. Later, we’ll convert many of those Bitcoin Tier 1 data centers into HPC in countries like Paraguay. We feel we’re riding a supercycle and trade at very attractive relative multiples.

Quotes have been lightly edited for clarity and style

Lloyds Banking Group plc (LYG) Discusses Digital and AI Strategy, Infrastructure Enhancements, and Future Opportunities November 6, 2025 8:00 AM EST

Company Participants

Charles Nunn - Group Chief Executive & Executive Director
Ron van Kemenade
Douglas Radcliffe - Group Investor Relations Director

Conference Call Participants

Guy Stebbings - BNP Paribas, Research Division
James Frederick Invine - Rothschild & Co Redburn, Research Division
Alvaro de Tejada - Morgan Stanley, Research Division
Christopher Cant - Bernstein Autonomous LLP
Aman Rakkar - Barclays Bank PLC, Research Division
Benjamin Caven-Roberts - Goldman Sachs Group, Inc., Research Division
Andrew Coombs - Citigroup Inc., Research Division

Presentation

Charles Nunn
Group Chief Executive & Executive Director

Good afternoon, everyone, and thank you for joining us today. Having previously covered our growth priorities across our business units, I'm delighted to welcome you to the final investor seminar in this strategic phase, focusing on digital and AI, a very topical subject. These capabilities cover the full breadth of the organization and act as a critical underpin to our strategy. It's an area that myself, the Board and the rest of the management team have been extremely focused on over the last 4 years. And I was proud to see yesterday that our excellent progress has been recognized in Euromoney's latest assessment of digital banks, where we ranked within the top 20 globally out of a sample of more than 300 banks.

I'm excited to be able to share with you some of the actions we've taken since 2021 as well as giving you an insight as to how we're thinking about future opportunities. I'm joined today by Ron van Kemenade, our Chief Operating Officer. As in previous sessions, I'll provide a brief overview before handing over. As always, following the presentations, we'll have plenty of time for your Q&A.

Let me start on Slide 4. We're going

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The stock is feeling the gravity of its success.

Palantir Technologies (PLTR +1.65%) has arguably been the hottest stock in the artificial intelligence (AI) boom.

Shares traded at just $6 a few years ago but changed hands above $200 at the beginning of November. That is enough to be a life-changing investment return for those who held onto the stock through the volatility.

The stock's remarkable ascent reflects an underlying business that has continually raised the bar with one impressive earnings report after another. However, shares are selling off following the company's third-quarter earnings report.

Is Palantir still a buy, or has the music stopped for this AI stock? Wall Street could be trying to send a message, and here's why.

Image source: Getty Images.

Palantir just delivered a remarkable third-quarter earnings report
To be clear, Palantir Technologies just delivered an elite quarter by almost any measure.

From a headline standpoint, Palantir cleared virtually every bar (all estimates compiled by LSEG):

Third-quarter revenue came in at $1.18 billion versus estimates of $1.09 billion.
Non-GAAP (adjusted) third-quarter earnings per share of $0.21 topped estimates of $0.17.
Fourth-quarter revenue guidance was $1.33 billion versus estimates of $1.19 billion.
Full-year 2025 revenue guidance was $4.40 billion versus estimates of $4.17 billion.

It's clear that Palantir's technology platforms, used to create custom artificial intelligence software applications for government and corporate customers, are a raging success.

Palantir's third-quarter revenue grew 63% year over year and 18% from the prior quarter. Revenue growth has continually accelerated since the company launched its AIP platform in the middle of 2023. The company generated a Rule of 40 score of 114% in the third quarter -- that's spectacular, and it signals that Palantir is growing in a very profitable manner.

Meanwhile, the company's commercial business is exploding. Palantir's remaining deal value among U.S. commercial clients increased by 199% year over year to $3.63 billion, up 30% from just the prior quarter.

These are growth numbers one usually sees from companies building on a small base, but Palantir is poised to generate $4.4 billion in sales this year, making it all the more impressive.

Yet the market is selling the stock anyway
Despite the blowout quarter, Palantir stock has trended downward since the report.

