Market Signal Briefing

Mission Produce, Inc. (AVO) Q1 2026 Earnings Call March 12, 2026 5:00 PM EDT

Company Participants

Stephen Barnard - Founder, CEO & Director
John Pawlowski - President & COO
Bryan Giles - Chief Financial Officer

Conference Call Participants

Jeff Sonnek - ICR Inc.
Pooran Sharma - Stephens Inc., Research Division
Alex Sturnieks - Lake Street Capital Markets, LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Mission Produce Fiscal First Quarter 2026 Conference Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I'd like to turn the conference over to Jeff Sonnek, Investor Relations at ICR. Please go ahead.

Jeff Sonnek
ICR Inc.

Thank you. Today's presentation will be hosted by Steve Barnard, Chief Executive Officer; John Pawlowski, President and Chief Operating Officer; and Bryan Giles, Chief Financial Officer.

The comments during today's call and the accompanying presentation contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC.

We'll also refer to certain non-GAAP financial measures today. Please refer to the tables included in the earnings release, which can be found on our Investor Relations website, investors.missionproduce.com, for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.

And with that, I'd now like to turn the call over to Steve Barnard, CEO. Steve?

Stephen

SOUTHLAKE, Texas, March 12, 2026 (GLOBE NEWSWIRE) -- Renewal Fuels, Inc. (OTC: RNWF) (“RNWF”, “American Fusion” or the “Company”), today announced that it has completed its PCAOB audit of the Company’s financial statements for fiscal years 2024 and 2025 and, in conjunction with that milestone, has finalized and submitted a Form 10 Registration Statement to the U.S. Securities and Exchange Commission (“SEC”).

Completion of the Company’s two year PCAOB audit process represents a significant milestone in the continued strengthening of the Company’s financial reporting, governance, and disclosure framework. The audited financial statements form a central component of the Company’s Form 10 Registration Statement, which has now been submitted to the SEC as the Company moves forward in its transition toward becoming a fully reporting public company under the Securities Exchange Act of 1934.

In conjunction with this transition, the Company intends to pursue qualification for the OTCQB Venture Market as a first step toward a potential uplisting to a national securities exchange. The Company also plans to pursue the reinstatement of a Rule 15c2 11 quotation for its securities. By pursuing qualification for the OTCQB and reinstating its 15c2-11 quotation, the Company aims to make its securities more widely accessible to retail and institutional investors, support improved price discovery, and create the foundation for a future uplisting to a national securities exchange, all of which management believes will meaningfully benefit current and prospective shareholders.

“Completing our PCAOB audits and submitting our Form 10 marks a major milestone for the Company,” said Richard Hawkins, CEO of Renewal Fuels, Inc. “These steps reflect a substantial amount of work behind the scenes to ensure our financial reporting, internal governance practices, and disclosure framework meet the standards expected of an SEC reporting public company. Establishing that foundation allows us to move forward with greater transparency as we continue advancing the American Fusion platform and expanding engagement with institutional investors and strategic partners.”

The final remaining administrative item related to the share exchange and corporate reorganization under American Fusion is the pending FINRA corporate action for the Company's name and ticker symbol change. Based on recent correspondence, management believes this process is in its final stages and anticipates approval in the near term.

Corporate Development and Capital Markets Update

The Company is engaged in active discussions with several prominent investment banking firms regarding potential advisory relationships and capital markets initiatives that may support the Company’s long term development and commercialization plans. These discussions include potential strategic financing structures intended to support the advancement of the Texatron™ fusion energy platform and the Company’s broader infrastructure development objectives. Any such transactions would be subject to market conditions, regulatory considerations, and approval by the Company’s Board of Directors.

Management believes that establishing SEC reporting status and completing PCAOB audited financial statements represent important milestones in preparing the Company for broader engagement with institutional investors and capital markets participants as it continues to build its long term financing and commercialization strategy.

Financial Discipline and Operational Stewardship

As the Company advances its strategic transition and technology development initiatives, management has sought to maintain a disciplined approach to corporate governance and financial stewardship. The Company ended fiscal year 2025 with a streamlined corporate structure, limited fixed overhead, and minimal legacy debt. Total operating expenses for fiscal year 2025 were $202,950, which management believes reflects its ongoing efforts to maintain a controlled cost structure while allocating resources toward regulatory milestones and strategic development initiatives.

The Company's balance sheet as of December 31, 2025 remains consistent with the financial position reflected throughout the audit period. The Company has not incurred any new convertible or dilutive debt instruments during the period and has continued to manage its capital structure in a manner intended to limit unnecessary dilution to shareholders. Aside from accounting adjustments associated with the purchase price allocation following the previously announced business combination, there have been no material changes to the Company's underlying financial position so far in Q1 2026.

As of December 31, 2025, total outstanding debt was approximately $1,203,400, comprised of a legacy note payable of $473,523 and approximately $671,377 attributable to a litigation-related payable. The litigation matter relates to a default judgment entered in Alaska during a period in which the Company was under prior management and in which the Company was not a direct party to the underlying dispute. The Company is actively pursuing resolution of this matter. The remaining balance reflects ordinary course obligations.

The Company has accumulated net operating losses of approximately $20 million, which may be available to offset future taxable income for federal income tax purposes, subject to applicable limitations, if any.

Management believes that continued attention to overhead management, balance sheet integrity, and responsible capital allocation will be important as the Company pursues the development and commercialization of the Texatron™ fusion energy platform and seeks to protect shareholder value over the long term.

Brent Nelson, CEO of Kepler Fusion Technologies and Director of RNWF, commented, “What’s important here is the discipline the Company has shown in getting its financial house in order before pursuing growth capital. Completing the audits, maintaining a healthy balance sheet, and operating with a lean structure demonstrates responsible stewardship. As we begin engaging with investment banks and the broader capital markets, that financial discipline gives us the flexibility to pursue the right financing partners while continuing to advance the Texatron™ platform.”

Litigation Update

As the Company approaches the resolution of previously disclosed litigation in Washington State, with proceedings scheduled for March 13, 2026, relating to the return to treasury of shares that were issued in connection with transactions for which consideration was never delivered, the Company continues to pursue appropriate remedies concerning those historical share issuances.

Separately, the Company is aware of an action filed in the Delaware Court of Chancery by the same individual involved in those prior matters, raising separate claims relating to the Company’s corporate control and governance. The Company has retained Delaware counsel and, on March 12, 2026, filed a formal response in opposition to the plaintiff’s motion for expedited proceedings. The Company’s response is supported by corporate records, including board resolutions, certificates of designation, and documented chain of title, which the Company believes establish that the plaintiff holds no valid ownership interest in the securities at issue. The Company intends to seek dismissal of the action and will continue to defend the matter vigorously through the normal course of legal proceedings on the basis that the claims lack merit.

About Renewal Fuels, Inc. and American Fusion

Renewal Fuels, Inc. (OTC: RNWF) is an advanced energy platform company focused on the development and commercialization of fusion energy technologies through its wholly owned subsidiary, Kepler Fusion Technologies. Following its previously announced merger with Kepler, the Company is operating under the American Fusion brand and has filed a corporate action with FINRA to change its legal name to American Fusion Inc. The Company’s strategy is centered on building a scalable, infrastructure-grade fusion energy platform supported by proprietary technology, disciplined intellectual property development, and long-term commercial deployment objectives.

For more information about American Fusion, please visit: americanfusionenergy.com

About Kepler Fusion Technologies

Kepler Fusion Technologies is an advanced energy technology company developing the Texatron™ aneutronic fusion platform. Kepler’s technology is designed to support modular, infrastructure-grade deployment for industrial, commercial, and grid-constrained applications. The Company’s development strategy emphasizes system-level engineering, disciplined intellectual property protection, and scalable architectures intended to support long-term commercial operation. Kepler Fusion Technologies operates as a wholly owned subsidiary of Renewal Fuels, Inc. (OTC: RNWF).

For more information about Kepler Fusion Technologies and its Texatron™ platform, please visit: www.keplerfusion.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company’s plans, objectives, expectations, and intentions, such as statements relating to technology development and commercialization, patent filings, regulatory initiatives, SEC registration, audit completion, exchange uplisting, and future business operations. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” and “will” identify forward-looking statements. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, including risks related to technology development, intellectual property protection, regulatory approvals, capital availability, audit and SEC reporting timelines, exchange requirements, litigation matters, and general market and economic conditions. This release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The Company undertakes no obligation to update forward-looking statements except as required by law.

Corporate Communications

IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
[email protected]

Korro Bio, Inc. (KRRO - Free Report) came out with a quarterly loss of $5.32 per share versus the Zacks Consensus Estimate of a loss of $1.93. This compares to a loss of $2.26 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -175.08%. A quarter ago, it was expected that this company would post a loss of $2.61 per share when it actually produced a loss of $1.92, delivering a surprise of +26.44%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Korro Bio, Inc., which belongs to the Zacks Medical - Drugs industry, posted revenues of $1.29 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 13.87%. This compares to year-ago revenues of $2.27 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Korro Bio, Inc. shares have added about 46.8% since the beginning of the year versus the S&P 500's decline of 1%.

What's Next for Korro Bio, Inc.?While Korro Bio, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Korro Bio, Inc. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$1.86 on $1.5 million in revenues for the coming quarter and -$7.01 on $6 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, ProKidney Corp. (PROK - Free Report) , has yet to report results for the quarter ended December 2025.

This company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of +5.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

ProKidney Corp.'s revenues are expected to be $0.25 million, up 212.5% from the year-ago quarter.

Gold edged higher in early Asian trade amid the ongoing Middle East conflict.

