Market Signal Briefing

NEXGEL, Inc. (NXGL) Q3 2025 Earnings Call November 11, 2025 4:30 PM EST

Company Participants

Adam Levy - CEO, President & Director
Joseph McGuire - Chief Financial Officer

Conference Call Participants

Valter Pinto - Kanan, Corbin, Schupak & Aronow, Inc.
Nazibur Rahman - Maxim Group LLC, Research Division

Presentation

Operator

Good afternoon, everyone. My name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to NEXGEL's Third Quarter 2025 Financial Results Conference Call.

At this time, I'll turn things over to Mr. Valter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead, sir.

Valter Pinto
Kanan, Corbin, Schupak & Aronow, Inc.

Thank you, operator. Good afternoon, and welcome, everyone, to NEXGEL's Third Quarter 2025 Financial Results Conference Call. I'm joined today by Adam Levy, Chief Executive Officer, and Joe McGuire, Chief Financial Officer.

Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors.

For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to the press release issued this evening and filed with the SEC on Form 8-K as well as the company's reports filed periodically with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliation of the non-GAAP to GAAP financial measures and certain additional information are also included in today's

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November 11, 2025 21:54 ET

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Alkane Resources Limited

PERTH, Australia, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKEF) (‘Alkane’ or ‘the Company’) will release its Q1 FY2026 Operating Financial Results on 13 November 2025. Following this, the Managing Director & CEO, Mr Nic Earner, and CFO, Mr James Carter, will host a conference call and webcast to discuss these results. Details to participate are as follows:

Date/Time:Canada
   4:00pm EST, Thursday 13 November 2025
   Australia   8:00am AEDT, Friday 14 November 2025  Conference Call Registration: https://register-conf.media-server.com/register/BI3d02ff95f1dd48b2bf6b3d377ac0d0c5  Webcast Link: https://edge.media-server.com/mmc/p/5a78wc3q
The presentation relating to this webcast will be available on the Company website at alkres.com. Investors may send questions for management ahead of the event to Natalie Chapman, Corporate Communications Manager, via email [email protected].

This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.

ABOUT ALKANE ‐ alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKEF

Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKEF) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.

Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.

Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.

CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677

INVESTORS & MEDIA: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556

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

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

MONTREAL, Nov. 11, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (TSX:PYR) (OTCQX:PYRGF) (FRA:8PY1), the leader in ultra-high temperature processes & engineering innovation, and a plasma-based technology provider to heavy industry & defense, today announces its financial and operating results for the third quarter ended September 30, 2025.

“This quarter introduced new opportunities while reinforcing the broadening appeal of some of our mainstay technologies,” said P. Peter Pascali, President and CEO of PyroGenesis Inc. “The $1.2 million contract secured in September with a cement industry customer is an example of new sectors we view as emerging focal points for plasma innovation. Our fumed silica reactor, a project with a legacy client, HPQ Silicon Inc., made major strides as well, tripling material surface area performance from Q2 to Q3 — a critical leap toward commercial readiness. Other legacy technologies provided new agreements in Europe, for tackling plastic waste, and launching the industrial implementation phase of our energy transition collaboration with Constellium, both of which highlight the growing strength of these two strategic verticals.”

“We’ve stated many times that our revenues can fluctuate quarter to quarter based on project phases as we continue to push forward. We continue to evolve our market strategy to adapt to changing dynamics, to better showcase our capabilities, and to tell our story with greater clarity. The recent reframing of our three business verticals to be more reflective of both the evolution of our solution set and the changing business environment, will help position us for even greater success as the runway ahead of us continues to expand.”

Mr. Pascali continued, “Centering our company on innovation is the correct strategy. Being a small cap company in the industrial technology sector presents its challenges, but we firmly believe that this innovation-first approach drives the bold decisions that led us to develop advanced technologies that have a long future ahead — from producing titanium powder and fumed silica, to creating hyper-powered plasma torches for demanding industrial and aerospace applications, to designing systems that safely eliminate a growing range of hazardous materials to protect both people and the environment. These are breakthrough technologies that are built on more than 34 years of research effort, and we are not stopping. For Q4, buoyed by our recent financing, we are focused on delivering a strong finish to the year and setting the stage for 2026.”

KEY Q3 2025 FINANCIAL HIGHLIGHTS

Revenue of $3.25 million, down 18.7% vs Q3 2024Gross margin of 24%, vs 42% in Q3 2024Revenue (Order) Backlog of $51.6 million of signed and/or awarded contracts as at November 11th, 2025, of which 81% is in U.S. dollarsNet loss of $2.25 million Modified EBITDA loss of $1.89 million
Q3 2025 PRODUCTION AND SALES HIGHLIGHTS

Energy Transition [formerly Energy Transition & Emission Reduction]

In August [news release dated August 5, 2025], the Company announced the signing of a contract with Constellium, one of the world’s largest aluminum transformation and recycling companies, for the purchase of plasma torch technology and related peripheral components to be implemented in an aluminum remelting furnace. This contract marked the launch of Phase 2 of the project – industrial implementation – as part of the two companies’ collaboration agreement of April 2024, that outlined Constellium’s stated plan to use PyroGenesis plasma torches and associated processes as potential replacement heating sources for aluminum remelting furnaces in Constellium’s aluminum cast houses.In September [news release dated September 2, 2025], the Company announced a $1.2 million contract with a European cement industry customer for the supply of a plasma torch system for use in a calcination furnace.
Materials Production [formerly Commodity Security & Optimization]

In July [news release dated July 8, 2025], the Company announced improved fumed silica quality, purity, and consistency across multiple production cycles of its fumed silica reactor (FSR) pilot plant. These results were verified by a leading global fumed silica manufacturer, who had previously requested, tested, and verified first stage material samples produced in the FSR pilot plant under the terms of a letter of intent. PyroGenesis has been engaged to develop and build the FSR pilot plant for HPQ Polvere Inc., a subsidiary of PyroGenesis’ client HPQ Silicon Inc. PyroGenesis has: (i) a 50% interest in Polvere, and (ii) an exclusive arrangement to be the sole supplier of equipment relating to any commercialization of this new process.In July [news release dated July 28, 2025], the Company announced that confirmation from a third-party Scanning Electron Microscopy (SEM) analysis, of the previously announced (on July 8, 2025) results of Phase 1 Test #5 material from the Fumed Silica Reactor (FSR), further validates recently announced key technical metrics for fumed silica samples generated by the pilot scale plant.In July [news release dated July 31, 2025], the Company announced receipt of a contract for titanium metal powder produced by PyroGenesis’ NexGen™ plasma atomization process, from a European engineering and material science firm specializing in the additive manufacturing industry. The client previously received and tested samples of PyroGenesis’ metal powder. The contract marks the first commercial order with this customer. The order is for a Ti64 “coarse” cut titanium metal powder.In September [news release dated September 4, 2025], the Company announced that the August performance trials and modifications of its fumed silica reactor pilot plant resulted in a 3X increase in material surface area, and significant progress across a number of essential product parameters, bringing the system closer to commercial readiness. The results were provided by a third-party, a global manufacturer of fumed silica, who conducted analysis on fumed silica sample material submitted by PyroGenesis after the latest series of FSR operational tests. The results of August testing (test series #6) reflect: (i) A 3X increase in surface area measurement vs previous test*, to 136 m2/g, up from the 44 m2/g surface area of previously announced test 5, and a 5X increase from test 4 (26 m2/g); (ii) Surface area of 136 m2/g now meets the requirement for commercial grades 90 (75-105 m2/g) and 130 (105-155 m2/g), and enters the lower range of grade 150 fumed silica products which have a surface area range of 135-165 m2/g.(iii) Total elimination of carbon impurity, now measured at 0%, down from 0.32% in test 5 and 2.32% in test 4.
Waste Processing [formerly Waste Remediation]

In July [news release dated July 2, 2025], the Company announced a $600,000 contract with one of the world’s largest integrated environmental services companies, for the engineering and testing of an advanced waste management solution targeting both non-recyclable plastics and other forms of hazardous liquid waste, using PyroGenesis’ plasma gasification technology as the platform.In July [news release dated July 15, 2025], the Company announced the completion of a previously announced $9.3 million coke-oven gas valorization and hydrogen production project, for Tata Steel, one of the world’s largest diversified steel producers. The systems developed by PyroGenesis’ subsidiary Pyro Green-Gas are in continuous 24 hr./day operation at the Tata steel facility in Kalinganagar India, and newly reformed hydrogen produced by the system is being reused by other applications at the facility.
Q3 Financial Highlights

Post quarter-end, in October [news release dated October 1, 2025], the Company announced a non-brokered private placement in two unit groups. The first unit group comprised the issuance and sale of 6,666,665 units at a price of $0.63 per unit, for aggregate gross proceeds of $4,199,999. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.28 for a period of forty-eight (48) months following the closing date. It was expected that the Company’s President and CEO, P. Peter Pascali, would subscribe for the majority, if not all, of this Unit group. The Second Unit Group was expected to comprise the issuance and sale of 4,000,000 units at a price of $0.20 per unit, for approximate gross proceeds of $800,000. Each warrant under this group entitles the holder to purchase one common share at a price of $0.40 for a period of twenty-four (24) months following the closing date. The closings of both Unit Groups are expected to occur in up to three (3) tranches each.Subsequently, post quarter-end, in October [news release dated October 16, 2025], the Company announced the closing of the first trance of the first unit group of the non-brokered private placement. The Company’s President and CEO, P. Peter Pascali, directly subscribed for the entire first tranche, representing an investment of approximately $3,500,000, through the acquisition of 5,555,556 Units at a price of $0.63 per Unit. Subsequently, post quarter-end, in October [news release dated October 29, 2025], the Company announced the closing of the first trance of the second unit group of the non-brokered private placement, by issuing and selling an aggregate of 4,110,000 units of the Company at a price of $0.20 per Unit, for gross proceeds of approximately $822,000 to the Company. Post quarter-end, in October [news release dated October 17, 2025], the Company announced the repricing and extension of up to 1,581,250 common share purchase warrants, from an exercise price of $1.20 per share and a expiration date of November 18, 2025, to an exercise price of $0.63 per share and an expiration date of July 17, 2026.The news terms also included an acceleration clause whereby if at any time before the July 17, 2026 expiry date, the closing price of the Company’s common shares on the Toronto Stock Exchange was greater than $0.80 (such amount being 127% of $0.63) over any 3 consecutive trading days, the Company will be entitled, within 15 days of the occurrence of such event, to accelerate the expiry date of the Warrants to the date that is 30 days following the date that notice of such acceleration is provided.
FINANCIAL SUMMARY

1. Revenues
PyroGenesis recorded revenue of $3.2 million in the third quarter of 2025 (“Q3, 2025”), representing a decrease of $0.8 million compared with $4.0 million recorded in the third quarter of 2024 (“Q3, 2024”). Revenue for the nine-month period ended September 30, 2025, was $9.2 million, a decrease of $2.2 million over revenue of $11.4 million in the same period of 2024.

