Market Signal Briefing

Revenues for the third quarter of 2025 increased by 50.7% year-over-year to $103.4 million

During the third quarter of 2025, we achieved a Gross Margin of 16.3% and an Adjusted Gross Margin1 of 27.1%

Year-over-year increase in Book-to-Bill2 ratio to 1.25 and Contracted Backlog2 to $355.6 million as of the third quarter of 2025

Awarded contract to develop and deliver Roll-Out Solar Arrays for Axiom Space’s first commercial space station module

Uncrewed aerial system deliveries during the quarter included Stalker systems for the U.S. Army’s Long Range Reconnaissance program and Penguin systems for the Ukrainian Armed Forces

Launched 14 PIL-BOXes to the ISS during the third quarter of 2025 with three different partners: Bristol Myers Squibb, Butler University, and Purdue University

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Redwire Corporation (NYSE:RDW, “Redwire” or the “Company”), a global leader in space and defense technology solutions, today announced results for its third quarter ended September 30, 2025.

Redwire will live stream a presentation with slides on November 6, 2025 at 9:00 a.m. ET. Please use the link below to follow along with the live stream: https://event.choruscall.com/mediaframe/webcast.html?webcastid=pKJoXZFg

“The transformation of Redwire into a scalable, multi-domain growth platform made consistent progress in the third quarter. As anticipated, the acquisition of Edge Autonomy has immediately strengthened our positioning technically, operationally, and financially and we anticipate further revenue synergies as we scale. Operationally, in the third quarter, we have sharpened our internal execution by eliminating costs from the business and streamlining operations. These efforts resulted in an Adjusted Gross Margin1 of 27.1%, driving a significant improvement to our bottom-line,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “We closed key strategic opportunities such as Roll-Out Solar Arrays for Axiom Space’s future commercial space station and Stalker UAS sales for the U.S. Army and an undisclosed European NATO ally, ending the third quarter with a Book-to-Bill2 ratio of 1.25. As we look forward, we continue to see positive demand signals from both the U.S. and Europe for our products and solutions, such as our combat-proven Stalker and Penguin unmanned systems, differentiated VLEO SabreSat and Phantom spacecraft, and large space systems such as ROSAs and International Berthing and Docking Mechanisms (IBDMs). In the near term, the U.S. government shutdown is likely to delay the timing of key awards into 2026, but the pipeline of new opportunities is very strong.”

Third Quarter 2025 Highlights

Revenues for the third quarter of 2025 increased 50.7% to $103.4 million, as compared to $68.6 million for the third quarter of 2024.

Net Loss for the third quarter of 2025 increased by $20.2 million to $(41.2) million, as compared to $(21.0) million for the third quarter of 2024.

Adjusted EBITDA3 for the third quarter of 2025 decreased by $5.0 million to $(2.6) million, as compared to $2.4 million for the third quarter of 2024.

During the third quarter of 2025, the Company had net unfavorable EAC changes of $8.3 million, which impacted third quarter of 2025 revenues, gross profit, and net loss, and as a result, Adjusted EBITDA.3

On a quarterly basis, Book-to-Bill4 ratio was 1.25 as of the third quarter of 2025, as compared to 0.65 as of the third quarter of 2024.

Net cash used in operating activities for the third quarter of 2025 increased by $2.7 million to $(20.3) million, as compared to $(17.7) million for the third quarter of 2024.

Free Cash Flow3 for the third quarter of 2025 was $(27.8) million, as compared to $(20.5) million for the third quarter of 2024.

Ended the third quarter of 2025 with total liquidity5 of $89.3 million, as compared to $61.1 million for the third quarter of 2024.

2025 Forecast

Due to the ongoing U.S. government shutdown, a number of our anticipated orders have been pushed out of the quarter and into 2026. As a result, for the twelve months ended December 31, 2025, Redwire, including Edge Autonomy from the date of close (June 13, 2025), is forecasting full year revenues of $320 million to $340 million.

“During our first full quarter as a combined company, Redwire remained focused on our path to profitability, realizing record revenue of $103.4 million in the third quarter of 2025, with sequential and year-over-year improvement in Adjusted Gross Margin3,” said Jonathan Baliff, Chief Financial Officer of Redwire.