Silvaco Group, Inc. (SVCO) Q4 2025 Earnings Call March 12, 2026 5:00 PM EDT

Company Participants

Chris Zegarelli - Chief Financial Officer
Walden Rhines - CEO & Director

Conference Call Participants

Craig Ellis - B. Riley Securities, Inc., Research Division
Kevin Garrigan - Jefferies LLC, Research Division
Robert Mertens - TD Cowen, Research Division
Christian Schwab - Craig-Hallum Capital Group LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Silvaco's Fourth Quarter Fiscal Year 2025 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Chris Zegarelli, Chief Financial Officer for Silvaco. Please proceed.

Chris Zegarelli
Chief Financial Officer

Thank you. Joining me on the call today is Wally Rhines, Silvaco's CEO and Director. As a reminder, a press release highlighting the company's results, along with supplemental financial results are available on our IR site at investors.silvaco.com. An archived replay of the call will be available on this website for a limited time after the call.

Please note that during this call, management will be making remarks regarding future events and the future financial performance of the company. These remarks constitute forward-looking statements for purposes of the Safe Harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. It is important to also note that the company undertakes no obligation to update such statements, except as required by law.

The company cautions you to consider risk factors that could cause actual results to differ materially from those in the forward-looking statements contained in today's press release and on this conference call. The Risk Factors section in Silvaco's annual report on Form 10-K for the year ended 12/31/2024, and

By Reuters

March 13, 202612:26 AM UTCUpdated 12 mins ago

Honda 0 α electric concept vehicle is displayed at the Honda booth during a press day of the Japan Mobility Show 2025 at Tokyo Big Sight in Tokyo, Japan, October 29, 2025. REUTERS/Manami Yamada Purchase Licensing Rights, opens new tab

CompaniesTOKYO, March 13 (Reuters) - Shares in ​Honda Motor (7267.T), opens new tab ‌fell more than ​5% ​in Tokyo on Friday ⁠morning ​after the ​company flagged its first annual ​loss ​in almost 70 ‌years ⁠as a listed company, hit ​by ​up ⁠to $15.7 billion ​in restructuring costs ​at ⁠its electric-vehicle business.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Reporting ⁠by ​Daniel ​Leussink; Editing by ​Christopher Cushing

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

Edmonton, Alberta--(Newsfile Corp. - March 12, 2026) - Canamera Energy Metals Corp. (CSE: EMET) (OTCQB: EMETF) (FSE: 4LF0) ("Canamera" or the "Company") wishes to announce, further to its press release dated February 27, 2026, that the Company intends to increase the size of its previously announced non-brokered private placement such that it will now offer up to 3,787,879 FT Units at a price of $0.66 per FT Unit (as opposed to 2,272,727 FT Units, as previously announced), for aggregate proceeds of up to $2,500,000 (the "Amended Concurrent Offering").

Each FT Unit will consist of one (1) flow through common share and one-half of one common share purchase warrant (each whole warrant, a "FT Warrant"). Each FT Warrant will entitle the holder to acquire one (1) common share of the Company (a "Common Share") at a price of $0.75 for a period of 24 months. The securities issued in connection with the Amended Concurrent Offering will be subject to a hold period of four months and one day.

The proceeds from the sale of the FT Units will be used to incur "Canadian Exploration Expenses" within the meaning of the Income Tax Act (Canada).

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Although there are no changes to the terms of the Company's previously announced offering under the Listed Issuer Financing Exemption of up to 4,545,454 units of the Company (each a "Unit") at a price of $0.55 per Unit for aggregate gross proceeds of up to $2,500,000 (the "Offering"), the Company has, as a result of the changes to the Concurrent Offering, filed an amended offering document, a copy of which may be obtained at the Company's website or under its profile at www.sedarplus.ca.

About Canamera Energy Metals Corp.

Canamera Energy Metals Corp. is a critical and rare earth metals exploration company focused on building a diversified portfolio of district-scale projects across the Americas. In North America, the Company's portfolio includes the Schryburt Lake rare earth and niobium project in Ontario; the Iron Hills critical and rare earth project in Colorado; the Garrow rare earth elements project in Northern Ontario; the Waterslide rare earth and uranium project in Northern Ontario; the Great Divide Basin uranium project in Wyoming; and the Mantle project in British Columbia. In Brazil, Canamera is advancing the Turvolândia and São Sepé rare earth element projects. Across this portfolio, Canamera targets underexplored regions with strong geological signatures and supportive jurisdictions, leveraging geochemical, geophysical, and geological datasets to generate and advance high-conviction, first-mover exploration opportunities. For more information, visit www.canamerametals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "plans", "strategy", "opportunity", "positions" and similar expressions, or are those which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this release include, but are not limited to, statements regarding the ability of the Company to complete the Offering and Amended Concurrent Offering as contemplated, the receipt of CSE approval in respect of the Offering and Amended Concurrent Offering, and the Company's intended use of proceeds therefrom, as well as the Company's ability to advance its projects or to acquire new mineral properties.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including: the Company's inability to complete the Offering and Amended Concurrent Offering as contemplated or at all; the use of proceeds therefrom being different than what is currently intended; the Company's inability to identify suitable staking targets; completion of satisfactory due diligence on potential projects; successful negotiation of acquisition terms; availability of financing; changes in commodity prices and market conditions for rare earth elements; regulatory or permitting delays; geopolitical developments affecting rare earth supply chains; and competition for rare earth properties in the United States. Additional risk factors can be found in the Company's public disclosure documents available at www.sedarplus.ca.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation: the Company will be able to raise the anticipated proceeds under the Offering and Amended Concurrent Offering and on the timetable anticipated; and the Company will use the proceeds of the Offering and Amended Concurrent Offering as currently anticipated.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise such statements, except as required by law.

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

NOT FOR DISSEMINATION IN THE UNITED STATES OR
FOR DISTRIBUTION TO U.S. WIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288361

Source: Canamera Energy Metals Corp.

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For the quarter ended February 2026, Adobe Systems (ADBE - Free Report) reported revenue of $6.4 billion, up 12% over the same period last year. EPS came in at $6.06, compared to $5.08 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $6.28 billion, representing a surprise of +1.86%. The company delivered an EPS surprise of +3.1%, with the consensus EPS estimate being $5.88.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Adobe performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Services and other: $110 million versus $110.81 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -19.1% change.Revenue- Subscription: $6.2 billion compared to the $6.09 billion average estimate based on four analysts. The reported number represents a change of +13% year over year.Revenue- Products: $90 million versus the four-analyst average estimate of $74.8 million. The reported number represents a year-over-year change of -5.3%.View all Key Company Metrics for Adobe here>>>

Shares of Adobe have returned +6.4% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Citizens (CIA - Free Report) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +37.50%. A quarter ago, it was expected that this insurance company would post earnings of $0.06 per share when it actually produced earnings of $0.07, delivering a surprise of +16.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Citizens, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $70.19 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.39%. This compares to year-ago revenues of $67.64 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Citizens shares have added about 5.8% since the beginning of the year versus the S&P 500's decline of 1%.

What's Next for Citizens?While Citizens has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Citizens was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.05 on $61.17 million in revenues for the coming quarter and $0.30 on $260.26 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Life Insurance is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Finance sector, BlackRock (BLK - Free Report) , is yet to report results for the quarter ended March 2026.

This investment firm is expected to post quarterly earnings of $12.36 per share in its upcoming report, which represents a year-over-year change of +9.4%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level.

BlackRock's revenues are expected to be $6.6 billion, up 25% from the year-ago quarter.

CALGARY, Alberta, March 12, 2026 (GLOBE NEWSWIRE) -- Bonterra Energy Corp. (TSX: BNE; OTCID: BNEFF) (“Bonterra” or the “Company”) is pleased to announce its financial and operating results for the fourth quarter and year ended December 31, 2025, achieving a record annual production, together with highlights of an independent oil and gas reserves evaluation (the “Sproule Report”) prepared by Sproule International Limited (“Sproule”), effective December 31, 2025. The related financial statements and notes, as well as management’s discussion and analysis along with the annual information form for the period ended December 31, 2025, are available on SEDAR+ www.sedarplus.ca and on our website www.bonterraenergy.com.

Record annual production of 15,513 BOE per day, exceeding revised guidance and representing a 5% increase from the prior yearExpanded Charlie Lake core area through the closing of the previously announced Bonanza asset acquisition, consisting of low-decline oil pools producing approximately 760 BOE per day(3) and 21 top-tier drilling locationsAchieved reserves growth across Total Proved (“TP”) and Total Proved Plus Probable (“TPP”) reserve categories of 3%, underpinning TPP Reserve Life Index of 19.4 years; Reduced TP and TPP F&D costs(2) to $12.72/BOE and $14.93/BOE driving recycle ratios(2) of 2.1x and 1.8x, respectivelyCapital spending of $69.9 million, in line with guidanceAdjusted Free Funds Flow(1) of $17.2 million, an increase of 65% versus prior yearReaffirms 2026 guidance, with annual production expected to range from 16,200 to 16,400 BOE per day(3) and capital expenditures expected to be $75–$80 million Patrick Oliver, President and Chief Executive Officer, stated: “It’s fair to say that 2025 was a breakthrough year for Bonterra, reflecting our focus on disciplined growth. We took several key steps to strengthen both our financial position and our asset base, notably:

Successfully executing our Charlie Lake drilling program, which was the key driver in achieving an annual production record and supported improved capital efficiency;Completing a strategic acquisition to further expand our Charlie Lake core area, which increased tier-1 drilling inventory;Continuing delineation drilling in our Montney land base, including successfully drilling our first three-mile horizontal Montney well; andIncreasing the liquidity of the business through our Canadian high-yield debt refinancing transaction.” Mr. Oliver added, “By optimizing our stable Cardium production base and leveraging our high-impact assets in the Charlie Lake and Montney, we were able to deliver record production using significantly less capital. We are currently in the delineation phase on both assets, and with low reserve bookings to date, we see significant resource capture and growth opportunities ahead, creating sustainable long-term value for our shareholders.”

