Market Signal Briefing

Next-generation metabolomics and AI technology supports the 2026 - 2035 Pan-Canadian Lung Cancer Action Plan's call to expand equitable access to life-saving early diagnosis
November 12, 2025 8:30 AM EST | Source: BioMark Diagnostics, Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2025) - November is Lung Cancer Awareness Month, and BioMark Diagnostics Inc. (CSE: BUX) (FSE: 20B) (OTCQB: BMKDF) ("BioMark"), a leading developer of liquid biopsy technologies for early cancer detection, is pleased to support the Canadian Cancer Society's national plan to reduce lung cancer mortality in Canada by 30% over the next decade.

The early detection activities and goals outlined in the 2026-2035 Pan-Canadian Lung Cancer Action Plan are highly aligned with BioMark's corporate mission of leading the world in early-stage cancer detection using metabolomics and artificial intelligence. This coordinated national effort recognizes that early detection is fundamental to saving lives and underscores the urgent need to expand access to innovative screening solutions across all Canadian communities.

"At BioMark, we believe that providing equitable, evidence-based access to early lung cancer detection will transform patient outcomes across Canada," said Rashid Bux, CEO and President, BioMark Diagnostics. "Our clinical results demonstrate the power of AI-enabled biomarker testing in identifying more early-stage cancers, even in non-smokers, directly supporting the Action Plan's commitment to saving lives nationwide. Our technology complements low-dose CT screening, addresses barriers in underserved and remote regions, and helps ensure that no Canadian is left behind in the fight against lung cancer."

The Action Plan also notes the need for innovative diagnostic tools and methods, like blood-based biomarker testing, to improve diagnostic accuracy and increase the likelihood of early-stage diagnosis. BioMark looks forward to collaborating with national partners, provincial healthcare providers, and community organizations to build capacity and make early lung cancer detection accessible, equitable, and effective across Canada. Healthcare providers and organizations interested in partnering to expand access to innovative early detection solutions are encouraged to contact BioMark.

About the Pan-Canadian Lung Cancer Action Plan
The 2026-2035 Pan-Canadian Lung Cancer Action Plan is a coordinated national strategy from the Canadian Cancer Society to reduce lung cancer mortality through improved prevention, early detection, treatment, and support. More information is available at: https://cancer.ca/en/about-us/lung-cancer-action-plan.

About BioMark Diagnostics Inc.

BioMark Diagnostics Inc. is a leading developer of liquid biopsy tests for the early detection of cancer that leverages the power of metabolomics and machine learning algorithms. The company's proprietary technology utilizes a simple blood draw to detect the presence of cancer-associated biomarkers, enabling earlier diagnosis and improved patient outcomes. The technology can also be used for measuring response to treatment and potentially for serial monitoring of cancer survivors. BioMark is committed to developing innovative and accessible diagnostic solutions to address unmet medical needs in oncology.

Further information about BioMark is available under its profile on the SEDAR+ website www.sedarplus.ca and the CSE website https://thecse.com/.

For further information on BioMark, please Contact:
Rashid Ahmed Bux
President & CEO
BioMark Diagnostics Inc.
Tel. 604-370-0779
Email: [email protected]

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of BioMark. Forward-looking information is based on certain key expectations and assumptions made by the management of BioMark. Although BioMark believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because BioMark can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. BioMark disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

The CSE has not reviewed, approved, or disapproved of the content of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274109

Wednesday, 12 November 2025 08:30 AM

Topic: 

Earnings

WHITE PLAINS, NY / ACCESS Newswire / November 12, 2025 / Loar Holdings Inc. (NYSE:LOAR) (the "Company," "Loar," "we," "us" and "our"), reports record results for the third quarter of 2025, upward revisions to 2025 outlook, and full year 2026 outlook.

"The strong tailwinds of secular growth in commercial passenger traffic, immense backlogs at the airframe manufacturers, and global demand for defense products once again led us to a record quarter," stated Dirkson Charles, Loar CEO and Executive Co-Chairman of the Board of Directors.

Third Quarter 2025

Net sales of $126.8 million, up 22.4% compared to the prior year's quarter.

Net income of $27.6 million, up 218.9% compared to the prior year's quarter.

Diluted earnings per share of $0.29, up 222.2% compared to the prior year's quarter.

Adjusted EBITDA of $49.1 million, up 28.9% compared to the prior year's quarter.

Net income margin for the quarter improved to 21.8% compared to the prior year's quarter of 8.4%.

Adjusted EBITDA Margin for the quarter improved to 38.7% compared to 36.8% for the prior year's quarter.

Adjusted Earnings Per Share of $0.35, up 133.3% compared to the prior year's quarter.

Loar reported net sales for the quarter of $126.8 million, an increase of $23.2 million or 22.4% over the prior year's quarter. Organically (1) , net sales increased 11.1% or $11.5 million, to $115.0 million.

Net income for the quarter increased $18.9 million to $27.6 million from $8.7 million in the comparable quarter a year ago. The increase in net income for the quarter was primarily driven by an income tax benefit recorded during the quarter, increase in operating income, and lower interest expense.

Adjusted EBITDA for the quarter was $49.1 million, an increase of 28.9% or $11.0 million compared to the prior year's quarter. Adjusted EBITDA as a percentage of net sales was 38.7%, compared to 36.8% in the third quarter of the prior year. The increase in Adjusted EBITDA as a percentage of net sales was due to the continued execution of our strategic value drivers, accretive impact of increased sales of higher margin products, and the leveraging impact of higher sales on operating costs.

Year-to-Date

Net sales of $364.5 million, up 24.7% over the comparable period a year ago.

Net income of $59.6 million, up 221.6% over the comparable period a year ago.

Diluted earnings per share of $0.62, up 210.0% over the comparable period a year ago.

Adjusted EBITDA of $139.4 million, up 31.3% over the comparable period a year ago.

Net income margin improved to 16.3% compared to 6.3% in the comparable period a year ago.

Adjusted EBITDA Margin improved to 38.2% compared to 36.3% in the comparable period a year ago.

Adjusted Earnings Per Share of $0.78, up 143.8% over the comparable period a year ago.

"Through the nine months of 2025 the business has delivered strong performance and most notably has generated $82 million of operating cash flow." stated Glenn D'Alessandro, Loar Treasurer and CFO.

Net sales for the nine months ended September 30, 2025, were $364.5 million, an increase of $72.2 million or 24.7% over the comparable period of the prior year. Organically (1) , net sales increased 11.2% or $32.7 million, to $325.1 million.

Net income for the year-to-date September 30, 2025 increased $41.1 million to $59.6 million from a net income of $18.5 million for the comparable period a year ago.

Adjusted EBITDA for the nine months of 2025 was $139.4 million, an increase of 31.3% or $33.2 million over the comparable period a year ago. Adjusted EBITDA as a percentage of net sales was 38.2% for the nine months of 2025, compared to 36.3% for the comparable nine months of the prior year.

Please see the attached Table 4 for a reconciliation of net income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for the periods discussed in this press release.

(1)

Net organic sales represent net sales from our existing businesses for comparable periods and exclude net sales from acquisitions. We include net sales from new acquisitions in net organic sales from the 13th month after the acquisition on a comparative basis with the prior year period.

Full Year 2025 Outlook - Revised*

"We have again raised our outlook as a result of business performance, continued demand for our products, and the impact of changes to the U.S. tax code," stated Mr. D'Alessandro,

Net sales - between $487 million and $495 million, up from between $486 million and $494 million.

Net income - between $70 million and $75 million, up from between $65 million and $70 million.

Adjusted EBITDA - between $185 million and $188 million, up from between $184 million and $187 million.

Adjusted EBITDA Margin - approximately 38%.

Diluted Earnings per share - between $0.73 and $0.78, up from between $0.68 and $0.73.

Net income margin - approximately 14%, up from approximately 13%.

Adjusted Earnings Per Share -between $0.93 and $0.98, up from between $0.83 and $0.88.

Interest expense - $25 million, down from $26 million.

Effective tax rate - approximately 15%, down from approximately 25%.

Market Assumptions - Full year outlook is based on the following assumptions:

Commercial, Business Jet, and General Aviation OEM growth of low-double digits.

Commercial, Business Jet, and General Aviation aftermarket growth of low-double digits.

Defense growth of high-double digits.

Full Year 2026 Outlook*

"Market indicators are trending upwards - airframe OEMs are increasing production rates. Global commercial traffic is at record levels, and overall demand is continuing to grow. Additionally, our defense customers continue to rely on our ability to consistently provide niche products and capabilities. Leveraging this backdrop, and taking into account a robust backlog, we anticipate that 2026 will be an exciting year for Loar," stated Mr. Charles.

Net sales - between $540 million and $550 million.

Net income - between $80 million and $85 million.

Adjusted EBITDA - between $209 million and $214 million.

Adjusted EBITDA Margin - approximately 39%.

Diluted Earnings per share - between $0.82 and $0.88.

Net income margin - approximately 15%.

Adjusted Earnings Per Share -between $0.98 and $1.03.

Interest expense - approximately $25 million.

Effective tax rate - approximately 25%.

Market Assumptions - Full year outlook is based on the following assumptions:

Commercial, Business Jet, and General Aviation OEM growth of low-double digits.

Commercial, Business Jet, and General Aviation aftermarket growth of low-double digits.

Defense growth of mid-single digits.

* Full Year 2025 Outlook - Revised and Full Year 2026 Outlook do not include the impact of the pending LMB acquisition.

Adjusted EBITDA, Adjusted Earnings Per Share and Adjusted EBITDA Margin are non-GAAP financial measures provided in the "Full Year 2025 Outlook - Revised*" and "Full Year 2026 Outlook*" sections on a forward-looking basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.

Earnings Conference Call

A conference call will be held at 10:00 a.m., Eastern Time on November 12, 2025. To participate in the call telephonically please dial +1 877-407-0670 / +1 215-268-9902. International participants can find a list of toll-free numbers here. A live audio webcast will also be available at the following link as well as through the Investor section of Loar Holdings website; https://ir.loargroup.com.

The webcast will be archived and available for replay later in the day.

About Loar Holdings Inc.

Loar Holdings Inc. is a diversified manufacturer and supplier of niche aerospace and defense components that are essential for today's aircraft and aerospace and defense systems. Loar has established relationships across leading aerospace and defense original equipment manufacturers and Tier Ones worldwide.

Non-GAAP Supplemental Information

We present in this press release certain financial information based on our EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share. References to "EBITDA" mean earnings before interest, taxes, depreciation and amortization, references to "Adjusted EBITDA" mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA, and references to "Adjusted EBITDA Margin" refer to Adjusted EBITDA divided by net sales. References to "Adjusted Earnings Per Share" mean net income plus certain adjustments as set forth in the reconciliations below to derive Adjusted EBITDA from EBITDA, less the tax effect of these adjustments. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share are not measurements of financial performance under U.S. GAAP. We present EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share because we believe they are useful indicators for evaluating operating performance. In addition, our management uses Adjusted EBITDA to review and assess the performance of the management team in connection with employee incentive programs and to prepare its annual budget and financial projections. Moreover, our management uses Adjusted EBITDA of target companies to evaluate acquisitions.

Although we use EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share as measures to assess the performance of our business and for the other purposes set forth above, the use of non-GAAP financial measures as analytical tools has limitations, and you should not consider any of them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with U.S. GAAP. Some of these limitations are:

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not reflect the significant interest expense, or the cash requirements necessary to service interest payments on our indebtedness.

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and the cash requirements for such replacements are not reflected in EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin.

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share exclude the cash expense we have incurred to integrate acquired businesses into our operations, which is a necessary element of certain of our acquisitions.

The omission of the substantial amortization expense associated with our intangible assets further limits the usefulness of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not include the payment of taxes, which is a necessary element of our operations.

Because of these limitations, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share should not be considered as measures of cash available to us to invest in the growth of our business. Management compensates for these limitations by not viewing EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share in isolation and specifically by using other U.S. GAAP measures, such as net sales and operating profit, to measure our operating performance. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share are not measurements of financial performance under U.S. GAAP, and they should not be considered as alternatives to net income or cash flow from operations determined in accordance with U.S. GAAP. Our calculations of EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share may not be comparable to the calculations of similarly titled measures reported by other companies.

Future Looking Statements

This press release includes express or implied forward-looking statements. Forward-looking statements include all statements that are not historical facts, including those that reflect our current views with respect to, among other things, our operations and financial performance. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words or similar terms and phrases may identify forward-looking statements in this press release, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release, including, but not limited to, the statements under the heading "Full Year 2025 Outlook - Revised* and "Full Year 2026 Outlook*" are based on management's current expectations and are not guarantees of future performance. Our expectations and beliefs are expressed in management's good faith, and we believe there is a reasonable basis for them, however, the forward-looking statements are subject to various known and unknown risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: the almost exclusive focus of our business on the aerospace and defense industry; our heavy reliance on certain customers for a significant portion of our sales; our ability to timely close on the LMB acquisition; the fact that we have in the past consummated acquisitions and our intention to continue to pursue acquisitions, and that our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations; and the other risks and uncertainties described in Part I, Item 1A of the Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 31, 2025, and other periodic reports filed by the Company from time to time with the SEC.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in the forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.

Contact
Ian McKillop
Loar Holdings Inc. Investor Relations
[email protected]

Loar Holdings Inc.
Table 1: Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands except share amounts)

September 30, 2025

December 31, 2024

Assets

Current assets:

Cash and cash equivalents

$

98,955

$

54,066

Accounts receivable, net

78,571

63,834

Inventories

105,471

92,639

Other current assets

10,891

9,499

Income taxes receivable

1,588

632

Total current assets

295,476

220,670

Property, plant and equipment, net

78,107

76,605

Finance lease assets

1,963

2,171

Operating lease assets

5,856

5,584

Other long-term assets

22,604

17,389

Intangible assets, net

424,459

434,662

Goodwill

705,581

693,537

Total assets

$

1,534,046

$

1,450,618

Liabilities and equity

Current liabilities:

Accounts payable

$

17,653

$

12,086

Current portion of finance lease liabilities

261

232

Current portion of operating lease liabilities

699

603

Income taxes payable

2,622

1,984

Accrued expenses and other current liabilities

28,648

26,901

Total current liabilities

49,883

41,806

Deferred income taxes

34,361

32,892

Long-term debt, net

279,357

277,293

Finance lease liabilities

2,967

3,170

Operating lease liabilities

5,347

5,136

Other long-term liabilities

1,935

1,816

Total liabilities

373,850

362,113

Commitments and contingencies

Equity:

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

-

-

Common stock, $0.01 par value, 485,000,000 shares authorized; 93,622,471 and 93,556,071 issued and outstanding at September 30, 2025 and December 31, 2024, respectively

936

936

Additional paid-in capital

1,120,701

1,108,225

Retained earnings (accumulated deficit)

39,075

(20,560

)

Accumulated other comprehensive loss

(516

)

(96

)

Total equity

1,160,196

1,088,505

Total liabilities and equity

$

1,534,046

$

1,450,618

Loar Holdings Inc.
Table 2: Condensed Consolidated Statements of Net Income
(Unaudited, amounts in thousands except per common share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net sales

$

126,751

$

103,519

$

364,533

$

292,378

Cost of sales

59,973

50,615

171,850

147,515

Gross profit

66,778

52,904

192,683

144,863

Selling, general and administrative expenses

35,758

30,186

105,758

80,362

Transaction expenses

1,846

1,444

4,290

2,549

Other (expense) income, net

(154

)

1,574

(154

)

4,441

Operating income

29,020

22,848

82,481

66,393

Interest expense, net

6,012

9,962

18,952

38,332

Refinancing costs

-

-

-

1,645

Income before income taxes

23,008

12,886

63,529

26,416

Income tax benefit (provision)

4,598

(4,230

)

(3,894

)

(7,870

)

Net income

$

27,606

$

8,656

$

59,635

$

18,546

Net income per common share:

Basic

$

0.29

$

0.10

$

0.64

$

0.21

Diluted

$

0.29

$

0.09

$

0.62

$

0.20

Weighted average common shares outstanding:

Basic

93,622

89,704

93,588

88,722

Diluted

95,875

91,931

95,912

90,755

Loar Holdings Inc.
Table 3: Condensed Consolidated Statements of Cash Flows
(Unaudited, amounts in thousands)

Nine Months Ended September 30,

2025

2024

Operating Activities

Net income

$

59,635

$

18,546

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

Depreciation

8,874

8,183

Amortization of intangibles and other long-term assets

29,060

22,249

Amortization of debt issuance costs

670

931

Recognition of inventory step-up

45

276

Stock-based compensation

10,617

7,568

Deferred income taxes

(2,753

)

(141

)

Non-cash lease expense

451

438

Refinancing costs

-

1,645

Adjustment to contingent consideration liability

-

(2,856

)

Changes in assets and liabilities:

Accounts receivable

(13,276

)

(4,331

)

Inventories

(9,559

)

(13,694

)

Other assets

(7,399

)

(4,455

)

Accounts payable

4,430

2,825

Income taxes payable

204

109

Accrued expenses and other current liabilities

1,278

(1,513

)

Environmental liabilities

-

(1,145

)

Operating lease liabilities

(420

)

(392

)

Net cash provided by operating activities

81,857

34,243

Investing Activities

Capital expenditures

(7,493

)

(6,406

)

Proceeds from sale of fixed assets

-

322

Payments for acquisitions, net of cash acquired

(32,813

)

(383,222

)

Net cash used in investing activities

(40,306

)

(389,306

)

Financing Activities

Net proceeds from issuance of common stock

-

325,408

Proceeds from exercise of stock options

1,859

-

Proceeds from issuance of long-term debt

1,500

360,000

Payments of long-term debt

-

(287,881

)

Financing costs and other, net

-

(8,876

)

Payments of finance lease liabilities

(173

)

(137

)

Net cash provided by financing activities

3,186

388,514

Effect of translation adjustments on cash and cash equivalents

152

239

Net increase in cash and cash equivalents

44,889

33,690

Cash and cash equivalents, beginning of period

54,066

21,489

Cash and cash equivalents, end of period

$

98,955

$

55,179

Supplemental information

Interest paid during the period, net of capitalized amounts

$

19,399

$

37,495

Income taxes paid during the period, net

$

7,676

$

7,925

Loar Holdings Inc.
Table 4: Reconciliation of Net income to EBITDA and Adjusted EBITDA
(Unaudited, dollars in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net income

$

27,606

$

8,656

$

59,635

$

18,546

Adjustments:

Interest expense, net

6,012

9,962

18,952

38,332

Refinancing costs

-

-

-

1,645

Income tax (benefit) provision

(4,598

)

4,230

3,894

7,870

Operating income

29,020

22,848

82,481

66,393

Depreciation

2,926

2,775

8,874

8,183

Amortization

9,863

7,945

29,060

22,249

EBITDA

41,809

33,568

120,415

96,825

Adjustments:

Recognition of inventory step-ups (1)

45

276

45

276

Other expense (income), net (2)

154

(1,574

)

154

(4,441

)

Transaction expenses (3)

1,846

1,444

4,290

2,549

Stock-based compensation (4)

3,878

3,094

10,617

7,568

Acquisition and facility integration costs (5)

1,377

1,288

3,839

3,381

Adjusted EBITDA

$

49,109

$

38,096

$

139,360

$

106,158

Net sales

$

126,751

$

103,519

$

364,533

$

292,378

Net income margin

21.8

%

8.4

%

16.3

%

6.3

%

Adjusted EBITDA Margin

38.7

%

36.8

%

38.2

%

36.3

%

Represents accounting adjustments to inventory associated with acquisitions of businesses that were charged to cost of sales when inventory was sold.

Represents a $2.9 million reduction in the estimated contingent purchase price for the CAV acquisition and $1.7 million of proceeds from the settlement of buyer-side representations and warranties insurance covering the acquisition of DAC during the nine months ended September 30, 2024 and $1.7 million of proceeds from the settlement of buyer-side representations and warranties insurance covering the acquisition of DAC during the three months ended September 30, 2024.

Represents third party transaction-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred. During the nine months ended September 30, 2025, approximately $0.9 million of costs related to the secondary stock offering from which we did not receive any proceeds were also included in transaction expenses.

Represents the non-cash compensation expense recognized by the Company for equity awards.

Represents costs incurred to integrate acquired businesses and product lines into our operations, facility relocation costs and other acquisition-related costs.

Loar Holdings Inc.
Table 5: Sales by End-Market
(Unaudited, amounts in thousands)

Three Months Ended September 30,

2025

2024

OEM
Net Sales

Aftermarket
Net Sales

Total
Net Sales

OEM
Net Sales

Aftermarket
Net Sales

Total
Net Sales

Commercial Aerospace

$

20,659

$

38,169

$

58,828

$

15,824

$

29,058

$

44,882

Business Jet and General Aviation

19,859

12,738

32,597

19,911

10,121

30,032

Total Commercial

40,518

50,907

91,425

35,735

39,179

74,914

Defense

13,752

15,032

28,784

10,152

11,810

21,962

Non-Aerospace

3,315

3,227

6,542

2,976

3,667

6,643

Total

$

57,585

$

69,166

$

126,751

$

48,863

$

54,656

$

103,519

Nine Months Ended September 30,

2025

2024

OEM
Net Sales

Aftermarket
Net Sales

Total
Net Sales

OEM
Net Sales

Aftermarket
Net Sales

Total
Net Sales

Commercial Aerospace

$

56,163

$

105,408

$

161,571

$

46,316

$

81,101

$

127,417

Business Jet and General Aviation

57,177

36,440

93,617

53,556

29,253

82,809

Total Commercial

113,340

141,848

255,188

99,872

110,354

210,226

Defense

39,810

49,227

89,037

26,793

32,681

59,474

Non-Aerospace

8,836

11,472

20,308

10,727

11,951

22,678

Total

$

161,986

$

202,547

$

364,533

$

137,392

$

154,986

$

292,378

Loar Holdings Inc.
Table 6: Reconciliation of Earnings Per Share to Adjusted Earnings Per Share
(Unaudited, amounts in thousands except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Reported earnings per share

Net income

$

27,606

$

8,656

$

59,635

$

18,546

Denominator for basic and diluted earnings per common share:

Weighted-average common shares outstanding - basic

93,622

89,704

93,588

88,722

Effect of dilutive common shares

2,253

2,227

2,324

2,033

Weighted average common shares outstanding-diluted

95,875

91,931

95,912

90,755

Net income per common share-basic

$

0.29

$

0.10

$

0.64

$

0.21

Net income per common share-diluted

$

0.29

$

0.09

$

0.62

$

0.20

Adjusted Earnings Per Share

Net income

$

27,606

$

8,656

$

59,635

$

18,546

Refinancing costs

-

-

-

1,645

Gross adjustments to EBITDA

7,300

4,528

18,945

9,333

Tax adjustment (1)

(1,607

)

235

(3,631

)

(880

)

Adjusted net income

$

33,299

$

13,419

$

74,949

$

28,644

Adjusted Earnings Per Share - diluted

0.35

0.15

0.78

0.32

Diluted earnings per share to Adjusted Earnings Per Share

Net income per common share-diluted

$

0.29

$

0.09

$

0.62

$

0.20

Adjustments to diluted earnings per share:

Refinancing costs

-

-

-

0.02

Other expense (income)

-

(0.02

)

-

(0.05

Transaction expenses

0.02

0.02

0.05

0.03

Stock-based compensation

0.04

0.04

0.11

0.08

Acquisition and facility integration costs

0.02

0.02

0.04

0.05

Tax adjustment (1)

(0.02

)

-

(0.04

)

(0.01

)

Adjusted Earnings Per Share - diluted

$

0.35

$

0.15

$

0.78

$

0.32

The tax adjustment represents the tax effect of the adjustments at the applicable effective tax rate. To determine the applicable effective tax rate, transaction expenses, stock-based compensation, and acquisition and facility integration costs are excluded from adjusted net income and therefore we have excluded the impact those items have on the effective tax rate.

SOURCE: Loar Group Inc.

SummaryFrom its recent highs in mid-September, Pagaya's stock collapsed from the mid-$40s to the low-$20s going into the Q3 print; raising concerns among PGY shareholder base.In today's report, we review Pagaya's Q3 2025 results, and re-run the stock through TQI's Valuation Model to reach an informed investment decision on PGY stock.Is Pagaya a buy, sell, or hold? Read on to learn more.Black Friday Sale 2025: Get 20% Off We Are/DigitalVision via Getty Images

Introduction Back in July, I reiterated my "Strong Buy" rating for Pagaya Technologies Ltd. (PGY), citing favorable long-term risk/reward:

Pagaya Technologies Ltd.'s fundamentals, including robust Q2 preliminary results released this morning, justify its recent stock rally Analyst’s Disclosure:I/we have a beneficial long position in the shares of PGY either through stock ownership, options, or other derivatives. 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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NEW YORK, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Figure Technology Solutions, Inc. (Nasdaq: FIGR) today announced that its subsidiary, Figure Certificate Company (FCC), intends to begin minting $YLDS, a registered public debt security, natively on Solana. $YLDS is a security-version of stablecoin, designed to maintain a fixed dollar price and provide a continuous yield backed by U.S. Treasuries and Treasury repo agreements. Exponent Finance, a decentralized finance yield exchange platform on Solana, intends to be the first user of $YLDS.

The move marks the beginning of a broader, long-term ambition between Figure and Provenance Blockchain to build on Solana. As part of its efforts to promote real-world asset applications in DeFi, Figure intends to work with Provenance Blockchain to allow Solana users to access yield from a variety of Figure assets, including loans. Over the coming weeks, Figure expects to expand this collaboration with additional Solana-native integrations and initiatives that further demonstrate its leadership in bringing compliant, decentralized finance to scale.

“We are thrilled to partner with Exponent Finance as a first mover in bringing $YLDS to the Solana ecosystem,” said Mike Cagney, Figure’s co-founder and executive chairman. “We see this as a way to future-proof fiat rails onto Solana while bringing an SEC-registered yielding stablecoin to the ecosystem.”

Builders on Solana will be able to access $YLDS for payment, cross border remit, yield and settlement applications, including directly settling SOL trades with $YLDS. In the spirit of the partnership, Figure has begun accepting SOL as collateral for crypto backed loans with the intent to expand this to locked SOL and adopt Figure’s liquidation protection option for SOL-backed loans.

“Real-world assets (RWAs) on Solana are quickly approaching $1B, as everything from traditional assets to real estate and more are tokenized on onchain," said Lily Liu, President, Solana Foundation. "Figure’s integration builds on that momentum and demonstrates how regulated, yield-generating assets can enhance utility across the Solana ecosystem.”

$YLDS Delivers Three Key Advantages to the Solana Ecosystem:

Real-world utility: Unlike theoretical RWA concepts, $YLDS offers immediate, practical applications. The yield-bearing stablecoin, backed primarily by U.S. Treasuries, is already powering Figure's live Democratized Prime product on the Provenance Blockchain and will soon integrate with Exponent Finance's yield exchange protocol on Solana, demonstrating tangible DeFi utility from day one.Developer-ready composability: Built as a foundational primitive for Solana's DeFi ecosystem, $YLDS serves as a dependable base asset that developers can seamlessly integrate into their protocols, centered around a stable, yield-generating core.Institutional-grade credibility: Figure's track record speaks for itself, having originated over $19 billion in loans on public blockchain with a compliance-first approach. This proven operational history, combined with $YLDS's registration as a security, provides the institutional credibility and regulatory clarity that sets it apart from speculative RWA projects. With Figure's recent IPO, $YLDS brings battle-tested infrastructure to Solana's expanding DeFi landscape.
Explore how Figure is building compliant DeFi infrastructure by visiting ylds.com and explore Democratized Prime lending pools on figuremarkets.com.

About Figure Technology Solutions, Inc.

Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a Provenance Blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 200 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $19 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.

Figure is the market leader in real-world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.

Figure Certificate Company:

Investment products: Not FDIC Insured, No Bank Guarantee, May Lose Value.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the foregoing securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would not be permitted.

$YLDS Stablecoins are unsecured face-amount certificates and solely backed by the assets of Figure Certificate Company (FCC), who is the issuer of the certificates. More information about FCC and $YLDS can be found on FCC’s website, available Here.

You should consider the investment objectives, risks, charges and expenses of certificates carefully before investing. Download a free prospectus, which contains this and other important information about our certificates. Read the prospectus carefully before you invest. Figure Certificate Company Prospectus available Here

Figure Certificate Company is a wholly owned subsidiary of Figure Technology Solutions, Inc.

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TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Fox River Resources Corporation (“Fox River” or the “Company”) (CSE: FOX) is excited to announce the successful production of purified phosphoric acid (PPA), a crucial component for the lithium-iron-phosphate (“LFP”) battery supply chain.

During this milestone, the Company successfully completed testwork that identified all necessary unit operations required to upgrade merchant grade acid to PPA, laying the groundwork for building a dedicated PPA production facility. The proprietary technology and testing, provided by JESA Technologies LLC, confirmed the suitability of Martison concentrate for PPA production. The envisioned PPA facility is designed for integration within a phosphate fertilizer complex, which will recover byproducts rich in P2O5 through adjustments in product mix and feed compositions throughout the complex.

Fox River intends to supply its PPA to prospective LFP battery manufacturers for initial evaluation and testing.

Stephen Case, CEO of Fox River, commented, “Our successful PPA production demonstrates Martison’s versatility and expands the potential market opportunities for the project. It also underpins our commitment to securing a reliable, domestic phosphate fertilizer supply for Canadian farmers, while supporting the growing LFP battery market. We are grateful to the Ontario Ministry of Energy and Mines for their support in advancing Martison as a new source of critical minerals.”

Technical Information

The scientific and technical disclosure for Fox River Resources included in this news release have been reviewed and approved by Mr. James Byrd. Mr. Byrd is a chemical engineer and a “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has verified the data disclosed in this news release.

About Fox River Resources

Fox River Resources holds a 100% interest in the Martison Phosphate Project near Hearst, Ontario. Planned as a vertically integrated operation, the project harnesses a high-grade, large-scale igneous phosphate deposit—capable of providing secure domestic supplies of phosphate fertilizers as well as PPA for the LFP battery industry. The project’s Anomaly A deposit underpins a positive preliminary economic assessment with an effective date of April 21, 2022. More information is available at www.fox-river.ca or via Fox River’s SEDAR+ profile.

For further information, please contact:

Stephen D. Case
President & Chief Executive Officer
Tel: (416) 972-9222
www.fox-river.ca

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

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, production of purified phosphoric acid, exploration results, potential mineralization, potential extraction of niobium and rare earth elements, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Fox River Resources Corporation, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of the outcome of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, and exploration risk . For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Fox River’s filings with Canadian securities regulators available on SEDAR+. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. These forward-looking statements are made as of the date hereof and Fox River disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

VANCOUVER, British Columbia, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce additional drill results from the Trapper Gold Target from the 2025 season. High-grade intervals were observed, in cases accompanied by visible gold. A total of 6272m was drilled at the Trapper Target from 30 holes this season. Assays are pending for the remaining 10 holes. The zone remains open for expansion in multiple directions. This news release presents assay results for gold only, with the exception of hole THN25-360, for which partial results for other elements are included. Multi-element data will be disclosed once received.