“The addition of Edge Autonomy has already been accretive to our financial profile,” added Chris Edmunds, Chief Accounting Officer of Redwire. “Looking towards the next twelve months, we expect that trend to continue, with revenue growth driven by an improved Book-to-Bill4 ratio, diversification in contract mix, gross margin expansion as evidenced by the 27.1% Adjusted Gross Margin3 achieved this quarter, and increased operating leverage as the Company sharpens its execution and capitalizes on the significant pipeline of opportunities. We have started to realize improvement in our Free Cash Flow during the third quarter, and the combination of these factors should lead to continued improvement as we move forward.”

Webcast and Investor Call

Management will conduct a conference call starting at 9:00 a.m. ET on Thursday, November 6, 2025 to review financial results for the third quarter ended September 30, 2025. This release and the most recent investor slide presentation are available in the investor relations area of our website at RDW.com.

Redwire will live stream a presentation with slides during the call. Please use the following link to follow along with the live stream: https://event.choruscall.com/mediaframe/webcast.html?webcastid=pKJoXZFg. The dial-in number for the live call is 877-485-3108 (toll free) or 201-689-8264 (toll), and the conference ID is 13756522.

A telephone replay of the call will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13756522. The accompanying investor presentation will be available on November 6, 2025 on the investor section of Redwire’s website at RDW.com.

Any replay, rebroadcast, transcript or other reproduction or transmission of this conference call, other than the replay accessible by calling the number and website above, has not been authorized by Redwire Corporation and is strictly prohibited. Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.

About Redwire Corporation

Redwire Corporation (NYSE:RDW) is an integrated space and defense tech company focused on advanced technologies. We are building the future of aerospace infrastructure, autonomous systems and multi-domain operations leveraging digital engineering and AI automation. Redwire’s approximately 1,300 employees located throughout the United States and Europe are committed to delivering innovative space and airborne platforms that are transforming the future of multi-domain operations. For more information, please visit RDW.com.

Use of Projections

The financial outlook and projections, estimates and targets in this press release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainty and contingencies, many of which are beyond Redwire’s control. Such calculation cannot be predicted with reasonable certainty and without unreasonable effort because of the timing, magnitude and variables associated with the recently completed merger with Edge Autonomy. Additionally, any such calculation, at this time, would imply a degree of precision that could be confusing or misleading to investors. Redwire’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the financial projections for purposes of inclusion in this press release, and, accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purposes of this press release. While all financial projections, estimates and targets are necessarily speculative, Redwire believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results for the combined company are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that Redwire, or its representatives, considered or consider the financial projections, estimates or targets to be a reliable prediction of future events. Further, inclusion of the prospective financial information in this press release should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

Cautionary Statement Regarding Forward-Looking Statements

Readers are cautioned that the statements contained in this press release regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are “forward-looking statements” as defined by the “safe harbor” provisions in the Private Securities Litigation Reform Act of 1995. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding our strategy, financial projections, including the prospective financial information provided in this press release, financial position, funding for continued operations, cash reserves, liquidity, projected costs, plans, projects, awards and contracts, objectives of management, and the expected performance of Redwire following our acquisition of Edge Autonomy, among others, are forward-looking statements. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “continued,” “project,” “plan,” “opportunity,” “estimate,” “potential,” “predict,” “demonstrates,” “may,” “will,” “could,” “intend,” “shall,” “possible,” “forecast,” “trends,” “contemplate,” “would,” “approximately,” “likely,” “outlook,” “schedule,” “pipeline,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

