Market Signal Briefing

November 03, 2025 07:05 ET

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Unicycive Therapeutics, Inc.

LOS ALTOS, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease (the “Company” or “Unicycive”), today announced that Shalabh Gupta, M.D., Chief Executive Officer, will participate in a fireside chat at the Guggenheim 2nd Annual Healthcare Innovation Conference on Monday, November 10, 2025, at 3:30 p.m. ET.

A link to the live and archived webcast may be accessed on the Unicycive website under the Investors section: Events and Presentations. To schedule a 1x1 meeting with management, please contact your conference representative.

About Unicycive Therapeutics

Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers. For more information, please visit Unicycive.com and follow us on LinkedIn and X.

Investor Contact:

Kevin Gardner
LifeSci Advisors
[email protected]

Media Contact:

Layne Litsinger
Real Chemistry
[email protected]

SOURCE: Unicycive Therapeutics, Inc.

KING OF PRUSSIA, Pa., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax solutions, today announced financial results for its third quarter ended September 30, 2025 and the adoption of its first-ever stock repurchase program.

“Vertex delivered a solid third quarter with double-digit revenue growth and robust profitability, along with very strong cash flow,” said David DeStefano, Vertex’s President, Chief Executive Officer and Chairperson of the Board. “As we look forward, we remain very confident in our long-term market opportunity. We believe cloud migrations as well as ever-increasing complexity in tax regimes worldwide will continue to drive strong demand for our solutions, especially with companies that are currently using home-grown solutions for indirect tax compliance.”

Mr. DeStefano continued, “As I segue into my new role as non-executive chairperson of Vertex’s Board of Directors, we are very excited to welcome my successor, Christopher Young, to Vertex as President and CEO later this month. It’s a testament to our business and our market opportunity that we were able to attract a blue-chip candidate like Chris to lead this Company to the next level. He has deep experience leading and scaling large- and mega-cap technology companies, and in his most recent role as a member of the executive leadership team at Microsoft, he had a front-row seat to Microsoft’s push into Artificial Intelligence over the past several years. We look forward to introducing him to the investment community in the coming months.”

Third Quarter 2025 Financial Results

Total revenues of $192.1 million, up 12.7% year-over-year.Software subscription revenues of $164.8 million, up 12.7% year-over-year.Cloud revenues of $92.0 million, up 29.6% year-over-year.Annual Recurring Revenue (“ARR”) was $648.2 million, up 12.4% year-over-year.Average Annual Revenue per direct customer (“AARPC”) was $133,484 at September 30, 2025, compared to $118,800 at September 30, 2024, and $130,934 at June 30, 2025.Net Revenue Retention (“NRR”) was 107%, compared to 111% at September 30, 2024, and 108% at June 30, 2025.Gross Revenue Retention (“GRR”) was 95%, consistent with both September 30, 2024 and June 30, 2025.Income from operations of $4.3 million, compared to $4.9 million for the same period in the prior year.Non-GAAP operating income of $37.1 million, compared to $33.4 million for the same period in the prior year.Net income of $4.0 million, compared to $7.2 million for the same period in the prior year.Net income per basic Class A and Class B shares of $0.03 and net income per diluted Class A and Class B shares of $0.02, compared to net income per basic Class A and Class B shares of $0.05 and net income per diluted Class A and Class B shares of $0.04 for the same period in the prior year.Non-GAAP net income of $28.6 million and Non-GAAP diluted earnings per share (“EPS”) of $0.17.Adjusted EBITDA of $43.5 million, compared to $38.6 million for the same period in the prior year. Adjusted EBITDA margin of 22.6%, compared to 22.7% for the same period in the prior year.
Definitions of certain key business metrics and the non-GAAP financial measures used in this press release and reconciliations of such measures to the most directly comparable GAAP financial measures are included below under the headings “Definitions of Certain Key Business Metrics” and “Use and Reconciliation of Non-GAAP Financial Measures.”

Financial Outlook

For the fourth quarter of 2025, the Company currently expects:

Revenues of $192.0 million to $196.0 million; andAdjusted EBITDA of $40.0 million to $42.0 million. For the full-year 2025, the Company currently expects:

Revenues of $745.7 million to $749.7 million;Cloud revenue growth of 28%; andAdjusted EBITDA of $159.1 million to $161.1 million.
John Schwab, Chief Financial Officer added, “Our fourth quarter revenue guidance indicates a continuation of the trends we have witnessed in 2025, which primarily reflects lower than historical growth from existing customers. In addition, we are increasing full year Adjusted EBITDA guidance to reflect the improved profitability we delivered in the third quarter.”

The Company is unable to reconcile forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact net income (loss) for these periods but would not impact Adjusted EBITDA. Such items may include stock-based compensation expense, depreciation and amortization of capitalized software costs and acquired intangible assets, severance expense, acquisition contingent consideration, changes in the fair value of acquisition contingent earn-outs, amortization of cloud computing implementation costs in general and administrative expense, adjustments to the settlement value of deferred purchase commitment liabilities, transaction costs, and other items. The unavailable information could have a significant impact on the Company’s net income (loss). The foregoing forward-looking statements reflect the Company’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. The Company does not intend to update its financial outlook until its next quarterly results announcement.

Important disclosures in this earnings release about and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below under “Use and Reconciliation of Non-GAAP Financial Measures.”

$150 Million Class A Common Stock Repurchase Program

On October 30, 2025, as part of the Company's capital allocation strategy to maximize long-term stockholder value, the Company’s Board of Directors authorized a stock repurchase program, which will enable the Company to repurchase up to $150 million of the Company's outstanding shares of Class A common stock. Under the program, share repurchases may be made from time to time in one or more open market or privately negotiated transactions, and/or through other legally permissible means in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended.

The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Any repurchased shares will be available for use in connection with the Company’s stock plans and for other corporate purposes. This repurchase program has no termination date and may be modified, suspended or discontinued at any time.

Conference Call and Webcast Information

Vertex will host a conference call at 8:30 a.m. Eastern Time today, November 3, 2025, to discuss its third quarter 2025 financial results.

Those wishing to participate may do so by dialing 1-412-317-6026 approximately ten minutes prior to start time. A listen-only webcast of the call will also be available through the Company’s Investor Relations website at https://ir.vertexinc.com.

A conference call replay will be available approximately one hour after the call by dialing 1-412-317-6671 and referencing passcode 10203709, or via the Company’s Investor Relations website. The replay will expire on November 17, 2025 at 11:59 p.m. Eastern Time.

About Vertex

Vertex, Inc. is a leading global provider of indirect tax solutions. The Company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex empowers the world’s leading brands to simplify the complexity of continuous compliance.

For more information, visit www.vertexinc.com or follow us on Twitter and LinkedIn.

Forward Looking Statements

Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, and our stock repurchase program. Forward-looking statements are based on Vertex management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: our ability to maintain and grow revenue from existing customers and new customers, and expand their usage of our solutions; our ability to maintain and expand our strategic relationships with third parties; our ability to adapt to technological change and successfully introduce new solutions or provide updates to existing solutions; risks related to failures in information technology or infrastructure; challenges in using and managing use of Artificial Intelligence in our business; incorrect or improper implementation, integration or use of our solutions; failure to attract and retain qualified technical and tax-content personnel; competitive pressures from other tax software and service providers and challenges of convincing businesses using native enterprise resource planning functions to switch to our software; our ability to accurately forecast our revenue and other future results of operations based on recent success; our ability to offer specific software deployment methods based on changes to customers’ and partners’ software systems; our ability to continue making significant investments in software development and equipment; our ability to sustain and expand revenues, maintain profitability, and to effectively manage our anticipated growth; our ability to successfully diversify our solutions by developing or introducing new solutions or acquiring and integrating additional businesses, products, services, or content; our ability to successfully integrate acquired businesses and to realize the anticipated benefits of such acquisitions; risks related to the fluctuations in our results of operations; risks related to our expanding international operations; our exposure to liability from errors, delays, fraud or system failures, which may not be covered by insurance; our ability to adapt to organizational changes and effectively implement strategic initiatives; risks related to our determinations of customers’ transaction tax and tax payments; risks related to changes in tax laws and regulations or their interpretation or enforcement; our ability to manage cybersecurity and data privacy risks; our involvement in material legal proceedings and audits; risks related to undetected errors, bugs or defects in our software; risks related to utilization of open-source software, business processes and information systems; risks related to failures in information technology, infrastructure, and third-party service providers; our ability to effectively protect, maintain, and enhance our brand; changes in application, scope, interpretation or enforcement of laws and regulations; global economic weakness and uncertainties, including the economic uncertainty created by the changing legal, regulatory, or taxation landscape in the United States, and disruption in the capital and credit markets; business disruptions related to natural disasters, epidemic outbreaks, including a global endemic or pandemic, terrorist acts, political events, or other events outside of our control; our ability to comply with anti-corruption, anti-bribery, and similar laws; our ability to protect our intellectual property; changes in interest rates, security ratings and market perceptions of the industry in which we operate, or our ability to obtain capital on commercially reasonable terms or at all; our ability to maintain an effective system of disclosure controls and internal control over financial reporting, or ability to remediate any material weakness in our internal controls; risks related to our Class A common stock and controlled company status; risks related to our indebtedness and adherence to the covenants under our debt instruments; our expectations regarding the effects of the Capped Call Transactions and regarding actions of the Option Counterparties and/or their respective affiliates; and the other factors described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities Exchange Commission (“SEC”), on February 27, 2025 and may be subsequently updated by our other SEC filings.

All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Definitions of Certain Key Business Metrics

Annual Recurring Revenue (“ARR”)

We derive the vast majority of our revenues from recurring software subscriptions. We believe ARR provides us with visibility to our projected software subscription revenues in order to evaluate the health of our business. Because we recognize subscription revenues ratably, we believe investors can use ARR to measure our expansion of existing customer revenues, new customer activity, and as an indicator of future software subscription revenues. ARR is based on monthly recurring revenues (“MRR”) from software subscriptions for the most recent month at period end, multiplied by twelve. MRR is calculated by dividing the software subscription price, inclusive of discounts, by the number of subscription covered months. MRR only includes direct customers with MRR at the end of the last month of the measurement period. AARPC represents average annual revenue per direct customer and is calculated by dividing ARR by the number of software subscription direct customers at the end of the respective period.

Net Revenue Retention Rate (“NRR”)

We believe that our NRR provides insight into our ability to retain and grow revenues from our direct customers, as well as their potential long-term value to us. We also believe it demonstrates to investors our ability to expand existing customer revenues, which is one of our key growth strategies. Our NRR refers to the ARR expansion during the 12 months of a reporting period for all direct customers who were part of our customer base at the beginning of the reporting period. Our NRR calculation takes into account any revenues lost from departing direct customers or those who have downgraded or reduced usage, as well as any revenue expansion from migrations, new licenses for additional products or contractual and usage-based price changes.

Gross Revenue Retention Rate (“GRR”)

We believe our GRR provides insight into and demonstrates to investors our ability to retain revenues from our existing direct customers. Our GRR refers to how much of our MRR we retain each month after reduction for the effects of revenues lost from departing direct customers or those who have downgraded or reduced usage. GRR does not take into account revenue expansion from migrations, new licenses for additional products or contractual and usage-based price changes. GRR does not include revenue reductions resulting from cancellations of customer subscriptions that are replaced by new subscriptions associated with customer migrations to a newer version of the related software solution.

