Market Signal Briefing

The fast-growing beverage company disappointed investors in its latest update.

Investors were not impressed with the company's latest financial performance.

*Stock prices used were the afternoon prices of Nov. 17, 2025. The video was published on Nov. 19, 2025.

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Celsius. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

The Microsoft logo appears on a smartphone screen with the OpenAI logo in the background. Microsoft officially acquires a stake in OpenAI and now owns 27% of the company in Creteil, France, on October 29, 2025. (Photo by Samuel Boivin/NurPhoto via Getty Images)

NurPhoto via Getty Images

Is there truly an AI bubble impacting stocks such as Microsoft (NASDAQ: MSFT)? The enthusiasm surrounding AI has driven valuations to unprecedented heights, with numerous investors cautioning about a bubble reminiscent of the dot-com era. A recent survey by BofA revealed that approximately 45% of participants consider an AI bubble to be a significant risk, which has contributed to heightened market volatility. There has been profit-taking in major AI-related stocks. The swift expansion of expensive AI infrastructure and the high capital demands for generative AI, in comparison to earlier cloud technologies, have left analysts worried about overbuilding and reduced economic returns. Microsoft’s Q1 2026 AI expenditures have already soared to $35 billion and are expected to increase further to address demand constraints through mid-2026.

However, here’s the situation. If the risk of an AI bubble is genuine, we believe that Microsoft’s stock will not be severely affected. We will explore this further. But if you are looking for upside potential with less volatility than holding an individual stock, consider the High Quality Portfolio. It has consistently outperformed its benchmark—comprised of the S&P 500, Russell 2000, and S&P MidCap indexes—and has achieved returns greater than 105% since its inception. What’s the reason for this? As a collective, HQ Portfolio stocks have delivered superior returns with reduced risk compared to the benchmark index, resulting in a smoother ride, as demonstrated by HQ Portfolio performance metrics.

Microsoft’s stock is expected to withstand significant negative impacts from broader AI bubble anxieties, mainly due to the fact that its investments in AI are converting into tangible, measurable business growth and are bolstered by a robust, diversified financial base.

AI Drives Concrete Revenue and GrowthMicrosoft’s considerable AI investments are not simply hype; they are directly driving tangible revenue growth.

Azure Cloud: The Azure cloud division, powered by AI infrastructure, reported a 34% revenue increase in fiscal 2025, which rose to 40% in Q1 of fiscal 2026, significantly surpassing analyst expectations. This performance highlights strong demand for its AI-enhanced cloud services and contributed to the company’s total revenue reaching $77.7 billion, an 18% year-over-year increase, affirming AI’s role as a critical business driver.Disciplined AI Investment and Increased EfficiencyMicrosoft is showcasing a strategic and disciplined approach to its AI spending, which enhances profitability.

MORE FOR YOU

Strategic Discipline: CEO Satya Nadella has emphasized controlling external AI resource demands to prioritize lucrative enterprise clients and focus on creating proprietary AI models and partnerships beyond OpenAI. This strategy indicates controlled, deliberate spending rather than a reckless cash burn.Profit Margin Boost: AI is actively enhancing Microsoft’s internal efficiency, aiding in offsetting infrastructure costs. The company realized over $500 million in savings last year from AI automation in call centers and observed an increase in employee productivity, with AI contributing 20-30% of its internal software codebase. Refer to – Microsoft’s Operating Income Comparison – dashboard for more information on the company’s profitability.Robust Financials and Diversified Business ModelThe company’s broad financial strength and business structure provide a vital cushion against market fluctuations.

Financial Strength: In 2025, Microsoft’s revenue amounted to $281.7 billion (an increase of nearly 15%), with net income exceeding $101 billion, supporting a $4 trillion market cap (second only to Nvidia).Resilience through Diversification: Unlike pure-play AI stocks, Microsoft’s stability is anchored in its mature, diversified businesses—including enterprise software, productivity products, and general cloud services—which help mitigate risks related to volatility in the emerging AI market.Historical Resilience in DownturnsMicrosoft’s stock has historically exhibited strong recovery capability and, in some major downturns, outperformed the benchmark S&P 500 index during the initial decline.

Inflation Shock (2022): The stock experienced a larger drop of 37.6% compared to the S&P 500’s decline of 25.4%. However, it demonstrated solid upward momentum, fully recovering by June 2023 and continuing to rally significantly, illustrating ongoing investor confidence and growth potential.COVID-19 Pandemic (2020): During the initial market crash, MSFT stock fell 28.2%, a decline that was less severe than the S&P 500’s peak-to-trough drop of 33.9%. The stock fully rebounded to its pre-crisis peak in merely three months (by June 2020).Global Financial Crisis (2008): While facing a considerable 59.1% decline, its drop was comparable to the S&P 500’s 56.8% decline, and the stock eventually regained its pre-crisis peak, indicating long-term stability.Refer to – How Low Can Microsoft Stock Really Go – for more details.

Positive Institutional SentimentDespite recent market fluctuations and some downgrades, institutional sentiment remains optimistic. Analyst coverage retains a consensus “strong buy” rating with an anticipated 27% upside price target. Microsoft is recognized as one of the few mega-cap companies successfully benefiting from AI-related growth throughout 2025.

Bottom LineIs Microsoft a victim of the AI bubble? The evidence indicates otherwise. While widespread AI enthusiasm has caused valuation concerns, Microsoft’s AI strategy clearly translates into strong cloud revenue growth, profitability improvements, and disciplined capital allocation. Its status as a diversified tech giant, leveraging AI as a growth driver—rather than depending solely on speculation—makes it a compelling example of a sustainable approach to navigate and benefit from the AI wave.

NEW YORK, Nov. 21, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Ardent Health, Inc. (NYSE: ARDT) for potential violations of the federal securities laws.

If you invested in Ardent, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/ardent-health-inc-class-action-investigation.

Why Is Ardent being Investigated for Securities Violations?

Ardent is a provider of healthcare in mid-sized urban communities across the U.S. The Company operates a network of hospitals, ambulatory facilities, and physician practices. During the relevant period, it appears that Ardent improperly accounted for its accounts receivable and professional liability reserves.

Why Did Ardent’s Stock Drop?

On November 12, 2025, Ardent reported its Q3 2025 financial results. The Company revealed it had completed “hindsight evaluations of historical collection trends” that resulted in a $43 million decrease in revenue for the quarter. Ardent also revealed that it increased its professional liability reserves by $54 million because of “adverse prior period claim developments” resulting from a set of claims between 2019 and 2022 “as well as consideration of broader industry trends.” On this news, the price of Ardent stock dropped over 33% during the course of trading on November 13, 2025.

Click here for more information: https://www.bfalaw.com/cases/ardent-health-inc-class-action-investigation.

What Can You Do?

If you invested in Ardent you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/ardent-health-inc-class-action-investigation

Or contact:
Ross Shikowitz
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/ardent-health-inc-class-action-investigation

Attorney advertising. Past results do not guarantee future outcomes.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Teradata (TDC - Free Report) : This company, which offers an open and connected hybrid cloud analytics and data platform for AI, has seen the Zacks Consensus Estimate for its current year earnings increasing 7.8% over the last 60 days.

SB Financial Group (SBFG - Free Report) : This financial service holding company, which offers a full range of financial services for consumers and small businesses, including wealth management, mortgage banking, commercial and agricultural lending, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.4% over the last 60 day.

Farmers & Merchants Bancorp (FMAO - Free Report) : This community bank holding company, which provides commercial banking, retail banking and other financial services, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.3% over the last 60 days.

First Financial Corporation Indiana (THFF - Free Report) : This multi-bank holding company, which provides various financial products and services in west-central Indiana, east-central Illinois, western Kentucky, central and eastern Tennessee, and northern Georgia, has seen the Zacks Consensus Estimate for its current year earnings increasing 3.9% over the last 60 days.

Alpine Income Property Trust (PINE - Free Report) : This real estate investment trust which owns and operates a portfolio of single-tenant net lease commercial properties, has seen the Zacks Consensus Estimate for its current year earnings increasing 2.3% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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.

Q4'25 reported revenue growth of 6% year over year and 4% on an organic basis
FY'25 reported revenue growth of 4% and 3% on an organic basis
FY'25 Adjusted EBITDA margin expansion of 310 basis points versus last year
FY'26 organic revenue growth expected to be 3% to 5% year over year, with Adjusted EBITDA margin expansion of approximately 300 basis points

, /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the fourth quarter and fiscal year ended September 30, 2025.

Quarter Ended

Year Ended

Dollars in millions, except per share data

September 30,

September 30,

September 30,

September 30,

2025

2024(1)

Change

2025

2024(1)

Change

Revenue from Continuing Operations

$

159

$

151

6 %

$

594

$

573

4 %

Organic growth

4 %

3 %

Sample Management Solutions

$

86

$

85

2 %

$

325

$

319

2 %

Multiomics

$

73

$

66

11 %

$

269

$

255

6 %

Diluted EPS Continuing Operations

$

1.11

$

(0.04)

NM

$

0.52

$

(0.46)

NM

Diluted EPS Total

$

1.02

$

(0.14)

NM

$

(1.30)

$

(3.10)

58 %

Non-GAAP Diluted EPS Continuing Operations

$

0.21

$

0.19

8 %

$

0.51

$

0.48

8 %

Adjusted EBITDA Continuing Operations

$

21

$

16

29 %

$

66

$

46

44 %

Adjusted EBITDA Margin - Continuing Operations

13.0

%

10.7

%

11.2

%

8.0

%

(1)

Reflects revisions for an immaterial classification error among cost of revenue, research and development expenses, and selling, general and administrative expenses, and other immaterial adjustments, as further described in this release.

