Market Signal Briefing

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Bitcoin is entering a decisive phase as the market faces renewed selling pressure and short-term sentiment turns cautious. After weeks of volatility and failed attempts to hold above key resistance zones, investors are now watching closely to see whether BTC can stabilize and defend support as macro and liquidity factors continue to shift. Yet beneath the surface, new on-chain data points to a strong foundation forming — one that may be quietly setting the stage for the next major leg higher.

According to fresh insights, Binance’s netflow data for October 2025 delivered one of the strongest bullish signals of this cycle. The exchange saw a record-breaking $7 billion net inflow, signaling a significant wave of capital preparing to enter the market. Even more importantly, the composition of this flow suggests a structurally bullish setup: the majority of incoming liquidity came from stablecoins, representing billions in sidelined buying power.

At the same time, both Bitcoin and Ethereum registered net outflows from Binance — a sign that long-term holders are withdrawing funds to self-custody rather than preparing to sell. This divergence between incoming liquidity and decreased sell-side supply is historically associated with early accumulation phases and heightened bullish potential. In other words, while price action appears uncertain, the underlying capital rotation suggests Bitcoin may be gearing up for a decisive move.

Stablecoin Surge + Bitcoin Outflows Create a Powder-Keg Setup for Next Move
According to new data shared by CryptoQuant, one of the most compelling trends in recent months has been the scale and composition of capital flows into Binance. Over the past 30 days, the exchange recorded a net inflow of more than $5 billion in Tether (USDT) and an additional $2 billion in USD Coin (USDC). This is not ordinary liquidity — it is pure “dry powder”, capital deliberately positioned on the sidelines and waiting for favorable entry points. Such aggressive stablecoin inflows historically precede major market expansions, signaling that deep liquidity is preparing to re-enter risk assets.

Binance Monthly Net Flows Analysis | Source: CryptoQuant
What makes this dynamic even more significant is that it is occurring alongside persistent outflows of crypto assets. Binance saw approximately $1.5 billion in Bitcoin and $500 million in Ethereum move off the platform in the same period — a classic hallmark of long-term accumulation. Investors withdrawing BTC and ETH to self-custody drastically reduces available sell-side supply, tightening the float and amplifying future price impact when demand accelerates.

The combination is powerful: surging dollar liquidity + shrinking exchange balances = bullish supply-demand imbalance building beneath the surface. Additionally, flows into the “Other Altcoins” category have picked up noticeably, hinting that capital is beginning to position beyond majors — often an early signal of increasing risk appetite and the initial stages of an altcoin rotation.

While price action remains choppy and sentiment cautious, this liquidity posture is historically aligned with pre-breakout market structure, not late-cycle exhaustion. Traders should watch closely for signs of stablecoin rotation into BTC and ETH; once that ignition point arrives, the resulting flow could mark the beginning of the market’s next major rally phase.

BTC Retests Key Support as Market Awaits Direction
Bitcoin continues to trade under pressure, currently hovering near the $107,000–$108,000 support zone after failing to reclaim the $110,000 level. The chart shows price struggling below the short- and medium-term moving averages, signaling weakening momentum in the near term. The repeated rejections near $117,500, a major resistance and former range high, reinforce this level as a critical battleground for bulls. Until BTC reclaims and holds above this threshold, upside conviction remains limited.

BTC testing demand | Source: BTCUSDT chart on TradingView
Price is also interacting with the 200-day moving average, which has acted as a dynamic support during this cycle. A confirmed breakdown below this moving average could open the door toward deeper liquidity pockets around $103,000–$105,000, where prior demand emerged during the post-October crash recovery.

Still, the structure has not decisively shifted bearish. Bitcoin remains within a broad consolidation range that began in late summer, and despite volatility, sellers have yet to break the market’s higher-timeframe structure. As long as BTC holds above the $100K–$105K region, bulls maintain a defensive position.

With macro catalysts in play and large capital inflows sitting on the sidelines, the coming sessions may determine whether this drawdown becomes a launchpad — or the market heads for another liquidity sweep before trending higher.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Ethereum price started a fresh decline below $3,750. ETH is moving lower below $3,700 and might decline further if it trades below $3,550.

Ethereum started another bearish wave after it failed to clear $3,880.
The price is trading below $3,700 and the 100-hourly Simple Moving Average.
There is a contracting triangle forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below $3,550.

Ethereum Price Dips Further
Ethereum price failed to stay in a positive zone and started a fresh decline below $3,880, like Bitcoin. ETH price declined below $3,800 and $3,750 to enter a bearish zone.

The decline gained pace below $3,650. Finally, the bulls appeared near $3,550. A low was formed at $3,557 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $3,920 swing high to the $3,557 low.

Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price could face resistance near the $3,650 level. There is also a contracting triangle forming with resistance at $3,650 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next key resistance is near the $3,740 level and the 50% Fib retracement level of the recent decline from the $3,920 swing high to the $3,557 low. The first major resistance is near the $3,800 level. A clear move above the $3,800 resistance might send the price toward the $3,880 resistance. An upside break above the $3,880 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,050 in the near term.

More Losses In ETH?
If Ethereum fails to clear the $3,800 resistance, it could start a fresh decline. Initial support on the downside is near the $3,580 level. The first major support sits near the $3,550 zone.

A clear move below the $3,550 support might push the price toward the $3,500 support. Any more losses might send the price toward the $3,420 region in the near term. The next key support sits at $3,350 and $3,320.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,550

Major Resistance Level – $3,800

Ripple has announced the acquisition of Palisade, a digital asset wallet and custody company, marking another step in its expansion into institutional crypto infrastructure. The deal is part of Ripple’s ongoing strategy to broaden its range of financial technology services.

A Broader Push Into Digital CustodyWith Palisade under its umbrella, Ripple gains direct control over a digital custody platform designed to store and move crypto assets securely. This addition allows Ripple to serve banks, fintech companies, and corporations that require compliant solutions for managing digital assets, stablecoins, and tokenized assets.

Ripple says its custody platform aims to provide a secure link between traditional finance and blockchain systems, addressing institutional concerns about asset protection. Palisade’s technology includes multi-party computation and zero-trust architecture, both widely used methods for strengthening digital security.

Expanding Ripple’s Product NetworkThe acquisition builds on Ripple’s existing products, including Ripple Payments and Ripple Prime. Together, these services cover various parts of the digital finance process, from cross-border payments to asset custody. Palisade’s system supports multiple blockchains and decentralized finance (DeFi) protocols, which could help Ripple expand its presence across different crypto ecosystems.

Continued Growth and InvestmentThe Palisade deal follows a series of acquisitions by Ripple this year. The company has spent nearly $4 billion on mergers and investments, including the purchase of prime broker Hidden Road (rebranded as Ripple Prime), stablecoin platform Rail, and treasury management provider GTreasury.

Experts say these moves position Ripple to compete in the broader digital finance infrastructure space, though questions remain about how quickly institutions will adopt crypto custody and payments solutions at scale.

“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on—that’s why it’s central to Ripple’s product strategy,” said Monica Long, President of Ripple

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

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In brief
Bitcoin’s recent drop is a mid-cycle reset, not a bear trend, according to analysts.
The crypto's first red October in six years could be setting the stage for a bullish comeback in November.
A cooling trade war could serve as a tailwind, though macroeconomic concerns persist.
Bitcoin is heading into November after its first negative October performance in six years, leaving investors wondering if the historic downturn signals a deeper bear trend or a healthy reset before the next leg up.

Bitcoin is down 1.4% over 24 hours and trading around $107,000, contributing to a 2.2% drop in the total crypto market cap to $3.64 trillion, per CoinGecko data. 