Customer Count

The following table shows Vertex’s direct customers, as well as indirect small business customers sold and serviced through the company’s one-to-many channel strategy.

CustomersQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Direct4,8554,9154,8884,8624,856Indirect448464481504516Total5,3035,3795,3695,3665,372 Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and key business metrics described above, we have calculated non-GAAP cost of revenues, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling and marketing expense, non-GAAP general and administrative expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow margin, which are each non-GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures to its most directly comparable GAAP financial measure.

Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Our non-GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as comparing our financial results to those of other companies. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, to be filed with the SEC.

We calculate these non-GAAP financial measures as follows:

Non-GAAP cost of revenues, software subscriptions is determined by adding back to GAAP cost of revenues, software subscriptions, the stock-based compensation expense, and depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues for the respective periods.Non-GAAP cost of revenues, services is determined by adding back to GAAP cost of revenues, services, the stock-based compensation expense included in cost of revenues, services for the respective periods.Non-GAAP gross profit is determined by adding back to GAAP gross profit the stock-based compensation expense, and depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues for the respective periods.Non-GAAP gross margin is determined by dividing non-GAAP gross profit by total revenues for the respective periods.Non-GAAP research and development expense is determined by adding back to GAAP research and development expense the stock-based compensation expense and transaction costs related to acquired technology included in research and development expense for the respective periods.Non-GAAP selling and marketing expense is determined by adding back to GAAP selling and marketing expense the stock-based compensation expense and the amortization of acquired intangible assets included in selling and marketing expense for the respective periods.Non-GAAP general and administrative expense is determined by adding back to GAAP general and administrative expense the stock-based compensation expense, amortization of cloud computing implementation costs and severance expense included in general and administrative expense for the respective periods.Non-GAAP operating income is determined by adding back to GAAP loss or income from operations the stock-based compensation expense, depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues, amortization of acquired intangible assets included in selling and marketing expense, amortization of cloud computing implementation costs in general and administrative expense, severance expense, acquisition contingent consideration, changes in the fair value of acquisition contingent earn-outs, and transaction costs, included in GAAP loss or income from operations for the respective periods. Non-GAAP net income is determined by adding back to GAAP net income or loss the income tax benefit or expense, stock-based compensation expense, depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues, amortization of acquired intangible assets included in selling and marketing expense, amortization of cloud computing implementation costs in general and administrative expense, severance expense, acquisition contingent consideration, adjustments to the settlement value of deferred purchase commitment liabilities recorded as interest expense, changes in the fair value of acquisition contingent earn-outs, and transaction costs, included in GAAP net income or loss for the respective periods to determine non-GAAP income or loss before income taxes. Non-GAAP income or loss before income taxes is then adjusted for income taxes calculated using the respective statutory tax rates for applicable jurisdictions, which for purposes of this determination were assumed to be 25.5%. Non-GAAP net income per diluted share of Class A and Class B common stock (“Non-GAAP diluted EPS”) is determined by dividing non-GAAP net income by the weighted average shares outstanding of all classes of common stock, inclusive of the impact of dilutive common stock equivalents to purchase such common stock, including stock options, restricted stock awards, restricted stock units and employee stock purchase plan shares. Additionally, the dilutive effect of shares issuable upon conversion of the senior convertible notes is included in the calculation of Non-GAAP diluted EPS by application of the if-converted method.Adjusted EBITDA is determined by adding back to GAAP net income or loss the net interest income or expense (including adjustments to the settlement value of deferred purchase commitment liabilities), income tax expense or benefit, depreciation and amortization of property and equipment, depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues, amortization of acquired intangible assets included in selling and marketing expense, amortization of cloud computing implementation costs in general and administrative expense, stock-based compensation expense, severance expense, acquisition contingent consideration, changes in the fair value of acquisition contingent earn-outs, and transaction costs, included in GAAP net income or loss for the respective periods.Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues for the respective periods.Free cash flow is determined by adjusting net cash provided by (used in) operating activities by purchases of property and equipment and capitalized software additions for the respective periods.Free cash flow margin is determined by dividing free cash flow by total revenues for the respective periods.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