2025 Financial and Operating Highlights

Production averaged 15,513 BOE per day during 2025, representing a 5% increase from 14,846 BOE per day in the prior year, which was primarily attributable to the execution of the Company’s 2025 drilling program and the Pembina Cardium well reactivation activities completed early in the year. Fourth quarter 2025 volumes averaged 15,254 BOE per day(3).

Funds Flow1 and Adjusted Free Funds Flow1 totaled $94.2 million ($2.57 per fully diluted share) and $17.2 million ($0.47 per fully diluted share) respectively. Funds Flow decreased year over year by 20% primarily driven by decreased crude oil pricing and Adjusted Free Funds Flow increased by 65% despite lower crude oil prices primarily driven by a more efficient capital program in 2025.

Field Netback and Cash Netbacks1 in 2025 averaged $22.05 per BOE and $16.63 per BOE, respectively, with WTI crude oil prices averaging US$64.81 per barrel and AECO natural gas prices averaging $1.67 per mcf in 2025.

Production costs averaged $16.69 per BOE in 2025 compared to $16.54 per BOE in 2024. The marginal increase was primarily driven by initial third-party infrastructure charges related to the Charlie Lake and Montney plays, along with higher activity levels from the Company’s well reactivation program.

Capital expenditures totaled $69.9 million in 2025, in line with the Company’s previously provided annual capital expenditure guidance of $65 to $70 million:

$41.0 million was allocated to the drilling of 9 gross (8.4 net) operated wells, of which 7 gross (6.5 net) wells were completed, equipped, and tied-in, and to the drilling of 9 gross (1.5 net) non-operated wells. The two (1.9 net) remaining drilled and uncompleted (“DUC”) wells have been completed and tied-in during the first quarter of 2026; and$28.9 million was directed toward land and lease acquisitions, infrastructure, recompletions and compressor upgrades. Bonanza Asset Acquisition closed on December 18, 2025, for cash consideration of $15.3 million, after closing adjustments:

Low decline base production: Approximately 760 BOE per day3 of existing production in low decline oil poolsIncreased area footprint: 41 net sections of land in the Greater Bonanza Area adjacent to existing Charlie Lake operationsCharlie Lake drilling inventory: 21 identified top tier drilling locations complementary to its existing Charlie Lake inventory in addition to 3 low-risk infill locations in the Doig formationSynergistic infrastructure: Strategic owned and operated infrastructure footprint of underutilized compression, batteries and gathering pipelines creates immediate half cycle drilling opportunities on the acquired lands and proximal existing lands and offers new gas processing optionality in the Greater Bonanza Area Net Debt1 totaled $179.0 million at year end, representing a net debt to EBITDA level of 1.6:1 as compared to 1.2:1 as at December 31, 2024. The increase in net debt to EBITDA ratio is primarily due to an increase in debt from the Bonanza Asset Acquisition, the one-time costs associated with the debt refinancing transaction and a decrease in EBITDA from lower crude oil prices.

Normal Course Issuer Bid initiated in April, saw the Company repurchase 749,900 common shares for cancellation at an average price of $3.56 per share, representing approximately 2% of the outstanding shares at December 31, 2024.

2025 Financial and Operating Results

As at and for the year endedDecember 31,
2025December 31,
2024December 31,
2023($000s except $ per share)FINANCIAL    Revenue - realized oil and gas sales247,874 279,957319,517Funds flow(1) 94,168 118,668147,305Per share - basic 2.57 3.183.96Per share - diluted 2.55 3.183.95Cash flow from operations89,480 114,952140,183Per share - basic 2.44 3.083.77Per share - diluted 2.43 3.083.76Net earnings (loss)(2) (17,125)10,20344,943Per share - basic (0.47)0.271.21Per share - diluted (0.46)0.271.20Capital expenditures 69,932 101,076126,478Oil and gas property acquisition(3)(4)16,029 24,234-Total assets 959,434 975,043967,870Net debt(5) 179,049 167,210145,440Bank debt 40,722 46,21114,822Shareholders' equity 522,032 540,639528,258OPERATIONS    Light oil-bbl per day6,415 6,6397,209 -average price ($ per bbl)81.24 94.3597.58NGLs-bbl per day1,511 1,5131,359 -average price ($ per bbl)41.61 46.9748.80Conventional natural gas-MCF per day45,524 40,16433,814 -average price ($ per MCF)2.09 1.683.12Total barrels of oil equivalent per day (BOE)(6)15,513 14,84614,204 Notes for the table above:
(1)Funds flow is a non-IFRS measure. See advisories later in this press release.(2)Net loss for the year ended December 31, 2025, primarily reflects a one-time debt extinguishment cost of $11.6 million.(3)On March 1, 2024, the Company acquired the Charlie Lake Assets for cash consideration of $23.6 million and $0.3 million in non-core mineral rights, including closing adjustments. The Charlie Lake Assets have been accounted for as an asset acquisition, which resulted in an increase of $24.2 million in PP&E and the assumption of $0.3 million in decommissioning liabilities.(4)On December 18, 2025, the Company acquired the Bonanza Assets adjacent to the Company’s Charlie Lake area assets for cash considerations of $15.3 million in mineral rights, including closing adjustments. This acquisition has been accounted for as an asset acquisition, which resulted in a $16.0 million increase in PP&E and the assumption of $0.7 million in decommissioning liabilities.(5)Net debt is a non-IFRS measure. See advisories later in this press release.(6)BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.   Operations Update

Charlie Lake

The Company entered 2026 with one three-mile (0.9 net) DUC well and has since drilled an additional 3 (2.8 net) Charlie Lake wells. The DUC well and two of the new Charlie Lake drills have been completed, tied-in and are in the early stages of cleaning up post completion operations, while the third new Charlie Lake well is planned to be completed before the end of March and tied-in early in the second quarter. The Company anticipates having 30-day peak rate on new results in its next quarterly release. Net production from the Charlie Lake asset in December 2025 was approximately 3,660 BOE per day3 representing 23% of December 2025 corporate production.

Montney

The Montney remains a strategic asset in the Company's portfolio for enhancing shareholder value. Based on the strong production results to date from its two operated wells Bonterra has drilled its third Montney well to continue the delineation of its Montney land base. The third well was drilled in Q4 2025 and was completed and tied-in in Q1 of 2026. The well is a three-mile horizontal and was completed with an increased fracture stimulation intensity compared to Bonterra’s previous two Montney wells. The new Montney well is in the early stages of cleaning up post completion operations. The Company anticipates having 30-day peak rate results in its next quarterly release. Net production from the Montney asset in December 2025 was approximately 780 BOE per day3 representing 5% of December 2025 corporate production.

2026 Outlook

The Company reaffirms its production and capital guidance for 2026 outlined below:

Annual average production range of 16,200 to 16,400 BOE per day3, weighted approximately 50 to 52% to oil and liquids; andCapital expenditure range of $75 million to $80 million. The 2026 capital program is geared to grow corporate production through capital allocation across all three of the Company’s assets. Capital directed to the Cardium will further enhance the optimization of the base cash flow stream, and the Charlie Lake and Montney activity is planned to increase production exposure in these plays and to further prove out the value of the resource in these high-impact assets, including testing the new lands from our recent acquisition.

Bonterra remains committed to a disciplined approach to managing leverage levels and will focus use of Free Funds Flow to debt repayment and share buybacks in 2026.

The Company retains capital flexibility for the remainder of the year in response to prevailing commodity price conditions.

To mitigate risk and add stability during periods of market volatility, hedges have been put in place on approximately 48% of Bonterra’s expected crude oil and 25% of its natural gas production through the first six months of 2026. Through the first six months of 2026, Bonterra has secured WTI prices between $55.00 USD to $80.95 USD per bbl on 3,044 bbls per day; and natural gas prices between $1.29 to $3.30 per GJ on approximately 12,743 GJ per day.

In addition, Bonterra has secured WTI pricing between $60.00 USD and $66.75 USD per barrel on 2,250 barrels per day, representing 33% of expected crude oil production for the second half of 2026. Natural gas prices averaging $2.76 per GJ for 8,474 GJ per day have also been secured covering the second half of 2026 and the first quarter of 2027, primarily through fixed-price contracts.

2025 Reserves Highlights

The Company is pleased to announce the summary results of its independent reserve report prepared by Sproule International Limited with an effective date of December 31, 2025. The Sproule Report reflects the success of the 2025 capital program driven by the Company’s Charlie Lake and Montney resource plays.

The following provides a summary of specific details from the Sproule Report, which was prepared following the guidelines, criteria, and methodologies outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Further reserves-related information, as mandated by NI 51-101, will be incorporated into Bonterra's Annual Information Form, to be filed on the Company's profile at www.sedarplus.ca and available on the Company’s website.