The sell-off triggered over $1.16 billion in long liquidations on November 3, underscoring the intensity of the recent leverage unwind.

The road so farThe month’s "Red October" occurred against a complex macroeconomic backdrop, including Federal Reserve Chair Powell’s announcement of the end of quantitative tightening and rate cuts, followed by comments that tempered expectations for a December rate cut.

The uncertainty around macroeconomic policy has pressured risk assets, with Bitcoin's U.S.-session returns cooling significantly from 0.94% on October 29 to -4.56% over the past week, according to Velo data.

Geopolitical tensions have notably eased following the Trump-Xi agreement that de-escalated the trade war. The temporary pause averts threatened 100% tariffs and extends a delicate truce between the world's two largest economies.

What’s next?"So could this red October actually set up the next major leg of Bitcoin's bull cycle? I think that's entirely possible," Rachel Lin, CEO of SynFutures, told Decrypt. "Corrections like this tend to be the midpoint of a broader cycle rather than the end."

Historical data support the optimistic interpretation, with Bitcoin's mean return for the third quarter remaining positive at 6.05%. 

It’s also worth noting that November has historically been one of Bitcoin's strongest months, posting a mean return of 42% over the past 12 years.

"For November, I expect a period of stabilization and cautious optimism," Lin said. "Bitcoin may trade sideways early in the month as markets absorb Fed commentary, but a decisive shift in tone could trigger a recovery."

The expert maintains that if Bitcoin continues following its typical post-halving pattern, "a move toward $120,000 to $150,000 by the end of 2025 remains within reach," citing strong underlying fundamentals from ETF flows to institutional custody solutions.

Bitcoin is likely to continue a “range-higher” trajectory, Decrypt was previously told. The bullish case is also supported by strong on-chain data showing that long-term structural demand remains intact despite short-term weakness.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

BNB appears to be regaining strength after a brief pause, with bulls showing signs of renewed intent. Despite a weak Wave (5) formation, the broader uptrend remains intact, and momentum is quietly building. If the push continues, the next major test lies near the $1,300 zone — a level that could define BNB’s bullish chapter.

Wave (5) Weakness Signals Possible Completion Of The Bounce
Providing an update to a previous post on BNB, More Crypto Online highlighted that the recent bounce visible on the chart may now be nearing its completion phase. While price action initially appeared promising, momentum has started to weaken, raising questions about the sustainability of the upward move.

According to the analyst, Wave (5) in the current structure looks relatively weak, which could indicate that buying pressure is fading. This development may point to the market preparing for a potential retracement or sideways movement before establishing a clearer direction.

Source: Chart from More Crypto Online on X
More Crypto Online emphasized the importance of staying flexible at this point, as market structure remains uncertain. Despite the recent bounce, there’s still no clear indication that the broader Wave 4 pullback has concluded. Until confirmation appears, the possibility of another downward move within the corrective phase cannot be ruled out.

Despite the short-term uncertainty, the analyst maintained a positive long-term outlook, stating that the overall uptrend remains intact on the higher timeframe, as long as key structural supports hold firm.

Breakout Builds Strength — Bulls Target The $1,230–$1,300 Zone
According to a recent update by crypto analyst BitGuru, BNB’s price action is showing early signs of renewed strength, with buyers gradually stepping back into the market. The recent upward movement suggests growing confidence among traders after a period of consolidation.

In his post, BitGuru outlined that if this breakout gains traction, BNB could climb toward the $1,230–$1,300 range in the next bullish leg. Such a move would signal a continuation of the broader uptrend and potentially attract more momentum-driven participants. He further emphasized the importance of monitoring the current price action closely, noting that momentum is steadily building. 

As of the time of writing, BNB has recorded a 6% decline in the past 24 hours, currently trading around $1,027. This drop reflects a cooling phase after recent bullish attempts, as traders assess short-term market conditions. The token’s market capitalization now stands at approximately $141.34 billion, positioning it among the top-performing assets despite the temporary pullback. Meanwhile, the 24-hour trading volume of $2.85 billion indicates active participation across exchanges.

BNB trading at $1.020 on the 1D chart | Source: BNBUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com

XRP price started a fresh decline below $2.50. The price is now showing bearish signs and is at risk of more losses below $2.30 in the near term.

XRP price gained bearish momentum and traded below $2.350.
The price is now trading below $2.420 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a recovery wave if it stays above $2.30.

XRP Price Dips Further
XRP price remained in a bearish zone below $2.550 and extended losses, like Bitcoin and Ethereum. The price dipped below the $2.50 and $2.420 levels.

The decline gained pace after there was a close below $2.40. The price even tested $2.250. A low was formed at $2.260, and the price is now correcting some losses. There was a move above the 23.6% Fib retracement level of the downward move from the $2.552 swing high to the $2.260 low.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.40 level and the 50% Fib retracement level of the downward move from the $2.552 swing high to the $2.260 low.

The first major resistance is near the $2.480 level, above which the price could rise and test $2.550. There is also a bearish trend line forming with resistance at $2.550 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com
A clear move above the $2.550 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance. The next major hurdle for the bulls might be near $2.720.

Another Decline?
If XRP fails to clear the $2.50 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.320 level. The next major support is near the $2.30 level.

If there is a downside break and a close below the $2.30 level, the price might continue to decline toward $2.250. The next major support sits near the $2.220 zone, below which the price could continue lower toward $2.20.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.320 and $2.250.

Major Resistance Levels – $2.50 and $2.550.

These robust businesses can stand the test of time in your portfolio.

Growth stocks with strong fundamentals and the ability to maintain or increase pricing power even during inflationary periods are attractive to investors seeking to outperform the market over the long run. However, it bears mentioning that investing in growth stocks, particularly during periods of uncertainty, requires a long-term investment horizon, as well as patience because market fluctuations are both normal and inevitable.

With that in mind, here are two growth stocks to buy and hold for the long run that could prove to be particularly resilient and deliver market-beating returns in the years ahead even if inflationary headwinds heighten.

Image source: Getty Images.

1. Microsoft
Microsoft (MSFT 0.17%) has been a consistent market beater through the years, more than tripling the S&P 500's performance over the last decade. And it's proven that its highly diversified revenue streams, powerful ecosystem effects, strong financial position, and proven ability to shift to meet changing markets have made it a highly adaptable, profitable business. Microsoft's largest revenue driver is its Intelligent Cloud business, which generated nearly 40% of its total revenue in the company's fiscal 2025. The highly profitable Azure cloud computing platform is a key part of this segment and continues to show strong growth driven by artificial intelligence (AI) workloads. Bear in mind, corporate cloud spending tends to be stable even during economic downturns.

Microsoft's Productivity and Business Processes segment is its second-largest driver of revenue, which includes the subscription-based Microsoft 365 suite and LinkedIn, and accounts for more than 20% of its top line. Products like Windows, Microsoft 365, and Azure are deeply integrated into the core operations of Microsoft's clients, which makes it difficult for customers to switch to a competitor's product due to the high cost and disruption of doing so.

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Microsoft has demonstrated a remarkable ability to pivot its business model to remain relevant in a shifting technological landscape. Previously, the company successfully shifted from a licensing model based on desktop software to a cloud-centric business under CEO Satya Nadella. This was a critical and strategic move that set the company up for long-term growth and resilience. Most recently, Microsoft has made major investments in AI, which have already started generating tangible revenue and are a key part of the company's long-term strategy.