Vertex, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)       As of September 30, As of December 31,(In thousands, except per share data) 2025   2024  (unaudited)  Assets     Current assets:     Cash and cash equivalents$313,506  $296,051 Funds held for customers 25,287   30,015 Accounts receivable, net of allowance of $15,069 and $16,838, respectively 131,502   164,432 Prepaid expenses and other current assets 48,532   36,678 Investment securities available-for-sale, at fair value (amortized cost of $0 and $9,147, respectively) —   9,157 Total current assets 518,827   536,333 Property and equipment, net of accumulated depreciation 202,655   177,559 Capitalized software, net of accumulated amortization 35,917   36,350 Goodwill and other intangible assets 396,997   363,021 Deferred commissions 28,812   27,480 Deferred income tax asset 22   19 Operating lease right-of-use assets 10,496   11,956 Long-term investment 15,000   — Other assets 13,132   14,073 Total assets$1,221,858  $1,166,791 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable$35,374  $36,215 Accrued expenses 39,788   35,169 Customer funds obligations 22,904   27,406 Accrued salaries and benefits 23,729   14,581 Accrued variable compensation 29,101   45,507 Deferred revenue, current 333,636   339,326 Current portion of operating lease liabilities 4,236   3,995 Current portion of finance lease liabilities 71   77 Purchase commitment and contingent consideration liabilities, current 27,100   35,100 Total current liabilities 515,939   537,376 Deferred revenue, net of current portion 5,407   4,840 Debt, net of current portion 336,913   335,220 Operating lease liabilities, net of current portion 10,093   12,585 Finance lease liabilities, net of current portion 61   10 Purchase commitment and contingent consideration liabilities, net of current portion 79,000   87,400 Deferred income tax liabilities 7,950   9,918 Deferred other liabilities 2,023   90 Total liabilities 957,386   987,439 Stockholders' equity:     Preferred shares, $0.001 par value, 30,000 shares authorized; no shares issued and outstanding —   — Class A voting common stock, $0.001 par value, 300,000 shares authorized; 77,315 and 70,670 shares issued and outstanding, respectively 77   71 Class B voting common stock, $0.001 par value, 150,000 shares authorized; 82,156 and 86,481 shares issued and outstanding, respectively 82   86 Additional paid in capital 304,177   278,389 Accumulated deficit (39,101)  (53,315)Accumulated other comprehensive loss (763)  (45,879)Total stockholders' equity 264,472   179,352 Total liabilities and stockholders' equity$1,221,858  $1,166,791  Vertex, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)             Three months ended Nine months ended September 30, September 30,(In thousands, except per share data) 2025   2024   2025   2024  (unaudited) (unaudited)Revenues:           Software subscriptions$164,824  $146,254  $473,429  $414,527 Services 27,288   24,181   80,304   73,793 Total revenues 192,112   170,435   553,733   488,320 Cost of revenues:           Software subscriptions 50,034   43,641   138,738   131,030 Services 20,762   16,270   59,485   48,286 Total cost of revenues 70,796   59,911   198,223   179,316 Gross profit 121,316   110,524   355,510   309,004 Operating expenses:           Research and development 19,929   15,621   61,397   47,080 Selling and marketing 47,385   42,111   143,994   123,143 General and administrative 44,609   41,499   133,029   112,915 Depreciation and amortization 6,372   5,214   18,439   15,432 Change in fair value of acquisition contingent earn-outs (4,000)  —   (16,400)  — Other operating expense (income), net 2,701   1,183   10,109   (442)Total operating expenses 116,996   105,628   350,568   298,128 Income from operations 4,320   4,896   4,942   10,876 Interest income, net (1,245)  (2,938)  (4,012)  (2,471)Income before income taxes 5,565   7,834   8,954   13,347 Income tax expense (benefit) 1,520   613   (5,260)  (1,722)Net income 4,045   7,221   14,214   15,069 Other comprehensive (income) loss:           Foreign currency translation adjustments, net of tax (286)  (8,955)  (45,125)  (1,609)Unrealized loss (gain) on investments, net of tax —   (24)  9   (26)Total other comprehensive income, net of tax (286)  (8,979)  (45,116)  (1,635)Total comprehensive income$4,331  $16,200  $59,330  $16,704             Net income per share of Class A and Class B, basic$0.03  $0.05  $0.09  $0.10 Net income per share of Class A and Class B, dilutive$0.02  $0.04  $0.09  $0.09  Vertex, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)       Nine months ended September 30,(In thousands) 2025   2024  (unaudited)Cash flows from operating activities:     Net income$14,214  $15,069 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 70,797   61,448 Amortization of cloud computing implementation costs 2,895   2,994 Provision for subscription cancellations and non-renewals (498)  (470)Amortization of deferred financing costs 2,041   1,345 Change in fair value of contingent consideration liabilities (16,200)  (2,275)Change in settlement value of deferred purchase commitment liability —   423 Write-off of deferred financing costs —   276 Stock-based compensation expense 46,249   36,459 Deferred income taxes (3,029)  (8,615)Non-cash operating lease costs 2,440   2,038 Other (60)  (151)Changes in operating assets and liabilities:     Accounts receivable 35,819   15,593 Prepaid expenses and other current assets (14,489)  (10,245)Deferred commissions (1,332)  (1,302)Accounts payable (963)  4,535 Accrued expenses 4,362   (851)Accrued and deferred compensation (10,910)  3,032 Deferred revenue (6,784)  9,411 Operating lease liabilities (3,191)  (2,856)Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value (200)  (4,367)Other 2,114   2,197 Net cash provided by operating activities 123,275   123,688 Cash flows from investing activities:     Acquisition of businesses and assets, net of cash acquired —   (71,755)Long-term investment (15,000)  — Property and equipment additions (69,342)  (47,520)Capitalized software additions (16,444)  (16,357)Purchase of investment securities, available-for-sale (2,398)  (12,246)Proceeds from sales and maturities of investment securities, available-for-sale 11,607   14,610 Net cash used in investing activities (91,577)  (133,268)Cash flows from financing activities:     Net increase (decrease) in customer funds obligations (4,502)  6,032 Proceeds from convertible senior notes —   345,000 Principal payments on long-term debt —   (46,875)Payments on third-party debt —   (3,904)Payment for purchase of capped calls —   (42,366)Payments for deferred financing costs —   (11,374)Proceeds from purchases of stock under ESPP 1,782   1,443 Payments for taxes related to net share settlement of stock-based awards (27,178)  (19,990)Proceeds from exercise of stock options 7,706   4,689 Payments for purchase commitment and contingent consideration liabilities —   (7,580)Payments of finance lease liabilities (50)  (70)Net cash provided by (used in) financing activities (22,242)  225,005 Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,271   810 Net increase in cash, cash equivalents and restricted cash 12,727   216,235 Cash, cash equivalents and restricted cash, beginning of period 326,066   89,151 Cash, cash equivalents and restricted cash, end of period$338,793  $305,386 Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets, end of period:     Cash and cash equivalents$313,506  $278,979 Restricted cash—funds held for customers 25,287   26,407 Total cash, cash equivalents and restricted cash, end of period$338,793  $305,386  Summary of Non-GAAP Financial Measures
(Unaudited)  Three months ended  Nine months ended
  September 30,
  September 30,
 (Dollars in thousands, except per share data) 2025   2024   2025   2024 Non-GAAP cost of revenues, software subscriptions$30,673  $28,549  $83,392  $83,470 Non-GAAP cost of revenues, services$19,421  $15,712  $55,424  $46,157 Non-GAAP gross profit$142,018  $126,174  $414,917  $358,693 Non-GAAP gross margin 73.9%  74.0%  74.9%  73.5%Non-GAAP research and development expense$16,766  $12,897  $51,370  $39,061 Non-GAAP selling and marketing expense$43,406  $38,454  $129,872  $111,149 Non-GAAP general and administrative expense$38,437  $35,837  $113,110  $94,037 Non-GAAP operating income$37,121  $33,409  $100,642  $98,449 Non-GAAP net income$28,582  $27,079  $77,967  $75,501 Non-GAAP diluted EPS$0.17  $0.16  $0.47  $0.46 Adjusted EBITDA$43,493  $38,623  $119,081  $113,881 Adjusted EBITDA margin 22.6%  22.7%  21.5%  23.3%Free cash flow$30,152  $18,365  $37,489  $59,811 Free cash flow margin 15.7%  10.8%  6.8%  12.2% Vertex, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)             Three months ended Nine months ended September 30, September 30,(Dollars in thousands) 2025   2024   2025   2024 Non-GAAP Cost of Revenues, Software Subscriptions:           Cost of revenues, software subscriptions$50,034  $43,641  $138,738  $131,030 Stock-based compensation expense (1,218)  (894)  (4,678)  (3,437)Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues (18,143)  (14,198)  (50,668)  (44,123)Non-GAAP cost of revenues, software subscriptions$30,673  $28,549  $83,392  $83,470             Non-GAAP Cost of Revenues, Services:           Cost of revenues, services$20,762  $16,270  $59,485  $48,286 Stock-based compensation expense (1,341)  (558)  (4,061)  (2,129)Non-GAAP cost of revenues, services$19,421  $15,712  $55,424  $46,157             Non-GAAP Gross Profit:           Gross profit$121,316  $110,524  $355,510  $309,004 Stock-based compensation expense 2,559   1,452   8,739   5,566 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Non-GAAP gross profit$142,018  $126,174  $414,917  $358,693             Non-GAAP Gross Margin:           Total Revenues$192,112  $170,435  $553,733  $488,320 Non-GAAP gross margin 73.9 %  74.0 %  74.9 %  73.5 %            Non-GAAP Research and Development Expense:           Research and development expense$19,929  $15,621  $61,397  $47,080 Stock-based compensation expense (3,163)  (2,001)  (10,027)  (7,296)Transaction costs —   (723)  —   (723)Non-GAAP research and development expense$16,766  $12,897  $51,370  $39,061             Non-GAAP Selling and Marketing Expense:           Selling and marketing expense$47,385  $42,111  $143,994  $123,143 Stock-based compensation expense (3,391)  (2,951)  (12,432)  (10,101)Amortization of acquired intangible assets – selling and marketing expense (588)  (706)  (1,690)  (1,893)Non-GAAP selling and marketing expense$43,406  $38,454  $129,872  $111,149             Non-GAAP General and Administrative Expense:           General and administrative expense$44,609  $41,499  $133,029  $112,915 Stock-based compensation expense (4,102)  (3,730)  (15,051)  (13,496)Severance expense (1,199)  (927)  (1,973)  (2,388)Amortization of cloud computing implementation costs – general and administrative expense (871)  (1,005)  (2,895)  (2,994)Non-GAAP general and administrative expense$38,437  $35,837  $113,110  $94,037  Vertex, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)             Three months ended Nine months ended September 30, September 30,(In thousands, except per share data) 2025   2024   2025   2024 Non-GAAP Operating Income:           Income from operations$4,320  $4,896  $4,942  $10,876 Stock-based compensation expense 13,215   10,134   46,249   36,459 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Amortization of acquired intangible assets – selling and marketing expense 588   706   1,690   1,893 Amortization of cloud computing implementation costs – general and administrative expense 871   1,005   2,895   2,994 Severance expense 1,199   927   1,973   2,388 Acquisition contingent consideration —   100   200   (2,275)Change in fair value of acquisition contingent earn-outs (4,000)  —   (16,400)  — Transaction costs 2,785   1,443   8,425   1,991 Non-GAAP operating income$37,121  $33,409  $100,642  $98,449                         Non-GAAP Net Income:           Net income$4,045  $7,221  $14,214  $15,069 Income tax expense (benefit) 1,520   613   (5,260)  (1,722)Stock-based compensation expense 13,215   10,134   46,249   36,459 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Amortization of acquired intangible assets – selling and marketing expense 588   706   1,690   1,893 Amortization of cloud computing implementation costs – general and administrative expense 871   1,005   2,895   2,994 Severance expense 1,199   927   1,973   2,388 Acquisition contingent consideration —   100   200   (2,275)Change in fair value of acquisition contingent earn-outs (4,000)   —    (16,400)   —  Transaction costs 2,785   1,443   8,425   1,991 Change in settlement value of deferred purchase commitment liability – interest expense —   —   —   423 Non-GAAP income before income taxes 38,366   36,347   104,654   101,343 Income tax adjustment at statutory rate(1) (9,784)  (9,268)  (26,687)  (25,842)Non-GAAP net income$28,582  $27,079  $77,967  $75,501             Non-GAAP Diluted EPS:           Non-GAAP net income$28,582  $27,079  $77,967  $75,501 Interest expense (net of tax), convertible senior notes(2) 903   923   2,709   1,524 Non-GAAP net income used in dilutive per share computation$29,485  $28,002  $80,676  $77,025             Weighted average Class A and B common stock, diluted 162,171   162,138   162,494   161,387 Dilutive effect of convertible senior notes(2) 9,498   8,194   9,498   5,462 Total average Class A and B shares used in dilutive per share computation 171,669   170,332   171,992   166,849 Non-GAAP diluted EPS$0.17  $0.16  $0.47  $0.46                         (1) Non-GAAP income before income taxes is adjusted for income taxes using the respective statutory tax rates for applicable jurisdictions, which for purposes of this determination were assumed to be 25.5%.(2) We use the if-converted method to compute diluted earnings per share with respect to our convertible senior notes. Interest expense and additional dilutive shares related to the notes are added back to the calculation when their impact is dilutive. In periods when the impact is anti-dilutive, there is no add-back of interest expense or additional dilutive shares related to the notes. Vertex, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)             Three months ended Nine months ended September 30, September 30,(Dollars in thousands) 2025   2024   2025   2024 Adjusted EBITDA:           Net income$4,045  $7,221  $14,214  $15,069 Interest income, net (1,245)  (2,938)  (4,012)  (2,471)Income tax expense (benefit) 1,520   613   (5,260)  (1,722)Depreciation and amortization – property and equipment 6,372   5,214   18,439   15,432 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Amortization of acquired intangible assets – selling and marketing expense 588   706   1,690   1,893 Amortization of cloud computing implementation costs – general and administrative expense 871   1,005   2,895   2,994 Stock-based compensation expense 13,215   10,134   46,249   36,459 Severance expense 1,199   927   1,973   2,388 Acquisition contingent consideration —   100   200   (2,275)Change in fair value of acquisition contingent earn-outs (4,000)  —   (16,400)  — Transaction costs 2,785   1,443   8,425   1,991 Adjusted EBITDA$43,493  $38,623  $119,081  $113,881             Adjusted EBITDA Margin:           Total revenues$192,112  $170,435  $553,733  $488,320 Adjusted EBITDA margin 22.6 %  22.7 %  21.5 %  23.3 %                          Three months ended Nine months ended September 30, September 30,(Dollars in thousands) 2025
   2024   2025   2024 Free Cash Flow:           Cash provided by operating activities$62,467  $41,396  $123,275  $123,688 Property and equipment additions (26,436)  (17,771)  (69,342)  (47,520)Capitalized software additions (5,879)  (5,260)  (16,444)  (16,357)Free cash flow$30,152  $18,365  $37,489  $59,811             Free Cash Flow Margin:           Total revenues$192,112  $170,435  $553,733  $488,320 Free cash flow margin 15.7 %  10.8 %  6.8 %  12.2 %                 Investor Relations Contact:
Joe Crivelli
Vertex, Inc.
[email protected]

Media Contact:

Rachel Litcofsky
Vertex, Inc.
[email protected]

SALT LAKE CITY , Nov. 3, 2025 /PRNewswire/ -- As business leaders worldwide focus on re-energizing workforces after years of upheaval, Kevin Guest, Executive Chairman of USANA Health Sciences (NYSE: USNA), is urging CEOs to lead with renewed authenticity, empathy, and moral clarity—principles he calls "the real foundation of sustainable success." "No doubt, technology and strategy will always matter," Guest said.

SummaryDatadog is positioned to benefit from accelerating AI-driven cloud workloads, leveraging rapid product innovation in observability and security.
AI revenue for DDOG grew 253% YoY, now representing 11% of total revenue, with significant runway as AI adoption expands across its customer base.
DDOG stands out for comprehensive AI observability features, strong integrations, and a large customer base, though faces risk from hyperscaler competition.
NicoElNino/iStock via Getty Images

By Anthony Goh, Senior Investment Research Analyst @ Khaveen Investments

In our last coverage of Datadog, Inc. (DDOG), we highlighted how the cloud observability and security company's growth performance has been in line

Analyst’s Disclosure:I/we have a beneficial long position in the shares of DDOG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

No information in this publication is intended as investment, tax, accounting, or legal advice, or as an offer/solicitation to sell or buy. Material provided in this publication is for educational purposes only and was prepared from sources and data believed to be reliable, but we do not guarantee its accuracy or completeness.

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

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Fast Track Designation was granted for BB-301 following FDA review of positive interim clinical study results and proprietary Responder Analysis planned for use in pivotal study for BB-301 BB-301 has also been granted Orphan Drug Designation from both FDA and EMA All six patients enrolled into Cohort 1 met the formal statistical criteria for response to BB-301, representing a 100% response rate Following the administration of BB-301, Cohort 1 patients experienced significant continuing reductions in dysphagic symptom burden, post-swallow residue accumulation, time required to consume fixed volumes of liquid, and improved pharyngeal closure during swallowing First patient in Cohort 2 successfully treated with BB-301 in fourth quarter of 2025Benitec plans to meet with the FDA in 2026 to confirm the BB-301 pivotal study designDr. Sharon Mates, who served as Chairman, Chief Executive Officer, and Co-founder of Intra-Cellular Therapies Inc., appointed to the Benitec Biopharma Board of Directors as previously disclosed
HAYWARD, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Benitec Biopharma Inc. (NASDAQ: BNTC) (“Benitec” or “Company”), a clinical-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on its proprietary “Silence and Replace” DNA-directed RNA interference (“ddRNAi”) platform, today provides positive interim clinical results for the BB-301 Phase 1b/2a Clinical Trial. Following administration of BB-301, Cohort 1 patients demonstrated significant and sustained improvements across multiple clinical measures including dysphagic symptom burden, post-swallow residue accumulation, time required to consume fixed volumes of liquid, as well as improved pharyngeal closure during swallowing. All six patients enrolled into Cohort 1 met the formal statistical criteria for response to BB-301, representing a 100% response rate. Following review of these encouraging interim data, the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BB-301 for the treatment of OPMD with dysphagia. BB-301 was also previously granted Orphan Drug Designation from both the FDA and European Medical Association (EMA).

