Market Signal Briefing

Elastic N.V. (NYSE:ESTC) Analyst/Investor Day October 9, 2025 2:00 PM EDT

Company Participants

Eric Prengel
Ashutosh Kulkarni - CEO & Executive Director
Ken Exner - Chief Product Officer
Steve Kearns
Santosh Krishnan
David Hope
James Spiteri
Mark Dodds - Chief Revenue Officer
Navam Welihinda - Chief Financial Officer

Conference Call Participants

Ittai Kidron - Oppenheimer & Co. Inc., Research Division
Koji Ikeda - BofA Securities, Research Division
Michael Cikos - Needham & Company, LLC, Research Division
Sanjit Singh - Morgan Stanley, Research Division
Robbie Owens - Piper Sandler & Co., Research Division
Howard Ma - Guggenheim Securities, LLC, Research Division
Tyler Radke - Citigroup Inc., Research Division
Raimo Lenschow - Barclays Bank PLC, Research Division

Presentation

Operator

Global Vice President of Finance, Eric Prengel.

Eric Prengel

All right. Hello, everybody. Welcome to Financial Analyst Day. Now before we begin, I want to get the obligatory disclaimer language out of the way. Today's event will be webcast and recorded for future playback. Information and risks pertaining to forward-looking statements as well as a reconciliation to our GAAP and non-GAAP results, are available in today's presentation materials, which will be posted on the Investor website at ir.elastic.co at the conclusion of the event.

With that out of the way, on to the fun stuff. So for those of you who don't know me, my name is Eric Prengel, and I'm the Global Vice President of Elastic as well as the Head of Investor Relations. I was an investment banker for a long time before joining the company almost 3 years ago. And I've known Elastic for a while because I worked on the IPO, and some of you worked on it with me. It was a lot of fun.

Since joining, I've gotten to know the company a lot better. And I'm really looking forward to sharing with all of you what the team has built

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Image source: The Motley Fool.

DATEThursday, October 9, 2025 at 5 p.m. ET

CALL PARTICIPANTSChairman & Chief Executive Officer — Brian Shore

President & Chief Operating Officer — Mark Esquivel

Need a quote from a Motley Fool analyst? Email [email protected]

TAKEAWAYSSales -- $16,003,810 in sales for fiscal Q2 2026, slightly above Park Aerospace (PKE 0.97%)'s previous estimate of $15 million to $16 million.

Gross profit -- $5,001,160 in gross profit for fiscal Q2 2026, with a gross margin of 31.2%, despite pressures from low-margin C2B fabric sales and ongoing new plant expenses.

Adjusted EBITDA -- Adjusted EBITDA was $3,401,000, at the top end of Park Aerospace's prior estimate of $3 million to $3.4 million, resulting in an adjusted EBITDA margin of 20.8%.

C2B fabric sales impact -- $1.65 million in C2B fabric sold at a small markup weighed on gross margin; $415,000 in ablative materials manufactured with C2B fabric, which command much higher margins, partially offset this effect.

Production vs. sales -- Sales closely matched production value during the quarter, resulting in no impact on the bottom line from inventory imbalances.

Customer requalification of C2B fabric -- Requalification resumed normal production on 90% of specifications; the remaining 10% is under test, a process estimated to take another nine to twelve months.

Missed shipments -- $510,000 attributed to customer certification, and testing delays.

Tariffs -- Net tariff impact was minimal at $1,700, with costs passed through, and future exposure is expected to remain limited under current arrangements, as discussed on the fiscal Q2 2026 earnings call.

MRAS LTA price increase -- 6.5% weighted average price hike became effective January 1 for the MRAS LTA as stipulated in the long-term agreement.

GE Aerospace sales forecast update -- Park Aerospace now forecasts $27.5 million to $29 million in GE Aerospace program sales for fiscal 2026, down from a previous estimate of $28 million to $32 million, with current figures based on updated backlog and booking data.

Q3 outlook -- Park Aerospace estimates sales of $16.5 million to $17.5 million for fiscal Q3 2026 and adjusted EBITDA of $3.7 million to $4.1 million.

Expansion capital budget increase -- Estimated capital expenditure for new manufacturing facilities rose to $40 million to $45 million due to added line requirements.

Cash and balance sheet -- $61.6 million in cash and marketable securities reported at quarter-end after a $4.9 million transition tax payment.

No share repurchases -- No shares were bought back during the quarter or to date in fiscal Q3 under the current buyback authorization.

SUMMARYManagement disclosed that customer-driven stockpiling of C2B fabric continues to distort product mix, temporarily compressing margins but likely supporting future high-margin material sales as demand converts. Strategic clarity was provided around the critical role of Park Aerospace's proprietary materials in missile defense and aerospace programs, including the company's sole-source position on the Patriot missile system's ablative materials. Park Aerospace signaled intent to further expand U.S. manufacturing capacity for C2B fabric, highlighting both existing and planned investments via partnerships and new plant expenditures. Unlike the previous year, management emphasized that industry OEMs are increasingly collaborating with suppliers and ramping up production to meet robust underlying demand. Long-term sales targets for fiscal 2026 were not formally issued, but management stated that total sales should exceed $70 million, driven by growth in both defense and commercial aerospace programs.

Mark Esquivel stated, "We have approval at about 90% of the specification," regarding C2B customer requalification, with the remainder expected to take up to twelve more months to resolve.

CEO Shore asserted, "That represents very significant revenue with Park. We're sole source qualified in that program," citing sole-source qualification and sharply rising production requirements.

Management described the company's operational approach as centered on flexibility, urgency, and responsiveness, emphasizing these as Park Aerospace's core value drivers for customer relationships.

Park Aerospace’s expansion timetable was clarified, with objectives to have plans finalized and implementation underway by year-end to address surging defense and aerospace demand.

INDUSTRY GLOSSARYC2B fabric: A specialized ablative composite material distributed exclusively by Park Aerospace in North America, primarily for missile defense applications such as the Patriot missile program.

MRAS LTA: Long-term agreement with Middle River Aerostructure Systems (MRAS), under which Park Aerospace is the sole-source provider of composite materials for a range of GE Aerospace jet engine programs.

AOG: Aircraft on Ground; an operational situation where an aircraft is grounded due to technical or maintenance issues, relevant for customer experience and supply chain urgency.

FAL: Final Assembly Line; a manufacturing line where the major components of an aircraft are brought together for assembly and delivery.

Full Conference Call TranscriptBrian Shore: Thank you very much, operator. This is Brian. Welcome everybody to the Park Aerospace Fiscal 2026 Second Quarter Investor Conference Call. I have with me as usual Mark Esquivel, our President and COO. We announced our earnings right after the close. In the earnings release, there are instructions as to how you can access the presentation we're about to go through. Either via link, and you also can link information in the news release and also on our website. You want to pick that up because we're gonna go through it. It'll be a lot more meaningful to listen to us if you have the presentation in front of you. So we have quite a few new investors.

Last quarter, they've come on board. And out of consideration for them, I think we should go through some of the legacy items more carefully. I think in the past, legacy items, we just kind of skim over on the assumption that most people already know, are familiar with them. Veteran investors, just please be patient with that. Another item I want to cover with you is that on Tuesday, I had some unplanned oral surgery, and I'm not really feeling that great. So hope you can bear with me. And if I need Mark to take over, I'm sure he'll be very willing and able to do that.

Questions at the end after we're done with the presentation, we'll take questions. And please do ask them. We love questions. Actually, sometimes linked to questions are more meaningful in the presentation. We go through a presentation. We don't know whether you're liking it, not liking it, interested, or half asleep. You know, the questions are always more helpful because we then know what people are really interested in, what they're thinking about. So why don't we go ahead and get started with the presentation? Slide two is our forward-looking disclaimer language. We're not gonna go through that. But if you have any questions about it, please let us know. Slide three, table of contents.

Starting on slide one is our Q2 investor presentation, we're about to go through now. In appendix one, we have supplementary financial information. We're not gonna go through that during the call, but if you have any questions about it, please let us know. It's become our practice now or pattern, I guess, to feature James the James Webb Space Telescope in our table of contents. So what we're talking about here, James Webb Space Telescope discovered cosmic dust which shouldn't exist outside its galaxy. You know, but shouldn't exist in quotes. Because I think we're developing a common theme here. There's so much that we believed about the universe and its origin, which just isn't true. Sorry, folks.

Not true. James Webb saying, well, you could believe whatever you want, but these are what's really going on. So here's another one of those. Thank you, James Webb Space Telescope. The James Webb Space Telescope was produced with 18 prior Park proprietary Sigma stretch. Let's go on slide four. Kind of more nitty-gritty stuff here. So quarterly results, let's look at the right-hand column of the second quarter that we just announced. Sales, $16,003,810. Gross profit, $5,001,160. Gross margin, 31.2%. So we're happy about gross margins over 30 or maybe I should say we're unhappy when they're not over 30.

And it's good that they're over 30 because there are a couple of things we'll talk about in a second that drag down our margins. Adjusted EBITDA, $3,401,000. And adjusted EBITDA margin, 20.8%. What do we say about Q2 during our Q1 call on July 15? Set our sales estimate was $15 to $16 million, so we came a little bit above that. EBITDA estimate, $3 million to $3.4 million. So we came in kind of the top of the range of the EBITDA. I just want to remind you, especially for some of our new investors that we don't this is not guidance. We don't do guidance.

We give an estimate we're saying to you, this is what we think is gonna happen. Now we could be wrong, but this is what we think. There's I don't know. Let's call it practice. We have different terms for it, but let's call it practice where everybody does it almost where, you know, let's say it's gonna be a hundred, they think it's gonna be a 100. They go out with 90, you know, that's their guidance. So then when they come out when they come back with a 100, they come out with a 100, then they're heroes. And I don't know. We think that's not worthy of our time.

When we give you an estimate, we're saying this is what we think is gonna happen. We're not giving you a number which we plan to beat. Okay? Let's go on to slide five. Q2 considerations. We always talk, well, always in the last few quarters, Erinn Group is as impact on a lot of things, including the quarter. So we entered into this business partner agreement with Aaron Group. It's a very large aerospace company in France. Great company and they're a JV between Airbus and Safran, I believe. And in January 22, we were we've been actually working for twenty years. They appointed us exclusive distributor of their Raycarb c two b fabric.

That fabric is used to produce ablative composite materials for XHANCE missile systems programs. Now, sold $1.65 million of that fabric in Q2. As we previously explained, we saw that fabric to our defense industry customers for a small markup. What's going on here is the defense industry customers are stockpiling the c two b. We're the exclusive distributor though, so they buy it from us. We buy it from we're distributor, not a rep. We buy from area. And then we sell it or sell it, I should say, to the OEM.