Revenues recorded in the three and nine-months ended September 30, 2025, were generated primarily from:

 Three months ended September 30  Variation  Nine months ended September 30  Variation  2025  2024  2025 vs 2024  2025  2024  2025 vs 2024 High purity metallurgical grade silicon & solar grade silicon from quartz (PUREVAP™)94,874  221,627  (126,753) 390,978  717,861  (326,883)Aluminium and zinc dross recovery (DROSRITE™)441,451  503,230  (61,779) 735,425  1,493,918  (758,493)Development and support related to systems supplied to the U.S. Navy234,094  344,540  (110,446) 598,035  1,626,149  (1,028,114)Torch-related sales753,852  1,310,709  (556,857) 2,509,213  4,979,766  (2,470,553)Refrigerant destruction (SPARC™)587,922  705,027  (117,105) 1,197,830  956,918  240,912 Biogas upgrading and pollution controls1,027,519  691,941  335,578  3,219,863  899,950  2,319,913 Other sales and services109,828  225,615  (115,787) 593,378  753,621  (160,243)Revenue3,249,540  4,002,689  (753,149) 9,244,722  11,428,183  (2,183,461)                
Q3, 2025 revenues decreased by $0.8 million, mainly as a result of:

PUREVAP™ related sales decreased by $0.1 million due to the completion of the project, whereby lower revenue was expected,Development and support related to systems supplied to the U.S Navy decreased by $0.1 million due to the current stage of the project, as we prepare for the installation and commissioning phase of the project,Torch-related products and services decreased by $0.6 million, primarily attributable to reduced project activity, resulting from the completion of several significant projects in the prior year that did not repeat in the current period,SPARC™ related sales decreased by $0.1 million, reflecting the transition of the project from the fabrication stage to the installation and commissioning phase, with onsite installation supervision activities completed by the end of the period ended September 30, 2025,Biogas upgrading and pollution controls increased by $0.3 million due to the project advancement of the Company’s gas desulfurization projects.
During the nine-month period ended September 30, 2025, revenues varied by $2.2 million, mainly as a result of:

PUREVAP™ related sales decreased by $0.3 million as the Company remains in the pilot and pre-commercialization phase, working primarily with HPQ Silicon and engaging additional potential clients, while commercial discussions are underway, revenue contributions remain limited as projects transition from validation to potential market adoption,DROSRITE™ related sales decreased by $0.8 million due to lower spare parts orders from existing clients and the reduced storage revenue and other ancillary revenue related to the DROSRITE units, partially offset from the ongoing commissioning of the systems with the Company’s client in the Middle East,Development and support related to systems supplied to the U.S Navy decreased by $1.0 million due to the current stage of the project., Whereas, in the comparable period, significant advancement was made related to inspection, packaging and shipment of the equipment to our customer in order to move forward with installation and commissioning, in addition to the increase in fabrication and delivery of spare parts and engineering services to clients that are third-party suppliers of the US Navy,Torch-related products and services decreased by $2.5 million as a result of fewer project completions compared to the same period in the prior year, which included multiple high-value system deliveries. This was partially offset by the new contracts secured in 2025, with engineering, design and procurement completed, and projects now in the fabrication phase ahead of scheduled deliveries on the first half of 2026,SPARC™ related sales increased by $0.2 million, reflecting higher activity levels, driven by the project’s transition from fabrication to installation and commissioning and the completion of key onsite milestones contributed to higher revenue recognized,Biogas upgrading and pollution controls related sales increased by $2.3 million as a result of new project commissioning and growing market demand for emissions control solutions. As of November 11, 2025, revenue expected to be recognized in the future related to backlog of signed and/or awarded contracts is $51.6 million,1 of which 81% is in US dollars. Revenue will be recognized as the Company satisfies its performance obligations under long-term contracts, which are expected to occur over a maximum period of approximately 3 years.
1 This excludes the contract with Varennes Carbon Recycling following the March 21, 2025, announcement that the company managing the project filed for protection under the Companies Creditor Arrangement Act.

2. Cost of Sales and Services and Gross Profit

Cost of sales and services totaled $2.5 million in Q3 2025, representing an increase of $0.2 million compared to $2.3 million for the same period in 2024. The increase was primarily driven by higher subcontracting costs, which rose by $0.2 million as the Company engaged third-party resources to meet production and project requirements. Direct materials costs also increased by $0.2 million, reflecting higher level material received and increased usage in certain product lines.

These increases were partially offset by reductions in employee compensation, which decreased by $0.2 million due to lower headcount and temporary labor adjustments. Manufacturing overhead and other costs declined by $0.1 million, reflecting improved operational efficiency. A slight decrease in amortization of intangible assets was offset by a slight increase in investment tax credits increasing slightly. Overall, the net increase in total costs reflects higher material and subcontracting expenses, partially mitigated by lower employee and overhead costs.

Gross profit for Q3 2025 was $0.8 million, representing 24% of revenue, compared to $1.7 million, or 42% of revenue, in Q3 2024. The decline in gross margin was primarily due to higher direct material and subcontracting costs and lower sales volume. These impacts were partially offset by lower employee related expenses and ongoing efficiency initiatives that helped mitigate cost pressures.

During the nine-months ended September 30, 2025, cost of sales and services totaled $6.0 million, representing a decrease of $1.9 million compared to $7.9 million for the same period in 2024. The decrease was largely driven by a significant reduction in direct materials costs of $1.6 million, reflecting lower production volumes consistent with decreased sales in key product lines. Employee compensation decreased by $0.4 million, due to reduced headcount and cost optimization measures. Manufacturing overhead and other costs declined by $0.2 million, reflecting improved efficiency and lower facility-related costs. Partially offsetting these decreases, subcontracting costs increased by $0.4 million as specialized external support was required to deliver certain projects. Investment tax credits increased slightly, providing a minor offset.

Amortization of intangible assets also declined by $0.08 million, This expense variation relates mainly to the intangible assets in connection with the Pyro Green-Gas acquisition, which have been fully amortized by January 2024. These expenses were non-cash items, and the remaining intangible assets are composed of patents, and deferred development costs that will be amortized over the expected useful lives.

Gross profit for the nine-months ended September 30, 2025, was $3.2 million, representing 35% of revenue, compared to $3.6 million, or 31% of revenue for the nine-months ended September 30, 2024. The increase in gross margin was primarily due to the reduction in total costs and primarily reflects lower production volumes and efficiency gains, partially offset by higher subcontracting expenses.

The mix between labour, materials and subcontracts may be significantly different as a result of the type of contracts being executed, the nature of the project activity, as well as the composition of the cost of sales and services. In addition, due to the nature of these long-term contracts, the Company has not necessarily passed on to the customer, the increased cost of sales which was attributable to inflation, if any. The costs of sales and services are in line with management’s expectations and with the nature of the revenue.

3. Selling, General and Administrative Expenses

Included within Selling, General and Administrative expenses (“SG&A”) are costs associated with corporate administration, business development, project proposals, operations administration, investor relations and employee training.

SG&A expenses totaled $2.6 million in Q3 2025, compared to $5.0 million in the same period in 2024, representing a decrease of $2.4 million. The year-over-year change was primarily attributable to a $1.1 million decrease in the expected credit loss and bad debt recorded in the prior year, which had significantly increased SG&A expenses in Q3 2024. Excluding this item, SG&A expenses declined modestly across most categories. Employee compensation decreased by $0.4 million, driven by lower headcount and organizational cost reductions. Share-based compensation declined by $0.1 million due to fewer grants issued and lower valuation of new awards. Professional fees were down $0.2 million, reflecting reduced reliance on external advisors and consultants. Depreciation of right-of-use assets declined by $0.1 million, and insurance and other expenses decreased by $0.4 million, reflecting ongoing cost control measures and improved operational efficiency. Foreign exchange contributed a favorable variance of $0.2 million, reflecting a gain in the current quarter compared to a loss in the prior year. Government grant income declined by $0.2 million as no grants were recognized in the current period.

During the nine-month period ended September 30, 2025, SG&A expenses totaled $9.9 million, an increase of $0.2 million from $9.7 million in the prior year period. The increase was largely due to a $2.8 million reduction in the expected credit loss recovery recognized in the prior year, which had favorably impacted 2024 results. Excluding this item, overall SG&A expenses were lower in 2025, reflecting cost containment initiatives. Employee compensation decreased by $0.8 million, and share-based compensation declined by $0.7 million, both reflecting workforce optimization and a reduction in new equity-based awards. Professional fees were $0.6 million lower due to reduced external legal and advisory support. Travel costs remained relatively flat, while depreciation of right-of-use assets decreased by $0.2 million due to ongoing use of leased premises. Government grant income was lower by $0.08 million due to the absence of program funding in 2025. Foreign exchange losses of $0.05 million were recorded in 2025 compared to a $0.3 million gain in the prior year, resulting in an unfavorable variance of $0.3 million. Overall, the increase in SG&A expenses for the nine-month period was almost entirely attributable to the non-recurrence of prior year credit loss recoveries and unrealized foreign exchange.

Share-based payments expenses as explained above, are non-cash expenses and are directly impacted by the vesting structure of the stock option plan whereby options vest between 10% and up to 100% on the grant date and may require an immediate recognition of that cost.

4. Research and Development (“R&D”) Costs, net

During the three-months ended September 30, 2025, the Company incurred $0.2 million of R&D costs on internal projects, a slight decrease and comparable to Q3 2024 activities.