Microsoft's financial health allows it to make large, strategic bets and makes it well positioned to weather economic uncertainty. Microsoft had a very strong fiscal year 2025, with revenue increasing 15% to $281.7 billion, net income up 16% to $101.8 billion, and operating income rising 17% to $128.5 billion. This performance was driven primarily by the Intelligent Cloud segment, led by Azure, and significant contributions from AI services, which fueled a 34% year-over-year growth for Azure.

While Microsoft pays a dividend that yields less than 1%, it has an impressive history of raising its dividend, with 23 consecutive years of increases and counting. Its strong balance sheet generates substantial free cash flow, which supports its dividend payments even while heavily investing in growth areas like AI and cloud infrastructure.

The dividend represents only a small fraction of the company's earnings too, so there is plenty of room for future dividend growth. Microsoft enacted about $18.4 billion of share repurchases in fiscal 2025 alone. Microsoft continues to look like a smart stock to buy and hold for the long run for market-beating returns.

2. Mastercard
Mastercard (MA 1.45%) has consistently beaten the market over the long term thanks to the generous performance of its core business model. If you look over the trailing-10-year period alone, Mastercard has generated a total return of more than 500% compared to the S&P 500's return of about 290%. And there are several reasons Mastercard can keep doing so, rewarding long-term, buy-and-hold investors in the process.

Mastercard earns fees as a percentage of the total dollar volume of transactions processed on its network. As the prices of goods and services rise due to inflation, the dollar volume of transactions also increases. Mastercard's revenue therefore grows without needing to raise its own rates. As a digital network, Mastercard has a capital-light business model with very few incremental costs for each additional transaction. This high operating leverage means that as revenues rise, a larger percentage flows directly to the bottom line and expands its profit margins.

Unlike banks that issue credit cards, Mastercard does not lend money to consumers. This shields the company from the credit risk associated with inflation and potential loan defaults, a risk that grows when consumers' purchasing power is squeezed. Along with Visa, Mastercard operates in a global duopoly that is extremely difficult for competitors to penetrate. The more merchants that accept Mastercard and the more banks that issue its cards, the more valuable the network becomes to all participants. This powerful network effect acts as a massive competitive advantage.

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Mastercard is strategically moving beyond its core card network to become a data-driven technology company, with significant investments in cybersecurity, fraud detection, and data analytics to benefit the financial institutions and merchants it services. Value-added services revenue consistently grows faster than the core payments business.

The company had a strong second quarter in 2025, beating analyst expectations with net revenues of $8.1 billion (up 17%) and adjusted earnings per share (EPS) of $4.15 (up 16% year over year). Gross dollar volume increased by 9%, and cross-border volume grew 15% on a local currency basis. Meanwhile, net revenue from value-added services and solutions increased by 22% year over year. Mastercard has also consistently paid a dividend for nearly two decades, so growth-oriented investors can also enjoy some consistent income on top of share-price appreciation with this stock.

The company's headwinds don't seem to be going away.

Shares of Teladoc Health (TDOC 5.68%), a telemedicine specialist, are down 8% year to date. The stock's performance is well below that of broader equities, but not as bad as what investors have become accustomed to in recent years. In fact, over the past six months, Teladoc has been on a bit of a run, gaining 21%. The company continues to struggle as it chases -- so far unsuccessfully -- the kind of success it achieved in 2020 and 2021. But could the telehealth leader finally be on the verge of a strong comeback? Let's find out.

Why are Teladoc's shares rising?
Not a whole lot has happened in Teladoc's favor over the past six months. The company's financial results remain...not great. Third-quarter revenue dipped 2% year over year to $626.4 million. Its loss per share of $0.28 was also worse than the $0.19 it reported in the year-ago period. Perhaps the market expects Teladoc's results to improve, but even then, they might do so only modestly (if at all), given the company's track record over the past few years.

Image source: Getty Images.

Maybe some investors think Teladoc's future is looking up due to leadership changes. The company recently announced it would replace its CFO, Mala Murthy. That follows Teladoc's CEO change last year, with Chuck Divita taking over in June 2024. Another possibility is that Teladoc has finally become attractive at its current levels. The company's forward price-to-sales (P/S) ratio is just 0.6. So, Teladoc may look like it is trading at a deep discount. Perhaps all these factors are at play.

And there is also recent, bullish sentiment from a short seller that jolted the stock. But can Teladoc maintain its recent momentum?

Don't expect a sustained rebound
Teladoc's low forward P/S ratio makes sense given the company's declining revenue. Unless sales forecasts improve significantly, the stock isn't undervalued. The company could, potentially, pounce on several opportunities that might jump-start top-line growth. Let's consider two of them. First, Teladoc has long sought to expand insurance coverage for its BetterHelp virtual therapy service, which the company believes would help boost the segment's performance.

As Divita said during the company's second-quarter earnings conference call, "We see insurance coverage as essential to the stability and growth outlook for BetterHelp, and we believe we can meaningfully scale insurance over time."

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It is to that end that Teladoc acquired UpLift, a virtual mental health service, earlier this year. UpLift has an ecosystem of more than 1,500 mental health professionals and has deals in place with third-party payers covering 100 million potential patients, but most have yet to opt in for this service. If Teladoc, through marketing efforts, can boost adoption of mental health services on UpLift while securing more insurance coverage for BetterHelp, we could see the company's sales in that area increase significantly. Second, there is international expansion.

Teladoc's international revenue has been growing faster for some time, and if it can establish itself as a leader abroad, it would help improve its performance. However, none of that is likely to save Teladoc, in my view. For one, the company faces a ruthlessly competitive landscape in the virtual care segment. That's why BetterHelp's user base has declined over the past few years, even as the company continues its aggressive marketing efforts.

Insurance coverage might make a difference, but some of Teladoc's biggest competitors already have relationships with insurers, so it's not clear this would be enough to attract enough new members to turn things around. Further, Teladoc's international expansion efforts could eventually encounter the same problems it has in the U.S.: declining revenue per member, high acquisition costs, and low return on marketing spend.

If Teladoc was unable to gain enough traction in the U.S. to become profitable, why would it do significantly better elsewhere? It might be able to, but there is little reason to believe that. These and other factors lead me to believe that even at current levels, Teladoc isn't worth investing in.

BWX Technologies, Inc. (BWXT) Q3 2025 Earnings Call November 3, 2025 5:00 PM EST

Company Participants

Chase Jacobson - Vice President of Investor Relations & Strategic Finance
Rex Geveden - President, CEO & Director
Michael Fitzgerald - Senior VP, CFO & Chief Accounting Officer

Conference Call Participants

Peter Skibitski - Alembic Global Advisors
Will Gildea - CJS Securities, Inc.
Peter Arment - Robert W. Baird & Co. Incorporated, Research Division
Jeffrey Campbell - Seaport Research Partners
Scott Deuschle - Deutsche Bank AG, Research Division
Jeffrey Grampp - Northland Capital Markets, Research Division
Michael Ciarmoli - Truist Securities, Inc., Research Division
Jonathan Dorsheimer - William Blair & Company L.L.C., Research Division
Andre Madrid - BTIG, LLC, Research Division
Alexander Christian Preston - BofA Securities, Research Division

Presentation

Operator

Ladies and gentlemen, welcome to BWX Technologies Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead.

Chase Jacobson
Vice President of Investor Relations & Strategic Finance

Thank you. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Mike Fitzgerald, Senior Vice President and CFO.

On today's call, we will reference the third quarter 2025 earnings presentation that is available on the Investors section of the BWXT website. We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the safe harbor provision found in the investor materials in the company's SEC filings.