But it's of a strange thing because we keep the c two b fabric in our plant because the OEM eventually will ask us to produce prefabric with it. So even though we sell to them and it's their product, it's kept on the plan. The markup is small, so we have a significant amount of c two b fabric sales that's gonna push down our margins. And we sold $415,000 with blade materials manufactured with c two b fabric in Q2. Now the margins on the later materials that we produce those fabric, very, very good. Very good. So that's the offset.

But it's still the ratio of sales of fabric to ablative materials manufactured with the CTB fabric are still at a balance. Right? So more fabric than materials, prefrac, let's call it, What's the reason? I already said it because the OEMs are stockpiling this product. A more normal kind of ratio would be forty sixty. So 40% would be the materials, and 60% would be the fabric. That's not always gonna be exactly it, but just to give you a sense, So you see that the ratio is much more than forty sixty here, and that's gonna drive down our margins. So let's talk about let's go on to Slide six rather.

Oh, we're still on the topic of c two b fabric requalification by one of Park's key customers of c two b fabric. This was kind of a it's been a big deal for the last few quarters. Adam, Mark, I like, always give Mark the hard stuff to talk about. Can you help us with what's going on with that recall?

Mark Esquivel: Yeah. So we actually do have an update this time. I think the last couple calls we said we're waiting for approval. So do we do have approval. We don't have full approval. We have approval at about 90% of the specification. I have to get too technical. There's you know, there's a requirement within the spec that you have to lower and then upper range. They were somewhere in the middle. They moved down closer to the commercial specification as we call it. Which gets us back into production at, you know, 90 plus percent of everything we have.

So, what we're doing now is they're currently testing that last 10% which will probably take another nine to twelve months. So, you know, we'll continue to talk about know, when we get that approval. But as far as the program's concerned, we're back in business. We're back running. You know, and we're back to, I would say, you know, normal typical rates that we were running you know, prior to, you know, this I won't say, issue coming up, but this recall coming up. So and we actually expect to see, you know, some upside, you know, in coming quarters, you know, and Brian will talk about some of that piece as well.

But I guess the story here, the message here is we're pretty much back in business with, you know, running at our normal level.

Brian Shore: Okay. Thanks, Mark. Good news. Let's keep moving here. Production versus sales. You bring this up because this has been an issue. Issue in prior quarters in terms of the impact on the bottom line. But in our Q2, our sales value production, we call it SCP, that's not inventory value. That's the value production. It's a sales price. It was well matched with our sales. And that's a good thing. That means it's not that's really very no meaningful, not no impact on bottom line. When our sales exceed our production, that is by a significant amount. That is a negative impact on the bottom line. But no impact in Q2.

And then last thing we'll talk about in terms of bottom line impacts, significant ongoing expenses. This is something we had in our presentation for several quarters now. It's not going away anytime soon. We're operating our new manufacturing facility in Q2, including all these other expenses. And this act this is significant. So that's why I was saying that the gross margin being over 31%, I think, that's actually not bad because there's two factors that hold it down. One is this the expenses related to new plant, the other is the let's call, excess c two b fabric compared to the c two b material sales.

Total miss shipments, a little bit of surprise here. $510,000, that number is way up. But, you know, last few quarters, we keep talking about international shipping issues. That's not the issue this time. This time, it's something different. It's customer certification, testing delays, a little bit of a new story here. It happens sometimes. You know, it just happens. Not it's nothing we can do about it. It's not our fault. Or anything like that, but sometimes it just delays insurance and certification and engineering work and testing delays. So that had a meaningful impact upon our shipments in Q2. So let's go on to Slide seven, impact of tariffs and tariff split costs. You know what?

I should say net impact. I'm saying that to Mark earlier. It should say net impact the tariff and tariff related cost because we have tariffs. It's just that the net impact takes into account the pass through. So very minimal in Q2. Hardly anything, but that's the net impact. That's not the total tariff. That's a net impact because of the fact that we passed the tariff cost on. And then the future impacts, I think we'll get back to that later Mark will talk through that later on in the presentation. Why don't we go on to slide eight? So this is a slide we do every quarter, as you know.

Some of you veterans are probably tired of the top five, and it's kinda usual suspects also. Like, alright. GKN, Kratos, MRAS, Tech. And. Tech is not well, you know, has it's kind of a little bit of a new name for us, but the rest are usually suspects. The 7,500 that refers to Nordium, the h three two one n with XLR, that's an that's an MRAS program. Kratos, obviously, is Kratos, and the seven eight seven Dreamliner, that's GKN. That's for the Gen X one b engine. So it's a it's a g engine, but it's not part of the MRAS LTA, which we'll go into that later. Let's go on slide nine.

So here we have our estimated revenues by air aerospace market segments. We call them our pie charts. I know about you, but I like to use it. Think they tell a bit of a story. Fiscal twenty one, that was the pandemic year where commercial aircraft was remember, there were airplanes, pictures of, like, seven thirty sevens not falling at all. Like, two people on them and they were, you know, basically, they were being parked. And then after that, the pie charts, you know, seem to be fairly stable.

Interesting what will be interesting is to see what will happen in the future because the commercial is gonna be accelerating because the program's are on as those programs ramp up, but military will be accelerating a lot. This is probably it could go down as a percentage. We'll see about that. Let's go on to slide 10. Park Plus, niche military state programs. So we have a little pie chart here Radomes, missile systems, unmanned aircraft, all niche markets for us, some markets. But even aircraft structures are niche markets for us. So we actually changed we used to call it what, rocket nozzles, I think.

We changed the missile systems because the missile systems, we supply it to more than just the rock and nozzle other aspects of missiles that we supply it to. I think we used call unmanned aircraft drones, but I think more politically correct term is unmanned aircraft, but there's no change in there. You know what? And other than nice pictures and you could see what the programs are, we really are not gonna talk about these programs anymore. It's just not really appropriate. For us to say very much about the programs except understand, please, any picture we show you, that means it's a program we're on, not a program we like or a cool picture or something. Okay.

You got it. Let's go on to slide 11. GE Aerospace and Engine programs. Again, a slide every quarter. But for the benefit of some of our new investors, let me try to explain quickly. So we have a firm LTA requirements contract for nineteen to twenty nine with MRAS Middle River Aerostructure Systems, a sub of ST Engineering Aerospace, You see we're sole source for, you know, for composite materials. For all these programs, which are all GE programs. So what's going on here? If you look at all the checked items below, they're all GE engine programs.

And then what's going on here is that even we got on these programs with GE Aviation, even before 2019 when Ameres was owned by GE Aviation. Now GE Aerospace. We got on these programs even before that. They were predecessor LTAs before this nineteen to twenty nine LTA. And then I think about five years ago, GE sold MRAS to ST Engineering, which is a large Singapore aerospace company. So that's the explanation there. I've done a factory, you know about that. You know, when I guess around 02/2019, g said to us, look. You know, Park we're gonna put we'll give you this ten year agreement for sole solar source and all this stuff.

All these great programs, wonderful programs, but, you know, we really are concerned about redundancy. So would you please build on the factory? And we said, yes. We checked that box. That's been done. I'm not gonna go through the individual program, maybe except to get didn't know to talk about the first five are really all eight through 20 neo family aircraft programs. Alright. Do you have any questions about the specific programs? Just let us know. Let's go on to slide 12 just to keep moving along here. Item the first item on slide 12, we're just continuing here.

It's this is a little bit of a nuance here because this is this program is was mentioned in the prior slide, but this is a different component. This and this also is part of our GE Aerospace LTA not necessarily the not the MRAS LTA. So I'm probably gonna hang only the technical, not necessary. Fan case is something we should talk about for a second. This is with g nine x engine triple seven x airplane. This is produced with our AFP material and other composite materials or the major fire replacement. That's what the AFP stands for. It's a robotic way, method for producing composite structures.

And this is planned to be included in the LIFER program, MRC life of program agreement. Next item. We had a 6.5% weighted average price increase in our MRASLTA effective January 1. That was that was already built in the s LTA, you know, a long time ago. And next item, park the LTA was park MRSA LTA was meant to include three proprietary formulation products and those are now going undergoing qualification Then life of program agreement have requested by MRAS and STE So we're still negotiating this, I guess, and I think there's a meeting that's being planned for next month. We'll see what happens. As I said to you many times, we're okay either way.

This is requested by SDE and MRAS. It's something they want. They want the stability of long term supply. But either we're okay either way. If we do it, that's fine. If not, we'll be fine. As well. And it's still under negotiation. It I don't wanna give you the wrong impression It's all, like, actually negotiating. We it's like we talk about it, then three months go by, and then, you know, so I think now we're planning to have some get together in December to sorry, November to hopefully get through this. We'll see. We'll keep you posted.

Item page 13 rather, slide 13, So let's talk an update on some of these GA change programs, age between a Neo family. That's a wonderful, wonderful program that Park is on, sole source qualified. And let's talk about that program. Everybody says a huge backlog of these airplanes, over 7,000 of them. That's a lot of airplanes. A lot of airplanes. And let's just talk about the well, whether the we can take a look at the aircraft, the A320neo family aircraft deliveries. We're not gonna go through it here, but, you know, you can see what's going on here.

With the amount of orders that Airbus has, we'll get to in a second, they would be at a much higher rate. Than this. They'd be at 75 per month. What's be what's holding them back is issues with supply chain. So this year, year to date, we're at 44, but don't get fooled by that because they usually, kinda make their year in the last three months. And if you look at September, you could see what's going on here. They're already the Airbus is already ramping up 59. We're delivered in '59 is your 20 neo family aircraft delivered in September. Let's keep going. Slide 14, just continuing here. The importantly, the engine supply bottleneck.

Remember I said that one of big issue is supply chain restrictions That's what's preventing Airbus from ramping up. To their target of 75, which gives it a minute 75 per month. CFM, they have another engine. Let's just talk about CFM, the LEAP one a engine. Reportedly improving that it's getting better. And I think that's a deliberate focus by g and SCFM, which is a very good thing because that's probably the most significant restriction to Airbus's ability to ramp up to that 75. They it'd be up there now, they upon how many orders they have. So that's that's very good news actually.

As we already alluded to, Airbus is targeting a delivery rate of 75, eight H320neo family per month you could see that, you know, they're still at, you know, 50 to 55, so they still have a way to go, quite a way to go. Two engines approved for the a three twenty neo aircraft. We're on the CFM LEAP one a engine. We're not on the we have nothing no content on the Pratt and Whitney GTF engine. And so I guess that covers the second bullet item. We supply into the h three twenty family aircraft using the LEAP-1A engine.

According to the second quarter, 2025 edition of Aero Engine News, which is kinda like a bible, for us anyway. The CFM LEAP one a's market share with you know, compared to the Pratt market share, aforementioned orders, A320neo family, 20 neo family aircraft per month, that's 64.7% market share translates into 1,165 LEAP engines per year. That's a real lot of engines and, you know, lots of revenue per park at that point. Slide 15, As of June 30, 2025, few months ago, were a little over 8,000 firm LEAP one a engine orders. These are not These are LEAP one a engine orders where we're sole source qualified. Over 8,000.