Today's Change

(

1.65

%) $

2.88

Current Price

$

177.93

The headlines calling out Palantir's valuation have piled up over the past year. For as much as Palantir has delivered on the business side of things, the stock's gains have been equally breathtaking, perhaps even more so. Prior to the latest earnings release, the stock was up over 300% in the past year and over 2,200% in the past three years.

As a result, its valuation expansion has outrun its actual growth. Whether you evaluate Palantir's valuation based on its price-to-sales (P/S) ratio or its price-to-earnings (P/E) ratio, this is one of the most expensive stocks across the entire market.

Data by YCharts.

For context, the S&P 500 index trades at around 28 times earnings. Yes, Palantir is growing faster than the broader market but not enough to justify a valuation more than 20 times higher. Assuming no further price appreciation for the stock, Palantir's bottom line would need to double annually for four to five years for its valuation to come down to typical market levels, and the S&P 500's current valuation is near a historical high to begin with.

Wall Street's message is clear
It can help to think of stock valuations as expectations. The higher the valuation, the more investors expect from a company.

Sometimes, expectations can get so high that it's impossible to meet them. That becomes a possibility when you have stock trading at levels like those Palantir has reached. Even though Palantir just delivered what appears to be its best quarter as a public company with obvious growth momentum, the stock is dropping.

Based on that response from Wall Street, Palantir stock may finally be buckling under the weight of its valuations. With that in mind, it's probably best to avoid any impulse to buy the dip here.

Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) CEO Mike Stark talked with Proactive about the latest drill results at the company’s Philadelphia project.

The company intersected over 34 metres of the Perry vein in its latest drill hole, continuing to demonstrate strong continuity and potential for high-grade mineralization.

The new results follow a previous intersection of 38 metres, and Stark noted the consistency between these recent holes is encouraging.

Plans are now in place to continue drilling through holes 158 and 159 up to the end of the year.

Looking ahead, the company expects to receive a key permit in January that would allow them to drill down dip on hole 156.

Stark said this could be significant, adding that geologist Greg Hahn believes the vein may extend at least another 1,000 feet.

Proactive: Hello. You're watching Proactive. I'm joined by Mike Stark, the CEO of Arizona Gold & Silver. Mike, very good to speak with you today. The latest hole at Philadelphia intersected over 34 metres of the Perry vein. How significant is this in confirming the scale of the discovery?

Mike Stark: It's extremely important. One of the things that we're doing here is showing continuity along strike. These things pinch and swell all the time, and I love the results because we're again showing extremely good continuity. The last hole showed us 38 metres. We have 34 metres. Conservatively, it might be a little bit more when we get the lab results back, but we have a very solid vein with what appears to be some very nice high grade — very much similar to hole 156, as the interview on the website shows. Greg narrated that — it's something that people should take a look at.

Grades from hole 157 are still pending. What are you looking for in the assays to confirm continuity of that high-grade zone seen in 156?

Anything like 156 is extremely successful. And again, we'll let the lab determine that. But based on colour, textures and what we see visually with a hand lens, we're extremely pleased. I mean, we know it's there — it's just up to the lab to report the grade. We feel very confident in this hole. Very confident.

Looking ahead, Mike, how do these results shape your plans for 2026?

The plan is to go as we are — 158, 159. That'll take us to roughly Christmas, and then turn the rig and go along strike, adding a significant strike length to this once the permit arrives, which we're expecting in January. Again, expecting. Then we can go down dip on 156, which was our highest to date — without the knowledge of 157.

And as Greg has indicated, he feels that this vein could continue for at least another 1,000 feet. Based on the textures that we're seeing right now, all indications are that there's a lot more to see. We're just somewhere in the top of the boiling zone right now. That's extremely exciting for shareholders. Extremely. We have a lot more to show here.