We'll frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures in the appendix of the earnings presentation that can be found on the Investors section of the BWXT website. I would now like to turn the call over to Rex.

Rex Geveden
President, CEO & Director

Thank you, Chase, and good evening

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CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. ("STEP" or the "Company") is pleased to announce the commencement of sending of its management information circular (the "Circular") and related documents for the special meeting of STEP shareholders (the "Meeting") in connection with the previously announced plan of arrangement (the "Arrangement") under section 193 of the Business Corporations Act (Alberta) involving the Company, the limited partnerships comprising ARC Energy Fund 8 ("ARC Energy Fund 8"), a private equity fund advised by ARC Financial Corp. ("ARC"), and 2659160 Alberta Ltd. (the "Purchaser" and, together with ARC Energy Fund 8, the "Purchaser Parties"), as more particularly described in the Circular.

For each common share of STEP ("Share"), holders thereof ("Shareholders"), other than those Shares owned, controlled or directed, directly or indirectly, by the limited partnerships comprising ARC Energy Fund 6 ("ARC Energy Fund 6"), the Purchaser, ARC Energy Fund 8 and other persons controlled or managed, directly or indirectly, by ARC (collectively, the "ARC Funds"), will receive $5.50 in cash (the "Consideration").

The Consideration represents a substantial premium across multiple periods, including approximately:

29.11% to the closing price of the Shares of $4.26 on the Toronto Stock Exchange (the "TSX") on September 24, 2025 (being the last trading day prior to the announcement of the non-binding offer from ARC);

27.61% to the 10-day volume-weighted average price of the Shares of $4.31 on the TSX as of the end of trading on September 24, 2025;

28.81% to the 30-day volume-weighted average price of the Shares of $4.27 on the TSX as of the end of trading on September 24, 2025; and

10.00% to the consideration of $5.00 in cash per Share previously offered to Shareholders under the arrangement agreement dated November 3, 2024 among the Purchaser Parties and STEP (the "Prior Transaction").

Ongoing labour action by the Canadian Union of Postal Workers which has resulted in the disruption or delay of the mail service of Canada Post (the "Canada Post Disruption") may impact the timing of delivery of physical copies of the Circular and related documents to Shareholders. In light of this, STEP has adopted the notice and access model provided for under National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102 - Continuous Disclosure Obligations for the delivery of the Notice of Special Meeting of Shareholders and the Circular (collectively, the "Meeting Materials") to both registered and non-registered Shareholders for the Meeting. Under notice and access, instead of receiving printed copies of the Meeting Materials, Shareholders will receive a notice and access notification (the "NAA Notification") containing details of the Meeting date, location and purpose, as well as information on how they can access the Meeting Materials electronically. Shareholders wishing to receive a printed copy of the Meeting Materials should follow the instructions set out in the NAA Notification.

The Company cannot guarantee that paper copies of the Meeting Materials will be received by requesting Shareholders with Canadian addresses in advance of the proxy deposit deadline for the Meeting due to the ongoing Canada Post Disruption. As a result, Shareholders who wish to receive paper copies of the Meeting Materials should request these from TSX Trust as early as possible either by phone at 1-866-600-5869 (toll free in Canada and the United States) or 416-361-0930 (from outside of Canada and the United States), or by email at [email protected]. Alternatively, Shareholders may request by email to [email protected] that the Company send them a copy of the Meeting Materials by email.

The Meeting Materials can also be found under the Company's profile on SEDAR+ (www.sedarplus.ca) as well as on STEP's website at www.stepenergyservices.com/special-meeting. Capitalized terms used but not defined in this news release shall have the respective meanings given to them in the Circular.

REASONS TO SUPPORT THE ARRANGEMENT

A special committee of STEP's board of directors (the "Board"), comprised of independent directors of the Board (the "Special Committee") unanimously recommended that the Board approve the Arrangement and the Arrangement Agreement and that the Board recommend to Shareholders (other than the ARC Funds) (the "Minority Shareholders") that they vote FOR the resolution approving the Arrangement (the "Arrangement Resolution"). The Board (with two directors, who are both managing directors of ARC, abstaining) unanimously recommends that Minority Shareholders vote FOR the Arrangement, for the reasons below, among other reasons discussed more fully under the heading "The Arrangement – Reasons for the Recommendation” in the Circular.

Consideration is an Attractive Premium to Market. The Consideration offered to Minority Shareholders under the Arrangement represents a premium of approximately: (a) 29.11% to the closing price of the Shares of $4.26 on the TSX on September 24, 2025 (being the last trading day prior to the announcement of the non-binding offer from ARC); (b) 27.61% to the 10-day volume-weighted average price of the Shares on the TSX as of the end of trading on September 24, 2025; (c) 28.81% to the 30-day volume-weighted average price of the Shares on the TSX as of the end of trading on September 24, 2025; and (d) an increase of 10% over the price offered by ARC in respect of the Prior Transaction.

Transaction Support by Minority Shareholders. The Purchaser Parties have entered into voting support agreements (the "Arm's Length Lock-up Agreements") with: (a) MMCAP International Inc. SPA ("MMCAP"); (b) each of XIB Arbitrage Master Fund and XIB International Master Fund, by their advisor XIB Asset Management Inc. (collectively, "the XIB Parties"); and (c) Groundlayer Capital Inc. ("Groundlayer"), pursuant to which such Shareholders, holding an aggregate of approximately 68.11% of the Shares held by Minority Shareholders (excluding such Shares held by the directors and officers of STEP) counting towards the requisite approval of the Arrangement by at least a majority of the votes cast by Shareholders excluding votes of ARC, ARC Energy Fund 8, ARC Energy Fund 6 and any other holders of Shares whose votes are required to be excluded for the purposes of such vote under MI 61-101 (as defined below) (the “"Minority Approval Vote”"), have agreed, among other things and subject to the terms thereof, to vote or cause to be voted all of the Shares which they legally or beneficially own, directly or indirectly, or over which they exercise control or direction, directly or indirectly, in favour of the Arrangement Resolution and to otherwise support the Arrangement. This level of support is sufficient to satisfy the Minority Approval Vote.

Overall Transaction Support. Each director and officer of STEP has entered into a voting support agreement with the Purchaser Parties and ARC Energy Fund 6 has entered into a voting support agreement with STEP. On a combined basis, the Shares held by ARC Energy Fund 8 or subject to a voting support agreement represent approximately 87.33% of the Shares on a non-diluted basis, signifying the overwhelming support of Shareholders for the Arrangement. This level of support is sufficient to satisfy the required corporate approval pursuant to the Interim Order (as defined below) of at least 66 2/3% of the votes cast by Shareholders.

Certainty of Value and Liquidity. The Consideration to be received by the Minority Shareholders under the terms of the Arrangement is all cash, which provides the Minority Shareholders with certainty of value and an immediate opportunity to dispose of all of their Shares at a significant premium within a relatively illiquid market otherwise available to Minority Shareholders.

Value Supported by the Formal Valuation and Fairness Opinion. On October 14, 2025, Ernst & Young LLP ("EY") orally delivered to the Special Committee the substance of the Formal Valuation prepared in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), concluding that, as of October 14, 2025, and based upon and subject to the assumptions, limitations and qualifications set forth in the Formal Valuation dated October 14, 2025, the fair market value of the Shares was in the range of $4.80 - $5.70 per Share, which places the Consideration favourably within the range. In addition, EY also delivered to the Special Committee the substance of the Fairness Opinion that, as of October 17, 2025, and subject to the assumptions, limitations and qualifications set forth in the Fairness Opinion, the Consideration to be received by the Minority Shareholders pursuant to the Arrangement Agreement is fair, from a financial point of view, to the Minority Shareholders. The written Formal Valuation and written Fairness Opinion were delivered by EY on October 17, 2025 and are reproduced in the Circular.