If you wanna look at slide 29, you get a feel for what our revenue per unit is due to, you know, get your pocket calculator out and do the math. You could see what that worth to us. Those are just the firm orders that are in the books now. So this is a big deal for Park. The Airbus h three twenty one XLR, and this is a variant. We're still talking a three twenty family. Okay? We're not off to a different aircraft. This is part of the a 20 family. This is recently introduced, supposedly changed the air map of the world. Why is that?

Because the payload and range capability of this aircraft are very unusual for a single aisle. So it allows a single aisle to compete against wide bodies, but obviously, at much lower cost. So that's why it's changing your map of the world. Qantas is you know, very involved in the program, American Airlines, Iberia Airlines. The reason I highlight this is a lot of lot of airlines are buying this airplane. Why am I highlighting this They call it a game changer. But what's really, I think, very impressive to me is that they say they claim they've had almost no AOGs that's aircraft on grounds after almost a year. That's really a big deal.

Because normally, the first year or two, there's all kind of bugs you have to get out of a new airplane, a new design, and the airplane sits on the ground a lot. And it's kind of you just expect it. It's not good because, you know, when the air airplane's sitting on the ground, the airlines aren't making any money. And you kind of expect that if you get a, you know, an airplane that's been recently certified and delivered. But here you go, they're they're saying almost no way AOGs. I've never heard of anything like that. That's quite impressive. Boeing has no response. To this aircraft. Let's go on to slide 16.

Mark Esquivel: So still on a three twenty here, folks.

Brian Shore: Airbus plans to open a new a three twenty aircraft family final assembly lines, FALs, in The US and China this month. Know, this couple weeks. So these two new FALs in combination with the existing FALs, FALs in Germany and France will provide Airbus with the manufacturing capability to achieve a 75 h 20 neo aircraft per month delivery goal in '27. So, you know, this is nice because Airbus is they're putting your money more than mouth this year. These FALs are they're they're a big deal. So that's good news. And then breaking news, October 7 oh, this is the day in my oral surgery, I think. Yeah. There are two big things happened on October 7.

That's just two days ago. The a three twenty aircraft family became the world's most liver commercial jet ever. Of course, that means it beat out the seven thirty seven Not just a max. This is the seven thirty seven family versus the a three twenty family. pretty big news, I guess. COMC nine one nine that's a Chinese made aircraft. Comac is targeting oh, this airplane is designed to compete single aisle with They're targeting a thirty nine one nine aircraft delivered in 25. But recent and confirmed reports saying they're probably for sure for sure that this target. I can't tell you I'm very surprised.

I probably would've you know, to be just totally candid about it, I would be more surprised if they met the target. I'm not gonna go into why, but it but I'm not I'm not surprised or really disappointed. Malaysian Airlines, AirAsia, has confirmed its advanced talks to purchase these airplanes. Why is that important? Why am I on that? Because there are a lot of air airlines that are buying this airplane. But the reason I'm focusing on is this is a non Chinese airline. This airplane is certified by the Chinese FAA, I think, called CAAC or something like that. So the thought was originally this Comac airplanes would be China only airplanes.

Well, that's not what Comac wants. They're still the airplane outside of China for operations outside of China. The plan to achieve reduction rate of 200 airplanes But what's interesting here, they're they delivered it to same kind of topic really. Laos Airlines, Air Cambodia, signed up. Again, what's what's the theme here? Non Chinese airlines. So, originally, you're thinking the China the Comac airplanes are gonna be China only, but that's obviously not what Comac wants. Triple seven x, Boeing triple seven x, we have slowed down a little bit talk, but this one, this is a, you know, important program for 1,500 out flights and nearly 4,100 out flight hours. That's a lot. That's good.

This picture was taken by a friend of mine a couple of few years ago when the triple seven x was doing cold weather testing in Fairbanks, Good place to go for cold weather testing. So let's talk let's go on slide 18. Sorry. Boner poorly 565 open orders for the airplane. Boeing had previously announced that the airplane program was on track for certification late twenty five and entry into service. 26. The Boeing CEO recently stated the certification program is falling behind schedule. The CEO further stated the aircraft and the engine did Gen X engines, the nine x range, g nine x engine are really performing quite well.

And that the potential delay in certification was being caused by increasingly deliberate FPA scrutiny. Get the sense there's some tension there Boeing and the FAA. You I do anyway. A key gating item for is the receipt of the called the type inspection authorization from the FAA. Because as the CEO explains, you know, they can fly these airplanes. They need to have five airplanes to use for certification program, but those flights don't really count, you know, towards certification. Till they get to the TIA. There's a lot of boxes that have to be checked for airplane to be certified. So they can go fly the airplane, which is good.

They can learn a lot more about the airplane, but they can't check those boxes until they get their TIA from the FAA. Boeing hasn't announced any new targets for the certification and EIS, but speculations that they'd be pushed into next year at '26. Let's go on to slide 19. So let's talk about big picture GE aerospace jet engine sales history forecast estimates. The top is the sales history. One go control history accepted the site and q $27,500,000.0. But a little higher than we forecast. GE Aerospace program sale forecast, sales forecast estimates, Again, not guidance estimates.

Two three, we're estimating $7.5 to $8,000,000 And total for the year, got a slow down here a little bit, $27.5 to 29,000,000 Now in our prior presentation, we indicated that we're looking at 28 to 32,000,000 for the year for fiscal twenty six. But as we explained to you, information called a bill plan from our customer. Wasn't our forecast. It was their forecast. Now we have now the current forecast 27 and half to 29. That's now part forecast based upon what? Based upon the backlog for Q3 and Q4. Q3 is already booked. Q4 is partially booked and what we expect, you know, based on lots of life experience to the additional bookings for Q4.

So now this is our number, 27 and a half 29,000,000. Let's go on to Slide 20. Park's financial performance history and forecast estimates. Estimate singular. So we just have the history up top. You already saw this just for perspective and context. Down below, our Q3 twenty six Q3 financial forecast estimates. Now plural Uh-oh. Sales of 16 and a half to 17 and a half million, Adjusted EBITDA, 3.7 to 4,100,000.0. That's our estimate for Q3. You have any questions about that, just let us know. So let's go on to slide 21. This is just history, and we've showed you the slide for the last several quarters.

We think it's interesting just so you can see what's going on here. Historically. You go from 17 to 20, like, every year. We increased by about 10,000,000, then we got stalled out. So we're kind of at into fiscal twenty five, we're pretty much where we were fiscal twenty. And, obviously, that's because of the pandemic You know, the pandemic really had a very big impact on commercial aerospace. It wasn't the pandemic so much, it's how we responded to it, how the industry responded to it, especially with respect to supply chain issues that's held back commercial aerospace. So just one other thing. We're not giving you a forecast for fiscal twenty six this time.

But we believe that the number will be over 70,000,000 for fiscal twenty six. We'll just give you that number. We're not giving EBITDA, not giving details I think what's going on here, though, is the industry is getting religion. And it's not just an opinion. This is based on my life of input we received. Different kind of attitude on the part of the OEM in terms of ramp up to meet demand and also working with suppliers and supply chain in a much more productive and you know, a more, I know, more collaborative way. Sorry. Coming up trying to come up that word collaborative way. So it's not just a little thing. It's a big thing.

It's it's very palpable in the industry. Happens. But to us, it seems like there's something really going on here. And we're not we're not alone in that opinion. We're not alone in that opinion. So let's see what happens. You know, just so you know, we're probably looking about a little over 70,000,000 for fiscal twenty five. Let's go on to slide 22. Okay. General park updates. Agreements with Arian. Okay. We gotta slow down with Arian again. We entered in that business partner agreement in January 22, wondering which Arian ported up. Pointed us as exclusive North American distributor. We already covered that. Okay?

But then on March 27, '25, just early this year, Park and Aaron entered part they're a great partner. They're a wonderful partner. We love them. I entered into a new agreement under which Park will advance I don't know. It's probably about 5,000,000 for million, €587,000 against future purchases by Park of c two b fabric. These funds will be used by Erie to help finance the purchase of additional installation of new manufacturing equipment for Aireon's production of the p c two fabric in France. And that was that should be paid to area in three installments the first of which is already paid about, you know, $1,000,303,176,000 euro. That's about $1,500,000.

So that would affect our cash when we reported Q1. Let's move to Slide 23 rather. The purpose newest of this new agreement is to provide additional c two b fabric manufacturing capacity to support the rapidly increasing demand for c two b in c two b fabric in Europe and North America. Just so you know, one of the big programs that uses c two b fabric is the Patriot Missile Program. Ariane Group recently asked to partner to partner again with them on a study related to the potential significant increase of c two b fabric manufacturing capacity presumably in The US. The study expected cost about €700,000.

We split it $50.50, so that's probably about $410,000 Park, and we'll record that when our Q3 is a special item. Just want to be aware of that. We'll get back to this later on the presentation on the area study. Just continuing with general updates, our lightning strike protection material certified on the Passport 20 engine. Using the using the Bombardier Global 7,508,000 Bisinjet. Its revenue is about approximately 500,000 per year expected on our LSB material. We're very happy about this. Our LSB is already qualified, approved, and used on the a three twenty and the nine one nine, but have not just getting it approved now.

On the s four twenty engine and also thought to get approved on what's called the 10 a engine for the back nine zero nine. So and we expect that these revenues will start to kick in fairly soon, let's say, in a couple of months. Slide 24, still updates. This is just something we covered already. We signed we entered into an LTA with Aerospace. And for calendar years twenty five to thirty. Parked and then another update. Parked discussion with two Asian industrial conglomerates relating to Asian manufacturing. Do inventors continue? We've been talking about this for a while. John Jamieson's in Asia now working on this project along with one of our other guys.

So we'll see what happens. Seems interesting, but we'll see what happens. Okay, Mark. Your turn. Tariff, international trade issues, what's the expected impact of tariffs going forward, you think?

Mark Esquivel: I don't think much. I know this quarter alone, we had about $1,700, which, you know, we don't like to take on any additional cost. But that was mostly, you know, nonmaterial. Items. So going forward, again, as I mentioned before, we got ahead of this pretty early. You know, we're, we put controls in place to manage it. We're, passing the cost along to our customers, whether it's through you know, contracts or, you know, stuff like our POs or stuff like that or order confirmation. So I don't expect you know, to see much. I mean, it's obviously a dynamic situation. I don't think all the tariffs are completely locked in.

It's been a little quiet in the news lately. But where we're at today and what we've seen so far, it's it's very impact to our business.