These factors and circumstances include, but are not limited to (1) risks associated with economic uncertainty, including high inflation, effects of trade tariffs and other trade actions, supply chain challenges, labor shortages, increased labor costs, high interest rates, foreign currency exchange volatility, concerns of economic slowdown or recession and reduced spending or suspension of investment in new or enhanced projects; (2) the failure of financial institutions or transactional counterparties; (3) Redwire’s limited operating history in an evolving industry and history of losses to date as well as the limited operating history of Edge Autonomy and the relatively novel nature of the drone industry makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; (4) the inability to successfully integrate recently completed and future acquisitions, including the recent acquisition of Edge Autonomy, as well as the failure to realize the anticipated benefits of our acquisition of Edge Autonomy or to realize estimated projected combined company results; (5) the development and continued refinement of many of Redwire’s proprietary technologies, products and service offerings; (6) competition with new or existing companies; (7) a limited number of customers make up a high percentage of our revenue; (8) natural disasters, geopolitical conflicts, or other natural or man-made catastrophic events; (9) adverse publicity stemming from any incident or perceived risk involving Redwire or our competitors; (10) incurring significant risks and uncertainties not covered by insurance or indemnity; (11) failure to respond to industry cycles in terms of our cost structure, manufacturing capacity, and/or personnel needs; (12) delays in the development, design, engineering and manufacturing of our core offerings; (13) unsatisfactory performance of our core offerings resulting from challenges in the space environment, extreme space weather events or otherwise; (14) impacts to our cash flows caused by our mix of fixed-price, cost-plus and time-and-material type contracts; (15) incurrence of expenditures prior to final receipt of a contract; (16) failure of new offerings and technologies to materialize; (17) the inability to convert orders in backlog into revenue; (18) the inability to properly manage the use of artificial intelligence in our business; (19) reliance on third-party launch vehicles to launch our spacecraft and customer payloads; (20) risk of an accident on launch or during a journey into space; (21) customers’ willingness to adopt uncrewed aircraft systems technology; (22) Redwire’s inability to meet expected financial results; (23) cyber-attacks and other security threats and disruptions; (24) failure to attract and retain highly qualified personnel; (25) risks resulting from broader geographic operations; (26) impairment of goodwill; (27) changes to our pension funding and costs, which are dependent on several economic assumptions; (28) inability to use net operating loss carryforwards and certain other tax attributes; (29) changes to the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year; (30) dependence on U.S. government contracts; (31) changes to our facility security clearance; (32) Redwire is subject to stringent U.S. economic sanctions, and trade control laws and regulations, as well as risks related to doing business in other countries; (33) failure to adequately protect our intellectual property rights; (34) failure to obtain necessary additional funding; (35) the fact that AE Industrial Partners and its affiliates have significant influence over us, which could limit your ability to influence the outcome of key transactions; (36) the fact that provisions in our Certificate of Designation with respect to our Series A Convertible Preferred Stock may delay or prevent our acquisition by a third party, which could also reduce the market price of our capital stock; (37) the fact that our Series A Convertible Preferred Stock has rights, preferences and privileges that are not held by, and are preferential to, the rights of holders of our other outstanding capital stock; (38) the possibility of sales of a substantial amount of our Common Stock by our current stockholders; (39) volatility in the trading price of our Common Stock; (40) identification of material weaknesses of other deficiencies or failure to maintain effective internal controls over financial reporting; (41) the impact of a prolonged United States federal government shutdown and (42) other risks and uncertainties described in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and those indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission by Redwire. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. If underlying assumptions to forward-looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. The forward-looking statements contained in this press release are made as of the date of this press release, and Redwire disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements.

Non-GAAP Financial Information

This press release contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin and Free Cash Flow.

Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies. We encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Adjusted EBITDA is defined as net income (loss) adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustments related to deferred revenue and inventory, severance costs, capital market and advisory fees, litigation-related expenses, write-off of long-lived assets, equity-based compensation, committed equity facility transaction costs, debt financing costs, gains on sale of joint ventures, net of costs incurred, and warrant liability change in fair value adjustments.

Adjusted Gross Profit is defined as revenues less cost of sales as computed in accordance with U.S. GAAP, excluding adjustments resulting from the application of purchase accounting included in cost of sales and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations as the calculation of these measures excludes the impact of certain non-recurring charges. Management believes that by using Adjusted Gross Margin in conjunction with GAAP Gross Margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods.

Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures.