Highlights

Hole THN25-360 returned 18.50m of 3.39 g/t gold, 7.45 g/t silver, and 0.57% zinc from 90.50m depth. Including 3.00m of 15.69 g/t gold, 31.57 g/t silver, and 2.33% zinc from 96.00m depth. Hole THN25-361 returned 23.50m of 3.33 g/t gold from 92.00m depth. Including 0.50m of 112.00 g/t gold from 112.00m depth. Hole THN25-363 returned 25.50m of 3.16 g/t gold from 116.00m depth. Including 2.65m of 7.38 g/t gold from 122.00m depth.Including 0.50m of 10.80 g/t gold from 127.15m depth.Including 8.35m of 4.63 g/t gold from 133.15m depth. Chairman, CEO, Gary R. Thompson stated, “We are thrilled to share another round of strong drill results from the Trapper Gold Target, which continue to underscore the exceptional potential of this emerging gold system. The intercept reported earlier this season of 22.15 meters grading 4.44 g/t gold, including a high-grade interval of 1.50 meters at 57.20 g/t gold, is particularly encouraging and speaks to the robust mineralization we’re seeing at depth. These results reinforce our confidence in the scale, grade, and continuity of the Trapper zone. With assays still pending and the zone remaining open for expansion, we believe we are only beginning to uncover the full extent of this exciting target.”

Figure 1. Trapper Gold Target Plan Map for Holes THN25-360, THN25-361, and THN25-363.

Figure 2. Cross Section Looking South Showing Holes THN25-360, THN25-361, and THN25-363.

Table 1. Select Assay Intervals in Holes THN25-360, THN25-361, and THN25-363.

Hole IDFromToIntervalGoldSilverZincmetermetermeterg/tg/t%THN25-36090.50109.0018.503.397.450.57including96.0099.003.0015.6931.572.33THN25-36192.00115.5023.503.33Multi-element assays pendingincluding92.5094.001.504.16including112.00112.500.50112.00THN25-36360.0072.5012.501.99including68.5072.504.004.32THN25-363116.00141.5025.503.16including122.00124.652.657.38including127.15127.650.5010.80including133.15141.508.354.63
Assay values are weighted averages. Reported intervals are drilling length, and the true width of the mineralized intervals has not yet been determined.

Discussion

Drill holes THN25-360, THN25-361, and THN25-363 were strategically positioned to test and infill the interpreted central upper mineralized body at the Trapper Target. All holes were collared from the same location. These holes were oriented to intersect the mineralized trend perpendicularly, aiming to assess the potential true width of the mineralized zone (Figure 2).

Gold mineralization at the Trapper Target is hosted within Triassic lapilli tuff, which has been intruded by Cretaceous quartz diorite and feldspar porphyry dikes of undetermined age. The mineralized zones are associated with vein assemblages containing pyrite, sphalerite, and galena. All three lithological units contain gold, with higher-grade intervals typically found near the contacts between these units, while lower-grade mineralization is present between the reported intervals. In addition to gold, mineralization at Trapper is accompanied by silver, zinc, lead, and copper. For example, hole THN25-360 returned high-grade gold alongside significant silver and zinc values (Figure 5). Analytical results for silver and other elements in holes THN25-361 and THN25-363 are currently pending from the laboratory.

The three holes intercepted mineralization over intervals ranging from 18.5m to 25.5m, with gold grades above 3.33 g/t Au. High-grade intervals were observed in all holes, including visible gold, as seen in hole THN25-361 (Figures 3 and 4), with 112.00 g/t Au over 0.5m.

Figure 3. Photograph of HQ Size Core, showing mineralization in Hole THN25-361 at 112.2m with visible gold within veins of pyrite, sphalerite, chalcopyrite, and galena.

Figure 4. Close-up Photograph of HQ Size Core, showing visible gold in Hole THN25-361 at 112.2m.

Figure 5. Representative core boxes of holes THN25-360, THN25-361 and THN25-363 showing high-grade gold mineralized intervals.

Table 2. Collar Information for Holes THN25-360, THN25-361, and THN25-363.

Hole IDEasting (m)Northing (m)Elevation (m)AzimuthDipDepth (m)THN25-360630373.964855981276215-60176THN25-361630373.964855981276215-45164THN25-363630373.964855981276215-80188
Quality Assurance & Quality Control

Quality assurance and quality control protocols for drill core sampling were developed by Brixton. Core samples were mostly taken at 1.5m intervals. High-grade intervals were taken at 0.40m to 1.00m intervals. Blank, duplicate (lab pulp), and certified reference materials were inserted at a combined rate of up to 15%. Core samples were cut in half, bagged, zip-tied, and sent directly to the ALS Minerals preparation facility in Whitehorse, Yukon, or Langley, British Columbia, depending on available lab capacity. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Samples were analyzed at ALS Laboratory Facilities in North Vancouver, British Columbia, for gold by fire assay with an atomic absorption finish. Ag, Pb, Cu, and Zn, as well as 48 additional elements, were analyzed using a four-acid digestion with an ICP-MS finish. Overlimits for gold were analyzed using fire assay and gravimetric finish. The certified reference materials were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia, and the standards inserted varied depending on the type and abundance of mineralization visually observed in the primary sample. Blank material used consisted of non-mineralized siliceous landscaping rock. A copy of the QAQC protocols can be viewed at the Company’s website.

Qualified Person (QP)

Miss Madeline Berry, P.Geo., is a Project Geologist, who is a Qualified Person as defined by National Instrument 43-101. Miss Berry has verified the referenced data and analytical results disclosed in this press release and has approved the technical information presented herein.

About Brixton Metals Corporation

Brixton Metals is a Canadian exploration company focused on advancing its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario, and the Atlin Goldfields Project located in northwest BC, which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.

On Behalf of the Board of Directors

Mr. Gary R. Thompson, Chairman and CEO
[email protected]

For Investor Relations inquiries, please contact: Mr. Michael Rapsch, Vice President Investor Relations. email: [email protected] or call Tel: 604-630-9707

Follow us on:
LinkedIn | Twitter/X | Facebook | Instagram

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.

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. 

Links:

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November 12, 2025 07:30 ET

 | Source:

Forterra

Washington, D.C., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Forterra, the company redefining autonomy and mission system interoperability for defense and logistics, today announced it closed a $238 million Series C in equity and debt. The round was led by Moore Strategic Ventures, joined by new investors including Salesforce Ventures, Franklin Templeton, Balyasny Asset Management, 645 Ventures, Hanwha Asset Management, 9Yards Capital and NightDragon, alongside participation from existing investors XYZ Venture Capital, Hedosophia and Enlightenment Capital. Doubling down on their investment into Forterra, Crescent Cove provided both equity and debt, showing continued support since Forterra’s Series A in 2021.

Forterra’s mission is to set the operating standard for autonomy in the most complex, high-stakes environments. Its systems are built to automate vehicles and transform operations for entire fleets and missions, intelligently, flexibly and without compromise.

“Autonomous systems are an operational imperative,” said Josh Araujo, CEO of Forterra. “This funding propels Forterra’s mission to be the connective tissue of modern operations. Our interoperable mission modules and autonomous stack are already enabling a new generation of platforms to move, sense and act without limits.”

"Forterra has successfully delivered both the hardware and operating system needed for the future of autonomous ground operations," said Robert Keith, Partner at Salesforce Ventures. "They are among the few leading defense technology companies that have secured contracts with impactful programs of record. We’re excited to support this exceptional team on their growth journey."

“Forterra’s momentum—spanning contracts, partnerships and new capabilities—shows they can field interoperable autonomy at scale,” said James Cross, managing director at Franklin Templeton. “We’re thrilled to partner with Forterra as they build a category-defining company.”

The funding will support Forterra’s continued innovation in communications, command and control systems, and enhance production capacity for edge computing platforms serving defense and emerging mission domains.

This latest investment comes on the heels of a string of contract wins for Forterra, including the first ground autonomy production contract with the DoD for ROGUE Fires with the Marine Corps, a $114 million Prime contract to deploy autonomous breaching systems for the Army, Phase II for the Army’s GEARS program and a $4.8 million contract for the Army’s UxS Program. Forterra also recently announced the expansion of its product suite and the acquisition of mobile mesh network company goTenna, in addition to announcing a series of partnerships,  including Volvo Defense, BAE Systems, CHAOS Industries and RTX’s Raytheon.

These milestones are part of a broader movement with defense customers demanding systems that are intelligent, interoperable, and capable of working across complex missions and command structures in all domains.  To learn more about the role Forterra plays in the future of autonomous mission systems for defense, go to forterra.com.

About Forterra  

Forterra delivers autonomous mission systems for defense. From self-driving land systems to coordinated swarms of robotic systems, Forterra builds scalable, robust, mission-critical hardware and software platforms that empower its customers to deploy autonomy as a force multiplier, extending reach, survivability and effectiveness across the battlespace and industrial applications. Forterra is headquartered in Clarksburg, Md., with offices in Arlington, Va., Winter Park, Fl., Ketchum, Id. and Palo Alto, Ca. To learn more, go to forterra.com.  

Contact Info

Sanaz Tahernia
[email protected]
+1 240-631-0008

Business development: Secures royalty economic interests in two early stage partnered assets through XOMA Royalty’s announced expected acquisition of LAVA Therapeutics.

Company acquisitions: •Completed XOMA Royalty’s acquisitions of Turnstone Biologics and HilleVax; • announced acquisitions of LAVA Therapeutics and Mural Oncology; • acted as structuring agent for XenoTherapeutics’ acquisition of ESSA Pharma.

Key Pipeline advancements: • Zevra Therapeutics submitted a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) seeking marketing approval for arimoclomol as a treatment for Niemann-Pick Type C; • Rezolute Bio reconfirmed its expectations to announce topline data in December from its Phase 3 ersodetug trial in patients with congenital hyperinsulinism (HI) and announced alignment with FDA on streamlined design for ongoing Phase 3 trial of ersodetug in tumor HI; •Gossamer Bio expects topline results from PROSERA, its Phase 3 trial of seralutunib in pulmonary atrial hypertension (PAH), in February 2026.

Cash receipts: In the first nine months of 2025, XOMA Royalty received $43.9 million in royalties and milestones from its partners, including $14.3 million from royalties during the third quarter.

EMERYVILLE, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) -- XOMA Royalty Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported its 2025 third quarter and year to date financial results and highlighted recent actions that have the potential to deliver additional shareholder value.

“We continue to execute on innovative ways to increase optionality within our portfolio while maintaining a healthy cash balance and limiting dilution to our shareholders,” stated Owen Hughes, Chief Executive Officer of XOMA Royalty. “Growing royalty receipts reflect solid commercial execution on the part of our partners.  We look forward to several clinical readouts over the coming months and quarters that, if positive, can meaningfully shape our business trajectory.”

Royalty and Milestone Acquisitions

CompanyAsset and Transaction DetailLAVA TherapeuticsXOMA Royalty will secure an economic interest in PF-08046052, which is being developed by Pfizer, and JNJ-89853413, which is being developed by Johnson & Johnson, upon closing its acquisition of LAVA.   Company Acquisitions

CompanyTransaction DetailsTurnstone BiologicsXOMA Royalty acquired Turnstone for $0.34 in cash per share of Turnstone common stock plus one non-transferable contingent value right (CVR).  HilleVaxXOMA Royalty acquired HilleVax for a cash payment of $1.95 per share plus a non-transferable CVR that entitles holders to receive certain potential payments.  LAVA TherapeuticsXOMA Royalty will acquire LAVA for (i) an initial cash amount per share of $1.04 plus (ii) a non-transferable CVR per share representing the right to receive certain cash payments, including (A) the previously announced rights to receive, among other things, 75% of the net proceeds related to LAVA’s two partnered assets plus 75% of any net proceeds from any out license or sale of LAVA’s unpartnered programs, plus (B) a new right to receive up to approximately $0.23 per CVR depending on the final determination after closing of certain potential liabilities.Mural OncologyXOMA Royalty will acquire Mural Oncology through its wholly owned subsidiary XRA 5 Corp. for between $2.035 and $2.24 in cash per share. The acquisition is expected to close in the fourth quarter of 2025.1,2XenoTherapeutics Acquisition of ESSA PharmaXOMA Royalty acted as structuring agent for XenoTherapeutics’ completed acquisition of ESSA Pharma. Pipeline Partner Updates through November 10, 2025

PartnerEventRezoluteIn September, Rezolute announced it had achieved alignment with FDA on a significantly streamlined clinical development path for its ongoing Phase 3 study (upLIFT) of ersodetug for the treatment of tumor HI. Topline results are expected in the second half of 2026.3TakedaThe first patient was dosed in Takeda’s Phase 3 clinical trial investigating mezagitamab as a treatment for adults with IgA Nephropathy.Zevra TherapeuticsOn July 28, Zevra announced it had submitted an MAA to EMA for the evaluation of arimoclomol for the treatment of Niemann-Pick Disease Type C (NPC)4.Gossamer BioActivated first clinical site for the global, registrational Phase 3 SERANATA study examining seralutinib in patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD) in the fourth quarter of 20255.Daré BiosciencesAnnounced positive interim safety and efficacy results from its ongoing Phase 3 clinical trial evaluating the contraceptive effectiveness, safety, and acceptability of Ovaprene®, an investigational monthly, hormone-free intravaginal contraceptive.6 Anticipated Partner Events of Note through Mid-2026

PartnerEventRezoluteAnnounces topline data in December 20257 from sunRIZE Phase 3 clinical trial, which is investigating ersodetug in infants and children with congenital HI.Gossamer BioPublishes topline results from the Phase 3 PROSERA Study evaluating seralutinib in Functional Class II and III PAH patients5.Daré BioscienceMakes DARE to PLAY™ Sildenafil Cream available commercially via prescription in the fourth quarter of 2025 as a compounded drug under Section 503B of the Federal Food, Drug, and Cosmetic Act.8Commences one of two registrational Phase 3 clinical trials investigating Sildenafil Cream, 3.6%, for the treatment of female sexual arousal disorder9. Discussions with FDA regarding endpoint assessment for Phase 3 clinical studies of Sildenafil Cream, 3.6% continue8.

Day One BiopharmaceuticalsPer the Day One conference call held on November 4, 2025, Ipsen, Day One’s partner outside the U.S., expects to receive EMA regulatory decision on its application to commercialize tovorafenib in the European Union. 1 https://investors.xoma.com/news-events/press-releases/detail/482/mural-oncology-announces-entry-into-agreement-to-be 
2 http://ml.globenewswire.com/Resource/Download/538d82a8-0fae-4d41-8687-71845b9b67c2 
3 https://ir.rezolutebio.com/news/detail/361/rezolute-announces-alignment-with-fda-on-streamlined-design-for-ongoing-phase-3-trial-of-ersodetug-in-tumor-hyperinsulinism 
4 https://investors.zevra.com/news-releases/news-release-details/zevra-therapeutics-submits-marketing-authorization-application 
5 https://ir.gossamerbio.com/news-releases/news-release-details/gossamer-bio-announces-third-quarter-2025-financial-results-and 
6 https://ir.darebioscience.com/news-releases/news-release-details/positive-interim-phase-3-results-highlight-potential-ovaprener 
7 https://ir.rezolutebio.com/news/detail/366/rezolute-reports-first-quarter-fiscal-2026-financial-results-and-provides-business-update 
8 https://ir.darebioscience.com/news-releases/news-release-details/dare-bioscience-reports-second-quarter-2025-financial-results 
9 https://ir.darebioscience.com/news-releases/news-release-details/dare-bioscience-announces-phase-3-plans-sildenafil-cream-36 

Third Quarter and Year to Date 2025 Financial Results

Tom Burns, Chief Financial Officer of XOMA Royalty, commented, “In the first nine months of 2025, we have received $43.9 million in cash from partners, of which $30.3 million were royalty payments related to commercial sales and $13.6 million in milestone payments and fees.  In the third quarter, we received $14.3 million in cash from our partners’ commercial sales.  With well-executed commercialization efforts by our partners and the emergence of new commercial opportunities from within our portfolio, XOMA Royalty has the potential to become a self-sustaining entity from royalties alone over the near term.”

Income and Revenue: Income and revenue for the three and nine months ended September 30, 2025, were $9.4 million and $38.4 million, respectively, as compared with $7.2 million and $19.8 million for the corresponding periods of 2024.  The increase in both periods presented was primarily driven by increased income related to VABYSMO and OJEMDA.