Reserves increases in TP and TPP categories: Unchanged year over year - Proved Developed Producing (“PDP”) reserves of 34.3 million BOE3% increase year over year - TP reserves of 87.8 million BOE3% increase year over year - TPP reserves of 109.7 million BOE Net present value of future net revenue discounted at 10% (before tax) for TPP totaled $1.2 billion, while TP totaled $859.2 million and PDP totaled $468.5 millionReserve Life Index (“RLI”)2 for TPP, TP, and PDP of approximately 19.4 years, 15.5 years and 6.1 years, respectively (based on 2025 average production of 15,513 BOE per day)Reserve Replacement2 of 99% of 2025 production on a PDP basis, 150% on a TP basis and 164% on a TPP basisF&D Costs2 including FDC of $12.72/BOE on TP and $14.93/BOE on TPPRecycle ratio2 including FDC of 2.1 times on TP reserves, 1.8 times on TPP reservesFuture Development Capital (“FDC”) for TP is forecast to be $804 million, an increase of 2% or $18 million compared to 2024 TP FDC of $786 million Summary of Gross Oil and Gas Reserves as of December 31, 2025

 Light and Medium Crude OilConventional Natural GasNatural Gas LiquidsOil EquivalentFuture Development Capital (MBbl)(MMcf)(MBbl)(MBoe)($000s)Proved     Developed Producing15,418.693,4033,340.334,325.9-Developed Non-Producing1,619.37,081247.13,046.65,681Undeveloped23,033.0137,2044,547.850,448.2798,583Total Proved40,070.9237,6888,135.187,820.7804,264Total Probable10,001.359,2402,013.121,887.618,298Total Proved plus Probable50,072.2296,92710,148.2109,708.3822,562       Reconciliation of Company Gross Reserves by Principal Product Type as of December 31, 2025

 Light & Medium Crude OilConventional Natural GasNatural Gas LiquidsOil Equivalent Total ProvedProved + ProbableTotal ProvedProved + ProbableTotal ProvedProved + ProbableTotal ProvedProved + Probable (MBbl)(MBbl)(MMcf)(MMcf)(MBbl)(MBbl)(Mboe)(Mboe)Opening Balance December 31, 202441,438 51,724 214,580 267,790 7,796 9,714 84,997 106,070 Extensions (1)2,132 2,826 27,437 35,030 790 1,002 7,495 9,666 Acquisitions (2)762 952 9,605 12,022 196 246 2,559 3,202 Dispositions (3)(169)(218)(32)(42)(0)(0)(175)(226)Economic Factors (4)(834)(758)(3,251)(2,884)(127)(106)(1,503)(1,345)Technical Revisions (5)(917)(2,112)5,965 1,627 32 (156)109 (1,997)Production(2,341)(2,341)(16,616)(16,616)(551)(551)(5,662)(5,662)Closing Balance December 31, 202540,071 50,072 237,688 296,927 8,135 10,148 87,821 109,708  Notes for table above:(1)Includes the drilling of step-out and infill wells in 2025 and the booking of new step-out future drilling locations.(2)Additions in volumes relating to the acquisition of an asset in the Greater Bonanza Area.(3)Reduction in volumes due to the selling of non-core assets. In 2025, operated properties in Saskatchewan and Eastern Alberta were divested in their entirety.(4)The economic factors reflect the change in reserves due to the changes in the average commodity price forecasts of Sproule, GLJ Petroleum Consultants and McDaniels & Associates Consultants Ltd. for December 31, 2024 compared to December 31, 2025 commodity price forecast.(5)Technical revisions are attributable to changes in previously booked estimates. In 2025, positive technical revisions were recorded in developed producing entities, primarily associated with improved well performance, as well as in the majority of pre-booked locations due to improved offset and analogue production performance. Negative technical revisions were recorded in the Montney property related to revisions to pre-booked locations to better align with future development plans and not due to well performance expectations.(6)Gross Reserves means the Company’s working interest reserves before calculation of royalties and before considerations of the Company’s royalty interests.   Summary of Net Present Values of Future Net Revenue as of December 31, 2025

($M)Net Present Value Before Income Taxes Discounted at (% per year)Reserves Category:0%
5%
10%
15%
Proved    Producing749,746577,152468,500396,003Non-Producing65,62747,60836,64029,441Undeveloped909,732554,798354,036233,462Total Proved1,725,1051,179,558859,176658,906Probable700,234437,670308,892234,976Total Proved plus Probable2,425,3391,617,2281,168,068893,882      Future Development Capital, F&D Costs2 and Recycle Ratios2

FDC reflects Sproule’s best estimate of the costs to bring Bonterra’s proved and probable developed and undeveloped reserves on production. Changes in forecasted FDC occur annually because of development activities, acquisition and disposition activities, changes in capital cost estimates based on improvements in well design and performance, changes in service costs and changes to cost estimates for capital activities that do not directly drive additions in reserves or production.

Over the past three years, Bonterra has incurred the following finding, development and acquisition (“FD&A”) and finding and development (“F&D”) costs both excluding and including FDC:

 TP Reserves Net AdditionsTPP Reserves Net Additions  2025 2024 20233 Yr Avg4 2025 2024 20233 Yr Avg4FD&A Costs per BOE1,2,3,6        Including FDC$10.39$17.31$39.08$19.10$12.37$18.34$34.16$19.54Excluding FDC$8.28$10.43$27.09$12.94$9.02$11.65$23.24$13.17         F&D Costs per BOE1,2,3,6        Including FDC$12.72$18.86$39.08$22.17$14.93$20.99$34.16$22.95Excluding FDC$11.39$14.85$27.09$16.94$11.47$16.42$23.24$16.81         Recycle Ratio2,5,6        F&D (including FDC) 2.1 1.6 0.9 1.6 1.8 1.5 1.1 1.5F&D (Excluding FDC) 2.7 2.7 1.4 2.3 2.4 2.4 1.6 2.2 Notes for table above:(1)Barrels of oil equivalent may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.(2)The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development capital generally will not reflect total finding and development costs related to reserve additions for that year.(3)The calculation of F&D and FD&A costs both includes or excludes, as labelled, the change in FDC required to bring proved undeveloped and developed reserves into production.  The F&D or FD&A number is calculated by dividing the identified capital expenditures by applicable reserve additions including extensions, infills, revisions, acquisitions and disposals, and economic factors, after or before changes in FDC costs (as labelled).(4)Three-year average is calculated using three-year total capital costs and reserve additions on both a TP and TPP reserves on a weighted average basis.(5)Recycle ratio is defined as field netback per BOE divided by F&D costs on a per BOE basis.  Field netback is a Non-IFRS Measure, see “Cautionary Statements.”  On a BOE basis, Bonterra’s (unaudited) field netback used in the above calculations are as follows: 2025 - $22.05; 2024 - $28.34; 2023 - $37.01; Three-year weighted average - $28.91. (6)“FD&A Cost”, “F&D Cost”, and “Recycle Ratio” do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. See “Information Regarding Oil and Gas Disclosure” in this news release.   Notes Excluding Tables

(1)  Non-IFRS measure. See advisories contained in this press release.
(2)  See "Information Regarding Oil and Gas Disclosure" contained in this press release.
(3)  See "Information Regarding Product Types" contained in this press release.

About Bonterra

Bonterra Energy Corp. is a conventional oil and gas corporation forging a grounded path forward for Canadian energy. Operations include a large, concentrated land position in Alberta’s Pembina Cardium, one of Canada’s largest oil plays. Bonterra’s liquids-weighted Cardium production provides a foundation for implementing a return of capital strategy over time, which is focused on generating long-term, sustainable growth and value creation for shareholders. The emerging Charlie Lake and Montney resource plays are expected to provide enhanced optionality and an expanded potential development runway for the future. Our shares are listed on the Toronto Stock Exchange under the symbol "BNE" and we invite stakeholders to follow us on LinkedIn and X for ongoing updates and developments.

For further information please contact:

Bonterra Energy Corp.
Patrick Oliver, President & CEO
Scott Johnston, CFO
Brad Curtis, Senior VP, Business Development
Telephone: (403) 262-5307
Fax: (403) 265-7488
Email: [email protected]

Cautionary Statements

This summarized press release should not be considered a suitable source of information for readers who are unfamiliar with Bonterra Energy Corp. and should not be considered in any way as a substitute for reading the full report for the year ended December 31, 2025. For the full report, please go to www.bonterraenergy.com.

Information Regarding Oil and Gas Disclosure

Bonterra’s oil and gas reserves statement for the year ended December 31, 2025, which includes complete disclosure of its oil and gas reserves and other oil and gas information in accordance with NI 51-101, is contained within its Annual Information Form which is available on Bonterra’s SEDAR profile at www.sedarplus.ca or on the Company’s website. The recovery and reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves will be recovered. In relation to the disclosure of estimates for individual properties or subsets thereof, such estimates may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. The Company's belief that it will establish additional reserves over time with the conversion of probable undeveloped reserves into proved reserves is a forward-looking statement and is based on certain assumptions and is subject to certain risks, as discussed below under the heading "Forward-Looking Information".

This press release contains metrics commonly used in the oil and natural gas industry, such as “reserve life index”, "recycle ratio", “reserve replacement”, "finding and development costs", "finding and development recycle ratio", "finding, development and acquisition costs", and "field netbacks". Each of these metrics are determined by Bonterra as specifically set forth in this news release. These terms do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Such metrics have been included to provide readers with additional information to evaluate the Company’s performance, however, such metrics should not be unduly relied upon for investment or other purposes. Management uses these metrics for its own performance measurements and to provide readers with measures to compare Bonterra’s performance over time.

F&D costs are calculated as the sum of development capital plus the change in FDC for the period when appropriate, divided by the change in reserves that are characterized as development for the period. Development capital is a non-GAAP financial measure used as a component of F&D costs. Management uses F&D costs as a measure of capital efficiency for organic reserves development. "FD&A costs" are calculated as the sum of development capital plus acquisition capital plus the change in FDC for the period when appropriate, divided by the change in total reserves, other than from production, for the period. Development capital and acquisition capital are non-GAAP financial measures used as components of FD&A costs. Management uses FD&A costs as a measure of capital efficiency for organic and acquired reserves development.

Reserve replacement is calculated as total reserve additions (including acquisitions net of dispositions) divided by annual production.