Brian Shore: K. Thanks, Mark. So let's keep going here. Current MRAS supplier core scorecard or scores. What happened? We don't have all hundreds. Here. We don't have all hundreds. Does MRS still love us? Yeah. I think they do. I think I mentioned to you in prior quarters that told that most suppliers would be happy to get eighties. And Emirates finds it a little bit humorous that we ask, well, what happened? And what we doing what do we need to do to fix these tissues? It's called technical issue in terms of what how we recorded something. So we take it seriously. We're we're a 100 company. We're not a 99.7 country, company rather. So we take it seriously.

And, like I said, MRC I think, finds it a little amusing that we spent so much time talking about why we're not on a what not why we didn't get a 100 on when we reached scores. Let's go on to slide 25. So making customers love us, this is still in our general updates, is central to what we call parks egg strategy. How do we make our customers love us? With our calling cards of flexibility, urgency, and responsiveness? By asking how high before our customers say jump. And we're not kidding about this. We'll go to customers and say, what else can we do? What else can we do? What else can we do?

Before they even ask us for anything. Making customers love us is a boiler room thing, not a boardroom thing. You know, the board's on board. With a strategy. You know? We've certainly reviewed it with the board. But the strategy happens on the factory floor, not on the boardroom. That's where the rubber hits the road. It's up to all our people to make the strategy work. It's a boiler room thing. So first, for this strategy to work, all of our people need to be bought into it and feel passionate about it. Making customers love us is the secret to our success.

You know, it's a hidden plain sight secret You know, sometimes the most brilliant ideas are the most obvious ones. With a benefit of hindsight and the well, why didn't I think of that? I don't know. Why didn't you think of So the secret is kind of hidden plain sight, but it's a secret to our success. Slide 26, buyback authorization. We don't have to spend a lot of time on this. Let's just go down to the last two check items We did not purchase any shares, and in fiscal in our second quarter, and we don't we've not purchased any shares so far in our third quarter date.

I don't think we'll be my feeling, my opinion is we probably won't be purchasing too many shares in the near future, but we'll see about that. Slide 27, again, this is just gonna review Park's balance sheet cash and incredible cash dividend history. Long term debt, we don't have any. We had reported $61,600,000.0 of cash and marketable securities. At the end of Q2. But we also made a final transition tax installment payment of $4,900,000.0 in Q2. And Q1, we recorded cash in into q 1 of $656,000,000. So if you take that $4,900,000.0 subtracted from $65.6 million, it gets you to that $61,600,000.0 number more or less. It explains the difference.

Forty sec consecutive years of interrupted uninterrupted regular cash dividends, and we've now paid over $606,000,000 or going in $9 and cents per share in cash dividends since the beginning of fiscal two thousand five. This is our Park Founders. The run reason we placed a picture of our Park Founders here is because we started out with basically nothing. We're two guys that started the company, I think, in 1954 with about $40,000 that they had saved from war duty. And, you know, here we are paying over $600,000,000 of cash dividends in last twenty years or so. Let's go on to slide 28. Okay.

We can kind of skim through this because these three slides are exactly how the same slides that we showed you last quarter. I think the quarter before that. Financial outlooks for GE Aerospace change and Juggernaut, call it Juggernaut. It's a timing. We're not sure where to talk about yeah, the nine one nine is, you know, a little slow ramping up. And the triple seven x is having a little more difficult difficulty getting certified. So we don't know. We don't really spend a lot of time worrying about that. But the thing is that we say it's a juggernaut. It's coming. It can't be stopped, and the key thing for us is we better be ready.

You go on to slide 29. There's no change. Anything here that all the numbers are exactly the same. Like I said, the pre you know, relate to a previous slide, we feel that GE and CFM have kind of gotten a religion that they're they're really focused on ramping up production and working closely and collaboratively with the supply chain. Slide 30 is just footnotes related to the prior slides. We won't go through those. If you have any questions, any of this, let us know. Okay. Let's go on to slide 31, Warren Peace, Park Gingernaut. Peace for the Question War. These slides came from originated in the last quarter, although there's some updates to them.

The first thing I wanna cover again though is we're not providing any inside information on any of these programs. All every all this information in these slides is based upon publicly reported news and reports. We don't give away inside information. Especially with defense programs. Unprecedented demand for missile systems. Missile systems stockpiles have been seriously depleted by the wars in Europe and Mideast there's an urgent need to replenish the depleted missile system stockpiles. According to Wall Street Journal reporting, the Pentagon is pushing defense OEMs to double or even quadruple missile system production on a breakneck schedule quotes, partly in preparation for potential conflict with China.

List of Pentagon targeted missile systems, including PAC three missile system, the LRASM, and the s m six. The Patriot missile system is a particular priority. I think you should know the park is on all those programs, participates in all those programs, all three of them. Review and update of the PAC three Patriot missile system. The reason we spend more time talking about this is a lot of public visibility and information about it. Some of the other programs we're on, it could be quite significant, but we're not able to even mention what they are.

The largest deployment of PACS prepaid missile systems in history occurred in response to Iran's ballistic missile strikes on our air base in Qatar. Going on to slide 32, What happened here, in anticipation of this, I guess we knew what's gonna happen, We moved Patriot missile system to Qatar from South Korea and Japan knowing what was coming And we called it a shell game, you know, moving the systems one place to another. That's not sustainable. The Department of War wants to very significantly increase patriot missile stockpiles in Asia to protect bases and allies in the Pacific region. So this is not working out very well at all, is it?

We take missile systems out of South Korea and Japan because we have this issue with Iran. And now we deplete their systems when the Department of War wants to significantly increase the patriot missile stockpiles in Asia. See the problem? So just public stuff. Israelis supply a patriot missile systems seriously depleted. Ukraine supply of patron missile systems. Seriously depleted. Other countries have been waiting for Patriot missile systems for years.

September 3225, Lockheed's Missile and Fire Control division received its biggest contract in history, a $9.8 billion award from the US Army 1,970 Patriot missiles Patriot missiles According to the Wall Street Journal, the Department of War wants suppliers to ramp up to produce approximately 2,000 Patriot missiles per year which is almost four times the current production rate. Didn't we say something about quadruple in the prior slide? We did. Four times production rate. So we're talking about well, we'll get to I'm gonna wait and wait. We'll get to in a second because I thought you say park is all sorts qualified. We'll get to that in a second. Let's go on to slide 33.

Patriot missile systems are planned to be incorporated into the Golden Dome. As apparent from the reporting that The US plans to do much more than just replenish these depleted systems. So next hour item, parts ports, the patron missile system with specially ablated materials produced in areas of c two b fabric, And Parker sole source qualified for specially ablated materials on this program. So I was gonna say at the bottom of slide three two, there's 2,000 missiles per year. That represents very significant revenue with Park. We're sole source qualified in that program. Park, we're back to slide 33. Sorry to bounce around on you here.

Parkers recently asked to increase our expected output of specially inflated materials for the program by significant orders of magnitude. We can't really say how much but significant orders of magnitude, hopefully, that gives some kind of feel for what's going on here. And we will fully support this request partly with the additional manufacturing capacity provided by our major facilities expansion, which we'll discuss below. Remember that Park recently entered into this new agreement going back to area? With Arian for the purpose of increasing c two b fabric manufacturing capacity. Let's go on to slide 34. But will that additional manufacturing capacity be enough? Considering what's going on with the Patriot missile? No. I don't think so.

As discussed above, park partnering with Aaron Group in a study related to potentially significantly increasing c two b fabric manufacturing capacity presumably in The US. This is a big deal. Let me just say this. Once we're our we're our partnership when a study is done, that's not the end of the partnership. I don't think anyway. That's not what we're talking about. I'm not gonna say anything more about it, but let me just say it's a big deal. We covered the arrow three four missile systems last time, so we just kinda covered it again. Not too much here. Last item, updated parts involvement. Remember, we're we were second source qualified in the r o three.

We weren't really expecting orders. We got them. We already got them. Our four were sold source qualified on the hour four, which is expected to go into production, think relatively soon. Let's go on to slide 35. This is really probably the most important slide this whole warrant piece section of the presentation. The above missile programs are just a small representation of critical missile programs parked is supporting or planning to support There are too many programs to iterate here, and many, probably most, are too confidential and sensitive to mention for national security or other reasons. But, you know, this is highlighted or bold whatever you an italics.

But please understand that certain of these programs represent very significant revenue for 36. Major expansions. So I'm just gonna give a quick update here. I know we're running late, with time, but got a lot to cover here. And like I said, we got new investors, so we couldn't just skim through things too much. A major new expansion, we talked about this in the of our manufacturing facility. We talked about this in the last February presentations, I believe. So we're planning a major new expansion of our manufacturing facilities. It could be at Newton, or elsewhere. The plant expansion will include manufacture following lines elution treating, hot melt film, hot melt tape, hypersonic materials manufacturing.

A current estimated capital budget for new manufacturing plant equipment 40 to 45,000,000. That's gone up. I mean, I forget what we said last quarter, maybe $30.35 to forty. Why'd it go up? Well, we know the line. That extra $5,000,000 is for another line because the requirements keep going up and up and up. It's quite incredible, So new manufacturing slide three seven, just continuing new manufacturing, major new manufacturing major new expansion of parts manufacturing facilities. Why are we doing this? Are juggernauts required? We have a juggernaut for the aerospace. We have a juggernaut for defense and missile programs. Our long term business forecast requires it.

And the second bullet item under the that check item is that our forecast has increased since we talked to you on July 15. And also have manufacturing capacity needed for park to be parked. Or calling cards. Again, flexibility, responsiveness, urgency. We don't run a business a mill, meaning that, okay, we campaign and you want something, well, we could figure when maybe a year from December. We don't run our business that way. Urgency, responsiveness, flexibility. So it'd be really stupid for 38. We're just continuing on the expansion We're not sharing our long term business forecast this time. But opportunities for Park are significant. Timing is now.

We must take advantage of the opportunities We must not hesitate or we will squander the end quotes, once in a lifetime opportunities we have sacrificed so much over many years to develop. So this is kind of interesting. There was a board meeting last week and Mark was discussing with the board some of these missile programs and used the term once in a lifetime our opportunities. And the board was really got thought, well, let's come from Mark. This must be really big. You know? Because Mark is not a guy who's given to hyperbole. You know? He's usually a skeptical guy, which is good. You know, you want your president to be skeptical of things.

That was his quote, went to lifetime and the board's thought, wow. This must be a big thing then. Our objective is to have our expansion plan in place by the end of the calendar year and to be moving into implementation. The implementation phase by or a plan by then. Slide 39. How are doing at Park? Let's change gears a little bit. I'm sorry. It's gonna take you so long, but like I said, we're trying to cover a lot of things here. So what are parks objectives? This is How do we measure success? I think there's a lot of misunderstanding about this. So let's talk about it. We measure success.