Management Comments
"Fiscal 2025 was a transformative year for Azenta. We achieved 3% core revenue growth and meaningful margin expansion," said John Marotta, President and Chief Executive Officer. "We simplified our organization, made significant progress enabled by the Azenta Business System, and strengthened our execution, which is driving measurable improvements in quality, delivery, and productivity." 

Mr. Marotta continued, "We enter fiscal 2026 in a healthier position, with a more streamlined and accountable structure, with sharper focus on the customer, and growing momentum across the business. We expect core growth between 3% and 5%, approximately 300 basis points of adjusted EBITDA margin expansion, and higher free cash flow generation."  

Fourth Quarter Fiscal 2025 Results - Continuing Operations

Revenue was $159 million, up 6% year over year. Organic revenue, which excludes the impact from foreign exchange, grew 4% year over year, mainly attributable to higher revenue in Multiomics.
Sample Management Solutions revenue was $86 million, up 2% year over year.

Organic revenue was flat, mainly driven by lower revenue in Cryogenic Systems, offset by higher revenue in Clinical Biostores, Automated Stores, Consumables and Instruments, and Sample Storage.

Multiomics revenue was $73 million, up 11% year over year.

Organic revenue grew 10% year over year, primarily driven by growth in Next Generation Sequencing and Gene Synthesis, partially offset by a year-over-year decline in Sanger sequencing revenue.

Summary of GAAP Earnings Results - Continuing Operations

Operating income was $2 million. Operating margin was 1.2%, an improvement of 430 basis points year over year.

Gross margin was 45.4%, flat year over year, reflecting continued cost discipline, operational improvements, and favorable sales mix in Sample Management Solutions, offset by higher costs and lower volumes in parts of the Multiomics segment.
Operating expenses were $70 million, down 4% year over year, primarily driven by lower selling, general and administrative expenses, lower transformation and lower restructuring charges, partially offset by higher research and development costs.

Other income included $5 million of net interest income versus $6 million in the prior year period.
Tax adjustments include a one-time $45.6 million benefit related to a worthless stock deduction on one of the Company's foreign subsidiaries. 
Diluted EPS from continuing operations was $1.11 compared to ($0.04) one year ago. Diluted EPS from discontinued operations was ($0.08). Total diluted EPS was $1.02, compared to ($0.14) a year ago.

Summary of Non-GAAP Earnings Results - Continuing Operations

Adjusted operating income was $9 million. Adjusted operating margin was 5.7%, an improvement of 60 basis points year over year.

Adjusted gross margin was 46.7%, down 20 basis points year over year, reflecting higher costs and lower volumes in parts of the Multiomics segment, partially offset by continued cost discipline, operational improvements, and favorable sales mix in Sample Management Solutions.
Adjusted operating expenses in the quarter were $65 million, up 4% year over year, primarily driven by higher selling, general and administrative expenses and higher research and development costs.

Adjusted EBITDA was $21 million, and Adjusted EBITDA margin was 13.0%, an improvement of 230 basis points year over year.
Non-GAAP Diluted EPS was $0.21, compared to $0.19 one year ago.

Full Year Fiscal 2025 Results - Continuing Operations

Revenue for fiscal 2025 was $594 million, up 4% year over year. Organic revenue increased 3%, which excludes the impact from foreign exchange. The year-over-year revenue increase was largely attributable to higher Multiomics revenue.
Sample Management Solutions revenue was $325 million, up 2% year over year.

Organic revenue was up 1%, primarily driven by growth in Clinical Biostores, Consumables and Instruments and Sample Storage, partially offset by lower revenue in Cryogenic Systems and Automated Stores.

Multiomics revenue was $269 million, up 6% year over year.

Organic revenue grew 5% year over year, driven by growth in Next Generation Sequencing, partially offset by a year-over-year revenue decline in Sanger sequencing and Gene Synthesis.

Summary of GAAP Results - Continuing Operations

Operating loss was $27 million. Operating margin was (4.5%), an improvement of 440 basis points year over year.

Gross margin was 45.5%, up 110 basis points year over year, primarily driven by higher revenue, favorable sales mix, operating efficiencies and improved cost execution.
Operating expenses were $297 million, down 3% year over year due to lower research and development costs, lower selling, general and administrative expenses, lower restructuring charges, lower merger and acquisition costs and costs related to share repurchases, and lower amortization costs, as well as the impact of intangible asset impairment charges recorded in the prior year.

Other income included $19 million of net interest income versus $33 million in the prior year period.
Tax adjustments include a one-time $45.6 million benefit related to a worthless stock deduction on one of the Company's foreign subsidiaries. 
Diluted EPS from continuing operations was $0.52 compared to ($0.46) in fiscal 2024. Diluted EPS from discontinued operations was ($1.81). Total diluted EPS was ($1.30), compared to ($3.10) a year ago.

Summary of Non-GAAP Results - Continuing Operations

Adjusted operating income was $16 million. Adjusted operating margin was 2.6%, an improvement of 200 basis points year over year.

Adjusted gross margin was 46.9%, up 100 basis points year over year, primarily driven by favorable product mix, operating efficiencies and cost reduction initiatives.
Adjusted operating expenses were $263 million, up 1% year over year, primarily driven by higher selling, general and administrative expenses, partially offset by lower research and development costs.

Adjusted EBITDA was $66 million, and Adjusted EBITDA margin was 11.2%, an improvement of 310 basis points year over year.
Non-GAAP Diluted EPS for fiscal 2025 was $0.51, compared to $0.48 in fiscal 2024.

Cash and Liquidity as of September 30, 2025

The Company ended fiscal year 2025 with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $546 million.
Capital expenditures were $8 million in the quarter and $34 million for the full year.

Guidance for Full Year Fiscal 2026 

Total organic revenue is expected to grow in the range of 3% to 5% relative to fiscal 2025.
Adjusted EBITDA margin expansion is expected to be approximately 300 basis points relative to fiscal 2025.

Revision of Previously Issued Financial Statements
During the fourth quarter of fiscal 2025, the Company identified a classification error in previously issued consolidated statements of operations. Certain costs had been incorrectly allocated among cost of revenue, research and development expenses, and selling, general and administrative expenses. As a result, cost of revenue and research and development expenses were understated and selling, general and administrative expenses were overstated by equal and offsetting amounts. The Company concluded that the error was not material, individually or in the aggregate, to any previously issued financial statements. Accordingly, the Company has corrected the error by revising the consolidated financial statements for all affected prior periods as presented herein. These revisions also reflect the correction of certain other immaterial prior-period errors that had previously been corrected on an out-of-period basis in the periods in which they were identified. Management is evaluating the impact of the classification error on the effectiveness of the Company's internal control over financial reporting. Further information regarding these revisions will be provided in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

Azenta does not provide forward-looking guidance on a GAAP basis for the measures on which it provides forward-looking non-GAAP guidance as the Company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably predicted. Such adjustments include, but are not limited to, transformation costs, restructuring charges, costs related to acquisitions and divestitures costs, governance-related matters, goodwill and intangible impairments, stock-based compensation, and other gains and charges that are not representative of the normal operations of the business.

Conference Call and Webcast
Azenta management will webcast its fourth quarter and full year fiscal 2025 earnings conference call today at 8:30 a.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.

The call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Azenta's website at https://investors.azenta.com/events and will be archived online on this website for convenient on-demand replay. 

Regulation G – Use of Non-GAAP financial Measures
The Company supplements its GAAP financial measures with certain non-GAAP financial measures to provide investors a better perspective on the results of business operations, which the Company believes is more comparable to the similar analyses provided by its peers. These measures are not presented in accordance with, nor are they a substitute for, U.S. generally accepted accounting principles, or GAAP. These measures should always be considered in conjunction with appropriate GAAP measures. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets and statements of operations. Certain amounts in the tables that supplement the consolidated financial statements may not sum due to rounding. All percentages are calculated using unrounded amounts.

"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Azenta's financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. Forward-looking statements include but are not limited to statements about our revenue and earnings expectations, our ability to realize margin improvement from cost reductions, and our ability to deliver financial success in the future and otherwise related to future operating or financial performance and opportunities. Factors that could cause results to differ from our expectations include the following: uncertainties in global political and economic conditions, including the imposition of additional tariffs on goods imported into the US, our ability to reduce costs effectively; the volatility of the life sciences markets the Company serves; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; price competition; disputes concerning intellectual property; and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, Current Reports on Form 8-K and our Quarterly Reports on Form 10-Q. As a result, we can provide no assurance that our future results will not be materially different from those projected. Azenta expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions, or circumstance on which any such statement is based. Azenta undertakes no obligation to update the information contained in this press release.