During the nine-months ended September 30, 2025, the Company incurred $0.9 million of R&D costs on internal projects, an increase of $0.2 million when compared to the same period in the prior year. The increase was primarily attributable to higher expenditures across most categories to support ongoing development activities which occurred in the earlier part of 2025.

In addition to internally funded R&D projects, the Company also incurred R&D expenditures during the execution of client funded projects. These expenses are eligible for Scientific Research and Experimental Development (“SR&ED”) tax credits. SR&ED tax credits on client funded projects are applied against cost of sales and services (see “Cost of Sales” above).

5. Finance Expenses (income), net

Net financial expense for Q3 2025 totaled $0.2 million as compared to $0.3 million in the same period of 2024, representing a favorable variance of $0.1 million. The improvement was primarily driven by lower interest accretion on the convertible loan, following its conversion in Q1 2025, as well interest on the convertible debenture as the liability is reduced as well as a reduction in interest on the balance due from the business combination. These decreases were partially offset by higher interest and accretion on the secured loan issued in Q2 2025.

During the nine-month period ended September 30, 2025, the net financial income of $0.3 million, compared to net financial expenses of $0.9 million for the same period in 2024, reflects a favorable variance of $1.1 million. This improvement was largely attributable to a $1.1 million non-cash gain related to the revaluation of contingent consideration on a past business combination, compared to a $0.09 million expense in the prior year.

Interest accretion on convertible instruments declined during the nine-months ended September 30, 2025, with accretion on convertible debentures decreasing by $0.05 million and accretion on convertible loans decreasing by $0.1 million. These decreases were partially offset by accretion on the long-term loan and the secured loan, the latter of which was not present in the prior year. The current year also included a net decrease of $0.04 million in interest, after offsetting the increase in interest related to the secured loan. Additionally, penalties and other interest increased by $0.06 million.

The Company also recorded a $0.07 million accretion gain on royalties receivable in both years, with no material variance. On a year-to-date basis, the increase in financial income reflects a shift from net interest and accretion expenses in the prior year to a gain position in 2025, primarily due to favorable non-cash revaluation adjustments and reduced financing costs.

6. Strategic Investments

During the three-months ended September 30, 2025, the adjustment to fair market value of strategic investments for Q3, 2025 resulted in a loss of $0.02 million compared to a gain in the amount of $0.005 million in Q3, 2024, a variation of $0.03 million.

During the nine-months ended September 30, 2025, the adjustment to fair market value of strategic investments resulted in a loss of $2.1 million compared to a loss of $0.2 million for the same period in the prior year, a variation of $1.9 million. The increase in loss is attributable to the variation of the market value of the common shares owned by the Company of HPQ Silicon Inc. and the fair value of the warrants. The decrease in stock price was greater in Q3 2025 than in the same period last year, and a larger number of units were held in 2025.

7. Other Income

During the nine-months ended September 30, 2024, Other Income includes a gain on settlement of legal proceedings with a third party which was also a customer of the Company’s subsidiary, Pyro Green-Gas. As a result, the Company received a settlement of $1.5 million and recognized a gain of $1,180,335 and the remainder as a reduction of accounts receivable.

8. Comprehensive Income (loss)

The comprehensive loss for the three-months ended September 30, 2025, totaled $2.5 million, compared to net loss of $3.9 million for the same period in 2024, representing an improvement of $1.4 million. The reduction in net loss was primarily attributable to a significant decrease in operating expenses, partially offset by lower revenue and gross profit associated with ongoing execution activities during the quarter. Factors contributing to the loss include project timing differences, higher costs related to ongoing initiatives, and certain one-time charges incurred during the period. These elements collectively impacted the Company’s profitability and resulted in the reported net loss.

The comprehensive loss for the nine-months ended September 30, 2025, totaled $10.0 million, compared to a loss of $6.9 million in the same period in 2024, reflecting an increased loss of $3.1 million year over year. The larger loss over the nine-month period was caused by the timing of revenue and associated project costs, and the favourable non-cash expense reversals of 2024. Finally, the loss from the change in value of the strategic investment in 2025, and the Other Income from 2024 directly contributed to this variation.

9. Liquidity and Capital Resources

As at September 30, 2025, the Company had cash of $0.1 million, included in the net working capital deficiency of $15.3 million. Certain working capital items such as billings in excess of costs and profits on uncompleted contracts do not represent a direct outflow of cash. The Company expects that with its cash, liquidity position, the proceeds available from the strategic investment and its access to capital markets it will be able to finance its operations for the foreseeable future.

The Company’s term loan balance at September 30, 2025, was $0.3 million and decreased by $0.05 million since December 31, 2024, due to the net accretion and monthly payments. During the period, the Company fully reimbursed and extinguished the credit facility. The average interest expense on the other term loans and convertible debenture is approximately 10%. The Company does not expect changes to the structure of term loans and convertible debentures in the next twelve-month period.

OUTLOOK

Consistent with the Company’s past practice, and in view of the early stage of market adoption of our core lines of business, the Company is not providing specific revenue or net income (loss) guidance for 2025.

The following is an outline of the many factors that impact the Company’s strategy and future success, plus key developments that are may be expected to impact subsequent quarters.

Overall Strategy

The Company develops technology to transform high temperature processes for heavy industry and defense, which can result in improved operational efficiencies, higher product quality, increased output, lower cost, lower emissions, simplified logistics, reduced carbon footprint, and safer working/living environments. Most of the technologies stem from the Company’s core expertise in plasma.

The Company has evolved from its early beginnings as a specialty-engineering firm to being a provider of a robust technology eco-system.

The Company believes its strategy to be timely, as multiple heavy industries are committing to major electrification initiatives, carbon reduction measures, and waste reduction programs at the same time as many governments are increasingly supportive – from both a policy and financial perspective – of these types of technologies and infrastructure projects. Additionally, both industry and government are developing strategies to ensure the availability of critical minerals – especially within North America and Europe – during the coming decades of increased output demand.

While there can be no guarantees, the Company believes the evolution of its strategy beyond greenhouse gas emission reduction, to an expanded focus that encapsulates the key verticals listed at the start of the Recent Developments and Outlook section, both (i) improves the Company’s chances for success while (ii) also providing a clearer picture of how the Company’s wide array of offerings work in tandem to support client goals.

PyroGenesis’ heavy industry target market opportunity is significant, as major industries such as aluminum, steelmaking, manufacturing, cement, chemicals, aeronautics, and government seek factory-ready, technology-based solutions to help steer through the challenging landscape of increasing demand, tightening regulations, and material availability – areas where the Company’s technologies can be beneficial.

Additionally, over the past few years, interest in the Company’s technologies from the defense and military industries has increased considerably, to the point where identifying these industries as unique target markets is justified. Their interest encompasses an array of the Company’s offerings, including opportunities across waste destruction (especially chemical warfare agents), high temperature propulsion and protection, and titanium metal powders.

As more of the Company’s offerings reach full commercialization, PyroGenesis will remain focused on attracting influential customers in broad markets while at the same time ensuring that operating expenses are controlled to achieve profitable growth.

Key Performance Indicators

The Company uses key performance indicators (KPIs) to monitor, analyze, and optimize organizational output and performance, with KPIs specific to different parts of its production and manufacturing (such as cycle time, capacity utilization, yield, changeover time, and scrap), plus a different set of KPIs designed to evaluate the broader corporate results and uptake, identify trends affecting the business, and make strategic decisions. This latter category of KPIs includes:

Industry Depth: number of customers within an industry and/or amount and % of revenue from that industry. To date, the Company’s greatest depth has been with the aluminum, military, and government industries.

New Industry Engagement: as the energy transition and carbon/GHG-reduction trends grow, more industries are realizing the benefit of using PyroGenesis’ technology. Over the past five years the Company has begun to penetrate the mining and metal, iron ore, aerospace, automotive, general parts manufacturing, steel, materials (especially silica and silicon), chemical, and cement industries, among others.

Customer Depth: the number of projects with a single customer and/or amount of revenue from that customer. The Company treats most customer identities as confidential unless otherwise approved or suggested by the customer.

New Customer Engagement: as a relatively small company with technology that is potentially of interest across thousands of companies in many different industries, the Company takes a cautious approach when engaging with new customers. Primarily, the Company evaluates the potential customer’s access to capital, operational history, and reputation when weighing engagement. With regard to net new technology ideas or start-up customers, PyroGenesis considers the long-term commercialization potential of the idea, the possibility of revenue sharing or royalties, and access to capital. Aligning to the Company’s three tier business model is imperative, though exceptions can be made.

Studies Undertaken: scientific and engineering studies have been a key part of new customer acquisition for much of the Company’s history. A study such as a computational fluid dynamics (CFD) study is often the first phase requirement for a potential customer in investigating the potential future use of the Company’s technology. Since transitioning from a legacy fossil fuel-based system to the Company’s all-electric plasma can be a transformative and often expensive proposition, a study allows a potential new client to better understand the future technological fit and prospective budgetary requirements, while also gaining an understanding of the high-quality working relationship with the Company. The wide array of different specs, uses, industries, and in-factory customization of furnace, heating, and melting machinery, mandates ground-up studies for most new initiatives. The Company’s experience conducting studies and its exposure to more and different types of systems, especially over the last 5 years, has allowed the Company to further streamline and perfect its study process as a route to new business. The number, type, and duration of studies undertaken during each quarter varies.

Monthly Recurring Revenue: ongoing, repeating revenue is a major goal for the Company. To date, after-sale parts and components (such as those related to consumable aspects of plasma torches) have represented the largest revenue and growth potential on a recurring basis. As the energy transition trend grows and more plasma systems are sold, recurring revenue is expected to represent a much larger percentage of overall revenue. Other areas targeted for recurring revenue include sales of titanium metal powders, revenue from tolling contracts in areas such as aluminum dross treatment and metal recovery, and co-venture/royalty agreements such as those related to waste remediation.

Revenue Mix: PyroGenesis has established a technology eco-system comprised of a number of inter-related solutions, often referred to in previous Company communications as a “multi legged stool”. This type of diversification offers a measure of protection to the Company in both difficult and rapidly changing economic environments. As such, the Company targets a wide versus a narrow mix of revenue sources.

Growth Mix: new revenue is currently driven by existing customers. A key goal for the Company is to develop an optimal mix of existing and new customers.

