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HOBOKEN, N.J.--(BUSINESS WIRE)--NiCE (NASDAQ: NICE) today announced results for the third quarter ended September 30, 2025, as compared to the corresponding periods of the previous year.

Third Quarter 2025 Financial Highlights

GAAP

Non-GAAP

Total revenue was $732.0 million and increased 6%

Total revenue was $732.0 million and increased 6%

Cloud revenue was $562.9 million and increased 13%

Cloud revenue was $562.9 million and increased 13%

Operating income was $160.8 million and increased 14%

Operating income was $230.9 million and increased 5%

Operating margin was 22.0% compared to 20.5% last year

Operating margin was 31.5% compared to 32.0% last year

Diluted EPS was $2.29 and increased 23%

Diluted EPS was $3.18 and increased 10%

Net cash provided by operating activities was $190.5 million and increased 20%

“We’re pleased to report a strong third quarter, stemming from the continued execution of our AI-first strategy and our outstanding go-to-market performance” said Scott Russell, CEO of NiCE. “Total revenue was $732 million, at the high end of our guidance, with cloud revenue increasing 13% year over year to $563 million. Our cloud revenue growth was fueled by the strong momentum of our CX AI and Self-Service business, whose ARR growth accelerated to 49% year over year, and 43% year over year excluding Cognigy. Our AI capabilities were included in every new seven-figure CX deal, underscoring the expansion of our AI-powered, enterprise-grade solutions.

Mr. Russell continued, “Our AI momentum continues to accelerate, with sustained organic performance amplified by the integration of Cognigy. Together with CXone, we’re redefining what’s possible in customer experience — bringing AI, contextual engagement data, and automation together in a unified real-time platform that drives meaningful business outcomes. The strength of our strategy, combined with the pace of our innovation and execution, positions NiCE at the forefront of the industry’s AI transformation.”

GAAP Financial Highlights for the Third Quarter Ended September 30:

Revenues:

Third quarter 2025 total revenues increased 6% year over year to $732.0 million compared to $690.0 million for the third quarter of 2024.

Gross Profit:

Third quarter 2025 gross profit was $489.1 million compared to $460.3 million for the third quarter of 2024. Third quarter 2025 gross margin was 66.8% compared to 66.7% for the third quarter of 2024.

Operating Income:

Third quarter 2025 operating income increased 14% to $160.8 million compared to $141.4 million for the third quarter of 2024. Third quarter 2025 operating margin was 22.0% compared to 20.5% for the third quarter of 2024.

Net Income:

Third quarter 2025 net income increased 20% to $144.9 million compared to $120.9 million for the third quarter of 2024. Third quarter 2025 net income margin was 19.8% compared to 17.5% for the third quarter of 2024.

Fully Diluted Earnings Per Share:

Third quarter 2025 fully diluted earnings per share increased 23% to $2.29 compared to $1.86 in the third quarter of 2024.

Cash Flow and Cash Balance:

Third quarter 2025 operating cash flow was $190.5 million and $40.6 million was used for share repurchases. All outstanding debt was fully settled in cash during the quarter, resulting in net cash and investments of $455.9 million.

Non-GAAP Financial Highlights for the Third Quarter Ended September 30:

Revenues:

Third quarter 2025 non-GAAP total revenues increased 6% year over year to $732.0 million compared to $690.0 million for the third quarter of 2024.

Gross Profit:

Third quarter 2025 non-GAAP gross profit increased to $511.6 million compared to $490.3 million for the third quarter of 2024. Third quarter 2025 non-GAAP gross margin was 69.9% compared to 71.1% for the third quarter of 2024.

Operating Income:

Third quarter 2025 non-GAAP operating income increased 5% to $230.9 million compared to $220.8 million for the third quarter of 2024. Third quarter 2025 non-GAAP operating margin was 31.5% compared to 32.0% for the third quarter of 2024.

Net Income:

Third quarter 2025 non-GAAP net income increased 7% to $200.8 million compared to $186.9 million for the third quarter of 2024. Third quarter 2025 non-GAAP net income margin totaled 27.4% compared to 27.1% for the third quarter of 2024.

Fully Diluted Earnings Per Share:

Third quarter 2025 non-GAAP fully diluted earnings per share increased 10% to $3.18 compared to $2.88 for the third quarter of 2024.

Full-Year 2025 Guidance*:

The Company is raising its full-year 2025 non-GAAP total revenues to be in an expected range of $2,932 million to $2,946 million, representing 7% year over year growth at the midpoint compared to full-year 2024.

The Company is updating full-year 2025 non-GAAP fully diluted earnings per share to be in a range of $12.18 to $12.32, representing 10% year over year growth at the midpoint compared to full-year 2024.

*The updated guidance includes the expected results of Cognigy from the date of acquisition through year end.

Quarterly Results Conference Call

NiCE management will host its earnings conference call today, November 13, 2025, at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. A live webcast and replay will be available on the Investor Relations page of the Company’s website. To access, please register by clicking here: https://www.nice.com/investor-relations/upcoming-event.

Explanation of Non-GAAP measures

Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments.

The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the ongoing financial performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort.

About NiCE

NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE’s platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes.

Trademark Note: NiCE and the NiCE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NiCE trademarks, please see: http://www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “will”, “intend”, “should”, “project”, “anticipate”, “plan”, and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business.

Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, privacy concerns and legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.

NICE LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

September 30,

December 31,

2025

2024

Unaudited

Audited

 

ASSETS

 

CURRENT ASSETS:

Cash and cash equivalents

$

418,052

$

481,712

Short-term investments

37,840

1,139,996

Trade receivables

714,915

643,985

Prepaid expenses and other current assets

212,159

239,080

Total current assets

1,382,966

2,504,773

 

LONG-TERM ASSETS:

Property and equipment, net

188,373

185,292

Deferred tax assets

222,486

219,232

Other intangible assets, net

624,057

231,346

Operating lease right-of-use assets

76,611

93,083

Goodwill

2,438,371

1,849,668

Prepaid expenses and other long-term assets

218,658

212,512

Total long-term assets

3,768,556

2,791,133

 

TOTAL ASSETS

$

5,151,522

$

5,295,906

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

CURRENT LIABILITIES:

Trade payables

$

92,114

$

110,603

Deferred revenues and advances from customers

345,315

299,367

Current maturities of operating leases

12,783

12,554

Debt

-

458,791

Accrued expenses and other liabilities

530,024

593,109

 

Total current liabilities

980,236

1,474,424

 

LONG-TERM LIABILITIES:

Deferred revenues and advances from customers

61,996

66,289

Operating leases

74,071

92,258

Deferred tax liabilities

114,136

1,965

Other long-term liabilities

60,337

57,807

 

Total long-term liabilities

310,540

218,319

 

SHAREHOLDERS' EQUITY

Nice Ltd's equity

3,860,746

3,589,742

Non-controlling interests

-

13,421

 

Total shareholders' equity

3,860,746

3,603,163

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

5,151,522

$

5,295,906

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

U.S. dollars in thousands (except per share amounts)

 

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

Unaudited

Unaudited

Unaudited

Unaudited

 

Revenue:

Cloud

$

562,942

$

500,114

$

1,630,087

$

1,450,213

Services

138,706

149,857

419,389

446,381

Product

30,351

39,992

109,427

117,078

Total revenue

731,999

689,963

2,158,903

2,013,672

 

Cost of revenue:

Cloud

189,661

178,923

555,106

519,603

Services

47,218

44,652

141,715

137,401

Product

6,051

6,111

19,790

20,134

Total cost of revenue

242,930

229,686

716,611

677,138

 

Gross profit

489,069

460,277

1,442,292

1,336,534

 

Operating expenses:

Research and development, net

90,463

91,500

269,327

265,854

Selling and marketing

161,864

152,778

493,097

465,438

General and administrative

75,968

74,620

210,333

213,600

Total operating expenses

328,295

318,898

972,757

944,892

 

Operating income

160,774

141,379

469,535

391,642

 

Financial and other income, net

(21,136)

(12,280)

(51,806)

(41,934)

 

Income before tax

181,910

153,659

521,341

433,576

Taxes on income

37,057

32,738

59,794

90,497

Net income

$

144,853

$

120,921

$

461,547

$

343,079

 

 

Earnings per share:

Basic

$

2.33

$

1.91

$

7.38

$

5.41

Diluted

$

2.29

$

1.86

$

7.26

$

5.22

 

Weighted average shares outstanding:

Basic

62,036

63,397

62,512

63,403

Diluted

63,161

64,838

63,574

65,741

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENTS

U.S. dollars in thousands

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

Unaudited

Unaudited

Unaudited

Unaudited

 

Operating Activities

 

Net income

$

144,853

$

120,921

$

461,547

$

343,079

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

48,918

52,964

136,971

156,244

Share-based compensation

35,834

47,252

116,481

133,882

Amortization of premium and discount and accrued interest on marketable securities

5,838

(3,398)

1,534

(6,726)

Deferred taxes, net

15,997

(27,542)

(9,297)

(38,949)

Changes in operating assets and liabilities:

Trade Receivables, net

(26,621)

(41,462)

(52,685)

(40,032)

Prepaid expenses and other current assets

19,681

17,164

33,390

27,665

Operating lease right-of-use assets

2,309

3,273

11,135

9,926

Trade payables

11,596

(2,293)

(19,811)

4,646

Accrued expenses and other current liabilities

(35,295)

22,149

(144,756)

(21,555)

Deferred revenue

(30,806)

(28,094)

19,049

22,187

Realized gain on marketable securities, net

(4,463)

-

(4,463)

-

Operating lease liabilities

(2,643)

(2,748)

(13,578)

(10,524)

Amortization of discount on long-term debt

361

430

1,210

1,404

Other

4,941

345

166

1,872

Net cash provided by operating activities

190,500

158,961

536,893

583,119

 

Investing Activities

 

Purchase of property and equipment

(7,258)

(10,419)

(15,504)

(27,395)

Purchase of Investments

(14,903)

(138,219)

(89,044)

(575,332)

Proceeds from sales of marketable investments

1,064,132

60,125

1,198,906

628,246

Capitalization of internal use software costs

(19,663)

(16,812)

(54,566)

(47,986)

Payments for business acquisitions, net of cash acquired

(826,583)

(44,507)

(863,049)

(44,507)

Net cash provided by (used in) investing activities

195,725

(149,832)

176,743

(66,974)

 

Financing Activities

 

Proceeds from issuance of shares upon exercise of options

15

28

1,023

2,340

Purchase of treasury shares

(40,551)

(86,437)

(323,719)

(274,040)

Dividends paid to noncontrolling interest

-

-

-

(2,681)

Repayment of debt

(460,000)

-

(460,000)

(87,435)

Net cash used in financing activities

(500,536)

(86,409)

(782,696)

(361,816)

 

Effect of exchange rates on cash and cash equivalents

(2,087)

4,508

4,199

1,260

 

Net change in cash, cash equivalents and restricted cash

(116,398)

(72,772)

(64,861)

155,589

Cash, cash equivalents and restricted cash, beginning of period

$

536,569

$

741,675

$

485,032

$

513,314

 

Cash, cash equivalents and restricted cash, end of period

$

420,171

$

668,903

$

420,171

$

668,903

 

Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:

Cash and cash equivalents

$

418,052

$

666,734

$

418,052

$

666,734

Restricted cash included in other current assets

$

2,119

$

2,169

$

2,119

$

2,169

Total cash, cash equivalents and restricted cash shown in the statement of cash flows

$

420,171

$

668,903

$

420,171

$

668,903

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

U.S. dollars in thousands (except per share amounts)

 

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

GAAP revenues

$

731,999

$

689,963

$

2,158,903

$

2,013,672

Non-GAAP revenues

$

731,999

$

689,963

$

2,158,903

$

2,013,672

 

 

GAAP cost of revenue

$

242,930

$

229,686

$

716,611

$

677,138

Amortization of acquired intangible assets on cost of cloud

(17,177)

(24,278)

(45,782)

(73,778)

Amortization of acquired intangible assets on cost of product

-

-

-

(410)

Cost of cloud revenue adjustment (1,2)