About Azenta Life Sciences
Azenta, Inc. (Nasdaq: AZTA) is a leading provider of life sciences solutions worldwide, enabling life science organizations around the world to bring impactful breakthroughs and therapies to market faster. Azenta provides a full suite of reliable cold-chain sample management solutions and multiomics services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally. Our global team delivers and supports these products and services through our industry-leading brands, including GENEWIZ, FluidX, Ziath, 4titude, Limfinity, Freezer Pro, and Barkey.

Azenta is headquartered in Burlington, Massachusetts, with operations in North America, Europe and Asia. For more information, please visit www.azenta.com. 

AZENTA INVESTOR CONTACTS:

Yvonne Perron
Vice President, Financial Planning & Analysis and Investor Relations
[email protected]

Maria Isabel Cuartas
Manager Investor Relations
[email protected]

AZENTA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except per share data)

Three Months Ended

Year Ended

September 30,

September 30,

2025

2024

2025

2024

Revenue

Products

$

48,020

$

47,210

$

173,189

$

173,717

Services

111,172

103,394

420,632

399,731

Total revenue

159,192

150,604

593,821

573,448

Cost of revenue

Products

26,287

28,281

94,894

105,446

Services

60,631

53,836

228,647

213,380

Total cost of revenue

86,918

82,117

323,541

318,826

Gross profit

72,274

68,487

270,280

254,622

Operating expenses

Research and development

8,258

7,539

30,390

31,524

Selling, general and administrative

61,709

64,734

261,563

262,958

Impairment of goodwill and intangible assets

—

—

—

4,658

Restructuring charges

406

851

5,171

6,766

Total operating expenses

70,373

73,124

297,124

305,906

Operating income (loss)

1,901

(4,637)

(26,844)

(51,284)

Other income (expense)

Interest income, net

5,019

5,532

18,779

32,891

Other income (expense), net

(620)

(604)

922

(732)

Income (loss) from continuing operations before income taxes

6,300

291

(7,143)

(19,125)

Income tax (benefit) expense

(44,553)

2,036

(30,801)

5,241

Income (loss) from continuing operations

50,853

(1,745)

23,658

(24,366)

Loss from discontinued operations, net of tax

(3,716)

(4,894)

(83,161)

(140,531)

Net income (loss)

$

47,137

$

(6,639)

$

(59,503)

$

(164,897)

Basic net income (loss) per share:

Income (loss) from continuing operations

$

1.11

$

(0.04)

$

0.52

$

(0.46)

Loss from discontinued operations, net of tax

(0.08)

(0.10)

(1.82)

(2.64)

Net income (loss) per share

$

1.03

$

(0.14)

$

(1.30)

$

(3.10)

Diluted net income (loss) per share:

Income (loss) from continuing operations

$

1.11

$

(0.04)

$

0.52

$

(0.46)

Loss from discontinued operations, net of tax

(0.08)

(0.10)

(1.81)

(2.64)

Diluted net income (loss) per share

$

1.02

$

(0.14)

$

(1.30)

$

(3.10)

Weighted average shares used in computing net income (loss) per share:

Basic

45,833

48,079

45,743

53,175

Diluted

45,994

48,079

45,896

53,175

AZENTA, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share data)

September 30,

September 30,

2025

2024

Assets

Current assets

Cash and cash equivalents

$

279,783

$

280,030

Short-term marketable securities

61,137

151,162

Accounts receivable, net of allowance for expected credit losses ($4,649 and $5,349, respectively)

142,181

154,172

Inventories

74,956

71,320

Short-term restricted cash

2,359

2,069

Refundable income taxes

9,728

23,866

Prepaid expenses and other current assets

64,660

51,360

Current assets held for sale

74,830

99,052

Total current assets

709,634

833,031

Property, plant and equipment, net

153,954

155,622

Long-term marketable securities

201,585

49,454

Long-term deferred tax assets

726

837

Operating lease right-of-use assets

54,048

60,406

Goodwill

702,395

691,409

Intangible assets, net

101,814

125,042

Long term income taxes receivable

45,600

—

Other assets

6,115

10,670

Noncurrent assets held for sale

80,983

173,794

Total assets

$

2,056,854

$

2,100,265

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

37,722

$

33,344

Deferred revenue

32,569

30,493

Derivative liability

33,420

1,915

Accrued warranty and retrofit costs

4,713

5,213

Accrued compensation and benefits

35,799

29,216

Accrued customer deposits

26,499

22,324

Accrued income taxes payable

9,416

9,085

Accrued expenses and other current liabilities

30,268

44,443

Current liabilities held for sale

29,563

30,050

Total current liabilities

239,969

206,083

Long-term deferred tax liabilities

19,046

18,184

Long-term operating lease liabilities

51,244

56,683

Other long-term liabilities

10,140

9,272

Noncurrent liabilities held for sale

13,209

42,196

Total liabilities

333,608

332,418

Stockholders' equity

Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding

—

—

Common stock, $0.01 par value - 125,000,000 shares authorized, 59,320,848 shares issued
and 45,858,979 shares outstanding at September 30, 2025, 59,031,953 shares issued
and 45,570,084 shares outstanding at September 30, 2024

594

590

Additional paid-in capital

529,605

505,958

Accumulated other comprehensive loss

(22,213)

(13,464)

Treasury stock, at cost - 13,461,869 shares at September 30, 2025 and September 30, 2024

(200,956)

(200,956)

Retained earnings

1,416,216

1,475,719

Total stockholders' equity

1,723,246

1,767,847

Total liabilities and stockholders' equity

$

2,056,854

$

2,100,265

AZENTA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

Year Ended

September 30,

2025

2024

Cash flows from operating activities

Net loss

$

(59,503)

$

(164,897)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

61,209

90,744

Impairment of goodwill and intangible assets

—

115,975

Loss on assets held for sale

97,139

—

Property, plant and equipment and other asset write-offs

3,478

4,430

Inventory write-downs

—

3,290

Other non-cash charges related to restructuring and transformation

—

4,317

Stock-based compensation

20,881

14,467

Amortization and accretion on marketable securities

(1,578)

(6,032)

Deferred income taxes

(27,152)

(16,072)

Loss on disposals of property, plant and equipment

711

296

Changes in operating assets and liabilities:

Accounts receivable

21,039

(11,589)

Inventories

(3,966)

15,896

Accounts payable

1,037

9,196

Deferred revenue

1,641

(3,558)

Accrued warranty and retrofit costs

(435)

(684)

Accrued compensation and tax withholdings

6,607

(2,754)

Long term income taxes receivable

(45,600)

—

Other assets and liabilities

(3,327)

(3,282)

Net cash provided by operating activities

72,181

49,743

Cash flows from investing activities

Purchases of property, plant and equipment

(33,857)

(37,392)

Purchases of marketable securities and other investments

(451,409)

(405,575)

Sales and maturities of marketable securities

389,452

666,230

Proceeds from other investment

2,130

—

Net investment hedge settlement

3,223

1,476

Net cash (used in) provided by investing activities

(90,461)

224,739

Cash flows from financing activities

Proceeds from issuance of common stock

2,770

3,279

Payments of finance leases

(985)

(783)

Share repurchases

—

(661,703)

Excise tax payment for settled share repurchases

(11,376)

—

Net cash used in financing activities

(9,591)

(659,207)

Effects of exchange rate changes on cash and cash equivalents

3,566

21,670

Net decrease in cash, cash equivalents and restricted cash

(24,305)

(363,055)

Cash, cash equivalents and restricted cash, beginning of period

320,990

684,045

Cash, cash equivalents and restricted cash, end of period

$

296,685

$

320,990

Supplemental disclosures:

Cash paid for income taxes, net

$

6,568

2,704

Purchases of property, plant and equipment included in accounts payable and accrued expenses

4,693

2,767

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

Cash and cash equivalents of continuing operations

$

279,783

$

280,030

Cash included in current assets held for sale

13,206

30,899

Short-term restricted cash included in prepaid expenses and other current assets

2,359

2,069

Long-term restricted cash included in other assets

1,337

7,992

Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows

$

296,685

$

320,990

Notes on Non-GAAP Financial Measures
Non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusts the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A, non-recurring costs related to the Company's business transformation initiatives and share repurchases to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, certain tax benefits and charges, as well as other gains and charges that are not representative of the normal operations of the business. Management strongly encourages investors to review our financial statements and publicly filed reports in their entirety and not rely on any single measure.