Cost Controls and Efficiencies

PyroGenesis has been, and continues to, scrutinize both potential and existing projects to ensure that the utilization of labour and financial resources are optimized. The Company continues to only engage in projects that reflect significant benefits to PyroGenesis and the risks of which are defined. The Company intends to intensify its focus on project and budgetary clarity during this period of elevated inflationary pressures, by identifying alternative suppliers while constantly adjusting project resources. The early-stage project assessment process has also been refined to allow for faster “go / no-go” decisions on project viability. Through an ongoing cost optimization program, the Company has further identified areas to reduce costs and expenses in 2025.

Continuing the cost optimization program began in fiscal 2024, which resulted in over $3 million in savings, the Company has already identified areas of optimization in early 2025. To date the Company has identified savings in patent expenses, insurance and optimization of the workforce, for a net benefit of $2 million. The Company has targeted between $3-$5 million in cost optimization for 2025. These are recurring cost savings which will benefit the Company on a recurring annual basis. All cost optimization is done with a view to not jeopardize revenues or market competitiveness.

Enhanced Sales and Marketing

Against the backdrop of its 3-tiered strategy, the Company continues to focus on sales, marketing, and R&D efforts in-line with – and in some cases ahead of – the growth curve for industrial change related to energy transition, electrification, and greenhouse gas reduction efforts.

Macroeconomic Conditions

Continued uncertainty in the macroeconomic environment including: fluctuating interest rates, inflationary pressures, and potential recessionary conditions, can cause shifting demand across industries. These factors make it difficult to assess the future impact on our customer base and our business operations in the short and long term.

Despite these uncertainties, we continue to believe there is a strong need for PyroGenesis’ solutions in the industries we serve as heavy industry continues to transition and/or electrify their energy sources, decarbonize, manufacture utilizing both lighter metals (such as aluminum) and additive manufacturing, and deal with tighter hazardous waste regulations.

While we expect these uncertainties and other macroeconomic conditions to continue to impact the variability in our quarter-to-quarter revenue, we believe our diversity in both customer base and solution set will continue to be a strong mitigating factor to these challenges. Additionally, the Company’s ongoing efforts to reduce costs through various measures including the sourcing of more high quality, cost-competitive suppliers, further bolsters the Company against cost fluctuations.

The various military conflicts in the Middle East and Eastern Europe continue to create some level of global economic uncertainty, as well as supply chain disruptions that can change at any time. However, it’s important to note that the Company does not have any operations, customers or supplier relationships in Russia, Belarus or Ukraine, and as such are not directly impacted at a customer level in these countries. The Company does have customer relationships and projects in Poland and will continue to monitor the situation in the region regarding challenges to the completion of current projects, which at this time are not inhibited.

As always, the Company monitors the potential impact macroeconomic events and conditions could have on the business, operations, and financial health of the Company.
Generally, the Company believes that broad-based threats to global supply chains increase awareness and interest in the many solutions the Company offers. This is particularly true within the minerals and metals industries, as manufacturers seek alternatives to offshore suppliers as well as technologies that could optimize output or recycle critical material from by-products or waste – solutions that the Company currently offers.

Business Line Developments

The upcoming milestones which are expected to confirm the validity of our strategies are outlined below. Please note that these timelines are estimates based on information provided to us by the clients/potential clients, and while we do our best to be accurate, timelines can and will shift, due to protracted negotiations, client technical and resource challenges, or other unexpected situations beyond our or the clients’ control:

Business Line Developments: Near Term (0 – 3 months)

Financial:

Payments for Outstanding Major Receivables:
Regarding the outstanding receivable under the Company’s existing $25 million+ Drosrite™ contract, and as previously announced, PyroGenesis had agreed to a strategic extension of the payment plan, by the customer and its end-customer, geared to better align the pressures on the end-user’s operating cash flows created by increased business opportunities. The next payment(s) to PyroGenesis are expected in the near term

Energy Transition [formerly Energy Transition & Emission Reduction]:

Plasma Torches for Cement-Related Calcination:
In the Q2 2025 outlook, the Company stated it was in negotiations with a European entity to use plasma torches during a calcination process related to cement production, with an estimated initial project value of $500,000 to $1 million, and that these negotiations advanced considerably during Q2 and a near term announcement was expected. A contract for this project was signed during Q3 2025 [news release dated September 2, 2025], for $1.2 million. This information will be removed from future outlooks.

Plasma Torches for Aluminum Remelting Furnaces / Casthouses:
An LOI for large-scale plasma remelting furnaces with Constellium, a global aluminum product manufacturer, was originally announced during Q2 2024 [news release dated April 10, 2024]. During Q4 2024, the first project under a letter of intent (LOI) previously signed with Constellium progressed to advanced negotiations, and a near-term announcement in late Q2 2025 regarding this project was anticipated. In the Q2 2025 Outlook, it was stated that planning and negotiations continued during Q2 and an announcement was expected in the very near term. A contract for this project was signed during Q3 2025 [news release dated August 5, 2025]. This information will be removed from future outlooks.

Alumina Calcination:
The Company is in advanced discussions with one of the largest mining companies in the world, to study the use of plasma torches in the calcination of alumina. The project would simulate the replacement of natural gas burners by plasma torches in a flash calciner furnace for producing smelter-grade alumina. An announcement is expected in the near term.

Super High Powered Plasma Torch for Aluminum Producer:
The Company is in discussions with one of the largest aluminum companies globally, for the eventual purchase of a 5MW plasma torch. Initial discussions are centred around engineering support to develop a feasibility study in conjunction with the client, with a possible torch purchase in 2026.

Cement Production Calcination:
The Company is in discussions with a European global leader in mineral production for the cement industry, to replace gas burners in the limestone calcination process. A proposal was submitted for approximately $1 million.

Aluminum Furnace Tests:
The Company has started, and will continue in the near term, live furnace tests of plasma as a process heat source in melting and holding furnaces with major aluminum companies, while also being in advanced discussions with other companies yet to be named for similar live furnace tests. Due to the nature of these tests and the increasing number of similar tests, the Company may choose not to announce every test session it engages in.

Ore Pelletization Torch Trials:

CLIENT B:
As mentioned in previous Outlooks, plasma torch tests within an iron ore pelletization furnace of a client previously identified as Client B, a major international iron ore producer, were underway. The client is conducting live furnace tests using four 1 MW PyroGenesis plasma torch systems, with the possibility of replacing fossil fuel burners across multiple pelletization furnace systems. Live trials using PyroGenesis plasma torches are ongoing and will remain as such until the customer determines they have sufficient performance data.

CLIENT C:
Client C, a global market-leading client and a significant player in both the iron ore pelletization and steel industries, has been working with PyroGenesis over the past few years on various potential initiatives related to using plasma for decarbonization. PyroGenesis was previously awarded official supplier status to Client C as part of an impending initiative that was subsequently announced during Q4 2024 [news release dated November 19, 2024], for a contract to assess the applicability of PyroGenesis’ fully electric plasma torches for use in part of the customer’s electric arc furnace (EAF) steelmaking and casting process. The initial project was completed during Q2 2025 as anticipated. A comprehensive report was assembled and submitted to the client in early Q3 2025. The client is now assessing next steps, with no estimated timeline.

Materials Production [formerly Commodity Security & Optimization]:

Titanium Metal Powder:
During Q2 2025, the Company’s titanium metal powder was awarded approved status by a global aerospace leader and was added to their approved supplier list for use in additive manufacturing. As a result of this announcement, the Company has been working with this client on potential metal powder orders. An announcement is expected in the near term.

It was also stated previously that the Company is in discussion with other potential clients for titanium metal powder orders. Announcements are expected in the near term.

Lithium Battery Material Recovery:
In the Q2 2025 Outlook it was stated that the company was in early-stage discussions with a North American battery material recycler, for the potential use of plasma in the recovery of material from end-of-life lithium batteries. Negotiations have advanced significantly, and an announcement is expected in the near term.

Fumed Silica Reactor (“FSR”) Project:
PyroGenesis has been designing, engineering, and constructing the fumed silica reactor pilot plant (the “FSR”) to convert quartz into fumed silica in a single and eco-friendly step, for HPQ Polvere (a wholly owned subsidiary of HPQ Silicon Inc.). The plant is operational and undergoing various tests to replicate the lab-scale test at pilot plant scale. Modifications to the system and continued testing to improve the fumed silica is ongoing, with more announcements expected in the near term.

Waste Processing [formerly Waste Remediation]:

Drosrite Systems:
The Company is in advanced discussions with a North American metal casting company for the purchase of a Drosrite aluminum dross processing system to process high density aluminum beverage can scrap, with an approximate value of $800-$1million. An announcement may be expected in the near term.

Chemical Weapons Destruction (PACWADS):
In the Q2 2025 Outlook, it was stated that the Company is in negotiations with a multinational defense contractor for the potential sale of a PyroGenesis PACWAD system for destroying chemical weapons. During Q3 2025, the Company signed a teaming agreement with the defense contractor. An announcement with further details may be expected in the near term, though strict confidentiality clauses may prohibit such communications.

Municipal Waste Destruction and Gasification System:
The Company is in negotiations with a company in India for a large waste destruction and biogas upgrading system.

Radioactive Waste Destruction:
In the Q2 2025 Outlook, it was stated that the Company is in negotiations with a major European entity for the use of plasma in the destruction of low-level radioactive waste. An announcement is expected in the near term.

Plasma Torch System for Pyrolysis:
It was stated in the Q2 2025 Outlook that the Company was in discussions with a European entity for the sale of a plasma torch system and/or plasma reactor system, which the customer would utilize in their production of carbon black and hydrogen for use in batteries and graphite production, and that a project quote had been submitted with a potential project value of approximately $2 million. The negotiations have advanced, and a potential project scope has been developed across multiple phases. An announcement is expected in the near term.

Plasma-Based Glass Valorization:
It was stated in previous Outlook’s that the Company is in final negotiations with an entity in Canada, for a plasma-based furnace for use in the melting and valorization of recycled glass, with an estimated contract value of approximately $2 million, and that this potential client is currently assembling funds from a consortium of international contributors, across government and private entities, with the amount secured determining a potential start and/or the scope of the project. The project scope has risen to between $3-$5 million, and an announcement is expected in the near term.