(2,910)

(3,175)

(9,381)

(9,029)

Cost of services revenue adjustment (1)

(2,431)

(2,511)

(7,127)

(7,506)

Cost of product revenue adjustment (1)

(22)

(30)

(65)

(90)

Non-GAAP cost of revenue

$

220,390

$

199,692

$

654,256

$

586,325

 

 

GAAP gross profit

$

489,069

$

460,277

$

1,442,292

$

1,336,534

Gross profit adjustments

22,540

29,994

62,355

90,813

Non-GAAP gross profit

$

511,609

$

490,271

$

1,504,647

$

1,427,347

 

 

GAAP operating expenses

$

328,295

$

318,898

$

972,757

$

944,892

Research and development (1,2)

(4,762)

(6,734)

(12,633)

(22,361)

Sales and marketing (1,2)

(13,457)

(14,944)

(42,129)

(42,326)

General and administrative (1,2)

(22,469)

(22,154)

(58,951)

(59,414)

Amortization of acquired intangible assets

(6,859)

(5,613)

(18,508)

(15,824)

Valuation adjustment on acquired deferred commission

-

1

-

24

Non-GAAP operating expenses

$

280,748

$

269,454

$

840,536

$

804,991

 

 

GAAP financial and other income, net

$

(21,136)

$

(12,280)

$

(51,806)

$

(41,934)

Amortization of discount on debt

(361)

(430)

(1,210)

(1,404)

Change in fair value of contingent consideration

-

(36)

-

(115)

Realized gain on marketable securities, net

4,463

-

4,463

-

Non-GAAP financial and other income, net

$

(17,034)

$

(12,746)

$

(48,553)

$

(43,453)

 

 

GAAP taxes on income

$

37,057

$

32,738

$

59,794

$

90,497

Tax adjustments re non-GAAP adjustments

10,043

13,886

76,763

42,665

Non-GAAP taxes on income

$

47,100

$

46,624

$

136,557

$

133,162

 

 

GAAP net income

$

144,853

$

120,921

$

461,547

$

343,079

Amortization of acquired intangible assets

24,036

29,891

64,290

90,012

Valuation adjustment on acquired deferred commission

-

(1)

-

(24)

Share-based compensation (1)

37,380

48,731

121,220

137,997

Acquisition related expenses (2)

8,671

817

9,066

2,729

Amortization of discount on debt

361

430

1,210

1,404

Realized gain on marketable securities, net

(4,463)

-

(4,463)

-

Change in fair value of contingent consideration

-

36

-

115

Tax adjustments re non-GAAP adjustments

(10,043)

(13,886)

(76,763)

(42,665)

Non-GAAP net income

$

200,795

$

186,939

$

576,107

$

532,647

 

 

GAAP diluted earnings per share

$

2.29

$

1.86

$

7.26

$

5.22

 

Non-GAAP diluted earnings per share

$

3.18

$

2.88

$

9.06

$

8.10

 

Shares used in computing GAAP diluted earnings per share

63,161

64,838

63,574

65,741

 

Shares used in computing non-GAAP diluted earnings per share

63,161

64,838

63,574

65,741

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)

U.S. dollars in thousands

(1)

Share-based compensation

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

Cost of cloud revenue

$

2,910

$

3,175

$

9,381

$

8,967

Cost of services revenue

2,431

2,511

7,127

7,506

Cost of product revenue

22

30

65

90

Research and development

4,762

6,734

12,633

22,031

Sales and marketing

13,447

14,937

42,119

41,676

General and administrative

13,808

21,344

49,895

57,727

$

37,380

$

48,731

$

121,220

$

137,997

(2)

Acquisition related expenses

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

Cost of cloud revenue

$

-

$

-

$

-

$

62

Research and development

-

-

-

330

Sales and marketing

10

7

10

650

General and administrative

8,661

810

9,056

1,687

$

8,671

$

817

$

9,066

$

2,729

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA

U.S. dollars in thousands

 

 

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

Unaudited

Unaudited

Unaudited

Unaudited

 

GAAP net income

$

144,853

$

120,921

$

461,547

$

343,079

Non-GAAP adjustments:

Depreciation and amortization

48,918

52,964

136,971

156,244

Share-based compensation

35,834

47,252

116,481

133,882

Financial and other income, net

(21,136)

(12,280)

(51,806)

(41,934)

Acquisition related expenses

8,671

817

9,066

2,729

Valuation adjustment on acquired deferred commission

-

(1)

-

(24)

Taxes on income

37,057

32,738

59,794

90,497

Non-GAAP EBITDA

$

254,197

$

242,411

$

732,053

$

684,473

NICE LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS

U.S. dollars in thousands

 

 

Quarter ended

Year to date

September 30,

September 30,

2025

2024

2025

2024

Unaudited

Unaudited

Unaudited

Unaudited

 

Net cash provided by operating activities

$

190,500

$

158,961

$

536,893

$

583,119

 

Purchase of property and equipment

(7,258)

(10,419)

(15,504)

(27,395)

Capitalization of internal use software costs

(19,663)

(16,812)

(54,566)

(47,986)

 

Free Cash Flow (a)

$

163,579

$

131,730

$

466,823

$

507,738

 

(a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs.

PetroTal Corp (LSE:PTAL) shares plummeted, losing 26% to 26.94p in early deals, after the London-listed oil and gas firm suspended its quarterly dividend and flagged reduced production expectations for 2026.

The company said it continues to face delays in resuming its development drilling programme at the Bretana field in Peru.

PetroTal said production is likely to average between 12,000 and 15,000 bopd next year, depending on when drilling restarts.

Chief executive Manuel Pablo Zuniga-Pflucker said that whilst PetroTal's financial and operational results remained strong, the company is facing a number of challenges.

Dividends will be suspended for "the time being", the PetroTal CEO noted, as the firm seeks to refine its development plan and finalise a 2026 budget.

"We believe it is prudent to preserve liquidity as we evaluate the optimal development plan for the Bretana field. We thank our shareholders for their ongoing support and look forward to providing additional details with our 2026 budget in January," he said.

In results for the three months ended 30 September, PetroTal reported production of 18,414 bopd and adjusted EBITDA of $31.6 million. It ended the period with total cash of $141.5 million.

, /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the third quarter ended September 30, 2025.

Summary Results for Third Quarter 2025 (USD in millions, except per share data)

GAAP

Non-GAAP

Q3 2025

Q3 2024 

% Change

Q3 2025

Q3 2024

% Change

Revenue

$

152.3

$

137.0

11.2

%

$

152.3

$

137.0

11.2

%

Gross Profit

$

67.3

$

60.3

11.6

%

$

70.7

$

62.8

12.5

%

Gross Margin

44.2

%

44.0

%

 20 bps

46.4

%

45.8

%

60 bps

Operating Income

$

17.8

$

21.7

-18.3

%

$

25.5

$

25.1

1.5

%

Operating Margin

11.7

%

15.9

%

 -420 bps

16.7

%

18.3

%

-160 bps

Net Income (*)

$

14.3

$

18.3

-22.0

%

$

20.5

$

21.1

-2.7

%

Diluted EPS

$

0.25

$

0.33

-24.2

%

$

0.36

$

0.37

-2.7

%

(*)

Attributable to Sapiens' shareholders

Roni Al-Dor, President and CEO of Sapiens, stated, "In the third quarter of 2025, we continued to execute on our strategic priorities, securing new deals and strengthening customer relationships globally. Revenue increased by 11.2% year-over-year, reaching $152 million for the quarter. All our top geographic markets grew in the quarter, led by double digit expansion in North America and Rest of the World, reflecting broad-based demand and the successful execution of our strategic initiatives. Our annualized recurring revenue (ARR) totaled $220 million, reflecting a 26.7% year-over-year increase, of which 17.5% is organic and 9.2% contributed from the recent acquisitions. Sapiens's non-GAAP operating profit totaled $25 million in the quarter, reflecting a 16.7% operating margin.

Our insurance platform empowers insurers to accelerate digital transformation, achieve sustainable growth, and operational efficiency, fueled by the continued adoption of AI-driven innovation. We remain committed to advancing our platform, accelerating cloud adoption, and expanding our global footprint, all of which will serve as catalysts for continued success. Our continued success in both new customer acquisition and account expansion across North America and EMEA underscores the strategic value of our platform for insurers accelerating digital transformation."

Following Sapiens' announcement on August 12, 2025, that the company has entered into a definitive agreement to be acquired by Advent, a leading global private equity investor, for $43.50 per common share in cash, valuing Sapiens at approximately $2.5 billion, Sapiens will forgo a Q3 2025 Earnings Call.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP revenue, ARR, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributed to Sapiens shareholders, non-GAAP basic and diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash-Flow.

Sapiens believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sapiens' financial condition and results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing the Company's financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: Valuation adjustment on acquired deferred revenue, amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related costs, restructuring and cost reduction costs, and tax adjustments related to non-GAAP adjustments.

Management of the Company does not consider these non-GAAP measures in isolation, or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations, as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

To compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Sapiens urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables of this release.

The Company defines Annual Recurring Revenue ("ARR") as the annualized value of our revenue from customer subscriptions, term licenses, maintenance, application maintenance, and cloud solutions, which may not be the same as the timing and amount of revenue recognized. The ARR run rate is equal to the product of (i) the sum of these revenues in our most recently completed fiscal quarter, multiplied by (ii) four.

The Company defines Adjusted EBITDA as net profit, adjusted to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related costs, restructuring and cost reduction costs, financial expense (income), provision for income taxes and other income (expenses). These amounts are often excluded by other companies as well, in order to help investors understand the operational performance of their business.

The Company uses Adjusted EBITDA as a measurement of its operating performance, because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that the Company believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business. The Company uses Adjusted Free Cash-Flow as a measurement of its operating performance, and reconciles cash-flow from operating activities to Adjusted Free Cash-Flow, while reducing the amounts for capitalization of software development costs and capital expenditures. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.

About Sapiens

Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens' robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers' compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.

Investor and Media Contact

Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of
Investor Relations, Sapiens
[email protected]
+1 917-533-4782

Investor Contacts

Brett Maas
Managing Partner, Hayden IR
+1 646-536-7331
[email protected] 

Kimberly Rogers
Managing Director, Hayden IR
+1 541-904-5075
[email protected] 

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:  the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic,  and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2024, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES  CONDENSED CONSOLIDATED STATEMENT OF INCOME
U.S. dollars in thousands (except per share amounts)

Three months ended

Nine months ended

September 30,

September 30,

2025

2024

2025

2024

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue

152,319

137,025

430,026

408,074

Cost of revenue

85,010

76,729

240,166

230,114

Gross profit

67,309

60,296

189,860

177,960

Operating expenses:

Research and development, net

21,182

16,449

56,291

49,779

Selling, marketing, general and administrative

28,367

22,101

77,816

64,030

Total operating expenses

49,549

38,550

134,107

113,809

Operating income

17,760

21,746

55,753

64,151

Financial and other (income) expenses, net

(239)

(913

(2,839)

(3,114)

Taxes on income

3,621

4,324

11,794

12,812

Net income

14,378

18,335

46,798

54,453

Attributable to non-controlling interest

78

-

330

141

Net income attributable to Sapiens' shareholders

14,300

18,335

46,468

54,312

Basic earnings per share

0.26

0.33

0.83

0.97

Diluted earnings per share

0.25

0.33

0.83

0.97

Weighted average number of shares outstanding used to

compute basic earnings per share (in thousands)

55,927

55,854

55,954

55,799

Weighted average number of shares outstanding used to

compute diluted earnings per share (in thousands)

56,432

56,308

56,222

56,151

SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)

Three months ended

Nine months ended

September 30,

September 30,

2025

2024

2025

2024

(unaudited)

(unaudited)

(unaudited)

(unaudited)

GAAP revenue

152,319

137,025

430,026

408,074

Non-GAAP revenue

152,319

137,025

430,026

408,074

GAAP gross profit

67,309

60,296

189,860

177,960

Amortization of capitalized software

1,728

1,470

4,914

4,584

Amortization of other intangible assets

1,651

1,043

3,747

3,630

Non-GAAP gross profit

70,688

62,809

198,521

186,174

GAAP operating income

17,760

21,746

55,753

64,151

Gross profit adjustments

3,379

2,513

8,661

8,214

Capitalization of software development

(1,715)