Quotes have been lightly edited for clarity and style

Light & Wonder, Inc. ( LNW ) Q3 2025 Earnings Call November 5, 2025 4:30 PM EST Company Participants Rohan Gallagher - Executive VP & Global Chief Corporate Affairs Officer Matthew Wilson - CEO, President & Director Oliver Chow - Executive VP, CFO & Treasurer Conference Call Participants Barry Jonas - Truist Securities, Inc., Research Division Matthew Ryan - Barrenjoey Markets Pty Limited, Research Division Chad Beynon - Macquarie Research Andre Fromyhr - UBS Investment Bank, Research Division David Katz - Jefferies LLC, Research Division Rohan Sundram - MST Financial Services Pty Limited, Research Division William Fafinski Justin Barratt - CLSA Limited, Research Division Jeffrey Stantial - Stifel, Nicolaus & Company, Incorporated, Research Division Adrian Lemme - Citigroup Inc., Research Division Liam Robertson - Jarden Limited, Research Division Sriharsh Singh - BofA Securities, Research Division Presentation Operator Welcome to the Light & Wonder 2025 Third Quarter Earnings Conference Call. [Operator Instructions] I will now turn the call over to Rohan Gallagher, Executive Vice President, Global Chief Corporate Affairs.

Robert Ng/South China Morning Post via Getty Images

2025-11-08T17:17:25Z

UPS and FedEx are grounding their fleets of McDonnell Douglas MD-11 planes, the companies said.
It comes after a UPS MD-11 crashed during takeoff on Tuesday, killing at least 14 people.
Both companies said they were acting on the advice of the aircraft manufacturer.

Delivery companies UPS and FedEx announced they are temporarily grounding their fleets of McDonnell Douglas MD-11 cargo planes.

It comes after a UPS MD-11 crashed during takeoff in Kentucky on Tuesday, killing at least 14 people, including three crew members.

The companies said they made the decision after advice from the aircraft manufacturer.

"Out of an abundance of caution and in the interest of safety, we have made the decision to temporarily ground our MD-11 fleet," UPS said in a statement, adding that the planes made up about 9% of its fleet.

"Contingency plans are in place to ensure we can continue to deliver the reliable service our customers around the world count on."

FedEx operates 28 MD-11s as part of a wider fleet of around 700 aircraft.

The Tennessee-headquartered firm said it had also taken the decision "out of an abundance of caution" and that it would be conducting "a thorough safety review based on the recommendation of the manufacturer."

"We are immediately implementing contingency plans within our integrated air-ground network to minimize disruptions," it added.

The plane involved in Tuesday's crash near Louisville Muhammad Ali International Airport could be seen banking hard to the left before crashing into an industrial area to the south of the airport.

Officials from the National Transportation Safety Board said the aircraft's left engine "separated" from the wing during the incident.

In an update on Friday, NTSB board member Todd Inman said analysis of the cockpit voice recorder showed a "repeating bell" had sounded for 25 seconds as the crew fought to control the plane.

The aircraft reached about 100 feet above the ground before it went down, according to the agency.

Those on board included Capt. Richard Wartenberg, First Officer Lee Truitt, and international relief officer Capt. Dana Diamond.

NEW YORK, Nov. 08, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Fluor Corporation (NYSE: FLR) between February 18, 2025 and July 31, 2025, both dates inclusive (the “Class Period”), of the important November 14, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Fluor securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fluor class action, go to https://rosenlegal.com/submit-form/?case_id=44868 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) costs associated with the Gordie Howe International Bridge (“Gordie Howe”), the Interstate 365 Lyndon B. Johnson (“I-635/LBJ”) and Interstate 35E (“I-35”) highways in Texas projects were growing because of, inter alia, subcontractor design errors, price increases, and scheduling delays; (2) the foregoing, as well as customer reduction in capital spending and client hesitation around economic uncertainty, was having, or was likely to have, a significant negative impact on Fluor’s business and financial results; (3) accordingly, Fluor’s financial guidance for the full year 2025 was unreliable and/or unrealistic, the effectiveness of Fluor’s risk mitigation strategy was overstated, and the impact of economic uncertainty on Fluor’s business and financial results was understated; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fluor class action, go to https://rosenlegal.com/submit-form/?case_id=44868 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