Research and Development (R&D) Expenses: R&D expenses for the three and nine months ended September 30, 2025, were $69 thousand and $1.4 million, respectively, compared with $0.8 million and $2.0 million for each of the corresponding periods of 2024.  R&D expenses in the first quarter of 2025 and the three- and nine-month periods of 2024 were related to the clinical trial costs incurred subsequent to XOMA Royalty’s acquisition of Kinnate in April 2024 related to KIN-3248 and the associated wind-down activities.

General and Administrative (G&A) Expenses: G&A expenses for the three and nine months ended September 30, 2025, were $9.7 million and $25.7 million, respectively, as compared with $8.0 million and $27.5 million for the corresponding periods of 2024.  The increase of $1.7 million for the three months ended September 30, 2025, as compared to the same period in 2024, was primarily due to an increase in business development and deal-related costs, partially offset by a decrease in stock-based compensation expense. For the nine months ended September 30, 2025, the decrease of $1.8 million, as compared to the same period in 2024, was primarily due to costs related to exit packages for Kinnate senior leadership in the second quarter of 2024 and a decrease in stock-based compensation expense, partially offset by an increase in business development and deal-related costs.

XOMA Royalty’s G&A expenses included non-cash stock-based compensation expenses during the three and nine months ended September 30, 2025, of $1.8 million and $5.4 million, respectively, as compared to $2.6 million and $8.1 million for the corresponding periods of 2024.  The 2024 periods reflect non-cash stock-based compensation related to the appointment of Mr. Hughes to full-time Chief Executive Officer and issuance of performance stock units.

Credit Losses on Purchased Receivables: During the nine months ended September 30, 2024, XOMA Royalty recorded one-time, non-cash credit losses on purchased receivables associated with the Aronora and Agenus assets.  To date, there have been no credit losses in 2025.

Amortization of Intangible Assets: Amortization of intangible assets relates to the IP acquired in the Company’s acquisitions of Pulmokine in November 2024 and the mezagitamab economics from the BioInvent transaction in May 2025.  Amortization of non-cash intangible assets were $0.9 million and $2.1 million for the three and nine months ended September 30, 2025.

Gains on Acquisitions: In the third quarter of 2025, XOMA Royalty recorded gains on acquisitions of $17.9 million for HilleVax and $1.8 million for Turnstone.

Interest Expense: For the three and nine months ended September 30, 2025, interest expense was $3.3 million and $10.0 million, respectively, as compared with $3.5 million and $10.4 million for the corresponding periods of 2024.  Interest expense relates to the Blue Owl Loan established in December 2023.

Other Income, net: For the three and nine months ended September 30, 2025, other income, net was $0.7 million and $8.5 million, respectively, as compared with $1.9 million and $5.9 million for the corresponding periods of 2024.

Net Income: XOMA Royalty reported net income of $14.1 million and $25.6 million for the three and nine months ended September 30, 2025, as compared to net losses of $17.2 million and $9.9 million in the corresponding periods of 2024.

Cash Position: On September 30, 2025, XOMA Royalty had cash and cash equivalents of $130.6 million, including $85.4 million in restricted cash.  The restricted cash balance included $43.3 million related to the assumed HilleVax lease, $39.9 million reserved to fund the Mural acquisition, and $2.2 million related to the Blue Owl Loan.  Cash and cash equivalents of $106.4 million as of December 31, 2024, included $4.8 million in restricted cash related to the Blue Owl Loan.

In the third quarter of 2025, XOMA Royalty received $14.3 million in cash receipts from royalties and commercial payments and paid $1.4 million in dividends on the XOMA Royalty Perpetual Preferred stocks.  In the first nine months of 2025, XOMA Royalty received $43.9 million in cash receipts, including $30.3 million in royalties and commercial payments and $13.6 million in milestone payments and fees.  During the first nine months of 2025, XOMA Royalty deployed $25.0 million to acquire additional assets for its royalty and milestone portfolio, repurchased approximately 108,510 shares of its common stock for a cost of $2.4 million, and paid $4.1 million in dividends on the XOMA Royalty Perpetual Preferred stocks.

About XOMA Royalty Corporation
XOMA Royalty is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health.  XOMA Royalty acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies.  When XOMA Royalty acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes.  The Company has an extensive and growing portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate).  For more information about the Company and its portfolio, please visit www.xoma.com or follow XOMA Royalty Corporation on LinkedIn.

Forward-Looking Statements/Explanatory Notes
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the timing and amount of potential commercial payments to XOMA Royalty and other developments related to VABYSMO® (faricimab-svoa), OJEMDA™ (tovorafenib), MIPLYFFA™ (arimoclomol), XACIATO™ (clindamycin phosphate) vaginal gel 2%, IXINITY® [coagulation factor IX (recombinant)], DSUVIA® (sufentanil sublingual tablet), and Sildenafil Cream, 3.6%; the potential occurrences of the events listed under “Anticipated 2025 Events of Note”; the anticipated timings of regulatory filings and approvals related to assets in XOMA Royalty’s portfolio; and the potential of XOMA Royalty’s portfolio of partnered programs and licensed technologies generating substantial milestone and royalty proceeds over time.  In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will”, “would,” “could” or “should,” the negative of these terms or similar expressions.  These forward-looking statements are not a guarantee of XOMA Royalty’s performance, and you should not place undue reliance on such statements.  These statements are based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry, including those related to the fact that our product candidates subject to out-license agreements are still being developed, and our licensees may require substantial funds to continue development which may not be available; we do not know whether there will be, or will continue to be, a viable market for the products in which we have an ownership or royalty interest; and if the therapeutic product candidates to which we have a royalty interest do not receive regulatory approval, our third-party licensees will not be able to market them.  Other potential risks to XOMA Royalty meeting these expectations are described in more detail in XOMA Royalty's most recent filing on Form 10-Q and in other filings with the Securities and Exchange Commission.  Consider such risks carefully when considering XOMA Royalty's prospects.  Any forward-looking statement in this press release represents XOMA Royalty's beliefs and assumptions only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date.  XOMA Royalty disclaims any obligation to update any forward-looking statement, except as required by applicable law.

EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development.  Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development.

As of the date of this press release, the commercial assets in XOMA Royalty’s milestone and royalty portfolio are VABYSMO® (faricimab-svoa), OJEMDA™ (tovorafenib), MIPLYFFA™ (arimoclomol), XACIATO™ (clindamycin phosphate) vaginal gel 2%, IXINITY® [coagulation factor IX (recombinant)], and DSUVIA® (sufentanil sublingual tablet). All other assets in the milestone and royalty portfolio are investigational compounds. Efficacy and safety have not been established. There is no guarantee that any of the investigational compounds will become commercially available.

XOMA ROYALTY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share amounts)           Three Months Ended
September 30, Nine Month Ended
September 30,   2025   2024   2025   2024  Income and Revenues:        Income from purchased receivables under the EIR method$6,962  $5,423  $19,039  $9,985  Income from purchased receivables under the cost recovery method 1,857   1,040   9,125   1,910  Revenue from contracts with customers 225   25   9,250   6,050  Revenue recognized under units-of-revenue method 307   709   978   1,828  Total income and revenues 9,351   7,197   38,392   19,773           Operating expenses:        Research and development 69   817   1,431   2,011  General and administrative 9,734   8,020   25,682   27,485  Credit losses on purchased receivables -   14,000   -   23,000  Amortization of intangible assets 878   -   2,077   -  Total operating expenses 10,681   22,837   29,190   52,496           Income (Loss) from operations (1,330)  (15,640)  9,202   (32,723)          Other income (expense)        Gains on acquisitions 18,004   -   18,004   19,316  Change in fair value of embedded derivative related to RPA -   -   -   8,100  Interest expense (3,301)  (3,493)  (10,004)  (10,446) Other income, net 727   1,890   8,456   5,900  Net income$14,100  $(17,243) $25,658  $(9,853) Income tax expense$(49) $-  $(49) $-  Net income (loss)$14,051  $(17,243) $25,609  $(9,853)                  Net income (loss) available to (attributable to) common stockholders, basic$8,981  $(18,611) $15,192  $(13,957) Basic net income per share available to common stockholders$0.74  $(1.59) $1.26  $(1.20) Weighted average shares used in computing basic net income per share available to common stockholders 12,137   11,712   12,038   11,645           Net income (loss) available to (attributable to) common stockholders, diluted$12,683  $(18,611) $21,505  $(13,957) Diluted net income per share available to common stockholders$0.70  $(1.59) $1.20  $(1.20) Weighted average shares used in computing diluted net income per share available to common stockholders 18,141   11,712   17,932   11,645            XOMA ROYALTY CORPORATION  CONDENSED CONSOLIDATED BALANCE SHEETS  (unaudited) (in thousands, except share and per share amounts)         September 30, December 31,    2025   2024   ASSETS   Current assets:     Cash and cash equivalents$45,189  $101,654   Short-term restricted cash 45,288   1,330   Investment in equity securities 1,521   3,529   Trade and other receivables, net 3,573   1,839   Short-term royalty and commercial payment receivables under the EIR method 13,269   14,763   Short-term royalty and commercial payment receivables under the cost recovery method 900   413   Prepaid expenses and other current assets 967   2,076   Total current assets 110,707   125,604         Long-term restricted cash 40,076   3,432   Property and equipment, net 24   32   Operating lease right-of-use assets 272   319   Long-term royalty and commercial payment receivables under the EIR method 4,678   4,970   Long-term royalty and commercial payment receivables under the cost recovery method 57,864   55,936   Exarafenib milestone asset 3,500   3,214   Investment in warrants 595   -   Intangible assets, net 44,556   25,909   Other assets - long term 879   1,861   Total assets$263,151  $221,277         LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY     Current liabilities:     Accounts payable$2,654  $1,053   Accrued and other liabilities 4,134   5,752   Contingent consideration under RPAs, AAAs, and CPPAs -   3,000   Operating lease liabilities 2,508   446   Unearned revenue recognized under units-of-revenue method 1,320   1,361   Preferred stock dividend accrual 1,368   1,368   Current portion of long-term debt 14,345   11,394   Contingent value rights liabilities - current portion 1,976   -   Total current liabilities 28,305   24,374         Unearned revenue recognized under units-of-revenue method – long-term 3,473   4,410   Exarafenib milestone contingent consideration 3,500   3,214   Long-term operating lease liabilities 20,678   483   Long-term debt 94,382   106,875   Contingent value rights liabilities - long-term 4,807   -   Deferred tax liability 49   -   Total liabilities 155,194   139,356         Convertible preferred stock, $0.05 par value, 5,003 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024 20,019   20,019         Stockholders’ equity:     8.625% Series A cumulative, perpetual preferred stock, $0.05 par value, 984,000 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024 49   49   8.375% Series B cumulative, perpetual preferred stock, $0.05 par value, 3,600 shares authorized, 1,600 shares issued and outstanding as of September 30, 2025 and December 31, 2024 —   —   Common stock, $0.0075 par value, 277,333,332 shares authorized, 12,310,300 and 11,952,377 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 92   90   Additional paid-in capital 1,301,542   1,298,747   Accumulated other comprehensive income 121   73   Accumulated deficit (1,213,866)  (1,237,057)  Total stockholders’ equity 87,938   61,902   Total liabilities, convertible preferred stock and stockholders’ equity$263,151  $221,277                XOMA ROYALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)(in thousands)       Nine Months Ended September 30,  2025   2024 Cash flows from operating activities:     Net income$25,609  $(9,853)Adjustments to reconcile net income to net cash provided by (used in) operating activities:     Adjustment for income from EIR method purchased receivables 627   (9,985)Stock-based compensation expense 5,358   8,136 Gains on acquisitions (18,004)  (19,316)Credit losses on purchased receivables —   23,000 Gain on sale of equity securities (3,663)  — Income tax expense 49   — Common stock contribution to 401(k) 141   118 Amortization of intangible assets 2,077   — Depreciation 8   8 Accretion of long-term debt discount and debt issuance costs 1,136   996 Non-cash lease expense 47   45 Change in fair value of equity securities (1,230)  (624)Change in fair value of available-for-sale debt securities classified as cash equivalents 49   104 Change in fair value of derivatives 10   — Changes in assets and liabilities:     Trade and other receivables, net (1,187)  (41)Prepaid expenses and other assets 1,839   (72)Accounts payable and accrued liabilities (3,248)  (1,348)Operating lease liabilities (268)  (185)Unearned revenue recognized under units-of-revenue method (978)  (1,828)Net cash provided by (used in) operating activities 8,372   (10,845)      Cash flows from investing activities:     Net cash acquired in Kinnate acquisition —   18,926 Net cash, cash equivalents and restricted cash acquired in Turnstone acquisition 3,943   — Net cash, cash equivalents and restricted cash acquired in HilleVax acquisition 46,832   — Payments of consideration under RPAs, AAAs, and CPPAs (8,000)  (37,000)Receipts under RPAs, AAAs, and CPPAs 3,139   26,263 Payment for BioInvent contract-based intangible asset (20,725)  — Payment of contingent consideration related to Kinnate IP asset (550)  — Purchase of property and equipment —   (17)Purchase of equity securities (99)  — Sale of equity securities 6,999   — Net cash used in investing activities 31,539   8,172       Cash flows from financing activities:     Principal payments – debt (10,598)  (6,902)Debt issuance costs and loan fees paid in connection with long-term debt (80)  (740)Payment of preferred stock dividends (4,104)  (4,104)Repurchases of common stock (2,395)  (13)Proceeds from exercise of options and other share-based compensation 3,422   4,127 Taxes paid related to net share settlement of equity awards (2,019)  (2,429)Net cash used in financing activities (15,774)  (10,061)      Net increase (decrease) in cash, cash equivalents, and restricted cash 24,137   (12,734)Cash, cash equivalents, and restricted cash at the beginning of the period 106,416   159,550 Cash, cash equivalents, and restricted cash at the end of the period$130,553  $146,816       Supplemental Cash Flow Information:    Cash paid for interest$11,906  $9,985 Cash paid for taxes$277  $— Non-cash investing and financing activities:    Accrual of contingent value rights liability in the Turnstone acquisition$1,110  $— Accrual of contingent value rights liability in the HilleVax acquisition$5,673  $— Right-of-use assets obtained in exchange for operating lease liabilities in the HilleVax acquisition$22,525  $— Relative fair value basis reduction of right-of-use assets in the HilleVax acquisition$(22,525) $— Transaction costs in connection with the Turnstone acquisition included in accounts payable$92  $— Transaction costs in connection with the HilleVax acquisition included in accounts payable and accrued expenses$449  $— Excise tax accrual due to stock repurchases$24  $— Preferred stock dividend accrual$1,368  $1,368 Estimated fair value of the Exarafenib milestone asset$—  $2,922 Estimated fair value of the Exarafenib milestone contingent consideration$—  $2,922 Right-of-use assets obtained in exchange for operating lease liabilities in the Kinnate acquisition$—  $824 Relative fair value basis reduction of rights-of-use assets in the Kinnate acquisition$—  $(824)Accrual of contingent consideration under the Affitech CPPA$—  $3,000 Accrual of contingent consideration under the LadRX AAA$—  $1,000       

Recurring Revenue up 16% - Another Record

TORONTO, ON / ACCESS Newswire / November 12, 2025 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in IoT-based asset management solutions since 1997, today announced its financial results for the three and six months ended September 30, 2025, reporting a new record for recurring revenue.

Unless otherwise noted herein, all amounts are in thousands of Canadian dollars except share and per share information.

First Quarter and Sequential Highlights (for the three months ended September 30, 2025 compared to September 30, 2024)

Record recurring revenue of $1,386 increased by 16% or $187 compared to $1,199.

Total revenue of $1,528 increased by 20% or $259 compared to $1,269.

Gross profit of $909 increased by 11% or $92 compared to $817.

Net income of $136 increased 368% or $107 compared to $29.

Cancellation of 611,000 common shares repurchased under the normal course issuer bid.

"We are proud to announce that we have set another record in recurring revenues, which increased by 16% compared to the prior year," said Mike Robb, President and Chief Executive Officer of AirIQ. "This is a strong quarter where we've achieved increases across every major revenue and profit metric. Building on this momentum, subsequent to quarter-end, we were successful in completing a strategic acquisition that expands our recurring revenue stream. As a result, our annualized recurring revenues have now surpassed the $6 million threshold. We anticipate that continued sales and marketing success will generate even greater rates of growth in revenue and profitability in the future", continued Mr. Robb.