(1,834)

(5,445)

(5,374)

Amortization of other intangible assets

2,412

1,276

6,066

3,732

Stock-based compensation

861

646

2,553

2,229

Costs related to Sapiens acquisition by Advent

2,324

-

2,324

-

Acquisition-related costs *)

453

754

3,196

1,248

Non-GAAP operating income

25,474

25,101

73,108

74,200

GAAP net income attributable to Sapiens' shareholders

14,300

18,335

46,468

54,312

Operating income adjustments

7,714

3,355

17,355

10,049

Taxes on income

(1,494)

(599)

(3,319)

(1,808)

Non-GAAP net income attributable to Sapiens' shareholders

20,520

21,091

60,504

62,553

(*)

Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

Adjusted EBITDA Calculation
U.S. dollars in thousands

Three months ended

Nine months ended

September 30,

September 30,

2025

2024

2025

2024

GAAP operating profit

17,760

21,746

55,753

64,151

Non-GAAP adjustments:

Amortization of capitalized software

1,728

1,470

4,914

4,584

Amortization of other intangible assets

4,063

2,319

9,813

7,362

Capitalization of software development

(1,715)

(1,834)

(5,445)

(5,374)

Stock-based compensation

861

646

2,553

2,229

Costs related to Sapiens acquisition by Advent

2,324

-

2,324

-

Compensation related to acquisition and acquisition-related

costs

453

754

3,196

1,248

Non-GAAP operating profit

25,474

25,101

73,108

74,200

Depreciation

1,059

1,288

3,088

3,480

Adjusted EBITDA

26,533

26,389

76,196

77,680

Summary of NON-GAAP Financial Information 
U.S. dollars in thousands (except per share amounts)

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Revenues

152,319

141,602

136,105

134,305

137,025

Gross profit

70,688

64,838

62,995

62,692

62,809

Operating income

25,474

23,077

24,557

24,468

25,101

Adjusted EBITDA

26,533

24,141

25,529

25,359

26,389

Net income to Sapiens' shareholders

20,520

19,305

20,679

20,710

21,091

Diluted earnings per share

0.36

0.34

0.37

0.37

0.37

Annual Recurring Revenue ("ARR")

U.S. dollars in thousands 

Three months ended

September 30,

2025

2024

Annual Recurring Revenue

219,715

173,414

Non-GAAP Revenues by Geographic Breakdown
U.S. dollars in thousands

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

North America

64,291

59,782

56,871

56,753

55,755

Europe

71,817

70,095

67,480

65,624

69,281

Rest of the World

16,211

11,725

11,754

11,928

11,989

Total

152,319

141,602

136,105

134,305

137,025

Non-GAAP Revenue breakdown

U.S. dollars in thousands

Three months ended

Nine months ended

September 30,

September 30,

2025

2024

2025

2024

Software products and re-occurring post-production services (*)

119,799

100,707

337,715

292,992

Pre-production implementation services (**)

32,520

36,318

92,311

115,082

Total Revenues

152,319

137,025

430,026

408,074

Three months ended

Nine months ended

September 30,

September 30,

2025

2024

2025

2024

Software products and re-occurring post-production services (*)

64,303

53,809

182,234

156,386

Pre-production implementation services (**)

6,385

9,000

16,287

29,788

Total Gross profit

70,688

62,809

198,521

186,174

Three months ended

Nine months ended

September 30,

September 30,

2025

2024

2025

2024

Software products and re-occurring post-production services (*)

53.7

%

53.4

%

54.0

%

53.4

%

Pre-production implementation services (**)

19.6

%

24.8

%

17.6

%

25.9

%

Gross Margin

46.4

%

45.8

%

46.2

%

45.6

%

(*)

Software products and re-occurring post-production services include mainly subscription, term license, maintenance, application maintenance, cloud solutions and post-production services. This revenue stream is a mix of recurring and re-occurring in nature.

(**)

Pre-production implementation services include mainly implementation services before go-live, which are one-time in nature.

Adjusted Free Cash-Flow

U.S. dollars in thousands

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Cash-flow from operating activities

10,643

1,873

25,353

42,109

13,083

Increase in capitalized software development

costs

(1,715)

(1,788)

(1,942)

(1,759)

(1,834)

Capital expenditures

(431)

(1,003)

(366)

(419)

(1,125)

Free cash-flow

8,497

(918)

23,045

39,931

10,124

Cash payment related to Sapiens acquisition by

Advent

165

-

-

-

-

Cash payments attributed to acquisition-

related costs(*) (**)

803

626

-

1,238

124

Adjusted free cash-flow

9,465

(292)

23,045

41,169

10,248

(*)

Included in cash-flow from operating activities

(**)

Acquisition-related payments pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

U.S. dollars in thousands

September 30,

December 31,

2025

2024

(unaudited)

(unaudited)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

82,200

163,690

Short-term bank deposit

-

52,500

Trade receivables, net and unbilled receivables

138,189

99,603

Other receivables and prepaid expenses

31,363

19,350

Total current assets

251,752

335,143

LONG-TERM ASSETS

Property and equipment, net

10,268

10,656

Severance pay fund

2,621

3,208

Goodwill and intangible assets, net

430,900

302,472

Operating lease right-of-use assets

21,201

20,746

Other long-term assets

26,948

19,486

Total long-term assets

491,938

356,568

TOTAL ASSETS

743,690

691,711

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Trade payables

13,218

8,414

Current maturities of Series B Debentures

19,808

19,796

Accrued expenses and other liabilities

91,650

77,390

Current maturities of operating lease liabilities

6,351

6,440

Deferred revenue

34,989

37,543

Total current liabilities

166,016

149,583

LONG-TERM LIABILITIES

Series B Debentures, net of current maturities

-

19,792

Deferred tax liabilities

12,310

6,899

Other long-term liabilities

11,511

10,331

Long-term operating lease liabilities

17,376

17,719

Accrued severance pay

9,285

7,758

Total long-term liabilities

50,482

62,499

REDEEMABLE NON-CONTROLLING INTEREST

13,724

-

EQUITY

513,468

479,629

TOTAL LIABILITIES AND EQUITY

743,690

691,711

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOW
U.S. dollars in thousands

For the nine months

 ended September 30,

2025

2024

(unaudited)

(unaudited)

Cash flows from operating activities:

Net income

46,797

54,453

Reconciliation of net income to net cash provided by operating activities:

Depreciation

3,088

3,480

Amortization of capitalized software and other intangible assets

14,727

11,946

Accretion of discount on Series B Debentures

17

32

Capital loss from sale of property and equipment

1

13

Stock-based compensation related to options issued to employees

2,553

2,229

Net changes in operating assets and liabilities, net of amount acquired:

Increase in trade receivables, net and unbilled receivables

(21,034)

(20,640)

Decrease in deferred tax liabilities, net

(3,325)

(2,280)

Increase in other operating assets

(138)

(908)

Increase in trade payables

3,129

1,989

Decrease in other operating liabilities

(1,880)

(5,154)

Decrease in deferred revenues

(7,279)

(5,684)

Increase in accrued severance pay, net

1,213

640

Net cash provided by operating activities

37,869

40,116

Cash flows from investing activities:

Purchase of property and equipment

(1,864)

(2,306)

Proceeds from deposits

52,366

36,360

Proceeds from sale of property and equipment

64

49

Payments for business acquisitions, net of cash acquired

(106,683)

(375)

Capitalized software development costs

(5,445)

(5,374)

Net cash provided by (used in) investing activities

(61,562)

28,354

Cash flows from financing activities:

Proceeds from employee stock options exercised

-

98

Distribution of dividend

(37,037)

(29,789)

Repayment of Series B Debenture

(19,796)

(19,796)

Acquisition of non-controlling interest

-

(4,131)

Acquisition deferred payment

(455)

-

Net cash used in financing activities

(57,288)

(53,618)

Effect of exchange rate changes on cash and cash equivalents

(509)

4,584

Increase (decrease) in cash and cash equivalents

(81,490)

19,436

Cash and cash equivalents at the beginning of period

163,690

126,716

Cash and cash equivalents at the end of period

82,200

146,152

Debentures Covenants

As of September 30, 2025, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:

Covenant 1

Target shareholders' equity (excluding non-controlling interest): above $120 million
Actual shareholders' equity (excluding non-controlling interest) equal to $513.5 million

Covenant 2

Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for the Company's Series B Debentures) below 65%
Actual ratio of net financial indebtedness to net capitalization equal to (13.79)%

Covenant 3

Target ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is below 5.5
Actual ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is equal to (0.61).

Logo : http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg

SOURCE Sapiens International Corporation

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1. AbbVie
AbbVie (ABBV +3.58%) has an inherited 53-year streak of consecutively increasing its dividend, dating back to its time as part of Abbott Laboratories. This long-term commitment to shareholder returns qualifies it as a Dividend King. In October, the company announced another dividend increase of 5.5%. The yield is about 3.3% right now. AbbVie's primary growth tailwinds are the exceptional performance of its next-generation immunology drugs Skyrizi and Rinvoq, and strong, double-digit growth in its neuroscience portfolio.

This momentum is successfully offsetting the significant decline in sales of its former top-seller Humira due to the recent introduction of biosimilar competition. Skyrizi and Rinvoq delivered incredible sales growth (47% and 35%, respectively) in the third quarter of 2025, and are gaining market share across multiple indications, including plaque psoriasis, arthritis, and inflammatory bowel diseases. Combined sales of the two drugs alone are on pace to exceed $25 billion for the full year 2025.

The neuroscience portfolio is a strong secondary growth engine, with sales from this segment up over 20% as of Q3 2025. This growth is fueled by strong uptake of the migraine drugs Ubrelvy and Qulipta, the depression treatment Vraylar, and Botox Therapeutic for migraines and other conditions. AbbVie's total net revenue in Q3 reached nearly $15.8 billion, up 9% year over year.

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The company's diluted earnings were down 38% year over year primarily because of higher in-process research and development charges related to recent acquisitions, including substantial one-time, non-cash charges of approximately $2.7 billion. AbbVie has been on an acquisition spree since early 2024, acquiring companies like ImmunoGen (key to its oncology segment) and Cerevel Therapeutics (which boosted its neuroscience assets) to diversify its portfolio and secure future long-term growth catalysts.

This particular $2.7 billion charge was most likely related to the recent $2.1 billion acquisition of Capstan Therapeutics and a $700 million licensing agreement with Ichnos Glenmark Innovation. Capstan Therapeutics is developing an investigational therapy that uses a method to genetically engineer a patient's own T cells to fight cancer inside the body. The acquisition strengthens AbbVie's immunology pipeline and allows it to explore a novel, off-the-shelf in vivo CAR-T approach that avoids the complex manufacturing and preconditioning challenges of traditional ex vivo CAR-T cell therapies. The licensing agreement with Ichnos Glenmark Innovation involves an exclusive license to a trispecific antibody for the treatment of blood cancers.

Despite the decline in Q3 generally accepted accounting principles (GAAP) earnings, AbbVie's adjusted earnings per share (EPS) of $1.86 actually beat Wall Street's expectations of $1.77. As a pharmaceutical company, AbbVie's business is relatively non-cyclical. Demand for its medications tends to hold up regardless of the broader economic conditions, and provides a steady stream of growth. Investors looking for dividends and stable share price appreciation might want to take a second look at AbbVie.

2. Johnson & Johnson
Johnson & Johnson (JNJ +0.29%) has increased its dividend for 63 consecutive years, an elite track record that demonstrates a profound commitment to returning value to shareholders through various economic cycles. The major healthcare company has evolved its business model through the years and now focuses exclusively on pharmaceuticals and medical technology (after the spin-off of its consumer health business into Kenvue in 2023).