Cynata Therapeutics Limited (OTCPK:CYYNF) Discusses Clinical Trial Progress and Corporate Developments Including GVHD, Osteoarthritis, and Kidney Transplantation November 5, 2025 8:30 PM EST

Company Participants

Lauren Nowak
Kilian Kelly - MD, CEO & Director
Mathias Kroll - Chief Business Officer

Presentation

Lauren Nowak

All right, seems like everybody has managed to make their way. So I just wanted to say good morning, and thank you for joining Cynata Therapeutics Investor Webinar for the September 2025 quarter. Presenting this morning will be CEO and Managing Director, Dr. Kilian Kelly; and Chief Business Officer, Dr. Mathias Kroll. Both will provide us an update on Cynata's clinical programs, corporate developments and financial position, followed by a Q&A session. [Operator Instructions]

And as a reminder, this webinar is being recorded and will be available on the company website in coming days. I'll now hand over to Kilian to formally welcome you all and commence the presentation.

Kilian Kelly
MD, CEO & Director

Thanks very much, Lauren, and thanks to everybody for joining us this morning. So as we usually do with these webinars, we'll go through a relatively brief presentation with some key points of our progress over the last quarter and the outlook ahead. And then we'll leave time at the end for questions. As Lauren said, you can submit questions through the webinar system, and we will get to those after we conclude the presentation.

So this really is an enormously exciting time for the company. It is no exaggeration at all to say it's the most important chapter in the company's history. And that's because we have 2 major clinical trial readouts within the next 6 to 9 months. Obviously, we'll cover a bit more about those in a moment. Importantly, both of those trials are designed to show efficacy of our products in diseases with unmet needs

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Q3: 2025-11-06 Earnings SummaryEPS of $0.79 beats by $0.08

 |

Revenue of

$6.05B

(1.31% Y/Y)

misses by $33.56M

BCE Inc. (BCE:CA) Q3 2025 Earnings Call November 6, 2025 8:00 AM EST

Company Participants

Krishna Somers - Senior Vice President of Investor Relations
Mirko Bibic - CEO, President & Director
Curtis Millen - Executive VP & CFO

Conference Call Participants

Vince Valentini - TD Cowen, Research Division
Drew McReynolds - RBC Capital Markets, Research Division
Jerome Dubreuil - Desjardins Securities Inc., Research Division
Maher Yaghi - Scotiabank Global Banking and Markets, Research Division
Stephanie Price - CIBC Capital Markets, Research Division
Sebastiano Petti - JPMorgan Chase & Co, Research Division
Tim Casey - BMO Capital Markets Equity Research
Aravinda Galappatthige - Canaccord Genuity Corp., Research Division
Batya Levi - UBS Investment Bank, Research Division
Lauren Bonham - Barclays Bank PLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen. Welcome to the BCE Q3 2025 Results Conference Call. I would now like to turn the meeting over to Kris Somers. Please go ahead, Mr. Somers.

Krishna Somers
Senior Vice President of Investor Relations

Thank you. Good morning, everyone, and thank you for joining our call. With me here today are Mirko Bibic, BCE's President and CEO; and our CFO, Curtis Millen. You can find all our Q3 disclosure documents on the Investor Relations page in the BCE website, and this was posted earlier this morning.

Now before we begin, I would like to draw your attention to our safe harbor statement on Slide 2, reminding you that today's slide presentation and remarks made during the call will include forward-looking information, and therefore, are subject to risks and uncertainties. Results could differ materially. We disclaim any obligation to update forward-looking statements, except as required by law. Please refer to our publicly filed documents for more details on assumptions and risks.

Now with that out of the way, I'll turn the call over to Mirko.