We use Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. We use Free Cash Flow as an indicator of liquidity to evaluate our period-over-period operating cash generation that will be used to service our debt, and can be used to invest in future growth through new business development activities and/or acquisitions, among other uses. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

Key Performance Indicators

Management uses Key Performance Indicators (“KPIs”) to assess the financial performance of the Company, monitor relevant trends and support financial, operational and strategic decision-making. Management frequently monitors and evaluates KPIs against internal targets, core business objectives as well as industry peers and may, on occasion, change the mix or calculation of KPIs to better align with the business, its operating environment, standard industry metrics or other considerations. If the Company changes the method by which it calculates or presents a KPI, prior period disclosures are recast to conform to current presentation.

REDWIRE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands of U.S. dollars, except share data)

September 30,

2025

December 31,

2024

Current assets:

Cash, cash equivalents and restricted cash

$

54,328

$

49,071

Accounts receivable, net

31,976

21,905

Contract assets

50,925

43,044

Inventory, net

53,491

2,239

Prepaid expenses and other current assets

19,920

9,666

Total current assets

210,640

125,925

Property, plant and equipment, net of accumulated depreciation of $15,188 and $9,628

50,630

17,837

Right-of-use assets

31,370

15,277

Intangible assets, net of accumulated amortization of $41,704 and $25,920

353,229

61,788

Goodwill

800,012

71,161

Other non-current assets

365

629

Total assets

$

1,446,246

$

292,617

Liabilities, Convertible Preferred Stock and Equity (Deficit)

Current liabilities:

Accounts payable

$

34,309

$

32,127

Notes payable to sellers

2,171

—

Short-term debt, including current portion of long-term debt

6,274

1,266

Short-term operating lease liabilities

4,309

4,354

Short-term finance lease liabilities

550

473

Accrued expenses

28,963

24,192

Deferred revenue

60,009

67,201

Other current liabilities

12,994

19,730

Total current liabilities

149,579

149,343

Long-term debt, net

184,699

124,464

Long-term operating lease liabilities

29,732

13,444

Long-term finance lease liabilities

1,111

980

Warrant liabilities

8,816

55,285

Deferred tax liabilities

37,279

582

Other non-current liabilities

2,116

428

Total liabilities

$

413,332

$

344,526

Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2025—71,702.95 and 2024—108,649.30. Liquidation preference: 2025—$223,024 and 2024—$599,412

$

104,869

$

136,805

Shareholders’ Equity (Deficit):

Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding

—

—

Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2025—155,188,092 and 2024—67,002,370

15

7

Treasury stock, at cost: 2025—903,925 shares and 2024—728,739 shares

(6,336

)

(3,573

)

Additional paid-in capital

1,459,710

161,619

Accumulated deficit

(536,289

)

(348,106

)

Accumulated other comprehensive income (loss)

10,945

1,339

Total shareholders’ equity (deficit)

928,045

(188,714

)

Total liabilities, convertible preferred stock and equity (deficit)

$

1,446,246

$

292,617

REDWIRE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Unaudited

(In thousands of U.S. dollars, except share and per share data)

Three Months Ended

Nine Months Ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Revenues

$

103,432

$

68,638

$

226,587

$

234,541

Cost of sales

86,622

56,615

219,800

194,709

Gross profit

16,810

12,023

6,787

39,832

Operating expenses:

Selling, general and administrative expenses

50,285

17,521

123,495

52,971

Transaction expenses

684

5,121

21,126

5,399

Research and development

7,693

1,893

10,226

4,681

Operating income (loss)

(41,852

)

(12,512

)

(148,060

)

(23,219

)

Interest expense, net

6,282

3,610

33,631

9,537

Other (income) expense, net

(13,844

)

5,309

(14,688

)

14,734

Income (loss) before income taxes

(34,290

)

(21,431

)

(167,003

)

(47,490

)

Income tax expense (benefit)

6,862

(472

)

(25,924

)

(348

)

Net income (loss)

(41,152

)

(20,959

)

(141,079

)

(47,142

)

Net income (loss) attributable to noncontrolling interests

—

—

—

4

Net income (loss) attributable to Redwire Corporation

(41,152

)

(20,959

)

(141,079

)

(47,146

)

Less: dividends on Convertible Preferred Stock

1,674

3,383

34,853

16,125

Net income (loss) available to common shareholders

$

(42,826

)