Quarter Ended

September 30, 2025

June 30, 2025(*)

September 30, 2024(*)

per diluted

per diluted

per diluted

Dollars in thousands, except per share data

$

share

$

share

$

share

Net income (loss) from continuing operations

$

50,853

$

1.11

$

(331)

$

(0.01)

$

(1,745)

$

(0.04)

Adjustments:

Amortization of completed technology

2,088

0.05

2,068

0.05

2,096

0.04

Amortization of other intangible assets

3,977

0.09

4,123

0.09

4,842

0.10

Transformation costs(1)

634

0.01

1,542

0.03

4,568

0.10

Restructuring charges

406

0.01

754

0.02

851

0.02

Merger and acquisition costs and costs related to share repurchase(2)

87

0.00

58

0.00

52

0.00

Tax adjustments(3)

(46,160)

(1.00)

—

—

259

0.01

Tax effect of adjustments

(2,246)

(0.05)

(534)

(0.01)

(1,576)

(0.03)

Other Adjustments

—

—

38

0.00

—

—

Non-GAAP adjusted net income from continuing operations

$

9,639

$

0.21

$

7,718

$

0.17

$

9,347

$

0.19

Stock-based compensation, pre-tax

3,901

0.08

3,045

0.07

1,649

0.03

Tax rate

17

%

—

17

%

—

14

%

—

Stock-based compensation, net of tax

3,238

0.07

2,536

0.06

1,418

0.03

Non-GAAP adjusted net income excluding stock-based compensation - continuing operations

$

12,877

$

0.28

$

10,254

$

0.22

$

10,765

$

0.22

Shares used in computing non-GAAP diluted net income per share

45,994

45,780

48,079

Year Ended

September 30, 2025

September 30, 2024(*)

per diluted

per diluted

Dollars in thousands, except per share data

$

share

$

share

Net income (loss) from continuing operations

$

23,658

$

0.52

$

(24,366)

$

(0.46)

Adjustments:

Amortization of completed technology

7,965

0.17

8,066

0.15

Amortization of other intangible assets

16,475

0.36

20,496

0.39

Transformation costs(1)

10,405

0.23

9,879

0.19

Restructuring charges

5,171

0.11

6,766

0.13

Impairment of goodwill and intangible assets

—

—

4,658

0.09

Merger and acquisition costs and costs related to share repurchase(2)

2,403

0.05

4,874

0.09

Investment income(3)

(2,130)

(0.05)

—

—

Tax adjustments(4)

(38,860)

(0.85)

3,638

0.07

Tax effect of adjustments

(1,675)

(0.04)

(8,668)

(0.16)

Other special charges

38

0.00

—

—

Non-GAAP adjusted net income from continuing operations

$

23,450

$

0.51

$

25,343

$

0.48

Stock-based compensation, pre-tax

19,849

0.43

13,750

0.26

Tax rate

17

%

—

14

%

—

Stock-based compensation, net of tax

16,475

0.36

11,825

0.22

Non-GAAP adjusted net income excluding stock-based compensation - continuing operations

$

39,925

$

0.87

$

37,168

$

0.70

Shares used in computing non-GAAP diluted net income per share

—

45,896

—

53,175

(*) 

See footnote (1) on Page 1.

(1)

Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 cost reduction plan, and primarily relate to one time asset write-downs associated with changes in technology, one time inventory write-downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

(2)

Includes expenses related to governance-related matters.

(3)

The Company received $2.1 million of cash proceeds from a cost method investment which had no cost basis during the three months ended March 31, 2025. The gain is non-recurring and non-operational in nature. 

(4)

Tax adjustments during all periods include adjustments to tax benefits related to stock-based compensation. These adjustments are recognized in the period of vesting for US GAAP but included in the annual effective tax rate for Non-GAAP reporting. In the fourth quarter of fiscal year 2025, tax adjustments include a one-time $45.6 million benefit related to a worthless stock deduction on one of the Company's foreign subsidiaries, that is excluded from non-GAAP results. 

Quarter Ended

Year Ended

September 30,

June 30,

September 30,

September 30,

September 30,

Dollars in thousands

2025

2025(*)

2024(*)

2025

2024(*)

GAAP net income (loss)

$

47,137

$

(47,984)

$

(6,639)

$

(59,503)

$

(164,897)

Less: Loss from discontinued operations

(3,716)

(47,653)

(4,894)

(83,161)

(140,531)

GAAP net income (loss) from continuing operations

50,853

(331)

(1,745)

23,658

(24,366)

Adjustments:

Interest income, net

(5,019)

(4,973)

(5,532)

(18,779)

(32,891)

Income tax expense

(44,553)

2,635

2,036

(30,801)

5,241

Depreciation

8,338

8,399

7,275

32,033

29,691

Amortization of completed technology

2,088

2,068

2,096

7,965

8,066

Amortization of other intangible assets

3,977

4,123

4,842

16,475

20,496

Earnings before interest, taxes, depreciation and amortization - Continuing operations

$

15,684

$

11,921

$

8,972

$

30,551

$

6,237

Quarter Ended

Year Ended

September 30,

June 30,

September 30,

September 30,

September 30,

Dollars in thousands

2025

2025(*)

2024(*)

2025

2024(*)

Earnings before interest, taxes, depreciation and amortization - Continuing operations

$

15,684

$

11,921

$

8,972

$

30,551

$

6,237

Adjustments:

Stock-based compensation

3,901

3,045

1,649

19,849

13,750

Restructuring charges

406

754

851

5,171

6,766

Impairment of goodwill and intangible assets

—

—

—

—

4,658

Merger and acquisition costs and costs related to share repurchase(1)

87

58

52

2,403

4,874

Transformation costs(2)

634

1,542

4,568

10,405

9,879

Investment Income(3)

—

—

—

(2,130)

—

Other adjustments

—

38

—

34

—

Adjusted earnings before interest, taxes, depreciation and amortization - Continuing operations

$

20,712

$

17,358

$

16,092

$

66,283

$

46,164

(*)

See footnote (1) on Page 1.

(1)

Includes expenses related to governance-related matters.

(2)

Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 cost reduction plan, and primarily relate to one time asset write-downs associated with changes in technology, one time inventory write-downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

(3)

The Company received $2.1 million of cash proceeds from a cost method investment which had no cost basis during the three months ended March 31, 2025. The gain is non-recurring and non-operational in nature. 

Quarter Ended

Dollars in thousands

September 30, 2025

June 30, 2025(*)

September 30, 2024(*)

GAAP gross profit

$

72,274

45.4

%

$

66,404

46.2

%

$

68,487

45.5

%

Adjustments:

Amortization of completed technology

2,088

1.3

%

2,068

1.4

%

2,096

1.4

%

Transformation costs(1)

—

—

%

—

—

%

145

0.1

%

Other adjustments

—

—

%

25

0.0

%

—

—

%

Non-GAAP adjusted gross profit

$

74,362

46.7

%

$

68,497

47.6

%

$

70,728

47.0

%

Year Ended

Dollars in thousands

September 30, 2025

September 30, 2024(*)

GAAP gross profit

$

270,280

45.5

%

$

254,622

44.4

%

Adjustments:

Amortization of completed technology

7,965

1.3

%

8,066

1.4

%

Transformation costs(1)

52

0.0

%

377

0.1

%

Other adjustment

18

0.0

%

(20)

(0.0)

%

Non-GAAP adjusted gross profit

$

278,315

46.9

%

$

263,045

45.9

%

(*)

See footnote (1) on Page 1.

(1)

Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 cost reduction plan, and primarily relate to one time asset write-downs associated with changes in technology, one time inventory write-downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

Sample Management Solutions

Multiomics

Quarter Ended

Quarter Ended

September 30,

June 30,

September 30,

September 30,

June 30,

September 30,

Dollars in thousands

2025

2025(*)

2024(*)

2025

2025(*)

2024(*)

GAAP gross profit

$

41,175

47.9

%

$

40,178

51.8

%

$

38,992

46.1

%

$

31,094

42.5

%

$

26,222

39.6

%

$

29,476

44.7

%

Adjustments:

Amortization of completed technology

1,226

1.4

%

1,208

1.6

%

1,056

1.2

%

862

1.2

%

860

1.3

%

1,040

1.6

%

Transformation costs(1)

—

—

%

25

0.0

%

145

0.2

%

—

—

—

—

—

—

Non-GAAP adjusted gross profit

$

42,401

49.3

%

$

41,411

53.4

%

$

40,193

47.5

%

$

31,956

43.7

%

$

27,082

40.9

%

$

30,516

46.2

%

Total Segments

Quarter Ended

September 30,

June 30,

September 30,

Dollars in thousands

2025

2025(*)

2024(*)

GAAP gross profit

$

72,274

45.4

%

$

66,400

46.2

%

$

68,487

45.5

%

Adjustments:

Amortization of completed technology

2,088

1.3

%

2,068

1.4

%

2,096

1.4

%

Transformation costs(1)

—

—

%

25

0.0

%

145

0.1

%

Non-GAAP adjusted gross profit

$

74,362

46.7

%

$

68,493

47.6

%

$

70,728

47.0

%

Sample Management Solutions

Multiomics

Year Ended

Year Ended

Dollars in thousands

September 30, 2025

September 30, 2024(*)

September 30, 2025

September 30, 2024(*)

GAAP gross profit

$

156,645

48.3

%

$

141,447

44.4

%

$

113,635

42.2

%

$

113,175

44.5

%

Adjustments:

Amortization of completed technology

4,522

1.4

%

3,909

1.2

%

3,443

1.3

%

4,157

1.6

%

Transformation costs(1)

52

0.0

%

377

0.1

%

—

—

—

—

Other adjustment

26

0.0

%

(10)

(0.0)

%

(8)

(0.0)

%

(10)

(0.0)

%

Non-GAAP adjusted gross profit

$

161,245

49.7

%

$

145,723

45.7

%

$

117,070

43.5

%

$

117,322

46.1

%

Total Segments

Year Ended

Dollars in thousands

September 30, 2025

September 30, 2024(*)

GAAP gross profit

$

270,280

45.5

%

$

254,622

44.4

%

Adjustments:

Amortization of completed technology

7,965

1.3

%

8,066

1.4

%

Transformation costs(1)

52

0.0

%

377

0.1

%

Other adjustment

18

0.0

%

(20)

(0.0)

%

Non-GAAP adjusted gross profit

$

278,315

46.9

%

$

263,045

45.9

%

(*)

See footnote (1) on Page 1.