Our objectives are getting qualified sole source qualified whenever possible on chosen special aerospace programs. These are programs you wanna be on. These are the special programs, the wonderful programs. That's our success. Once we get qualified on our chosen special programs, our objectives have been achieved. We're done. Once we're qualified in those children programs, in italics, all we need to do is support those programs with what? Extreme urgency, flexibility, responsiveness. That's it. Other than that, it's up to the program OEMs to determine the side of quickly their programs will ramp. That is not something over which we have control, and it's not even our concern. We're in the program. We achieved our objective.

Our objectives has been achieved. Some guy wrote something about you know, we're shifting blame or mitigation plans, and it's just kind of a total misunderstanding of how a park and our objectives and how we operate. Once we got in these programs, sole source qualified, our objectives have been realized. And we let's talk about it. How we done with our objectives? If you ask me, we have been incredibly successful. We've gotten on wonderful aerospace programs, a special program that you want to be on. Most of which we can't mention. You know, you know some of them already, a three twenty,

Mark Esquivel: Wow. Patriot. Wow.

Brian Shore: A lot of them we can't mention. Slide 40. And we were nobodies when we came into the aerospace industry. We came from nowhere. You know, we welcomed into the industry with open arms. With the entrenched competitors, I don't think so. They didn't want us. I mean, they were brought polite and respectful Well, they clearly didn't want they did not welcome us. We achieved what we achieved against great odds, incredible success, by getting on these programs that are the envy of the industry. From nowhere, nothing. Went into an industry where there's in aerospace, there's a lot of entrenchment. People kinda programs, they get very complacent sometimes. That's not us. We don't do that. Are we lucky?

If you ask me, we earned everything we got. Are we an overnight success? I don't think so. There's been a long and difficult row much sacrifice along the way. It's a road we chose. Let's go on to slide 41. I think that's our last slide. Almost there, folks. Very fortunately for all of us, Park has the courage and conviction. This should be involved because it's important to stay the course with our principles that are simple but elegant. X strategy in the face of sometimes unrelenting doubts, negativity, and skepticism. Very fortunate of all of us meaning, you know, investors too. Very fortunate that we stood our ground and our knees didn't buckle.

We did what we thought was right, under know, quite a bit of pressure. Because if we didn't do that, we wouldn't be where we are now We wouldn't be looking at these once in a life lifetime opportunities. Wouldn't be. And we'd all be we'd all lose out. You know? We'll lose out. So how are we doing at Park? We believe Park has done a remarkable job of positioning our company to capitalize our thank you, Mark, once in a lifetime opportunities we are now facing. These are unprecedented times. For Park. Okay, operator, so we're done with our presentation, we have to take any questions at this time.

Operator: Thank you, Mr. Shore. We will now be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line has been You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset pressing the star keys. I see we have a question coming from Nick Ripostella from NR Management. Your line is now live. Please proceed with your question.

Nick Ripostella: Hey. Good afternoon. Once again, nice presentation, nice quarter. And, just a couple of, easy questions. I've been thinking about Park and all the exciting things going on. How do you feel about, the need for additional sales personnel or are you feel that everything you have there is adequate? You've got so much going on. I'm just wondering, are you covered in that area? Sufficiently? And the second thing is I know you say you're not prepared at this time to share the long term forecast. So do you think like, sometime next calendar year, you can kind of give people a longer term view of where this company could be and three to five years.

You know, there's so many things that are blossoming. You know? You truly are a growth company, but and then the third thing is and I know this is not your primary function, obviously, but you must be on the radars of, firms out here to pick up research coverage. You know? There's so much research out there now by niche firms, and you have such a great story. I was just wondering if anything's happening in that regard. Thank you so much.

Brian Shore: Thanks, Nick. Thanks for your questions. So let's take them in order. Additional salespeople, you know, I think Mark, you can chime in. We've learned a lot over the last twenty years, and I think our view on salespeople is a little bit skeptical. I couldn't refer to have additional technical people, engineering people, in terms of getting more business. We certainly have our hands full of what we have already, but we're always interested in new opportunities, new opportunities. They're coming pretty fast and furious. But they're not coming because of salespeople.

They're coming because you know, it's a small industry, particularly in the fence side, and we have close ties with a lot of the OEMs and the military as well. So the work gets out pretty quickly. The important thing is we have engineering people to support those activities rather than salespeople that go get those the business. And I'm not sure that really works anyway. I don't think that I don't know. Mark chime in. The typical OEMs really are that interested in you know, the guy bringing donuts and a slick salesman. More interested in what you can do, how you can help us.

And that's gonna be more of an engineering discussion, or it could be a supply chain discussion. Okay. No. How can you support us in terms of providing a product to us? But the you know, I don't know. I'm a little skeptical about whether additional salespeople are we wanna talk about at this point. Why don't we Mark, why don't you chime in? I'll take the other two, questions, but why don't you chime in if you have anything wanna add to that, my answer on that question.

Mark Esquivel: Yeah, Brian. I think you're correct. I mean, we work really close with the technical and engineering folks and kinda goes back to our strategy too. They have priorities, and they need to get projects And, you know, we work directly with them and help them develop, you know, new programs and products. And that really helps us get business more so than the traditional, like you said, Brian, going to the supply chain people bringing donuts. A little different, you know, in our industry. It's more technical, more engineering driven. And if you're satisfying you know, those groups, you know, that's how the business usually comes our way.

Brian Shore: Yeah. Good. Thank you. Yeah. I think a lot of times it come it comes to us rather than we go into it. You know? But, you know, is a real kinda small, close in industry, and people know where to find us. Long term forecast, I understand. Understand why you're asking that. I think what we'll try to do in Q3 is provide some information a little bit like, a little reluctant because I think the number is gonna be shocking. To our investors.

Nick Ripostella: I want some nice shopping.

Brian Shore: Yeah. Okay. Well, let's see we can let's see what we can do to give you more perspective, quantitative perspective. When we announce Q3. Okay? Would that be alright? And we'll work on that. I'm not saying we'll give you a hard, like, three or four year forecast, but there's something that, you know, you could sink your teeth into a little bit more. And the research, you know, we're here. I mean, they were know where to find us, so we'd be happy to be covered. Like I said, Nick, not really our principal focus, but we'd be happy to be covered. And, you know, if anybody's interested, I'm happy to talk to them.

I think we are seeing a lot more visibility in the last few months or so. So we'll see what happens. I don't believe there's anything imminent where somebody's about to pick us up right now. We're very open to pick to being covered. So, hopefully, those that is when

Nick Ripostella: when the revenue doubles from here, then they'll come around. You know? That's that's the way it happens a lot. But Maybe

Brian Shore: Yeah. Maybe you're right. Any other questions you have, Nick, or does that cover it?

Nick Ripostella: No. Thank you so much. And you know, it's it's glad to see that all the hard work, you know, the stock has caught lightning in the bottle after the last quarter, and it's good. It's night it's a nice thing to see hard work appreciated and reflected in the value. You know? It must make all the employees and everybody feel good and the investors, obviously. But so thank you. Sure.

Brian Shore: It's a good thing. Thank you very much for input, Nick. Operator, do we have any other questions?

Operator: Currently, there are no further questions at this time. Oh, I actually see one just popping in by Chris Showers. Private investor. Chris, your line will be unmuted. Please proceed with your question.

Chris Showers: Hi. Thank you. Brian, just, I guess, two questions. You mentioned the c two b material being a sixty forty lower to higher margin mix. When the Patriot missile gets ramped up, will that be constant, or can you get a higher mix there with the higher revenue converted material.

Brian Shore: So I'll I'll answer that. So what's going on here is they're stockpiling. Stockpiling. And that's why there's the ratio was not really balanced. At the end of the day, though, there will be a certain amount of c two b fab that's required to make the c two b material. But at the end of the day, it all has kinda even out. You know? Right now, the OEMs are stockpiling Why? Because they're nervous. They want as much as they can get. Because they see where the, you know, where the future is going, and they're not stopping. You know. They're gonna keep stockpiling, I think.

But eventually, you know, their plan is not to just have that stuff sitting in their factory, of course. It for us to produce the material that's used to make the rockinized materials for the rock nozzle structures for the Patriot missile system.

Chris Showers: Okay. And is there timing on that where you think that might pick up? This calendar year?

Brian Shore: Yeah. I think as Mark alluded to, you know, we had this issue with the recall, and that was slowing down our a lot, you know, our ability to produce the materials, the c two b materials. The recall is pretty much complete now. So we think that's gonna open things up quite a bit. Even in the next quarter. I mean I mean, even this quarter, I think. So we'll see. We'll see. You know, with aerospace, probably most industries, though, Chris, the demand is there, but you that the supply chain can't turn everything on a dime.

We can, but there's a lot of other, you know, steps along the way in the supply chain in order to be able to ramp up. Like with a three twenty, you know, we could support 75 airplanes a month at this point if they needed it, but and Airbus would like to be a 75 airplanes for a month. I'm quite sure of that. What's holding you back is the supply chain. The supply chain is not able to turn on a dime.

Chris Showers: Okay. Thank you.

Brian Shore: Was there another question, Chris?

Chris Showers: No.

Brian Shore: Oh, good. Okay. Operator, anything else right now?

Operator: There are no further questions at this time. I would like to turn the floor back over to Mr. Shore for any closing comments.

Brian Shore: Okay. Well, Brian again here. Thank you very much for listening in. Sorry the call went so long. If you have any other questions, you wanna call us anytime. We're happy to talk to you. Have a great day. Thank you. Bye.

Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

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Thunderbird Entertainment Group Inc. (TSXV:TBRD:CA) Q4 2025 Earnings Call October 9, 2025 2:00 PM EDT

Company Participants

Jennifer McCarron - CEO & Chairman
Simone Bodymore - Chief Financial Officer

Conference Call Participants

Sandy Martin
Mitchell Sacks - Grand Slam Asset Management, LLC

Presentation

Operator

Thank you for joining Thunderbird Entertainment Group's Fiscal 2025 Year-end Earnings Call. Sandy Martin from Three Part Advisers will read the forward-looking statement disclaimer.

Sandy Martin

Thank you for joining us. Today, we will provide a corporate update and report on Thunderbird Entertainment Group's results for the 3 and 12 months ended June 30, 2025.

Speaking on today's call are Ms. Jennifer Twiner McCarron, CEO and Chair of the Thunderbird Board; and Mr. Simon Bodymore, Thunderbird's CFO. Ms. Twiner McCarron will provide a strategic overview and Mr. Bodymore will review the company's detailed financials. Following the corporate update and financial review, the call will open for a Q&A session. [Operator Instructions].

I'd like to remind everyone that certain statements made on today's call contain forward-looking information for purposes of applicable securities laws. Forward-looking statements and the information discussed on this conference call include, but are not limited to statements regarding our momentum and the ability to enter into new partnerships with major brands, turn on new content, continue to develop our own IP or hit key production milestones such as renewals and awards, our long-term value creation strategy, the use of AI to create efficiencies, our ability to seize new opportunities to drive strategic growth, market growth and the growth of entertainment in New Media in general, using the NCIB opportunistically, up-listing to the TSX, yielding cost savings, our ability to leverage IP for merchandise, video games, mobile and other cross media channels, future updates from broadcasters and timing for filming and broadcast of new productions.

