Market Signal Briefing

Chainlink (LINK) is once again in the spotlight across the cryptosphere after the launch of the first U.S. Chainlink-focused ETF sparked a sharp price rebound and renewed institutional interest. LINK surged more than 20% in 24 hours, trading around $14.4 as volumes and market participation accelerated.

Chainlink ETF Launch Sparks Strong Market Reaction
Grayscale launched the GLNK ETF on December 2, converting its previous private Chainlink trust into a publicly traded product on NYSE Arca.

The ETF opened with zero fees and recorded more than 1.17 million shares traded on its first day, far above historical averages. Trading volume reached roughly $13.8 million, while early inflows were reported near $43 million, reflecting strong initial demand.

The ETF gives institutions regulated exposure to LINK without requiring direct token custody. With access through major platforms such as Fidelity and Robinhood, Chainlink is receiving increased visibility among traditional investors.

Grayscale currently holds about 1.3 million LINK tokens through the product. Derivatives data also shows rising interest, with LINK futures open interest climbing more than 20% and funding rates turning positive as traders add long positions.

LINK's price gains some momentum on the daily chart. Source: LINKUSD on Tradingview
Technical Signals Point Toward Breakout Potential
Beyond ETF-driven momentum, the LINK chart is drawing attention from technical analysts.

Several analysts have emphasized a rare four-year descending wedge pattern, typically associated with long-term compression before a breakout. LINK recently bounced from the $12.50 support level, forming higher lows and regaining key Fibonacci levels.

Momentum indicators are turning positive as well. The daily RSI has recovered to around 53, while MACD signals improving strength. LINK is now approaching the $14.96 Supertrend level and remains below the 50-day and 200-day EMAs, both key levels the market is watching for confirmation of a trend shift.

If the token holds above $13, analysts expect a possible move toward the $18–$20 resistance range. A break above these zones could open the path toward the higher targets mentioned by long-term analysts.

Year-End Targets Strengthen as Market Sentiment Improves
Crypto analyst Ali Martinez notes that LINK is currently sitting on an important long-term support trendline, which could act as a foundation for a move toward $26 and potentially $47 if momentum continues.

Rising institutional inflows, accelerating derivatives activity, and a new spot ETF creating a steady channel for capital have strengthened market expectations.

For now, traders are watching the $12–$13 support area for signs that LINK can sustain its recovery. A decisive move above $14.50–$15 would mark the next major step toward a full bullish breakout.

Cover image from ChatGPT, LINKUSD chart from Tradingview

Former SEC Chair Gary Gensler isn’t letting crypto enthusiasts off the hook anytime soon.

Summary

Gary Gensler doubles down on skepticism, calling most cryptocurrencies (beyond Bitcoin and USD-backed stablecoins) speculative assets lacking fundamental value.
Investor caution is key, as Gensler warns that political narratives and ETF hype don’t reduce the underlying volatility or risk.
Regulation vs. innovation: Gensler maintains that protecting investors and fostering crypto innovation can coexist, despite ongoing sector mistrust.

In a recent Bloomberg interview, he reminded the market that most digital tokens remain speculative, volatile, and poorly understood by retail investors—even as the Trump administration and politicians increasingly talk up the sector.

“Look, I think it’s a risk asset,” Gensler said. “And the American public and the worldwide public have been fascinated with cryptocurrencies, but it’s a highly speculative, volatile asset.”

He reiterated a long-standing refrain: outside of Bitcoin and dollar-backed stablecoins, most tokens lack real value drivers like cash flows, dividends, or intrinsic utility. In other words, don’t mistake flashy headlines or political narratives for a sound investment.

Gensler’s tone echoes warnings he issued throughout his SEC tenure, when he flagged thousands of tokens as risky and spotlighted frauds, including the collapse of Sam Bankman-Fried’s empire.

Even as Bitcoin ETFs gain traction, Gensler pointed out the irony: markets are gravitating toward “centralized” structures—like ETFs—despite crypto’s decentralized promise. He frames this as a natural evolution akin to gold and silver investing: investors want accessibility, regulation, and some reassurance.

Through it all, Gensler maintains that regulation and innovation aren’t enemies. Protecting investors, he argues, is a prerequisite for the sector’s long-term survival.

1 hour ago

Larry Fink spoke alongside Coinbase CEO Brian Armstrong, describing how BlackRock's stance on crypto had evolved over the previous eight years.

Larry Fink, chair and CEO of asset management company BlackRock, explained his “big shift” from associating cryptocurrencies with illicit activities to having the largest spot Bitcoin exchange-traded fund.

Speaking at The New York Times’ DealBook Summit on Wednesday, Fink addressed questions related to his views on crypto and Bitcoin (BTC) from journalist Andrew Ross Sorkin.

The BlackRock CEO said his move from associating crypto primarily with money laundering to having exposure to billions of dollars in BTC was “a very glaring public example of a big shift in [his] opinions.”

“My thought process always evolves,” said Fink.

BlackRock CEO Larry Fink speaking at the DealBook Summit on Wednesday. Source: The New York TimesThe CEO, who took the stage with Coinbase CEO Brian Armstrong, was not entirely bullish on Bitcoin for the duration of the panel. Fink described Bitcoin as “an asset of fear,” noting that the price of the cryptocurrency had dropped amid news of a US-China trade deal and a potential end to the war in Ukraine.

He added:

“If you bought [Bitcoin] for a trade, it’s a very volatile asset. You’re going to have to be really good at market timing, which most people aren’t.”Fink’s comments stand in stark contrast to those he made in October 2017, before Bitcoin’s well-known bull run that drove the price of the cryptocurrency to then all-time highs. At the time, the CEO said the cryptocurrency “shows you how much demand for money laundering there is in the world.” 

In the eight years since that message, BlackRock was granted regulatory approval by the US Securities and Exchange Commission to launch one of the first spot Bitcoin exchange-traded funds in January 2024. The iShares Bitcoin Trust ETF, under the ticker symbol IBIT, reached a peak value of about $70 billion.

Net outflows for IBIT surged in NovemberCointelegraph reported last month that IBIT experienced more than $2.3 billion in net outflows across November, including withdrawals of about $463 million on Nov. 14 and $523 million on Nov. 18. However, BlackRock’s business development director, Cristiano Castro, said at the time that the asset manager was confident in ETFs as “liquid and powerful instruments.” 

Among the largest spot Bitcoin ETFs in the market are offerings from Grayscale, Bitwise, Fidelity, ARK 21Shares, Invesco Galaxy, and VanEck.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

The cryptocurrency almost crossed into $94K territory after a lackluster jobs report nudged up the odds of an interest rate cut by the Fed. Bitcoin Climbs on Weak Labor Data Private employers cut 32,000 jobs in November, according to human resources firm ADP in its latest jobs report, published Wednesday.

Since the emergence of the first XRP ETF in November, the ecosystem has remained in the spotlight with strong daily inflows and surging trading activities.

While the ecosystem has recorded another day of high combined trading volume amid surging institutional demands, Bitwise has taken the lead this time with the highest trading volume recorded today.

According to recent data shared by renowned media personnel, Chad Steingraber, Bitwise’s XRP ETF has secured the top spot in daily trading volume, contributing majorly to the recorded $19 million in combined trading activity across all XRP ETFs.

HOT Stories

Bitwise leads with $5.07 million in volume According to data provided by Chad, Bitwise alone has generated $5.07 million in volume since trading began today.

During the early intraday trading session, the fund outpaced Franklin Templeton’s $4.43 million, Canary Capital’s $2.82 million, REX–Osprey’s $1.85 million, and Grayscale’s $1.32 million.
card

At the time, the combined trading volume achieved across all XRP ETFs reached an impressive $15.48 million. While it has now increased to a massive $19 million, Bitwise still maintains its position as the fund with the highest trading volume for today.

XRP ETFs near $1 billion milestone While the strong performance spans across all existing XRP funds, it has come as XRP ETFs collectively approach the $1 billion milestone in assets under management.

With the combined AUM currently sitting at $909.74 million across five products as of Wednesday, December 3, it appears that the XRP ETFs are not far from collectively smashing the massive $1 billion milestone in just about two weeks of launch.

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According to the source, the rapid surge in the combined AUM volume has seen about 400.01 million XRP held in ETF vaults.

While these strong performances have continued to garner hype and build bullish momentum for XRP, the leading altcoin has shown massive daily gains over the last day, reclaiming the $2.22 level after multiple days of severe correction.

Larry Fink, chief executive officer of BlackRock, called the largest cryptocurrency by market cap an asset of fear at the New York Times DealBook Summit while defending its role in investor portfolios.

He said, “Bitcoin is an asset of fear. And when you’re less fearful, like we had a trade agreement with China, you saw a shift downward. There are conversations this week that there may be some type of settlement in Ukraine. Bitcoin fell a little bit.”

His comments referenced recent market movements, which according to him, were in response to macro factors.

“You own Bitcoin because you’re frightened of your physical security. You own it because you’re frightened of your financial security,” Fink said, adding that the fundamental long-term driver remains concerns about the debasement of financial assets due to deficits.

BlackRock’s Fink journey as a BTC convert
In 2017, Fink, a skeptic of Bitcoin at the time, dismissed the cryptocurrency as little more than an index for money laundering.