$

(24,342

)

$

(175,932

)

$

(63,271

)

Net income (loss) per common share:

Basic and diluted

$

(0.29

)

$

(0.37

)

$

(1.72

)

$

(0.96

)

Weighted-average shares outstanding:

Basic and diluted

145,744,055

66,529,288

102,482,997

65,936,597

Comprehensive income (loss):

Net income (loss) attributable to Redwire Corporation

$

(41,152

)

$

(20,959

)

$

(141,079

)

$

(47,146

)

Foreign currency translation gain (loss), net of tax

(1,403

)

877

9,606

127

Total other comprehensive income (loss), net of tax

(1,403

)

877

9,606

127

Total comprehensive income (loss)

$

(42,555

)

$

(20,082

)

$

(131,473

)

$

(47,019

)

REDWIRE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(In thousands of U.S. dollars)

Nine Months Ended

September 30,

2025

September 30,

2024

Cash flows from operating activities:

Net income (loss)

$

(141,079

)

$

(47,142

)

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

Depreciation and amortization expense

20,227

8,538

Amortization of debt issuance costs and discount

1,436

584

Equity-based compensation expense

47,591

8,046

(Gain) loss on sale of joint ventures

—

(1,303

)

(Gain) loss on change in fair value of warrants

(11,506

)

8,111

Deferred provision (benefit) for income taxes

(25,965

)

(47

)

Non-cash lease (benefit) expense

62

23

Purchase accounting fair value adjustment related to inventory

13,645

—

Other

(2,146

)

(74

)

Changes in assets and liabilities:

(Increase) decrease in accounts receivable

1,595

14,496

(Increase) decrease in contract assets

(5,562

)

(8,754

)

(Increase) decrease in inventory

(3,937

)

(537

)

(Increase) decrease in prepaid expenses and other assets

(3,617

)

(4,247

)

Increase (decrease) in accounts payable and accrued expenses

(9,772

)

(4,964

)

Increase (decrease) in deferred revenue

(34,094

)

(7,448

)

Increase (decrease) in operating lease liabilities

(141

)

(256

)

Increase (decrease) in other liabilities

194

10,551

Increase (decrease) in notes payable to sellers

—

11

Net cash provided by (used in) operating activities

(153,069

)

(24,412

)

Cash flows from investing activities:

Acquisition of businesses, net of cash acquired

(151,791

)

(796

)

Net proceeds from sale of joint ventures

—

4,598

Purchases of property, plant and equipment

(11,288

)

(4,064

)

Purchase of intangible assets

(6,139

)

(2,788

)

Net cash provided by (used in) investing activities

(169,218

)

(3,050

)

Cash flows from financing activities:

Proceeds received from debt

191,238

42,971

Repayments of debt

(127,196

)

(8,183

)

Payment of debt issuance fees

(105

)

(780

)

Repayment of finance leases

(379

)

(357

)

Repayments of third-party advances

(7,820

)

7,820

Proceeds from issuance of common stock

337,806

546

Shares repurchased for settlement of employee tax withholdings on share-based awards

(2,763

)

(1,737

)

Repurchase of convertible preferred stock

(63,862

)

—

Net cash provided by (used in) financing activities

326,919

40,280

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash

625

(2

)

Net increase (decrease) in cash, cash equivalents and restricted cash

5,257

12,816

Cash, cash equivalents and restricted cash at beginning of period

49,071

30,278

Cash, cash equivalents and restricted cash at end of period

$

54,328

$

43,094

REDWIRE CORPORATION

Supplemental Non-GAAP Information

Unaudited

Adjusted EBITDA

During the third quarter of 2024, we changed the Supplemental Non-GAAP Information to present only Adjusted EBITDA, whereas prior period disclosures also presented Pro Forma Adjusted EBITDA. Management believes the presentation of Pro Forma Adjusted EBITDA no longer provides the same meaningful insights into the Company’s performance as it did during the initial years of the Company’s formation. Prior period disclosures were recast to conform to current presentation. There was no change in the calculation of Adjusted EBITDA.

The following table presents the reconciliations of Adjusted EBITDA to net income (loss), computed in accordance with U.S. GAAP.