“Progressive dysphagia is a severe, life-threatening complication of OPMD which impacts 97% of OPMD patients, often leading to serious health risks, such as chronic choking, malnutrition, aspiration pneumonia, and death. We are excited by the profound effect that BB-301 can potentially have on this progressive disease as demonstrated by the interim clinical trial results for Cohort 1, where 100% of patients were responders” said Jerel A. Banks, M.D., Ph.D., Executive Chairman and Chief Executive Officer of Benitec Biopharma Inc. “Securing Fast Track designation for BB-301 reflects the strength of our clinical data and the urgency of the unmet need in OPMD. This recognition validates our team’s scientific and strategic execution, and we look forward to continued collaboration with the FDA as we advance toward a pivotal clinical trial.”

The pre-treatment data for Cohort 1 patients reflect the first six months of Natural History Study follow-up and the final pre-treatment visit (i.e., the Phase 1 Screening Visit)

The interim post-treatment data for Cohort 1 patients reflect the following:

12-months of post-BB-301-treatment follow-up for Patient 1 and Patient 29-months of post-BB-301-treatment follow-up for Patient 36-months of post-BB-301-treatment follow-up for Patient 4 and Patient 5; and3-months of post-BB-301-treatment follow-up for Patient 6 As the total dysphagic symptom burden experienced by OPMD patients has several known underlying contributors, the development of a multi-component composite endpoint to evaluate the potential treatment effects of BB-301 allows for incorporation of multiple discrete assessments that, in total, assess disease progression and treatment benefit of BB-301.

The BB-301 Responder Analysis (the multi-component composite endpoint) is comprised of a combination of patient-reported outcome results, objective assessment results, and swallowing capacity assessment results:

Patient-Reported Outcome assessment results include: Sydney Swallow Questionnaire or “SSQ” resultsObjective Assessment Results include: Videofluoroscopic swallowing study results (Pharyngeal Area at Maximum Constriction or “PhAMPC”, Post-Swallow Pharyngeal Residue as measured by Total Pharyngeal Residue or “TPR” and Normalized Residue Ratio Scale or “NRRS”, Frequency of sequential swallows or “SEQ”)Functional Swallowing Capacity Assessment Results include: Clinically administered drinking assessment results (as measured by the cold-water timed drinking test or “CWDT”)
Following the administration of BB-301, Cohort 1 patients experienced clinically significant reductions, and met the formal statistical criteria for response, in the following assessments:

Summary of Cohort 1 Results

To date, the Benitec OPMD Natural History Study and the BB-301 Phase 1b/2a Clinical Trial represent the only clinical studies ever conducted which employ serial evaluation of the dysphagic symptom burden of OPMD patients and serial radiographic evaluation of the anatomical and functional elements of swallowing in OPMD patients at a frequency of approximately every 3-months. Positive interim clinical study results demonstrate the significant and durable clinical benefit achieved by patients treated with BB-301.

Company Webcast Information:

Webcast title: Interim BB-301 Phase 1b/2a Clinical Study Update

A live webcast of the interim clinical data presentation, will be held at 8:00 AM ET on Monday, November 3, 2025, and can be accessed by clicking here.

The event replay and corresponding slides will be placed on the News & Events tab on the Investor page of the Benitec website.

About BB-301
BB-301 is a novel, modified AAV9 capsid expressing a unique, single bifunctional construct promoting co-expression of both codon-optimized Poly-A Binding Protein Nuclear-1 (PABPN1) and two small inhibitory RNAs (siRNAs) against mutant PABPN1 (the causative gene for OPMD). The two siRNAs are modeled into microRNA backbones to silence expression of faulty mutant PABPN1, while allowing expression of the codon-optimized PABPN1 to replace the mutant with a functional version of the protein. We believe the silence and replace mechanism of BB-301 is uniquely positioned for the treatment of OPMD by halting mutant expression while providing a functional replacement protein. BB-301 has received Orphan Drug Designation from the EMA and Orphan Drug and Fast Track Designations from the FDA.

About Benitec Biopharma, Inc.
Benitec Biopharma Inc. (“Benitec” or the “Company”) is a clinical-stage biotechnology company focused on the advancement of novel genetic medicines with headquarters in Hayward, California. The proprietary “Silence and Replace” DNA-directed RNA interference platform combines RNA interference, or RNAi, with gene therapy to create medicines that simultaneously facilitate sustained silencing of disease-causing genes and concomitant delivery of wildtype replacement genes following a single administration of the therapeutic construct. The Company is developing Silence and Replace-based therapeutics for chronic and life-threatening human conditions including Oculopharyngeal Muscular Dystrophy (OPMD). A comprehensive overview of the Company can be found on Benitec’s website at www.benitec.com.

Forward Looking Statements
Except for the historical information set forth herein, the matters set forth in this press release include forward-looking statements, including statements regarding Benitec’s plans to develop and commercialize its product candidates and the clinical utility and potential attributes and benefits of ddRNAi and Benitec’s product candidates, and other forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: the success of our plans to develop and potentially commercialize our product candidates; the timing of the completion of preclinical studies and clinical trials; the timing and sufficiency of patient enrollment and dosing in any future clinical trials; the timing of the availability of data from our clinical trials; the timing and outcome of regulatory filings and approvals; the development of novel AAV vectors; our potential future out-licenses and collaborations; the plans of licensees of our technology; the clinical utility and potential attributes and benefits of ddRNAi and our product candidates, including the potential duration of treatment effects and the potential for a “one shot” cure; our intellectual property position and the duration of our patent portfolio; expenses, ongoing losses, future revenue, capital needs and needs for additional financing, and our ability to access additional financing given market conditions and other factors; the length of time over which we expect our cash and cash equivalents to be sufficient to execute on our business plan; unanticipated delays; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of patients in clinical trials; determinations made by the FDA and other governmental authorities and other regulatory developments; the Company’s ability to protect and enforce its patents and other intellectual property rights; the Company’s dependence on its relationships with its collaboration partners and other third parties; the efficacy or safety of the Company’s products and the products of the Company’s collaboration partners; the acceptance of the Company’s products and the products of the Company’s collaboration partners in the marketplace; market competition; sales, marketing, manufacturing and distribution requirements; greater than expected expenses; expenses relating to litigation or strategic activities; the impact of, and our ability to remediate, the identified material weakness in our internal controls over financial reporting, the impact of local, regional, and national and international economic conditions and events; and other risks detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact:

Irina Koffler
LifeSci Advisors, LLC
(917) 734-7387
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82289b3c-6338-4e34-9274-b0507edf6346

IREN has signed a multi-year deal with Microsoft to use its cloud-based graphics processing services.

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

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

November 03, 2025 7:17 AM EST | Source: First Phosphate Corp.
Saguenay, Quebec--(Newsfile Corp. - November 3, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that its common shares have now been listed for trading on the Tradegate Exchange ("Tradegate") in Germany (TDG: KD0).

This expanded access on Tradegate will allow European investors to trade in the shares of First Phosphate directly within EU market hours as well as during extended trading hours across all major European time zones, improving convenience and exposure for the Company's shares internationally.

The Tradegate listing complements First Phosphate's existing listings on the Canadian Securities Exchange (PHOS), the OTCQX Best Market in the United States (FRSPF), and the Frankfurt Stock Exchange (KD0).

Tradegate's focus on international issuers enables broader market participation for investors interested in aligning with First Phosphate's vision of onshoring the lithium iron phosphate ("LFP") battery supply chain in North America and Europe using North American critical minerals.

First Phosphate has recently produced commercial-grade LFP 18650 battery cells using North American critical minerals. Please see: https://firstphosphate.com/north-american-lfp-battery-cells.

The high-purity phosphoric acid and iron powder for these LFP 18650 battery cells was produced using rare igneous anorthosite rock extracted from the First Phosphate Bégin-Lamarche property in the Saguenay-Lac-Saint-Jean region of Quebec, Canada.

About Tradegate Exchange

Tradegate, based in Berlin, is Europe's largest stock exchange specialised in the execution of private investor orders. Tradegate emerged from the over-the-counter trading platform Tradegate, which quickly became the most popular trading venue for private investors since its founding in the year 2000. On January 4, 2010, Tradegate began trading as the first newly established stock exchange in Germany since more than 150 years. The exchange is operated by Tradegate Exchange GmbH (also based in Berlin), which is owned 42.84% by Deutsche Börse AG and 42.84% by Tradegate AG; the remaining 14.32% of the GmbH are held by Verein Berliner Börse e. V.

About First Phosphate

First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (TDG: KD0) (FSE: KD0) is a mineral development and cleantech company dedicated to building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. Target markets include energy storage, data centers, robotics, mobility and national security. First Phosphate's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec is one of North America's rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities.

Follow First Phosphate:

X : https://x.com/FirstPhosphate
LinkedIn : https://www.linkedin.com/company/first-phosphate

Forward-Looking Information and Cautionary Statement

This release includes certain statements that may be deemed "forward-looking information". Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things, the Company's plans for vertical integration into North American supply chains, and the potential benefits of the listing of the Company common shares on Tradegate including broader market participation for investors interested in aligning with First Phosphate's vision of onshoring the LFP battery supply chain in North America and Europe using North American critical minerals. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions; there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company's expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company's relationship with First Nations and other Indigenous parties remaining consistent with the Company's expectations; the Company's relationship with other third party partners and suppliers remaining consistent with the Company's expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272884

Dana Incorporated targets 10–10.5% margins and $1B in shareholder returns by 2027, but execution risk remains high. DAN's Q3 margins held at 8.5% despite weak volumes; aggressive buybacks support EPS and provide technical price support near $20. Heavy customer concentration (Ford, Stellantis) and cyclical truck demand pose risks to margin targets and financial stability.

November 03, 2025 6:00 AM EST | Source: Rua Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2025) - Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("RUA GOLD" or the "Company") is pleased to announce that it has engaged ICP Securities Inc. ("ICP") to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.

The Company will pay ICP a monthly fee of C$7,500 plus applicable taxes. The agreement between the Company and ICP commenced on November 1, 2025, and has an intial term of four (4) months (the "Initial Term"). It will automatically renew for subsequent one (1) month terms (each an "Additional Term"), unless either party provides at least 30 days written notice prior to the end of the Initial Term or any Additional Term. There are no performance-based factors in the agreement and no stock options or other forms of compensation are being issued in connection with the engagement. ICP and its clients may, from time to time, acquire or hold securities of the Company.

ICP is an arm's-length party to the Company. ICP's market making activity will be conducted primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for all costs associated with buying and selling the Company's shares, and no third party will provide funds or securities for the market making services.

OPTION GRANT

The Company granted 200,000 options (each, an "Option") to Mr. Simon Delander of the Company in accordance with the Company's stock option plan dated July 24, 2024. Each Option is exercisable into one Common Share at an exercise price of $1.02 per Common Share for five years following the date of grant. The Options are subject to a 2-year vesting period with 100,000 Options vesting on October 20, 2026 and 100,000 Options vesting on October 20, 2027.

ABOUT ICP SECURITIES INC.

ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

ABOUT RUA GOLD

RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA GOLD's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

CONNECT AND SHARE

LinkedIn: https://www.linkedin.com/company/rua-gold
X: https://x.com/RuaGold
YouTube: https://www.youtube.com/@RUA_GOLD/
Facebook: https://www.facebook.com/ruagold.inc
Instagram: https://www.instagram.com/ruagold.inc/

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

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272929

November 03, 2025 06:00 ET

 | Source:

The Ensign Group, Inc.