(1)

Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 cost reduction plan, and primarily relate to one time asset write-downs associated with changes in technology, one time inventory write-downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

Sample Management Solutions

Multiomics

Quarter Ended

Quarter Ended

September 30,

June 30,

September 30,

September 30,

June 30,

September 30,

Dollars in thousands

2025

2025(*)

2024(*)

2025

2025(*)

2024(*)

GAAP operating income (loss)

$

8,015

$

9,323

$

7,503

$

(1,029)

$

(4,818)

$

(2,009)

Adjustments:

.

.

Amortization of completed technology

1,226

1,208

1,056

862

860

1,040

Transformation costs(1)

(57)

168

163

—

—

—

Other adjustment

42

38

—

31

—

—

Non-GAAP adjusted operating income (loss)

$

9,226

$

10,737

$

8,722

$

(136)

$

(3,958)

$

(969)

Total Segments

Corporate

Total

Quarter Ended

Quarter Ended

Quarter Ended

September 30,

June
30,

September 30,

September 30,

June
30,

September 30,

September 30,

June
30,

September 30,

Dollars in thousands

2025

2025(*)

2024(*)

2025

2025(*)

2024(*)

2025

2025(*)

2024(*)

GAAP operating income (loss)

$

6,986

$

4,505

$

5,494

$

(5,085)

$

(6,355)

$

(10,131)

$

1,901

$

(1,850)

$

(4,637)

Adjustments:

Amortization of completed technology

2,088

2,068

2,096

—

—

—

2,088

2,068

2,096

Amortization of other intangible assets

—

—

—

3,977

4,123

4,842

3,977

4,123

4,842

Transformation costs(1)

(57)

168

163

691

1,374

4,405

634

1,542

4,568

Restructuring charges

—

—

—

406

754

851

406

754

851

Merger and acquisition costs and costs related to share repurchase(2)

—

—

—

87

58

52

87

58

52

Other adjustment

73

38

—

(73)

—

—

—

38

—

Non-GAAP adjusted operating income (loss)

$

9,090

$

6,779

$

7,753

$

3

$

(46)

$

19

$

9,093

$

6,733

$

7,772

Sample Management Solutions

Multiomics

Year Ended

Year Ended

September 30,

September 30,

September 30,

September 30,

Dollars in thousands

2025

2024(*)

2025

2024(*)

GAAP operating income (loss)

$

20,124

$

6,647

$

(15,414)

$

(11,893)

Adjustments:

Amortization of completed technology

4,522

3,909

3,443

4,157

Amortization of other intangible assets

—

155

—

—

Transformation costs(1)

2,820

395

—

—

Other adjustments

84

—

34

3

Non-GAAP adjusted operating income (loss)

$

27,550

$

11,106

$

(11,937)

$

(7,733)

Total Segments

Corporate

Total

Year Ended

Year Ended

Year Ended

September 30,

September 30,

September 30,

September 30,

September 30,

September 30,

Dollars in thousands

2025

2024(*)

2025

2024(*)

2025

2024(*)

GAAP operating income (loss)

$

4,710

$

(5,246)

$

(31,554)

$

(46,038)

$

(26,844)

$

(51,284)

Adjustments:

Amortization of completed technology

7,965

8,066

—

—

7,965

8,066

Amortization of other intangible assets

—

155

16,475

20,341

16,475

20,496

Transformation costs(1)

2,820

395

7,585

9,484

10,405

9,879

Restructuring charges

—

—

5,171

6,766

5,171

6,766

Impairment of goodwill and intangible assets

—

—

—

4,658

—

4,658

Merger and acquisition costs and costs related to share repurchase(2)

—

—

2,403

4,874

2,403

4,874

Other adjustments

118

3

(84)

(24)

34

(21)

Non-GAAP adjusted operating income (loss)

$

15,613

$

3,373

$

(4)

$

61

$

15,609

$

3,434

(*)

See footnote (1) on Page 1.

(1)

Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 cost reduction plan, and primarily relate to one time asset write-downs associated with changes in technology, one time inventory write-downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

(2)

Includes expenses related to governance-related matters.

Sample Management Solutions

Multiomics

Azenta Total

Quarter Ended

Quarter Ended

Quarter Ended

September 30,

September 30,

September 30,

September 30,

September 30,

September 30,

Dollars in millions

2025

2024

Change

2025

2024

Change

2025

2024

Change

Revenue

$

86

$

85

2

%

$

73

$

66

11

%

$

159

$

151

6

%

Currency exchange rates

(1)

—

(2)

%

(1)

—

(1)

%

(2)

—

(2)

%

Organic revenue

$

85

$

85

0

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$

72

$

66

10

%

$

157

$

151

4

%

Sample Management Solutions

Multiomics

Azenta Total

Year Ended

Year Ended

Year Ended

September 30,

September 30,

September 30,

September 30,

September 30,

September 30,

Dollars in millions

2025

2024

Change

2025

2024

Change

2025

2024

Change

Revenue

$

325

$

319

2

%

$

269

$

255

6

%

$

594

$

573

4

%

Currency exchange rates

(3)

—

(1)

%

(1)

—

(0)

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(4)

—

(1)

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Organic revenue

$

322

$

319

1

%

$

268

$

255

5

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$

590

$

573

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SOURCE Azenta

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

Alvotech (ALVO - Free Report) is a biotech company which is focused solely on the development and manufacture of biosimilar medicines for patients worldwide. The Zacks Consensus Estimate for its current year earnings has been revised almost 88.7 downward over the last 60 days.

AkzoNobel (AKZOY - Free Report)  is a leading global paints and coatings company and a major producer of specialty chemicals. The Zacks Consensus Estimate for its current year earnings has been revised 10.1% downward over the last 60 days.

Alamo Group (ALG - Free Report) is a leader in the design, manufacture, distribution and service of high quality equipment for infrastructure maintenance, agriculture and other applications. The Zacks Consensus Estimate for its current year earnings has been revised almost 10% downward over the last 60 days.

View the entire Zacks Rank #5 List.

There's a way to keep an eye on how the market is valuing OpenAI, according to Citi

Bitcoin and the broader crypto market continue to face extreme pressure with Bitcoin slipping below the $85K mark. Markets are in extreme fear, with the Crypto Fear and Greed Index dropping below 10. With many wondering if crypto has officially entered the bear market, analysts are closely watching for further declines, with some predicting Bitcoin could fall as low as $60K.

Is all hope lost? Here’s another cautious but optimistic view. 

Long-Term Opportunities Amid VolatilityCryptoQuant CEO Ki Young Ju notes that for Bitcoin spot holders, not futures traders, the current levels could be a reasonable zone for long-term accumulation.

From an on-chain cycle perspective, he explains that the recent bull cycle technically ended earlier this year when Bitcoin reached around $100K. According to the classical cycle theory, the market should revisit the realized price near $56K to form a cyclical bottom.

However, Ju believes that it may not happen since institutional holders like Michael Saylor’s Strategy, are unlikely to sell. This takes a significant portion of coins off the market. 

He also pointed to broader macroeconomic factors, suggesting that governments may continue injecting liquidity until mid-next year for political reasons. So the sentiment could rebound anytime and therefore selling or shorting now is a potentially risky move according to the analyst. 

The Bull Cycle Is Not Over Although Ju admits that he does not use leverage and is not focused on timing exact entry points, he is confident in Bitcoin’s long-term growth. Ju also clarified that while the on-chain bull cycle for Bitcoin has technically ended, the overall bull market is not over. The macroeconomic conditions can quickly change market trends as seen earlier this year. 

The bull market has not ended. I have already said multiple times that the on-chain bull cycle ended, but macro conditions can flip the trend at any time, just like what happened after my bearish call earlier this year. Please read my previous tweets.

— Ki Young Ju (@ki_young_ju) November 20, 2025 So while short-term volatility may seem intense, this view suggests that these dips could be a prime opportunity for long-term holders to accumulate and prepare for the next cycle.

Building A Stronger Investor BaseBitwise CEO Hunter Horsley also shared his take on the current crypto market, calling it a period of consolidation.

In his view, right now, high-conviction investors are buying assets from low conviction investors. For instance, one investor might see Bitcoin or Solana and decide to sell, while another investor sees the same price and sees it as a strong opportunity to buy, happily taking it as their cost basis.

According to Horsley, the lower the price goes during this phase, the more confident the new holders become, and that is a positive sign for the market.

Once the consolidation phase is complete, it leaves the market with a refreshed base of investors who have stronger conviction in their holdings, setting the stage for the next growth cycle. 

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

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Bitcoin prices lost another key level, moving under $84K as Japan approved a stimulus package that aims to put nearly $273 billion behind its worsening economy. Analysts assess that the uncertainty caused by this development might creep into stock markets and affect bitcoin, which is correlated with risk assets.

Ethereum ETFs face outflows, with ETHA and ETHE seeing losses, while ETHV and others experience price fluctuations.