Historical Market Price and Limited Liquidity of Shares. The Special Committee considered the historical market prices and trading volume of the Shares, including the historical volatility of the price of the Shares and the underlying financial results of STEP. The Special Committee also considered the ARC Funds' aggregate controlling stake in STEP and the other large blocks of Shares held by Minority Shareholders, including MMCAP, and the likely ongoing impact of that controlling stake on STEP's share price and the liquidity of the Shares in the future.

Compelling Value Relative to Limited Alternatives. The Special Committee, with the assistance of its financial and legal advisors, and based upon their collective knowledge of the business, operations, financial conditions, earnings and prospects of STEP, their collective knowledge of the current and prospective environment in which STEP operates, as well as the current shareholdings of the ARC Funds, assessed the relative benefits and risks of the limited alternatives to the Arrangement (including the status quo). In that regard, the ARC Funds directly and indirectly own or exercise control or direction over approximately 55.22% of the Shares. As ARC has indicated that it does not intend to sell the ARC Funds' controlling stake in STEP, there are limited strategic alternatives available to STEP, with the principal alternative to the Arrangement being maintaining the status quo and executing STEP's current business plan with the ARC Funds maintaining their controlling stake. In light of the available alternatives, the Arrangement is more favourable to the Minority Shareholders than any other strategic alternative reasonably available to STEP and is also more favourable than the status quo with the ARC Funds maintaining their controlling stake. In making that determination, the Special Committee also evaluated the Arrangement in the context of current industry and economic conditions and trends, in addition to Management's and the Special Committee's expectations of the future of the industry.

ARC's Intention. The Special Committee considered the fact that ARC has advised the Special Committee during the Prior Transaction and again in the September 24, 2025 non-binding offer that it was not interested in any alternative transaction, including the sale of the ARC Funds' controlling stake in STEP or the sale of any of STEP's material assets. After considerable negotiations and discussions with ARC over an extended period of time in connection with the Prior Transaction, and in view of the level of support from MMCAP, the XIB Parties and Groundlayer for the Arrangement as evidenced by the Arm's Length Lock-up Agreements, the Special Committee concluded that the Consideration was the highest price that the Purchaser Parties were prepared to pay.

Arm's Length Negotiations. The Arrangement Agreement is the result of arm's-length negotiations between the Special Committee, with input from and consultation with its independent financial and legal advisors, Management and STEP's legal advisors, on the one hand, and ARC and its financial and legal advisors, on the other hand.

Limited Conditions to Closing. The Purchaser Parties' obligation to complete the Arrangement is subject to a limited number of conditions that the Special Committee believes are reasonable and customary in the circumstances, and the completion of the Arrangement is not subject to a due diligence or financing condition.

No Regulatory Approvals Required. No Regulatory Approvals are required for the completion of the Arrangement.

Special Committee Oversight. The Special Committee, which is comprised entirely of independent directors and was advised by experienced and qualified independent financial and legal advisors, oversaw, reviewed and considered, and directly participated in the negotiation of, the Arrangement Agreement.

Support of Independent Directors and Management. Each director and officer of STEP, including all of the independent directors of the Board, holding or controlling, in the aggregate, approximately 1.61% of the outstanding Shares, have entered into voting support agreements to vote their Shares in favour of the Arrangement, subject to certain customary exceptions.

MEETING DETAILS AND HOW TO VOTE

The Meeting will be held virtually on December 12, 2025 at 10:00 a.m. (Calgary Time) at https://virtual-meetings.tsxtrust.com/1860 (Password: step2025 (case sensitive)). Shareholders are encouraged to vote well in advance of the meeting, in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to Shareholders together with the NAA Notification. Further details and voting instructions can be found in the Circular under the section entitled "Information Concerning the Meeting and Voting – Voting Before the Meeting".

Voting Methods

Registered Shareholders

Shares held in own name and represented by a physical certificate or DRS statement and have a 12-digit control number.

Vote online at www.voteproxyonline.com

Return the completed Form of Proxy or Voting Instruction Form in the enclosed postage paid envelope.

Non-Registered Shareholders

Shares held with a broker, bank or other intermediary and have a 16-digit control number.

Vote online at http://www.proxyvote.com

In the event of any delays in receiving materials due to the Canada Post Disruption, registered Shareholders are encouraged to contact TSX Trust and non-registered Shareholders are encouraged to contact their intermediaries in order to obtain their control numbers.

The close of business on October 28, 2025 is the record date for the determination of Shareholders who will be entitled to receive notice of and vote at the Meeting and at any adjournment or postponement of the Meeting.

The deadline for Shareholders to return their completed proxies or voting instruction forms is Thursday, December 11, 2025 at 10:00 a.m. (Calgary time). Note that Shareholders who hold their Shares with a broker, bank or other intermediary may be required to return their voting instruction form in advance of December 11, 2025 at 10:00 a.m. (Calgary time) to be included in the vote.

SHAREHOLDER QUESTIONS AND VOTING ASSISTANCE

Shareholders who have questions or need assistance in voting should contact TSX Trust Company by telephone at 1-866-600-5869 (toll free in Canada and the United States) or 1-416-361-0930 (outside Canada and the United States), or by email at [email protected].

RECEIPT OF INTERIM COURT ORDER

The Company is also announcing that on October 28, 2025, it was granted an interim order (the "Interim Order") by the Court of King's Bench of Alberta. The Interim Order authorizes STEP to proceed with various matters, including the holding of the Meeting to consider the vote on the Arrangement Resolution.

FORWARD-LOOKING INFORMATION & STATEMENTS

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). In some cases, forward-looking statements are identifiable by the terminology used, such as "may," "expect," "believe," "plan," "anticipate," "intend," "could," "estimate," "continue," or similar expressions or the negative of such expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are considered forward-looking statements. Forward-looking statements in this news release, include, among other things, references, expressed or implied, to: statements and implications about the reasons for, and the anticipated benefits of, the Arrangement for the Company and the Minority Shareholders; the timing of various steps to be completed in connection with the Arrangement, including sending of the Circular, the anticipated date for the holding of the Meeting and the completion of the Arrangement; the receipt and timing of necessary Shareholder approvals, the Final Order and the Effective Date; the impacts of the Canada Post Disruption; the timing and effects of the Arrangement; the solicitation of proxies by the Company; the ability of the Parties to satisfy the other conditions to the completion of the Arrangement; and other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts.

Forward-looking statements are subject to known and unknown risks and uncertainties and other factors, some beyond the control of STEP, which could cause actual events, results, expectations, achievements or performance to differ materially. The risks and uncertainties related to the Arrangement contemplated by the Circular include, but are not limited to: the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, the necessary Shareholder and court approvals and other conditions to the completion of the Arrangement or for other reasons; failure to realize the expected benefits of the Arrangement; the failure to complete the Arrangement, which could negatively impact the price of the Shares or otherwise affect the business of the Company; the dedication of significant resources to pursuing the Arrangement and the restrictions imposed on the Company while the Arrangement is pending; the uncertainty surrounding the Arrangement could adversely affect the Company's retention of customers, business partners and key employees; the occurrence of a material adverse effect leading to the termination of the Arrangement Agreement; the payment of a fee by the Company to the Purchaser if the Arrangement Agreement is terminated in certain circumstances; general economic conditions; and other risks and uncertainties. The foregoing list of risks and uncertainties is not exhaustive.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date made. The forward-looking statements contained in this news release represents the Company's expectations as of the date of this news release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

ABOUT STEP

STEP is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. STEP has a high-performance, safety-focused culture and its experienced technical office and field professionals are committed to providing innovative, reliable and cost-effective solutions to its clients.