Now, he acknowledges his earlier skepticism was misguided, and his latest comments also reflect how far Bitcoin has come.

His company’s iShares Bitcoin Trust (IBIT), launched in January 2024, was one of the first Bitcoin Exchange-Traded Funds (ETFs) in the US and also holds the record of being the fastest to hit over $70 billion in assets and ranks number one in terms of volume, assets under management, and market capitalization.

Volatility and the timing trap
Fink also admitted to Bitcoin’s challenges, particularly for those treating it as a trading vehicle rather than a long-term hedge.

According to Fink, this is the third such decline since IBIT’s creation, where Bitcoin price has experienced a roughly 20 to 25% drawdown. The multi-week drop from its $125,000 high to the mid-$90,000s is the latest episode.

“If you bought it for a trade, it’s a very volatile asset, you’re going to have to be really good at market timing, which most people aren’t,” Fink warned. He noted that Bitcoin remains heavily influenced by leveraged players.

An optimistic outlook for Bitcoin
The asset manager’s embrace of cryptocurrency extends beyond Bitcoin itself. Fink has positioned tokenization of financial assets as an even larger opportunity, envisioning a future where all securities exist in digital form on blockchain infrastructure.

At the summit, Coinbase co-founder Brian Armstrong joined the discussion, in what highlighted the growing alignment between traditional finance and the cryptocurrency industry.

Both Fink and Armstrong believe that the current market event is not a sign of an impending doom for Bitcoin.

Armstrong said that there is no chance that Bitcoin will ever drop to zero, with Fink saying that he sees “a big, large use case for Bitcoin” in the future.

Armstrong also called on the US government to pass the pending CLARITY Act, which could provide clearer frameworks for cryptocurrency operations and establish working regulations for the industry that won’t be tampered with by another administration.

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Bitcoin’s recent rebound came as traders raised the probability of a December Federal Reserve rate cut, the dollar eased, and attention turned to who will lead the central bank after Jerome Powell’s term ends in 2026. Futures markets moved the odds of a 25-basis-point cut this month into the mid-to-high 80% range, a shift that loosened financial conditions and coincided with a ninth straight daily decline in the dollar.

The move helped pull BTC out of the $84,000–$87,000 range back toward $93,000 after a volatile November that saw leveraged crypto products and proxy equities whipsawed.

Spot levels hovered near $92,300 in mid-week trading while the 10-year Treasury yield held around 4.1%, a backdrop that has historically aligned with risk-on positioning across crypto.

Fed “shadow chair” speculation adds a fresh catalystThe policy narrative added a second catalyst. According to Reuters, President Trump plans to name his nominee for Fed chair in early 2026, ahead of Powell’s term ending on May 15, 2026.

Reporting points to former White House economist, and former Coinbase advisor, Kevin Hassett as the leading candidate, with Fed Governor Christopher Waller, Vice Chair for Supervision Michelle Bowman, former Governor Kevin Warsh, and BlackRock’s Rick Rieder also discussed.

Prediction-market pricing tilted toward Hassett as traders mapped a potentially easier policy path next year, though any nominee would not affect actual votes until confirmation and seating.

Fed chair nomination betting (Source: Polymarket)The Federal Reserve notes that Powell’s current chair term runs through May 2026, and he may remain a governor until Jan. 31, 2028.

The sequencing matters for Bitcoin because the effect before mid-2026 is driven by expectations and financial conditions rather than by near-term policy changes.

Markets already pushed toward an easier stance as the probability of a December cut rose, the dollar weakened, and long yields stabilized.

That rate impulse explains most of the crypto bounce, with the chair chatter reinforcing the same theme by nudging investors to price a higher chance of a dovish successor.

Positioning helped too. BTC slid through November while US spot bitcoin ETFs saw heavy redemptions, then snapped back as short covering met a softer dollar.

Sizable November outflows following a single-day record earlier in the month left room for a mechanical bounce once macro pressure eased.

Federal Reserve contenders: what their views could mean for rates, the dollar, and BitcoinThe candidate mix carries different reaction functions that investors are already mapping into forward curves. Hassett has argued that inflation is “way down” and has urged faster cuts in recent interviews, a stance investors view as an easing bias that could weigh on the dollar if adopted at the top of the Fed.

Waller, a sitting governor, recently advocated a December cut while framing decisions as data-dependent.

Bowman has favored gradualism with a financial-stability lens. See her statement here.

Warsh, a former governor and longtime critic of balance-sheet expansion, would likely be read as firmer on inflation and the pace of runoff.

Rieder has emphasized market plumbing and has also pushed for cuts given housing strains.

Those profiles matter most for term premium and the dollar through 2026, but they are already shaping sentiment in crypto through the discounting of liquidity conditions.

The near-term macro channel remains dominant.The stronger odds of a December cut lined up with a weaker dollar and steadier real yields, conditions that have historically supported BTC beta.

If those odds climb further into the policy statement and projections, dollar softness and easier financial conditions would continue to provide a tailwind.

Conversely, a hawkish surprise or an upside inflation shock would firm the dollar, lift yields, and pressure risk assets, including crypto.

After November’s outflows, a sustained re-acceleration of net inflows would validate the rebound and absorb supply from profit-taking miners, while continued redemptions would cap upside even if macro remains supportive.

Confirmation timing also tempers the leadership story. Trump’s planned “early 2026” reveal means months of hearings and Senate dynamics before a chair is seated.

Until then, Powell and the current committee steer policy. The practical impact for Bitcoin, therefore, is the “shadow chair” effect: markets adjust curves and the dollar based on the perceived bias of the presumptive successor, and crypto trades those changes.

Investors say a Hassett choice could pressure the dollar at the margin, particularly if paired with guidance that keeps cuts front-loaded and quantitative tightening on a slower glide path, according to Reuters.

A Warsh drumbeat would imply the opposite through a higher-for-longer stance and potential focus on balance-sheet runoff.

What happens next: the Fed chair path into 2026 and why it matters for BTCTo frame the path into 2026, the rate–USD–BTC linkage is the cleanest hinge. With the 10-year near 4.1% and the dollar easing, crypto is trading a classic liquidity impulse that does not require a personnel change at the Fed to persist.

The chair race is additive because it nudges those same variables by altering expectations about next year’s policy mix.

ScenarioChair outcome and biasPolicy path into 2026USD10Y USTBTC framing (tactical, not advice)Dovish continuityHassett or Rieder, easing bias25–50 bps more easing than current pricingSofterLower to stableRisk-on bid if ETF flows re-accelerateData-dependent glideWaller or Bowman, incrementalCuts broadly track futuresRange-bound~3.9–4.3%Chop tied to macro oscillations and flowsHawkish pivotWarsh or inflation re-accelerationDelayed cuts, balance-sheet priorityFirmerYields higherDe-risking across cryptoFirst, CME FedWatch probabilities into the December decision and the Summary of Economic Projections will steer the dollar and long rates.

Second, daily ETF net flows from trackers such as Farside, along with weekly ETP snapshots from CoinShares, will show whether the rebound can attract sticky demand.

Third, any White House signals that narrow the shortlist will guide curve positioning, with a Hassett drumbeat leaning toward a softer dollar and a Warsh drift pointing the other way.

According to Reuters, investors already debate how a Hassett Fed might affect the currency. At the same time, The Wall Street Journal’s commentary on Warsh highlights a more restrictive posture on balance-sheet policy.

The through-line for crypto readers is simple: the latest BTC bounce lines up primarily with a rates trade rather than a personality trade, and the chair narrative matters mostly through how it shapes the dollar and yields before any successor takes the gavel in May 2026.

Mentioned in this article

price analysis

SHIB

Shiba inu

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

A $2.4 million exploit on the Shibarium Bridge has taken a turn for the worse, with the hacker now refusing to return the stolen funds despite being offered a bounty.

This development could weigh heavily on Shiba Inu price prediction sentiment, as it highlights a critical weakness in the ecosystem’s infrastructure.

The update came from developer Mitsuki Ryu Shimamoto, part of the K9 Finance team, who disclosed the details following a key breakthrough in the investigation.

Shibarium Bridge hacker foolishly chose not to accept the K9 bounty – it’s finally time to share the investigation we’ve been working on…🔎 this is juicy 🤤

The hacker made one stupid mistake and it completely unravelled their Tornado Cash laundering. 💰🌪️💵

That one mistake… pic.twitter.com/itxsXbbGSm

— Shima 島。 (@MRShimamoto) December 1, 2025
It appears that, in their attempt to launder the money siphoned from the bridge, the hackers revealed their identities.

Despite his efforts, analyst Shimamoto acknowledged it is unlikely that the hacker will “face justice”. Tracing the money will demand a significant effort from authorities, along with manpower and resources, that they may not be willing to invest.

The whole incident revealed technical flaws in the design of an important piece of the Shiba Inu ecosystem. Although prices are starting to show signs of recovery.

Shiba Inu Price Prediction: Positive Momentum Accelerates as SHIB Tags Key Trend Line ResistanceSHIB has jumped 11% in the past 24 hours, signaling that momentum may finally be shifting in its favor.

After Monday’s sharp dip, the broader market appears poised for a comeback, with SHIB leading the charge among top meme coins.