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Tronox To Contact Him Directly To Discuss Their Options

If you suffered losses in Tronox between February 2, 2025 and July 30, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Tronox Holdings plc ("Tronox" or the "Company") (NYSE: TROX) and reminds investors of the November 3, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP)

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Tronox's ability to forecast the demand for its pigment and zircon products or otherwise the true state of its commercial division, despite making lofty long-term projections, Tronox's forecasting processes fell short as sales continued to decline and costs increased, ultimately, derailing the Company's revenue projections.

On July 30, 2025, Tronox announced its financial results for the second quarter of fiscal 2025, revealing a significant reduction in TiO2 sales for the quarter. The Company attributed the decline to "softer than anticipated coatings season and heightened competitive dynamics." As a result of the setback in sales, defendants revised the Company's 2025 financial outlook lowering its full-year revenue guidance and reducing its dividend by 60%.

Following this news, Tronox's common stock declined dramatically. From a closing market price of $5.14 per share on July 30, 2025, Tronox's stock price fell to $3.19 per share on July 31, 2025, a decline of about 38% in the span of just a single day.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Tronox's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Tronox Holdings class action, go to www.faruqilaw.com/TROX or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

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VANCOUVER, British Columbia, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Marimaca Copper Corp. (TSX: MARI) (ASX: MC2) (“Marimaca” or the “Company”) announces it has filed the Feasibility Study technical report for the Marimaca Oxide Deposit project located in the Antofagasta Region, Chile (the “Report”).

The Report was prepared in accordance with National Instrument 43-101 standards of Disclosure for Mineral Projects. The Report supports the disclosure made in the Company’s news release dated August 25, 2025 announcing the results of the Feasibility Study. The effective date for the Report is August 25, 2025 and is available on the Marimaca website at marimaca.com and under the Company’s SEDAR+ profile at sedarplus.ca.

About Marimaca

Marimaca is a copper exploration and development company focused on its 100%-owned flagship Marimaca Copper Project and surrounding exploration properties located in Antofagasta Region, Chile.

The Marimaca Copper Project hosts the Marimaca Oxide Deposit (the “MOD”), an IOCG-type copper deposit. The Company is currently progressing the Marimaca Copper Project through the Definitive Feasibility Study led by Ausenco Chile Ltda. In parallel, the Company is exploring its extensive land package in the Antofagasta region, including the >15,000ha wholly-owned Sierra de Medina property block, located 25km from the MOD.

This news release is authorized for release by the Board of Directors of Marimaca.

Contact Information

For further information please visit www.marimaca.com or contact:

Tavistock
+44 (0) 207 920 3150
Emily Moss / Ruairi Millar
[email protected]

Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Marimaca, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to the receipt of required regulatory approvals, including final approval by the TSX, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, uncertainties relating to regulatory procedure and timing for permitting reviews, the availability of and costs of financing needed in the future. The intended use of the proceeds of the Placement by the Company might change if the board of directors of the Company determines that it would be in the best interests of the Company and amounts actually allocated and spent will depend on a number of factors, including the Company’s ability to execute on its business plan. Many of these risks and uncertainties and additional risk factors generally applicable to the Company are described in the Company’s annual information form of the Company dated March 27, 2025 and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedarplus.ca). Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law.

None of the TSX, ASX or the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.

October 09, 2025 8:11 PM EDT | Source: Pelangio Exploration Inc.
Toronto, Ontario--(Newsfile Corp. - October 9, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) ("Pelangio" or the "Company") is pleased to announce that that it has closed the first tranche of its previously announced upsized non-brokered private placement (the "Offering").

The Company issued 19,236,668 common shares at a price of $0.18 per share for gross proceeds of approximately $3,462,600. The securities issued pursuant to the Offering are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX Venture Exchange policies.

The Offering was increased from $4,000,000 to $4,500,000 as announced on September 24, 2025. Each Unit under the Offering consists of one common share and one half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.31 for a period of two years from the initial closing date.

In connection with the closing of the First Tranche, the Company paid finder's fees to Clarus Securities Inc. and Ventum Financial Corp., each arm's length finders, consisting of an aggregate of $183,402 in cash and an aggregate of 1,018,901 non-transferrable warrants ("Finder Warrants"). Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.18 for a period of twenty-four months from the Initial Closing Date. All finder's fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful.

About Pelangio

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is focused on its two 100% owned camp-sized properties: the 100 km² Manfo property, the site of eight near-surface gold discoveries, and the 284 km² Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as the Dankran property located adjacent to its Obuasi property. See www.pelangio.com for further details on all Pelangio's properties.

For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Email: [email protected]

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Offering, the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. Regarding forward-looking statements and information contained herein, we have made many assumptions, including about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the risk that the Company might not be able to raise the entire Offering or any portion thereof, changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, near-term production may not be viable, delays due to COVID-19 or other safety protocols, and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

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

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269931

, /PRNewswire/ -- 

Why: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers or sellers of common stock of Cepton, Inc. (NASDAQ: CPTN) between July 29, 2024 and January 6, 2025, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2025.

So what: If you purchased or sold Cepton, Inc. common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Cepton, Inc. class action, go to https://rosenlegal.com/submit-form/?case_id=45981 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

Details of the case: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements regarding Cepton's business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Cepton had received a credible third-party bid valuing Cepton at more than double the Koito Acquisition (Cepton's merger with Koita Manufacturing Co., Ltd.); (2) Cepton's Board of Directors failed to meaningfully explore the foregoing offer and failed to disclose its terms when recommending that Cepton's shareholders approve the Koito Acquisition; (3) consequently, Cepton's shareholders were deprived of the opportunity to meaningfully consider whether to accept or reject the Koito Acquisition; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times.

To join the Cepton class action, go to https://rosenlegal.com/submit-form/?case_id=45981 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

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

SOURCE THE ROSEN LAW FIRM, P. A.

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A Microsoft engineer is resigning after 13 years at the software giant, claiming the company continues to sell cloud services to the Israeli military and that executives won't discuss the war in Gaza.

Scott Sutfin-Glowski, a principal software engineer, informed colleagues at Microsoft on Thursday that this will be his last week at the company.

"I can no longer accept enabling what may be the worst atrocities of our time," he wrote.

In the letter, he referred to a February Associated Press article that said the Israeli military had at least 635 Microsoft subscriptions, and he claimed the vast majority of them remain active.

Microsoft declined to comment.

Sutfin-Glowski's announced departure comes a day after President Donald Trump said Israel and Hamas committed to the first phase of a peace plan two years into the latest conflict. The AP reported on Thursday, citing government officials, that the U.S. is sending roughly 200 troops to Israel to help support the ceasefire deal.

The conflict has been a matter of ongoing tension at Microsoft.

For months, employees have protested the company's cloud business from the Israeli military. Five employees were fired.

In September, Microsoft said it had stopped providing certain services to a division of the Israeli Ministry of Defense, though it didn't provide specifics. That decision came after Microsoft investigated an August report from The Guardian saying the Israeli Defense Forces' Unit 8200 had built a system for tracking Palestinians' phone calls.

Sutfin-Glowski said the company cut off communication systems that allowed employees to bring up their concerns regarding the Israeli military's use of Microsoft products.

Outside a building at Microsoft headquarters in Redmond, Washington, on Thursday, employees and community members opened up banners calling on the company to drop ties with Israel, according to a statement from No Azure for Apartheid. The group has been asking Microsoft to listen to the more than 1,500 employees who petitioned the company to endorse a ceasefire.

"Today, the ceasefire in Gaza finally takes effect after two years of genocide, but the atrocities, human rights abuses, war crimes, apartheid, and occupation continue," Sutfin-Glowski wrote.

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SAN DIEGO--(BUSINESS WIRE)--WD-40 Company (NASDAQ:WDFC) today announced that its board of directors declared on Thursday, October 9, 2025 a quarterly dividend of $0.94 per share, payable October 31, 2025 to stockholders of record at the close of business on October 20, 2025.

About WD-40 Company

WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories, and homes around the world. The Company owns a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40® Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, 2000 Flushes®, no vac®, Spot Shot®, Lava®, Solvol®, X-14®, and Carpet Fresh®.

Headquartered in San Diego, California, USA, WD-40 Company recorded net sales of $590.6 million in fiscal year 2024 and its products are currently available in more than 176 countries and territories worldwide. WD-40 Company is traded on the NASDAQ Global Select Market under the ticker symbol “WDFC.” For additional information about WD-40 Company please visit http://www.wd40company.com.

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Volution Group plc (OTCPK:VLUTF) Q4 2025 Earnings Call October 9, 2025 4:30 AM EDT

Company Participants

Ronnie George - CEO & Executive Director
Andy O'Brien - CFO & Executive Director

Conference Call Participants

Tania Maciver - RBC Capital Markets, Research Division
Robert Chantry - Joh. Berenberg, Gossler & Co. KG, Research Division
Clyde Lewis - Peel Hunt LLP, Research Division
Charlie Campbell - Stifel, Nicolaus & Company, Incorporated, Research Division
Christen Hjorth - Deutsche Bank AG, Research Division
David Richard Farrell - Jefferies LLC, Research Division

Presentation

Ronnie George
CEO & Executive Director

Okay. Brilliant. Thank you. So warm welcome to Volution Full Year 2025 Results. Nice full room. So look, we're really delighted and excited to be here this morning to take you through our last 12 months. Pretty much similar format for us, a quick overview. I'll be quite brief with that, hand over to Andy to talk about the financial review for the year. I'll come back on business review and then summary and outlook and then Q&A. And I think our sort of view here is that probably 20, 25 minutes on the presentation. And just from past experience, we know there's always a good appetite to sort of go through the Q&A. So we'd like to allow some really good time to go through the Q&A.

But look, for us, I've been doing this for some time now. So this was a strong year for us. Revenue up 20.6% or just under 22% on a constant currency basis and delighted with organic revenue at 5.7% on a constant currency basis. And obviously, the inorganic benefit in the year was exclusively from the Fantech acquisition. Our organic growth was largely sort of volume led rather than price led, and Andy can get into a little bit more detail on that later on. But highest revenue growth was in the U.K., 9.5% revenue growth in the

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This article is NOT investment, tax or legal advice and is solely for peer-to-peer learning purposes. Do your own homework and consult your financial advisor, as necessary or appropriate.

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.

Some Volkswagen models in Brazil will be equipped with a customized payment infrastructure from Nuvei.

Through a partnership with Volkswagen Brazil, Nuvei will provide this solution that will enable the automaker to offer subscription-based connectivity services through an integrated app in its multimedia system, the FinTech company said in a Thursday (Oct. 9) press release.