Founded in 2011 as a specialized deep capacity coiled tubing company, STEP has grown into a North American service provider delivering completion and stimulation services to exploration and production (“E&P”) companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin (“WCSB”), while in the U.S., our coiled tubing services are concentrated in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota.

Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.

Simon Property Group, Inc. (SPG) Q3 2025 Earnings Call November 3, 2025 5:00 PM EST

Company Participants

Thomas Ward - Senior Vice President of Investor Relations
David Simon - Chairman, CEO & President
Eli Simon - COO, Executive VP, Chief Investment Officer & Director
Brian McDade - Executive VP & CFO

Conference Call Participants

Michael Goldsmith - UBS Investment Bank, Research Division
Alexander Goldfarb - Piper Sandler & Co., Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Samir Khanal - BofA Securities, Research Division
Greg McGinniss - Scotiabank Global Banking and Markets, Research Division
Craig Mailman - Citigroup Inc., Research Division
Michael Griffin - Evercore ISI Institutional Equities, Research Division
Juan Sanabria - BMO Capital Markets Equity Research
Vince Tibone - Green Street Advisors, LLC, Research Division
Haendel St. Juste - Mizuho Securities USA LLC, Research Division
Michael Mueller - JPMorgan Chase & Co, Research Division
Adam Kramer - Morgan Stanley, Research Division
Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., Research Division
Omotayo Okusanya - Deutsche Bank AG, Research Division

Presentation

Operator

Greetings. Welcome to Simon Property Group Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Tom Ward, Senior Vice President, Investor Relations. Thank you, sir. You may begin.

Thomas Ward
Senior Vice President of Investor Relations

Thank you, Sherry, and thank you all for joining us this evening. Presenting on today's call are David Simon, Chairman, Chief Executive Officer and President; Eli Simon, Chief Operating Officer; and Brian McDade, Chief Financial Officer.

A quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors. We refer you to today's press release

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A Taiwan Air Force F-16 aircraft prepares to take off in Hualien, Taiwan April 9, 2023. REUTERS/Ann Wang/File Photo Purchase Licensing Rights, opens new tab

TAIPEI, Nov 4 (Reuters) - Lockheed Martin

(LMT.N), opens new tab said on Tuesday it was working to accelerate delayed deliveries to Taiwan of new F-16Vs, after the island's defence ministry said the programme had been pushed back due to supply chain issues.

Taiwan, which faces a rising military threat from Beijing, has complained of repeated delays to weapons ordered from the United States, the Chinese-claimed island's most important international backer and arms supplier.

Sign up here.

In a report to lawmakers on Monday, Taiwan's defence ministry said the delivery of all 66 F-16V fighters, initially expected to arrive by the end of 2026, had been pushed back due to production line relocations and disruptions.

Lockheed said in an emailed statement that it was committed to delivering "mission-critical capabilities" to Taiwan with the F-16 fleet to support its air defences.

That includes the 66 new F-16Vs, along with Taiwan's F-16 Viper upgrade programme, which was completed in December 2023, it added.

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

, /PRNewswire/ -- Advantech (2395.TW), a global leader in edge computing solutions, today announced a collaboration with Qualcomm Technologies, Inc. and Edge Impulse Inc., a Qualcomm company, to accelerate the adoption of next-generation edge AI applications powered by the Qualcomm Dragonwing™ IQ-9075 processor. This collaboration combines Advantech's edge AI platforms, with the Dragonwing IQ-9075 processor and the Edge Impulse developer platform—creating a powerful ecosystem that streamlines AI development and deployment at the edge. The Dragonwing IQ-9075 processor powers Advantech's new AIR-055 and AFE-A503, delivering up to 100 TOPS of AI performance via dual Qualcomm® Hexagon™ NPUs and an 8-core Qualcomm® Kryo™ Gen 6 CPU. Built for industrial reliability, Dragonwing IQ-9075 offers 10+ years of product longevity support, making it ideal for long-term deployment in harsh environments.

Advantech Qualcomm IQ-9075 Edge AI Solutions

"We are excited to further strengthen our collaboration with Qualcomm Technologies," said Miller Chang, President of Advantech's Embedded IoT Group. "By combining Qualcomm Technologies' powerful Dragonwing IQ-9075 processor and Edge Impulse's proven platform, we are creating new AI-ready solutions with strong foundation for intelligent edge applications. Together, we are enabling enterprises to unlock new levels of performance, scalability, and efficiency, driving AI innovation from concept to real-world deployment across a wide range of industries."

"Our expanded collaboration with Advantech marks a pivotal step in bringing high-performance edge AI to industrial and embedded applications," said Nakul Duggal, Group GM, Automotive, Industrial & Embedded IoT, Qualcomm Technologies, Inc. "This collaboration will empower industries to harness the full potential of intelligent, autonomous systems, accelerating the adoption of next-generation AI applications across diverse sectors."

AIR-055, Compact Edge AI System for Vision AI and VLM/LLM
Please proofread: Powered by the Dragonwing™ IQ9075 processor with up to 100 TOPS, the AIR-055 edge system offers USB, RJ45, HDMI, and M.2 for connectivity. It incorporates MIPI-C, co-developed with Appropho and Orbbec, enabling direct MIPI-CSI connection through USB-C cable to 2D/3D industrial cameras without bridge ICs. Supporting 4K resolution and 200 cm transmission, AIR-055 is ideal for smart manufacturing, ITS, retail, public safety, robotics, and AMR applications.

AFE-A503, Robotic Controller 
The Advantech AFE-A503, built with the latest Dragonwing IQ-9075 processor, is tailor-designed for outdoor AMRs and delivery robots. It features 4x Ethernet ports for 2D/3D LiDARs and PoE cameras, 8x GMSL for RGB/3D camera combinations, isolated CANFD, and RS232 for IMU integration. The 20~36V power design enables all-day operation on battery-powered AMRs. The product also offers Advantech Robotic Suite, which pre-built with ROS2, AI acceleration SDK, sensor node integration, enabling faster time-to-market for robotic applications.

The new Edge AI Solutions powered by the latest Dragonwing IQ-9075 processor will be showcased at Advantech's booth (#6048), Edge Impulse's booth (#5061), and the Dev Kit Zone at Embedded World North America, from November 4–6.

Samples of AIR-055 and AFE-A503 are available now. For more information, please contact your local Advantech sales team or visit www.advantech.com. 

SOURCE Advantech Co., Ltd.

Federal Agricultural Mortgage Corporation (AGM) Q3 2025 Earnings Call November 3, 2025 4:30 PM EST

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Jalpa Nazareth - Senior Director of Investor Relations & Finance Strategy
Bradford Nordholm - Chief Executive Officer
Zachary Carpenter - President & Chief Operating Officer

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Bose George - Keefe, Bruyette, & Woods, Inc., Research Division
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Presentation

Operator

"

Jalpa Nazareth
Senior Director of Investor Relations & Finance Strategy

"

Bradford Nordholm
Chief Executive Officer

"

Zachary Carpenter
President & Chief Operating Officer

"

Bose George
Keefe, Bruyette, & Woods, Inc., Research Division

" Keefe, Bruyette, & Woods, Inc., Research Division

William Ryan
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Sidoti & Company, LLC

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Farmer Mac Third Quarter 2025 Earnings Results Conference Call.