SAN JUAN CAPISTRANO, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that it acquired the operations of The Health Center of Eastview, a 90-bed skilled nursing facility located in Birmingham, Alabama which is subject to a long-term, triple net lease with a third-party landlord. This acquisition was effective as of November 1, 2025.

“We are thrilled to add another operation to our growing Alabama market, said Barry Port, Ensign's Chief Executive Officer. “We can’t wait to continue building on our recent growth in the Southeast and this facility is the perfect next step to do that,” he added.

Tyler Albrechtsen, President of Southstone Healthcare LLC, Ensign’s Alabama-based subsidiary, commented, “We are excited to get to work with such a talented group of caregivers and look forward to providing top notch quality of care to the residents and families of The Health Center of Eastview.”

In a separate transaction on the same day, Ensign announced that it acquired the real estate and operations of the following seven skilled nursing facilities (i) Stonehenge of American Fork, a 90-bed skilled nursing facility located in American Fork, Utah; (ii) Stonehenge of Cedar City, a 50-bed skilled nursing facility located in Cedar City, Utah; (iii) Stonehenge of Ogden, a 52-bed skilled nursing facility located in Washington Terrace, Utah; (iv) Stonehenge of Orem, a 34-bed skilled nursing facility located in Orem, Utah; (v) Stonehenge of Richfield, a 30-bed skilled nursing facility located in Richfield, Utah; (vi) Stonehenge of South Jordan, a 32-bed skilled nursing facility located in South Jordan, Utah; (vii) Stonehenge of Springville, a 50-bed skilled nursing facility located in Springville, Utah. The real estate assets were purchased by subsidiaries of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company and operations were leased to Ensign-affiliated operators, subject to a long-term lease effective as of November 1, 2025.

These acquisitions bring Ensign's growing portfolio to 369 healthcare operations, which includes 47 senior living operations, across 17 states.  Ensign subsidiaries, including Standard Bearer, own 155 real estate assets.   Mr. Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare related businesses throughout the United States.

About Ensign™

The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 369 healthcare facilities in Alabama, Alaska, Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, Oregon, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.

Contact Information
The Ensign Group, Inc., (949) 487-9500, [email protected]

SOURCE: The Ensign Group, Inc.

November 03, 2025 06:00 ET

 | Source:

Mawson Infrastructure Group Inc.

MIDLAND, Pa., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson” or the “Company”), a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms providing services to the artificial intelligence (AI), high-performance computing (HPC), and digital assets (including Bitcoin mining), and other intensive compute applications market sectors, announced that Mawson recently received an extension to the Company’s request for continued listing on The Nasdaq Capital Market subject to evidencing compliance with Nasdaq’s continued listing requirements.

Based on the compliance plan the Company presented to the Nasdaq Hearing Panel to maintain its listing on Nasdaq, the Company has been granted an exception period through December 4, 2025 to evidence compliance with Nasdaq’s $1.00 minimum bid price continued listing requirement and through December 19, 2025 to evidence compliance with Nasdaq’s minimum $35 million market value of listed securities continued listing requirement.

About Mawson

Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. The company provides services spanning AI, HPC, digital assets (including Bitcoin mining), and other intensive compute applications. Mawson delivers both self-mining operations and colocation/hosting for enterprise customers, with a vertically integrated infrastructure model built for scalability and efficiency.

A core part of Mawson’s strategy is powering its operations with carbon-free energy resources—including nuclear power—ensuring that its compute platforms support the rapid growth of the digital economy in an environmentally sustainable way. With 129 megawatts of capacity already online and more under development, Mawson is positioning itself as a competitive provider of carbon-aware digital infrastructure solutions.

Articles and recent news related to the Company are available at www.mawsoninc.com/articles.

Company Presentation (Sept. 2025) is available at www.mawsoninc.com/company-presentations.

For more information, visit: https://mawsoninc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding listing matters, potential financing activities, operational plans, legal proceedings, strategy, and other future events. Words such as “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “may,” “will,” “estimate,” and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements in this press release include, among others, statements regarding the Company’s ability to regain compliance with Nasdaq’s listing standards.

These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including, without limitation, continued evolution and uncertainty related to technologies and digital infrastructure; our ability to continue as a going concern; our ability to cure any continued listing deficiencies and maintain the listing of our common stock on Nasdaq; the availability of our “at-the-market” program and our ability or inability to secure additional funds through equity financing transactions; access to reliable and reasonably priced electricity sources; operational, maintenance, repair, safety, and construction risks; the failure or breakdown of mining equipment, or internet connection failure; our reliance on key management personnel and employees; our ability to attract or retain the talent needed to sustain or grow the business; our ability to develop and execute on our business strategy and plans; counterparty risks related to our customers, agreements and/or contracts; the loss of a significant digital colocation customer; adverse actions by creditors, debt providers, or other parties; continued evolution and uncertainty related to growth in blockchain and Bitcoin and other digital assets’ usage; high volatility in Bitcoin and other digital assets’ prices and in value attributable to our business; our need to, and difficulty in, raising additional debt or equity capital and the availability of financing opportunities; failure to maintain required compliance to remain eligible for the most cost-effective forms of raising additional equity capital; the evolution of AI and HPC market and changing technologies; the slower than expected growth in demand for AI, HPC and other accelerated computing technologies; the ability to timely implement and execute on AI and HPC digital infrastructure contracts or deployment; the ability to timely complete the digital infrastructure build-out in order to achieve its revenue expectations for the periods mentioned; downturns in the digital assets industry; counterparty risks and risks of delayed or delinquent payments from customers and others; inflation, economic or political environment; cyber-security threats; our ability to obtain proper insurance; banks and other financial institutions ceasing to provide services to our industry; changes to the Bitcoin and/or other networks’ protocols and software; the decrease in the incentive or increased network difficulty to mine Bitcoin; the increase of transaction fees related to digital assets; the fraud or security failures of large digital asset exchanges; the regulation and taxation of digital assets like Bitcoin; our ability to timely and effectively implement controls and procedures required by Section 404 of the Sarbanes-Oxley Act of 2002; how our common stock shares may and/or will be impacted by the dismissal of the involuntary petition filed against us in the United States Bankruptcy Court for the District of Delaware; material litigation, investigations, or enforcement actions, including by regulators and governmental authorities; and other risks described in Mawson’s filings with the SEC. Mawson undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this release, except as required by law.

Investor Contact: [email protected]

Partnerships Contact: [email protected]

Media and Press Contact: [email protected]

November 03, 2025 6:00 AM EST | Source: HIVE Digital Technologies Ltd.
San Antonio, Texas--(Newsfile Corp. - November 3, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, today announced a pivotal milestone in the heart of the AI super cycle: achieving 23 Exahash per second ("EH/s") in global Bitcoin-mining capacity-positioning the Company amongst industry leaders in 2025 with 283% year-to-date growth (all amounts in US dollars, unless otherwise indicated).

In tandem, HIVE has finalized the acquisition of an additional 32.5 acres in Grand Falls, New Brunswick, adjacent to its existing operations, positioning the site as a cornerstone for Tier III+ HPC development capable of scaling to over 25,000 next-generation GPUs. With the AI industrial revolution demanding unprecedented compute power, HIVE's renewable-energy backbone is fast-tracking hyperscaler-ready infrastructure to fuel this global surge.

Fueling the AI Super Cycle: Why HPC Data Centers Are the Backbone of Tomorrow's Economy

The AI super cycle is here-propelled by breakthroughs in generative AI, machine learning, and real-time data processing that require exponentially more computational power than ever before. Traditional data centers are struggling to keep up with the requirements, as global demand for HPC is projected to skyrocket as companies from startups to Fortune 500 giants seek liquid-cooled, high-density facilities to deploy the world's most powerful GPU chips.

Frank Holmes, Co-Founder and Executive Chairman, said, "HIVE is a pioneer in repurposing stranded and surplus renewable energy for digital infrastructure, and is now turbocharging the transition from Bitcoin mining Tier I to Tier III+ HPC data centers in Canada and Sweden. Its Tier III+ HPC expansions aren't just additions-they are strategic accelerators, delivering scalable, green-powered compute that slashes deployment timelines and costs for hyperscalers chasing the AI edge. HIVE's wholly owned HPC/AI subsidiary BUZZ HPC plans to scale its HPC data center capacity to support over 30,000 high-performance GPUs for AI cloud."

HIVE Bolsters Canadian Footprint for AI-Driven HPC Expansion

HIVE has completed its strategic land acquisition in Grand Falls, New Brunswick, adding 32.5 acres adjacent to the Company's existing 6-acre property acquired in April 2021. Purchased for CAD $2.3 million, this expanded site lays the groundwork for HIVE's inaugural Tier III+ AI and HPC data center in Atlantic Canada-a beacon for the region's clean-energy ecosystem near the border of Maine.

Leveraging abundant renewable hydroelectric power, the Grand Falls facility currently powers 70 megawatts ("MW") of Bitcoin mining with an on-site 80 MW substation-all owned outright by HIVE, including the buildings. This acquisition unlocks vast potential for HPC growth, enabling HIVE's BUZZ subsidiary to scale its HPC data center capacity to over 30,000 GPUs. Its strategic proximity to the Maine border makes it an ideal candidate for hyperscaler colocation, bridging North American AI infrastructure needs with robust efficiency.

Executive Perspectives: Pioneering the AI Industrial Revolution

Craig Tavares, President & COO of BUZZ HPC, commented: "Grand Falls offers the ideal convergence of Tier I and Tier III+ HPC data centers with clean power, scalability, and community partnership. Our vision is to transform this site into one of Canada's most advanced Tier III+ AI HPC data centers, capable of hosting tens of thousands of GPUs for AI and HPC workloads. This marks an important step for BUZZ HPC, HIVE's Canadian company with a mission to deliver sustainable, high-density compute that fuels the AI industrial revolution."

Aydin Kilic, President & CEO of HIVE, emphasized the Company's unique advantage in the AI super cycle: "Bitcoin miners like HIVE were early visionaries, sourcing stranded or surplus energy to build the foundational infrastructure that now fast-tracks hyperscalers in the AI industrial revolution. We're not just adapting-we're turbocharging a double-engine data-center machine, seamlessly building and upgrading Tier I and Tier III+ HPC facilities to unleash the most powerful GPU chips for AI workloads. With 23 EH/s already secured, we're generating robust cash flows today while scaling green HPC tomorrow in Canada and Paraguay, positioning HIVE as the go-to partner for the compute demands of this era."

Luke Rossy, HIVE's COO, added: "Our Valenzuela facility continues to scale ahead of schedule, with new ASICs driving increased Bitcoin production and generating incremental cash flow to support strategic growth across HIVE's dual engines of Bitcoin mining and AI cloud computing. This approach maximizes return on invested capital, creates diversified value for shareholders, and reinforces HIVE's position as a renewable-powered, high-performance digital-infrastructure leader in the AI era."

HIVE Powers Through to 23 EH/s Amid Soaring AI Compute Demand

HIVE's ascent to 23 EH/s highlights the resilience of its global renewable portfolio, boasting an average efficiency of 17.7 J/TH-even as Bitcoin difficulty hits a record 156T and prices hover near $108,000, delivering over 50% mining margins* post-electricity costs.

All ASICs and hydro-cooling containers are now deployed at the Company's third 100 MW green campus in Valenzuela, Paraguay, powered by the Itaipú Dam, the Western Hemisphere's largest hydroelectric facility. With commissioning underway, HIVE anticipates hitting 25 EH/s by U.S. Thanksgiving, targeting 17.5 J/TH efficiency and meeting its full 2025 hashrate goals on time.