Johnson & Johnson has a storied track record of generating significant free cash flow (it generated about $20 billion in free cash flow in 2024). The company's dividend payout ratio is manageable at around 50%, which also has proven to leverage ample room for future dividend increases and reinvestment into the business. The stock's yield is around 2.8% at the time of this writing.

The pharma giant also holds a rare AAA credit rating from S&P Global's ratings body. As of November 2025, Johnson & Johnson is one of only two U.S. companies in the S&P 500 (the other being Microsoft) to hold S&P's highest possible credit rating, which is a testament to its exceptional financial strength and very conservative financial policies.

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J&J is focusing on six priority areas for its long-term growth story: oncology, immunology, neuroscience, cardiovascular, surgery, and vision products. An upcoming spin-off of its orthopedics division will enable the business to further concentrate efforts on these higher-growth segments. The oncology segment continues to be a powerhouse that delivered nearly 20% operational sales growth in Q3 2025, while the cardiovascular segment in MedTech also recorded impressive figures (around 13%). J&J reported Q3 sales of about $24 billion, a 6.8% increase year over year, and diluted EPS of $2.12, up 91% from one year ago.

Darzalex for multiple myeloma remains a top-performing drug and was the company's first brand to exceed $3 billion in sales in a single quarter. Tremfya for psoriasis and inflammatory bowel diseases, Carvykti for multiple myeloma, Erleada for prostate cancer, and Spravato for treatment-resistant depression are also key growth products for the business.

Impella heart pumps and other electrophysiology products, like Varipulse, are significant growth drivers for the company's MedTech cardiovascular division. The rising prevalence of heart disease, advancements in minimally invasive procedures, and the increased use of these devices for complex conditions and high-risk interventions are all growth tailwinds for this business. While Johnson & Johnson is far from a high-growth stock, the profitability and resilience of its brands and its proven commitment to its dividend could make it a compelling play for long-term income investors.

TOKYO--(BUSINESS WIRE)--SBC Medical Group Holdings Incorporated (Nasdaq: SBC) (“SBC Medical” or the “Company”), a global provider of comprehensive consulting and management services to the medical corporations and their clinics, today announced that on November 13, 2025, SBC Medical Group Co., Ltd. (the “Tender Offeror”) has resolved to acquire shares of common stock of Waqoo, Inc. (Securities Code: 4937, listed on the Tokyo Stock Exchange Growth Market; the “Target Company”) through a tender offer (the “Tender Offer”) pursuant to the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended; the “FIEA”), as described below.

The Tender Offeror is a Japanese subsidiary ultimately owned by SBC Medical Group Holdings Incorporated (“SBCHD”), a U.S. corporation listed on NASDAQ and engaged in management support services for medical clinics both domestically and internationally. As of today, the Tender Offeror holds 353,600 shares of the Target Company’s common stock (ownership ratio: 9.49%). SBCHD itself does not directly hold any shares of the Target Company; however, Yoshiyuki Aikawa, Chairman and CEO of SBCHD and a Director of the Tender Offeror (the “Selling Shareholder”), is the largest shareholder of the Target Company, holding 989,802 shares (ownership ratio: 26.58%). Therefore, the Selling Shareholder is deemed a “closely related person” and a “person acting in concert” with the Tender Offeror, and accordingly, the Tender Offeror is categorized as an “other affiliated company” of the Target Company under the applicable Japanese accounting regulations.

On November 13, 2025, the Tender Offeror decided to (i) acquire all of the Target Company shares held by the Selling Shareholder (the “Transfer Shares”) through a private, off-market transaction (the “Share Transfer”) and (ii) conduct the Tender Offer. Collectively, the Share Transfer and the Tender Offer are referred to as the “Transaction.”

In connection with the Share Transfer, the Tender Offeror and the Selling Shareholder entered into a Share Transfer Agreement dated November 13, 2025, under which they agreed that the Selling Shareholder shall not tender any of the Transfer Shares in the Tender Offer and shall instead transfer all of such shares to the Tender Offeror pursuant to the Share Transfer Agreement.

The Share Transfer will be executed on December 19, 2025 (the scheduled commencement date of settlement for the Tender Offer), subject to the completion and settlement of the Tender Offer. As the Selling Shareholder and the Tender Offeror have been in a continuous “formal special relationship” under Article 27-2, Paragraph 7, Item 1 of the FIEA for over one year prior to the date of the Share Transfer Agreement, the Share Transfer qualifies as an “Exempted Purchase” under Article 27-2, Paragraph 1, proviso of the FIEA, and therefore does not require the implementation of a separate tender offer.

Under the Share Transfer Agreement, the transfer price per share (the “Transfer Price”) has been agreed at JPY 1,445 per share, which is lower than the tender offer price (the “Tender Offer Price”) of JPY 1,900 per share. The lower transfer price reflects the nature of the transaction as a related party transaction, in which the Tender Offeror will acquire shares from a director of its ultimate parent company.

Strategic Purpose of the Transaction

Through this transaction, SBC aims to further accelerate Waqoo’s research and development initiatives and to integrate its advanced technologies and expertise within the SBC Group. By leveraging Waqoo’s capabilities, the Group intends to enhance its offerings in clinical areas such as AGA and orthopedics, develop new treatment methods and proprietary services, and strengthen overall competitiveness.

In addition, the companies will jointly promote the development and implementation of skincare products informed by clinical insights, establishing a seamless framework from research to commercialization. Waqoo’s processing and research know-how is also expected to serve as a technological foundation for SBCHD’s international operations, supporting joint efforts toward the practical realization of regenerative medicine.

Overview of the Tender Offer

Item

Details

(1) Name of Target Company

Waqoo, Inc.

(2) Type of Shares to be Purchased

Common Stock

(3) Tender Offer Period

From November 14, 2025 (Friday) to December 12, 2025 (Friday) — 20 business days

(If the Target Company requests an extension under Article 27-10, Paragraph 3 of the FIEA, the period will be extended to December 26, 2025 (Friday))

(4) Tender Offer Price

JPY 1,900 per share

(5) Number of Shares to Be Purchased

575,000 shares (upper limit: 575,000 shares; no lower limit)

(6) Commencement Date of Settlement

December 19, 2025 (Friday)

(If the period is extended as above, settlement will commence on January 7, 2026 (Wednesday))

(7) Tender Offer Agent

SBI SECURITIES Co., Ltd., 1-6-1 Roppongi, Minato-ku, Tokyo

Please refer to the Tender Offer Registration Statement to be filed by the Tender Offeror on November 14, 2025, for further details regarding the Tender Offer.

Important Notice (Solicitation Regulations)

This press release is a public announcement to disclose the commencement of the Tender Offer and is not intended as a solicitation to sell shares. Shareholders wishing to tender their shares are requested to carefully review the Tender Offer Explanation Statement and make their own independent decision.

U.S. Regulatory Notice

The Tender Offer described herein is not being made, directly or indirectly, in or into, or for the account or benefit of any resident or person located in, the United States. It will not be conducted using, in whole or in part, the U.S. mails, or any means or instrumentality of interstate or foreign commerce (including, without limitation, telephone, facsimile, e-mail, or internet communication), nor through any facilities of a national securities exchange of the United States. Accordingly, any tender of shares in connection with the Tender Offer made by such means, instruments, or facilities, or from within the United States, will not be accepted.

Furthermore, neither the Tender Offer Statement nor any related documents, including letters of transmittal or other offering materials, may be sent, distributed, or forwarded, in whole or in part, by mail or any other means, directly or indirectly, in, into, or from the United States, or to or for the account or benefit of any U.S. resident or person located in the United States. Any attempt to tender shares in violation of these restrictions will not be accepted. No securities or other consideration will be solicited for acceptance in the United States, and this press release does not constitute, and shall not be construed as, any form of offer or solicitation for the purchase or sale of securities in the United States.

This press release does not constitute or form part of any offer or solicitation of an offer to purchase or sell, or otherwise deal in, any securities, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any offer to purchase shares will be made solely pursuant to the Tender Offer Explanation Statement prepared in accordance with Japanese law. Shareholders are advised to make their own decision on whether to tender their shares, and if so, the number of shares to be tendered, at their own discretion.

All procedures related to the Tender Offer will be conducted in Japanese, unless otherwise stated. Although an English version of this press release will be prepared, if there is any discrepancy between the Japanese and English versions, the Japanese version shall prevail.

This press release contains forward-looking statements. Actual results may differ materially from those described or implied in such forward-looking statements due to various known or unknown risks, uncertainties, and other factors. Neither the Tender Offeror nor any of its affiliates guarantees the accuracy of such forward-looking statements. Forward-looking statements are based on information available as of the date of this press release, and the Tender Offeror and its affiliates have no obligation to update or revise them to reflect future events or circumstances, except as required by applicable laws and regulations.

About SBC Medical Group Holdings Incorporated

SBC Medical Group Holdings Incorporated is a comprehensive medical group operating a wide range of franchise businesses across diverse medical fields, including advanced aesthetic medicine, dermatology, orthopedics, fertility treatment, dentistry, AGA (hair restoration), and ophthalmology. The Company manages a diverse portfolio of clinic brands and is actively expanding its global presence, particularly in the United States and Asia, through both direct operations and medical tourism initiatives. In September 2024, the Company was listed on Nasdaq, and in June 2025, it was selected for inclusion in the Russell 3000® Index, a broad benchmark of the U.S. equity market. Guided by its Group Purpose “Contributing to the well-being of people around the world through medical innovation,” SBC Medical Group Holdings Incorporated continues to provide safe, trusted, and high-quality medical services while further strengthening its international reputation for quality and trust in medical care.

For more information, visit https://sbc-holdings.com/

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s product launch plans and strategies; growth in revenue and earnings; and business prospects. In some cases, forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” “targets” or “hopes” or the negative of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on management’s current expectations and are not guarantees of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading “Risk Factors” and elsewhere in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.

The new iPhone 17 series has generated a buzz stronger than previous years. How will that affect Apple's stock?

Sales of the iPhone 17 series have started off with a bang and Apple AAPL 0.81% could be well primed to see them soar even more during the highly anticipated holiday season. But how will iPhone sales correlate with the company's stock?

Image source: Getty Images.

Apple preorder sales broke records
A week before Apple released its iPhone 17 series on September 19, 2025, preorder sales for the phones in China topped previous years. Sales on JD.com, one of China's largest online marketplaces, had more preorders in the first minute alone, than the iPhone 16's entire first day sales in the previous year. The standard iPhone 17 model was the best selling model out of the series.

Consumer interest in the iPhone 17 series is high across the U.S.
A recent survey showed that more people in the U.S. are excited for the iPhone 17 Pro than the previous generation's pro model. The new models do boast some improved features, including better camera quality, longer battery life, a stronger back plate, faster wireless charging, and a more efficient processing chip. What also may be enticing for consumers this year is that the standard 256gb iPhone 17 is currently the same price ($829.99) as last year's, as of October, 2025. So for the many consumers that often wait to buy the previous generation after the new one comes out to save money, can just opt for the newer version.

One of the biggest question marks for Apple currently is the new iPhone Air. Outside of being the thinnest iPhone ever, the phone doesn't offer many unique benefits compared to the other 17 series models. In fact, the iPhone Air has fewer cameras and one less speaker than the base and pro models, yet is currently priced $200 more than the base model. Another survey revealed that out of 4,000 consumers, only 9% plan to purchase the Air. Regardless, the base and pro models are expected to carry sales even if the Air doesn't sell well.

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Apple share prices have been on a run
After a 25% surge in September, Apple's stock followed up with another strong month , climbing another 16% in October. Much of the bullish momentum started during its product launch cycle, with shares jumping 5% on the September 12 presale, and another 4.3% on the official release the following Friday. Those two days reinforced the connection between Apple's stock performance and consumer anticipation.

The tech giant's stock closed out October strong, reaching an all-time high of $285 on October 30. And with Black Friday and Christmas shopping approaching, expect that record to be shattered again.

Apple Primed To Break All-Time High During Holiday Season
In four of the last five years (excluding 2022), Apple share prices increased in the last two months of the year, which is often when holiday shopping is prominent. And in each of those four years, the stock reached a record high in December. So barring any crazy hardware or software issues with the iPhone 17 series models, that pattern should continue this year, especially with consumer expectations high.