Three Months Ended

Nine Months Ended

(in thousands)

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Net income (loss)

$

(41,152

)

$

(20,959

)

$

(141,079

)

$

(47,142

)

Interest expense, net

6,282

3,610

33,631

9,537

Income tax expense (benefit)

6,862

(472

)

(25,924

)

(348

)

Depreciation and amortization

12,121

2,860

20,227

8,538

Transaction expenses (i)

684

5,121

21,126

5,399

Acquisition integration costs (i)

1,041

96

1,498

96

Purchase accounting fair value adjustment related to inventory (ii)

11,227

—

13,645

—

Severance costs (iii)

353

365

2,529

532

Capital market and advisory fees (iv)

837

1,071

4,545

5,503

Write-off of long-lived assets (v)

165

—

165

—

Litigation-related expenses (vi)

1,216

9,096

1,216

11,329

Equity-based compensation (vii)

11,993

3,593

47,591

8,046

Debt financing costs (viii)

—

—

105

—

Gain on sale of joint ventures, net of costs incurred (ix)

—

—

—

(1,255

)

Warrant liability change in fair value adjustment (x)

(14,198

)

(1,941

)

(11,506

)

8,111

Adjusted EBITDA

$

(2,569

)

$

2,440

$

(32,231

)

$

8,346

i.

Redwire incurred acquisition costs including due diligence, integration costs and additional expenses related to pre-acquisition activity. Acquisition deal costs was reclassified as Transaction expenses to conform with current period presentation.

ii.

Redwire adjusted inventory related to the application of purchase accounting for the Edge Autonomy acquisition and recognized expense for the amount of the fair value adjustment included in cost of sales for the inventory sold after the acquisition date.

iii.

Redwire incurred severance costs related to separation agreements entered into with former employees.

iv.

Redwire incurred capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, such as the implementation of internal controls over financial reporting, and the internalization of corporate services, including, but not limited to, implementing enhanced enterprise resource planning systems.

v.

Redwire incurred a loss on the write-off of long-lived assets.

vi.

Redwire incurred expenses related to securities litigation and settlements of legal matters.

vii.

Redwire incurred expenses related to equity-based compensation under Redwire’s equity-based compensation plan and Edge Autonomy’s incentive units.

viii.

Redwire incurred expenses related to debt financing agreements, including amendment related fees paid to third parties that are expensed in accordance with U.S. GAAP.

ix.

Redwire recognized a gain related to the sale of all its ownership in two joint ventures during 2024, presented net of transaction costs incurred.

x.

Redwire adjusted the private warrant liability to reflect changes in fair value recognized as a gain or loss during the respective periods.

REDWIRE CORPORATION

Supplemental Non-GAAP Information

Unaudited

Adjusted Gross Profit and Margin

The following table presents the reconciliation of Adjusted Gross Profit to Gross Profit, computed in accordance with U.S. GAAP, and the calculation of Adjusted Gross Margin.

Three Months Ended

Nine Months Ended

(in thousands)

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Gross Profit

$

16,810

$

12,023

$

6,787

$

39,832

Purchase accounting adjustments(1)

11,227

—

13,645

—

Adjusted Gross Profit

$

28,037

$

12,023

$

20,432

$

39,832

Adjusted Gross Margin

27.1

%

17.5

%

9.0

%

17.0

%

(1) Relates to the application of purchase accounting for the Edge Autonomy acquisition and represents the amount of the fair value adjustment recognized in cost of sales for the inventory sold after the acquisition date.

Free Cash Flow

The following table presents the reconciliation of Free Cash Flow to Net cash provided by (used in) operating activities, computed in accordance with U.S. GAAP.