All dollar amounts set out herein are in Canadian dollars.

Financial Statements & MDA

The Company's unaudited consolidated condensed interim financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings, Inc., AirIQ U.S., Inc., and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.

The Company's unaudited consolidated interim financial statements for the three months ended June 30, 2025 and 2024 including notes thereto, and Management's Discussion and Analysis for the same period are being filed with the Canadian securities regulatory authorities on today's date, and will be available on the Company's website (www.airiq.com) and on the System for Electronic Document Analysis and Retrieval ("SEDAR") website (www.sedarplus.ca). The Company's financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings, Inc., AirIQ U.S., Inc., and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.

About AirIQ

AirIQ (TSXV:IQ) was founded in 1997 and is a pioneer in IoT based asset management solutions. AirIQ's solutions allow commercial businesses to reliably, effectively and efficiently monitor assets in near real time. The Company develops iOS and Android mobile and web-based applications, and cloud-based solutions that stand-alone or that can be readily integrated with existing software. AirIQ solutions are mixed fleet capable and provide fleet reporting, maintenance, compliance, safety and analytics utilizing multiple hardware options including a fully integrated video telematics camera solution and a battery powered solution for non-powered assets. For additional information on AirIQ please visit the Company's website at www.airiq.com or follow us on LinkedIn.

Forward-looking Statements

This news release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, AirIQ's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "hope", "goal", "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. These statements are based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including AirIQ's perception of historical trends, current conditions and expected future developments as well as other factors management believes are appropriate in the circumstances. Such forward-looking statements are as of the date which such statement is made and are subject to a number of known and unknown risks, uncertainties and other factors, which could cause actual results or events to differ materially from future results expressed, anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, changes in market and competition, technological and competitive developments and potential downturns in economic conditions generally. Therefore, actual outcomes may differ materially from those expressed in such forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Other than as may be required by law, AirIQ disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of such information, future events or otherwise.

* * *

For more information please contact:

AirIQ Inc.,
Michael Robb, President and Chief Executive Officer,
(905) 831-6444
[email protected]

Neither 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.

SOURCE: AirIQ, Inc.

FREMONT, CA / ACCESS Newswire / November 12, 2025 / Aehr Test Systems (NASDAQ:AEHR), a worldwide supplier of semiconductor test and burn-in solutions, today announced the shipment of its Dual-Echo™ test and burn-in system to a leading global market leader in analog and embedded chips. This highlights the increasing momentum for Aehr's lower-power package-level burn-in systems, complementing demand for its wafer-level burn-in solutions.

Aehr is seeing increased capacity needs and demand from its installed base of over 100 Echo systems across more than 20 semiconductor companies worldwide. This growing demand reflects broader market opportunities for Aehr's low-power package-part burn-in systems in both existing and new markets.

Gayn Erickson, President and CEO of Aehr Test Systems stated, "In addition to the continued strength we are seeing in our wafer-level burn-in business, particularly with multiple leading companies requesting benchmark evaluations for their AI processors since just our last earnings call, we are seeing increasing demand for our package-level burn-in systems. This includes our Sonoma ultra-high-power systems, as well as increased demand for our lower-power Echo and Tahoe systems. With a growing installed base of top-tier customers using our Echo and Tahoe systems, we are committed to these customers and are well positioned to increase our market penetration."

Alberto Salamone, Aehr's Executive Vice President for packaged part burn-in, stated, "The Echo continues to demonstrate exceptional reliability and performance, making it one of the most trusted logic burn-in solutions in the market. As we expand our production capacity and scale, we're seeing strong demand for our lower-power package-level systems, complementing the growth we're achieving with our high-power Sonoma systems."

The Echo line of packaged part burn-in systems is configured to test low power logic and mixed-signal devices that dominate semiconductor shipments across a wide range of applications, from consumer to industrial to application-specific devices. The Echo system is part of Aehr's broader portfolio of packaged-part burn-in solutions that include the Tahoe™ system for medium-power logic and mixed-signal burn-in and the Sonoma" for very high-power A.I. processor burn-in.

The Echo packaged part burn-in system offers semiconductor companies several key advantages including:

Advanced and Intuitive Software: The system features an intuitive graphical user interface with advanced debug capabilities, allowing engineers to debug patterns on-the-fly in a reliability engineering environment. It also provides a secured interface for production use.

Cost-Effective, High-Parallelism Hardware: The modular, multi-chamber hardware design allows for cost-effective, high parallelism testing and includes up to four independent thermal zones. In addition to its standard digital test capabilities, the ECHO also supports analog features for mixed-signal devices.

About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and packaged part form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, advanced artificial intelligence (AI) processors, data and telecommunications infrastructure, and solid-state memory and storage, are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-P TM families of test and burn-in systems and FOX WaferPak TM Aligner, FOX WaferPak Contactor, FOX DiePak ® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power packaged part reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.

Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future requirements and orders of Aehr's new and existing customers; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing, including the growth of the markets referred to herein; Aehr's ability to integrate Incal efficiently; and the timing and extent to which the acquisition is accretive. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

# # #

Contacts:
Aehr Test Systems
Vernon Rogers
EVP of Sales & Marketing
(510) 623-9400 x215
[email protected]

MKR Investor Relations Inc.
Todd Kehrli or Jim Byers
Analyst/Investor Contact
(213) 277-5550
[email protected]

SOURCE: Aehr Test Systems

WRA Holdings to present the National Railway Master Plan for the Republic of Costa Rica on Wednesday for government review and approval

SCOTTSDALE, AZ / ACCESS Newswire / November 12, 2025 / Eco Innovation Group, Inc. (OTCID:ECOX) ("ECOX") and WRA Holdings, Inc. ("WRA") are pleased to announce that WRA Holdings will present the National Railway Master Plan for the Republic of Costa Rica on Wednesday to the Government of Costa Rica through its national rail authority, the Instituto Costarricense de Ferrocarriles (INCOFER). The presentation marks an important step in advancing the project toward government review and approval as part of Costa Rica's long-term transportation and sustainability strategy.

The Master Plan envisions a comprehensive rail network linking the entire Costa Rican territory from coast to coast and from border to border, forming the backbone of a modern and sustainable transport system. While its primary focus is the development of a national freight rail corridor, the plan also provides for passenger service integration, supporting urban and interurban mobility and reducing dependence on road-based transport.

"This project represents a historic opportunity for Costa Rica to modernize its logistics infrastructure, strengthen regional trade flows, and enhance environmental resilience," said Cornel Alvarado, President and CEO of WRA Holdings, Inc. "The railway network will serve as a strategic engine for economic growth, generating thousands of jobs and stimulating industrial and agricultural production throughout the country and Central America."

The National Railway Master Plan forms part of WRA's broader infrastructure and environmental redevelopment portfolio in Costa Rica, which includes national logistics corridors, port modernization, renewable energy conversion, and waste-to-energy facilities. Together, these initiatives aim to transform Costa Rica into a regional gateway for sustainable trade and transport, reinforcing the nation's commitment to decarbonization and inclusive development.

"Costa Rica's rail renaissance will be a catalyst for regional integration," added Alvarado. "It connects production centers, ports, and communities across the isthmus, promoting efficiency, safety, and environmental stewardship while attracting long-term investment from both the public and private sectors."

The company intends to complete technical, financial, and environmental studies for submission to INCOFER and relevant government agencies in early 2026. Upon government endorsement, WRA plans to open the initiative to international partners and investors to support design, construction, and operation phases under public-private partnership frameworks consistent with Costa Rica's infrastructure development policies.

"WRA's progress with the National Railway Master Plan demonstrates how vision moves into execution," said Richard Hawkins, CEO of Eco Innovation Group. "This milestone underscores Costa Rica's commitment to sustainable, forward-looking infrastructure, and we look forward to supporting WRA as it continues advancing these efforts."

Quarterly Filing Update and Debt Resolution Progress

The Company is pleased to announce the filing of its Quarterly Report for the period ended September 30, 2025, maintaining full reporting compliance with OTC Markets. This filing reflects management's ongoing commitment to providing timely and transparent information to our shareholders.

As disclosed in the filing, the Company's convertible notes payable totaled less than $600,000 as of September 30, 2025, as detailed in Section 3B of the filing. In response to shareholder inquiries regarding recent stock issuances, management notes that this debt balance has continued to decline since quarter end as the Company works through legacy creditor obligations. Management views this as a relatively manageable debt level compared to other OTC issuers and intends to fully settle these balances upon completion of the proposed merger with WRA Holdings, Inc, if not sooner.

Management remains committed to resolving these legacy creditor relationships on terms that protect and enhance shareholder value. The Company has not incurred any new debt financing in over three years and does not intend to pursue dilutive financing arrangements going forward. The Company is currently in negotiations with the Preferred C holder to settle their remaining balance of ~$32,500 as of today. The conversion of this class of security has resulted in high levels of dilution after Friday's merger announcement. The company remains committed to resolving this balance and has committed funding in place to settle this. The Company's efforts are focused exclusively on negotiating favorable settlements with remaining legacy creditors to eliminate these obligations and strengthen the Company's capital structure in preparation for the proposed merger.

A follow-up release is planned after Wednesday's presentation to summarize results and outline next steps. Shareholders and interested parties can view or download a complete presentation at the following link: View the full Costa Rica Visioning Presentation here

About WRA Holdings, Inc.
WRA Holdings, Inc. is a multinational infrastructure development and investment company focused on public- and private-partnership projects that drive economic growth, environmental renewal, and urban redevelopment. The company's flagship Costa Rica initiative integrates national rail, airport, and logistics systems, port revitalization, waste-to-energy conversion, clean-water programs, and healthcare infrastructure to build a cleaner, more connected nation and foster regional connectivity and long-term prosperity across Central America.

About Eco Innovation Group, Inc.
Eco Innovation Group, Inc. (OTCID:ECOX) is a Nevada corporation focused on providing strategic advisory and compliance services tailored to micro-cap and small-cap public companies and private enterprises preparing to enter the public markets. ECOX bridges the gap between under-resourced issuers and capital markets access by structuring and supporting share-exchange mergers, public offerings, and other transactions that create pathways for growth and shareholder value.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements regarding the Company's plans, objectives, expectations, and intentions, including statements regarding potential acquisitions, SEC registration, exchange uplisting, share cancellations, and future business operations. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "should," "will," "would" and similar expressions identify forward-looking statements. These statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Important factors that could cause such differences include, but are not limited to: the ability to complete acquisitions on favorable terms or at all; the ability to integrate acquired businesses successfully; risks inherent in the mining, energy storage, and infrastructure sectors; regulatory and permitting risks; market conditions; competitive factors; the ability to obtain financing; the ability to engage audit firms and complete audited financial statements; the ability to achieve and maintain compliance with SEC and exchange listing requirements; and general economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

CONTACT:
Investor Relations
[email protected]

SOURCE: Eco Innovation Group, Inc

November 12, 2025 7:30 AM EST | Source: MTB Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2025) - MTB Metals Corp.  (TSXV: MTB) (OTCQB: MBYMF) (FSE: M9U) ("MTB" or the "Company") is pleased to announce that further to its news release dated October 17, 2025, it has filed with the applicable Canadian securities regulatory authorities a management information circular dated November 5, 2025 (the "Circular") and related meeting materials (together with the Circular, the "Meeting Materials") of MTB for use at the special meeting (the "Meeting") of MTB shareholders (the "Shareholders") and MTB optionholders (together with the Shareholders, the "Securityholders") to be held in connection with the proposed plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) involving MTB and ExGen Resources Inc. ("ExGen").

At the Meeting, Securityholders will be asked to consider a special resolution (the "Arrangement Resolution") approving the Arrangement pursuant to which ExGen will acquire all of the issued and outstanding common shares of MTB (the "Shares"). Pursuant to the Arrangement, each Shareholder will receive 0.286 of a common share of ExGen in exchange for each Share held (the "Exchange Ratio"), with the result that the current Securityholders of MTB will become securityholders of ExGen and will hold approximately 36.88% of the combined company.

The board of directors of MTB (the "Board") recommends that Securityholders vote FOR the Arrangement Resolution.

Additional details with respect to the Arrangement, the reasons for the recommendation of the Board as well as the potential benefits and risks of the Arrangement are described in the Circular, which Securityholders are encouraged to read in its entirety.

Details of the Meeting

The Meeting is scheduled to be held at 1111 West Hastings Street, 15th Floor, Vancouver, BC V6E 2J3, at 10:00 a.m. (Vancouver time) on December 11, 2025, subject to adjournment or postponement. Securityholders are encouraged to carefully read the notice of meeting, the Circular and other Meeting Materials for information concerning the Arrangement, the Arrangement Resolution and voting. Only Securityholders of record as at the close of business on October 30, 2025 are eligible to vote at the Meeting.

Meeting Materials

MTB has commenced the mailing of copies of the Meeting Materials to Securityholders entitled to vote on the Arrangement at the Meeting. Securityholders are able to vote, either directly or by proxy, or indirectly via their intermediary.

The Meeting Materials are available under MTB's profile on SEDAR+ at www.sedarplus.ca. The Meeting Materials have also been posted in a prominent location on MTB's website and are accessible electronically at https://www.mtb-metals.com/investors/financial-statements/.

Filing of Telegraph Technical Report

The Company also announces that, in connection with the Arrangement, the Company has filed a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "Technical Report") on the Telegraph Property, a copper-gold project strategically located adjacent to ExGen's DOK property interest in the Golden Triangle region of British Columbia.

The Telegraph Property is currently owned by MTB and will be transferred to ExGen upon completion of the Arrangement. The Technical Report, titled "Technical Report on the Telegraph Property 2025" and effective as of October 3, 2025, has been filed on SEDAR+ under the Company's profile at www.sedarplus.ca.

Telegraph Property

The Telegraph Property is located in the Liard Mining District in northwestern BC's Golden Triangle. The Property is located immediately west of Yehiniko Lake, approximately 45 km southwest of Telegraph Creek, BC and 1,075 km northwest of Vancouver. The terrain encompasses moderate to steep mountain topography typical of the area. Elevations range from 250 m above sea level to approximately 2,450 m above sea level at the summit of Crocus Mountain. Approximately 15% of The Property is covered by alpine glaciers.

The Technical Report was prepared by Brady Clift, P.Geo., an independent Qualified Person as defined by NI 43-101. Information of a scientific or technical nature in respect of the Telegraph Property in this news release is derived from the Technical Report.

About MTB Metals Corp.

MTB is advancing two copper-gold projects in the prolific Golden Triangle of northern British Columbia.

Telegraph: 350 square kilometre property located in the vicinity of 4 notable porphyry deposits all being explored or mined by major mining companies. Field work by MTB, together with earlier results, provides compelling evidence for the presence of one or more porphyries similar to the others in the area.

Southmore: 50 square kilometer property hosts several significant copper and gold occurrences. Surface samples include a sample with 12.7% copper and another with 29.4 g/t gold.

MTB also holds royalties on four projects in the Golden Triangle, including two past producing mines and it holds 480,072 shares of Dolly Varden Silver.

Neither 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.

Cautionary Statements Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding: the date of the Meeting; completion of the mailing of the Meeting Materials; the receipt of necessary Securityholder, court and regulatory approvals for the Arrangement; and the anticipated benefits of the Arrangement to Securityholders. These forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.

In respect of the forward-looking statements concerning the Arrangement, MTB has relied on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of MTB to conduct the Meeting as contemplated; the ability of MTB to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, securityholder, stock exchange and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Arrangement. The Arrangement timeline may change for a number of reasons, including inability to hold the Meeting as contemplated; inability to secure necessary regulatory, court, Securityholder, stock exchange or other third-party approvals in the time assumed; or the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning timing.