Is Apple stock a great value buy right now?
For those who are short term and intraday investors, Apple is a great buy right now, ahead of the holiday season. However, for those who are long term investors, waiting until the beginning of 2026, from January to April, is ideal as its share prices are known to fall right after the holiday season. This is actually common among many tech manufactures, as consumer shopping typically falls within that timeframe, and their share prices often retrace after breaking all-time highs.

CAMBRIDGE, United Kingdom, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bango (AIM: BGO), the global leader in subscription bundling, today announced a partnership with DeepL, one of the world’s leading AI product and research companies, to make DeepL’s Language AI services available through the Digital Vending Machine® (DVM™) from Bango. As a pre-stocked partner, DeepL joins the expanding ecosystem of subscription products ready to launch with standardized commercial terms and technical connections through the Bango DVM. This enables resellers including, telcos, banks and retailers to seamlessly add AI subscriptions to their bundled offers, meeting fast-growing consumer demand for AI-powered services.

The global appetite for AI-driven solutions is accelerating, with paid subscription services quickly becoming mainstream across both business and consumer markets. The Bango DVM empowers resellers to capitalize on this trend by expanding their portfolio to include in-demand AI services. For providers like DeepL, the Bango DVM provides the fastest route to new channels and customers, while resellers benefit from a competitive edge with innovative bundled offers.

DeepL’s Language AI platform is already used by more than 200,000 businesses and millions of individuals across 228 global markets. Its enterprise solutions deliver advanced translation, refined writing assistance, and real-time voice translation, transforming the way people communicate across languages.

The Bango DVM gives telcos and other resellers a faster, easier and more cost-effective way to scale their subscription services. A single integration with the Bango DVM unlocks access to a wide catalogue of third-party subscriptions, from entertainment to productivity to AI. This flexibility allows telcos to roll out compelling bundles and offers that attract and retain customers, while helping content providers like DeepL reach global audiences well beyond their direct sales channels.

DVM Partner Discovery enables resellers to explore the live ecosystem of content providers inside the Bango DVM. With visibility of pre-stocked partners, ready to launch with standardized commercial terms and technical connections, resellers can quickly identify and bundle services to accelerate customer acquisition and fuel growth.

“Consumer demand for paid AI subscription services is accelerating, and the Digital Vending Machine® from Bango is leading the way in enabling telcos and other resellers to innovate, diversify their bundles and unlock powerful new growth opportunities with these in-demand services. DeepL is already live with KT (Korea Telecom) through the Bango DVM, and we are excited to build on this success and help expand their reach worldwide.” Paul Larbey, CEO at Bango

Tom Delhez, Head of Global Partnerships at DeepL added: “Working with Bango allows us to make DeepL’s AI translation technology available to millions more users worldwide. The Digital Vending Machine® makes integration and billing effortless, creating a scalable foundation for our next phase of global growth.”

About Bango

Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscription economy, powering choice and control for subscribers.

The world's largest content providers, including Amazon, Google and Microsoft, trust Bango technology to reach subscribers everywhere.

Bango, where people subscribe. For more information, visit www.bango.com

Media contact
For US enquiries, contact SamsonPR: [email protected]
For all other enquiries, contact Giles Tongue, VP Marketing at Bango: [email protected]

For much of its history, healthcare has presented a unique contrast in digital progress. While the sector leads in medical technology, healthcare billing and payments have frequently been slower to modernize.

“Healthcare billing is notoriously complex,” Paul Martin, VP and GM of Acquiring Partnerships at American Express (Amex), told PYMNTS. “It involves multiple parties — the patient, the provider, the insurance company, and sometimes others. And because of that complexity, many organizations, even large hospitals, still rely on legacy systems and manual payment processes.”

The persistence of those systems has long been seen as an unavoidable side effect of healthcare’s intricate structure.

But as patients bring behavioral expectations, shaped by intuitive payment experiences from their daily lives, into the waiting room, healthcare providers are discovering that payments modernization isn’t just a finance issue. Instead, it’s a patient experience and cash flow issue, and an increasingly competitive one.

“Consumers are accustomed to seamless digital payment experiences in other industries, and they expect that same convenience in healthcare. The good news is that adopting modern solutions doesn’t have to be overwhelming anymore,” Martin said.

Read more: A Dose of Digital: How Modernizing Payments Is Revitalizing Healthcare

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The Revenue Cycle Revolution
Unlike retail or hospitality, where a single transaction typically involves two parties, healthcare payments are a tangle of stakeholders. A single patient visit might generate invoices for lab tests, prescriptions and consultations, each processed through a separate system and paid for by different entities. Add in insurance pre-approvals, deductibles and co-pays, and the result is a maze of manual entries and reconciliation bottlenecks.

This can frequently delay revenue cycles and obscure cash flow visibility. A hospital that relies on paper invoices might wait 30 to 60 days for payment processing. Every printed bill and manual entry increases time and cost, inflating the administrative burden in a sector already stretched thin by labor shortages and rising operational expenses.

“Going digital not only supports patient payments; it also streamlines back-office payments,” Martin said. “It helps providers accelerate their revenue cycle, reduce administrative costs and gain real-time cash flow visibility. It allows organizations and their employees to focus on what truly matters: patient care, not paperwork.”

Digital reconciliation tools make it possible for providers to match incoming payments with outstanding invoices automatically, reducing the potential for human error and freeing finance teams to focus on strategic analysis rather than manual data entry.

Automated billing systems can issue invoices quickly, track their status in real time, and trigger follow-ups automatically. On the business-to-business (B2B) side, where payment volumes are vast, automation can also be transformative.

“The volume of B2B payments in healthcare is substantial,” said Martin. “That’s why efficiently tracking invoices and cash flow is as critical as ever.”

The Consumerization of Care
If the back office is the brain of healthcare finance, the patient experience is the heart. And today’s patients are no longer passive participants. They are digital consumers with strong opinions about convenience.

“For healthcare organizations, the message is clear,” said Martin. “Failing to offer modern payment options isn’t just a back-office issue. It’s a critical factor in patient retention and satisfaction.”

“Paying medical bills should be as simple as possible,” he added. “Patient expectations are evolving with new payment technology, and healthcare organizations need to stay agile by being well-informed of customer preferences and ready to integrate new innovations.”

Digital payments don’t just improve patient satisfaction; they create operational benefits, too. Automated billing systems, real-time notifications and direct deposit mechanisms reduce friction across the entire claims process. For patients, that means transparency. For providers, it means fewer errors, faster reimbursements and lower costs.

Credit cards remain the most popular payment method in healthcare, but the next phase of healthcare payments modernization may already be unfolding in the palm of the patient’s hand. Digital wallets are already ubiquitous in retail, and they are rapidly gaining traction in healthcare.

“Every organization can take advantage of these new technologies by first listening to what their customers want,” Martin said, citing research that found credit card, debit card, cash, and digital wallets are the four most popular healthcare payment methods. “Customers want a secure, convenient experience, and they want choice.”

Choice may be the ultimate differentiator in the healthcare economy of the future. As patients weigh both medical outcomes and digital convenience, providers that make payments a seamless part of the care experience, not an afterthought, will stand out.

“As newer payment innovations roll out, they’ll be easier to integrate into existing systems,” Martin said. “Staying open to new payment technologies can keep your organization positioned as the go-to healthcare provider by offering the best possible customer experience.”

The videogame and social-media company extended its recent streak of earnings beats amid continued AI integration efforts and strong momentum at its gaming business.

A $10,000 investment in this diversified fund at its 2011 inception would be worth $51,000 today.

What's more important for retirees: a portfolio of stocks that delivers capital appreciation or consistent and growing income?

A 2021 study by Dimensional Fund Advisors, a firm with $915 billion in assets under management, sought to answer this question. Running 100,000 simulations, the analysts examined how growth-focused portfolios, income-focused portfolios, and portfolios split 50-50 might perform under environments of lower equity returns, higher inflation, and falling interest rates.

The results were striking. The fund evaluated each portfolio allocation strategy based on the probability that a retiree might run out of assets at age 85 or 95. Income-focused accounts were extremely resilient with only a 0.1% failure rate by age 85 in scenarios of high inflation or low equity returns, compared to failure rates north of 30% for growth-focused accounts. In the authors' words, the findings suggest that, "while not bulletproof, an income-focused allocation offers strong risk management even under adverse economic conditions."

Image source: Getty Images.

It's just one study, but there is clear value in a portfolio delivering enough income to meet your expenses, year after year. Such stability allows someone to worry less about what's going on with the stock market or interest rates.

And that's what makes the Schwab U.S. Dividend Equity ETF (SCHD +0.04%) so interesting.

103 stocks selected for dividend strength
Launched in Oct. 2011, the Schwab U.S. Dividend Equity ETF's official objective is "to track, as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100 Index."

The Dow Jones U.S. Dividend 100 Index, in turn, tracks the returns of high-yielding dividend stocks that have a record of consistent payouts and have been "selected for fundamental strength relative to their peers."

Despite its name, the Dow Jones U.S. Dividend 100 Index actually includes 103 stocks. It doesn't include real estate investment trusts, master limited partnerships, or preferred stocks, so the Schwab U.S. Dividend Equity ETF doesn't, either. But that still leaves plenty of high-yield companies in the portfolio.

All told, the Schwab U.S. Dividend Equity ETF sports a dividend yield of 3.8% as of this writing, more than triple the yield of the S&P 500.

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Even more importantly, its top five holdings all have track records of solid dividend growth and fundamentals that suggest they can continue ramping up dividends in the years ahead. 

A look at Schwab U.S. Dividend Equity ETF's top holdings
The Dow Jones U.S. Dividend 100 Index has a rule that no single stock can account for more than 5% of its composition. Therefore, that's the case with the Schwab U.S. Dividend Equity ETF, too. Its largest holding, Cisco Systems (CSCO +3.14%), comprises 4.43% of the portfolio.

Cisco has 14 years of dividend increases under its belt, and in addition to paying out $1.6 billion to shareholders in dividends last quarter, the tech company also spent $1.3 billion buying back shares. Stock buybacks make dividends more sustainable by reducing the number of shares in circulation, thereby reducing the company's dividend obligation (and boosting earnings per share at the same time). Cisco stock yields 2.2%, which is well above the 1.2% yield of the S&P 500.

Next up is AbbVie (ABBV +3.67%), the Chicago-based biotech with a 3.2% dividend yield. This company has raised its dividend for 54 consecutive years, including a 5.5% hike announced recently. Only a tiny fraction of public companies manage to become Dividend Kings with at least 50 straight years of dividend increases under their belts, so management will fight to keep this distinction. AbbVie makes up 4.42% of the fund's portfolio.

Another biotech, Amgen (AMGN 0.64%), comprises 4.23% of the portfolio. It yields 3.2%, has raised its dividend for 14 years now, and its 5.7% dividend increase in 2025 was well over inflation. Its payout ratio of just 44% also gives it considerable breathing room to continue increasing payouts going forward.

The ETF's fourth-biggest holding, Merck (MRK +0.55%), announced a 5.2% dividend hike over the summer, also for its 14th consecutive annual increase. And its fifth-largest holding, Lockheed Martin (LMT 0.01%), has 23 years of payout increases under its belt. The defense giant has a dividend yield of 3.1% and comprises 4.15% of the portfolio.

One possible worry for investors
You may have noticed that three of the top five holdings are in biotech. Overexposure to any one sector is a risk retirees should avoid. Fortunately, the fund has rules limiting weightings to no more than 25% for any sector. In fact, its largest sector weighting is energy at 19.3%, followed by 18.5% for consumer staples.

However, since its 2011 inception, the Schwab U.S. Dividend Equity ETF has underperformed the S&P 500 with an annualized total return of 12.2%, compared to the latter's 15.2%.

As any long-term investor knows, that gap will add up significantly over time, but the fund's performance since 2011 is still enough to turn every $10,000 invested into $51,000 and change. And in today's tech-dominated rally, the fund's rules enforcing diversification may be hurting performance in the short term. Of course, tech's dominance won't last forever, and in the next sector rotation, it may well be the Schwab ETF's turn to shine.