While the token remains 58% down year-to-date, it is now approaching a key breakout point around $0.0000090. A decisive move above this level could open the door to a retest of $0.000010 and potentially set the stage for a full trend reversal.

If this bullish setup plays out, SHIB could reclaim market attention as traders begin rotating back into high-upside assets.

Meanwhile, new meme coins are stealing the spotlight this cycle. One of the most talked-about presales is Maxi Doge ($MAXI), which has already raised over $4 million as early buyers rush in ahead of what could be a breakout debut.

Maxi Doge ($MAXI) Injects Meme Energy Into the Trading World Through a Fun TokenMaxi Doge ($MAXI) is an Ethereum meme coin that embodies the hype that comes with bull markets. Its goal is to build a thriving community of like-minded ‘degens’ who know that their only way out of mom’s basement is through YOLO trades.

Through fun competitions like Maxi Ripped and Maxi Gains, the project will increase community engagement. Traders will receive rewards and bragging rights for climbing the leaderboard by showcasing their ROIs.

In addition, up to 25% of the presale’s proceeds will be used to invest in promising tokens with 1000X leverage, because YOLO. The gains will be used to pay for marketing campaigns that turn Maxi into a widely known meme coin.

To buy $MAXI and join the pump, simply head to the official Maxi Doge website and connect a compatible wallet like Best Wallet.

You can either swap USDT or ETH for this token or use a bank card to complete the transaction in seconds.

Visit the Official Maxi Doge Website Here

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, /PRNewswire/ - EQB Inc. (TSX: EQB) today reported financial results for the fourth quarter and the fiscal year ended October 31, 2025.

"Fiscal 2025 was a difficult year for EQB. We responded by announcing a one-time restructuring program in the fourth quarter which drove a charge of $92 million pre-tax. This significantly improves our cost structure and creates a foundation for better efficiency, operating leverage and ROE," said Chadwick Westlake, President and CEO. "Our new leadership team is focused on growing our core franchise, rapidly accelerating our Challenger Bank products and expanding our capabilities for the benefit of all Canadians. The transformative announcement of the acquisition of PC Financial and strategic partnership with Loblaw adds further strength to our outlook and complements the many great organic opportunities we have as a diversified Canadian lender and owner of EQ Bank, the top banking brand in Canada now nearing $10 billion in deposits. With our strong talent, capital and technology, combined with prudent and disciplined risk and cost management, our goal is to deliver lasting value for our stakeholders as a customer-first disruptor."    

Adjusted diluted EPS1: Q4 $1.53 (-39% y/y) and FY25 $8.90 (-19% y/y) (reported Q4 ($0.25) and FY25 $6.65)
Adjusted net income1: Q4 $63.5 million (-37% y/y) and FY25 $354.2 million (-19% y/y) (reported Q4 ($4.8 million) and FY25 $266.6 million)
Adjusted PPPT2: Q4 $143.1 million (-17% y/y) and FY25 $617.7 million (-11% y/y) (reported Q4 $55.6 million and FY25 $508.9 million)
Adjusted ROE1: Q4 7.5% and FY25 11.3% (reported Q4 (1.2%) and FY25 8.5%)
Adjusted revenue1: Q4 $308.1 million (-4% y/y) and FY25 $1.26 billion (-1% y/y) (reported Q4 $317.1 million and FY25 $1.26 billion)
Adjusted net interest margin (NIM)1,3: Q4 2.01% and FY25 2.07%, (-8 bps y/y) (reported Q4 2.17% and FY25 2.11%)
Book value per share: $81.31, +5% y/y
Total AUM + AUA3: $138 billion, +1% q/q +9% y/y
EQ Bank customers: 607,000, +4% q/q and +18% y/y
Common share dividends declared: $0.57 per share, +4% q/q and +16% y/y
Capital: CET1 ratio of 13.3% and total capital ratio of 15.8%

Strong lending growth with loans under management (LUM) up 10% y/y   

In Commercial Banking, total LUM grew +20% y/y, reflecting and highlighting strength in the insured multi-unit residential portfolio, resilience of the insured lending platform and market leading position. The strong risk profile of this portfolio was retained with more than 80% of total LUM being insured under CMHC programs
In Personal Banking, the single-family uninsured portfolio grew +4% y/y as healthy customer retention and renewal rates offset the impact of steady, but subdued, origination levels in a less active housing market. The decumulation lending portfolio (reverse mortgages and insurance lending) grew +36% y/y to $2.9 billion, with market share gains supported by demographic trends including the movement to age in place

EQ Bank: deposits increased to nearly $10 billion and welcomed 21,000 new retail and business customers in Q4, +18% y/y

EQ Bank deposits accelerated in FY25, closing the year at nearly $10 billion ($9.9 billion, +10% y/y) now with 607,000 total customers, +18% y/y. Deposit growth was generated by continued demand for EQ Bank's innovative products such as its Notice Savings Account, payroll deposit program and new Business Banking platform that fundamentally improves competitive choice in banking
Business Banking platform was launched in Q4 with a healthy product release pipeline. The platform was enthusiastically received by small business customers drawn to a differentiated, all-digital offering that provides greater value
EQ Bank named top banking brand in Canada and North American by Financial Times' leading magazine on international finance, The Banker, for its compelling brand story, momentum and likelihood of growing market share

Prudent provisioning accounts for current macroeconomic headwinds 

EQB's adjusted provision for credit losses (PCL) was $132 million in FY25 (reported $137 million) as higher impairments and performing allowances in the personal and commercial portfolios were driven by weaker housing market and uncertainty associated with GDP and unemployment versus a year ago. This was partly offset by lower equipment financing PCL
The Bank is appropriately reserved for credit losses with net allowances as a percentage of total loan assets of 41 bps, compared to 32 bps at Q4 2024. The increase was across all segments and driven by prudent provisioning against the performing loan book considering elevated macroeconomic uncertainty

Expense growth and operating leverage proactively addressed by decisive Q4 restructuring program

Executed strategic restructuring and streamlining program to enhance flexibility, improve efficiency and align costs to high-impact initiatives where EQB can generate strong ROE and growth
Final restructuring, severance and impairment charges totalled $92 million pre-tax, composed of $22.7 million in severance costs and $69.3 million in non-operating asset impairment charges
EQB's adjusted efficiency ratio for 2025 was 50.9%, +5.7% y/y (reported 59.7%, +12.4% y/y)

Dividend increase, share buybacks reflect disciplined approach to returning capital to shareholders

EQB declared a dividend of $0.57 per common share payable on December 31, 2025, to shareholders of record as of December 15, 2025, representing a 16% increase from the dividend paid in December 2024 and a 4% increase from the dividend paid in September 2025
EQB purchased and cancelled 1,023,748 common shares through its active Normal Course Issue Bid (NCIB) and intends to renew its NCIB in FY26 to support attractive return of capital for shareholders4

"EQB has three financial priorities for fiscal 2026: drive growth, thoughtfully manage expenses and maintain strong risk management practices," said Anilisa Sainani, CFO. "Recent targeted actions to manage expense growth along with prudent credit provisioning create the foundation to deliver on these priorities. Core business growth will come from disciplined organic initiatives to expand our lending market share positions and serve our EQB customers, both retail and business, with differentiated digital products. We expect to significantly bolster these organic growth opportunities with the announcement to acquire PC Financial and strategic partnership with Loblaw. In all our actions, we are committed to creating shareholder value."

Analyst conference call and webcast: 10:30 a.m. ET on December 4, 2025

EQB's Chadwick Westlake, President and CEO, Anilisa Sainani, CFO, and Marlene Lenarduzzi, CRO, will host EQB's annual earnings call and webcast. The listen-only webcast with accompanying slides will be available at eqb.investorroom.com. To access the conference call with operator assistance, dial 416-945-7677 five minutes prior to the start time.

1 Adjusted measures and ratios are Non-Generally Accepted Accounting Principles (GAAP) measures and ratios. Adjusted measures and ratios are calculated in the same manner as reported measures and ratios, except that financial information included in the calculation of adjusted measures and ratios is adjusted to exclude the impact of one-time acquisition and integration related costs, and certain items which management determines would have a significant impact on a reader's assessment of business performance. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP financial measures and ratios" section.