Both F&D and FD&A costs take into account reserves revisions during the year on a per BOE basis. The aggregate of the costs incurred in the financial year and changes during that year in estimated FDC may not reflect total F&D costs related to reserves additions for that year. Finding and development costs both including and excluding acquisitions and dispositions have been presented in this press release because acquisitions and dispositions can have a significant impact on Bonterra’s ongoing reserves replacement costs and excluding these amounts could result in an inaccurate portrayal of its cost structure.

Reserve life index is an index reflecting the theoretical production life of a property if the remaining reserves were to be produced out at current production rates. The index is calculated by dividing the reserves in the selected reserve category at a certain date by the annual production for the period.

Recycle ratio is defined as field netback per BOE divided by F&D costs on a per BOE basis.

Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Bonterra’s performance over time, however, such measures are not reliable indicators of the Company’s future performance and future performance may not compare to the performance in previous periods. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.

References in this press release to peak rates, initial production rates, test rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Bonterra. The Company cautions that such results should be considered preliminary.

Non-IFRS and Other Financial Measures

In this press release, the Company refers to certain financial measures to analyze operating performance, which are not standardized measures recognized under IFRS® and do not have a standardized meaning prescribed by IFRS. These measures are commonly utilized in the oil and gas industry and are considered informative by management, shareholders and analysts. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. This release contains the terms “funds flow”, “capital expenditures”, “free funds flow”, “adjusted free funds flow”, "net debt", "net debt to EBITDA ratio", “field netback” and “cash netback” to analyze operating performance. Non-IFRS and other financial measures within this release may refer to forward-looking non-IFRS and other financial measures and are calculated consistently with the three months and year ended December 31, 2025 reconciliations as outlined below.

Funds Flow

Funds flow is a non-IFRS financial measure. Funds flow is cash flow from operating activities including proceeds from sale of investments and investment income received excluding effects of changes in non-cash working capital items and decommissioning expenditures settled. Management considers funds flow from operations to be a key measure to assess the Company’s management of capital. Funds flow is an indicator as to whether adjustments are necessary to the level of capital expenditures. For example, in periods where funds flow from operations is negatively impacted by reduced commodity pricing, capital expenditures may need to be reduced or curtailed to preserve the Company’s capital. Management believes that by excluding the impact of changes in non-cash working capital, decommissioning expenditures, adjusting for interest expense in the period, and including investment income received and proceeds on sale of investments funds flow from operations provides a useful measure of Bonterra’s ability to generate the funds necessary to manage the capital needs of the Company.

The following is a reconciliation of funds flow to the most directly comparable IFRS measure, cash flow from operating activities:

 Three months ended Year ended December 31,
2025December 31,
2024 December 31,
2025December 31,
2024($ millions) Cash flow from operating activities21.5 28.6  89.5 115.0 Adjusted for:     Changes in non-cash working capital2.5 (2.1) 3.2 (5.3)Interest expense(4.2)(4.3) (16.8)(17.8)Interest paid0.7 5.6  10.9 17.8 Decommissioning expenditures1.6 2.2  7.1 7.2 Investment income received- 0.1  0.3 0.4 Proceeds on sale of investments- -  - 1.4 Funds flow22.1 30.1  94.2 118.7        Capital Expenditures

Capital expenditures are a non-IFRS financial measure. Management utilizes capital expenditures to measure total cash capital expenditures incurred in the period. Capital expenditures represent exploration and evaluation and property, plant and equipment expenditures in the statement of cash flows in the Company’s annual audited financial statements as follows:

 Three months ended Year ended December 31,
2025December 31,
2024 December 31,
2025December 31,
2024($ millions) Comprised of:     Exploration and evaluation expenditures1.50.2 2.31.2Property, plant and equipment expenditures14.822.2 67.699.9Capital Expenditures16.322.4 69.9101.1       Free Funds Flow

Management utilizes free funds flow to assess the amount of funds available for future capital allocation decisions. It is calculated as funds flow plus proceeds on sale of property less capital expenditures, acquisition and decommissioning expenditures settled from the statement of cash flows.

 Three months ended Year ended December 31,
2025December 31,
2024 December 31,
2025December 31,
2024($ millions) Funds flow22.1 30.1  94.2 118.7 Adjusted for:     Capital expenditures(16.3)(22.4) (69.9)(101.1)Acquisition(15.3)-  (15.3)(23.6)Proceeds on sale of property- -  2.0 0.1 Decommissioning expenditures(1.6)(2.2) (7.1)(7.2)Free funds flow (deficiency)(11.1)5.5  3.9 (13.1)       Adjusted Free Funds Flow

Management utilizes adjusted free funds flow to assess the amount of funds available excluding acquisition expenditures and dispositions. It is calculated as free funds flow plus acquisition expenditure less sale of property from the statement of cash flows.

 Three months ended Year ended($ millions)December 31,
2025December 31,
2024 December 31,
2025December 31,
2024Free funds flow (deficiency)(11.1)5.5  3.9 (13.1)Adjusted for:     Acquisition15.3 -  15.3 23.6 Proceeds on sale of property- -  (2.0)(0.1)Adjusted free funds flow4.2 5.5  17.2 10.4        Net Debt and Net Debt to EBITDA Ratio

Net debt is a non-IFRS financial measure. Net debt is defined as current liabilities less current assets plus long-term bank debt, subordinated debentures, subordinated term debt and subordinated notes. EBITDA is a non-IFRS financial measure. EBITDA is a measure showing net earnings excluding deferred consideration, finance costs, provision for current and deferred taxes, depletion and depreciation, share-based compensation, gain or loss on sale of assets, impairment or impairment reversal, extinguishment of debt and unrealized gain or loss on risk management contracts. Net debt to EBITDA is a non-IFRS ratio. Net debt to EBITDA ratio is defined as net debt at the end of the period divided by EBITDA for the trailing twelve months. For more information about net debt or net debt to EBITDA ratio please refer to Note 16 of Bonterra’s December 31, 2025 annual audited financial statements.

The following is a summary of net debt and net debt to EBITDA and a reconciliation of trailing twelve-month EBITDA to the most directly comparable IFRS measure, “Net earnings”:

   ($ millions)December 31,
2025December 31,
2024Bank debt40.7 46.2 Subordinated term debt- 35.8 Subordinated debentures- 55.9 Subordinated notes135.7 - Current liabilities35.6 61.4 Current assets(33.0)(32.0)Net debt179.0 167.3    Net earnings (loss)(17.1)10.2 Adjustments to net earnings (loss):  Unrealized loss (gain) on risk management contracts(1.3)1.5 Gain on sale of property(4.6)- Deferred consideration(1.0)(1.0)Finance costs22.3 26.5 Share-based compensation2.5 2.3 Depletion and depreciation101.6 97.1 Extinguishment of debt11.6 - Current income tax expense (recovery)(1.7)5.2 Deferred income tax recovery(3.0)(1.5)EBITDA (trailing twelve months)109.3 140.3 Net debt to EBITDA ratio1.6 1.2  Field and Cash Netback

Field netback is a non-IFRS financial measure, calculated as revenue and realized risk management contract gain (loss) minus royalties and operating expenses divided by total BOEs for the period. Field netback per BOE is a non-IFRS ratio, calculated as field netback divided by total barrels of oil equivalent produced during a specific period of time. There is no comparable measure in accordance with IFRS. This metric is used by management to evaluate the Company’s ability to generate cash margin on a unit of production basis.

Cash netback is a non-IFRS financial measure, calculated as field netback less interest expense, general and administrative expense and current income tax expense divided by total BOEs for the period. Cash netback per BOE is a non-IFRS ratio, calculated as cash netback divided by total barrels of oil equivalent produced during a specific period of time. There is no comparable measure in accordance with IFRS. This metric is used by management to evaluate the Company’s ability to generate cash flow from continuing corporate activities on a unit of production basis.

Field and cash netback are calculated on per unit basis as follows:

 Three months ended Year ended December 31,
2025December 31,
2024 December 31,
2025December 31,
2024($ millions) Oil and gas sales57.8 69.7  247.9 280.0 Realized gain (loss) on risk management contracts1.6 1.6  2.9 3.6 Royalties(6.1)(9.5) (31.5)(39.6)Production costs(22.4)(23.1) (94.5)(90.0)Field Netback30.9 38.7  124.8 154.0 Office and administration(1.6)(1.3) (5.6)(5.2)Employee compensation(5.1)(3.9) (10.5)(9.1)Administrative and investment income0.1 0.1  0.6 0.6 Proceeds on sale of investments- -  - 1.4 Interest expense(4.2)(4.3) (16.8)(17.8)Current income (tax) recovery2.0 0.8  1.7 (5.2)Cash Netback22.1 30.1  94.2 118.7       Barrel of oil equivalent (BOE)1,403,369 1,330,294  5,662,146 5,433,622 Field Netback ($ per BOE)21.97 26.94  22.05 28.34 Cash Netback ($ per BOE)15.76 20.95  16.63 21.84        Information Regarding Product Types

References to gas or natural gas and NGLs in this press release refer to conventional natural gas and natural gas liquids product types, respectively, as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities, except where specifically noted otherwise. The Company’s aggregate average production for the past eight quarters and the references to “crude oil”, “NGLs”, and “natural gas” reported herein consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:

 20252024 Q4Q3Q2Q1Q4Q3Q2Q1Average daily production        Light oil (bbls/d)6,2746,0516,7946,5467,3067,1777,2827,068NGLs (bbls/d)1,5071,3531,5081,6791,6191,4101,2481,155Conventional natural gas (MCF/d)44,83942,33648,58446,39037,21434,24132,28631,448Total (BOE/d)15,25414,46016,39915,95715,12814,29413,91113,464          2026 annual average production, at the midpoint of the guidance range, is anticipated to be comprised of approximately 40% light crude oil, 11% NGLs and 49% conventional natural gas.On December 18, 2025, the Company closed the acquisition of the Bonanza assets, adding low-decline production with a weighted mix of approximately 32% light crude oil, 5% NGLs and 63% conventional natural gas.Charlie Lake production for the month of December 2025 comprised approximately 36% light crude oil, 5% NGLs and 59% conventional natural gas.Montney production for the month of December 2025 comprised approximately 28% light crude oil, 15% NGLs and 57% conventional natural gas. Forward Looking Information

Certain statements contained in this release include statements which contain words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “will”, “believe” and similar expressions, relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this release includes, but is not limited to: the Company’s 2026 financial and operating guidance relating to production and capital expenditures; the Company’s 2026 priorities and outlook; exploration and development activities; plans relating to repayment of indebtedness and share buybacks; reserve estimates; future net revenue; F&D costs and future development capital; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and other such matters.