In the meantime, its price-to-earnings ratio of just 17 makes it substantially cheaper than the S&P 500 with its P/E ratio of 31. And the fund's low expense ratio of just 0.06% ensures that fees won't be a significant drag on returns, in contrast to many actively managed funds.

For investors seeking greater protection through value investing, growing income, and respectable capital appreciation, the Schwab U.S. Dividend Equity ETF is a buy.

SummaryLineage Cell Therapeutics’ OpRegen is partnered with Genentech/Roche. In my view, this is their main value driver in GA dry AMD.Looking ahead, their GAlette Phase 2a trial is enrolling, which could further validate the rest of their portfolio’s potential.LCTX’s pipeline also has OPC1 for spinal cord injury. Its preclinical R&D includes ANP1, PNC1, RND1, and ILT1.Overall, LCTX is a bet on an interesting allogeneic off-the-shelf cell therapy platform. However, it's a bit expensive at these levels.Hence, I feel a speculative “Buy” makes sense for now, but it’s contingent on how their 2026 catalysts play out.wildpixel/iStock via Getty Images

Lineage Cell Therapeutics (LCTX) is a regenerative medicine company that uses its platform for "pluripotent" stem cells. The idea is to generate specialized, off-the-shelf human cells to replace damaged tissue in organs. For example, it could help regenerate the eyes, spinal cord, auditory

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

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

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Oklo's small, compact reactors could fuel artificial intelligence, but investors should know what they're buying first.

Picture, for a moment, the classic image of a nuclear power plant. The hourglass cooling tower, a plume of steam rising from the top, maybe some industrial equipment around it.

Now strip the cooling tower from your mental image. And let's replace it with something else, something a little more pleasing on the eye: an eco-cabin in the woods, with a sharp roofline like a Nordic cathedral.

That, in a nutshell, is the kind of reactor the nuclear start-up Oklo (OKLO +6.67%) is trying to build.

A rendering of an Oklo "Aurora" powerhouse. Image source: Oklo.

Clearly, Oklo's reactor isn't isn't the kind you'd see in The China Syndrome or Chernobyl. Indeed, you wouldn't even see Oklo's in the wild: its "Aurora" powerhouse only exists as a rendering. The company is still in the early stages of development -- it doesn't have regulatory approval to operate Aurora commercially -- and yet its stock has shot up triple-digits on the year.

What's behind Oklo's magic? And can this nuclear stock still grow from here?

A reactor fit for the era of AI
Oklo is designing a small, fast-spectrum nuclear reactor with complementary fuel recycling capabilities. Its vision is to revolutionize nuclear power by building small, modular reactors and sell clean power under long-term contracts.

Its largest opportunity is -- you guessed it -- with artificial intelligence (AI). It's not hard to imagine why. Oklo's powerhouse is small enough that it could be housed within a hyperscale data center without intrusion. And since these reactors run continuously, they can provide reliable 24/7 power to thirsty AI models.

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Oklo's model could be appealing to other companies as well. Mining companies, for instance, could use them to power remote sites where grid access is limited or diesel too costly. The same could apply to military camps, research bases (think: Antarctica), disaster-relief zones, and other industrial facilities.

Fast-tracking the regulation process
As noted earlier, Oklo isn't licensed to operate just yet, but it's getting closer.

After its first application was denied in 2022, the company has reconnected with the Nuclear Regulatory Commission (NRC). In July 2025, it cleared phase 1 of the pre-application readiness review. Up next is a formal application, another acceptance review, and a full technical evaluation that spans design, safety, and environmental factors.

This process normally takes several years. However, thanks to recent leglislative moves the Trump administration made relted to nuclear power, Oklo's countdown to deployment could move a little quicker.

In May 2025, the White House issued an executive order -- "Reforming Nuclear Reactor Testing at the Department of Energy" -- aimed at overhauling how the Department of Energy (DOE) tests and approves advanced nuclear reactors. In a nutshell, it asks the DOE to accelerate reactor testing at national labs, with the explicit aim of approving three advanced reactor design by mid-2026.

Oklo is among a handful of companies whose reactor design has been fast-tracked for deployment through this initiative. Indeed, in September 2025, Oklo broke ground on its first Aurora powerhouse at Idaho National Laboratory (INL). If all goes well -- and there's still a lot to demonstrate -- the company could turn on its first commercial reactor in 2027.

Should you buy Oklo stock while it's below $120?
At today's price, Oklo is trading about 40% lower than its mid-October highs (around $170 a share). Given the policy winds at its back, it could have plenty of lift long-term. At the same time, there are risks -- and its valuation is one of them.

Despite having zero revenue and no reactor in operation, Oklo's market cap sits around $16 billion at today's price. That's extraordinary for a start-up that's still in the research and development (R&D) phase.

For comparison, NuScale Power (SMR 2.92%) -- another advanced nuclear company designing a small reactor -- is valued at around $8.5 billion. And that's a company with an approved reactor design and revenue (well, some).

Investors will likely have to wait a year or two before Oklo is seeing significant top-line growth. Indeed, one estimate projects a meager $15 million in total revenue for 2027.

OKLO Revenue Estimates for Current Fiscal Year data by YCharts

Then there are capital costs. Securing fuel, building production facilities, funding NRC compliance, and training a workforce will likely pressure the company's balance sheet long before it's profitable.

Add in other potential headwinds -- like a party change in the White House or an engineering problem in its design -- and this growth stock could get bumpy in the near term.

As such, Oklo is a speculative play on the future of energy, but not a core position. Even with shares below $120, this stock is for risk-tolerant investors only. More conservative investors may want to sit this one out, or track the nuclear energy market with an exchange-traded fund (ETF).

Wizz Air Holdings PLC (AIM:WIZZ) shares rose 15.4% to 1,170p, rebounding from a recent decline, after the low-cost airline reported a sharp increase in profits for the first half of its financial year, while cautioning that the upcoming winter season will pose a short-term capacity challenge.

For the six months to 30 September 2025, total revenue increased 9% to €3.3 billion and EBITDA rose 18.8% to €981.3 million.

Passenger numbers increased 9.8% year-on-year to 36.5 million on 8.9% higher available seat kilometres (ASKs), with loads held steady at 92.4%.

Fuel cost per seat kilometre fell 10.4% to €1.38 cents, offsetting a modest 2.7% rise in ex-fuel costs.

At the end of the second quarter, 35 aircraft were grounded due to GTF engine-related inspections, an improvement from 41 over the summer.

Chief executive József Váradi said the results reflected increased capacity deployed over the summer season to a fleet of 243 aircraft, as well as "operational and commercial improvements" that are continuing.

This includes a "pivot away from high cost locations", with the Abu Dhabi base closed in September, with Vienna to follow by March, with openings of new bases at lower cost airports, including Bratislava, Tuzla, Podgorica, Yerevan and Warsaw (Modlin), "which will deliver operational cost savings going forward".

The airline ended the period with €1.98 billion in total cash, up 14%, and net debt down 2.5% to €4.83 billion.

Wizz Air has finalised changes to its Airbus order book, deferring 88 aircraft deliveries into the next decade and converting 36 A321XLR orders to A321neos.

Váradi said optimising the aircraft delivery stream was the most important development in the second half so far, "in order to target medium-term capacity growth at a more sustainable 10-12% per annum".

"We will see the most significant changes to our delivery profile in around 12 months time (given near-term orders and financing commitments)."

This winter season's capacity is being managed to deliver around mid-teens seat capacity growth in the second half, while unit revenue (RASK) is down a low single-digit percentage compared to last year, with load factor up by a similar level.

Analysts at Peel Hunt said results were a little better than the consensus forecast, but guidance for the second half is worse due to lower unit revenue expectations.

Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, ASX:GGP) today reaffirmed its commitment to London's AIM market, whilst holding its inaugural Australian Annual General Meeting in Perth.

The AGM follows a year of significant corporate and operational progress, which included a high-profile float on the ASX and, a significant shift in the company's scope.

"At the start of this financial year, Greatland Gold was an explorer and developer with a 30% non-controlling interest in Havieron - a company that hadn't yet generated earnings or cash flow," Greatland chair Mark Barnaba said in a statement.

"Then, on the 4th of December 2024, we took a huge step forward - completing the acquisition that gave us 100% ownership of both the Telfer gold-copper mine and the Havieron project right next door.

"Operationally, we hit the ground running."

Greatland completed the acquisition of 100% ownership of the Telfer gold-copper mine and the adjacent Havieron project in December 2024, then in the seven months to 30 June 2025, it produced over 198,000 ounces of gold at an all-in sustaining cost of $1,849 per ounce, generating $601 million in operating cash flow - a good initial turn on the upfront acquisition cost of $540 million.

By the end of September 2025, the company reported a cash position of $750 million with no debt.

A feasibility study for the Havieron project is expected to be released shortly. Investment to extend the life of the Telfer operation is also underway.

Regarding London's AIM market, Greatland's chair commented that the UK junior bourse "remains an important part of who we are and how we engage with our broader shareholder base."

Roundhill Magnificent Seven ETF trades at a true 77x earnings multiple when accounting for capex and stock-based compensation. Capital expenditure has now risen to 14% of total sales for the Magnificent 7 stocks, compared to depreciation and amortization expenses of just 6.5%. The free cash flow yield on these stocks is likely to be less than 1% over the long term, meaning that almost all returns must come from growth.

ASOS PLC (LSE:ASC) shares rose 3% to 237p on Thursday after the online fashion retailer unveiled a refinancing deal that cuts interest costs, boosts liquidity and extends its debt maturity to 2030.

The company said the move marks another step in strengthening its balance sheet as it heads into the last phase of a multi-year turnaround programme.

The new structure replaces the existing asset-backed loan with a secured term loan and a delayed-draw term loan provided by a syndicate of private lenders.

ASOS said the package offers “materially improved” financial terms, including £87.5 million of additional liquidity headroom and a like-for-like reduction of about £5 million in annual cash interest compared with the previous Bantry Bay arrangement.

Management argues that the improved terms reflect the progress made in stabilising the business.

Over the past two years, ASOS has been working to cut excess stock, simplify operations and improve profitability after a period of intense cost pressures and shifting consumer demand.

The company said the new financing gives it the resilience and flexibility needed to refocus on customer acquisition and growth.

Aaron Izzard, chief financial officer, said: “I'm pleased to announce the further strengthening of our balance sheet and financial flexibility through this strategic refinancing.

"As well as offering improved financial terms, it better positions us to deliver on the final phase of our turnaround strategy and growth plans with greater confidence and resilience.”

Sigma EcoCollect initiative supports PPG’s sustainability, circular economy goals

AMSTERDAM--(BUSINESS WIRE)--PPG (NYSE: PPG) today announced that the SIGMA COATINGS™ brand by PPG has partnered with waste logistics provider FIRE-OFF and packaging manufacturer Dijkstra Plastics to launch Sigma EcoCollect, a nationwide initiative in the Netherlands enabling professional painters to voluntarily return plastic and metal packaging both from Sigma Coatings and competitor products for recycling.

The Sigma EcoCollect initiative will help PPG achieve its ambition of increasing the amount of post-consumer recycled (PCR) plastic and metal content in its packaging. Professional painters can return used, scraped-empty packaging to more than 90 Sigma Coatings points of sale, where they are collected and repurposed into new Sigma Coatings packaging, supporting a closed-loop recycling system.

A pilot project from September 2024 found that the initiative triggered conversations about sustainability with customers, resulting in a growing amount of returned packaging during the pilot period. Based on this success, the Sigma EcoCollect initiative will expand to 32 PPG Sigma Service Centers stores and 61 Sigma Coatings wholesalers, with FIRE-OFF managing logistics and Dijkstra Plastics overseeing material processing.

The initiative ties into PPG’s TOMORROW INCLUDED® concept, which aims to highlight the sustainability advantages of many of its architectural products and support customers’ sustainability ambitions.