Mirko Bibic
CEO, President & Director

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Q3: 2025-11-06 Earnings SummaryEPS of -$0.05 beats by $0.17

 |

Revenue of

$934.00M

(-7.79% Y/Y)

beats by $30.64M

Topgolf Callaway Brands Corp. (MODG) Q3 2025 Earnings Call November 6, 2025 5:00 PM EST

Company Participants

Katina Metzidakis - Vice President of Investor Relations & Corporate Communications
Oliver Brewer - President, CEO & Director
Brian Lynch - Executive VP, Chief Legal Officer & CFO

Conference Call Participants

Eric Wold - Texas Capital Securities, Research Division
Simeon Gutman - Morgan Stanley, Research Division
Matthew Boss - JPMorgan Chase & Co, Research Division
Anna Glaessgen - B. Riley Securities, Inc., Research Division
Noah Zatzkin - KeyBanc Capital Markets Inc., Research Division
Martin Mitela - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Good day, and welcome to the Topgolf Callaway Brands Third Quarter of 2025 Earnings Conference Call. [Operator Instructions] Also, please be aware that today's call is being recorded.

I would now like to turn the call over to Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Please go ahead.

Katina Metzidakis
Vice President of Investor Relations & Corporate Communications

Good afternoon, and welcome to Topgolf Callaway Brands Third Quarter Earnings Conference Call. I'm Katina Metzidakis, Vice President of Investor Relations and Corporate Communications.

Joining me on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer and Chief Legal Officer. Earlier today, the company issued a press release announcing its third quarter 2025 financial results. Our earnings presentation as well as earnings press release are both available on our Investor Relations website under the Financial Results tab.

Aside from revenue, the financial numbers reported and discussed on today's call are non-GAAP measures. We identify these non-GAAP measures in the presentation and reconcile the measures to the corresponding GAAP measures in accordance with Regulation G. Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially

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Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) CEO Corey Ruttan talked with Proactive about the company’s record production results, new well performance, and expansion plans across Brazil and Canada.

Proactive: You're reporting your third quarter results to the end of September. Following that, October was a record month for Alvopetro — almost 2,900 barrels of oil equivalent a day. What's been driving that surge in production and how confident are you the momentum can continue into 2026?

Corey Ruttan: It's a pretty exciting result for us to be setting new production records at Alvopetro. The background of this is that late last year, we increased our productive capacity significantly off the strength of results from our 100% working interest Murucututu project onshore in northeast Brazil. That was the 183-A3 well, and that really gave us the confidence to amend our long-term gas sales agreement with our offtaker Bahiagas. As part of that, we increased our firm delivery obligations by about a third. That’s really helped us deliver strong production results.

In the first part of this year, our first quarter production was up 41% quarter-over-quarter. We've been consistent through the year. More recently, to drive that October record, we added a follow-up well — the 183-D4 — on the same project. That has helped establish the new record and positions us well as we exit this year and move into 2026 with an expanded Murucututu development program.

And what about financial results?

With the Q3 results announced yesterday, we posted strong financials — over $10 million US in funds flow from operations in the quarter alone. That was off production of 2,343 barrels of oil equivalent per day. We continue to have strong realized natural gas prices — over $11 US per MCF — which helps drive industry-leading operating netback margins. Our operating netback was nearly $60 US per BOE in the quarter.

You mentioned that 183-D4 well at Murucututu, which has outperformed expectations with more than 1,000 barrels a day on test. How does that result shape your development plans in Brazil?

We're extremely excited about the result. We drilled the 183-D4 well higher on the structure — over 100 metres higher — and completed it using leading edge North American completion technologies, used for the first time in Brazil. The initial 30-day average was close to 1,100 barrels of oil equivalent per day — nearly double the pre-drill expectations. This bodes well for our reserves and opens up a whole series of follow-up development locations to support long-term growth.

You’ve also been expanding in Western Canada with a new partnership across the Mannville Stack heavy oil play. How does that fit alongside your Brazilian gas business?

I think it's a really nice complement. Back in February, we entered the Mannville Stack heavy oil play in western Saskatchewan. More recently, we expanded that joint venture with our partner to cover the entire western Saskatchewan side of the fairway. This play has stacked, multi-zone heavy oil sands with a lot of original oil in place. We now have over 74 sections — that’s 74 square miles — of highly attractive acreage in a proven fairway.