Three Months Ended

Nine Months Ended

(in thousands)

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Net cash provided by (used in) operating activities

$

(20,325

)

$

(17,670

)

$

(153,069

)

$

(24,412

)

Less: Capital expenditures

(7,489

)

(2,798

)

(17,427

)

(6,852

)

Free Cash Flow

$

(27,814

)

$

(20,468

)

$

(170,496

)

$

(31,264

)

REDWIRE CORPORATION

KEY PERFORMANCE INDICATORS

Unaudited

Book-to-Bill

Our book-to-bill ratio was as follows for the periods presented:

Three Months Ended

Last Twelve Months

(in thousands, except ratio)

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Contracts awarded

$

129,800

$

44,503

$

312,355

$

372,249

Revenues

103,432

68,638

296,147

298,026

Book-to-bill ratio

1.25

0.65

1.05

1.25

Book-to-bill is the ratio of total contracts awarded to revenues recorded in the same period. The contracts awarded balance includes firm contract orders, including time-and-material contracts, awarded during the period and does not include unexercised contract options or potential orders under indefinite delivery/indefinite quantity contracts. Although the contracts awarded balance reflects firm contract orders, terminations, amendments, or contract cancellations may occur which could result in a reduction to the contracts awarded balance.

We view book-to-bill as an indicator of future revenue growth potential. To drive future revenue growth, our goal is for the level of contracts awarded in a given period to exceed the revenue recorded, thus yielding a book-to-bill ratio greater than 1.0.

Our book-to-bill ratio was 1.25 for the three months ended September 30, 2025, as compared to 0.65 for the three months ended September 30, 2024. For the three months ended September 30, 2025, none of the contracts awarded balance includes acquired contract value. For three months ended September 30, 2024, $21.9 million of the contracts awarded balance relates to acquired contract value from the Hera Systems acquisition.

Our book-to-bill ratio was 1.05 for the Last Twelve Months (“LTM”) ended September 30, 2025, as compared to 1.25 for the LTM ended September 30, 2024. For the LTM ended September 30, 2025, contracts awarded includes $73.7 million of acquired contract value from the Edge Autonomy acquisition, which was completed in the second quarter of 2025. For the LTM ended September 30, 2024, contracts awarded includes $21.9 million of acquired contract value from the Hera Systems acquisition, which was completed in the third quarter of 2024.

Backlog

The following table presents our contracted backlog as of September 30, 2025 and December 31, 2024, and related activity for the nine months ended September 30, 2025 as compared to the year ended December 31, 2024.

(in thousands)

September 30,

2025

December 31,

2024

Organic backlog, beginning balance

$

296,652

$

372,790

Organic additions during the period

145,221

229,789

Organic revenue recognized during the period

(171,128

)

(304,101

)

Foreign currency translation

8,782

(1,826

)

Organic backlog, ending balance

279,527

296,652

Acquisition-related contract value, beginning balance

—

—

Acquisition-related contract value acquired during the period

73,716

—

Acquisition-related additions during the period

57,670

—

Acquisition-related revenue recognized during the period

(55,459

)

—

Foreign currency translation

174

—

Acquisition-related backlog, ending balance

76,101

—

Contracted backlog, ending balance

$

355,628

$

296,652

We view growth in backlog as a key measure of our business growth. Contracted backlog represents the estimated dollar value of firm funded executed contracts for which work has not been performed (also known as the remaining performance obligations on a contract). Our contracted backlog includes $92.4 million and $16.7 million in remaining contract value from contracts which recognize revenue at a point in time as of September 30, 2025 and as of December 31, 2024, respectively.

Organic backlog change excludes backlog activity from acquisitions for the first four full quarters since the entities’ acquisition date. Contracted backlog activity for the first four full quarters since the entities’ acquisition date is included in acquisition-related contracted backlog change. After the completion of four fiscal quarters, acquired entities are treated as organic for current and comparable historical periods.

Organic contract value includes the remaining contract value as of January 1 not yet recognized as revenue and additional orders awarded during the period for those entities treated as organic. Acquisition-related contract value includes remaining contract value as of the acquisition date not yet recognized as revenue and additional orders awarded during the period for entities not treated as organic. Organic revenue includes revenue earned during the period presented for those entities treated as organic, while acquisition-related revenue includes the same for all other entities, excluding any pre-acquisition revenue earned during the period. The acquisition-related backlog activity presented in the table above is related to the Edge Autonomy acquisition completed during the second quarter of 2025.