“This program is a powerful step toward circularity,” said Petra Bijma, PPG brand manager, B2B Sigma Coatings Benelux, Architectural Coatings. “It aligns with PPG’s global sustainability targets, including reducing scope 3 emissions and increasing the use of recycled materials in packaging and limiting waste. Our customers are looking for ways to lower their environmental impact. This initiative not only supports their goals but also reinforces PPG’s leadership in sustainable innovation.”

PPG’s latest Sustainability Report shows continued progress against its near-term 2030 sustainability targets, including reduced greenhouse gas (GHG) emissions throughout its own operations and value chain and continued improvement in sustainably advantaged product sales driven by customer demand.

PPG: WE PROTECT AND BEAUTIFY THE WORLD®

At PPG (NYSE: PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.8 billion in 2024. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.

Sigma Coatings is a registered trademark of PPG Coatings Nederland B.V.

Tomorrow Included is a registered trademark of Tikkurila Oyj.

, /PRNewswire/ -- Seeing Machines Limited, the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety announces the launch of its enhanced distraction detection feature, known as "attention sharing", in its leading Aftermarket safety solution, Guardian Generation 3. This feature is the first of its kind available to fleets worldwide, capturing subtle distraction events that other driver safety systems often miss.

Guardian by Seeing Machines now features enhanced distraction detection - "attention sharing"

Attention sharing marks a major leap forward in driver distraction detection, measuring not just where a driver looks, but precisely how much time they spend with their eyes off the road. By accurately tracking cumulative glance time away from the driving task, for example any number of quick glances to a phone or other in-cabin systems, attention sharing detection offers an unprecedented window into distraction risk, enabling intervention before safety is compromised. 

"Distraction isn't always obvious," said Paul McGlone, CEO of Seeing Machines. "While many systems can detect a driver looking down for a few seconds, this new feature goes further – it identifies the repeated, split-second glances that, when added up, can be just as dangerous. This is a world-first for commercial fleets and a game-changer for road safety, exactly what we at Seeing Machines have set out to achieve." 

The launch of attention sharing detection comes at a critical time for the transport industry. Global studies show that short, frequent glances away from the road can significantly increase crash risk (Klauer et al., 2006; Olson et al., 2009) and occur more frequently than previously thought.[1], [2] The "attention sharing" feature is now available on all new Guardian Gen 3 systems and is being deployed over-the-air to Guardian Gen 3 systems already installed in trucks and buses.

Watch the video here.

Unlike systems that rely solely on head position or single, prolonged glances, Guardian continuously tracks eye gaze direction in real time, delivering unmatched accuracy. This ensures drivers are alerted only when genuine risk is detected, reducing irritation and fatigue from unnecessary alarms. 

Seeing Machines' technology is already protecting millions of drivers across the globe, preventing fatigue- and distraction-related incidents daily. With attention sharing detection, commercial fleets using Guardian Generation 3 have an automotive-grade safety technology, scientifically designed and proven to significantly reduce risk and save lives.  

~ENDS~

References

1. Klauer, S. G., Dingus, T. A., Neale, V. L., Sudweeks, J. D., & Ramsey, D. J. (2006). The impact of driver inattention on near-crash/crash risk: An analysis using the 100-car naturalistic driving study data (No. DOT HS 810 594). United States. Department of Transportation. National Highway Traffic Safety Administration.

2. Olson, R. L., Hanowski, R. J., Hickman, J. S., & Bocanegra, J. (2009). Driver distraction in commercial vehicle operations (No. FMCSA-RRT-09-042). United States. Department of Transportation. Federal Motor Carrier Safety Administration

About Seeing Machines (AIM: SEE), a global company founded in 2000 and headquartered in Australia, is an industry leader in vision-based monitoring technology that enable machines to see, understand and assist people. Seeing Machines' technology portfolio of AI algorithms, embedded processing and optics, power products that need to deliver reliable real-time understanding of vehicle operators. The technology spans the critical measurement of where a driver is looking, through to classification of their cognitive state as it applies to accident risk. Reliable "driver state" measurement is the end-goal of Driver Monitoring Systems (DMS) technology. Seeing Machines develops DMS technology to drive safety for Automotive, Commercial Fleet, Off-road and Aviation. The company has offices in Australia, USA, Europe and Asia, and supplies technology solutions and services to industry leaders in each market vertical. www.seeingmachines.com

SOURCE Seeing Machines Limited

Data-led driver coaching programme delivers measurable results in road safety and operational efficiency

LONDON--(BUSINESS WIRE)--UK linen and workwear rental and laundry service company CLEAN Linen & Workwear has reduced collisions and speeding following the implementation of the Samsara Connected Operations® Platform. By replacing outdated telematics systems, CLEAN was empowered to create a new driver safety and coaching programme across its 120-strong fleet of commercial vehicles, promoting safer, more efficient driving habits.

Using Samsara’s Vehicle Telematics and AI Dash Cams, every CLEAN driver can access real-time, accurate insights into their road performance. The shift from manager-only visibility to shared access has enabled drivers to understand the impact of dangerous driving behaviours, such as harsh braking or speeding, and recognise exactly where improvements are needed.

This data-driven approach to safety has enabled CLEAN to provide targeted coaching sessions focused on specific driver behaviours, as well as identify and reward positive driving habits to enable coaches to reinforce good performance.

The result is a more safety-conscious workforce that is collectively driving significant improvements in safety and efficiency:

38% reduction in collision rates company-wide, with some sites achieving over 50%

14% improvement in MPG and 97% reduction in hours driven over the speed limit

10% reduction in repairs & maintenance expenditure

80% improvement in overall fleet safety scores

Speaking on the transformation with Samsara, Peter Cox, Head of Transport at CLEAN Linen & Workwear, said, “We now have a centralised process which brings the consistency we need to the forefront of all insurance investigations. It's not just the collision investigations that are reaping the rewards, but also the coaching benefit of evidence-based learning.”

The benefits realised through Samsara, including a cash bursary from CLEAN’s insurer, have allowed the company to reinvest in enhancing its driver safety and development programme. CLEAN is exploring additional Samsara capabilities to standardise training and communicate safety campaigns more effectively across the business.

Seth Stanfield, UK&I Director Enterprise and Mid Market Sales at Samsara, added, “CLEAN Linen & Workwear is a great example of how leaning into safety leads to major, knock-on benefits throughout the business. By incentivising better driving habits, CLEAN has cut down on emissions, reduced insurance premiums, and extended vehicle lifespans. The results highlight that, when technology and culture are aligned, fleets can ensure their drivers feel safe, supported, and confident while out on the road.”

Supporting Resources:

Case study

About Samsara

Samsara (NYSE: IOT) is the pioneer of the Connected Operations® Platform, which is an open platform that connects the people, devices, and systems of some of the world’s most complex operations, allowing them to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world’s leading organizations across industries in transportation, construction, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, government, healthcare and education, food and beverage, and others. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.

Samsara is a registered trademark of Samsara Inc. All other brand names, product names or trademarks belong to their respective holders.

Pavilion to Demonstrate AI and Digital Twins Use Cases Aligned to Topical Panels and Sessions on National Defense Strategy and Naval Shipbuilding Advancements
November 13, 2025 3:01 AM EST | Source: Edge Total Intelligence Inc.
Arlington, Virginia--(Newsfile Corp. - November 13, 2025) - Edge Total Intelligence Inc.  (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5I) ("edgeTI", "Company", "Edge Technologies") a leader in real-time digital operations and decision intelligence solutions, is back this year with the AI-Powered Digital Twin Pavilion with the Company's AI technology partners Sabel Systems and Austal Ltd. at the Defense TechConnect Innovation Summit and Expo (DTC), 2025 being held November 19th through the 21st at the Gaylord National Hotel & Convention Center, National Harbor, MD.

"We are excited to showcase real world AI powered Digital Twin capabilities," said Jacques Jarman, Chief Growth and Federal Operations Officer for edgeTI. "Throughout the Defense and Smart Cities communities there is a strong desire to leverage Digital Twins and AI capabilities. While exciting to learn about, too often vendors feature emerging technologies that may take years to field. In partnership with AUSTAL USA and Sabel Systems we are thrilled to showcase joint solutions that can be fielded immediately."

Digital Twin & AI Pavilion

Solutions will be showcased at the Digital Twin Pavilion, at Booth #301. These production-ready solutions, built by edgeTI and its partners, address the following areas:

Contested logistics & supply chain resilience

Army ground vehicle digital twin

Cyber situational awareness

Advanced open-source intelligence (OSINT)

"To complement the Pavilion, we've gathered experts surrounding these topics in multiple panels and sessions for this summit," added Jacques Jarman.

Topical Panels and Sessions

At these times and locations:

Defense TechConnect Innovation Spotlights: Energy and Resilience Innovation Spotlights III: Real-time Operational Energy Situational Awareness and Energy Informed Planning (RESAP)
Wednesday, 14:49 PM - Woodrow Wilson C
Presented by: Jacques Jarman, Chief Growth & Federal Operations Officer, Edge Technologies

Leveraging AI-Driven Technologies to Enhance Public Shipyard and Depot Operations
Wednesday, 3:30 - Woodrow Wilson C
Featuring speakers: Lucian Niemeyer, (Moderator), Don Hairston, Submarine Programs and Advanced Technologies - Austal, Jacques Jarman, CGO, Edge Technologies, TBD - Navy Representative from PMO 555 (SIOP), Mark Whitney -Executive Director Virginia Digital Maritime Center Office of Enterprise, Dr. Scott Kasen, Director of Advanced Technologies - Austal. Navy AM, Michael Baker, CTO - Sabel Systems

Defense TechConnect: Innovation Spotlights: Data/AI/Cyber II: edgeCore - Data Mesh Solution Driving Accelerated Decision Making and AI/ML Adoption
Thursday 1:42 - Baltimore 5
Presented by: Jacques Jarman, CGO, Edge Technologies

About Defense TechConnect

Defense TechConnect Innovation Summit and Expo unites the innovation community with the U.S. Department of Defense for the benefit of national security and societal advancement. With origins in 2012, the event champions the imperatives established by the National Defense Strategy (NDS) and National Security Strategy (NSS), driving cutting edge solution providers to the nation's most pressing challenges.

Entering its 13th year, the annual DTC, co-located with Fall SBIR/STTR Innovation Conference, Smart Cities Connect Conference and Expo and Resilience Week, brings together defense, private industry, federal agency, city leaders and academic leadership to accelerate state-of-the-art technology solutions for the military and national security.

About edgeTI

Edge Total Intelligence Inc. helps enterprises, service providers, and governments achieve the impossible with real-time digital operations and decision intelligence solutions. Its edgeCore™ platform unites multiple software applications and data sources into immersive digital twins that give decision-makers clarity, speed, and agility across evolving situations in business, technology, and cross-domain operations.

Website: https://ir.edgeti.com
LinkedIn: www.linkedin.com/company/edgeti
YouTube: www.youtube.com/user/edgetechnologies

For more information, please contact:
Nick Brigman, Chief Strategy Officer and Corporate Secretary
Phone: 888-771-3343
Email: [email protected]

Forward-Looking Information and Statements

Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, government funding and budget delays, and general business, economic and capital market conditions.

Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include the competition and general economic, and market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274283

Netflix is scheduled to conduct a 10-for-1 stock split next week. Here's why the stock is a buy.

This year has been a banner year for Netflix (NFLX +1.68%) shareholders. Despite fears to the contrary, the company's growth has continued unfettered, as new viewers flock to its streaming video platform. The resulting sales and profits have climbed to new heights, fueling an ongoing surge in the stock, which now stands at roughly $1,136 per share (as of this writing).

The magnitude of the stock price led to rampant speculation that it was only a matter of time before Netflix would conduct a stock split. The company recently confirmed investor suspicions, announcing a long-anticipated 10-for-1 stock split, which is scheduled to take place after market close on Friday, Nov. 14. The stock will begin split-adjusted trading when the market opens on Monday, Nov. 17.

Let's review the specifics of the stock split and why Netflix looks like a great buy this month.

Image source: Netflix.

The details
Stock splits have enjoyed a resurgence in recent years, prompting investors to take a fresh look at companies they might otherwise overlook. The process of a stock split is simple enough. The company in question will increase the number of outstanding shares and decrease the stock price by a commensurate amount. Netflix shareholders will see a tenfold increase in the number of shares they hold, with a corresponding reduction of 90% in the stock price.