SPARC Refrigerant Waste Destruction System:
The Company is in negotiations with a Middle Eastern customer regarding PyroGenesis’ SPARC system for the safe destruction of hazardous end-of-life refrigerants such as CFCs, HCFCs, and HFCs. The customer has access to a very large existing stockpile of these hazardous materials. Discussions continue as a possible co-venture, whereby PyroGenesis would receive revenue on a profit-sharing basis. PyroGenesis is conducting due diligence on key elements related to the potential business model, and a contract is currently being finalized.

Business Line Developments: Mid Term (3-6 months)

Energy Transition:

4.5-Megawatt and 20 MW Plasma Torches for Aeronautics and Defense Client:
In Q3 2023, the Company signed a contract [news release dated August 1, 2023] for a 4.5 MW plasma torch for a client who is a prime contractor for the U.S. government as well as for public and private customers in the aeronautics and defense industries. The project has advanced considerably, with engineering and fabrication completed, and assembly currently underway. Current timelines estimate delivery and startup of the torch system at the client’s facility in Q1 2026.

For this same client, a subsequent contract for a 20MW plasma torch was signed in Q4 2024 [news release dated October 21, 2024]. A plasma torch at this power level, based on PyroGenesis’ own research, represents possibly one of the most powerful plasma torches ever produced commercially. The project has an approximate duration of 3 years. The project is progressing and is in the engineering and electrical design phase.

Plasma-Based Glass Recycling:
As stated in previously Outlooks, during Q1 2025 the Company signed an R&D / testing contract with a global leader in glass recycling, to investigate plasma as part of the customer’s energy transition initiatives. The project is related to the spheronization of recycled glass using plasma, to help establish proof of concept. The contract involves multiple tests to optimize parameters and produce high-quality spherical glass particles for use in glass bed applications. Testing commenced during Q2 as planned, with early results being very promising. The full roster of tests and modifications originally scheduled for completion in Q3 2025 has been extended into Q4 2025 and Q1 2026. The longer-term commercial potential is for building a reactor-based system on-site at the customer’s facility.

Plasma Torches for Metal Manufacturing:
During Q4 2024 and Q1 2025, the Company conducted first round tests for one of the world’s largest producers of metal products to design and develop a plasma-based solution for use in improving precision in the manufacturing process, using a low wattage plasma torch. Next steps were identified to conduct additional tests using progressively larger torches during Q2 and Q3 2025. Testing per this approach met and even surpassed expectations. In the Q2 2025 Outlook it was stated that a first round project may commence in the near term, with a potential value of $100-200K, with long-term potential at an enterprise-wide level for this customer has a potential approximate value of $10 million. Additional tests at an even higher temperature were identified as beneficial, as well as a CFD study. These are scheduled for Q4 2025.

Plasma Torches for Cement Industry Calcination:
The Company is in discussions with a global leader in providing technology and services for mining, aggregates, recycling, and metal refining industries, primarily for potential sale of hyper-high temperature (10 MW and above) plasma torches for use in calcination furnaces as part of the cement production process

Materials Production:

Green Cement Additive:
PozPyro is a cement additive material produced by PyroGenesis’ as a collaboration with its client Progressive Planet. The proprietary plasma process converts widely available, high-grade crystalline silica into amorphous silica that can be used to enhance the strength of concrete as a replacement for fly ash which is in diminishing supply. Previous announcements [news release dated May 2, 2024] showed compressive strength tests for PozPyro of up to 99.5% above standards for similar material such as fly ash, while surpassing even the full-strength value of the Portland Cement control by up to 49.67%. A potential contract for a future pilot plant has an estimated value of $15-20 million. In Q1, the Company developed and delivered an advanced feasibility and technical study towards the construction of a pilot plant. Material samples are now being produced for third party evaluation at the request of Progressive Planet

Business Line Developments: Long Term (> 6 months)

Energy Transition

Plasma Torches for Steel Manufacturing Process Steps:
The Company is in initial discussions with a European steel construction conglomerate for the use of plasma torches in various high temperature process steps.

Plasma Torches for Brickmaking:
The Company is in initial discussions with a European company for the use of plasma torches in high temperature brickmaking process steps, including a brickmaking refractory furnace. This is a multi-torch application, potentially requiring 15-20 60kw-150kw torches per line.

Plasma Torches for Steelmaking:
The Company is in initial discussions with a major global engineering firm that works extensively in the steel industry, for the use of plasma torches in high temperature steelmaking furnaces, in Japanese steel plants.

Plasma Torches for Alumina Calcination:
In Q1 2025, the Company signed an initial testing contract with a large European aluminum producer with a 100+ year history. The contract is to test plasma torches as part of the calcination step for alumina, the last step of the Bayer process for refining bauxite ore into alumina, which is the raw material for producing aluminum. The project commenced in the latter part of Q2 2025. Tests were successful and the results were very positive. The customer is now evaluating what was acknowledged as very promising data to replace natural gas burners and is reviewing their capital expenditure plans for possible future implementation.

Plasma Torches for Global Chemical Firm:
In the previous Q1 outlook, the Company stated that it is in discussions with an American entity for the potential sale of plasma torches to aid in the production of carbon black and potentially other materials carbon and silica-based, with a potential initial value of $2-3 million and additional longer-term potential. In late Q2 and early Q3, the customer visited PyroGenesis’ Montreal facilities for a site tour and for more in-depth discussions. The customer has started construction of their own pilot plant, and negotiations are underway regarding potential integration of plasma torches into that facility.

Materials Production:

Silicon, Nano-Silicon, and Silica Production:
The Company is in discussions at quotation stage with several potential customers who have expressed interest in PyroGenesis’ advanced methods for producing silicon, nano-silicon, and silica. The potential customers include:

a major global automaker (whose interest lies in both nano-silicon and silicon oxide [SiOX] for EV batteries) who is considering a lab-scale production system (approximate value of $500,000) with a long-term potential pilot plant with an estimated contract value of $10-15 million.A US battery manufacturer considering a lab-scale production system for SiOX anode material; negotiations have advanced and further cost and scope development meetings are underway.a raw material supplier to the construction materials industry who is considering a lab-scale production system (approximate value of $150,000) with a long-term potential pilot plant with an estimated contract value of $10-15 million. Negotiations continued throughout Q2 with potentially more discussions on the horizon.a raw material producer and manufacturer in South Asia is considering a production system for silicon-based material with an estimated contract value of $10-15 million. Discussions continue, regarding scope of work.a producer of silicon carbide.a producer of silica fume. Waste Processing:

Plasma Torch for Hazardous Waste Destruction:
The Company is in early-stage discussions with an operator of a large North American hazardous waste facility for the sale of a plasma torch system. The facility destroys a variety of hazardous waste, including PFAS “forever chemicals”, currently using an incineration process.

Plasma Torches for Tunnel Boring:
As noted above, the Company is a party to a framework master agreement with EarthGrid, which included the payment to the Company of a non-refundable downpayment for $667,000. Negotiations of a first substantial statement of work are ongoing and remain positive but depend in large part on the client’s ability to secure funding in a timely manner. The client now anticipates proceeding with the purchase of a single plasma torch system in the near to mid term, followed by one or more larger orders in subsequent quarters, dependent upon the client’s financing. While there is no guarantee this statement of work or additional ones will be completed, if successful the Company foresees the potential for a multi-phase, multi-year partnership with the client that may result in materially significant additional plasma torch orders over the next few years. EarthGrid continues to have challenges raising capital sufficient to make purchases under this agreement.

Plasma Waste-to-Energy System / Resource Recovery System (PRRS):
The Company previously announced the signing of a 2-stage contract for a land-based plasma waste-to-energy system with a European consortium. The first stage consists of a conceptual and preliminary design phase for approximately $2 million, which commenced in Q3 and was scheduled to last no more than one year. The design of the Plasma Waste-to-Energy System is based on the Company’s Plasma Resource Recovery System (PRRS), a waste-to-energy technology that eliminates toxic compounds while transforming waste into reusable products such as syngas and chemicals such as methanol. This project is currently on hold as the client lost its first stage financing. The client is looking for alternate funds. Until such time as those funds have been secured and the project restarted, $2 million was removed from the Company’s reported backlog during Q4 2024.

Plasma Torches for 3rd Party Waste-to-Energy Systems:
The Company has been in discussions over several years with a European entity, to act as a potential supplier of plasma torches for the entity’s waste-to-energy initiative; the entity has at times, listed PyroGenesis as their torch supplier in various publications online. In Q3 2024, this entity announced having entered into an agreement with a German multi-Billion-dollar leading technology company to accelerate green energy transition through waste-to-energy technology. The entity announced that it aims to establish 300 plants producing 1 million tons of hydrogen over the next several years.

** Please note that projects or potential projects previously announced that do not appear in the above summary updates should not be considered as at risk. Noteworthy developments can occur at any time based on project stages, and the information presented above reflects information on hand. Projects not mentioned may have simply not concluded or not presented milestones or client updates worthy of discussion or update.

FURTHER INFORMATION

Additional information relating to Company and its business, including the 2024 consolidated financial statements, the Annual Information Form and other filings that the Company has made and may make in the future with applicable securities authorities, may be found on or through SEDAR+ at www.sedarplus.ca, or the Company’s website at www.pyrogenesis.com.

Additional information, including directors’ and officers’ remuneration, the Company’s indebtedness, principal holders of the Company’s securities and securities authorized for issuance under equity compensation plans, is also contained in the Company’s most recent management information circular for the most recent annual meeting of shareholders of the Company.

About PyroGenesis Inc.

PyroGenesis leverages more than 30 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information contact [email protected] or visit http://www.pyrogenesis.com

NEW YORK and NEW ORLEANS, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 17, 2025 to file lead plaintiff applications in a securities class action lawsuit against Cytokinetics, Incorporated (NasdaqGS: CYTK), if they purchased or otherwise acquired the Company’s securities between December 27, 2023 and May 6, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.

What You May Do

If you purchased securities of Cytokinetics and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-cytk/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 17, 2025.