[Operator Instructions]

This call is being recorded on November 3, 2025. I would now like to turn the conference over to Jalpa Nazareth. Please go ahead.

Jalpa Nazareth
Senior Director of Investor Relations & Finance Strategy

Good afternoon, and thank you for joining us for our third quarter 2025 earnings conference call. I'm Jalpa Nazareth, Senior Director of Investor Relations and Finance Strategy here at Farmer Mac.

As we begin, please note that the information provided during this call may contain forward-looking statements about the company's business, strategies, and prospects, which are based on management's current expectations and assumptions.

These statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause our actual results to differ materially from those.

Please refer to Farmer Mac's 2024 annual report on Form 10-K and subsequent SEC filings posted on Farmer Mac's website, farmermac.com, under the

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Lee Rudow
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Thomas Barbato
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Operator

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John Howe

Thank you, operator, and good afternoon, everyone. We appreciate your time and your interest in Transcat. With me here on the call today is our President and CEO, Lee Rudow; and our Chief Financial Officer, Tom Barbato. We will begin the call with some prepared remarks, and then we will open the call for questions.

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Martin Sjolund
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Rakesh Sehgal
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David Scharf
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Good evening, and welcome to PRA Group's Third Quarter 2025 Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the call over to Mr. Najim Mostamand, Vice President, Investor Relations for PRA. Group, please go ahead.

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Presentation

Operator

Good day, ladies and gentlemen, and welcome to The Clorox Company First Quarter Fiscal Year 2026 Earnings Release Conference Call. [Operator Instructions]. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference call, Ms. Lisah Burhan, Vice President of Investor Relations for The Clorox Company. Ms. Burhan, you may begin your conference.

Lisah Burhan
Vice President of Investor Relations

Thank you, Jen. Good afternoon, and thank you for joining us. On the call with me today are Linda Rendle, our Chair and CEO; and Luc Bellet, our CFO. Please note that our earnings release and prepared remarks are available on our website at thecloroxcompany.com. In just a moment, Linda will share a few opening comments, and then we'll take your questions. During this call, we may make forward-looking statements, including about our fiscal year 2026 outlook. These statements are based on management's current expectations but may differ from actual results or outcomes. In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statements section, which identifies various factors that could affect such forward-looking statements, which have been filed with the SEC. In addition, please refer to the non-GAAP financial information section in our earnings

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JERICHO, N.Y., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Kimco Realty Corp. (NYSE: KIM) (the “Company” or “Kimco”) today announced the establishment of an “at the market” continuous offering program, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750,000,000 through BofA Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, BTIG, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Jefferies LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Nomura Securities International, Inc., RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, (except in the case of Nomura Securities International, Inc.) as sales agents (in such capacity, “Sales Agents”) and/or (except in the case of BTIG, LLC) forward sellers acting as sales agents for the respective Forward Purchasers (as defined below) (in such capacity, “Forward Sellers”). Sales of the shares of common stock may be made from time to time, as needed, in negotiated transactions, transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), by means of ordinary brokers’ transactions at market prices prevailing at the time of sale, including sales made directly on the New York Stock Exchange, or sales made to or through a market maker and sales made through other securities exchanges or electronic communications networks. Substantially concurrent with Kimco’s entry into the Agreement, the Company terminated its existing equity sales agreement, dated September 15, 2023, between Kimco Realty Corporation and the agents and forward purchasers party thereto, in accordance with the terms of the previous equity sales agreement.

In addition to the issuance and sale of shares of its common stock through the Sales Agents, the Company may enter into forward sale agreements (each, a “Forward Sale Agreement” and, collectively, the “Forward Sale Agreements”) with Bank of America, N.A., Barclays Bank PLC, Bank of Montreal, BNP PARIBAS, The Bank of New York Mellon, Citibank N.A., Deutsche Bank AG, London Branch, Jefferies LLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, Nomura Global Financial Products, Inc., Regions Securities LLC, Royal Bank of Canada, The Bank of Nova Scotia, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association or their respective affiliates, each in their capacity as forward purchasers (the “Forward Purchasers”). In connection with each such Forward Sale Agreement, the applicable Forward Purchaser or its affiliate will, at the Company’s request, attempt to borrow from third parties and, through the relevant Forward Seller, sell a number of shares of common stock equal to the number of shares underlying such forward purchase agreement to hedge such Forward Sale Agreement. The Company will not initially receive any proceeds from any sale of shares of common stock borrowed by a Forward Purchaser or its affiliate and sold through the relevant Forward Seller. The Company currently expects to fully physically settle each Forward Sale Agreement, if any, with the relevant Forward Purchaser on one or more dates specified by the Company on or prior to the maturity date of such Forward Sale Agreement, in which case the Company would expect to receive aggregate net cash proceeds at settlement equal to the number of shares of the Company’s common stock specified in such Forward Sale Agreement multiplied by the relevant forward price per share, as adjusted pursuant to the terms of such Forward Sale Agreement.

The Company intends to use any net proceeds from the program and the settlement of any Forward Sale Agreement for general corporate purposes, including, without limitation, the funding of future acquisitions, the funding of development and redevelopment costs, the redemption, from time to time, of depositary shares representing one or more class or series of the Company’s preferred stock and the reduction, from time to time, of the Company’s outstanding indebtedness, including borrowings under the Company’s revolving credit facility.

The Company has filed a registration statement (including a prospectus and a related prospectus supplement) with the Securities and Exchange Commission (“SEC”) for the offering of shares of common stock described in this press release. Prior to investing, prospective investors should read the prospectus in that registration statement, the related prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. These documents may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or the agents will arrange, upon request, to send the prospectus. Please direct requests to: BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: [email protected]; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, [email protected], (888) 603-5847; BMO Capital Markets Corp., Equity-Linked Capital Markets, 151 W 42nd Street 32nd Floor, New York, New York 10036; BNP Paribas Securities Corp., 787 Seventh Ave, New York, New York 10019; BNY Mellon Capital Markets, LLC, 240 Greenwich Street 3W, New York, New York 10286; BTIG, LLC, 350 Bush Street, San Francisco, CA 94104; Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013; Deutsche Bank Securities Inc., 1 Columbus Circle, New York, New York 10019, Email: [email protected], Phone: (800) 503-4611; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204; Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020; Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036; RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281; Regions Securities LLC, 615 South College Street, Suite 600, Charlotte, North Carolina 28202; Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, New York 10281; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected]; Truist Securities, Inc., 50 Hudson Yards, 70th Floor, New York, New York 10001; Wells Fargo Securities, LLC, 500 West 33rd Street, 14th Floor New York, New York 10001, Attention: Equity Syndicate Department, (Facsimile: (212) 214-5918).

In addition, the Company today announced that its Board of Directors approved a new share repurchase program for up to $750 million of the Company’s common stock (the ”Share Repurchase Program”), which supersedes and replaces the Company’s prior share repurchase program.

Under the Share Repurchase Program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the SEC and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The Share Repurchase Program does not obligate the Company to acquire any particular amount of its common stock, and the Share Repurchase Program may be suspended or discontinued at any time at the Company’s discretion.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of shares of the Company’s common stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Kimco

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The Company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the Company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco is a recognized industry leader in this area. As of September 30, 2025, the Company owned interests in 564 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space.

Safe Harbor Statement

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the SEC.

CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
(833) 800-4343

[email protected]

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo Purchase Licensing Rights, opens new tab

Nov 4 (Reuters) - Oil prices were little changed early on Tuesday as markets weighed OPEC+'s decision to pause output hikes in the first quarter even as concerns over a looming supply glut persisted.