2 PPPT represents pre-provision-pre-tax income, a non-GAAP measure of financial performance.

3 These are non-GAAP measures, see the "Non-GAAP financial measures and ratios" section.

4 Subject to regulatory approvals.

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated balance sheets

($000s) As at

October 31, 2025 

October 31, 2024 

Assets:

    Cash and cash equivalents

717,253

591,641

    Restricted cash

1,326,684

971,987

    Securities purchased under reverse repurchase agreements  

1,604,165

1,260,118

    Investments

1,645,864

1,627,314

    Loans

     Loans – Personal

31,857,508

32,325,379

     Loans – Commercial

14,581,966

14,872,960

     Allowance for credit losses

(206,801)

(164,421)

46,232,673

47,033,918

    Securitization retained interests

1,028,623

813,719

    Deferred tax assets

36,429

36,104

    Other assets

      Derivative financial instruments

242,799

260,678

      Intangible assets

148,623

198,640

      Goodwill

92,545

110,580

      Investment in associate

49,884

50,046

      Other

368,179

279,176

902,030

899,120

Total assets

53,493,721

53,233,921

Liabilities and Equity

Liabilities:

    Deposits

36,616,511

33,739,612

    Securitization liabilities

11,197,477

14,594,304

    Obligations under repurchase agreements

104,568

-

    Deferred tax liabilities

199,151

177,933

    Funding facilities

1,454,087

946,956

    Other liabilities

     Derivative financial instruments

94,742

121,727

     Other

615,386

515,204

710,128

636,931

Total liabilities

50,281,922

50,095,736

Equity:

    Common shares

503,060

505,876

    Other equity instruments

147,360

147,440

    Contributed deficit

(15,014)

(17,374)

    Retained earnings

2,566,475

2,483,309

    Accumulated other comprehensive income

1,684

8,555

Total shareholders' equity

3,203,565

3,127,806

Non-controlling interests

8,234

10,379

Total equity

3,211,799

3,138,185

Total liabilities and equity

53,493,721

53,233,921

Consolidated statements of income

($000s, except per share amounts) Year ended

2025

2024

Interest income:

    Loans – Personal

1,858,271

1,945,011

    Loans – Commercial

881,675

1,019,682

    Investments(1)

85,550

89,834

    Other

98,804

108,082

2,924,300

3,162,609

Interest expense:

    Deposits

1,320,094

1,490,075

    Securitization liabilities(1)

476,955

523,069

    Funding facilities

31,023

50,940

    Other

2,537

25,364

1,830,609

2,089,448

Net interest income(1)

1,093,691

1,073,161

Non-interest revenue:

    Fees and other income

79,241

81,087

    Net gains on loans and investments

14,616

20,279

    Gain on sale from securitization activities(1)

62,161

66,348

    Net gains on hedging and derivatives

12,092

14,567

168,110

182,281

Revenue

1,261,801

1,255,442

Provision for credit losses

137,431

107,013

Revenue after provision for credit losses

1,124,370

1,148,429

Non-interest expenses:

    Compensation and benefits

326,776

272,346

    Product costs

146,506

89,046

    Technology and system costs

97,729

82,374

    Marketing and corporate expenses

90,895

77,849

    Regulatory, legal and professional fees

62,312

55,631

    Premises

28,653

16,853

752,871

594,099

Income before income taxes

371,499

554,330

Income taxes

104,891

152,658

Net income

266,608

401,672

Dividends on preferred shares

-

8,140

Distribution to LRCN holders

8,820

2,586

Net income available to common shareholders and non-controlling interests  

257,788

390,946

Net income attributable to:

    Common shareholders

256,475

389,836

    Non-controlling interests

1,313

1,110

257,788

390,946

Earnings per share:

    Basic

6.70

10.19

    Diluted

6.56

10.11

(1)

Effective November 1, 2024, interest income earned on securitized retained interests is reported in Interest income – Investments and interest expense incurred on servicing liabilities is reported in Interest expense – Securitization liabilities. Previously, these amounts were included in Non-interest revenue. Prior period comparative figures have been updated to conform to current period presentation. 

Consolidated statements of comprehensive income

($000s) Year ended

2025

2024

Net income

266,608

401,672

Other comprehensive income – items that will be reclassified subsequently to income

Debt instruments at Fair Value through Other Comprehensive Income:

    Net change in gains on fair value

18,385

68,127

    Provision for credit losses recognized to income

400

-

    Reclassification of net gains to income

(10,532)

(54,147)

Other comprehensive income – items that will not be reclassified subsequently to income:  

Equity instruments designated at Fair Value through Other Comprehensive Income:

    Net change in gains on fair value

868

1,176

    Reclassification of net (gains) losses to retained earnings

(868)

248

8,253

15,404

Income tax expense

(2,197)

(4,063)

6,056

11,341

Cash flow hedges:

    Net change in unrealized gains (losses) on fair value

5,546

(22,798)

    Reclassification of net gains to income

(31,952)

(7,377)

(26,406)

(30,175)

Income tax recovery

6,486

8,174

(19,920)

(22,001)

Total other comprehensive loss

(13,864)

(10,660)

Total comprehensive income

252,744

391,012

Total comprehensive income attributable to:

    Common shareholders

242,611

379,176

    Other equity holders

8,820

10,726

    Non-controlling interests

1,313

1,110

252,744

391,012

Consolidated statements of changes in equity

2025

Common
Shares

Contributed
Deficit

Retained
Earnings

Accumulated other
comprehensive income (loss)

Other
equity
instruments

Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-
controlling
interests

Total

Balance, beginning of year

505,876

147,440

(17,374)

2,483,309

21,617

(13,062)

8,555

3,127,806

10,379

3,138,185

Net Income

-

-

-

265,295

-

-

-

265,295

1,313

266,608

Realized losses on sale of shares, net of tax

-

-

-

(6,377)

-

-

-

(6,377)

-

(6,377)

Transfer of AOCI losses to retained earnings, net of tax  

-

-

-

-

-

6,859

6,859

6,859

-

6,859

Transfer of AOCI losses to income, net of tax

-

-

-

-

-

134

134

134

-

134

Other comprehensive loss, net of tax

-

-

-

-

(19,920)

6,056

(13,864)

(13,864)

-

(13,864)

Exercise of stock options

8,419

-

-

-

-

-

-

8,419

-

8,419

Common shares repurchased and cancelled, net of tax

(13,204)

-

-

(84,121)

-

-

-

(97,325)

-

(97,325)

Issuance cost, net of tax

-

(80)

-

-

-

-

-

(80)

-

(80)

Limited recourse capital note distributions, net of tax

-

-

-

(8,820)

-

-

-

(8,820)

-

(8,820)

Common share dividends

-

-

-

(79,728)

-

-

-

(79,728)

(2,299)

(82,027)

Put option – non-controlling interests

-

-

(4,552)

-

-

-

-

(4,552)

-

(4,552)

Acquisition of non-controlling interests

-

-

4,242

(3,083)

-

-

-

1,159

(1,159)

-

Stock-based compensation

-

-

4,639

-

-

-

-

4,639

-

4,639

Transfer relating to the exercise of stock options

1,969

-

(1,969)

-

-

-

-

-

-

-

Balance, end of year

503,060

147,360

(15,014)

2,566,475

1,697

(13)

1,684

3,203,565

8,234

3,211,799

($000s)

2024

Preferred
Shares

Common
Shares

Contributed
Deficit

Retained
Earnings

Accumulated other
comprehensive income (loss)

Other equity
instruments

Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-
controlling
interests

Total

Balance, beginning of year

181,411

471,014

-

12,795

2,185,480

43,618

(48,775)

(5,157)

2,845,543

-

2,845,543

Non-controlling interest on acquisition

-

-

-

-

-

-

-

-

-

10,770

10,770

Net Income

-

-

-

-

400,562

-

-

-

400,562

1,110

401,672

Realized losses on sale of shares, net of tax

-

-

-

-

(23,056)

-

-

-

(23,056)

-

(23,056)

Transfer of AOCI losses to retained earnings, net of tax  

-

-

-

-

-

-

22,875

22,875

22,875

-

22,875

Transfer of AOCI losses to income, net of tax

-

-

-

-

-

-

1,497

1,497

1,497

-

1,497

Other comprehensive loss, net of tax

-

-

-

-

-

(22,001)

11,341

(10,660)

(10,660)

-

(10,660)

Common shares issued

-

11,000

-

-

-

-

-

-

11,000

-

11,000

Exercise of stock options

-

20,290

-

-

-

-

-

-

20,290

-

20,290

Redemption of preferred shares

(181,411)

-

-

-

(2,371)

-

-

-

(183,782)

-

(183,782)

Limited recourse capital notes issued

-

-

150,000

-

-

-

-

-

150,000

-

150,000

Issuance cost, net of tax

-

-

(2,560)

-

-

-

-

-

(2,560)

-

(2,560)

Limited recourse capital note distributions, net of tax

-

-

-

-

(2,586)

-

-

-

(2,586)

-

(2,586)

Dividends:

    Preferred shares

-

-

-

-

(8,140)

-

-

-

(8,140)

-

(8,140)

    Common shares

-

-

-

-

(66,580)

-

-

-

(66,580)

(1,501)

(68,081)

Put option – non-controlling interests

-

-

-

(30,613)

-

-

-

-

(30,613)

-

(30,613)

Stock-based compensation

-

-

-

4,016

-

-

-

-

4,016

-

4,016

Transfer relating to the exercise of stock options

-

3,572

-

(3,572)

-

-

-

-

-

-

-

Balance, end of year

-

505,876

147,440

(17,374)

2,483,309

21,617

(13,062)

8,555

3,127,806

10,379

3,138,185

Consolidated statements of cash flows

($000s) Year ended

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

266,608

401,672

Adjustments for non-cash items in net income:

    Financial instruments at fair value through income

(62,388)

13,152

    Amortization of premiums/discount 

(9,055)

(14,908)

    Amortization of capital and intangible assets

67,948

60,036

    Provision for credit losses

137,431

107,013

    Impairment on intangible assets and goodwill

56,544

-

    Securitization gains

(62,161)

(66,348)