All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; the impact on the Canadian energy industry of U.S. tariffs, changes to international trade agreements or the potential imposition of tariffs or other protectionist economic policies by the Canadian federal or provincial governments; applicable environmental, taxation and other laws and regulations as well as how such laws and regulations may limit growth or operations within the oil and gas industry; the impact of climate-related financial disclosures on financial results; the ability of the Company to raise capital, maintain its syndicated bank facility and refinance indebtedness upon maturity; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; credit risks; climate change risks; cyber security; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive.

In addition, to the extent that any forward-looking information presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of the Company and has been presented to provide management’s expectations used for budgeting and planning purposes and for providing clarity with respect to the Company’s strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose.

Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived therefrom. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

The forward-looking information contained herein is expressly qualified by this cautionary statement.

Frequently Recurring Terms

Bonterra uses the following frequently recurring terms in this press release: “WTI” refers to West Texas Intermediate, a grade of light sweet crude oil used as benchmark pricing in the United States; “MSW Stream Index” or “Edmonton Par” refers to the mixed sweet blend that is the benchmark price for conventionally produced light sweet crude oil in Western Canada; “AECO” is the benchmark price for natural gas in Alberta, Canada; “bbl” refers to barrel; “NGL” refers to Natural gas liquids; “MCF” refers to thousand cubic feet; “MMBTU” refers to million British Thermal Units; “GJ” refers to gigajoule; and “BOE” refers to barrels of oil equivalent. Disclosure provided herein in respect of a BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Numerical Amounts

All amounts in this press release are stated in Canadian dollars unless otherwise specified. The reporting and the functional currency of the Company is the Canadian dollar.

The TSX does not accept responsibility for the accuracy of this release.

, /PRNewswire/ -- With a severe windstorm expected to move through FirstEnergy's service area beginning early Friday and into early Saturday, the company is ready to respond to any outages and reminds customers to take steps now to stay safe in case of potential outages.

FirstEnergy is closely monitoring expected winds that could bring down trees and blow branches and debris into power lines. Based on current forecasts, the strongest winds are expected Friday afternoon into early evening, with the most severe conditions impacting Ohio Edison, The Illuminating Company and Toledo Edison in Ohio and West Penn Power and Penn Power in Pennsylvania, where winds could exceed 50-75 mph in some areas. Peak gusts ranging from 35-60 mph are also expected to impact Met‑Ed and Penelec in Pennsylvania, Mon Power and Potomac Edison in West Virginia and Maryland and Jersey Central Power & Light in New Jersey.

Strong winds can make it harder for crews to restore power and may slow restoration efforts. For safety reasons, crews cannot use bucket trucks when wind speeds are above 40 mph. Fallen trees and blocked roads can also delay crews as they travel to outage locations.

To help manage the weather safely and efficiently, we've activated our around-the-clock incident command structure so teams across our service area can coordinate restoration work, equipment needs and field support as conditions change.

We're also in close contact with other utilities and outside contractors and bringing in additional support ahead of the winds in many areas as well as mobilizing internal FirstEnergy and contractor crews, forestry personnel, damage assessors, hazard responders and other support workers. This ensures we have the people and resources needed to respond as soon as outages occur.

How We Restore Power After a Storm

FirstEnergy follows a formal restoration process to restore service as quickly and safely as possible:

Clear hazards – like downed power lines, trees and blocked roads Repair high-voltage lines that provide electricity to local lines Restore power to critical public service facilities Address outages affecting the most customers Fix localized issues and restore power to individual customers Customer Safety and Preparedness Tips

Customers can take simple actions to prepare and stay safe if an outage does happen:

Secure loose outdoor items including garbage cans, furniture and trampolines Charge phones and essential devices Keep flashlights, batteries and a radio ready Store water if you rely on a well pump Have no‑cook foods on hand Stay 30 feet away from downed power lines – call 911 immediately Steer clear of trees and utility poles in high winds How to Report an Outage

If you lose power during the storm, report your outage by:

Calling 1-888-LIGHTSS (1-888-544-4877) Texting OUT to LIGHTS (544487) Clicking the "Outages" link on firstenergycorp.com Get Outage Updates

Text REG to 544487 to sign up for outage text alerts. Once signed up, text STAT to 544487 to get the latest update for your home. Log into your online account. View our outage map at firstenergycorp.com/outages. FirstEnergy (NYSE: FE) is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com. Follow FirstEnergy on X: @FirstEnergyCorp.

SOURCE FirstEnergy Corp.

SLC Agrícola S.A. (SLCJY) Q4 2025 Earnings Call March 12, 2026 9:00 AM EDT

Company Participants

Andre Vasconcellos - Planning and Investor Relations Manager
Aurelio Pavinato - CEO & Member of the Board of Executive Officers
Ivo Brum - CFO, Director of Financial & Investor Relations and Member of Executive Board

Conference Call Participants

Gabriel Coelho Barra - Citigroup Inc., Research Division
Isabella Simonato - BofA Securities, Research Division
Thiago Duarte - Banco BTG Pactual S.A., Research Division
Pedro Fonseca - XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Research Division
Larissa Perez - JPMorgan Chase & Co, Research Division
Julia Rizzo - Morgan Stanley, Research Division

Presentation

Andre Vasconcellos
Planning and Investor Relations Manager

Good morning, everyone, and welcome to SLC Agrícola's Fourth Quarter 2025 Earnings Webcast. My name is Andre Vasconcellos, Financial Planning and Investor Relations Manager. Joining me today are our CEO, Aurelio Pavinato, and our CFO and IRO, Ivo Brum. It is a pleasure to be with you this morning.

Please note that this webcast is being recorded and will be available on the company's Investor Relations website together with the presentation.

[Operator Instructions]

We would like to remind you that information that is presented in this webcast as well as any statements regarding business outlook, projection and operational and financial targets of SLC Agrícola represent the management's beliefs and assumptions and are based on information that is currently available.

Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions because they refer to future events and therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market dynamics and other operational factors may affect our future performance and could lead to results that differ materially from those expressed in such forward-looking statements.

With that, I would like to turn

, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Boston Scientific Corporation ("Boston Scientific" or the "Company") (NYSE: BSX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

The class action concerns whether Boston Scientific and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

You have until May 4, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Boston Scientific securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On February 4, 2026, Boston Scientific released its fourth quarter 2025 financial results, reporting lower-than-expected sales in its electrophysiology division, and issued guidance for fiscal year 2026 that fell well short of analyst expectations. The Company attributed its results and guidance to a combination of slower-than-expected market growth and increased competition.

On this news, Boston Scientific's stock price fell $16.12 per share, or 17.6%, to close at $75.50 per share on February 4, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com. 

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

Did you buy ORCL common stock between June 12, 2025, and December 16, 2025?

Affected Oracle Corporation Investor Summary

Who: Oracle Corporation (NYSE: ORCL) What: Securities fraud class action lawsuit filed Class Period: June 12, 2025, through December 16, 2025 Deadline to Seek Lead Plaintiff Status: April 6, 2026 Key Lawsuit Allegations: Material misstatements and/or omissions concerning the company's data center capabilities for artificial intelligence infrastructure and capital expenditures. Investor Action: Contact Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) for recovery options at no cost to investor , /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that the firm has filed a securities fraud class action lawsuit against Oracle Corporation (NYSE: ORCL) (Oracle) on behalf of investors who purchased or acquired Oracle common stock between June 12, 2025, and December 16, 2025, inclusive (the Class Period).  This action, captioned Barrows v. Oracle Corporation, et al., Case No. 1:26-cv-00127-JLH, was filed on February 3, 2026, in the United States District Court for the District of Delaware and is pending before the Honorable Jennifer L. Hall. 

Important Deadline Reminder:  Investors who purchased or otherwise acquired Oracle common stock during the Class Period may, no later than April 6, 2026, move the Court to serve as lead plaintiff for the class.

CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:    
If you purchased or acquired Oracle common stock and lost money on your investment, you are encouraged to contact KTMC attorney Jonathan Naji, Esq. at:

(484) 270-1453
[email protected]
https://www.ktmc.com/orcl-oracle-corporation-class-action-lawsuit?utm_source=PR_Newswire&utm_medium=pressrelease&utm_campaign=orcl&mktm=PR

There is no cost or obligation to speak with an attorney.

Learn more about Oracle Corporation on YouTube:

Oracle Corporation Securities Class Action Lawsuit (long video) Oracle Corporation Securities Class Action Lawsuit (short video) ORACLE CORPORATION CLASS ACTION LAWSUIT - COMPLAINT ALLEGATION SUMMARY:

Oracle, a Delaware corporation with its principal executive offices in Austin, Texas, is a technology company that provides, among other things, infrastructure for operating artificial intelligence (AI) programs. During the Class Period, Defendants misled investors by touting the Oracle's contracts to develop data center capabilities for AI infrastructure and falsely assuring investors that the Company's significant capital expenditures (CapEx) would quickly result in accelerated revenue growth. 