This momentum isn't isolated-it's symbiotic with the AI super cycle. Bitcoin mining's proven infrastructure provides immediate revenue to fund HPC upgrades, creating a virtuous loop where surplus energy powers both proof-of-work security and AI's growing data needs.

Dual-Engine Strategy: Bridging Bitcoin and AI for Exponential Scale

HIVE is advancing its Tier III+ HPC roadmap, converting its Boden, Sweden facility from Tier I to a liquid-cooled powerhouse. This retrofit leverages existing assets to slash timelines to 9-12 months-versus multiple years for greenfield builds-unlocking 2,000 high-performance GPUs for EU-based AI workloads upon launch.

Complementing this, HIVE's BUZZ data-center acquisition in Toronto targets 2,000 GPUs for AI operations in 2026, with a Bell colocation partnership adding another 2,000 GPUs over the next nine months. By year-end 2026, HIVE projects 6,000 next generation high-performance GPUs operational in these new facilities, in addition to the current fleet of 5,000 GPUs HIVE operates. Factoring in Grand Falls' conversion from mining to HPC-with a PUE of 1.3-the site alone could operate 25,000 additional GPUs, pushing HIVE's long-term HPC data center capacity to approximately 36,000 GPUs.

This accelerates HIVE's growth in the AI super cycle, where HPC data centers aren't optional-they're the indispensable engines of innovation.

Operational Momentum and Shareholder Alignment

As disclosed, Valenzuela's full hardware rollout is fully funded and on-site, with each incremental EH/s boosting Bitcoin output under stable, fixed-rate hydro costs. Results will fluctuate with network dynamics and market prices, but HIVE's model demonstrates the critical ability to scale while maintaining efficiency across its data centers in Canada, Sweden, and Paraguay.

To champion its team's role in this AI-fueled ascent, HIVE is granting 2,720,900 Restricted Share Units (RSUs) to employees, officers, directors, and consultants under its RSU plan, with a mandatory one-year TSX Venture Exchange vesting period. This aligns management with investors to build long-term value. Inspired by Harvard Business School research on non-linear incentives, these quarterly milestone-based awards foster innovation and retention-aligning global talent from Paraguay to Sweden with HIVE's vision for sustainable growth and minimal dilution.

HIVE has shared these RSUs with all employees, both new and long-serving, to preserve its unique culture with a focus on efficiency and return on invested capital. The Company now operates across nine time zones and five languages.

Quarterly ATM Sales Report

For the three-month period ended September 30, 2025, the Company issued 30,174,046 common shares (the "October 2024 ATM Shares") pursuant to the at-the-market offering commenced in October 2024 and continued in May 2025 (the "October 2024 ATM Equity Program") for gross proceeds of C$100.2 million ($73.1 million). The October 2024 ATM Shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of C$3.32. Pursuant to the October 2024 ATM Equity program, a cash commission of $1.9 million on the aggregate gross proceeds raised was paid to the sales agents in connection with its services under the October 2024 ATM Equity Program.

* As used herein, "Mining Margin" is calculated by dividing the mining profit (revenue generated from mining activities minus power costs related to those activities) by the total revenue generated from mining activities and expressed as a percentage. In mining, the most significant expense is power cost; in this estimate we are assuming an average of USD 5 cents per kilowatt hour for indicative purposes. These non-GAAP measures should be read in conjunction with and should not be viewed as alternatives to or replacements for measures of operating results and liquidity presented in accordance with GAAP in HIVE's quarterly and annual financial statements. All financial projections reflect current market sentiment and public disclosures as of the date of this news release; actual outcomes may vary. Investors should conduct their own due diligence.

About HIVE Digital Technologies Ltd.

Founded in 2017, HIVE Digital Technologies Ltd. is the first publicly listed company to mine digital assets powered exclusively by green energy. Today, HIVE builds and operates next-generation blockchain and AI data centers across Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing (HPC) clients. HIVE's twin-turbo engine infrastructure-driven by Bitcoin mining and NVIDIA GPU-accelerated AI computing-delivers scalable, environmentally responsible solutions for the digital economy.

For more information, visit hivedigitaltech.com, or connect with us on:

X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain

On Behalf of HIVE Digital Technologies Ltd.

"Frank Holmes"
Executive Chairman

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

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the performance of the Company's existing operations, the construction of the Company's Phase 3 facility in Valenzuela, Paraguay and its potential specifications and performance upon completion, the timing of it becoming operational; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.

The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272890

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

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

SummaryThe Virtus Terranova U.S. Quality Momentum ETF has a portfolio of 125 large and mid-cap stocks blending quality, momentum, and equal-weight methodology.JOET offers attractive value and growth metrics with a notable overweight in financials, but its allocation shifts with sector trends.Long-term simulation of the strategy points to outperformance relative to the S&P 500, but JOET has lagged the benchmark and most competitors.QLC stands out as a more compelling quality factor ETF alternative. pepifoto/iStock via Getty Images

This article updates my review published in April 2023 in light of current holdings and recent performance.

JOET strategy Virtus Terranova U.S. Quality Momentum ETF (JOET) started investing operations on 11/17/2020 and tracks the

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

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

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Heineken Holding N.V. reports transactions under its current share buyback programme

Amsterdam, 3 November 2025 - Heineken Holding N.V. (EURONEXT:HEIO; OTCQX: HKHHY), hereby reports transaction details related to the first tranche of up to circa €375 million tranche of its share buyback programme of up to circa €750 million as communicated on 12 February 2025.

From 27 October 2025 up to and including 31 October 2025 a total of 123,701 shares were repurchased on exchange at an average price of € 59.48.

Up to and including 31 October 2025, a total of 3,689,575 shares were repurchased under the share buyback programme for a total consideration of € 231,497,957.

Heineken Holding N.V. publishes on a weekly basis, every Monday, an overview of the progress of the share buyback programme on its website: https://www.heinekenholding.com/investors/share-information/share-buyback-programme

Enquiries

Media Heineken Holding N.V.  Kees Jongsma  tel. +31 6 54 79 82 53  E-mail: [email protected]     Media InvestorsChristiaan Prins Tristan van StrienDirector of Global Communications Global Director of Investor RelationsMarlie Paauw Lennart Scholtus / Chris SteynCorporate Communications Lead Investor Relations Manager / Senior AnalystE-mail: [email protected] E-mail: [email protected]: +31-20-5239355 Tel: +31-20-5239590 Regulatory information:
This press release is issued in connection with the disclosure and reporting obligations as set out in Article 5(1)(b) Regulation (EU) 596/2014 and Article 2(2) of the Commission Delegated Regulation (EU) 2016/1052 that contains technical standards for buyback programs.

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company. HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 340 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN’s dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on www.heinekenholding.com and www.theheinekencompany.com and follow HEINEKEN on LinkedIn and Instagram.

20251103 HHNV SBB 2025 Weekly update 27 October - 31 October 2025

- FDA requests additional information on a formulation component - HUNTSVILLE, AL, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Serina Therapeutics, Inc. (“Serina”) (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform™ drug optimization technology, today announced that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on the Company's Investigational New Drug (IND) application for SER-252, Serina's lead development program for advanced Parkinson's disease. The FDA has requested additional information related to a commonly used excipient in the formulation.

SummaryOakmark Global Strategy portfolio’s return was 4.70% (net) for the reporting period vs. MSCI World Index that returned 7.27% for the same period.Kering (PPRUF), Alibaba Group (BABA) and Alphabet Cl A (GOOG) were the contributors.Charter Communications Cl A (CHTR), Centene (CNC) and Keurig Dr Pepper (KDP) were the detractors. adrian825/iStock via Getty Images

The following segment was excerpted from the Alger Mid Cap Focus Fund Q3 2025 Commentary.

Portfolio Performance The portfolio’s return was 4.70% (net) for the reporting period. This compares to the MSCI World Index that returned 7.27% for the

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SummaryAerCap delivered strong Q3 results, raising full-year guidance on robust lease revenue growth and significant gains on asset sales.AER's liquidity coverage improved, with prudent cash management and lower average debt costs, supporting ongoing capital expenditures and debt maturities.Despite trading above book value, AER's asset base remains undervalued, and share repurchases continue to add value given asset sale premiums.I maintain a buy rating on AER, citing improving lease yields, lower debt costs, and long-term upside from flight equipment revaluation. AndreyPopov/iStock via Getty Images

AerCap (AER), the world’s biggest lessor of commercial airplanes and engines, reported its third quarter earnings recently and raised its full year guidance. In my prior report, I maintained my buy rating on

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

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

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Value-Enhancing Scale

Premier portfolio across the highest-return U.S. shale basins drives significant free cash flow and enhanced stockholder value

Pro forma second quarter of 2025 production totaled 526 MBoe/d

Pro forma full-year 2025 consensus free cash flow of more than $1.4 billion

Step-change in free cash flow supports sustained return of capital

Value-Driven Synergies

Proven management and a world-class technical team positioned to deliver identified and achievable annual synergies of approximately $200 million with upside potential 

Synergies create potential for accelerated debt repayment and improved through-cycle returns

Value-Accretive Substance

Significant accretion on key per share financial metrics, before synergies

Free cash flow to be prioritized for debt reduction and sustainable quarterly fixed dividend of $0.20 per share

Committed to leading in sustainability and environmental stewardship while expanding our positive impact in the communities where we operate

Companies to host a live Q&A call today at 8:00 a.m. Mountain time/10:00 a.m. Eastern time

, /PRNewswire/ -- SM Energy Company ("SM Energy") (NYSE: SM) and Civitas Resources, Inc. ("Civitas") (NYSE: CIVI) today announced they have entered into a definitive merger agreement involving an all-stock transaction (the "Transaction").

Under the terms of the Transaction, each common share of Civitas will be exchanged for 1.45 shares of SM Energy common stock. The combined company's enterprise value of approximately $12.8 billion is inclusive of each company's net debt.

The combined company will have a premier portfolio of approximately 823,000 net acres, with the Permian position being the cornerstone. Pro forma full-year 2025 consensus free cash flow generation of more than $1.4 billion enables sustained capital returns, and increased market capitalization enhances trading liquidity with broader investment appeal.

Transformational Combination Delivering Superior Value

Value-Enhancing Scale . The combined company will operate a premier asset portfolio consisting of approximately 823,000 net acres across the highest-return U.S. shale basins, immediately transformed into a top-10 U.S. independent oil-focused producer. We expect that this premier portfolio will deliver a step-change in free cash flow enabling sustained capital returns.
Synergy-Enhanced Free Cash Flow. Identified and achievable annual synergies totaling $200 million, with upside potential to $300 million, is expected to enhance stockholder value. Identified synergies include opportunities across the combined organization consisting of overhead and G&A, drilling and completion and operational costs, and cost of capital. These synergies are expected to accelerate deleveraging and support a sustainable returns strategy.
Proven Management. A trusted leadership team, supported by a combined world-class technical team, equipped with the processes and infrastructure to deliver a successful integration.
Significant Accretion on Key Financial Per Share Metrics, Before Synergies. The combination is expected to be immediately accretive to key per share financial metrics, including operating cash flow, debt-adjusted cash flow, free cash flow, and net asset value.
Financial Discipline. Free cash flow will be prioritized for debt reduction with path to 1.0x net leverage by YE 2027 at $65/Bbl WTI and $3.50/MMBtu Henry Hub with substantial liquidity and an improved credit profile.
Sustainable Quarterly Fixed Dividend Maintained at $0.20/Share. The combined company will deliver sustainable dividends, a program that SM Energy has grown on a per share basis by 33% since the program was introduced in 2022.
Advancing Our Collective Commitment to Sustainability and Stewardship . The combined company will uphold its long-standing focus on responsible operations, safety, and environmental excellence, while integrating best practices.
SM Energy Chief Executive Officer Herb Vogel comments: "This strategic combination creates a leading oil and gas company with enhanced scale, numerous value-adding synergies, and significant free cash flow, driving superior value to stockholders. Congratulations to the Civitas team on building a leading sustainable energy company in the Permian and DJ basins since its inception in 2021. Their operational excellence and talent are reflected in today's transaction. Together, we look forward to unlocking stockholder value as a unified organization."