We’ll use open-hole multilateral wells to unlock the potential and build out a multi-year inventory of drilling locations. These wells are relatively low cost and provide a good call option on oil prices, especially as prices rise.

Your natural gas contract price in Brazil has been adjusted slightly lower. How does that affect near-term cash flow? And how important are those extra spot sales above your firm contract volumes?

Yes, our third quarter price was quite high, helped by some foreign exchange adjustments. The November price is slightly down but still over $10 US per MCF, which is exceptional compared to North American prices. With all the new production we've brought on, we've also been selling some volumes on a spot basis, sometimes at lower prices. But overall, current production and recent performance should lead to a significant step up in funds flow from operations moving forward.

You talk about balancing growth with shareholder returns. With record production and strong cash flow, how are you thinking about dividends and capital allocation heading into 2026?

We've just gone through a big capital phase in both Canada and Brazil, so it’s a little slower now as we prepare for next year’s capital programs. Our general approach has always been to return about half of our funds flow to stakeholders, mostly through dividends, since we have no debt. The other half goes into reinvestment for organic growth. It's not a strict 50/50 rule, but since inception, that’s roughly how it’s been, and I expect that to continue.

Quotes have been lightly edited for style and clarity

The real-world asset tokenization trend could turn some cryptos into big winners.

In October, BlackRock (BLK +1.14%) CEO Larry Fink proclaimed that "the tokenization of all assets" era had begun. What he has in mind is the transformation of traditional financial products into digital assets that can be bought, sold, traded, and managed on blockchains.

It's an exciting concept, and one that some top consulting firms have already predicted could be a multitrillion-dollar market opportunity. So which cryptocurrencies appear best poised to take advantage of the real-world asset (RWA) tokenization opportunity as we head into 2026?

Chainlink
First up is Chainlink (LINK 0.56%), which is primarily known as a decentralized oracle network for different blockchains. In addition, it recently created a new interoperability protocol for moving tokenized assets across different blockchains.

Just as Chainlink benefited greatly from the surge in decentralized finance (DeFi) during the previous crypto bull market, it should also benefit from the surge in real-world asset tokenization in 2026 and beyond.

Image source: Getty Images.

Admittedly, Chainlink is down nearly 30% in 2025, despite being at the forefront of this looming trend. However, it still ranks as the highest market cap RWA token, according to CoinGecko.

Ondo
Another RWA token to watch is Ondo (ONDO 0.11%). It's the token of Ondo Finance, a company that is focused on tokenizing financial products for large institutional investors, and then managing those assets across different blockchains.

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The aim is nothing less than the creation of "Wall Street 2.0." Think of it as a blend of traditional Wall Street finance with cutting-edge blockchain finance. Unfortunately, Ondo has not quite lived up to the hype in 2025. It's down more than 57% for the year.

World Liberty Financial
Finally, there's World Liberty Financial (WLFI +0.00%), which is the token of a crypto venture affiliated with the Trump family. Earlier this year, World Liberty Financial announced plans to get involved with tokenizing commodities such as oil and timber. It also plans to enable the borrowing, lending, and trading of real-world assets (RWAs).

While World Liberty Financial is down big in 2025, it does have the implicit support of President Donald Trump and members of his family. That's no guarantee of future business success, of course, but I am expecting big things from World Liberty Financial next year, even though it's down a disappointing 50% so far this year.

Caveats for crypto investors
RWA tokenization is still in its infancy. While there have been some high-profile success stories, it's still too early to declare winners and losers. And the early returns from cryptos that have focused on this corner of the blockchain world have been disappointing, to say the least.

As a result, I'm sticking with RWA tokens with high market caps, strong institutional support from major Wall Street players, and plenty of real-world use cases.

My top pick among them right now is Chainlink. It's not just creating new RWA tokens -- it's actually putting in place the necessary technical infrastructure to make RWA tokenization a long-term trend.

But if Fink of BlackRock is right, and we really are entering a new era for tokenized assets, then all three of these tokens could have huge potential upside in 2026.