Extreme Fear hit 11 as market polarization, weak buyer quality, and reduced December rate-cut odds fueled Bitcoin's massive plunge.

Crypto markets saw one of their sharpest declines in recent months as a series of overlapping weak factors triggered heavy selling and pushed Bitcoin (BTC) briefly down below $82,000.

According to CryptoQuant, the drop was not driven by any single major headline but by a convergence of sentiment extremes, macro uncertainty, and on-chain stress.

Bitcoin’s Sharpest Drop in Months
Social platforms reflected a complete disappearance of neutral sentiment, as traders remained split between ultra-bearish calls for $20,000-$70,000 and ultra-bullish forecasts of $100,000-$130,000. This “fragile sentiment vacuum” created an environment where even small shocks produced outsized price reactions.

An important factor came from the US Labor Department’s decision to release both October and November jobs data only on December 16, which left the Federal Reserve without crucial information ahead of policy decisions and sharply increased uncertainty across markets. Equities and risk assets sold off in tandem.

Meanwhile, on-chain indicators pointed to further weakness. For instance, the Coinbase Premium Index plunged deep into negative territory. This suggested fading institutional demand and growing dependence on retail-driven flows from Binance.

CryptoQuant also stated that Short-Term Holder whales are carrying $21.5 billion in unrealized losses, which is their largest drawdown in years. The latest leg down was fueled by short-term capitulation, confirmed by a surge in taker sell volume and panic-driven market orders. The Fear & Greed Index has now dropped to 11, firmly in Extreme Fear territory.

Next Battle Zone
Following the corrective phase, Binance spot volume data shows a new trading range forming between $70,000 and $90,000, and the Point of Control is now near $83,000, a level expected to attract short-term price consolidation as the market searches for stability.

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Bitcoin Price Dips Toward $81K, Liquidations Approach $2 Billion

Fresh Bitcoin Sell-Off Leaves the Average ETF Investor Underwater

Bitcoin Plunges to $86K as OG Whale Sells Off All $1.3 Billion BTC Holdings

While Bitcoin may pause around this area, the main downside target remains the $70,000-$73,000 support band. This zone carries significant technical weight and is validated by on-chain metrics, particularly the Realized Price of whale holders with 100-1,000 BTC, whose average acquisition cost sits close to $71,000.

Historically, this cohort has defended such levels, which makes it a decisive test for the market’s mid-term trajectory.

Tags:

Bitcoin Suffers Flash Crash to $80K on Hyperliquid Amid Market VolatilityBTC dropped by $3K within a minute on Hyperliquid. Nov 21, 2025, 9:41 a.m.

Bitcoin BTC$83,042.21, the leading cryptocurrency by market value, experienced a brief flash crash at 7:34 UTC on Hyperliquid, plunging from $83,307 to $80,255 within a minute only to bounce back equally fast to $83,000.

During that interval, Hyperliquid saw five accounts liquidated, each worth $10 million, with the single largest liquidation amounting to $36.78 million, according to data shared by BlockPulse.

STORY CONTINUES BELOW

On other centralized platforms, the downturn was notably less severe, with lows remaining well above $81,000.

BTC/USDC's flash crash on Hyperliquid. (Hyperliquid)

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Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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DOGE Chart Turns Fully Bearish After Multi-Level Support Failure

20 minutes ago

Technical indicators show Dogecoin is deeply oversold, trading below its 50-day and 200-day moving averages, signaling continued trend weakness.

What to know:

Dogecoin crashes through the $0.15 floor, establishing new support near $0.138 as bears dominate the market.The crypto market remains in extreme fear, with Bitcoin dropping below $85,000 and the total market cap losing $120 billion in 24 hours.Technical indicators show Dogecoin is deeply oversold, trading below its 50-day and 200-day moving averages, signaling continued trend weakness.Read full story

In the past year, this meme coin has tanked 64%.

Shiba Inu (SHIB 9.52%) is the perfect example of how a community can drive value in the cryptocurrency industry. This token was created to be more functional than its dog-themed predecessor, Dogecoin, which is why it's built on Ethereum. In theory, this makes it better for development purposes. But hype drives the price.

The market isn't convinced. Shiba Inu currently trades 90% off its peak. Should you buy the dip with $1,000 right now?

Image source: Getty Images.

Investors should think twice about buying this meme token
The long-term success of any cryptocurrency eventually rests on its ability to bring about real-world utility. Viewed through this lens, it's difficult to be bullish on Shiba Inu. It has mainly attracted speculative action from those looking to get rich quickly. There hasn't really been much to get excited about from a fundamental perspective.

Investors should avoid buying Shiba Inu. It's not a smart long-term addition to a portfolio.

Shiba Inu's best days might be behind it
Despite extreme volatility, Shiba Inu has generated a monster return in the past. But it reached its all-time high more than four years ago. Interest is clearly waning.

There's no reason for investors to believe that the digital asset can get back to its record anytime soon. There are crypto assets out there more deserving of investor capital.

Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.

Helix will be the first to adopt Chainlink's sub-second oracle solution to power its crypto and real-world asset markets.

Cover image via www.freepik.com

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

The final trading day of the week turns into the most punishing session of November as Bitcoin’s relentless slide locks in an abnormal low at $82,000, triggering a violent liquidation chain across all major assets. Nearly $2,000,000,000 in long positions evaporated in 24 hours, according to CoinGlass, forming one of the largest destruction waves since early October. 

TL;DRBTC tags an exact $82,000 bottom after losing over $10,000 this week.XRP falls to $1.8467, but monthly Bollinger Bands keep bullish bias alive.Liquidations hit $1.93 billion in 24 hours, almost entirely long-sided.Bitcoin finds abnormal $82,000 bottomSince the start of the week, Bitcoin has lost more than $10,000, but the most brutal moment came this morning. Within a single hour, BTC collapsed by 5%, slicing directly into a mathematically perfect $82,000 bottom — not a cent less, not a cent more, across Bybit spot and Binance futures. 

Such round-number inflection points rarely appear with this precision, which makes the wick notable rather than accidental. The five-minute chart shows a rapid cascade from $85,000 into the mid-$83,000s followed by a vertical flush into $82,000. This level held on first contact, indicating that either a large resting bid absorbed the dump or the liquidation engine exhausted itself at that exact depth.

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BTC/USD by TradingViewWhether this becomes a textbook final capitulation wick or simply the midpoint of a deeper slide depends on immediate recapture attempts. A return to the $84,000-$85,000 area would signal market stabilization. 

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The weekly context remains severe. Traders face a Friday close with BTC stuck near the bottom of the multiweek downtrend. The Oct. 10 shock continues to echo across leverage markets, and today’s flush looks like its delayed aftershock.

XRP loses $2, but there is a silver liningXRP finally slipped under the symbolic $2 level during the morning flush, hitting $1.8467 at peak stress. The move was expected given Bitcoin’s fall toward $82,000, though the magnitude stayed relatively moderate compared to BTC’s collapse.

The key point comes from XRP’s monthly Bollinger Bands, which remain structurally bullish even under pressure.

XRP/USD by TradingViewDespite the red candle, XRP did not break the midband. The price remains in the upper Bollinger region, meaning broader trend classification has not deteriorated. The asset still needs to lose another 10% to breach the structural threshold, and that has not happened.

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Volatility expanded big time on the monthly chart, but the absence of a midband breakdown makes this pullback a correction, not a trend reversal. If BTC stabilizes above $82,000, XRP’s rebound path begins immediately at the $2-$2.10 resistance pocket.

$2 billion liquidation tsunami stuns crypto marketCoinGlass confirms $1.93 billion liquidated in 24 hours. BTC alone saw $966.56 million liquidated. ETH added $408.12 million. Solana contributed almost $99 million, while smaller assets filled the remaining $127 million. The BTC/ETH concentration tells the entire story: majors snapped first, and everything else followed.

The largest single liquidation came on Hyperliquid, where a whale long in BTC/USD was erased with a $36.78 million order. But the carnage extends beyond futures.

Source: CoinGlassTwitter circulates claims of multiple crypto funds collapsing under the weight of the October wipeout and November continuation. Allegedly, large players are "liquidating assets worth billions" to cover internal losses. Confirmation is absent, yet the price action aligns with forced deleveraging.

At the same time, Bloomberg reports that JPMorgan sees a high probability of Strategy (MSTR) being removed from the MSCI and Nasdaq indices due to digital assets being over 50% of its balance sheet. That scenario may cause $2.8 billion in capital outflows from MSTR. A decision is expected on Jan. 15, 2026.

Crypto market outlookFriday’s session becomes a leverage-clearing event, and future direction depends now on whether the intraday stabilization above the mid-$83,000s turns into sustained bidding or slips back into the week’s lower stress zones. The $2 billion liquidation wave resets positioning across the market, and the weekly close will tell whether the worst is behind us or the next leg lower will start immediately.

Bitcoin (BTC): Trading around $83,800 with pressure at $85,000-$86,500 and support at $82,000, then $79,500.

XRP: Sitting near $1.94 with a ceiling at $2.00-$2.10 and support at $1.86, then $1.74 (monthly midband).

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Orbs has introduced dSLTP, a decentralized system that enables on-chain stop-loss and take-profit orders for DEX users without relying on centralized intermediaries.