SM Energy President and Chief Operating Officer Beth McDonald comments: "This merger combines two premier operators and establishes a company with transformative scale in the highest-return U.S. shale basins. By combining two complementary portfolios, we expect to unlock significant free cash flow to strengthen our balance sheet, accelerate stockholder returns, and position us for sustainable growth through every cycle."

Civitas Interim Chief Executive Officer Wouter van Kempen comments: "Today marks a pivotal moment for Civitas and SM Energy as we announce a merger that unlocks new potential to deliver enhanced stockholder value and achieve outcomes beyond the reach of either company alone. By combining our strong technical teams and complementary assets, we gain scale, sharpen our competitive edge, and strengthen our ability to responsibly produce energy that contributes to energy security and prosperity. This merger positions us to lead with operational and environmental excellence, generate meaningful synergies, and accelerate value creation."

"This transformative transaction will immediately create a leading independent E&P company, with a strong asset position across the premium oil oriented basins in the U.S.," said Ben Dell from Kimmeridge. "The step-change in scale coupled with identified operational synergies should enhance long-term value to all shareholders for years to come."

TRANSACTION DETAILS

Under the terms of the agreement, Civitas stockholders will receive 1.45 shares of SM Energy common stock at closing. After closing, the company will continue to trade as SM Energy (NYSE: SM). Upon completion of the Transaction, SM Energy stockholders will own approximately 48% of the combined company and Civitas stockholders will own approximately 52% on a fully diluted basis. At this exchange ratio, and the respective companies' closing share prices on October 31, 2025, inclusive of net debt, the combined company would have an enterprise value of approximately $12.8 billion. SM Energy will issue approximately 126.3 million shares of common stock as consideration to the holders of Civitas common shares in accordance with the terms of the merger agreement.

GOVERNANCE AND LEADERSHIP

Following the merger, the Board of Directors will total 11 members and will be comprised of 6 representatives from SM Energy and 5 representatives from Civitas. Julio Quintana will serve as Non-Executive Chairman. The combined company will be headquartered in Denver, Colorado.

Herb Vogel will serve as Chief Executive Officer of the combined company, and the previously announced expected CEO transition to Beth McDonald remains on-track.

TIMING AND APPROVALS

The combination has been unanimously approved by the boards of directors of both companies. The Transaction is expected to close in the first quarter of 2026. The Transaction is subject to customary closing conditions, including approvals by SM Energy and Civitas stockholders and regulatory clearances.

ADVISORS

Evercore is serving as financial advisor and Gibson, Dunn & Crutcher LLP as legal advisor to SM Energy.

J.P. Morgan is serving as financial advisor and Kirkland & Ellis LLP as legal advisor to Civitas Resources.

CONFERENCE CALL AND ADDITIONAL MATERIALS

November 3, 2025 – Please join SM Energy and Civitas management at 8:00 a.m. Mountain time/10:00 a.m. Eastern time today for a joint conference call to discuss the Transaction.

The discussion will be accessible via:

Telephone – join the live conference call by registering at https://event.choruscall.com/mediaframe/webcast.html?webcastid=M2QTXycV. Dial-in for domestic toll free/International is 877-407-6050 / +1 201-689-8022.
Webcast (available for live and replay) – on each company's website at www.sm-energy.com and www.civitasresources.com.
An investor presentation regarding the Transaction can also be found at www.sm-energy.com and www.civitasresources.com.

SM Energy's third quarter 2025 earnings pre-recorded webcast originally scheduled for November 4, 2025, and the live Q&A session originally scheduled for November 5, 2025, have been cancelled and replaced with today's joint conference call.

ABOUT SM ENERGY

SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.

ABOUT CIVITAS

Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development, and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. For more information about Civitas, please visit www.civitasresources.com.

NOTICE REGARDING INFORMATION CONTAINED IN THIS RELEASE

FORWARD LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address events, or developments that SM Energy and Civitas expect, believe, or anticipate will or may occur in the future are forward-looking statements. The words "intend," "expect," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Transaction, pro forma descriptions of the combined company and its operations, integration and transition plans, synergies, opportunities and anticipated future performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction that could reduce anticipated benefits or cause the parties to abandon the Transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that stockholders of SM Energy or Civitas may not approve the Transaction, the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the Transaction, the risk that any announcements relating to the Transaction could have adverse effects on the market price of SM Energy's common stock or Civitas common stock, the risk that the Transaction and its announcement could have an adverse effect on the ability of SM Energy and Civitas to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, the risk the pending Transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or it may take longer than expected to achieve those synergies and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond SM Energy's or Civitas' control, including those detailed in SM Energy's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at www.sm-energy.com/investors and on the SEC's website at www.sec.gov, and those detailed in Civitas' annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on Civitas' website at ir.civitasresources.com/investor-relations and on the SEC's website at www.sec.gov. All forward-looking statements are based on assumptions that SM Energy or Civitas believe to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy and Civitas in light of their perceptions of current conditions, expected future developments, and other factors that SM Energy and Civitas believe are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual events may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.

SM ENERGY INVESTOR CONTACT

Patrick Lytle, [email protected], 303-864-2502

CIVITAS INVESTOR CONTACT

Brad Whitmarsh, [email protected], 832-736-8909

NO OFFER OR SOLICITATION

This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. 

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed Transaction, SM Energy intends to file with the SEC a registration statement on Form S-4 (the "Registration Statement") that will include a joint proxy statement of SM Energy and Civitas and a prospectus of SM Energy (the "Joint Proxy Statement/Prospectus"). Each of SM Energy and Civitas may also file other relevant documents with the SEC regarding the proposed Transaction. This communication is not a substitute for the Joint Proxy Statement/Prospectus or Registration Statement or any other document that SM Energy or Civitas, as applicable, may file with the SEC in connection with the proposed Transaction. After the Registration Statement has been declared effective by the SEC, a definitive Joint Proxy Statement/Prospectus will be mailed to the stockholders of each of SM Energy and Civitas. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF SM ENERGY AND CIVITAS ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT SM ENERGY, CIVITAS, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Registration Statement and the Joint Proxy Statement/Prospectus, as well as other filings containing important information about SM Energy, Civitas and the proposed Transaction, once such documents are filed with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by SM Energy will be available free of charge on SM Energy's website at www.sm-energy.com/investors. Copies of the documents filed with the SEC by Civitas will be available free of charge on Civitas' website at ir.civitasresources.com/investor-relations. The information included on, or accessible through, SM Energy's or Civitas' website is not incorporated by reference into this communication.

PARTICIPANTS IN THE SOLICITATION

SM Energy, Civitas and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed Transaction. Information about the directors and executive officers of SM Energy, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in SM Energy's proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 7, 2025 (and which is available at www.sec.gov/Archives/edgar/data/893538/000089353825000032/sm-20250404.htm) and a Form 8-K filed by SM Energy on September 8, 2025 (and which is available at www.sec.gov/Archives/edgar/data/893538/000089353825000116/sm-20250904.htm). Information about the directors and executive officers of Civitas, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in a Form 8-K filed by Civitas on August 6, 2025 (and which is available at www.sec.gov/Archives/edgar/data/1509589/000110465925074774/tm2522747d1_8k.htm), a Form 8-K filed by Civitas on May 7, 2025 (and which is available at www.sec.gov/Archives/edgar/data/1509589/000110465925045550/tm2514090d1_8k.htm), and Civitas' proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 21, 2025 (and which is available at www.sec.gov/Archives/edgar/data/1509589/000155837025005077/civi-20241231xdef14a.htm). Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed Transaction when such materials become available. Investors should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from SM Energy and Civitas using the sources indicated above.

SOURCE SM Energy Company

Berkshire Hathaway (BRK.A 0.30%) (BRK.B 0.14%) has been an incredible long-term investment. After taking over the struggling textile maker in 1965, Warren Buffett transformed the company into a diversified conglomerate that had a compound annual growth rate (CAGR) of nearly 20% over the following six decades.

That rally would have turned $1,000 into $55 million. The same investment in the S&P 500, which had a CAGR of 10% over the same period, would be worth about $390,000.

But as Buffett gets ready to retire by the end of the year, is Berkshire's stock still worth buying? Let's review its business model and future challenges to decide.

Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.

Understanding Berkshire's business model
Berkshire Hathaway owns a mix of insurance, railroad, energy, manufacturing, retail, and consumer staples companies. Its top subsidiaries include GEICO, the utility PacifiCorp, the BNSF Railway, Duracell, the Nebraska Furniture Mart, See's Candies, Dairy Queen, and Fruit of the Loom. Most of those companies generate plenty of cash and are well insulated from economic downturns.

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Berkshire Hathaway also owns a portfolio of stocks worth about $313 billion, or 30% of its entire market cap of $1.03 trillion, as of this writing. Its top holdings include blue chip giants like Apple, American Express, Bank of America, Coca-Cola, and Chevron. Many investors follow that list for long-term investment ideas that were personally approved by the Oracle of Omaha.

It's tough to keep track of all of Berkshire's moving parts, but its growth can be measured with two key metrics: its float (the amount of cash from its insurance subsidiaries' premiums that can be deployed on investments before claims are paid) and its operating earnings (which exclude the volatile gains or losses from its equity portfolio). Both metrics grew over the past three years -- even as inflation, rising rates, and other macro headwinds rattled the market.

Metric

2022

2023

2024

Year-end float

$164 billion

$169 billion

$171 billion

Operating earnings

$31 billion

$37 billion

$47 billion

Data source: Berkshire Hathaway.

Berkshire continued to grow in that challenging environment for three reasons. First, its insurance business is well insulated from economic downturns because those customers generally won't cancel their policies just to save a few dollars. Second, its railroad, manufacturing, and utility businesses have wide moats and plenty of pricing power. Lastly, rising rates actually boosted the yields of its short-term Treasuries, which it's been hoarding over the past few years.

From 2022 to 2024, Berkshire's year-end cash, cash equivalents, and short-term Treasuries surged from $128 billion to $334 billion. That total rose to $340 billion in the second quarter of 2025. That gain was driven by its liquidation of some stocks and a decision to pause its buybacks in 2024.

What challenges does Berkshire Hathaway face?
Buffett's decision to trim some of Berkshire's top holdings, hoard more cash and T-bills, and pause its buybacks all suggested the market was getting overheated. That's certainly true: The S&P 500 is hovering near its record high and looks historically expensive at 32 times earnings.

Yet the stock still looks reasonably valued at 22 times last year's operating earnings. If we turn the clock back to the end of 2022, it was also trading at about 22 times its trailing operating earnings -- but its stock has rallied more than 50% since then.