With Nuvei’s customized payment infrastructure, Volkswagen will enable recurring payments for its connected car services and telecom providers’ data packages, according to the release.

Nuvei’s global reach will allow Volkswagen to scale this solution across additional markets, per the release.

“We’ve worked tirelessly to understand Volkswagen’s specific needs, and by architecting a solution that facilitates subscription payments for connected car services, we’re helping them enhance their customer relationships through seamless payment experiences,” Nuvei Chair and CEO Philip Fayer said in the release.

Embedded finance solutions enable merchants and businesses to empower their customers to make purchases without leaving a website, mobile app or other digital channel, Gigi Beyene, senior vice president of integrated payments at Nuvei, told PYMNTS in an interview posted in March 2024.

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This attractively positions the merchant relative to peer businesses whose payment solutions may require end users to leave the commerce experience to perform a separate task, such as entering their payment details. These little frictions can add up to lost sales.

“Integrated payments have helped increase operational efficiencies, have reduced costs — and have changed the narrative for merchants,” Beyene said.

The North Carolina Turnpike Authority announced in September that it partnered with Volvo and Mastercard to launch an in-vehicle toll payment pilot program.

This program lets Volvo drivers pay tolls directly through their car’s infotainment system, with no need for external devices or mobile apps.

“More significantly, it lays the foundation for embedded vehicle commerce, with future applications in parking, fuel, EV charging and other everyday services,” the NCTA said at the time in a press release.

In April 2024, Sheeva.AI announced that its in-vehicle payment technology had been launched in Citroën vehicles in India.

With this technology, vehicle owners can pay for fuel at 32,000 stations across the country using their preferred Unified Payments Interface (UPI) provider through the automaker’s mobile app.

OrthoPediatrics Corp. (NASDAQ:KIDS) Q3 2025 Sales Call October 9, 2025 4:30 PM EDT

Company Participants

David Bailey - President, CEO & Director
Fred Hite - CFO, Principal Financial & Accounting Officer, COO and Director

Conference Call Participants

Hannah Jeffrey - The Gilmartin Group
Ryan Zimmerman - BTIG, LLC, Research Division
Matthew O'Brien - Piper Sandler & Co., Research Division
Ravi Misra - Truist Securities, Inc., Research Division
Joseph Conway - Needham & Company, LLC, Research Division
David Turkaly - Citizens JMP Securities, LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the OrthoPediatrics Corporation's Third Quarter 2025 Preliminary Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Hannah Jeffrey from Gilmartin Group, Investor Relations, for a few introductory comments. Please go ahead.

Hannah Jeffrey
The Gilmartin Group

Thank you for joining us for today's call. With me from the company are Dave Bailey, President and Chief Executive Officer; and Fred Hite, Chief Operating and Financial Officer.

Before we begin today, let me remind you that the company's remarks include forward-looking statements within the meaning of federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to numerous risks and uncertainties, and the company's actual results may differ materially. For a discussion of risk factors, I encourage you to review the company's most recent annual report on Form 10-K, which was filed with the SEC on March 5, 2025, and its subsequent quarterly reports on Form 10-Q.

During the call today, management will also discuss certain non-GAAP financial measures, which are supplemental measures of performance. The company believes these measures provide useful information for investors in evaluating its operations period-over-period. For each non-GAAP financial measure referenced in this call, the

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A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo Purchase Licensing Rights, opens new tab

Oct 10 (Reuters) - Oil prices were little changed in early Asian trade on Friday after falling more than 1% in the previous session, as the market's war risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.

Brent crude futures were up 9 cents, or 0.1%, at $65.31 a barrel by 0044 GMT. U.S. West Texas Intermediate crude rose 12 cents, or 0.2%, to $61.63.

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Israel and the Palestinian militant group Hamas signed a ceasefire agreement on Thursday in the first phase of U.S. President Donald Trump's to end the war in Gaza.

Under the deal, which Israel's government ratified on Friday, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured in the attack that precipitated the war, in exchange for hundreds of prisoners held by Israel.

Prices had reached a one-week high following gains of around 1% on Wednesday due to the stalled progress on a Ukraine peace deal, a sign that sanctions against the world's second-largest oil exporter Russia could continue.

On a weekly basis, both benchmarks were still up around 1.2% after falling steeply last week.

The Gaza ceasefire deal was a major step towards ending the two-year war that has raised the risk of oil supply disruptions, Daniel Hynes, an analyst at ANZ, said in a note on Friday.

"This (deal) saw the focus move back to the impending oil surplus, as OPEC proceeds with the unwinding of production cuts," Hynes said.

A smaller-than-expected November hike in output agreed by the Organization of the Petroleum Exporting Countries and allies (OPEC+) on Sunday eased some of those oversupply concerns.

Investors are also worried that a prolonged U.S. government shutdown could dampen the American economy and hurt oil demand.

Reporting by Sudarshan Varadhan; Editing by Tom Hogue

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

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Freeport-McMoRan Inc. (NYSE: FCX) resulting from allegations that Freeport may have issued materially misleading business information to the investing public.

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

What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=45553 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On September 24, 2025, Freeport issued a press release entitled "Freeport Provides Update on PT Freeport Indonesia Operations." It stated that Freeport "announced today an update on the status of the previously reported mud rush incident at the Grasberg Block Cave mine (GBC) in Indonesia. On September 20, 2025, PT Freeport Indonesia (PTFI) located two team members who were regrettably fatally injured in the September 8th incident."

On this news, Freeport stock fell by 16.95% on September 24, 2025.

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

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

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

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
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Applied Digital Corporation (NASDAQ:APLD) Q1 2026 Earnings Call October 9, 2025 5:00 PM EDT

Company Participants

Wesley Cummins - Chairman, CEO, President, Secretary & Treasurer
Mohammad Saidal Mohmand - Chief Financial Officer

Conference Call Participants

Matt Glover - Gateway Group, Inc.
Nick Giles - B. Riley Securities, Inc., Research Division
Robert Brown - Lake Street Capital Markets, LLC, Research Division
Mike Grondahl - Northland Capital Markets, Research Division
Darren Aftahi - ROTH Capital Partners, LLC, Research Division
Logan Lillehaug
Michael Donovan - Compass Point Research & Trading, LLC, Research Division
Austin Douglas Ortiz

Presentation

Operator

Good afternoon, and welcome to Applied Digital's Fiscal First Quarter 2026 Conference Call. My name is Constantine, and I will be your operator for today. Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 31, 2025 in a press release, a copy of which has been furnished in a report on a Form 8-K filed with the Securities and Exchange Commission, or SEC, and will be available in the Investor Relations section of the company's website.

Joining us on today's call are applied to Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following their remarks, we will be opening the call for questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin.

Matt Glover
Gateway Group, Inc.

Thank you, operator. Hello, everyone, and welcome to Applied Digital's Fiscal First Quarter 2026 Conference Call. Before management begins formal remarks, we'd like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For

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BNB is once again in the spotlight as it shatters its all-time high, reaching $1,347 just days after surpassing the $1,000 milestone for the first time in its history. This explosive move highlights Binance’s growing dominance in the crypto ecosystem, as both its token and blockchain ecosystem gain traction across multiple fronts. The rapid price acceleration demonstrates how investor confidence in Binance’s expanding network and utility continues to strengthen, even as the broader market awaits Bitcoin’s next breakout above current resistance levels.

According to top analyst Darkfost, momentum across the BNB Chain is now clearly reflected in on-chain flows between networks, signaling a major shift in capital and activity. Binance’s ecosystem is attracting increased attention as DeFi, gaming, and cross-chain applications drive new demand for its infrastructure. This surge in BNB’s value represents more than just price speculation — it mirrors the chain’s expanding role as a central hub in the multichain economy.

With the market entering a potential new phase of bullish expansion, BNB’s record-breaking rally positions it as one of the strongest assets in the current cycle, and analysts suggest that its momentum may only be getting started.

BNB Chain Leads Cross-Chain Flows
According to analyst Darkfost, fresh data from DeBridge confirms that BNB Chain currently ranks #1 in received cross-chain flows, surpassing both Ethereum and Solana — a remarkable milestone that highlights Binance’s growing influence across the crypto ecosystem. This leadership in on-chain activity is not only a technical achievement but also a signal of strong and sustained capital movement toward the Binance ecosystem. As liquidity flows into BNB Chain at record levels, the trend suggests that users and developers are increasingly choosing it as a preferred hub for DeFi, gaming, and tokenized projects.

Crypto Liquidity Flows between chains | Source: deBridge
Darkfost explains that tracking these cross-chain flows offers valuable insight into the market’s structural direction. When capital migrates between chains, it often precedes broader price rotations within the altcoin market. Historically, these flow surges have aligned with the early stages of new cycles, where funds first move from Bitcoin into higher-risk assets. The fact that BNB Chain now leads this metric could therefore indicate growing institutional and retail interest converging around Binance’s ecosystem.

The coming weeks will be critical for altcoins, as many analysts anticipate a sector-wide breakout if Bitcoin continues its upward momentum. Should BTC push decisively above resistance and enter price discovery, capital could rotate into BNB and other leading altcoins, sparking a fresh wave of rallies.

BNB’s network dominance, combined with record-breaking price action, reinforces its status as one of the key barometers of crypto market health — and potentially, one of the biggest beneficiaries of the next bullish phase.

Momentum Pauses After Explosive Rally
BNB is taking a short breather after an extraordinary rally that pushed the token to an all-time high near $1,347 earlier this week. The chart shows that BNB is now trading around $1,277, down about 2.5% over the last 24 hours, as the market undergoes a mild correction following weeks of uninterrupted bullish momentum. Despite the pullback, the overall market structure remains decisively bullish, supported by rising 50-, 100-, and 200-period moving averages on the 4-hour timeframe.

Price testing short-term support | Source: BNBUSDT chart on TradingView
The recent consolidation above the $1,250–$1,270 range indicates that bulls are actively defending this zone, which now serves as short-term support. A rebound from here could set the stage for a new attempt to retest the $1,340–$1,350 resistance area. If this level breaks with conviction, it could open the door for another leg higher, potentially targeting $1,500 in the coming sessions.

However, failure to maintain support above $1,250 could trigger deeper retracements toward $1,180 or even the $1,100 region, where the 50-period moving average currently lies. Overall, BNB remains one of the strongest performers in the market, showing sustained strength despite short-term volatility — a sign that investor confidence and on-chain activity continue to align with bullish momentum.

Featured image from ChatGPT, chart from TradingView.com

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

On Friday, a staggering $5.3 billion in bitcoin and ethereum options will reach their expiration, creating a potentially volatile situation in the cryptocurrency markets. This event is causing significant attention as traders anticipate price fluctuations.

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The market looks unstable as the biggest assets here are not trading against important support zones and are essentially in a freefall mode that enables the massive possibility for rapid-paced reversals. The only thing needed for such a bearish scenario is a bit of selling pressure from institutional investors or whales. 