    Stock-based compensation

4,639

4,016

    Income taxes

104,891

152,658

    Securitization retained interests

174,863

129,719

Changes in operating assets and liabilities:

    Restricted cash

(354,696)

(204,792)

    Securities purchased under reverse repurchase agreements

(344,046)

(351,285)

    Loans receivable, net of securitizations

435,065

(58,571)

    Other assets

(13,106)

(53,917)

    Deposits

2,822,487

1,597,115

    Securitization liabilities

(3,438,557)

25,422

    Obligations under repurchase agreements

104,568

(1,128,238)

    Funding facilities

507,132

(784,631)

    Other liabilities

81,907

(8,314)

Income taxes paid

(108,134)

(98,042)

Cash flows from (used in) from operating activities

371,940

(278,243)

CASH FLOWS FROM FINANCING ACTIVITIES

    Proceeds from issuance of common shares

8,419

31,290

    Common shares repurchased

(97,325)

-

    Redemption of preferred shares

-

(183,782)

    Net proceeds from issuance of limited recourse notes

-

147,440

    Distributions to other equity holders

(8,820)

(2,586)

    Dividends paid on preferred shares

-

(8,140)

    Dividends paid on common shares

(82,027)

(66,580)

Cash flows used in financing activities

(179,753)

(82,358)

CASH FLOWS FROM INVESTING ACTIVITIES

    Purchase of investments

(405,136)

(351,650)

    Proceeds from sale or redemption of investments

374,662

871,021

    Acquisition of subsidiary

(4,242)

(75,483)

    Investment in associate

-

(50,000)

    Net change in Canada Housing Trust re-investment accounts  

53,032

76,243

    Purchase of capital assets and system development costs

(84,891)

(67,363)

Cash flows (used in) from investing activities

(66,575)

402,768

Net increase in cash and cash equivalents

125,612

42,167

Cash and cash equivalents, beginning of year

591,641

549,474

Cash and cash equivalents, end of year

717,253

591,641

Supplemental statement of cash flows disclosures

Cash flows from operating activities include:

Interest received

2,803,950

2,922,693

Interest paid

(1,740,308)

(1,747,235)

Dividends received

350

1,944

About EQB Inc.  

EQB Inc. (TSX: EQB) is a leading digital financial services company with $138 billion in combined assets under management and administration (as at October 31, 2025). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to nearly 780,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca) its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021. 

Please visit eqb.investorroom.com for more details or connect with us on LinkedIn.

Investor contact: 
Lemar Persaud
VP and Head of IR
[email protected] 

Media contact: 
Maggie Hall 
Director, PR & Communications
[email protected]

Cautionary Note Regarding Forward-Looking Statements

Statements made by EQB in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB's objectives, strategies and initiatives, financial performance expectation, statements with respect to EQB's intention to renew and/or make share repurchases under its NCIB, and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "intends", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. These statements include, but are not limited to, statements relating to the expected impact of the Acquisition (as defined herein), the anticipated benefits of the Acquisition, including the expected impact on EQB's size, operations, capabilities, growth drivers and opportunities, activities, attributes, profile, business services portfolio and loans, revenue and assets mix, market position, profitability, performance, and strategy; the expected impact of the Acquisition on EQB's financial performance; expectations regarding EQB's business model, plans and strategy, the maintenance of CET1 ratio and changes in adjusted EPS; retention of PC Financial management and employees and the strategic fit and complementarity of PC Financial and Equitable Bank; anticipated synergies and estimated transaction and integration costs and the timing of incurrence thereof, as well as EQB's financial performance objectives, vision and strategic goals, the economic and market review and outlook, the regulatory environment in which we operate, the outlook and priorities for each of its business lines, the risk environment including liquidity and funding risk, and statements by EQB representatives.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions including, without limitation global geopolitical risk, uncertainty arising from ongoing United States/Canada tariff concerns and related impacts, business acquisition, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, the successful and timely approval of the Acquisition, the integration of PC Financial and the realization of the anticipated benefits and synergies of the Acquisition in the timeframe anticipated, including impact and accretion in various financial metrics; the ability to retain management and key employees of PC Financial; and competition as well as those factors discussed under the heading "Risk Management" in EQB's Q4 Management's Discussion and Analysis (MD&A) and in EQB's documents filed on SEDAR+ at www.sedarplus.ca.

All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

Non-Generally Accepted Accounting Principles (GAAP) Financial Measures and Ratios

To enable readers to better assess trends in underlying business performance and increase consistency with the reporting regimens used by other leading Canadian financial institutions, EQB provides adjusted results in parallel with reported measures. Adjusted results are non-GAAP financial measures that enable readers to assess underlying business results and trends. Adjustments listed below are presented on a pre-tax basis:

2025

$17.7 million decrease in net interest income due to non-recurring fair value adjustments on covered bonds and interest on securitizations;
$92.0 million final restructuring, severance and impairment charges as outlined in the Key corporate events section of this report, of which $12.8 million reflects impairments on non-operating assets related to the Equipment financing business and $79.2 million of restructuring charges including goodwill and intangible asset impairments and severance provisions;
$8.7 million non-recurring transaction fees;
$7.9 million Concentra Bank and ACM acquisition related intangible asset amortization;
$7.0 million new office lease related costs prior to occupancy;
$6.5 million professional fees related to the Acquisition;
$2.6 million accelerated long-term incentive expense following the former CEO's passing;
$1.8 million non-recurring operational effectiveness expenses and acquisition and integration-related costs; and
$5.0 million provision for credit losses associated with an equipment financing purchase facility.

2024

$8.8 million covered bond fair value adjustments;
$9.3 million Concentra Bank and ACM acquisition related intangible asset amortization;
$2.2 million new office lease related costs prior to occupancy;
$11.2 million non-recurring operational effectiveness expenses and acquisition and integration-related costs associated with Concentra and ACM; and
$16.1 million provision for credit losses associated with an equipment financing purchase facility; and
$1.7 million provision for credit losses due to a one-time change in ECL methodology from five to four economic scenarios and adjusting associated weights.

The following table presents a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results.

Reconciliation of reported and adjusted financial results

For the three months ended

For the year ended

($000, except share and per share amounts)

31-Oct-25

31-Jul-25

31-Oct-24

31-Oct-25

31-Oct-24

Reported results

Net interest income(1)

286,427

258,483

261,762

1,093,691

1,073,161

Non-interest revenue(1)

30,660

47,646

51,010

168,110

182,281

Revenue

317,087

306,129

312,772

1,261,801

1,255,442

Non-interest expense

261,472

170,954

153,625

752,871

594,099

Pre-provision pre-tax income(2)

55,615

135,175

159,147

508,930

661,343

Provision for credit loss

54,551

33,968

47,987

137,431

107,013

Income taxes

5,822

27,843

31,740

104,891

152,658

Net income

(4,758)

73,364

79,420

266,608

401,672

Net income available to common shareholders

(9,474)

73,014

75,382

256,475

389,836

Adjustments

Net interest income – interests and covered bond fair value adjustments

(21,784)

4,035

8,804

(17,749)

8,804

Non-interest revenue – non-operating asset impairments

(12,809)

-

-

(12,809)

-

Non-interest expenses – restructuring, severance, and impairments

(79,236)

-

-

(79,236)

-

Non-interest expenses – non-recurring transaction fees

(8,706)

-

-

(8,706)

-

Non-interest expenses – intangible asset amortization

(1,969)

(1,969)

(2,115)

(7,876)

(9,334)

Non-interest expenses – new office lease related costs

(15)

(857)

(2,208)

(7,024)

(2,208)

Non-interest expenses – related to professional fees described above

(6,505)

-

-

(6,505)

-

Non-interest expenses – accelerated incentive expense

-

(2,594)

-

(2,594)

-

Non-interest expenses – non-recurring operational effectiveness and acquisition-related costs(3)  

-

-

(755)

(1,782)

(11,171)

Provision for credit loss – equipment financing

-

-

(16,085)

(5,018)

(16,085)

Provision for credit loss – ECL methodology change and weights

-

-

-

-

(1,698)

Pre-tax adjustments

87,456

9,455

29,967

113,801

49,300

Income taxes – tax impact on above adjustments(4)

19,215

2,561

7,988

26,229

12,997

Post-tax adjustments – net income

68,241

6,894

21,979

87,572

36,303

Adjustments attributed to minority interests

(228)

(230)

(288)

(978)

(912)

Post-tax adjustments – net income to common shareholders

68,013

6,664

21,691

86,594

35,391

Adjusted results

Net interest income(1)

264,643

262,518

270,566

1,075,942

1,081,965

Non-interest revenue(1)

43,469

47,646

51,010

180,919

182,281

Revenue

308,112

310,164

321,576

1,256,861

1,264,246

Non-interest expense

165,041

165,534

148,547

639,148

571,386

Pre-provision pre-tax income(2)

143,071

144,630

173,029

617,713

692,860

Provision for credit loss

54,551

33,968

31,902

132,413

89,230

Income taxes

25,037

30,404

39,728

131,120

165,655

Net income

63,483

80,258

101,399

354,181

437,975

Net income available to common shareholders

58,539

79,678

97,073

343,069

425,227

Diluted earnings per share

Weighted average diluted common shares outstanding

38,269,352

38,519,991

38,723,974

38,557,364

38,549,300

Diluted earnings per share – reported

(0.25)

1.90

1.95

6.65

10.11

Diluted earnings per share – adjusted

1.53

2.07

2.51

8.90

11.03

Diluted earnings per share – adjustment impact

1.78

0.17

0.56

2.25

0.92

(1) Effective November 1, 2024, interest income earned from retained interests and interest expense incurred on servicing liabilities are reclassed from Non-interest revenue to Net interest income. Prior period comparative figures have been updated to conform to current period presentation. 