For example, as of Sept. 30, Netflix had 423,732,334 shares outstanding. The company plans to increase the total number of shares outstanding to 4.23 million, reducing its stock price to about $113 per share (as of market close on Tuesday). Note that there will be no change in the total value of the shares owned or the market cap of the company.

This will not only remove the psychological barrier of a stock price above $1,100, but also make the stock "more accessible to employees who participate in the company's stock option program," according to Netflix's press release.

Catalysts abound
This week's stock split will mark the first one since 2015, during which time Netflix stock has been a 10-bagger for patient investors. And while the stock split itself is no reason to buy the stock, history suggests the underlying performance that led to the split will likely continue to drive the stock price higher.

Companies that split their shares generate stock price increases of 25%, on average, in the year following the announcement, according to data compiled by Bank of America analyst Jared Woodard. For context, that's more than double the average gain of 12% for the S&P 500 (^GSPC +0.06%).

There are other reasons to be bullish. Perhaps the most intriguing is Netflix's slate of popular content, led by the upcoming release of the fifth and final season of Stranger Things. The sci-fi/horror series is the streamer's third-most popular show ever, according to Netflix, and is already generating buzz ahead of its swan song. The final episodes are scheduled to be released in installments between Nov. 26 and Dec. 31.

Previous seasons of the program have led to a surge in subscribers, and this final season will likely be no different. When the fourth season of Stranger Things was released in mid-2022, it generated 1.35 billion hours viewed, according to Netflix. At the time, that was the most-watched season of an English-language series ever.

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There's more. The recent release of director Guillermo del Toro's take on Frankenstein has gotten rave reviews from viewers and critics alike, and Netflix has attracted plenty of attention with new seasons of Nobody Wants This, Emily in Paris, and The Witcher. Let's not forget that the streamer has an NFL Christmas Day doubleheader, featuring the Dallas Cowboys vs. the Washington Commanders and the Detroit Lions vs. the Minnesota Vikings. With something for everyone, Netflix offers a compelling value proposition to subscribers.

Is Netflix stock a buy now?
Netflix's surging stock price has been accompanied by a commensurate uptick in its valuation. As such, the stock currently trades for 35 times next year's expected earnings. While that's undoubtedly a premium, it should be viewed in context.

Wall Street expects Netflix to grow its revenue by 11%, on average, over the next five fiscal years. Add to that the company's ability to dependably attract new viewers, hang on to existing ones, and consistently increase its revenue and profits, and it's easy to see why the stock is deserving of a premium.

Management has a proven track record of navigating Netflix through increasing competition and economic uncertainty, and even laid out plans to drive the company to a $1 trillion market cap by 2030. That's more than double the company's current value.

While I generally don't recommend date-driven buying decisions, I believe Netflix offers investors a great combination of short-term catalysts and long-term opportunity.

Aviva PLC (LSE:AV.) said it expects to reach its 2026 financial targets a year early, driven by strong performance across the business and ahead of contributions from its recently acquired Direct Line operations.

The FTSE 100 life insurer also announced new three-year targets, including an 11% compound annual growth rate in operating earnings per share through to 2028, a return on equity exceeding 20% by 2028, and over £7 billion in cumulative cash remittances between 2026 and 2028.

Aviva said it continues to grow its capital-light business and expects this segment to make up over 75% of its business by 2028.

In a trading update for the third quarter of 2025, Aviva reported 12% growth in general insurance premiums to £10 billion.

Cost 'synergies' from the Direct Line acquisition of £100 million have been completed ahead of schedule, with chief executive Amanda Blanc now expecting £225 million by 2028, as well as unlocking at least £500 million of capital synergies.

For 2025, group operating profit is now expected to reach roughly £2.2 billion, including around £150 million from Direct Line.

Blanc said: "We expect to resume share buybacks next year, at a higher level in response to the increased share count."

November 13, 2025 3:05 AM EST | Source: First Hydrogen Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2025) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") is encouraged by the European Commission's announcement of its first call for hydrogen suppliers under the newly launched Hydrogen Mechanism, a supply-and-demand matchmaking platform within the European Union (EU) Energy and Raw Materials Platform. The initiative is designed to accelerate the growth of Europe's emerging clean-hydrogen economy by directly connecting hydrogen buyers with producers and project developers.

First Hydrogen is pleased by the EU's proactive measures to stimulate hydrogen projects and adoption. This provides a pathway to de-risk projects, identify offtake partners, secure commercial commitments and engage with EU-based financial institutions. The platform will help companies like First Hydrogen advance its hydrogen-fuel-powered vehicles and green energy production projects (via small modular reactors) in Europe.

The H2 Matchmaking Platform aims to resolve one of the sector's longstanding barriers: the lack of binding offtake agreements, which has slowed final investment decisions for renewable and low-carbon hydrogen projects across the EU. The EU aims to reach climate neutrality by 2050 and become independent from Russian fossil fuel before 2030.

Key features include:

Purpose: streamlines the process for producers and buyers to identify commercial partners, enabling early-stage project financing and guiding broader infrastructure development.Process: Aggregates voluntary data on both supply and demand for renewable and low-carbon hydrogen and its derivatives.Scope: Open to both domestic European and international hydrogen suppliers, broadening markets access for qualified companies.Participation: Companies may now register on the platform to submit supply offers and review demand requests. "Europe continues to demonstrate strong leadership in building a robust hydrogen economy," said Balraj Mann, CEO of First Hydrogen Corp. "First Hydrogen has developed and trialed hydrogen-fuel-cell-powered light commercial vehicles (FCEVs) and is working on green energy production opportunities in the UK, EU, and North America."

For further information, please contact:

First Hydrogen Corp.
Investor Relations
Email: [email protected]
Website: www.firsthydrogen.com

About First Hydrogen Corp. (FirstHydrogen.com)

First Hydrogen Corp. is a Vancouver, Montreal, Germany and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution. The Company has designed and built two hydrogen- fuel-cell-powered light commercial vehicles ("FCEV"). The FCEV are road-legal in the United Kingdom (excluding Northern Ireland) with 6,000 km of testing completed and have achieved a range of 630+ kilometres on a single refueling. The vehicles have successfully been trialled in real-world conditions with fleet operators in the United Kingdom.

About First Nuclear Corp. (FirstNuclear.com)

First Hydrogen Corp. is committed to developing and commercializing advanced clean energy solutions, including green hydrogen produced by state-of-the-art Small Modular Reactors. The Company aims to provide scalable, sustainable, and economically viable alternatives to meet global climate goals and enhance energy security.

Cautionary Note Regarding Forward-Looking Statements This news release contains information or statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of First Hydrogen, and includes statements about, among other things, future developments and the future operations, strengths and strategies of First Hydrogen. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.

The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for First Hydrogen's products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.

The forward-looking information contained in this news release represents the expectations of First Hydrogen as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274321

Investors may have bit off more than they can chew when it comes to Wall Street's artificial intelligence (AI) darling.

For most investors, earnings season is the most exciting period of each quarter. This is the six-week time frame where a majority of S&P 500 companies unveil their operating results, which serves as a health barometer of corporate America (and Wall Street) for investors.

But not all earnings reports are equal. No company has put the stock market on its back and lifted it to new heights quite like the face of the artificial intelligence (AI) revolution, Nvidia (NVDA +0.33%). Wall Street's largest publicly traded company recently became the first to ever reach the $5 trillion plateau, with the multitrillion-dollar opportunity presented by AI fueling its near-parabolic ascent.

Nvidia's highly anticipated fiscal 2026 third-quarter operating results are set to be released following the closing bell on Wednesday, Nov. 19. While the expectation is for Nvidia to blow Wall Street's consensus sales and profit forecast out of the water, an argument can be made that the puzzle pieces are in place for the company to disappoint investors.

Image source: Nvidia.

Nvidia's early stage competitive advantages will be on full display on Nov. 19
But before diving into these various catalysts, it's important to lay the foundation of how Nvidia became the most important company on Wall Street.

Nvidia's claim to fame is its market-leading AI-graphics processing units (GPUs). These are the brains of AI data centers that allow for split-second decision-making without the need for human intervention. Though estimates are all over the board, as you'd expect with any new technology, some analysts believe Nvidia accounts for more than 90% of the AI-GPUs currently deployed in high-compute data centers.

Being the preferred choice in enterprise data centers is a function of its superior hardware, as well as GPU scarcity.

CEO Jensen Huang has established an aggressive innovation cycle that intends to bring a new advanced GPU to market annually. Thus far, no external chipmakers have come particularly close to matching the compute capabilities of Nvidia's three generations of GPUs (Hopper, Blackwell, and Blackwell Ultra). Assuming Nvidia can stick to Huang's timeline and roll out a new AI-GPU annually, it shouldn't have any trouble maintaining its clear-cut compute advantages.

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Nvidia has also benefited from GPU demand handily outpacing supply. The law of supply and demand tells us that when the demand for a good or service outpaces its supply, the price of that good or service will climb until demand tapers. Nvidia has been enjoying a hefty pricing premium for its AI hardware, which in turn sent its gross margin above 70%.

The other factor that's really helped Nvidia rise to the top is its ability to land major orders from Wall Street's most-prominent businesses. Most members of the "Magnificent Seven" are utilizing Nvidia's chips for their data centers. Further, Nvidia announced a strategic partnership with privately held OpenAI, the company behind large language model chatbot ChatGPT, in September.

These competitive edges have Nvidia on track to report close to $55 billion in sales for its fiscal 2026 third quarter (up 56% from the prior-year period), and a profit of $1.25 per share, which works out to about $30.4 billion.

But there's more to impressing Wall Street and investors than just surpassing headline estimates.

Image source: Getty Images.

Expect Nvidia to disappoint investors on Nov. 19
Based on what history tells us, Nvidia is likely to leap over Wall Street's consensus estimates. But as we saw with AI-data mining specialist Palantir Technologies last week, investor expectations are sometimes too lofty.

For example, it would be unwise to ignore the direct and indirect competitive pressures that are beginning to build for Nvidia. Although Nvidia retains top-notch AI-data center market share, external competitors are ramping up production and selling their GPUs at a notably lower price than what Wall Street's largest publicly traded company is charging for its AI hardware. We've already witnessed some businesses choosing AI hardware from the likes of Advanced Micro Devices instead of waiting in line for an order to be fulfilled, or paying a premium for Nvidia's chips.

But what's arguably a greater threat to Nvidia is internal competition. Most members of the Mag 7 are developing GPUs and AI solutions to deploy in their data centers. Even though this hardware can't challenge Hopper, Blackwell, or Blackwell Ultra on a compute basis, and it won't be sold externally, it's on track to take up valuable data center real estate that Nvidia isn't going to win.

What's more, Nvidia's customers developing their own AI hardware will steadily minimize the AI-GPU scarcity that's driven the company's pricing power and pushed its gross margin above 70%. While Huang expects demand for next-gen AI chips to support a premium price point, the possible rapid depreciation of prior-generation GPUs could drag down its pricing power and/or delay future upgrade cycles.

Nvidia is also combatting historical valuation headwinds.

NVDA PS Ratio data by YCharts. PS Ratio = price-to-sales ratio.

Dating back to the advent and proliferation of the internet, companies on the leading edge of a next-big-thing innovation have commonly topped out at price-to-sales (P/S) ratios in the range of 30 to 40, with a little bit of wiggle room at each end. Nvidia entered the previous week with a P/S ratio that neared 31. Even with its breakneck growth rate, history makes clear that Nvidia has virtually no chance of maintaining this aggressive valuation premium for an extended period.

Furthermore, history teaches investors that every next-big-thing trend and game-changing innovation dating back three decades has navigated its way through a bubble that eventually popped. This occurs because investors regularly overestimate the early stage utility and adoption rate of a new innovation. With businesses still figuring out how to optimize their AI solutions, it appears likely that artificial intelligence is the next in a long line of overhyped early innovations.

Long story short, there may not a revenue or profit beat large enough on Nov. 19 to match the already lofty expectations of investors.