No safety net for XRPFollowing the loss of the 100-day EMA, one of its most crucial technical levels, XRP looks to be about to go into a possible freefall. The asset has now decisively closed below this moving average, indicating that bearish pressure is starting to take control once more after holding above it for weeks.

XRP has dropped more than 2.5% in the past day, breaking through both its short-term trendline and the 100 EMA support, and is currently trading close to $2.80. Previously serving as a stabilizing factor in the $2.85-$2.87 range, the moving average has now become resistance. Comparable breakdowns have historically preceded steep sell-offs, particularly when they are accompanied by low-volume rebounds and waning momentum, both of which are evident in the current configuration of XRP.

HOT Stories

XRP/USDT Chart by TradingViewThe daily chart’s technical structure presents a bleak picture. The asset has shown a pattern of lower highs and frequent rejections, as it has repeatedly failed to break above its descending resistance line. The 200-day EMA, which is currently trading at about $2.64, is the next significant support level and might be the final obstacle before a more significant correction.

If XRP is unable to hold steady above this level, a decline toward $2.50 or even $2.30 may occur very soon. Further raising concerns is the muted volume, which suggests that traders lack buying conviction. There may be more downside before oversold conditions are reached, according to the RSI, which is currently at 48 and shows neutral but waning momentum.

The technical posture of XRP is weak, to put it briefly. A significant bearish signal, losing the 100 EMA, puts the token at risk of experiencing an accelerated decline unless it quickly recovers. This controlled pullback could become a full-scale freefall if the 200 EMA is not held in the next few days.

Bitcoin peaks outThe most recent rally in Bitcoin seems to have peaked, with $120,000 emerging as the most likely local peak. The market may be cooling down instead of getting ready for a breakout toward higher targets like $150,000, as evidenced by the bullish momentum that has started to stall after an explosive move that propelled Bitcoin from the $113,000 range to over $124,000.

Bitcoin is having trouble maintaining its upward momentum, as the daily chart demonstrates. A classic indicator of diminishing buying power and rising profit-taking is the asset’s repeated printing of candles with long upper wicks. The 20-day EMA provides strong support, but the lack of follow-through volume suggests that traders are reluctant to push the rally higher. The RSI, which is presently close to 60, supports this opinion.

Although Bitcoin is not technically overbought, it is evident that a large portion of the short-term bullish energy has already been used up by the previous parabolic impulse. A sideways consolidation or a corrective phase has historically been preceded by such setups, particularly when rallies take place without adequate volume support.

Critical supports are located around $117,000 below the current level, followed by the 50-day EMA at $114,000 and the 100-day EMA at $113,000. In the next leg, the price of Bitcoin may revisit the $107,000-$108,000 range, a crucial region where the 200-day EMA offers structural support if it closes below these levels.

Although the long-term macro outlook for Bitcoin is still bullish, the short-term technicals indicate that the rally may have peaked for the time being. It does not seem likely that the $120,000-$125,000 range will be broken without a clear catalyst or volume growth. For the time being, $120,000 appears to be the peak — and a possible turning point where the market pauses before making a significant decision.

Shiba Inu descent continuesThe significant turning point in Shiba Inu’s protracted and agonizing downward trend may finally be approaching. After months of consolidation within a tightening symmetrical triangle, the meme token now looks to be approaching a possible yearly bottom at $0.0000115, a level that has historically served as strong support and has never been decisively breached.

The bulls are still having trouble regaining momentum, as SHIB has once again failed to maintain gains above the 100-day EMA, currently trading at about $0.0000120. Its gradual decline toward its long-term support zone, however, might actually pave the way for a bullish reversal. SHIB’s multi-month formation’s ascending lower boundary and a region where previous rebounds have sparked notable price recoveries are both represented by the $0.0000115 level.

Technically speaking, this combination of diagonal and horizontal support indicates that SHIB is getting close to downside exhaustion. The RSI is circling 44, indicating that sellers are losing ground, and volume has been declining steadily. In addition to maintaining the overall structure, a recovery from this region might act as the foundation for a medium-term bullish reversal, which might target $0.0000130 and then the 200-day EMA close to $0.0000135.

The situation might rapidly worsen, though, if SHIB is unable to maintain the $0.0000115 level. Investor confidence would be seriously damaged if there was a confirmed break below it, which would render the bullish structure invalid and possibly pave the way to new 2025 lows.

Right now, everyone is focused on this vital support area. The start of a long-awaited recovery phase and a new bullish cycle for one of the most closely watched tokens in cryptocurrency could occur if SHIB is able to successfully defend its annual bottom.

The governance token of leading decentralized lending protocol Aave (AAVE) has come under heavy selling pressure, briefly slipping below the $270 mark in the past 24 hours. The DeFi bluechip fell by 5% during early Thursday trading, marking a nearly 10% decline from its weekly high. Despite a modest recovery during U.S. trading hours, AAVE continues to hover around $272, signaling cautious market sentiment.

The downturn comes during a broad cryptocurrency market pullback, with Bitcoin nearing a drop below $120,000 and the CoinDesk 20 Index sliding over 4% in a single day. This market-wide weakness appears to have amplified Aave’s decline, triggering additional sell-offs across decentralized finance (DeFi) tokens.

Technical indicators suggest continued bearish momentum for AAVE. According to CoinDesk Research’s analysis, a breakdown below the key $273 support level accelerated the selloff, leading to algorithmic liquidations. Despite multiple rebound attempts, the token struggled to sustain any upward movement, confirming persistent selling pressure in the market.

Trading volume surged to 63,651 units, more than double the 24-hour average of 31,013 units, indicating heightened market activity during the downturn. Analysts now identify technical resistance at $280, suggesting that AAVE may face challenges reclaiming this level in the short term.

As investors continue to navigate a volatile DeFi environment, Aave’s price behavior underscores the broader fragility of the crypto market amid shifting sentiment. Maintaining support above $270 will be critical for AAVE to stabilize and prevent further downside momentum, especially as traders await signs of renewed buying strength.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

The US government shutdown has raised concerns about the timing of XRP-spot ETF launches, further weighing on XRP sentiment. The US Senate impasse extended into a ninth day on Thursday, October 9, as lawmakers failed to vote through a stopgap funding bill to reopen the government.

Why XRP Traders Need to Worry about the US Government Shutdown
The US government shutdown has left the SEC with a skeleton staff, meaning inadequate resources to review S-1s for crypto-spot ETFs. There are currently seven XRP-spot ETFs awaiting the SEC’s green light. However, the longer the US government remains closed, the greater the delay for issuers to launch the spot ETFs.

Final deadline decision dates ranged between October 18 and November 14. However, the approval of the Generic Listing Standards (GLS) for Commodity-Based Trust shares removed the requirement for 19b-4s and the 240-day review process. XRP-spot ETF issuers withdrew their 19b-4s and filed finalized S-1s in September, fueling hopes for imminent approvals.

XRP climbed to a September 13 high of $3.1860 in response to the GLS approval. However, the US government shutdown has triggered a sell-off. This underscores negative sentiment surrounding the delay.

According to betting platform Kalshi, the probability of the US government shutdown lasting more than 20 days is 62%, with a 50% chance of lasting longer than 25 days. Kalshi currently predicts the government shutdown will last 25.5 days, extending beyond October 18, the first final decision deadline.

Temporary Setback or Signs of Prolonged Weakness?
Despite the government shutdown, analysts expect the SEC to green-light the XRP-spot ETFs soon after reopening. Main Street demand for XRP could send the token to new highs, reversing the recent losses. XRP is down 1.51% for the current month.

However, spot ETF flow trends will be key, given the likelihood of multiple crypto-spot ETFs launching simultaneously.

Furthermore, BlackRock’s (BLK) continued silence on plans to launch an iShares XRP Trust remains a headwind. The issuer’s iShares Bitcoin Trust (IBIT) has dominated the crypto-spot ETF market, with net inflows of $64.93 billion since launch. For context, the second-largest BTC-spot ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), has reported net inflows of $12.74 billion since launch.

October’s surge in demand for BTC-spot ETFs sent Bitcoin (BTC) to an all-time high of $125,761 on October 6, underscoring the influence of spot ETFs on the supply-demand balance.

Bloomberg Intelligence Senior ETF analyst Eric Balchunas commented on IBIT’s performance, stating:

“Lost a bit of AUM yesterday bc of btc price decline but made it up w inflows. Still at $99b. So close yet so far. Just passed Vanguard Dividend Appreciation Fund ETF (VIG) (an etf legend) to take the 19th spot in overall aum.”

Rumors about an iShares XRP Trust filing had intensified in August but have since died down, dampening some of the initial enthusiasm.

An iShares XRP Trust could significantly shift market dynamics for XRP.

Price Action & Technical Analysis: Spot ETF Delays Hurt
XRP fell 2.64% on Thursday, October 9, reversing the previous day’s 0.91% gain to close at $2.8044. The token underperformed the broader market, which dropped 1.92%, but crucially reclaimed $2.8.

Traders are watching the following technical levels:

Support levels: $2.8 and $2.5.
Resistance levels: $3, $3.1, $3.3, and $3.66 (all-time high).

Catalysts & Scenarios
In the coming sessions, several key scenarios could drive near-term price trends:

The US Senate’s stopgap funding bill vote.
Fed speeches.
XRP ETF headlines (delays or launches), and BlackRock’s stance on an iShares XRP Trust.
Blue-chip companies’ appetite for XRP as a treasury reserve asset.
Regulatory milestones: Ripple’s application for a US-chartered bank license, the Market Structure Bill, and SWIFT-related news could also dictate near-term price trends.

Bearish Scenario

GDLC, BITW, and XRPR ETFs report outflows, and BlackRock dismisses plans for an XRP-spot ETF.
The US government shutdown enters its tenth day, delaying XRP-spot ETF launches.
Lawmakers roadblock crypto-friendly regulations, including the Market Structure Bill.
Blue-chip companies dismiss XRP as a treasury reserve asset.
OCC delays or rejects Ripple’s US-chartered bank license.
SWIFT maintains dominance in the global remittance market, capping Ripple’s market access.

These bearish scenarios could drag XRP below $2.8, exposing the $2.5 support level.

Bullish Scenario

US Senate passes a stopgap funding bill.
Fed speakers call for interest rate cuts in October and December.
BITW, GDLC, and XRPR register strong demand.
BlackRock files an S-1 for an iShares XRP Trust, and the SEC approves XRP-spot ETFs.
Blue-chip companies adopt XRP for treasury purposes, and more payment platforms use Ripple technology.
Ripple secures a US-chartered bank license, and the Senate passes the Market Structure Bill.
SWIFT loses market share to Ripple.

These bullish scenarios could send XRP to $3, potentially bringing $3.1 into play. A sustained move through $3.1 could pave the way toward $3.3 and the all-time high of $3.66.

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