The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about Oracle's business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Oracle's AI infrastructure strategy would result in massive increases in CapEx without equivalent, near-term growth in revenue; (2) Oracle's substantially increased spending created serious risks involving Oracle's debt and credit rating, free cash flow, and ability to fund its projects, among other concerns; and (3) as a result, Defendants' representations about Oracle's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

Why did Oracle's Stock Drop?
The truth began to be revealed on September 24, 2025, when S&P Global Ratings warned that OpenAI "could account for more than a third of total Oracle revenues by fiscal 2028 and even a greater share by fiscal 2030," creating risks given that "OpenAI's ability to meet contractual obligations will be contingent on AI tailwinds continuing and its models being a market leader to continue to raise external financing." On this news, the price of Oracle common stock declined $5.37 per share, or nearly 2%, from a close of $313.83 per share on September 23, 2025, to close at $308.46 per share on September 24, 2025.  

Oracle's stock price continued to fall in response to multiple additional disclosures, the last of which was on December 17, 2025, when the Financial Times reported that Blue Owl Capital—"the primary [financial] backer for Oracle's largest data centre projects in the US"—had backed out of funding a $10 billion Oracle data center intended to serve OpenAI.  According to the report, Blue Owl pulled out of the deal as a result of concerns about Oracle's spending commitments and rising debt levels. On this news, the price of Oracle common stock declined $10.19 per share, or approximately 5.4%, from a close of $188.65 per share on December 16, 2025, to close at $178.46 per share on December 17, 2025.

WHAT ORCL INVESTORS CAN DO NOW:

File to be lead plaintiff by April 6, 2026. Contact KTMC for a free case evaluation. Retain counsel of choice or take no action. THE LEAD PLAINTIFF PROCESS FOR ORACLE CORPORATION INVESTORS:
Oracle investors may, no later than April 6, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages Oracle investors to contact the firm for more information.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):    
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar.  The firm operates globally with offices in Pennsylvania and California.  KTMC has recovered over $25 billion for our clients and the classes they represent. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.  The complaint in this matter was filed by KTMC.

CONTACT:
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]

May be considered attorney advertising in certain jurisdictions.  Past results do not guarantee future outcomes.

SOURCE Kessler Topaz Meltzer & Check, LLP

Image: Bigstock

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For the quarter ended December 2025, American Public Education (APEI - Free Report) reported revenue of $158.33 million, down 3.5% over the same period last year. EPS came in at $0.67, compared to $0.63 in the year-ago quarter.

The reported revenue represents a surprise of +4.3% over the Zacks Consensus Estimate of $151.81 million. With the consensus EPS estimate being $0.39, the EPS surprise was +73.26%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how American Public Education performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total Student Enrollment - Rasmussen University (RU): 15,900 versus 15,907 estimated by two analysts on average.Total Student Enrollment - Hondros College, Nursing Programs (HCN): 4,000 versus the two-analyst average estimate of 4,016.Net course registrations: 82,200 versus the two-analyst average estimate of 69,662.Revenues- Rasmussen University (RU): $66.63 million versus the two-analyst average estimate of $65.33 million. The reported number represents a year-over-year change of +15.9%.Revenues- Hondros College, Nursing Programs (HCN): $20.73 million versus $21.26 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.5% change.Revenues- American Military & Public University (APUS): $71.03 million compared to the $62.44 million average estimate based on two analysts. The reported number represents a change of -13.8% year over year.View all Key Company Metrics for American Public Education here>>>

Shares of American Public Education have returned +5.8% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

Zacks' 7 Best Strong Buy Stocks (New Research Report) Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.

Click Here, It's Really Free

Published in earnings earnings-estimates-revisions earnings-surprise

Vaalco Energy (EGY - Free Report) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of $0.02. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -200.00%. A quarter ago, it was expected that this oil and natural gas explorer would post a loss of $0.04 per share when it actually produced a loss of $0.1, delivering a surprise of -150%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Vaalco Energy, which belongs to the Zacks Oil and Gas - Exploration and Production - International industry, posted revenues of $91.04 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.05%. This compares to year-ago revenues of $121.72 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Vaalco Energy shares have added about 53% since the beginning of the year versus the S&P 500's decline of 1%.

What's Next for Vaalco Energy?While Vaalco Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Vaalco Energy was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.02 on $84.8 million in revenues for the coming quarter and $0.13 on $374.5 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - International is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Oils-Energy sector, Kolibri Global Energy Inc. (KGEI - Free Report) , is yet to report results for the quarter ended December 2025.

This company is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of -25%. The consensus EPS estimate for the quarter has been revised 40% higher over the last 30 days to the current level.

Kolibri Global Energy Inc.'s revenues are expected to be $16.11 million, down 7.3% from the year-ago quarter.

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For the quarter ended February 2026, Lennar (LEN - Free Report) reported revenue of $6.62 billion, down 13.3% over the same period last year. EPS came in at $0.88, compared to $2.14 in the year-ago quarter.

The reported revenue represents a surprise of -3.12% over the Zacks Consensus Estimate of $6.83 billion. With the consensus EPS estimate being $0.96, the EPS surprise was -8.74%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Lennar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Deliveries - Average sales price - Total: $374.00 versus $369.66 estimated by four analysts on average.Active Communities - Total: 1,678 compared to the 1,784 average estimate based on four analysts.Backlog - Homes: 15,588 versus the three-analyst average estimate of 14,938.Deliveries - Homes: 16,863 versus 17,571 estimated by three analysts on average.New orders - Homes: 18,515 compared to the 18,572 average estimate based on three analysts.Revenue- Financial Services: $215.56 million versus the five-analyst average estimate of $257.36 million. The reported number represents a year-over-year change of -22.2%.Revenue- Homebuilding- Sales of homes: $6.27 billion versus the five-analyst average estimate of $6.49 billion. The reported number represents a year-over-year change of -13.4%.Revenue- Multifamily: $82.5 million versus the three-analyst average estimate of $103.08 million. The reported number represents a year-over-year change of +30.5%.Revenue- Homebuilding: $6.3 billion compared to the $6.53 billion average estimate based on three analysts. The reported number represents a change of -13.5% year over year.Revenue- Homebuilding- Sales of land: $15.16 million compared to the $37.22 million average estimate based on three analysts. The reported number represents a change of -57.1% year over year.Revenue- Lennar Other: $22.86 million versus the two-analyst average estimate of $14.31 million. The reported number represents a year-over-year change of +208.8%.Revenue- Homebuilding- Other homebuilding: $10.48 million versus $6.97 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +31.1% change.View all Key Company Metrics for Lennar here>>>

Shares of Lennar have returned -20.2% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Zacks' 7 Best Strong Buy Stocks (New Research Report) Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.

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Published in earnings earnings-estimates-revisions earnings-surprise

Health Catalyst (HCAT - Free Report) reported $74.68 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 6.2%. EPS of $0.08 for the same period compares to $0.04 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $73.61 million, representing a surprise of +1.45%. The company delivered an EPS surprise of -14.26%, with the consensus EPS estimate being $0.09.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Health Catalyst performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Professional services: $22.81 million versus $22.88 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -18.6% change.Revenue- Technology: $51.87 million versus $50.74 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.5% change.Adjusted Gross Profit- Professional Services: $4.61 million compared to the $4.68 million average estimate based on two analysts.Adjusted Gross Profit- Technology: $35.35 million versus $34.51 million estimated by two analysts on average.View all Key Company Metrics for Health Catalyst here>>>

Shares of Health Catalyst have returned -6.5% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

For the quarter ended December 2025, Jefferson Capital, Inc. (JCAP - Free Report) reported revenue of $154.8 million, representing no change compared to the same period last year. EPS came in at $0.58, compared to $0 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $158.49 million, representing a surprise of -2.33%. The company delivered an EPS surprise of -18.31%, with the consensus EPS estimate being $0.71.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Jefferson Capital, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total Collections: $245.3 million versus the two-analyst average estimate of $238.25 million.Revenues- Servicing revenue: $9.06 million versus the two-analyst average estimate of $9.46 million.Revenues- Total portfolio revenue: $144 million versus the two-analyst average estimate of $147.35 million.View all Key Company Metrics for Jefferson Capital, Inc. here>>>

Shares of Jefferson Capital, Inc. have returned -5.9% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Mineralys Therapeutics, Inc. (MLYS) Q4 2025 Earnings Call March 12, 2026 4:30 PM EDT

Company Participants

Jon Congleton - President, CEO & Director
Adam Levy - CFO & Secretary
David Rodman - Chief Medical Officer
Eric Warren

Conference Call Participants

Daniel Ferry - Lifesci Advisors, LLC
Michael DiFiore - Evercore ISI Institutional Equities, Research Division
Jin Law - Goldman Sachs Group, Inc., Research Division
Seamus Fernandez - Guggenheim Securities, LLC, Research Division
Jason Gerberry - BofA Securities, Research Division
Annabel Samimy - Stifel, Nicolaus & Company, Incorporated, Research Division
Mohit Bansal - Wells Fargo Securities, LLC, Research Division
Rami Katkhuda - LifeSci Capital, LLC, Research Division
Georgia Bank - Jefferies LLC, Research Division

Presentation

Operator

Greetings, and welcome to the Mineralys Therapeutics Fourth Quarter and Full Year 2025 Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Dan Ferry of LifeSci Advisors. Please go ahead.