Risks and uncertainties that may cause such differences include but are not limited to: the risk that the Arrangement may not be completed on a timely basis, if at all; the conditions to the consummation of the Arrangement may not be satisfied; the risk that the Arrangement may involve unexpected costs, liabilities or delays; the possibility that legal proceedings may be instituted against MTB, ExGen and/or others relating to the Arrangement and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could result in termination of the Arrangement; risks relating to the failure to obtain necessary Securityholder, court or regulatory approval for the Arrangement; other risk factors as detailed from time to time and additional risks identified in MTB's and ExGen's filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Arrangement, may result in the Arrangement not being completed on the proposed terms, or at all. In addition, if the Arrangement is not completed, the announcement of the Arrangement and the dedication of substantial resources of MTB to the completion of the Arrangement could have a material adverse impact on each of MTB's share price, its current business relationships and on the current and future operations, financial condition, and prospects of MTB.

MTB expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273938

, /PRNewswire/ -- XPLR Infrastructure, LP (NYSE: XIFR) today announced a private offering of $750 million in aggregate principal amount of senior unsecured notes due 2034 (the "notes") by its direct subsidiary, XPLR Infrastructure Operating Partners, LP ("XPLR OpCo"), subject to market and other conditions. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by XPLR Infrastructure, LP and XPLR Infrastructure US Partners Holdings, LLC, a direct subsidiary of XPLR OpCo.

XPLR OpCo will add the net proceeds from the sale of the notes to its general funds. XPLR OpCo expects to use its general funds to pay any cash consideration that may become payable in connection with the offer to purchase its outstanding 3.875% senior notes due in October 2026 (the "OpCo 2026 notes") (such offer to purchase the OpCo 2026 notes, the "tender offer") that commenced substantially concurrently with the offering of the notes, and any related accrued interest, premiums, fees and expenses. XPLR OpCo also expects to use its general funds to repay outstanding debt, including to prefund a portion of the refinancing of the outstanding senior unsecured convertible notes due 2026 and any OpCo 2026 notes that are not tendered in the tender offer. XPLR OpCo may use its general funds for other general business purposes, including to fund investments to improve and expand its existing portfolio and investments in clean energy projects or assets or other investments. XPLR OpCo may temporarily invest in short-term instruments any proceeds that are not immediately used for these purposes.

The offer and sale of notes and the guarantees have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons under Regulation S under the Securities Act. The notes and the guarantees are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release is not intended to constitute an offer to, and the notes should not be purchased, held or otherwise acquired by, any "specified foreign entity" as defined in Section 7701(a)(51)(B) of the Internal Revenue Code of 1986, as amended ("specified foreign entity"). Each purchaser of the notes, by accepting such notes, will be deemed to have represented, warranted and agreed that it is not a "specified foreign entity." This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. This news release is not an offer to purchase or a solicitation of an offer to sell the OpCo 2026  notes. The tender offer is solely pursuant to an offer to purchase. This news release is not a notice of redemption for the OpCo 2026 notes.

XPLR Infrastructure, LP
XPLR Infrastructure, LP (NYSE: XIFR) is a limited partnership that has an ownership interest in a clean energy infrastructure portfolio with long-term, stable cash flows. XPLR Infrastructure is focused on delivering long-term value to its common unitholders through disciplined capital allocation of the cash flows generated by its assets and is positioning itself to benefit from the expected growth in the U.S. power sector. Headquartered in Juno Beach, Florida, XPLR Infrastructure's portfolio of contracted clean energy assets is diversified across generation technologies, including wind, solar and battery storage projects in the U.S.

Cautionary Statements and Risk Factors That May Affect Future Results 

This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of XPLR Infrastructure, LP (together with its subsidiaries, XPLR) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of XPLR's control. Forward-looking statements in this news release include, among others, statements concerning future financing activities. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of XPLR and its business and financial condition are subject to risks and uncertainties that could cause XPLR's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require XPLR to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: XPLR's business and results of operations are affected by the performance of its renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices for power; operation and maintenance of renewable energy projects, battery storage projects and other facilities involve significant risks that could result in unplanned power outages, reduced output or capacity, property damage, environmental pollution, personal injury or loss of life; XPLR's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather; XPLR depends on certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; developing and investing in power and related infrastructure, including repowering of XPLR's existing renewable energy projects, requires up-front capital and other expenditures and could expose XPLR to project development risks, as well as financing expense; threats of terrorism and catastrophic events that could result from geopolitical factors, terrorism, cyberattacks, or individuals and/or groups attempting to disrupt XPLR's business, or the businesses of third parties, may materially adversely affect XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; the ability of XPLR to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events at XPLR or NextEra Energy, Inc. (NEE), as well as the financial condition of insurers. XPLR's insurance coverage does not provide protection against all significant losses; XPLR relies on interconnection and transmission of third parties to deliver energy from certain of its projects. If these facilities become unavailable, XPLR's projects may not be able to operate or deliver energy; XPLR's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations and other standards, compliance with which may require significant capital expenditures, increase XPLR's cost of operations and affect or limit its business plans; XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan could be materially adversely affected by new or revised laws, regulations or executive orders, as well as by regulatory action or inaction; XPLR does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to XPLR's rights or the United States of America (U.S.) Bureau of Land Management suspends its federal rights-of-way grants; XPLR is subject to risks associated with litigation or administrative proceedings, as well as negative publicity; XPLR is subject to risks associated with its ownership interests in projects that undergo development or construction, including for repowering, and other capital improvements to its clean energy or other projects, which could result in its inability to complete development and construction at those projects on time or at all, and make those projects too expensive to complete or cause the return on an investment to be less than expected; XPLR relies on a limited number of customers and vendors and is exposed to credit and performance risk in that they may be unwilling or unable to fulfill their contractual obligations to XPLR or that they otherwise terminate their agreements with XPLR; XPLR may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs), lease agreement or other customer contracts at favorable rates or on a long-term basis and XPLR may not have the ability to amend existing PPAs for renewable energy repowering projects; if the energy production by or availability of XPLR's clean energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; XPLR's ability to develop and/or acquire assets involves risks; government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact XPLR and its ability to repower, acquire, develop or invest in clean energy and related projects; XPLR's ability to develop projects, including repowering renewable energy projects, faces risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; acquisitions of existing clean energy projects involve numerous risks; XPLR may develop or acquire assets that use other renewable energy technologies and may develop or acquire other types of assets. Any such development or acquisition may present unforeseen challenges and result in a competitive disadvantage relative to XPLR's more-established competitors; certain agreements which XPLR or its subsidiaries are parties to have provisions which may limit or preclude XPLR from engaging in specified change of control and similar transactions; XPLR faces substantial competition primarily from regulated utility holding companies, developers, independent power producers, pension funds and private equity funds for opportunities in the U.S.; regulatory decisions that are important to XPLR may be materially adversely affected by political, regulatory, operational and economic factors; XPLR may not be able to access sources of capital on commercially reasonable terms; restrictions in XPLR and its subsidiaries' financing agreements could adversely affect XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; XPLR may be unable to maintain its current credit ratings; XPLR's liquidity may be impaired if its credit providers are unable to fund their credit commitments to XPLR or to maintain their current credit ratings; as a result of restrictions on XPLR's subsidiaries' cash distributions to XPLR and XPLR Infrastructure Operating Partners, LP (XPLR OpCo) under the terms of their indebtedness or other financing agreements, cash distributions received by XPLR and XPLR OpCo from their subsidiaries could be reduced or not received at all; XPLR's and its subsidiaries' substantial amount of indebtedness, which may increase, may adversely affect XPLR's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness or refinance, extend or repay the indebtedness could have a material adverse effect on XPLR's financial condition; XPLR is exposed to risks inherent in its use of interest rate swaps; widespread public health crises and epidemics or pandemics may have material adverse impacts on XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; NEE has influence over XPLR; under the Cash Sweep and Credit Support Agreement, XPLR receives credit support from NEE and its affiliates. XPLR's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and XPLR will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) and certain of its affiliates are permitted to borrow funds received by XPLR OpCo or its subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by XPLR OpCo. XPLR's financial condition and ability to execute its business plan is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEER's right of first refusal may adversely affect XPLR's ability to consummate future sales or to obtain favorable sale terms; XPLR Infrastructure Partners GP, Inc. (XPLR GP) and its affiliates may have conflicts of interest with XPLR and have limited duties to XPLR and its unitholders; XPLR GP and its affiliates and the directors and officers of XPLR are not restricted in their ability to compete with XPLR, whose business is subject to certain restrictions; XPLR may only terminate the Management Services Agreement among XPLR, NextEra Energy Management Partners, LP (NEE Management), XPLR OpCo and XPLR Infrastructure Operating Partners GP, LLC under certain limited circumstances; if certain agreements with NEE Management or NEER are terminated, XPLR may be unable to contract with a substitute service provider on similar terms; XPLR's arrangements with NEE limit NEE's potential liability, and XPLR has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to XPLR than it otherwise would if acting solely for its own account; disruptions, uncertainty or volatility in the credit and capital markets, and in XPLR's operations, business and financing strategies, may exert downward pressure on the market price of XPLR's common units; XPLR may not make any distributions in the future to its unitholders as a result of the execution of its business plan; XPLR's ability to execute its business plan depends on the ability of XPLR OpCo's subsidiaries to make cash distributions to XPLR OpCo; holders of XPLR's units may be subject to voting restrictions; XPLR's partnership agreement replaces the fiduciary duties that XPLR GP and XPLR's directors and officers might have to holders of its common units with contractual standards governing their duties and the New York Stock Exchange does not require a publicly traded limited partnership like XPLR to comply with certain of its corporate governance requirements; XPLR's partnership agreement restricts the remedies available to holders of XPLR's common units for actions taken by XPLR's directors or XPLR GP that might otherwise constitute breaches of fiduciary duties; certain of XPLR's actions require the consent of XPLR GP; holders of XPLR's common units currently cannot remove XPLR GP without NEE's consent and provisions in XPLR's partnership agreement may discourage or delay an acquisition of XPLR that XPLR unitholders may consider favorable; NEE's interest in XPLR GP and the control of XPLR GP may be transferred to a third party without unitholder consent; reimbursements and fees owed to XPLR GP and its affiliates for services provided to XPLR or on XPLR's behalf will reduce cash distributions from XPLR OpCo and there are no limits on the amount that XPLR OpCo may be required to pay; the liability of holders of XPLR's units, which represent limited partnership interests in XPLR, may not be limited if a court finds that unitholder action constitutes control of XPLR's business; unitholders may have liability to repay distributions that were wrongfully distributed to them; the issuance of common units, or other limited partnership interests, or securities convertible into, or settleable with, common units, and any subsequent conversion or settlement, will dilute common unitholders' ownership in XPLR, will impact the relative voting strength of outstanding XPLR common units and issuance of such securities, or the possibility of issuance of such securities, as well as the resale, or possible resale following conversion or settlement, may result in a decline in the market price for XPLR's common units; XPLR's future tax liability may be greater than expected if XPLR does not generate net operating losses (NOLs) sufficient to offset taxable income, if the tax law changes, or if tax authorities challenge certain of XPLR's tax positions; XPLR's ability to use NOLs to offset future income may be limited; XPLR will not have complete control over XPLR's tax decisions; and distributions to unitholders may be taxable as dividends. XPLR discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and XPLR undertakes no obligation to update any forward-looking statements.

SOURCE XPLR Infrastructure, LP

– Alixorexton is the First Oral Orexin 2 Receptor Agonist to Demonstrate Efficacy in a Large Phase 2 Study in Patients With Narcolepsy Type 2, Supporting Advancement to Phase 3 –

– Alixorexton Met the Study's Dual Primary Endpoints, Demonstrating Statistically Significant and Clinically Meaningful Improvements in Wakefulness and Excessive Daytime Sleepiness Compared to Placebo in Patients With Narcolepsy Type 2 –

– Alixorexton Was Generally Well Tolerated at All Doses Tested –

– Company to Host Investor Webcast on Wednesday, Nov. 12 at 8:30 a.m. ET –

, /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today announced positive topline results from the Vibrance-2 dose-ranging phase 2 study evaluating alixorexton in patients with narcolepsy type 2 (NT2). Alixorexton, formerly referred to as ALKS 2680, is the company's novel, investigational, oral, selective orexin 2 receptor (OX2R) agonist in phase 2 development for the treatment of narcolepsy type 1 (NT1), NT2 and idiopathic hypersomnia (IH). In Vibrance-2, once-daily alixorexton met the dual primary endpoints, demonstrating statistically significant and clinically meaningful improvements from baseline compared to placebo on the Maintenance of Wakefulness Test (MWT) and Epworth Sleepiness Scale (ESS) at week eight. Alixorexton was generally well tolerated at all doses tested. Results from Vibrance-2 and the previously announced Vibrance-1 phase 2 study in patients with NT1 support rapid initiation of a global phase 3 program of alixorexton in patients with NT1 and NT2.

NT2 is a rare, chronic neurological sleep disorder that affects the brain's ability to regulate the sleep-wake cycle. NT2 is primarily characterized by excessive daytime sleepiness. The NT2 patient population is heterogeneous, with differences in symptom severity and treatment response.1 In contrast to NT1, in which orexin deficiency is well established, the pathophysiology of NT2 remains less clearly defined and is typically associated with normal orexin levels.2

In Vibrance-2, patients with NT2 (n=93) were randomized (1:1:1:1) to receive a once-daily dose of alixorexton (10 mg, 14 mg or 18 mg) or placebo for eight weeks. Topline results include:

Dual Primary Endpoints

MWT: Alixorexton demonstrated clinically meaningful improvements from baseline in mean sleep latency compared to placebo at week eight at all doses tested. Based on the pre-specified analysis, the 14 mg and 18 mg doses achieved statistical significance (p<0.05 adjusted for multiplicity).
ESS3: Alixorexton demonstrated clinically meaningful improvements from baseline in excessive daytime sleepiness compared to placebo on the ESS at week eight at all doses tested. Based on the pre-specified analysis, the 18 mg dose achieved statistical significance (p<0.05 adjusted for multiplicity).

Safety

Alixorexton was generally well tolerated across all doses tested throughout the eight-week, randomized, double-blind treatment period. Most treatment-emergent adverse events (TEAEs) were mild to moderate in severity. No serious TEAEs were reported. There were no safety signals observed in hepatic and renal parameters, vital signs or ECGs, and there were no treatment-related clinically meaningful changes on ophthalmic exams in the alixorexton-treated group.
The most common TEAEs4,5 were pollakiuria, insomnia, urinary urgency, dizziness and headache.
Approximately 95% of patients completed the eight-week double-blind portion of the trial and entered into the optional five-week open-label extension, which is ongoing.

"The alixorexton data from Vibrance-2 are the first demonstration in a large, randomized phase 2 study that an orexin 2 receptor agonist can drive clinically meaningful improvements in wakefulness and excessive daytime sleepiness in patients without known orexin deficiency, with a generally well tolerated profile. These data are exciting and represent an important breakthrough in advancing a potential new treatment option for patients living with narcolepsy type 2," said Emmanuel Mignot, M.D., Ph.D., Craig Reynolds Professor of Sleep Medicine in the Department of Psychiatry and Behavioral Sciences at Stanford University and the Director of the Stanford Center for Narcolepsy.

"The positive topline results from Vibrance-2 mark a significant milestone for the narcolepsy patient community and for the alixorexton development program. In Vibrance-2, alixorexton achieved statistically significant and clinically meaningful improvements on the primary efficacy endpoints with a generally well-tolerated profile in this heterogeneous patient population. The results of this study provide critical insights that will inform our registrational program," said Craig Hopkinson, M.D., Chief Medical Officer and Executive Vice President of Research & Development at Alkermes. "Alixorexton is the first and only oral orexin 2 receptor agonist to demonstrate efficacy in large randomized, double-blind, multi-week phase 2 studies across a range of once-daily doses in patients with narcolepsy type 1 and type 2. We are proud to lead the way in translating innovative science into a potential new treatment option for patients and look forward to moving alixorexton into phase 3 development as quickly as possible."