About the Lawsuit

Cytokinetics and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On March 10, 2025, the Company disclosed that the U.S. Food and Drug Administration (“FDA”) had decided not to convene an advisory committee meeting to review the Company’s New Drug Application (“NDA”) for its aficamten product. Then, on May 6, 2025, the Company disclosed that it had held multiple pre-NDA meetings with the FDA discussing safety monitoring and risk mitigation but chose to submit the NDA without a Risk Evaluation and Mitigation Strategy, instead relying on labeling and voluntary education materials.

On this news, the price of Cytokinetics’ shares fell, closing at $33.04 per share on May 7, 2025.  

The case is Seidman v. Cytokinetics, Incorporated, et al., No. 25-cv-07923.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC 
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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XP Power Limited (OTCPK:XPPLF) Discusses Strategy, Market Position, Product Portfolio and Financial Framework November 5, 2025 10:30 AM EST

Company Participants

Gavin Griggs - CEO & Executive Director
Peter Blyth - Executive Vice President of Global Products
Jay Warner - Executive Vice President - N. America Sales & Engineering Services
Matthew Webb - CFO & Executive Director

Conference Call Participants

David Richard Farrell - Jefferies LLC, Research Division
Thomas Elgar - Deutsche Bank AG, Research Division
Tom Fraine - Shore Capital Group Ltd., Research Division
Scott Cagehin - Investec Bank plc, Research Division

Presentation

Gavin Griggs
CEO & Executive Director

Good afternoon, everyone, and thank you for joining us today at what is the first of the XP Power investor seminars.

My name is Gavin Griggs, I'm Chief Executive Officer of XP. And over the next hour, we'd like to share our strategy, why we win and progress we've made in delivering critical power solutions to the world's most demanding sectors. We'll then take your questions.

Upfront, I want to acknowledge that over the last 2 to 3 years, our performance has been somewhat disappointing, driven by the market destocking -- market stocking and subsequent destocking. Our competitors in the same markets have faced exactly the same challenges and delivered broadly similar performance.

Our focus over that period has been on controlling the controllables and making XP a better business. And that is what I believe we have done, and we are now ready to capitalize on the gradual market recovery we see coming in the next few years.

Let me begin by introducing our leadership team and speakers for today. Matt Webb, our Chief Financial Officer. He joined us in September 2023 and brings over 25 years international finance experience. Matt has been a great business partner for me, allowing me to focus on the operations, people, customers and product development.

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

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

Oil prices were little changed on Wednesday after rising in the previous session amid expectations that an end to the longest-ever U.S. government shutdown could boost demand in the world's biggest crude consuming nation.

November 11, 2025 20:40 ET

 | Source:

Centessa Pharmaceuticals plc

BOSTON and LONDON, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Centessa Pharmaceuticals plc (Nasdaq: CNTA), a clinical-stage pharmaceutical company, today announced the pricing of an underwritten public offering of 11,627,907 American Depositary Shares (“ADSs”), each representing one ordinary share, at a price to the public of $21.50 per ADS. The aggregate gross proceeds to Centessa from this offering are expected to be approximately $250 million, before deducting underwriting discounts and commissions and offering expenses payable by Centessa. All ADSs sold in the offering were offered by Centessa. The offering is expected to close on or about November 14, 2025, subject to customary closing conditions. Centessa has also granted the underwriters a 30-day option to purchase up to an additional 1,744,186 ADSs at the public offering price, less underwriting discounts and commissions.

Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering. Oppenheimer & Co., Truist Securities and LifeSci Capital are acting as co-lead managers.

The ADSs are being offered pursuant to a registration statement on Form S-3 that was filed with the Securities and Exchange Commission (“SEC”) on September 11, 2024 and became automatically effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed, and a final prospectus supplement and accompanying prospectus related to the offering will be filed, with the SEC and are available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at (877) 821-7388, or by e-mail at [email protected]; or Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, telephone: (800) 808-7525 ext. 6105, email: [email protected]; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, telephone: (888) 474-0200, email: [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, telephone: at (212) 518-9544, or by emailing [email protected].

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

About Centessa Pharmaceuticals
Centessa Pharmaceuticals plc is a clinical-stage pharmaceutical company with a mission to discover, develop and ultimately deliver medicines that are transformational for patients. We are pioneering a new class of potential therapies within our orexin receptor 2 (OX2R) agonist program for the treatment of excessive daytime sleepiness (EDS), impaired attention, cognitive deficits, fatigue and other symptoms across neurological, neurodegenerative and neuropsychiatric disorders.

Forward Looking Statements
This press release contains forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including those relating to Centessa’s expectations with respect to the completion and timing of the public offering. Any forward-looking statements in this press release are based on our current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties related to completion of the proposed public offering and the satisfaction of customary closing conditions related to the public offering. Risks concerning our programs and operations are described in additional detail in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and our other reports, which are on file with the U.S. Securities and Exchange Commission. We explicitly disclaim any obligation to update any forward-looking statements except to the extent required by law.

Contact:
Kristen K. Sheppard, Esq.
SVP of Investor Relations
[email protected]

Oil edged lower in the morning Asian session, potentially reflecting a technical correction after futures rose for a third straight session overnight.

Amdocs Limited (DOX) Q4 2025 Earnings Call November 11, 2025 5:00 PM EST

Company Participants

Matthew Smith - Secretary & Head of Investor Relations
Joshua Sheffer - President, CEO & Director
Tamar Dagim - CFO & COO

Conference Call Participants

Timothy Horan - Oppenheimer & Co. Inc., Research Division
George Notter - Wolfe Research, LLC
Tal Liani - BofA Securities, Research Division
Adam Parrington - Stifel, Nicolaus & Company, Incorporated, Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Amdocs Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Matt Smith, Head of Investor Relations. Please go ahead, sir.

Matthew Smith
Secretary & Head of Investor Relations

Thanks, operator. Before we begin, I need to call your attention to our disclaimer statement on Slide 2 of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks and uncertainties, including as described in Amdocs' SEC filings and that we will discuss certain financial information that's not prepared in accordance with GAAP. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's earnings release, which will also be furnished with the SEC on Form 6-K.

Participating on the call with me today are Shuky Sheffer, President and Chief Executive Officer of Amdocs Management Limited; and Tamar Rapaport-Dagim, Chief Financial and Operating Officer. To support today's earnings call, we are providing a presentation, which you can find on the Investor Relations section of our website. And as always, a copy of today's prepared remarks will be posted immediately following the conclusion of this call.

On today's agenda, Shuky will recap our business and financial achievements for

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Cyanotech Corporation (OTCQB:CYAN) Q2 2026 Earnings Call November 11, 2025 8:00 PM EST

Company Participants

Matthew Custer - President, CEO & Director
Jennifer Miyashiro - CFO & Treasurer

Presentation

Matthew Custer
President, CEO & Director

Aloha from Kona, Hawaii. Thank you for joining us today to report Cyanotech's Second Quarter Fiscal Year 2026 Earnings Results. I am Matt Custer, President and Chief Executive Officer of Cyanotech. Joining me on the call today is Jennifer Miyashiro, our Chief Financial Officer.

I will turn the call over to Jennifer to provide our forward-looking statement.

Jennifer Miyashiro
CFO & Treasurer

Thanks, Matt. Our discussion today may include forward-looking statements. We do not undertake any obligation to update forward-looking statements either as a result of new information, future events or otherwise. Our actual results may differ materially from what is described in these forward-looking statements. Some of the factors that may cause results to differ are listed in our publicly filed documents. For additional information, we encourage you to review our 10-Q and fiscal year 2025 report filed with the Securities and Exchange Commission.

I will turn it back to Matt for comments on the quarter. Matt?

Matthew Custer
President, CEO & Director

Our second quarter reflected continued momentum in both sales growth and profitability Total revenue increased nearly 20% year-over-year, driven by higher bulk sales and strong performance in our online channels. We also saw a meaningful improvement in gross margin as our production volumes continued to increase, driving lower cost per unit and better overall efficiency. Additionally, price increases implemented earlier in the year for our Nutrex-branded products contributed to margin expansion. While tariffs impacted our contract extraction competitiveness, we remain focused on operational excellence, disciplined cost control in building a stronger, more resilient business positioned for long-term success.

With continued momentum across

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SummaryArcBest maintains a solid market positioning as demand remains strong amid softer macroeconomic conditions.Robust fundamentals ensure that ARCB will sustain its increasing operating capacity while covering dividends.LTL undercapacity and interest rate cuts may open new growth opportunities for many players in the market.Valuation remains attractive and opens new buying opportunities despite the downtrend.Technicals are still bearish, but potential overselling may entice buying volume. gesrey/iStock via Getty Images

It’s been more than three months since my previous analysis on ArcBest Corporation (ARCB). Its value has already decreased by about $5, or 7.4%, in a short period despite my optimistic valuation. I understand the cautious market

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

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

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LightPath Technologies, Inc. (LPTH) Q1 2026 Earnings Call November 11, 2025 5:00 PM EST

Company Participants

Sam Rubin - President, CEO & Director
Albert Miranda - CFO, Secretary & Treasurer

Conference Call Participants

Richard Shannon - Craig-Hallum Capital Group LLC, Research Division
Glenn Mattson - Ladenburg Thalmann & Co. Inc., Research Division
Jaeson Schmidt - Lake Street Capital Markets, LLC, Research Division
Orin Hirschman - AIGH Investment Partners

Presentation

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LightPath Technologies Fiscal First Quarter 2026 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, November 11, 2025, and the earnings press release accompanying this conference call was issued after the market close today. I'd like to remind you that during the course of this conference call, the company will be making a number of forward-looking statements that are based on current expectations, involve risks and uncertainties as discussed in its periodic SEC filings. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven to be inaccurate, and there could be no assurances that the projected results will be realized.

In addition, references may be made to certain financial measures that are not in accordance with generally accepted accounting principles or GAAP. We refer to these non-GAAP financial measures. Please refer to our SEC reports and certain of our press releases, which include reconciliations of non-GAAP financial measures and associated disclaimers. CEO, Sam Rubin, will begin today's call with a strategic overview of the business and recent developments for the company, while CFO, Al Miranda, will then review financial results for the quarter. Following the prepared remarks, there will be a formal question-and-answer session.

I would now like to turn the conference over to CEO, Sam Rubin. Sam, the floor is yours.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of CGDV, SPY, MSFT, META, LLY 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.