(2) This is a non-GAAP measure, see Non-GAAP financial measures and ratios section.

(3) Includes non-recurring operational effectiveness and acquisition and integration-related costs associated with Concentra Bank and ACM.

(4) Income tax expense associated with non-GAAP adjustment was calculated based on the statutory tax rate applicable for that period.

Other non-GAAP financial measures and ratios:

Adjusted efficiency ratio: it is derived by dividing adjusted non-interest expenses by adjusted revenue. A lower adjusted efficiency ratio reflects a more efficient cost structure
Adjusted return on equity (ROE) is calculated on an annualized basis and is defined as adjusted net income available to common shareholders as a percentage of weighted average common shareholders' equity (reported) outstanding during the period.
Assets under administration (AUA): is sum of (1) assets over which EQB's subsidiaries have been named as trustee, custodian, executor, administrator, or other similar role; (2) loans held by credit unions for which EQB's subsidiaries act as servicer.
Assets under management (AUM): is the sum of total balance sheet assets, loan principal derecognized but still managed by EQB, and assets managed on behalf on investors.
Loans under management (LUM): is the sum of loan principal reported on the consolidated balance sheet and loan principal derecognized but still managed by EQB.
Net interest margin (NIM): this profitability measure is calculated on an annualized basis by dividing net interest income by the average total interest earning assets for the period.
Pre-provision pre-tax income (PPPT): this is the difference between revenue and non-interest expenses.
Total loan assets: this is calculated on a gross basis (prior to allowance for credit losses) as the sum of both Loans – Personal and Loans – Commercial on the balance sheet.

SOURCE EQB Inc.

Market Domination Overtime anchor Josh Lipton breaks down the latest market news for December 3, 2025. Salesforce reported third quarter earnings that topped Wall Street estimates.

Ducommun Incorporated (DCO) Goldman Sachs Industrials and Materials Conference 2025 December 3, 2025 10:50 AM EST

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Noah Poponak
Goldman Sachs Group, Inc., Research Division

Okay. Good morning, everybody. I'm Noah Poponak. I'm the aerospace and defense analyst here at Goldman. Very happy to have with us for our next presentation, Ducommun. And with me on stage here is the CFO, Suman Mookerji. Suman, thanks so much for being with us.

Suman Mookerji
Senior VP, CFO, Controller & Treasurer

Thank you, Noah.

Noah Poponak
Goldman Sachs Group, Inc., Research Division

Great to have you.

Suman Mookerji
Senior VP, CFO, Controller & Treasurer

Great being here, and I appreciate the invite and the opportunity to present Ducommun in this conference.

Noah Poponak
Goldman Sachs Group, Inc., Research Division

So Suman is going to go through some slides to kick us off, and then I have some questions. And if anybody in the audience has a question, just raise your hand.

Suman Mookerji
Senior VP, CFO, Controller & Treasurer

Great. All right. So I'll take you through our investor presentation, just for the benefit of those who aren't as familiar with the story and are new to it, it will help you get some background on the company and where we are headed. Our usual disclosures, the presentation, of course, has some forward-looking statements in it, subject to risk factors, please refer to our Qs and Ks for more details around those.

So interesting factoid, again, for those who aren't familiar with Ducommun, we were founded back in 1849, and we are the oldest company in California. We were originally set up, of course, not as an aerospace company back in 1849, but as a general

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Rocket Companies, Inc. (RKT) UBS Global Technology and AI Conference 2025 December 3, 2025 2:55 PM EST

Company Participants

Brian Brown - CFO & Treasurer

Conference Call Participants

Douglas Harter - UBS Investment Bank, Research Division

Presentation

Douglas Harter
UBS Investment Bank, Research Division

Great. Thanks, everyone, for joining us today. My name is Doug Harter. I am the mortgage finance analyst at UBS and happy to be joined up here on stage with Brian Brown, Chief Financial Officer of Rocket Companies.

Question-and-Answer Session

Douglas Harter
UBS Investment Bank, Research Division

Brian, you've been with Rocket for 11 years. How have you seen Rocket evolve during your time at the company?

Brian Brown
CFO & Treasurer

Yes, great question. Thanks, Doug, and thanks for having me. I appreciate being here with everyone. Yes, a lot has happened in 11 years at Rocket. We've obviously experienced a lot of growth. And for those of you that have followed the mortgage and fintech space for a while, there's been a lot of change in the space. We went through the COVID period, of course. Two years ago, Rocket's got a brand-new CEO, first CEO outside, what we would say our family of companies, Varun Krishna. Varun joined us from Intuit. He led the consumer products group there, ran TurboTax. And that brought a lot of good clarity. A couple of things happened with that.

Number one, we doubled down on our core business, our core business being mortgage and homeownership. We exited some of the ancillary businesses that we were in, in that time. And we really said, look, there is enough market share and enough TAM available in our core business to make that our priority. So that's really been, in my opinion, a really good thing. It drives the management team. It drives the execution. And now we're just laser-focused on what

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Diebold Nixdorf, Incorporated (DBD) Bank of America Leveraged Finance Conference December 3, 2025 9:10 AM EST

Company Participants

Octavio Marquez - President, CEO & Director
Thomas Timko - Executive VP & CFO

Conference Call Participants

Ana Goshko - BofA Securities, Research Division

Presentation

Ana Goshko
BofA Securities, Research Division

To the Bank of America 2025 Leveraged Finance Conference. I'm Ana Goshko. I cover technology and telecom on the research credit side, and we're thrilled to have Diebold Nixdorf with us this morning, and we have Octavio Marquez, the company's Chief Executive Officer; and Tom Timko, the company's Chief Financial Officer.

So Octavio and Tom, thank you so much.

Octavio Marquez
President, CEO & Director

My pleasure.

Ana Goshko
BofA Securities, Research Division

So without further ado, I don't know if you'd like to make any opening comments or we could jump right into Q&A.

Octavio Marquez
President, CEO & Director

So Ana, why don't we just jump into Q&A. We're very excited to be hearing Mr. [indiscernible] say that in over $0.25 billion at the spend to Bank of America [ATMs] every week. So we're very deep tuning.

Question-and-Answer Session

Ana Goshko
BofA Securities, Research Division

Okay. Good. Maybe yes, I think what's the Mark Twain quote reports of my demise have been great at manager. We talk about cash usage as part of our talk this morning. So just in case we have anyone in the audience that's newer to the Diebold story or just needs a quick refresh. It'd be great if you could just use a minute or 2 to just give a brief summary of the business.

Octavio Marquez
President, CEO & Director

So we have 2 business segments that we serve, one is financial services in banking, where we have [indiscernible] need to consumption our ATMs lower cash flow cycles. But more globally

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BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG), one of the largest publicly traded water, wastewater and natural gas providers in the U.S., celebrates its placement on Newsweek's Most Responsible Companies 2026 list, published today. The honor demonstrates Essential's core values of integrity, respect, and commitment to excellence, centered upon its commitment to provide and protect Earth's most essential resources. “Every day, our teams show their dedication to making a.

Horizon Investments wrapped up its 2025 ETF launch campaign with three actively managed funds offering investors exposure to both U.S. small- and midcap stocks and international markets.

The Charlotte-based firm listed the Horizon International Equity ETF (FRGN), the Horizon Small/Mid Cap Core Equity ETF (SMOX), and the Horizon International Managed Risk ETF (SFTX) on the New York Stock Exchange on Wednesday, according to a company announcement.

The launches bring Horizon’s total ETF lineup to 12 funds, all introduced this year, according to the firm. Each new fund charges between 0.75% and 0.82% in annual expenses and uses quantitative models to select securities based on factors like value, momentum, and quality.

FRGN invests in non-U.S. companies across developed and emerging markets with a 0.75% expense ratio. The fund combines active management with computer-driven models to allocate investments across different countries and market sectors, according to the prospectus.

SMOX targets U.S. small- and midcap companies, following a similar approach to FRGN. The fund also carries a 0.75% expense ratio and seeks returns through a mix of human oversight and algorithmic stock selection, the prospectus shows.

Meanwhile, SFTX takes a different path by incorporating Horizon’s Risk Assist framework, which shifts money into U.S. Treasury securities or cash during volatile markets. The international equity fund charges 0.82% annually, according to the prospectus.

New ETF Launch Strategy
All three funds use put spread transactions — a combination of buying and selling options contracts — to generate additional income. The strategy involves simultaneously selling one option while buying another at a lower price to limit potential losses, according to the prospectuses.

“Each solution we build is based on direct feedback from financial advisors and the portfolio construction challenges they face,” Clark Allen, head of product at Horizon, said in the announcement.