Alkermes plans to present detailed results from the Vibrance-2 phase 2 study, including exploratory patient-reported outcomes related to cognition and fatigue, at a future scientific meeting. Alkermes plans to initiate the alixorexton narcolepsy global phase 3 program in the first quarter of 2026. Vibrance-3, a phase 2 study evaluating the safety and efficacy of alixorexton in adults with IH (NCT06843590), is currently enrolling.

Conference Call and Webcast
Alkermes will host a webcast presentation and conference call with accompanying slides for analysts and investors to share additional data from the Vibrance-2 study on Wednesday, Nov. 12, 2025, at 8:30 a.m. ET (1:30 p.m. GMT). The webcast player may be accessed on the Investors section of Alkermes' website at www.alkermes.com. To participate in the question-and-answer session, please also dial in to the conference call, which may be accessed by dialing +1 877-407-2988 for U.S. callers and +1 201-389-0923 for international callers. A replay of the webcast will be archived on the company's website for 30 days following the presentation.

About the Vibrance-2 Phase 2 Study (NCT06555783)
Vibrance-2 is a phase 2, randomized, double-blind, dose-range-finding, placebo-controlled study evaluating the safety and efficacy of alixorexton (formerly referred to as ALKS 2680) in adults with narcolepsy type 2 (NT2). Participants (n=93) were randomized to receive one of three doses of alixorexton (10 mg, 14 mg or 18 mg) or placebo to be taken once-daily for eight weeks. The dual primary endpoints assessed whether participants taking alixorexton experienced an improvement in wakefulness compared to participants taking placebo, as measured by the change from baseline in mean sleep latency on the maintenance of wakefulness test (MWT) at week eight, and a greater decrease in sleepiness as measured by the change from baseline in Epworth Sleepiness Scale (ESS) score at week eight. The secondary endpoint evaluated the safety and tolerability of alixorexton in patients with NT2, including incidence of adverse events, vital signs and clinical laboratory assessments. The study also included a number of exploratory patient-reported outcome measures, which evaluated the effect of alixorexton on participants' disease severity, fatigue and cognition. All participants in the double-blind portion of the study were eligible to continue to an optional five-week open-label safety extension portion of the study, followed by a long-term safety study.

About Alixorexton
Alixorexton (formerly referred to as ALKS 2680) is a novel, investigational, oral, selective orexin 2 receptor (OX2R) agonist in phase 2 development as a once-daily treatment for narcolepsy type 1 (NT1), narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH). Orexin, a neuropeptide produced in the lateral hypothalamus, is considered to be the master regulator of wakefulness due to its activation of multiple, downstream wake-promoting pathways that project widely throughout the brain.6 Targeting the orexin system may address excessive daytime sleepiness across hypersomnolence disorders, whether or not deficient orexin signaling is the underlying cause of disease.7 Once-daily oral administration of alixorexton was previously evaluated in a phase 1 study in healthy volunteers and patients with NT1, NT2 and IH, and in Vibrance-1, a phase 2 study in patients with NT1. It is currently being evaluated in the phase 2 Vibrance-2 and Vibrance-3 studies in patients with NT2 and IH, respectively.

About Alkermes plc
Alkermes plc, a mid-cap growth and value equity, is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office and research and development center in Massachusetts and a manufacturing facility in Ohio. For more information, please visit Alkermes' website at www.alkermes.com.

Note Regarding Forward-Looking Statements
Certain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the potential therapeutic and commercial value of alixorexton (formerly referred to as ALKS 2680) and the company's expectations, including timelines, related to the alixorexton development program. The company cautions that forward-looking statements are inherently uncertain. Although the company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether initial clinical results for alixorexton will be predictive of results of future stages of ongoing clinical studies, future clinical studies or real-world results; whether ongoing or future clinical studies for alixorexton will be initiated or completed on expected timelines or at all; whether alixorexton could be shown to be ineffective or unsafe; potential changes in the cost, scope and duration of the alixorexton development program; and those risks and uncertainties described under the heading "Risk Factors" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release.

1 Ruoff C, Rye D. The ICSD-3 and DSM-5 guidelines for diagnosing narcolepsy: clinical relevance and practicality. Curr Med Res Opin. 2016;32(10):1611-1622. doi:10.1080/03007995.2016.1208643
2 Bassetti CLA, Adamantidis A, Burdakov D, et al. Narcolepsy – clinical spectrum, aetiopathophysiology, diagnosis and treatment. Nat Rev Neurol. 2019;15(9):519-539.
3 Epworth Sleepiness Scale: 8-item self-administered questionnaire that measures severity of excessive daytime sleepiness across multiple conditions over the past 7 days (≤10 = normative).
4 TEAEs in ≥10% among all alixorexton-treated patients.
5 Data cutoff as of the end of the double-blind randomized treatment period. Safety data collection is ongoing, and data are subject to change.
6 Buysse, D. Diagnosis and assessment of sleep and circadian rhythm disorders. Journal of Psychiatric Practice. 2005; 11(2):102-115
7 Ten-Blanco M, Flores A, Cristino L, Pereda-Perez I. Targeting the orexin/hypocretin system for the treatment of neuropsychiatric and neurodegenerative diseases: From animal to clinical studies. Frontiers in Neuroendocrinology. 2023;69(101066). https://www.sciencedirect.com/science/article/pii/S0091302223000146

Alkermes Contacts:
For Investors: Sandy Coombs,    +1 781 609 6377
For Media:      Gretchen Murphy,  +1 781 609 6419

SOURCE Alkermes plc

ORIX Corporation ( IX ) Q2 2026 Earnings Call November 12, 2025 2:30 AM EST Company Participants Sachiko Nakane Hidetake Takahashi - President, Group COO, Representative Executive Officer & Director Kazuki Yamamoto - Head of Corporate Planning & Investor Relations Conference Call Participants Masao Muraki - SMBC Nikko Securities Inc., Research Division Koki Sato - JPMorgan Chase & Co, Research Division Kazuki Watanabe - Daiwa Securities Co. Ltd., Research Division Naruhiko Sakamaki - Mizuho Securities Co., Ltd.

Third quarter 2025 GAAP net loss of $(12.5) million or $(0.57) per basic weighted average common share and 

Distributable Earnings(1) of $3.5 million or $0.16 per basic weighted average common share

AFC shareholders approve conversion from mortgage REIT to BDC

WEST PALM BEACH, Fla., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Advanced Flower Capital Inc. (Nasdaq: AFCG) (“Advanced Flower Capital,” “AFC,” or the “Company”) today announced its results for the quarter ended September 30, 2025.

AFC reported generally accepted accounting principles (“GAAP”) net loss of $(12.5) million or $(0.57) per basic weighted average common share and Distributable Earnings of $3.5 million or $0.16 per basic weighted average common share for the third quarter of 2025.

“We continue to make progress resolving our nonaccrual positions and driving loan repayments across our portfolio. There remains limited new capital entering the cannabis market, and our conversion opens the investment universe for AFC beyond real estate owners in cannabis. Today, we see meaningful lending opportunities in several attractive markets, and we are actively evaluating opportunities in the lower-middle market that we believe can generate attractive risk-adjusted returns for the benefit of our shareholders,” said Dan Neville, AFC’s Chief Executive Officer.

Shareholder Approval of Conversion to BDC

Last week, AFC announced that it held a special meeting of shareholders at which shareholders approved both proposals related to AFC’s previously announced plan to convert from a real estate investment trust (“REIT”) to a business development company (“BDC”).

“As a BDC, we expand AFC’s investable scope beyond real estate-backed loans and can pursue a broader set of opportunities across the market, which we believe will strengthen our ability to generate consistent, risk-adjusted returns,” said Leonard M. Tannenbaum, CFA, Chairman of the Board of Directors. “We believe this is a significant, positive step for AFC and our valued shareholders.”

AFC expects to complete the conversion in the first quarter of 2026 following satisfaction of customary conditions and applicable regulatory requirements.

Common Stock Dividend

On October 15, 2025, the Company paid a regular cash dividend of $0.15 per common share for the third quarter of 2025 to shareholders of record as of September 30, 2025.

Additional Information

Advanced Flower Capital issued a presentation of its third quarter 2025 results, titled “Third Quarter 2025 Earnings Presentation,” which can be viewed at advancedflowercapital.com under the Investor Relations section. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, with the Securities and Exchange Commission on November 12, 2025.

AFC routinely posts important information for investors on its website, advancedflowercapital.com. The Company intends to use this webpage as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. AFC encourages investors, analysts, the media and others interested in AFC to monitor the Investor Relations section of its website, in addition to following its press releases, SEC filings, public conference calls, presentations, webcasts and other information posted from time to time on the website. To sign-up for email-notifications, please visit the “Email Alerts” section of the website under the “IR Resources” section.

Conference Call & Discussion of Financial Results

Advanced Flower Capital will host a conference call at 10:00 am (Eastern Time) on Wednesday, November 12, 2025, to discuss its quarterly financial results. All interested parties are welcome to participate. The call will be available through a live audio webcast at the Investor Relations section of AFC’s website found here: AFC – Investor Relations. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The complete webcast will be archived for 90 days on the Investor Relations section of AFC’s website.

About AFC

Advanced Flower Capital Inc. (Nasdaq: AFCG) (“AFC”) is a leading commercial mortgage real estate investment trust (“REIT”) that primarily originates, structures, underwrites, invests in and manages senior secured mortgage loans and other types of loans and debt securities, with a specialization in loans to cannabis industry operators in states that have legalized medical and/or adult-use cannabis. Through its management team’s deep network and significant credit and cannabis expertise, AFC originates, structures, underwrites and manages loans ranging from $10 million to over $100 million, typically secured by quality real estate assets, license value (where applicable) and cash flows. AFC is based in West Palm Beach, Florida. For additional information regarding AFC, please visit advancedflowercapital.com.

Non-GAAP Metrics

In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable Earnings to evaluate our performance excluding the effects of certain transactions and GAAP adjustments we believe are not necessarily indicative of our current loan activity and operations. Distributable Earnings is a measure that is not prepared in accordance with GAAP. Distributable Earnings and the other capitalized terms not defined in this section have the meanings ascribed to such terms in our most-recently filed Quarterly Report on Form 10-Q. We use this non-GAAP financial measure both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that this non-GAAP financial measure and the information it provides is useful to investors since this measure permits investors and shareholders to assess the overall performance of our business using the same tools that our management uses to evaluate our past performance and prospects for future performance.

The determination of Distributable Earnings is substantially similar to the determination of Core Earnings under our Management Agreement, provided that Core Earnings is a component of the calculation of any Incentive Compensation earned under the Management Agreement for the applicable time period, and thus Core Earnings is calculated without giving effect to Incentive Compensation expense, while the calculation of Distributable Earnings accounts for any Incentive Compensation earned for such time period.

We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i) stock-based compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provision for (reversal of) current expected credit losses, (v) taxable REIT (as defined below) subsidiary (“TRS”) (income) loss, net of any dividends received from TRS and (vi) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our independent directors and after approval by a majority of such independent directors.

We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to shareholders in assessing the overall performance of our business. As a REIT, we are required to distribute at least 90% of our annual REIT taxable income, subject to certain adjustments, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the principal reasons that shareholders invest in our common stock, we generally intend to attempt to pay dividends to our shareholders in an amount at least equal to such REIT taxable income, if and to the extent authorized by our Board of Directors. Distributable Earnings is one of many factors considered by our Board of Directors in authorizing dividends and, while not a direct measure of net taxable income, over time, the measure can be considered a useful indicator of our dividends.

Distributable Earnings is a non-GAAP financial measure and should not be considered as a substitute for GAAP net income. We caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not be comparable to similar measures presented by other REITs.

The following table provides a reconciliation of GAAP Net income (loss) to Distributable Earnings:

 Three months ended
September 30, Nine months ended
September 30,  2025   2024  2025   2024         Net (loss) income$(12,490,506) $1,383,734 $(21,587,472) $17,775,739 Adjustments to net income (loss):       Stock-based compensation expense 487,436   218,643  1,525,687   1,131,208 Depreciation and amortization —   —  —   — Unrealized losses (gains) or other non-cash items 9,712,427   4,621,702  11,453,875   9,655,396 Provision for (reversal of) current expected credit losses2,3 7,372,778   181,370  20,747,674   (1,077,196)TRS (income) loss, net of dividends (1,542,335)  840,556  (671,730)  1,147,554 One-time events pursuant to changes in GAAP and certain non-cash charges —   —  —   — Distributable earnings$3,539,800  $7,246,005 $11,468,034  $28,632,701 Basic weighted average shares of common stock outstanding 22,114,761   20,684,149  22,109,088   20,493,375 Distributable earnings per basic weighted average share$0.16  $0.35 $0.52  $1.40                 Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our Manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio and implement our investment strategy; the demand for cannabis cultivation and processing facilities and dispensaries; management’s current estimate of expected credit losses and current expected credit loss reserve and other factors could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in AFC’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of AFC’s most recently filed periodic reports on Form 10-K, Form 10-Q and subsequent filings. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect AFC. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact

Robyn Tannenbaum
(561) 510-2293
[email protected]

Media Contact

Collected Strategies
Jim Golden / Jack Kelleher
[email protected]

––––––––––––––––––––––

1 Distributable Earnings is a non-GAAP financial measure. See the “Non-GAAP Metrics” section of this release for a reconciliation of GAAP Net Income to Distributable Earnings.
2 In the prior period, the provision for current expected credit losses above included zero and approximately $71.9 thousand for the three and nine months ended September 30, 2024, respectively, in connection with the Spin-Off, which was included in the net income from discontinued operations, net of tax financial statement line on the consolidated statements of operations.
3 The provision for (reversal of) current expected credit losses is presented net of any write-offs.

First Half Fiscal 2025 Results and Q3 2025 Financial Results Expected to be Reported on November 24, 2025

November 12, 2025 07:33 ET

 | Source:

Waldencast plc

LONDON, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Waldencast plc, (NASDAQ: WALD) (“Waldencast”), a global multi-brand beauty and wellness platform, provided additional details for its upcoming earnings release and conference call dates. The Company currently expects to issue Second Quarter Fiscal 2025 Results and Q3 2025 Financial Results on November 24, 2025. The Company does not plan to host a conference call with respect to these results given its ongoing strategic review.

About Waldencast plc

Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the business combination with Obagi Medical and Milk Makeup. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com/.

Contacts

Investors
ICR
Allison Malkin
[email protected]

Media
ICR
Brittany Fraser/Alecia Pulman
[email protected]

Phantom Wallet is staying grounded for now. Despite its rapid growth and investor buzz, the company isn't planning an IPO or launching its own blockchain anytime soon. CEO Brandon Millman confirmed this on the Empire Podcast, saying Phantom's focus will stay on Solana and building products that make crypto easier for everyday users.

Cover image via U.Today

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

Ripple President Monica Long announced hosting top U.K. official, Lucy Rigby, at the firm’s Singapore office to discuss digital assets. The meeting is tied to broader U.K. efforts to expand its digital footprint worldwide; however, it is stirring more speculations in the community.

U.K. giving crypto a chance with RippleLong posted a picture with Lucy Rigby, the U.K.’s Economic Secretary to the Treasury, at the Ripple Singapore office. 

As the U.K.’s Economic Secretary to the Treasury, her role involves overseeing economic policy and financial regulation, among others. Her responsibilities include modernizing financial services, promoting growth and addressing emerging technologies like digital assets.

Long revealed that her discussion with Rigby focused on boosting the competitiveness and growth of the U.K. The country aims to build on its status as one of the leading financial hubs of the world.

Great to welcome the UK's Economic Secretary to the Treasury @LucyRigby at Ripple’s Singapore office to discuss how digital assets can boost the UK's competitiveness and growth, building on its status as one of the leading financial hubs of the world. pic.twitter.com/dIB7SBH4RE

— Monica Long (@MonicaLongSF) November 12, 2025 Thus, hosting the senior U.K. government official at Ripple signals official interest in crypto and blockchain. Such meetings are usually a form of soft diplomacy, where businesses engage policymakers to influence or align with regulations.