Key Takeaways Zacks Thematic Screens provides 30 dynamic investment themes shaping the future.Vistra (VST) was returned from the Nuclear screen. AI demand is expected to keep the industry hot.
Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future. Whether you're interested in cutting-edge technology, renewable energy, or healthcare innovations, our themes help you invest in ideas that matter to you.

Let’s take a closer look at the ‘Nuclear’ theme and analyze a stock that the screen returned, such as Vistra (VST - Free Report) .  

Nuclear OverviewNuclear energy stands at the cusp of the global push for a low-carbon, greener, and more resilient energy future. This investment theme encapsulates companies engaged in uranium mining, nuclear reactor construction and maintenance, and the generation of electricity from nuclear sources, alongside firms providing essential technology and services to the nuclear industry.

As nations seek reliable and consistent power sources amid rising energy demands and geopolitical tensions, nuclear energy offers a unique solution with its near-full capacity operations and zero emissions.

Vistra Pays ShareholdersVistra safely operates a reliable, efficient, power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities. Shares have been hot in 2025, gaining 30% and outperforming relative to the S&P 500.

The company has announced increases to its quarterly payout in 2025, continuing a trend of higher payouts over the years. VST presently sports a 12% five-year annualized dividend growth rate, with its payout ratio sitting sustainably at 21% of its earnings. Below is a chart illustrating the company’s dividends paid on a quarterly basis.

Image Source: Zacks Investment Research

Bottom Line

Thematic investing has emerged as a powerful way for investors to sync their portfolios with emerging trends. A mix of long-term and short-term themes is increasingly dictating which companies lead as economies expand and markets shift.

While stocks in each theme aren't direct recommendations, they offer a solid starting point. Leverage the Zacks Rank and other metrics to identify the best stocks for your strategy. Each featured stock comes with a Zacks report, giving you the tools to analyze performance and potential

Strong cash flows reflect financial stability, allowing companies to pay down debt, pursue growth opportunities, and shell out dividend payments.

These companies are also better equipped to weather downturns, providing another beneficial advantage for investors from a long-term standpoint.

And for those seeking cash-generating machines, two mega-cap tech giants – Microsoft (MSFT - Free Report) & Apple (AAPL - Free Report) – fit the criteria nicely. Let’s take a closer look at how each currently stacks up.

Apple Breaks RecordsApple shares have jumped off 2025 lows, up 10% YTD but underperforming relative to the S&P 500. Its latest set of quarterly results broke several records, including revenue, EPS, and iPhone revenue for its September period.

Below is a chart illustrating the company’s quarterly sales.

Image Source: Zacks Investment Research

The company has long been a cash-generating machine, providing many benefits over the years, including higher dividend payouts. In fact, Apple has paid higher dividends for 13 consecutive years, owing to its shareholder-friendly nature.  

Shares yield a modest 0.4% annually, though the company’s 5.0% five-year annualized dividend growth helps bridge the gap. On a trailing twelve-month basis, the tech titan has generated a massive $98.8 billion in free cash flow.

Microsoft Sees Big GrowthMicrosoft shares have been strong in 2025 so far, up 21% compared to the S&P 500’s 19% gain. Concerning headline figures in its latest release, EPS of $4.13 and sales of $77.7 billion both handily exceeded our consensus expectations, continuing its recent streak of better-than-expected results. Sales grew an impressive 18% year-over-year, whereas EPS climbed 25%.

Below is a chart illustrating MSFT’s sales on a quarterly basis.

Image Source: Zacks Investment Research

Like AAPL, strong cash flows have bolstered its shareholder-friendly nature, with Microsoft sporting a 10% five-year annualized dividend growth rate and generating $78.0 billion in free cash flow over the trailing twelve months.

Bottom Line

Companies with strong cash-generating abilities are great targets, as they have plenty of cash to fuel growth, pay out dividends, and easily wipe out debt. And as mentioned above, these companies are better equipped to handle an economic downturn, undeniably a positive.

For those seeking cash-generators, both tech titans above – Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) – fit the criteria nicely.

November 11, 2025 9:26 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 11, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of V.F. Corporation (NYSE: VFC) between October 30, 2023 and May 20, 2025, both dates inclusive (the "Class Period"), of the important November 12, 2025 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the V.F. Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=44811 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants disseminated materially false and misleading statements and/or concealed material adverse facts concerning the true state of V.F. Corporation's turnaround plans. Specifically, defendants provided investors with material information concerning V.F. Corporation's turnaround plan ("Reinvent"), which in part focused on efforts to return the Vans brand to positive growth. The lawsuit alleges that defendants concealed that additional significant reset actions would be necessary to return the Vans brand to growth, and would result in significant setbacks to Vans' revenue growth trajectory. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the V.F. Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=44811 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274119

Q3: 2025-11-06 Earnings SummaryEPS of -$0.16 misses by $0.08

 |

Revenue of

$87.31M

(69.10% Y/Y)

beats by $10.11M

Esperion Therapeutics, Inc. (ESPR) Discusses Breaking the Statin Intolerance Barrier and Closing the Care Gap in Cardiovascular Health November 11, 2025 2:00 PM EST

Company Participants

Sheldon Koenig - President, CEO & Director
LeAnne Bloedon

Conference Call Participants

Dharmesh Patel
Fatima Rodriguez
Kyuwon Choi - Goldman Sachs Group, Inc., Research Division
Joseph Pantginis - H.C. Wainwright & Co, LLC, Research Division
Jason Zemansky - BofA Securities, Research Division
Rick Miller - Cantor Fitzgerald & Co., Research Division

Presentation

Operator

Good day, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to Esperion's key opinion leader Investor event, Breaking the Statin Intolerance Barrier, Closing the Care Gap in Cardiovascular Health. [Operator Instructions] At this time, I would like to turn the call over to Sheldon Koenig, President and CEO for Esperion.

Sheldon Koenig
President, CEO & Director

Thank you so much. Good afternoon, everyone, and thank you for joining us for this most important segment on Statin Intolerance Barrier, Closing the Care Gap in Cardiovascular Health. If we can go to the next slide, please. So our forward-looking statement and disclosures. I won't read it, but it will be available on our IR site.

Next slide. So this is our agenda today. First of all, I just want to thank our speakers who have joined us today, Dr. Fatima Rodriguez, who -- all of our speakers will be introducing themselves in the later half of this session. Dr. Dharmesh Patel; and LeAnne Bloedon, our Vice President, Head of Development, who will also be giving a presentation post my remarks.

Our agenda today, opening and introduction. The next segment will be when treatment becomes a barrier, empowering patients to stay on therapy and then a question-and-answer session with both Dr. Fatima Rodriguez and Dr. Dharmesh Patel. And again, we thank

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November 11, 2025 9:35 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 11, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds sellers of ordinary shares, including those that sold into the Merger of Sina Corporation (NASDAQ: SINA) between October 13, 2020 and March 22, 2021, both dates inclusive (the "Class Period"), of the important November 18, 2025 lead plaintiff deadline in the securities class action.

SO WHAT: If you sold Sina ordinary shares, including those that sold into the Merger, during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Sina class action, go to https://rosenlegal.com/submit-form/?case_id=45219 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants' created a fraudulent scheme to depress the value of Sina ordinary shares to avoid paying a fair price to Sina's shareholders in connection with the Merger. Defendants executed this scheme by misrepresenting and/or omitting material information within and from Sina's proxy materials in connection with the Merger that were necessary for shareholders to make an informed decision concerning whether to vote in favor of the Merger. Specifically, defendants failed to disclose that: (1) defendants concealed the true value of Sina's investment in TuSimple at the time of the Merger; (2) in turn, the offer of $43.30 per ordinary share as consideration for the Merger substantially shortchanged the true value of Sina ordinary shares; and (3) as a result, defendants' statements about Sina's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

To join the Sina class action, go to https://rosenlegal.com/submit-form/?case_id=45219 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274120

Digital asset investment products faced another tough week as institutional investors pulled $1.17 billion from crypto funds, marking the second consecutive week of heavy outflows. The broader market continues to feel the aftershocks of the October 10th liquidity event, while uncertainty surrounding the Federal Reserve’s December policy decision weighs on investor sentiment.

Despite this wave of redemptions, not every token suffered. A handful of altcoins, particularly Solana (SOL) and XRP, have managed to stand out — attracting inflows and outperforming the broader crypto market during one of the toughest weeks of 2025.

Investors Flee Bitcoin and Ethereum
According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, capital flight from major cryptocurrencies accelerated last week. Bitcoin-linked products bore the brunt of investor withdrawals, posting $932 million in net outflows, while Ethereum funds saw another $438 million leave the market.

The bearish positioning reflects persistent caution among institutional traders. Despite several attempts at recovery, Bitcoin remains stuck below key resistance levels, while investors await greater regulatory clarity — particularly around Bitcoin regulation and ETF approvals from U.S. authorities.

Interestingly, short Bitcoin ETPs — products that profit from price declines — saw renewed interest, attracting $11.8 million, their largest weekly inflow since May 2025. This shift suggests that some institutional investors are hedging against potential downside in the coming weeks.

Altcoins Flip the Script
While Bitcoin and Ethereum funds suffered, altcoins painted a contrasting picture. Solana once again dominated the inflow charts, securing $118 million in new investments — a continuation of its nine-week winning streak that now totals $2.1 billion in cumulative inflows.

XRP followed with $28.2 million, maintaining its positive streak as investor confidence strengthens in Ripple’s network expansion and regulatory progress. Hedera (HBAR) also impressed with $26.8 million in inflows, while Hyperliquid and Litecoin attracted $4.2 million and $1.9 million, respectively.

Meanwhile, multi-asset crypto funds, which offer diversified exposure across several digital assets, saw $12 million in inflows, showing that some investors are still seeking balance amid volatility.

Not all altcoins fared well — Sui and Cardano both posted outflows, losing $3.8 million and $0.1 million, respectively.

Regional Imbalances Highlight Global Divergence
CoinShares data also revealed significant regional disparities in fund flows. The United States was once again the most affected, recording $1.22 billion in outflows — a clear indication that U.S. investors remain cautious amid ongoing fiscal and monetary policy uncertainty.