Berkshire's valuations probably aren't overheating in this frothy market because it faces some unpredictable challenges. First and foremost, its longtime investors are probably worried that Buffett's successor, Berkshire Hathaway Energy's current CEO Greg Abel, won't stick to the Oracle's playbook of steadily growing its float and investing in stable blue-chip stocks.

The company's growing cash hoard (now sitting at $382 billion) suggests it's running out of fresh ways to expand its core subsidiaries or investment portfolio. That's a prudent move in a pricey market, but sticking to that conservative strategy might cause it to underperform the S&P 500 over the next few years.

Is it the right time to buy Berkshire Hathaway's stock?
Berkshire Hathaway's stock might trade sideways over the next year as Abel takes the helm. But if he sticks to Buffett's time-tested strategies, it should still grow its float and operating earnings as it prunes or expands its stock portfolio. Simply put, it's still a rock-solid buy, but investors shouldn't expect any huge near-term gains.

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

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

This out-of-favor drug maker is taking the steps needed to ensure it not only survives but thrives over the long term.

Pfizer (PFE +1.48%) is one of the oldest and most respected pharmaceutical companies in the world. The stock is out of favor right now, trading down around 60% from its 2022 high-water mark. The steep share price decline has pushed the dividend yield up to a huge 7% or so. And management is making aggressive moves in 2025 that could set up a very strong 2026 for the stock.

What does Pfizer do?
Pfizer is a pharmaceutical company, which is a very technical business. Making drugs is also expensive, intensely competitive, and subjects the company to heavy government regulation. Worse, the innovation that drives the drug industry tends to be a bit lumpy, so business growth can come in fits and starts. However, Pfizer has proven over time that it has what it takes to excel in the industry, even if there are periods of time when its business may struggle.

Image source: Getty Images.

The healthcare giant is struggling right now. Most notably, it is facing down sizable patent cliffs in 2027 and 2028, when oncology drug Ibrance and cardiovascular drugs Eliquis and Vyndaqel are set to lose patent protections. Drug makers are granted temporary exclusivity for new drugs given the investment needed to bring them to market, but revenue usually falls off dramatically when those patents expire (the so-called patent cliff).

On top of that, the entire drug industry is dealing with renewed pressure around prices, particularly in the U.S. market. Heightened regulatory activity risks government intervention in pricing and potential tariff changes.

All in, investors are worried about Pfizer's near-term future. The dividend, meanwhile, is also a wild card because the trailing 12-month dividend payout ratio is a lofty 90% or so. The company actually cut the dividend in 2009 when it acquired Wyeth for roughly $68 billion, so the risk of a dividend cut needs to be carefully considered.

Pfizer is making the necessary changes
Pfizer didn't get to be the industry-leading company it is by avoiding a fight. It has long taken the steps needed to ensure its long-term survival and success. It is doing so again right now, which is why the Wyeth acquisition is notable.

Given Pfizer's lack of success with its own drug pipeline, specifically in the weight loss arena, it has agreed to buy Metsera (MTSR 1.08%) for $47.50 per share in cash, or around $4.9 billion. That said, there's another $22.50 in per-share potential earn outs that could notably increase the price tag.

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Buying Metsera strengthens Pfizer's drug pipeline and should help it to more quickly advance its efforts in the weight loss drug market. And that should help it deal with its patent cliff issues. In other words, the board of directors sees the issue and is doing what needs to be done. The deal could lead to a dividend cut, but it may not, given that the size of the Mestera deal isn't nearly as large as the Wyeth transaction. Either way, Pfizer is clearly addressing its pipeline and patent cliff headwinds as you would expect it to.

Meanwhile, on the regulatory front, Pfizer was one of the first drug makers to make a deal with the U.S. government around pricing and capital investments in the U.S. market. That should position the company well to avoid tariff issues and give it a lead position as new pricing trends take shape in the market. Again, Pfizer is doing what needs to be done to ensure its long-term survival.

There's a rebound opportunity here
It might be best to view Pfizer as a turnaround story and not a dividend story, given the lofty dividend payout ratio. However, given the deep sell-off, there could be material rebound potential in the share price in 2026 as investors become more comfortable with the moves the company is making to get its business back on track. The closing of the Metsera deal, expected to occur in the fourth quarter of 2025, could be the trigger that investors need to take a renewed, and more positive, view of this drug giant.

Some estimates say global data center investments could approach $7 trillion over the next five years.

Taiwan Semiconductor Manufacturing (TSM 0.92%) or TSMC for short, has been a clear winner in the early innings of the artificial intelligence (AI) era. The world's largest foundry, a semiconductor manufacturer, has been the go-to manufacturing partner for leading AI chip companies. These chips end up in data centers, where they work in clusters to train and run artificial intelligence models.

Companies have already invested hundreds of billions of dollars in data centers, and it seems likely this trend will continue for at least the next several years. This positions TSMC for potentially explosive growth, as evidenced by market data.

Here is what you need to know.

Image source: Getty Images.

TSMC is taking market share due to AI data centers
The Motley Fool compiled quarterly data from the world's leading foundries to illustrate market share trends. Here, you can see that TSMC is not only the market leader by a significant margin but has also increased its share, especially over the past three years.

That timeline coincides with the AI data center boom. TSMC's quarterly revenue has nearly doubled to $25.5 billion over that time. It's no coincidence, either. Nvidia has dominated the AI data center chip space with market share estimates as high as 92%. Which company builds Nvidia's AI chips? That would be TSMC, which manufactures Nvidia's initial flagship Hopper AI chip and its successor, Blackwell.

TSMC also builds for several of Nvidia's potential competitors, including Broadcom, Qualcomm, and Advanced Micro Devices. Therefore, TSMC is likely to continue to thrive, even if Nvidia loses some market share to these competitors.

Simply put, TSMC boasts a clear competitive advantage over other foundries, thanks to its combination of production capacity, equipment, and expertise that enables it to produce high volumes of very complex chips efficiently.

Even if another foundry undercuts TSMC's pricing, the stakes are so high with AI that a chip company may pay a premium for the manufacturing certainty TSMC offers.

Trillions of dollars are pouring into AI infrastructure
Admittedly, it can be hard to wrap one's mind around the idea of spending hundreds of billions of dollars on a seemingly endless array of data centers. It might be best to view data centers as the foundation on which AI will enable new technologies and industries -- much as has already happened in cloud computing.

Think about the possibilities in new AI software applications, self-driving vehicles, and humanoid robotics. These require immense computing power, and AI hyperscalers -- companies such as Amazon, Microsoft, Alphabet, and Meta Platforms -- have already put their financial chips on the table.

Experts don't see this trend backtracking, either. Researchers at McKinsey & Company estimate that global data center expenditures will approach $6.7 trillion over the next five years alone. Most of that will go toward AI data centers, with roughly $1.5 trillion in spending for traditional IT applications.

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The stock remains a solid buy today
Investors have already enjoyed a stellar year from TSMC, with shares up over 55% over the past 12 months. However, there seems to be more room to run.

The continued investments in data centers and AI chip clusters filling them bode well for Taiwan Semiconductor. Wall Street analysts currently estimate the company will grow its earnings by an average of 29% annually over the next three to five years. Consider that the stock currently trades at a price-to-earnings ratio of 31.

Using the PEG ratio to weigh Taiwan Semiconductor's valuation against its anticipated earnings growth, its current ratio of just under 1.1 indicates that the stock is a bargain -- assuming it meets those growth estimates.

Based on the market share data above, Taiwan Semiconductor's competitive position appears to be as strong as ever. Therefore, it's hard to envision the company and stock flopping for investors unless broader data center investments unexpectedly dry up.

Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, Qualcomm, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Broadcom and 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.

Fortress Wealth Group (FWG Holdings) reduced its position in the First Trust Mid Cap Core AlphaDEX Fund (FNX +0.46%) in the third quarter, selling an estimated $3.3 million based on average prices during the quarter, according to an SEC filing on Thursday.

What HappenedFlorida-based Fortress Wealth Group disclosed in a U.S. Securities and Exchange Commission (SEC) Form 13F filing released on Thursday that it sold 27,140 shares of the First Trust Mid Cap Core AlphaDEX Fund (FNX +0.46%) during the third quarter. The estimated value of the sale was $3.3 million. The fund reported holding 11,107 shares worth $1.4 million at the end of the period.

What Else to KnowFWG Holdings' sale reduced its FNX position to 0.6% of reportable 13F assets.

Top holdings following the filing:

NYSEMKT:VUG: $41 million (17.7% of AUM)NYSEMKT:VTV: $28.3 million (12.2% of AUM)NASDAQ:QQQ: $21.6 million (9.3% of AUM) NYSEMKT:FBND: $10.7 million (4.6% of AUM)NYSEMKT:SPY: $8.9 million (3.8% of AUM)As of Friday, FNX shares were priced at $124.39, up 8% over the past year and underperforming the S&P 500's nearly 20% gain over the same period.

ETF OverviewMetricValueAUM$1.2 billionYield0.9%Price (as of market close Friday)$124.391-year price change8%ETF SnapshotFNX's investment strategy seeks to generate positive alpha by selecting mid-cap stocks from the NASDAQ US 600 Mid Cap Index using the AlphaDEX® methodology. The portfolio is diversified across U.S. mid-cap equities, with holdings determined by a quantitative selection process. The fund operates as an exchange-traded fund (ETF) with a structured, rules-based approach.

Foolish TakeFortress Wealth Group’s third-quarter reduction in the First Trust Mid Cap Core AlphaDEX Fund appears to be part of a broader portfolio recalibration, as opposed to a shift away from equities altogether. The Florida-based wealth advisory sold 27,140 shares valued at roughly $3.3 million, according to an SEC filing released Thursday, leaving a smaller $1.4 million position at quarter-end.

FNX—a mid-cap equity with top holdings ETF Bloom Energy Corporation, Symbiotic and Guardant Health—has trailed the broader S&P 500 over the past year, up just 8% versus the benchmark’s nearly 20% gain. For a firm like Fortress, which emphasizes risk management, diversification, and steady growth, the sale may reflect a tactical rotation toward large-cap or income-generating assets, evident in its top holdings such as VUG, VTV, and FBND.

For long-term investors, FNX remains a disciplined way to access the mid-cap space—but recent performance highlights the challenge of factor-driven strategies in momentum-heavy markets. Fortress’ adjustment suggests a pragmatic tilt toward balance and consistency in an evolving rate and earnings environment.

Glossary13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a firm or fund.
AlphaDEX® methodology: A proprietary, rules-based investment strategy that selects and weights stocks based on quantitative factors to seek outperformance.
Mid-cap: Companies with a market capitalization typically between $2 billion and $10 billion.
Exchange-traded fund (ETF): An investment fund traded on stock exchanges, holding a diversified portfolio of assets.
Quantitative selection process: An investment approach using mathematical models and data analysis to choose securities.
Factor-driven selection: Choosing investments based on specific characteristics, such as value or growth, identified by statistical analysis.
Systematic approach: An investment method following a predetermined set of rules or models, minimizing human discretion.
Benchmark: A standard index or measure used to compare the performance of a fund or investment.
Dividend yield: The annual dividend income expressed as a percentage of the investment's current price.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard Index Funds - Vanguard Growth ETF and Vanguard Index Funds - Vanguard Value ETF. The Motley Fool has a disclosure policy.