Orbs, the decentralized Layer-3 (L3) blockchain, has introduced dSLTP, the first-ever decentralized stop order protocol for DEXs. Built on Orbs’ infrastructure, dSLTP brings reliable, robust, and efficient stop-loss and take-profit execution to decentralized trading, all without compromising security and decentralization.

dSLTP joins the Orbs Advanced Trading Orders Suite, alongside dLIMIT and dTWAP, expanding DeFi’s capabilities with CeFi-grade trading features.

Stop orders are critical tools for strategic trading and risk management. They help traders: protect their portfolio with stop-loss orders that limit potential downside, secure profits through take-profit orders that automatically lock in gains at target levels, and automate execution without needing to constantly monitor the market.

A stop-loss order automatically sells a token once its price drops below a predefined level, helping traders limit losses in volatile markets. Stop-loss orders are essential in fast-moving markets, offering peace of mind and protection. A take-profit order automatically sells once the price reaches users’ target profit level.

When used together, stop-loss and take-profit create a balanced risk/reward strategy, maximizing upside while controlling downside exposure. Until now, such tools were primarily available only on CEXs. With dSLTP, this changes, making advanced order automation accessible directly on DEXs. dStopLoss comes with a specialized UI that can be easily integrated and customized by any DEX.

dSLTP supports both stop-market and stop-limit orders, giving users the ability to set up the optimal configuration that suits their needs. Stop-market orders guarantee that users’ orders will be executed once the stop price is triggered.

However, in fast or volatile markets, slippage can occur, and the executed price may be significantly worse than the trigger price. This means the amount of output tokens received could be lower than expected.
Stop-limit orders protect against receiving a worse price than the specified limit. Once the stop price is triggered, the order will execute only at the limit price or better. The downside is that if the market price falls below the users’ set limit, the order may not execute at all.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

Analysts warn ETF inflows are “dumb money” masking weakening market structure.Arbitrage trades unwind as DAT selling grows, pressuring Bitcoin far below $90,000.Veterans say a deeper reset looms as leverage and novice capital flush out.Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee as influential crypto investors sound the alarm on what they describe as a dangerously fragile market, one propped up by short-term arbitrage flows and “dumb money” piling into spot Bitcoin ETFs without understanding the risks.

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Crypto News of the Day: Bitcoin ETFs Are Filling With ‘Dumb Money,’ Deeper Crash Ahead?Alliance DAO co-founder QwQiao reiterated his stark outlook on X (Twitter), that the next crypto bear market will be worse than most people expect. In the original post, he argued that a large wave of inexperienced buyers has entered the market in 2025, creating the conditions for a severe flush.

“…dumb money who know nothing about crypto buying DATs and ETFs,” wrote QwQiao.  

According to QwQiao, the market may require another 50% drawdown as these buyers sell off their holdings quickly, probably at a loss, usually due to panic or pressure.

Only after this happens, the Alliance DAO executive says, can a solid long-term foundation form and the Supercycle resume its course. When QwQiao made these remarks, the Bitcoin price was trading at $111,756.

Trading for $83,712 as of this writing, the pioneer crypto has already shed 25% of QwQiao’s prediction. A full 50% drawdown from $111,756 would see the Bitcoin price go as low as $56,068.

Placeholder’s Chris Burniske echoed the sentiment, warning that the sell-side pressure from DAT (digital asset treasuries) investors is only just beginning.

“The era of DAT selling has only begun. Just as we went up, so too will we go down,” he wrote, suggesting that structural flows, not sentiment, will dictate the next phase of the cycle.

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ETF-Driven Illusion Breaking DownThe warnings emerge as analysts increasingly point to the same underlying problem: ETF inflows have been widely misunderstood, as indicated in a recent US Crypto News publication.

Recent BeInCrypto reporting highlighted how BitMEX co-founder Arthur Hayes believes most of the flows into BlackRock’s IBIT, still the world’s largest Bitcoin ETF, have been arbitrage trades, not long-term conviction.

Hedge funds have been buying ETF shares while shorting CME futures to capture a basis spread, creating the appearance of bullish institutional demand.

“They are not long Bitcoin,” Hayes said. “They only play in our sandbox for a few extra points over Fed Funds.”

When that basis compresses, institutions unwind the trade, triggering sharp outflows and mechanically pushing the Bitcoin price lower. Hayes argues that with these flows fading, Bitcoin “must fall” to reflect tightening dollar liquidity.

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A Market Reset Already UnderwayAnother recent BeInCrypto report showed analysts making similar conclusions, attributing the crash not to tariffs or hacks but to the collapse of the cash-and-carry trade.

As hedge funds unwind these leveraged positions, billions worth of BTC is sold off. Those funds were never invested in Bitcoin’s long-term future. Instead, they were used for yield farming.

The convergence of these factors explains why veteran insiders like QwQiao and Burniske are sounding unusually dire warnings.

Far from a typical correction, they argue the market is entering a cleansing phase where structural leverage, inexperienced capital, and arbitrage distortions must be flushed out.

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Chart of the DayBitcoin (BTC) Price Performance. Source: TradingViewByte-Sized AlphaHere’s a summary of more US crypto news to follow today:

MicroStrategy faces $9 billion outflow risk as index providers eye Bitcoin holdings.
Nearly $2 billion wiped out in crypto liquidations amid brutal sell-off.
Three altcoins to watch if Bitcoin drops under $80,000.
Pi Coin holds gains in a red market — Another breakout at 6.5%?
How prediction markets could create crypto’s next billion users.
Bitcoin looks more bullish than Ethereum as $4 billion options expire today.
BitMine faces over $4 billion in unrealized losses as the digital asset treasury model faces scrutiny.
Peter Brandt says Bitcoin could reach $200,000, just not anytime soon.
XRP price drops below $2 despite recent ETF approval.
Crypto Equities Pre-Market OverviewCompanyAt the Close of November 20Pre-Market OverviewStrategy (MSTR)$177.13$170.20 (-4.03%)Coinbase (COIN)$238.16$234.56 (-1.52%)Galaxy Digital Holdings (GLXY)$24.03$23.12 (-3.79%)MARA Holdings (MARA)$10.24$9.88 (-3.52%)Riot Platforms (RIOT)$12.78$12.34 (-3.44%)Core Scientific (CORZ)$15.16$14.90 (-1.72%)Crypto equities market open race: Google FinanceDisclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

GANA Payment, which is a decentralized payment system built on the BNB chain, just got hit with a brutal $3.1 million hack.

The ETF still ranked as the year’s third-largest debut despite a sharp market sell-off.

The Bitwise XRP ETF (XRP) began trading on the New York Stock Exchange yesterday, marking the second U.S. fund to offer direct 100% exposure to the Ripple-linked asset.

Despite a sharp downturn across the wider crypto market, the new fund saw approximately $26 million in trading volume on its first day.

A Strong Debut Amid Market Turmoil
This debut follows the record-setting launch of the Canary XRP ETF (XRPC) just a week prior, which saw nearly $60 million in first-day volume. Bitwise’s entry was closely monitored, with Bloomberg reporting it neared $22 million in volume just a few hours into the session.

By the closing bell, the final tally reached $25.9 million, translating to over 1.1 million shares traded. Social media commentator Chad Steingraber, who posted real-time updates on the day of the launch, noted the fund’s volume passed the $23 million mark with ninety minutes left to trade. This performance makes it the third biggest ETF debut of the year, after Canary’s XRP offering and Bitwise’s Solana ETF.

However, it came against a difficult backdrop for digital assets. On the same day, Bitcoin fell to a seven-month low near $88,000, dragging major altcoins like Ethereum and XRP down with it.

The Ripple token’s price tested the critical $2.00 support level, a key zone that analysts like CasiTrades have identified as potentially marking the bottom of its current correction. It has since given in, and the asset now trades well below it.

Market Impact and Future Outlook
The immediate success of two XRP-focused ETFs has sparked discussion about their long-term effect on the token’s supply. In a series of posts on X, Steingraber projected that if the current adoption rate continues, ETF issuers could collectively acquire millions of XRP tokens daily.

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Ripple’s XRP Hit $2.03 for a Reason: Analysts Say the Macro Bottom Is In

Ripple CTO Proposes Two-Tier Consensus to Make XRPL Staking Safe

He suggested that with just two funds, daily acquisitions could already be around 6 million XRP, potentially growing significantly as more products enter the market.

This institutional demand could create a new dynamic for the underlying asset, which has one of the most dedicated retail communities in crypto, often referred to as the “XRP Army.”

Tags:

The company continues to receive good news from the Food and Drug Administration.

Shares in Arcutis Biotherapeutics (ARQT 2.01%) continued their excellent run in 2025 (up 96%) with another 9.3% rise in the week to Friday morning. This week's move comes as the Food and Drug Administration (FDA) accepted a supplemental New Drug Application (sNDA) for Arcutis' Zoryve (roflumilast) cream. The development raises confidence that the company will be able to extract full value from Zoryve across various indications.

Arcutis and Zoryve
Arcutis is a medical dermatology company with a commercialized therapy, Zoryve, approved for three inflammatory dermatoses: atopic dermatitis, seborrheic dermatitis, and plaque psoriasis. It's already approved in foam (better for hair-bearing areas) and cream (smooth areas), and in various concentrations, ranging from 0.3% to 0.05%.