The firm launched all 12 of its ETFs in less than a year. Horizon works with financial advisors to create investment strategies designed to help clients meet specific financial goals, according to the company.

For more news, information, and strategy, visit ETF Trends.

Earn free CE credits and discover new strategies

NEW YORK, Dec. 03, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Primo Water Corporation (NYSE: PRMW) between June 17, 2024 and November 8, 2024, both dates inclusive, and/or (ii) purchasers of common stock of Primo Brands Corporation (NYSE: PRMB) between November 11, 2024 and November 6, 2025 (the “Class Period”), of the important January 12, 2026 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the Primo Brands class action, go to https://rosenlegal.com/submit-form/?case_id=47890 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, Primo Brands formed following the November 8, 2024 merger between Primo Water and BlueTriton Brands, is a branded beverage company that offers beverage products across a variety of formats, channels, and price points. According to the lawsuit, throughout the Class Period, defendants misrepresented and failed to disclose key facts about the merger between Primo Water and BlueTriton Brands, including facts regarding the progress of the merger integration. Defendants issued a series of materially false and misleading statements that led investors to believe the merger would accelerate growth, generate transformative operational efficiencies, achieve meaningful synergies, and deliver strong financial results, and that the merger integration was proceeding “flawlessly.” When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Primo Brands class action, go to https://rosenlegal.com/submit-form/?case_id=47890 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

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

As central as NVIDIA NASDAQ: NVDA is to the AI-driven semiconductor supercycle, it is not the only semiconductor stock set to benefit. While AI, GPUs, and data center capabilities are at the core of the movement, they are impacting various sectors across the economy and are complemented by steady industrial demands. The industrial chip market has been under pressure for years due to supply imbalances stemming from the COVID-19 pandemic and subsequent post-pandemic supply-chain disruptions. The story at the end of 2025 is that demand is improving and growing in critical markets, including telecom and automotive, with AI underpinning the long-term outlook. Advancing and evolving AI means the evolution of all things technological, a cycle that will play out over years, if not decades. 

A look at the Philadelphia Semiconductor Index NASDAQ: SOXX reveals a market in rally mode, poised to set new highs by the end of 2025. While the action is underpinned by NVIDIA’s consensus analysts' forecast for a 45% upside as of early December, it is not the only stock driving the action. 

Get Analog Devices alerts:

Broadcom and Advanced Micro Devices Are the Top 2 Semiconductor Stocks to Own in 2026
Broadcom Today

$380.61 -0.96 (-0.25%)

As of 04:00 PM Eastern

52-Week Range$138.10▼

$403.00Dividend Yield0.62%

P/E Ratio97.09

Price Target$383.00

In fact, unlike the S&P 500 index, NVIDIA is only the third-largest holding, with Broadcom NASDAQ: AVGO and Advanced Micro Devices NASDAQ: AMD making up larger portions of the fund.

This reflects the broader strength across the semiconductor sector, where AI-driven demand is fueling growth for multiple companies—not just NVIDIA.

Both AVGO and AMD are well-positioned in the race to dominate GPU technologies, which are central to AI, data center expansion, and advanced computing workloads.

Advanced Micro Devices Today

AMD

Advanced Micro Devices

$217.60 +2.36 (+1.10%)

As of 04:00 PM Eastern

52-Week Range$76.48▼

$267.08P/E Ratio107.72

Price Target$278.54

Broadcom’s leadership in networking and custom silicon, paired with AMD’s progress in GPU and CPU architecture, supports analyst expectations for significant market share gains and revenue acceleration by 2026. While NVIDIA continues to draw headlines—including for its $2 billion investment in chip design innovation—these two companies also play foundational roles in building the infrastructure behind AI.

Although AVGO and AMD currently lead the fund’s allocations, other semiconductor stocks are strategically aligned with the same long-term demand drivers.

Several are well-positioned to benefit from continued AI adoption, industrial recovery, and expanding chip applications across telecom and automotive markets.

Top-Three Micron Technology’s Outlook Swells on Product Demand and Pricing
Micron Technology Today

MU

Micron Technology

$234.16 -5.33 (-2.23%)

As of 04:00 PM Eastern

52-Week Range$61.54▼

$260.58Dividend Yield0.20%

P/E Ratio30.85

Price Target$221.29

Micron Technology NASDAQ: MU is critical to the AI industry because of its position in the HBM market. HBM, specifically HBM3 and the subsequent HBM4 architecture, is vital for AI and datacenter operations and in high demand. Each GPU, whether sold by NVIDIA, Broadcom, or Advanced Micro Devices, uses multiple stacks of HBM chipsets, making the market highly in demand. 

The takeaway in December is that demand is driving shortages that affect adjacent HMB markets, including automotive, telecom, and gaming/graphics, and prices are rising. The impact on Micron is accelerating growth and explosive margins, as evidenced by the fiscal Q4 release. Revenue growth accelerated sequentially by nearly 1,000 basis points to 46%, before the latest round of price increases took effect and is expected to remain strong. Analysts have been lifting their forecasts for calendar 2026 and now expect a 50% revenue growth and 100% earnings growth. Analysts have also been raising their stock price targets, pointing to another 50% upside for this market. 

Fourth-Place Marvell Technology to Experience Material Strength for 2 Years
Marvell Technology Today

MRVL

Marvell Technology

$100.20 +7.31 (+7.87%)

As of 04:00 PM Eastern

52-Week Range$47.08▼

$127.48Dividend Yield0.24%

Price Target$111.00

Marvell Technology NASDAQ: MRVL affirmed its place in the AI ecosystem with its Q3 fiscal year 2026 earnings report. The report was better than expected and was compounded by robust guidance, spurring an equally strong response from the analysts. Not only were results underpinned by a solid 38% increase in the Datacenter-specific business, but its Networking and Communications businesses grew by much stronger amounts. The critical detail is the guidance, which expects robust growth to continue in the current quarter, and the cash flow it produces. 

Marvell puts its cash to good use, maintaining a fortress balance sheet, investing in growth, and returning capital to investors. Capital returns are substantial, but the token dividend is reliable, and share buybacks reduce the count quarterly. The Q3 activity reduced the share count by approximately 0.75% and is expected to continue in the upcoming quarters. Analysts are lifting their stock price targets following the release and point to a 30% to 40% upside at the high end. 

Fifth-Place Analog Devices Growth Is Accelerating
Analog Devices Today

ADI

Analog Devices

$278.24 +5.27 (+1.93%)

As of 04:00 PM Eastern

52-Week Range$158.65▼

$278.78Dividend Yield1.42%

P/E Ratio61.02

Price Target$281.87

Analog Devices NASDAQ: ADI was among the first industrial semiconductor manufacturers to indicate the industry's bottom. That occurred earlier in calendar 2025 and has accelerated since.

Revenue growth accelerated sequentially, and year-over-year (YOY) in fiscal Q4 2025, and the guidance for 2026 is strong. The company forecasts YOY growth to accelerate again in Q1 and may be cautious in its estimates. 

Other pertinent details include significant margin expansion, expectations for additional improvement, and cash flow, which supports dividends and share buybacks. Analog Devices' capital return is more substantial than Marvell's, although the upside potential, as indicated by analyst trends, is less. The dividend yields about 1.4% as of early December, and buyback activity reduced the count by more than 1% for the quarter. 

Should You Invest $1,000 in Analog Devices Right Now?Before you consider Analog Devices, you'll want to hear this.

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Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.

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Shift4 Payments, Inc. (FOUR) UBS Global Technology and AI Conference 2025 December 3, 2025 2:15 PM EST

Company Participants

Christopher Cruz - Chief Financial Officer

Conference Call Participants

Timothy Chiodo - UBS Investment Bank, Research Division

Presentation

Timothy Chiodo
UBS Investment Bank, Research Division

Alright. Welcome, everyone. We're really glad to be joined here by the team from Shift4. So Chris Cruz, the recently named CFO and long-time investor in Shift4. We've known Chris for many years now through various industry events, our NAPA conference, ETA and some industry events. So we were just really happy to see Chris named to the CFO position, and we're really pleased to have him here with us on stage. Thank you, Chris.

Christopher Cruz
Chief Financial Officer

Thank you, Tim. Thanks, everyone, at UBS, for having us. Really excited to be here.

Timothy Chiodo
UBS Investment Bank, Research Division

All right. And also a special thanks to Tom McCrohan. Tom, Head of IR for Shift4, works very closely with our team and also made the trip out here to Arizona. So again, we appreciate you both making time in your busy schedules to travel out here to be a part of our conference many years in a row now. So thank you to Shift4.

Question-and-Answer Session

Timothy Chiodo
UBS Investment Bank, Research Division

All right. Well, we've got a great list of topics to get through, and we're going to start off just addressing some of the recent macro that's been called out by the Shift4 team. Chris and Taylor and team talked about a little bit of volatility, right, some weeks up, some weeks down. And Chris, we just put a little bit of context around that and maybe talk a little bit about how investors should be thinking about some of the Q4 guidance metrics?