Other regions followed with smaller losses: Hong Kong saw $24.5 million in outflows, Sweden lost $18 million, while Canada and Australia recorded $7.6 million and $1.1 million respectively.

However, Europe and Latin America displayed more resilience. Germany reported $41.3 million in inflows, Switzerland captured $49.7 million, and Brazil added $12 million, reflecting growing confidence in regions with more defined regulatory frameworks and steady investor demand.

These regional dynamics suggest that sentiment around Bitcoin regulation and broader crypto oversight continues to influence global capital flows. Markets with clearer policies are seeing renewed institutional participation, while those facing regulatory uncertainty — especially in the U.S. — remain on the defensive.

A Temporary Relief Rally
As political uncertainty eased with the U.S. Senate’s recent progress on a funding deal, market sentiment briefly turned positive. Bitcoin rebounded above $106,000 after flirting with sub-$100k levels earlier in the week.

The rally, however, was short-lived. QCP Capital noted that while sentiment improved temporarily, spot ETF outflows and profit-taking by long-term holders kept upward momentum limited. The firm highlighted that Bitcoin’s resilience above $100,000 remains a key technical support, but breaking above $118,000 could trigger renewed selling from older “OG” wallets — similar to historical distribution events seen after Silk Road and Mt. Gox liquidations.

Despite the pullback, QCP maintained that Bitcoin’s structure remains fundamentally intact. Options flows show a split market — with some traders positioning for upside into December 2025, while others sell calls at higher strike prices, signaling hesitation about Bitcoin’s short-term strength.

Solana and XRP Continue to Lead
Among all digital assets, Solana remains the standout performer of late 2025. The blockchain’s growing ecosystem, strong developer activity, and rising network fees have positioned it as a key alternative to Ethereum for both institutional and retail adoption.

Similarly, XRP has sustained steady investor interest following growing optimism around potential ETF products and Ripple’s continued progress in cross-border payment solutions.

Analysts suggest that both assets’ performance reflects a broader shift in capital allocation within crypto markets — away from traditional leaders like Bitcoin and Ethereum and toward emerging altcoins with active ecosystems and defined use cases.

Macro Factors Still Dictate Market Sentiment
Broader macroeconomic uncertainty remains the biggest driver of crypto fund flows. With the Federal Reserve expected to meet again in December, investors are closely watching whether policymakers maintain their cautious tone or pivot toward easing.

If the Fed signals an extended pause in rate hikes, risk assets — including cryptocurrencies — could see renewed inflows. However, continued ambiguity around fiscal spending and regulation could extend the current wave of capital flight.

Outlook: Waiting for Clarity
The latest CoinShares data underscores one key theme — institutional confidence in digital assets remains fragile. Until clearer signals emerge from regulators and policymakers, short-term volatility is likely to persist.

Still, the contrasting performance of Solana and XRP offers a glimpse of optimism. Their ability to attract capital during one of the toughest liquidity environments of the year demonstrates that investor appetite for selective crypto assets remains strong.

If market conditions stabilize and Bitcoin holds above the psychological $100,000 mark, the broader crypto market could find its footing heading into 2026.

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Internet Computer and the NEAR Protocol are among the top artificial intelligence-related cryptocurrencies to experience notable dips on Nov. 11.

Summary

Internet Computer and NEAR Protocol led losses among top AI tokens.
The tokens were down 7.6% and 8% respectively as market cap of artificial intelligence-related coins dropped by 7%.
SoftBank Group dumped all its Nvidia stake, a move that saw the NVDA stock plummet.

The stock prices of Internet Computer (ICP) and NEAR Protocol (NEAR) were down about 8% and 6.5%, respectively, at last check on Tuesday.

Bittensor, RENDER and The Graph were also on the downtrend, with the AI token category’s average 7% drop outpacing the global crypto market’s 2% market cap stumble.

ICP, NEAR prices fall
A pledge of a $2,000 dividend payment for some U.S. citizens and news of an end to the government shutdown buoyed stocks and crypto.

Bitcoin jumped above $107,000 before giving up much of those gains and breaking below $102,000. Meanwhile, ICP and NEAR traded lower amid profit-taking following recent rallies. 

On Nov. 11, the AI tokens fell amid a similar slump for Nvidia. But with cryptocurrencies showing fresh weakness, it appears Internet Computer and NEAR tokens may revisit key support areas.

SoftBank dumps, Nvidia stock slides
One of the big stock market stories on Tuesday was SoftBank Group’s decision to sell all of its Nvidia stake.

The Japanese tech company revealed in a filing that it sold all $5.8 billion of its Nvidia stake. As the news reached investors, the company’s stock price closed the day in the red, down by nearly 3%.

Negative jitters spread across the market as investors worried about SoftBank’s view on what’s next for the artificial intelligence narrative. Wall Street has shown signs of concern over the AI bubble, and the sale did not help sentiment.

Downside pressure also cascaded into crypto mining stocks, with CoreWeave among the biggest losers as its stock fell over 16% and closed Tuesday at $88.39 per share.

China has accused the United States of secretly seizing 127,000 Bitcoin worth roughly $13 billion, allegedly linked to the 2020 LuBian mining pool hack. Beijing’s cybersecurity authorities claim the seizure was a covert, state-backed cyber operation disguised as law enforcement. The US Department of Justice (DOJ), however, firmly denied the allegations, asserting that the Bitcoin was lawfully confiscated in an unrelated fraud investigation.

According to US officials, the assets were part of a civil forfeiture case targeting Cambodian businessman Chen Zhi, who is accused of orchestrating crypto scams and human trafficking operations across Southeast Asia. The DOJ announced last month that it sought control of approximately 127,271 Bitcoin—now valued at over $15 billion—as part of efforts to return funds to victims of Chen’s network.

Blockchain analytics firm Arkham Intelligence observed that wallets tied to LuBian became active around the time the DOJ filed its case, sparking China’s challenge. Beijing claimed the timing of the Bitcoin transfers suggested the US had obtained access earlier than it publicly disclosed, raising doubts about the legitimacy of the seizure.

The dispute has reignited concerns over digital asset sovereignty and the growing geopolitical role of cryptocurrencies. Experts note that Bitcoin, as a decentralized and borderless asset, has evolved into a tool for asserting national power through financial and legal systems. The Financial Stability Board has warned that without unified international regulations, nations may continue to act independently—often to advance strategic interests rather than global cooperation.

China’s frustration reflects its ongoing resistance to Western dominance in blockchain infrastructure. Meanwhile, the US continues to use aggressive crypto enforcement—such as in the Silk Road and Bitfinex cases—to strengthen its jurisdiction. Analysts caution that without coordination, these unilateral actions risk eroding global trust and transforming cryptocurrency enforcement into a geopolitical battlefield.

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An Argentine federal judge has ordered the freezing of financial assets belonging to Kelsier Ventures CEO Hayden Mark Davis, who has been closely linked to the controversial LIBRA token launch—a project publicly backed by President Javier Milei. The indefinite precautionary order, issued by Judge Marcelo Martínez de Giorgi, also targets Favio Camilo Rodríguez Blanco of Colombia and Argentine national Orlando Rodolfo Mellino, both accused of managing crypto wallets used to move funds tied to the LIBRA timeline.

The ruling follows a request from federal prosecutor Eduardo Taiano, supported by financial investigation agencies, aiming to secure assets potentially connected to crypto-related fraud. Authorities claim that Davis, who met with Milei several times at the Casa Rosada, transferred millions through intermediaries to Argentine lobbyists Mauricio Novelliand Manuel Terrones Godoy. The National Securities Commission has been instructed to alert local and international virtual asset service providers to enforce the freeze.

Investigations revealed that Rodríguez Blanco operated a Bitget exchange account allegedly used to convert digital assets into cash during key stages of the LIBRA project. One major transaction traced to January 30 — just an hour after Davis was photographed with Milei — involved a $507,500 transfer suspected of being an indirect payment to officials. Surveillance footage later captured Novelli’s family members withdrawing large cash bags from a Banco Galicia branch shortly after LIBRA’s collapse.

Prosecutors believe these transfers were designed to conceal the true recipients and launder funds linked to the LIBRA token’s operations. With mounting evidence of hidden transactions and asset movement risks, the Argentine judiciary’s actions underscore intensifying scrutiny of the crypto sector, financial transparency, and alleged political ties in one of the nation’s most high-profile cryptocurrency fraud investigations.

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Price Prediction

SOL

Solana ETF

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

Author

Alejandro Arrieche

Author

Alejandro Arrieche

About Author

Alejandro is a seasoned financial analyst and adept business expert with over seven years of experience in dissecting complex business topics and vital market trends. His insightful writing, which has...

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

Last updated: 

November 11, 2025

Last week saw over $1.2 billion in outflows from crypto-linked exchange-traded funds (ETFs) as the broader market declined. However, SOL ETFs managed to close the week with positive inflows, a clear sign that institutional investors still favor a bullish Solana price prediction.

Bitcoin ETFs took the strongest hit as investors withdrew nearly $1 billion from these products, while ETH-linked funds saw their assets drop by $432 million.

In contrast, Solana ETFs, including spot versions like the ones managed by REX-Osprey and Bitwise, received $118 million.

Investors seem to have taken advantage of the strong sell-off that SOL experienced, which managed to push the token below $150 at some point last week, to scoop up the asset at a discount.

At the time of writing, the two spot ETFs tied to Solana have attracted a combined $782 million in assets.

Among them, the Bitwise Solana ETF (BSOL) has already taken the lead, despite launching only weeks ago, thanks to its higher staking reward structure which has drawn in more yield-focused investors.

Solana Price Prediction: Bullish Breakout Out of Price Channel Could Push SOL to $300The daily chart for Solana shows that the token hit a key area of demand at $155, from which it has apparently bounced in the past few days.

The price has been on a downtrend since mid-September as it failed to stay above $200. Nonetheless, ETF inflows lately could be indicating that SOL has hit a local bottom.

If the recovery commences, the price should first break out of that descending price channel. This would also mean a move above the 200-day exponential moving average (EMA).

If that happens, we could see SOL recapturing the $200 area, and it could keep rising to $300 in the near term to finally make a new all-time high.

If SOL manages to reclaim the $200 mark, it could quickly build momentum toward $300 and set the stage for a new all-time high.

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