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This week's news concerns the FDA's acceptance of an sNDA for Zoryve cream 0.3% for children aged two to five years with plaque psoriasis.

For reference, the pharmaceutical company has already obtained approval for Zoryve cream 0.3% to treat children aged 6 years and older with plaque psoriasis, and has also obtained approval for Zoryve 0.05% to treat children aged 2 to 5 years with atopic dermatitis. The FDA aims to complete the NDA review by June 29, 2026.

Image source: Getty Images.

Where next for Arcutis
The good news follows the recent excellent third-quarter results, which sent the stock soaring after management's sales outlook came in significantly ahead of market estimates, and Arcutis continues to try to expand the market potential for Zoryve.

Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The hottest trend of 2025 -- quantum computing -- may be about to lose its luster.

For the better part of the last three years, artificial intelligence (AI) has been the driving trend on Wall Street. Empowering software and systems with the tools to make split-second decisions without the need for human intervention is a multitrillion-dollar opportunity that can positively alter the global growth arc for businesses.

But AI isn't the only innovation moving markets. In fact, a strong argument can be made that AI hasn't even been the hottest trend on Wall Street in 2025. Quantum computing stocks IonQ (IONQ 14.44%), Rigetti Computing (RGTI 10.45%), D-Wave Quantum (QBTS 12.50%), and Quantum Computing Inc. (QUBT 11.16%) have respectively rallied by 69%, 1,720%, 1,300%, and 299% over the trailing year, as of the closing bell on Nov. 18.

Early investors in the quantum computing revolution have potentially made life-altering profits -- and Wall Street professionals have taken notice.

Image source: Getty Images.

Friday, Nov. 14, marked the deadline for institutional investors with at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission. This required quarterly filing details the stocks that fund managers purchased and sold in the most recent quarter (in this case, the third quarter).

Collectively, 13F filers were avid buyers of quantum computing pure-play stocks during the September-ended quarter. However, this may come back to haunt institutional investors.

Institutional money managers can't stop buying shares of quantum computing stocks
According to 13F aggregating website WhaleWisdom.com, net purchasing activity in pure-play quantum computing stocks was pronounced during the third quarter (as of Sept. 30):

IonQ: 169.9 million shares held by 13F filers (up 27.4% from June 30)
Rigetti Computing: 164.1 million shares held by 13F filers (up 31.8% from June 30)
D-Wave Quantum: 182.3 million shares held by 13F filers (up 16.1% from June 30)
Quantum Computing Inc.: 90.2 million shares held by 13F filers (up 61.7% from June 30)

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The caveat to the above data is that institutional buying isn't always equal. Passive funds purchase or sell stock to mirror the underlying indexes that their products track. Meanwhile, market makers aren't directional traders and will hedge their common-stock positions to be neutral. While some of this activity from passive funds and market makers is included in the above figures, there's clear evidence of institutional investors buying into quantum computing pure-play stocks and expecting upside.

The lure of these stocks lies in the game-changing applications that quantum computing can bring to the table. Specialized computers, which rely on the theories of quantum mechanics, can perform rapid, simultaneous calculations and potentially solve complex problems that classical computers are incapable of tackling. Use case examples include speeding up the learning process of AI algorithms and improving the success rate of clinical drug trials by running molecular interaction simulations.

Investors are likely also encouraged by select "Magnificent Seven" companies incorporating quantum computers into their cloud infrastructure service platforms. For instance, Amazon and Microsoft are both allowing subscribers of their respective quantum-cloud computing services access to IonQ's and Rigetti's specialized computers.

There's eye-popping growth potential with quantum computing, too. All four of the aforementioned pure-play stocks can deliver triple-digit sales growth in 2026. Looking ahead, Boston Consulting Group foresees quantum computing creating up to $850 billion in global economic value by 2040.

Image source: Getty Images.

Institutional quantum computing investors are likely in for an unpleasant surprise
Although it's not hard to understand why investors are amped about this technology, a confluence of headwinds suggests that recent institutional buyers may be disappointed.

To preface the following discussion, history can't guarantee what's going to happen in the future. It does, however, have a remarkable track record when it comes to foreshadowing what comes next with next-big-thing technologies and game-changing innovations.

Since (and including) the advent and mainstream proliferation of the internet three decades ago, every hyped trend and innovation has eventually (keyword!) worked its way through a bubble-bursting event. Though it's impossible to predict when bubbles will form and burst, historical precedent makes clear that investors consistently overestimate the uptake, utility, and optimization of new technologies and innovations early in their expansion.

Quantum computing is a relatively new technology at the moment. While there are examples of IonQ's, Rigetti's, and D-Wave Quantum's specialized technology being used at the moment, these are rare instances of quantum computers and solutions being commercialized. This technology will require many years to mature, leaving these stocks vulnerable to a bubble-bursting event.

Keeping with the theme of historical precedent, quantum computing stocks are incredibly pricey.

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In the quarters leading up to the bursting of the dot-com bubble, some of the most important internet-based businesses reached peaked price-to-sales (P/S) ratios in the neighborhood of 30 to 40. This arbitrary range has served as a sort of ceiling for detecting bubbles over the last three decades.

Based on sales estimates for the upcoming year (2026), here are the projected P/S ratios for Wall Street's quantum computing darlings:

IonQ: 92
Rigetti Computing: 424
D-Wave Quantum: 206
Quantum Computing Inc.: 1,383

Even if we looked two or three years into the future, projected sales wouldn't come close to lifting these four stocks out of historical bubble territory.

The cherry on top for IonQ, Rigetti, D-Wave, and Quantum Computing Inc. is that Wall Street's Magnificent Seven are loaded with cash, and they generally gravitate to high-growth opportunities. For instance, Microsoft and Alphabet have already developed quantum computing chips. This suggests the early stage advantage quantum computing pure-play stocks have built may prove short-lived.

Despite their near-parabolic gains in 2025, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. stocks could all plummet in the quarters and years to come.

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Equinor Energy has exercised one year option for Havila Charisma until December 2026.
Equinor Energy has an option for one year thereafter, until December 2027.

Contacts:
Chief executive officer Njål Sævik. +47 909 35 722
Chief financial officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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These stocks have each generated returns of more than 11,000% in the past decade.

If you invest for the long term and are willing to be patient, you can generate life-changing returns. As long as you have the mindset that you're buying and holding for the future rather than looking for quick wins, that can ensure you have the right temperament when picking good growth stocks to own for your portfolio. It's also a much safer strategy than simply trying to chase the latest hot stocks, which can result in losses and excessive risk-taking.

And in some cases, strong returns can arrive much quicker than you expected. Two stocks that have turned $10,000 investments into more than $1 million in just 10 years are Nvidia (NVDA 3.15%) and Advanced Micro Devices (AMD 7.85%). Here's why they've done so well and if they're worth buying today.

Image source: Getty Images.

Nvidia: $2.41 million
A $10,000 investment in chipmaker Nvidia 10 years ago would be worth $2.41 million today, as it has risen an astounding 24,000% during that time. This wasn't a slow-and-steady ascent in value. Instead, the tech stock soared like a rocket ship within the past couple of years.

The reason for Nvidia's skyward spike isn't a mystery to anyone who has followed the stock market in recent years. Its chips are integral to artificial intelligence (AI) and the development of chatbots, as well as nearly everything related to AI development. It dominates market share, which allows it to generate fantastic profit margins, ensuring that as its sales take off, so too does its bottom line.

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Today, Nvidia is the most valuable company in the world, with a market cap of $4.55 trillion. It trades at a price-to-earnings (P/E) multiple of 53, which may seem excessive. But if you're a long-term investor, the stock can still pay off for you in the long run, as there are still many growth opportunities out there related to AI, and Nvidia has partnered with many companies.

It may not yield the same massive returns over the next decade, but this can still make for a good long-term investment to hold on to.

Advanced Micro Devices: $1.1 million
Nvidia's key rival is Advanced Micro Devices, also known as AMD. It's another stock that has been flying high of late. Its returns over the past decade sit at about 10,940%. That looks paltry in comparison to Nvidia, but it would still have been enough to turn $10,000 into approximately $1.1 million today.

AMD has been a bit slower in AI chip development, but it has been picking up the pace. This year, the stock has even outperformed Nvidia by a wide margin (97% versus 38%, as of Nov. 17). The company has been showing that its chips can provide Nvidia customers with some viable alternatives. OpenAI, the company behind ChatGPT, recently announced it would be working more closely with the chipmaker, and it may end up taking a 10% stake in AMD. It's a great vote of confidence for the business, which many skeptics have not considered to be a serious rival to Nvidia in the past.

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AMD has a market cap of around $375 billion, but with lighter profits, it trades at a P/E of 114, thus making it seem more expensive than Nvidia. But the company is still in the early innings of scaling its AI chip business, which could beef up its margins and earnings in the future.

This can be another good long-term buy, especially if you believe CEO Lisa Su and her projections that AMD could generate tens of billions of dollars in AI-related revenue in the near future. With the company now getting some valuable recognition, its rally may not be over just yet.

The feud in court between the two big residential real estate companies centers on how home listings are marketed.