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C.H. Robinson Worldwide, Inc. (CHRW) UBS Global Technology and AI Conference 2025 December 3, 2025 12:55 PM EST

Company Participants

David Bozeman - President, CEO & Director
Damon Lee - Chief Financial Officer
Arun Rajan - Chief Strategy & Innovation Officer

Conference Call Participants

Seth Gilbert - UBS Investment Bank, Research Division

Presentation

Seth Gilbert
UBS Investment Bank, Research Division

All right. Thanks for joining us on day 3 of the UBS Tech Conference. My name is Seth Gilbert. I'm one of the SMid-cap software analysts here at UBS. And today, we're joined by the entire C.H. Robinson crew. Thanks for joining us. We got Dave Bozeman, CEO. We have Damon Lee, CFO; and Arun Rajan, Chief Strategy and Information Officer -- Innovation Officer, sorry.

I'm sure everyone's heard the C.H. Robinson name, but maybe you could give us a brief overview of kind of the company, the business model for some of our tech investors, and it is the AI conference. So maybe at the end, you can touch on how you're using generative AI and maybe give us a tangible example.

David Bozeman
President, CEO & Director

Yes, very good. Well, pleasure to meet you, Seth, and happy to be here. Just real quick, an overview of Robinson. We are essentially one of the largest logistics providers. And at our core, we essentially move the products that really power the world. And we do that every day at scale. 37 million shipments annually. We have over 83,000 customers. And we also interact with over 450,000 carriers. So really big scale from a logistics platform. But we also do solutions. We think we have the best logisticians in the world. And so it's a really big scale play.

The way it works is really in a 2-sided marketplace. On one side, you

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Glaukos Corporation (GKOS) Citi Annual Global Healthcare Conference 2025 December 3, 2025 1:45 PM EST

Company Participants

Joseph Gilliam - President & COO
Alex Thurman - Senior VP & CFO

Conference Call Participants

Joanne Wuensch - Citigroup Inc., Research Division

Presentation

Joanne Wuensch
Citigroup Inc., Research Division

[Audio Gap] Global Healthcare Conference with the management of Glaukos, and welcome.

Joseph Gilliam
President & COO

Thanks for having us.

Joanne Wuensch
Citigroup Inc., Research Division

I have extremely clear memories of sitting at this podium a year ago, and you were just starting to launch iDose. And I will have iDose questions, but I also have other questions about other things like Epioxa that were not even on the horizon a year ago.

Joseph Gilliam
President & COO

For you or for investors in general?

Joanne Wuensch
Citigroup Inc., Research Division

For Investors...

Joseph Gilliam
President & COO

Yes, yes.

Joanne Wuensch
Citigroup Inc., Research Division

All right. So I want to just do my favorite step back, sort of take attendance. Where is Glaukos today? How do you think about the company? And how is it different, maybe not versus last year but maybe versus 3 years ago?

Joseph Gilliam
President & COO

Yes. I mean I think what you're starting to see is the emergence of something that we've been hard at work at for a really long time. And obviously, pipelines and products don't emerge overnight. And so it's a part of Tom and the strategy from 10-plus years ago to be creating what we think are differentiated product solutions in large market opportunities and taking differentiated bets on how to tackle diseases based upon the needs of the patients and the physicians more than say core competencies of the organization going in the past, right?

To your

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Archer-Daniels-Midland Company (ADM) Goldman Sachs Industrials and Materials Conference 2025 December 3, 2025 3:30 PM EST

Company Participants

Juan Luciano - Chairman, CEO & President
Gregory Morris - Senior VP and President of Agricultural Services & Oilseeds

Conference Call Participants

Patrick Fischer - Goldman Sachs Group, Inc., Research Division

Presentation

Patrick Fischer
Goldman Sachs Group, Inc., Research Division

All right. We'll go ahead and get started. I think this is the last one for me anyway. I don't know if you guys got a few meetings.

Juan Luciano
Chairman, CEO & President

Last one for me.

Patrick Fischer
Goldman Sachs Group, Inc., Research Division

There we go. So we're very happy to welcome Archer-Daniels-Midland, ADM up to the stage with us today. Juan Luciano, Chairman and Board leader, Chief Executive Officer; and then Greg Morris, who's the President of the Agriculture Services and Oilseeds business, the core of the company. Again, thank you guys for spending some time with us today.

Question-and-Answer Session

Patrick Fischer
Goldman Sachs Group, Inc., Research Division

I think maybe start us off by just kind of looking at 2025, if you go back to January 1 of this year, kind of what's gone right, what's gone wrong? How does '25 look as a baseline year to then project into '26?

Juan Luciano
Chairman, CEO & President

Okay. So thank you, Duffy. Thank you for hosting this chat, and it's very good to be here in a very well-attended conference this year. So I appreciate that.

I think the environment in 2025 was very difficult and dynamic. And I think that the team focused on what we can control. You put all that energy on the team on the things that we can flex to defend ourselves from the conditions until the conditions improve. So I would say, if you think

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COLORADO SPRINGS, CO / ACCESS Newswire / December 3, 2025 / Fortitude Gold Corp. (OTCQB:FTCO) (the "Company") declares its monthly dividend of $0.01 per common share payable on December 31, 2025 to shareholders of record as of December 19, 2025. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.

Dividends may vary in amount and consistency or be discontinued at the Board of Directors' discretion depending on variables including but not limited to operational cash flows, Company development requirements and strategies, construction, spot gold and silver prices, taxation, general market conditions and other factors described in the Company's public filings with the U.S. Securities and Exchange Commission.

About Fortitude Gold Corp.:

Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free, and distribute dividends. The Company's Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada. The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production and the fully permitted County Line mine is in development. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.

Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are 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. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.

Contact:

Greg Patterson
719-717-9825
[email protected]
www.Fortitudegold.com

SOURCE: Fortitude Gold Corp.

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Nvidia CEO Jensen Huang said he met with President Donald Trump on Wednesday and that the two men discussed chip export restrictions, as lawmakers consider a proposal to limit exports of advanced artificial intelligence chips to nations like China.

"I've said it repeatedly that we support export controls, and that we should ensure that American companies have the best and the most and first," Huang told reporters on Capitol Hill.

Lawmakers were considering including the Guaranteeing Access and Innovation for National Artificial Intelligence Act in a major defense package, known as the National Defense Authorization Act. The GAIN AI Act would require chipmakers like Nvidia and Advanced Micro Devices to give U.S. companies first pick on their AI chips before selling them in countries like China.

The proposal isn't expected to be part of the NDAA, Bloomberg reported, citing a person familiar with the matter.

Huang said it was "wise" that the proposal is being left out of the annual defense policy bill.

"The GAIN AI Act is even more detrimental to the United States than the AI Diffusion Act," Huang said.

Nvidia's CEO also criticized the idea of establishing a patchwork of state laws regulating AI. The notion of state-by-state regulation has generated pushback from tech companies and spurred the creation of a super PAC called "Leading the Future," which is backed by the AI industry.

"State-by-state AI regulation would drag this industry into a halt and it would create a national security concern, as we need to make sure that the United States advances AI technology as quickly as possible," Huang said. "A federal AI regulation is the wisest."

Trump last month urged legislators to include a provision in the NDAA that would preempt state AI laws in favor of "one federal standard."

But House Majority Leader Steve Scalise (R-LA) told CNBC's Emily Wilkins on Tuesday the provision won't make it into the bill, citing a lack of sufficient support. He and other lawmakers will continue to look for ways to establish a national standard on AI, Scalise added.

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

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

December 03, 2025 16:20 ET

 | Source:

Symbotic Inc.

WILMINGTON, Mass., Dec. 03, 2025 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced that it has commenced an underwritten public offering (the “Offering”) of 10,000,000 shares of its Class A common stock by the Company and SVF Sponsor III (DE) LLC, an affiliate of SoftBank Group Corp. (the “Selling Securityholder”). The Company is offering 6,500,000 shares of its Class A common stock and the Selling Securityholder is offering 3,500,000 shares of Class A common stock. Symbotic expects to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of its Class A common stock at the public offering price, less underwriting discounts and commissions.

Symbotic currently intends to use the net proceeds from the Offering for general corporate purposes. The Selling Securityholder will receive all the net proceeds from the sale of shares of Class A common stock sold by them in the Offering.

Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are acting as lead book-running managers of the proposed Offering. TD Securities is acting as an additional book-running manager of the proposed Offering.

The Offering is being made only by means of a prospectus supplement and the accompanying prospectus, copies of which, when available, may be obtained from the offices of Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, attention: Prospectus Department, by telephone at (866) 471-2526 or by email at [email protected] and from the offices of Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (800) 831-9146.

The shares of Symbotic’s Class A common stock will be issued pursuant to an effective shelf registration statement on Form S-3. Before investing in the Offering, interested parties should read the prospectus and related prospectus supplement for the Offering, the documents incorporated by reference therein and the other documents Symbotic has filed with the U.S. Securities and Exchange Commission (“SEC”). These documents may be obtained for free by visiting the SEC’s website at www.sec.gov.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.

ABOUT SYMBOTIC

Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today's complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers.

FORWARD-LOOKING STATEMENTS

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but are not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog, or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s filings with the SEC, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Symbotic is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Symbotic has filed or will file from time to time with the SEC.

INVESTOR RELATIONS CONTACT
Charlie Anderson
Vice President, Investor Relations & Corporate Development
[email protected]

MEDIA INQUIRIES
[email protected]