This meeting is possibly tied to broader U.K. efforts to attract fintech investment post-Brexit. Choosing to use Ripple means the U.K. recognizes the blockchain payments firm is efficient in global payments, reducing costs and settlement times compared to traditional systems like SWIFT.

As a company that has navigated U.S. SEC lawsuits, Ripple positions itself as a compliant, enterprise-focused player. 

Thus, the meeting with Rigby could help Ripple lobby for U.K.-friendly rules. This could potentially unlock billions in economic value through faster financial infrastructure.

U.K. wants to lead crypto effortsMeanwhile, the U.K. is actively building its crypto hub status under the Labour government. Recent policies include clearer stablecoin regulations, tokenized asset pilots and incentives for digital asset innovation to drive GDP growth.

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In April, U.K. Chancellor Rachel Reeves revealed that the U.K. plans to collaborate with the U.S. on crypto regulation. Reeves stressed that international cooperation is important to ensure the U.K. maintains a leading position on the global digital asset scene.

Also, Ripple executive Cassie Craddock recently disclosed that the firm is set to leverage recent collaborations between the U.S. and the U.K.

However, note that the crypto regulations are not fully developed in the country. The U.K. plans to implement a full-fledged crypto regulation framework in 2026.

Post-Brexit, the U.K. faces competition from New York, Hong Kong and Singapore. Hence, embracing digital assets is seen as a way to reclaim an edge.

TL;DR

Bitcoin ETFs recorded $524 million in net inflows, marking their strongest day since the October crash.
The rebound signals renewed institutional appetite and growing optimism for price recovery.
Additionally, “smart money” traders increased net long Bitcoin positions by $8.5 million, reflecting confidence in market stability and the asset’s resilience after weeks of uncertainty.

Bitcoin exchange-traded funds (ETFs) are regaining momentum as investors return to risk assets after weeks of turbulence. On Tuesday, U.S. spot Bitcoin ETFs reported $524 million in net inflows, the largest single-day gain since early October’s market selloff, according to data from Farside Investors.

Institutional Confidence Returns To Bitcoin
The renewed inflows coincide with easing macroeconomic tension in the United States. The Senate advanced a temporary funding bill, reducing the risk of a government shutdown and helping restore calm to broader financial markets. This relief may have encouraged institutional investors to rotate back into Bitcoin ETFs, viewing them as a hedge against policy uncertainty and a vehicle for digital asset exposure.

According to blockchain analytics platform Nansen, “smart money” traders added over $8.5 million in net long Bitcoin positions over the past 24 hours. The data suggest rising optimism among professional traders anticipating a short-term rebound. Still, these traders remain net short by $202 million on decentralized exchange Hyperliquid, reflecting cautious positioning despite the improving sentiment.

Correction Seen As Foundation For The Next Rally
Analysts describe Bitcoin’s ongoing price correction as a healthy adjustment that resets excessive leverage and prepares the market for renewed institutional inflows. Lacie Zhang, research analyst at Bitget Wallet, said ETF behavior now reflects “accumulation rather than capitulation,” suggesting investors are strategically rebuilding exposure before key macro data releases.

The focus now turns to the upcoming November 13 Consumer Price Index (CPI) report in the U.S., which could influence monetary expectations. Softer inflation data may trigger further ETF inflows as traders anticipate improved liquidity conditions and a friendlier risk environment.

Meanwhile, Ethereum ETFs saw $107 million in outflows, while Solana funds extended their 11-day winning streak with $8 million in positive inflows. The divergence underscores Bitcoin’s dominance as the preferred institutional asset and its growing role as a digital safe haven.

In conclusion, the sharp rebound in Bitcoin ETF inflows highlights a recovery in institutional conviction and signals that investors are positioning for potential upside. Sustained inflows could serve as the foundation for Bitcoin’s next upward cycle as 2026 approaches.

Pi Coin price rebounds 3% after a 44% quarterly drop but stays under pressure.Buyers test strength as OBV rises and smart money hints at a possible reversal.A breakout above $0.23 or a slip under $0.20 could decide Pi Coin’s next big move.Pi Coin (PI) price has gained nearly 3% this week, offering a small relief after a 44% drop over three months. The rebound looks fragile, though.

The chart shows pressure building between buyers returning quietly and sellers waiting for momentum to fade — leaving Pi’s next move hanging by a thread.

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Buyers and Sellers Pull in Opposite DirectionsOn the daily Pi Coin price chart, momentum and volume tell different stories.

The Moving Average Convergence Divergence (MACD) — a tool that tracks when trend strength changes — is flattening after weeks of staying above its signal line. The last two times this line dropped below, on August 25 and September 21, PI fell 9% and 49%. A similar bearish crossover now could spark another leg down if sellers stay dominant.

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But the On-Balance Volume (OBV), which measures whether trading volume supports price moves, is trying to turn the tide. OBV has been stuck under a descending trendline since early October, showing weak buying strength. Still, each touch of that line led to short bounces — like the 8% rise on November 10.

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Pi Coin’s OBV is still negative but rising slightly, showing that buyers are testing the waters again. A breakout above its trendline could cancel the bearish MACD setup and signal early recovery strength. However, if the OBV line starts to drop, the MACD crossover (bearish) might take shape earlier than expected.

Triangle Pressure Builds as Smart Money Waits for a Pi Coin Price BreakThat same push and pull between buyers and sellers now shows clearly on the 12-hour chart. The Pi Coin price trades inside a symmetrical triangle, where price compresses between rising and falling lines — a visual reflection of indecision.

A close above $0.23 could confirm an upward break, opening room toward $0.25 and even $0.27. If the lower line near $0.20 fails instead, the PI price might revisit $0.19 or even $0.15.

Meanwhile, the Smart Money Index (SMI) — which follows how early investors move — has curled upward after touching its signal line on November 11. It’s not a full reversal yet, but it suggests some big players are starting to expect a rebound.

Pi Coin Price Analysis: TradingViewIf SMI makes a higher high and OBV breaks its ceiling, PI could finally escape the triangle and rebuild momentum.

For now, Pi Coin’s rebound really does hang by a thread — and both sides are pulling hard to decide whether it snaps or stretches toward a breakout.

Disclaimer

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Former chairman and co-founder of CoinRoutes and now president of BetterTrade.digital Dave Weisberger used a November 11 video to restate Bitcoin’s long-term bull case, arguing that the market’s “morose” sentiment and technician-driven calls for downside are missing the structural shift underway on both fundamentals and market microstructure.

He framed his analysis in two parts—why Bitcoin is being bought and what the current market structure implies—contending that the thesis toward seven-figure pricing remains intact even without an obvious near-term catalyst.

The Path To $1 Million Per Bitcoin
On fundamentals, he drew a direct comparison with gold’s monetary role and size. Citing an above-ground market value of “around $28 trillion” and “about $7 trillion in known reserves below ground,” Weisberger argued that roughly 80% of gold’s value is monetary, not industrial, using the platinum–gold price relationship as a proxy.

“Gold today trades at about two and a half times platinum, which for most of my life was about double the price of gold,” he said, adding that platinum is “30 times rarer and more valued by women in jewelry.” From that relative-value lens, he estimated gold’s “monetary value fully diluted around $28 trillion,” contrasting it with Bitcoin’s “fully diluted market cap […] just over $2 trillion at today’s prices.”

If Bitcoin equals or surpasses gold on monetary characteristics, he argued, the gap implies transformative upside: “It could rise to equal gold. Except it’s better than gold on monetary characteristics.” He emphasized Bitcoin’s native digital finality, resistance to counterfeiting, divisibility, transparency, and programmatic supply schedule—benefits that also avoid gold’s custody, assay, and transport frictions.

Even in a scenario where fiat “holds its value,” he suggested, network adoption alone could warrant a multi-fold repricing; in a debasement regime, he said, the asymmetry is stronger: “As the Bitcoin network grows and it gains acceptance it’ll likely rise by 10 times this or more.” Via X, he added “the Fundamental case” is $1 million in today’s dollars.

Weisberger revisited the “fastest horse” framing popularized in the early COVID-era liquidity surge. He pointed to Paul Tudor Jones’s thesis in “May of 2020,” acknowledging he misspoke initially, and reminded viewers that the price then “did nothing” for months before a stepwise acceleration from October through the subsequent euphoric leg higher. The lesson, in his view, is that market tone can lag fundamentals until positioning resets and liquidity leadership rotates back to Bitcoin. “History doesn’t always repeat, but it can sometimes rhyme,” he said.

On market structure, Weisberger took aim at the four-year halving cycle as a predictive template. Historically, he said, cyclical behavior followed a pattern—halving, a six-month period of miner-incentive doubt, then a relief-to-euphoria rally that later bled into altcoin rotation before a broad drawdown.

He argued that dynamic is losing relevance because supply changes are now “irrelevant relative to the amount of demand that’s going on,” while network security trends tell a different story: “If you look at the Bitcoin hash rate chart, it’s increasing at a geometric pace.” The moving parts he sees actually driving prices are the interaction of legacy supply and institutional demand. “It’s basically the OG sellers who are selling over 100,000 [BTC] and the new buyers, whether they’re in ETFs or in MicroStrategy, etc.”

Those early holders, in his telling, are rationally diversifying life-changing gains rather than capitulating, which implies a finite overhang: “Entrepreneurs don’t generally sell everything […] they sell some at a level to get where they need to be and then […] sell at later prices.”

He underscored that spot ETF investors appear patient despite recent volatility. “Even after all of the carnage of the last few weeks since October 10th, less than 2% of the Bitcoin ETFs have outflown,” he said, characterizing that cohort as long-horizon allocators “looking for a 10x gain,” not trading around single-digit drawdowns.

He contrasted October’s deleveraging—“$20 billion was liquidated […] but only five billion of the liquidation was in Bitcoin”—with the 2022 insolvency cascade: “This cycle doesn’t have a Celsius […] doesn’t have an FTX. The impact of the liquidations is not going to be to cause an insolvency event which causes forced sales.”

Without a credit-driven unwind, he argued, technical analogies to 2022 are misplaced: “If there’s no forced sales, why do we expect a sale on the magnitude that happened in 2022 […]? They’re trying to impute something without taking into account the actual circumstance.”

Price leadership, in his view, will return through “liquidity and slow grinding growth” while “hot money” recovers from leverage-driven losses. He expects the OG selling to “abate,” as partial profit-taking runs its course, setting the stage for the next euphoric leg once a catalyst emerges.

Weisberger did not pretend to know which spark will ignite it—“I’m not a Nostradamus”—but listed plausible vectors that are consistent with prior cycles: “The catalyst could be sovereign accumulation. The catalyst could be Bitcoin being used as collateral […] It doesn’t really matter what the catalyst is.”

The key risk for would-be sellers, he suggested, is time out of the market during the inflection: “Unless you are very nimble, very quick, have no tax consequences, and aren’t out of the market or on vacation in the two or three days when euphoria first starts, then I would be very, very reticent to sell here.”

My 2 part Bitcoin analysis:

1) The Fundamental case for $1 Million Bitcoin in TODAYS dollar

2) Why the current gloom is unwarranted & now is a great time to accumulate Bitcoin for the long haul

The Bull Case For Bitcoin 11 11 https://t.co/0ACKrn3bgQ via @YouTube

— Dave W (@daveweisberger1) November 12, 2025

He closed with a caution that acknowledges the market’s capacity to frustrate both bulls and bears. “Maybe euphoria will happen after it continues to drag on and fall for another few months, but at some point it will happen,” he said. He disclosed his positioning—“I have not sold any sats, nor do I intend to”—and reiterated the discipline required in a choppy tape: “Stay safe out there. This market does look interesting and is going to likely stay that way for a while.”

At press time, BTC traded at $104,954.

Bitcoin bulls must break the 200-day EMA again, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

In brief
Ethereum whales purchased over $350 million in ETH during the recent market pullback.
Experts say the OTC nature of the trades points to institutional accumulation, not retail activity.
This behavior suggests large investors are positioning for a medium-term rebound despite macro uncertainty.
The broader crypto market outlook remains subdued due to macro uncertainty, but large Ethereum investors are using the downturn to accumulate substantial holdings.

On-chain data reveals a series of major purchases by institutional-scale investors, as Ethereum forms a local bottom, potentially ending the market selloff that began in late October.

A newly created wallet bought 10,000 ETH worth roughly $34 million last Wednesday, as Ethereum formed a local bottom around $3,200. The same entity then purchased another 10,000 ETH yesterday, bringing its total holdings to $70 million, per Arkham Intelligence data.

Separately, another whale acquired 24,007 ETH, worth over $82 million, via Galaxy Digital’s over-the-counter (OTC) desk, according to Etherscan data.

The most significant purchase, however, came from a large investor who bought nearly 58,811 AaveETH, worth $206 million, on Wednesday.

Buying the dipThe activity suggests large players are viewing current price levels as a strategic buying opportunity.

“The size and speed—OTC fills and exchange withdrawals—suggest institutional participants or treasury buyers rather than retail,” Rachel Lin, CEO and Co-Founder of SynFutures, told Decrypt.

These buyers are likely positioning for medium-term upside, Lin explained, tolerating near-term volatility in anticipation of catalysts such as policy easing or institutional product flows.

“Accumulation can continue if macro tail-risks don’t re-spike,” Lin noted, though she emphasized that macroeconomic conditions remain a “gating factor.”

Other catalysts beyond the upcoming Fusaka upgrade are already in play, including institutional OTC demand and “derivatives funding and borrow-to-buy behavior—when whales borrow stablecoins to buy spot, it amplifies rallies,” according to Lin.

Ethereum has recovered approximately 10% from its recent low and is currently trading around $3,533, according to CoinGecko data.

On prediction market Myriad, launched by Decrypt's parent company Dastan, users place a 69% chance on Ethereum's next move taking it to $4,000 rather than $2,500.

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The crypto market has been juggling between bullish and bearish pressure since the start of the month. Bitcoin dropped below the pivotal price range, which was once an important support and is now the resistance to clear. As Bitcoin is failing to secure the range above $108,000, the XRP price is also unable to hold above $2.5. However, the token has been holding above the key support range while the volume remains elevated, signaling renewed interest and potential build-up ahead of a major catalyst. 

Current Ripple Price Action

XRP has traded within a tight range over the past 24 hours, hovering near $2.35 with mild intraday volatility. Despite a 40% dip in trading volume to around $1.07 billion, liquidity remains healthy across top exchanges. This consolidation phase reflects market indecision after recent whale activity cooled off and retail participation rose slightly.

While the broader crypto market held steady, XRP’s price structure suggests accumulation—higher lows on the 4-hour chart hint at underlying buying pressure. A decisive push above $2.70 could validate a short-term breakout, while sustained rejection at that level may extend the consolidation into the weekend.

XRP Price Analysis: Will it Reach $2.5 in the Next 24 Hours?

Reclaiming $2.5 has been a difficult task since the price experienced a sharp drop from the levels above $3. Moreover, the recent rejection from $2.55 has raised concerns over the next price action. Luckily, the price has been holding the support zone between $2.3 and $2.35, which makes a strong bullish case. A clean breakout above the resistance zone could only open higher zones. 

For nearly a month, the XRP price has remained stuck within predetermined resistance and support levels within a parallel channel. However, in the short term, the price is expected to trigger a rebound but may continue to consolidate below the resistance. The MACD is also heading for a bullish crossover; hence, a rise above $2.5 could be on the horizon. Therefore, the current XRP price is consolidating with a moderate uptick, with the possibility of a mild decline. Besides, the volume suggests liquidity is sufficient, but the directional conviction is still muted. 

Conclusion 

XRP remains range-bound but fundamentally steady as whale activity eases and new wallet growth accelerates. Traders now await key catalysts like the U.S. CPI release (Nov 13) and Federal Reserve statements, which could influence short-term sentiment. A decisive move above $2.70 could fuel a rally toward $3.00–$3.20, while a drop below $2.30 might trigger a retest of $2.10 support. Broader market stability—especially Bitcoin holding above $101K—could strengthen XRP’s breakout chances. Overall, the setup favours cautious optimism as the token builds momentum for its next move

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