Brent crude futures fell 9 cents, or 0.1%, to $64.80 a barrel by 0110 GMT. U.S. West Texas Intermediate crude was down 10 cents, or 0.2%, at $60.95 a barrel.

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On Sunday, the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to a small oil output increase for December and a pause in increases in the first quarter of next year.

OPEC+ has raised output targets by around 2.9 million barrels per day - or around 2.7% of global supply - since April, but slowed the pace from October amid predictions of oversupply.

"It certainly suggests that OPEC+ recognizes the oversupply, and likely suggests that they do not want to send oil prices far lower (i.e. below $50). We expect this possible floor to be viewed positively by investors," Bank of America said in a note.

The bosses of some of Europe's biggest energy producers on Monday challenged forecasts of an oil supply glut next year, pointing to increasing demand and easing production. The U.S. Department of Energy's deputy secretary, James Danly, said he does not think there will be an oil glut in 2026.

The decision by OPEC+ to keep output targets steady came after Russia lobbied for the pause because it would struggle to increase exports due to Western sanctions, four OPEC+ sources said.

In October, both the U.S. and Britain imposed sanctions on Russia's two major oil companies, Rosneft and Lukoil.

JP Morgan said in a note that "our oil strategists maintain their view that while the risk of disruption has increased, U.S. measures, along with complementary actions by the UK and EU, will not prevent Russian oil producers from operating."

Market participants are now waiting for the latest U.S. inventory data from the American Petroleum Institute (API), due later in the day, for more trading cues. A preliminary Reuters poll showed U.S. crude oil stockpiles were expected to have risen last week.

Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Himani Sarkar

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Realty Income Corporation (O) Q3 2025 Earnings Call November 3, 2025 5:00 PM EST

Company Participants

Andrea Behr
Sumit Roy - President, CEO & Director
Jonathan Pong - Executive VP, CFO & Treasurer

Conference Call Participants

Brad Heffern - RBC Capital Markets, Research Division
Kathryn Graves - UBS Investment Bank, Research Division
Bennett Rose - Citigroup Inc., Research Division
Jana Galan - BofA Securities, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Jay Kornreich - Cantor Fitzgerald & Co., Research Division
Ravi Vaidya - Mizuho Securities USA LLC, Research Division
Spenser Allaway - Green Street Advisors, LLC, Research Division
William John Kilichowski - Wells Fargo Securities, LLC, Research Division
Linda Yu Tsai - Jefferies LLC, Research Division
Upal Rana - KeyBanc Capital Markets Inc., Research Division
Wesley Golladay - Robert W. Baird & Co. Incorporated, Research Division
Eric Borden - BMO Capital Markets Equity Research

Presentation

Operator

Good day, and welcome to the Realty Income Third Quarter 2025 Earnings Conference Call. [Operator Instructions]. Please note today's event is being recorded. I would now like to turn the conference over to Andrea Behr, Director, Corporate Communications. Please go ahead.

Andrea Behr

Thank you for joining us today for Realty Income's 2025 Third Quarter Operating Results Conference Call. Discussing our results will be Sumit Roy, President and Chief Executive Officer; Jonathan Pong, Chief Financial Officer and Treasurer; Neil Abraham, President, Realty Income International; and Mark Hagan, Chief Investment Officer.

During this conference call, we will make statements that may be considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in any forward-looking statements. We will disclose in greater detail the factors that may cause such differences in the company's filing on Form 10-Q.

[Operator Instructions] I will now turn the call over to our CEO, Sumit Roy.

Sumit Roy

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Ichor Holdings, Ltd. (ICHR) Q3 2025 Earnings Call November 3, 2025 4:30 PM EST

Company Participants

Jeffrey Andreson - CEO & Executive Director
Greg Swyt - Chief Financial Officer
Phil Barros

Conference Call Participants

Claire McAdams - Headgate Partners LLC
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Yu Shi - Needham & Company, LLC, Research Division
Craig Ellis - B. Riley Securities, Inc., Research Division
Robert Mertens - TD Cowen, Research Division
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Presentation

Operator

Good day, ladies and gentlemen, and welcome to Ichor's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Claire McAdams, Investor Relations for Ichor. Please go ahead.

Claire McAdams
Headgate Partners LLC

Thank you, operator. Good afternoon and thank you for joining today's third quarter 2025 conference call. As you read our earnings press release and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements.

These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal year 2024 and those described in subsequent filings with the SEC. You should consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, we will be providing certain non-GAAP financial measures during this conference call.

Our earnings press release and the financial supplement posted to our IR website each provide a reconciliation of these non-GAAP financial

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PLAYSTUDIOS, Inc. (MYPS) Q3 2025 Earnings Call November 3, 2025 5:00 PM EST

Company Participants

Joel Agena - General Counsel, VP & Secretary
Andrew Pascal - Co-Founder, Chairman & CEO
Scott Peterson - Chief Financial Officer

Conference Call Participants

Ryan Sigdahl - Craig-Hallum Capital Group LLC, Research Division
Aaron Lee - Macquarie Research
Michael Hickey - The Benchmark Company, LLC, Research Division
Martin Yang - Oppenheimer & Co. Inc., Research Division

Presentation

Operator

Good afternoon, everyone, and welcome to the PLAYSTUDIOS Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Joel Agena, General Counsel. Mr. Agena, you may begin.

Joel Agena
General Counsel, VP & Secretary

Thank you. Good afternoon, and thanks for joining us for the PLAYSTUDIOS third quarter 2025 earnings call.

With me on the call today are our Chairman and CEO, Andrew Pascal; and our CFO, Scott Peterson.

During this call, we will make some forward-looking statements that are based on our current expectations, but that are subject to risks and uncertainties that may cause actual results to differ materially from those expectations. Please refer to our SEC filings for a more detailed discussion of those risks. We will also discuss certain non-GAAP financial measures. These should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations to comparable GAAP measures can be found in our earnings release and SEC filings.

With that, I'll turn it over to Andrew.

Andrew Pascal
Co-Founder, Chairman & CEO

Thank you, Joel. Good afternoon, everyone. Before I focus on our specific performance for the quarter, I'd like to provide some context and perspective on our current operating environment. The past 2 years have been extremely challenging. Category headwinds have continued to pressure our core markets. Our valuation today sits only slightly above our

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Navitas Semiconductor Corporation (NVTS) Q3 2025 Earnings Call November 3, 2025 5:00 PM EST

Company Participants

Chris Allexandre - CEO, President & Director
Todd Glickman - Senior VP, CFO & Treasurer

Conference Call Participants

Kevin Cassidy - Rosenblatt Securities Inc., Research Division
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Presentation

Operator

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Navitas Semiconductor Third Quarter 2025 Earnings Call. [Operator Instructions] I'd now like to turn the call over to Lori Barker, Investor Relations. You may begin.

Unknown Executive

Good afternoon, everyone. I'm Lori Barker, Investor Relations for Navitas. Thank you for joining Navitas Semiconductor's Third Quarter 2025 Results Conference Call. I'm joined today by Chris Alexandra, AI President and CEO; and Todd Glickman, CFO. A replay of this webcast will be available on our website approximately 1 hour following this conference call and available for approximately 30 days. Additional information related to our business is also posted on the Investor Relations section of our website.

Our earnings release includes non-GAAP financial measures. Reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our third quarter earnings release and also posted on our website in the Investor Relations section. Non-GAAP expenses and operating margin excludes stock-based compensation, amortization of intangible assets and other nonrecurring items. In this conference call, we will make forward-looking statements about future events, our future strategy or the future financial performance of Navitas.

We may make predictions

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