Daniel Ferry
Lifesci Advisors, LLC

Thank you, operator. I would like to welcome everyone joining us today for our fourth quarter and full year 2025 conference call. This afternoon, after the close of market trading, we issued a press release providing our fourth quarter and full year 2025 financial results and business updates. A replay of today's call will be available on the Investors section of our website approximately 1 hour after its completion. After our prepared remarks, we will open the call for Q&A.

Before we begin, I would like to remind everyone that this conference call and webcast will contain forward-looking statements about the company. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in today's press release and our SEC filings, including our annual report on Form 10-K

Turtle Beach Corporation (TBCH) Q4 2025 Earnings Call March 12, 2026 5:00 PM EDT

Company Participants

Cristopher Keirn - CEO & Director
Mark Weinswig - CFO & Treasurer

Conference Call Participants

Jacques Cornet - ICR Inc.
Anthony Stoss - Craig-Hallum Capital Group LLC, Research Division
Martin Yang - Oppenheimer & Co. Inc., Research Division
Sean McGowan - ROTH Capital Partners, LLC, Research Division
Andrew Crum - B. Riley Securities, Inc., Research Division
Jack Vander Aarde - Maxim Group LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Turtle Beach Q4 '25 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to hand this conference over to Mr. Jacques Cornet, Investor Relations. Please go ahead.

Jacques Cornet
ICR Inc.

Thank you, operator. On today's call, we'll be referring to the press release filed this afternoon that details the company's fourth quarter and full year 2025 results, which are available on the news page of the company's Investor Relations website, corp.turtlebeach.com, where you'll also find the latest earnings presentation that supplements the information discussed on today's call. Finally, a recording of the call will be available on the Events and Presentations section of the company's Investor Relations website later today.

Please be aware that some of the comments made during this call may include forward-looking statements within the meaning of the federal securities laws. Statements about the company's beliefs and expectations containing words such as may, will, could, believe, expect, anticipate and similar expressions constitute forward-looking statements. These statements involve risks and uncertainties regarding the company's operations and future results that could cause Turtle Beach Corporation's results to differ materially from management's current expectations.

While the company believes that its expectations are based upon reasonable assumptions, numerous factors may affect actual results and may cause results to differ

The tech giant pushed back the timeline after spending billions to be on the cutting edge of artificial intelligence.

River [RIVER] has surged over 22% to $18.24 at press time, pushing its market capitalization above $332M while exchange outflows continue reducing immediate sell pressure. 

During the most recent session, strong buying activity caused the price to rise rapidly. Spot flow data, on the other hand, shows a net outflow of $60.87K, indicating that traders are withdrawing tokens from exchanges. 

As holders shift assets from trading venues to wallets, such behavior frequently indicates reduced selling intent.

At the same time, market activity has remained elevated despite a mild dip in 24-hour volume. This dynamic suggests that existing holders are maintaining positions while speculative traders drive RIVER upward. 

As a result, shrinking exchange supply has started tightening sell-side liquidity across the market. Consequently, the ongoing rally now reflects both rising demand and decreasing exchange-based selling pressure.

RIVER builds key structure toward $20 Price action now reveals a ‘cup and handle’ formation on the 4-hour chart while RIVER approaches a key structural resistance. The pattern begins with a rounded recovery from the $7.42 support region, which formed the base of the cup. 

Buyers later pushed the asset toward the $20 neckline, where earlier rejection triggered a short consolidation phase. However, the recent handle structure shows improving strength as the price rebounds from the $17.21 demand zone. This area has continued supporting buyers during pullbacks. 

As the structure matures, traders increasingly focus on the $20 neckline, which represents the critical breakout level. A decisive move above this region would confirm the broader bullish continuation pattern. 

Until then, the ongoing recovery keeps RIVER positioned inside a technical structure that often precedes stronger upward expansion.

Source: TradingView At press time, the MACD indicator showed that the MACD line was at 0.519 while the signal line sat near 0.324, highlighting a fresh bullish crossover.  This shift indicates that upward pressure has started building again after the previous decline. In addition, the histogram has turned positive while expanding gradually above the neutral line. 

Such behavior typically reflects strengthening directional strength as buyers regain control of the trend. As a result, technical conditions currently support the broader recovery pattern forming on the higher timeframe structure.

Binance top traders lean bullish Derivatives positioning further reinforces the improving sentiment surrounding RIVER’s recent rally. Data from CoinGlass on Binance’s Top Trader Long/Short Ratio showed that 56.53% of accounts held long positions, while 43.47% remained short as of writing. 

This distribution produced a Long/Short Ratio of 1.30, highlighting a clear bias toward bullish exposure among professional traders. Such positioning often signals confidence in continued upside when experienced traders favor long positions. 

At the same time, the ratio has remained stable during the latest price advance. This stability suggests that traders are maintaining positions rather than exiting during volatility. 

As price approaches the key resistance level, leveraged participants appear increasingly comfortable holding bullish exposure across derivatives markets.

Source: CoinGlass What the Funding Rate reveals Funding Rate dynamics now provide additional insight into the current derivatives environment. 

At the time of writing, the OI-Weighted Funding Rate has turned positive at roughly 0.0776%, showing that long traders are paying a premium to maintain positions. 

Positive funding typically emerges when demand for long exposure exceeds short positioning. In this case, the shift indicates that leveraged traders are increasingly betting on further price appreciation. 

At the same time, the Funding Rate has climbed steadily while the price recovers toward resistance. This relationship often reflects strengthening speculative participation during bullish phases. 

As derivatives traders expand exposure, the market structure begins reflecting growing confidence in the ongoing rally. Consequently, funding activity now supports the broader bullish positioning visible across other derivatives metrics.

Source: CoinGlass RIVER has entered a technically constructive phase as exchange outflows tighten supply while derivatives traders lean bullish. The ‘cup and handle’ structure keeps attention on the $20 neckline, which now acts as the key trigger level. 

Meanwhile, improving MACD conditions and a positive funding rate highlight strengthening trader conviction. If price continues building strength near resistance, the current setup could support an extended rally toward higher structural levels.

Final Summary  RIVER’s bullish structure continues strengthening as buyers defend key levels and traders steadily expand leveraged exposure. Sustained demand could push RIVER toward breakout territory as technical structure and trader sentiment align. 

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Cardano (ADA) faces increasing bearish pressure amid a weakening consolidation pattern.

Market analyst GainMuse warns that if the current support fails, downward momentum could push ADA toward the lower trend channel at $0.26.

Per CoinGecko data, ADA is trading at $0.27, highlighting the tension between short-term support and rising selling pressure.

Nevertheless, Cardano adoption is gaining traction, with ADA now accepted at 137 Spar stores across Switzerland, signaling growing real-world utility.

Cardano Under Pressure as Charles Hoskinson Warns of Growing Market Fear Well, this technical caution unfolds amid broad market pessimism. Cardano founder Charles Hoskinson recently remarked on a YouTube podcast that in his 15 years in crypto, he has never seen such pervasive fear and uncertainty in the market.

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Hope is waning in the digital asset space, Charles Hoskinson noted, as market sentiment turns sharply negative.

For instance, major cryptocurrencies have suffered steep losses. Bitcoin, for example, plunged from $126,200 in October to $60,000 by February, highlighting the severity of the ongoing market retracement.

Meanwhile, all hope is not lost because Cardano recently entered a key demand zone, and with total value locked (TVL) hitting a 13-month high, the stage may be set for the next bullish leg.

Anchorage Digital has integrated with Puffer Finance to give institutional clients access to Ethereum liquid restaking through its custody platform.

According to Thursday’s announcement, institutions can stake Ether held with Anchorage and receive Puffer’s liquid restaking token, pufETH, directly into their accounts. The token represents a restaked ETH (ETH) position that can be transferred or deployed across supported onchain applications while continuing to earn staking and restaking rewards.

Institutions using the platform can participate in restaking without running validators or managing staking infrastructure themselves.

The integration allows clients to access Puffer’s restaking protocol while keeping assets within Anchorage’s custody and governance framework, avoiding the need to move funds across multiple platforms.

Anchorage said the integration is part of a broader effort to expand institutional access to onchain services through its platform, including staking, restaking, governance and settlement.

Anchorage Digital is a crypto custody company headquartered in San Francisco that operates the first federally chartered crypto bank in the United States.

In January, the company was reported to be seeking between $200 million and $400 million in new funding as it explores a potential initial public offering sometime next year.

Liquid restaking expands across Ethereum ecosystemRestaking has emerged as a new layer of activity in proof-of-stake networks such as Ether, allowing already staked tokens to be reused to secure additional decentralized services while generating additional rewards.

In liquid restaking systems, staked Ether is represented by a tradable token that can be reused through restaking protocols to help secure additional decentralized services.

Much of the restaking ecosystem has developed around EigenLayer, a protocol launched by Eigen Labs that enables staked Ether or liquid staking tokens to secure additional onchain services beyond the Ethereum network.

Over the past few years, liquid restaking has grown into a multibillion-dollar sector within the Ethereum ecosystem. According to data from DefiLlama, protocols offering liquid restaking collectively hold about $7.2 billion in total value locked (TVL).

Liquid restaking on Ethereum. Source: DefillamaThe sector is dominated by ether.fi with around $5.6 billion in TVL, followed by Kelp DAO with about $1 billion and Renzo with roughly $217 million. Puffer Finance, the protocol integrated by Anchorage Digital, currently manages around $62 million in restaked Ether.

Ethereum treasury companies are also increasingly exploring these strategies to generate yield from their Ether holdings. In October, SharpLink Gaming said it planned to deploy $200 million worth of Ether from its corporate treasury across staking and restaking strategies through ether.fi and EigenCloud on Linea.

Magazine: What’s a ‘Network State’ and are there real-life examples? Big Questions

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