Although contracted backlog reflects business associated with contracts that are considered to be firm, terminations, amendments or contract cancellations may occur, which could result in a reduction in our total backlog. In addition, some of our multi-year contracts are subject to annual funding. Management expects all amounts reflected in contracted backlog to ultimately be fully funded. Contracted backlog from foreign operations was $128.7 million and $70.5 million as of September 30, 2025 and December 31, 2024, respectively. These amounts are subject to foreign exchange rate translations from euros to U.S. dollars that could cause the remaining backlog balance to fluctuate with the foreign exchange rate at the time of measurement.

MONTREAL, Nov. 05, 2025 (GLOBE NEWSWIRE) -- OR Royalties Inc. (the “Company” or “OR Royalties”) (OR: TSX & NYSE) is pleased to announce that the Board of Directors has approved a fourth quarter 2025 dividend of US$0.055 per common share. The dividend will be paid on January 15, 2026 to shareholders of record as of the close of business on December 31, 2025. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).

TKO Group saw third quarter revenue fall and profits rise, skewed by IMG’s Summer Olympic Games in Paris in 2024. UFC had a down quarter on tough comps. WWE posted gains.

Revenue for the three months ended in September fell 27% to $1.12 billion, including a $492 million (or 59%) drop at IMG, the live events and hospitality business, to $337 million.

UFC sales also fell, by about $30 million (or 8%) to $325 million, in part on one less numbered event year to year. Comps were tough against UFC 306, which was held at Sphere in Las Vegas the year before and was the highest-grossing event in UFC history. UFC profit fell 15% to $166 million.

TKO’s consolidated net income surged to $107 million from $3.4 million on lower operating expenses year on year at IMG, which swung to a $61.4 million profit.

At WWE, revenue rose by $76 million to $402 million. Profit gew 19% to $207 million on higher revenue due largely to the first ever two-night SummerSlam and Wrestlepalooza, the launch event for the company’s new distribution agreement with ESPN. TKO also noted an increase in media rights, production and content revenue due to two additional nights of programing, new partners and higher renewal fees.

TKO increased its target for full-year revenue to $4.72 billion and its profit target to $1.58 billion.

Execs will host a conference call at 5 pm ET.

“TKO delivered solid third quarter financial results, and with UFC and WWE’s sustained momentum, we are once again raising our full-year guidance,” said Ariel Emanuel, TKO’s executive chair and CEO. “Having secured landmark multiyear media rights deals for UFC, WWE, and Zuffa Boxing, our conviction in TKO has never been stronger. We remain focused on operational execution, including preparing for UFC’s launch with Paramount, further integrating and unlocking synergies with IMG, On Location, and PBR, and maximizing shareholder value.”

HomeIndustriesInternet/Online ServicesEarnings ResultsEarnings Results‘We wish there was a way to grow a baby into an adult without investment … but we do not believe this is how life or business works,’ company saysPublished: Nov. 5, 2025 at 4:20 p.m. ET

Shares of DoorDash Inc. tumbled in extended trading Wednesday, after the delivery platform said it plans to increase investments in its business next year and that its recent acquisition of Deliveroo would contribute less to profits in 2026 than once anticipated.

DoorDash’s stock DASH was down 12.6% after hours. However, the stock is still up around 42% so far this year.

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Noted fintech leader brings impressive track record of success.

Patel’s skills and experience will help the company capitalize on AI disruption and accelerate momentum.

Hsieh called Patel a “significant hire” whose addition completes the company’s leadership transformation.

IRVINE, Calif.--(BUSINESS WIRE)--loanDepot, Inc. (NYSE: LDI) (together with its subsidiaries, “loanDepot” or the “Company”), today announced it has appointed renowned fintech leader Nikul Patel as its Chief Growth Officer.

“Nikul is a significant hire who will be a transformational member of our leadership team.”

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In this role, Patel will be responsible for growth opportunities, acquisition activities and customer engagement.

“Nikul is a significant hire who will be a transformational member of our leadership team,” said Founder and CEO Anthony Hsieh. “Not only does he bring an impressive track record of success from his years at LendingTree, but he also has a unique mix of fintech and public company experience that will serve us well. As we pursue what I believe is the biggest market opportunity I have ever seen, driven by the mass adoption of AI, Nikul’s understanding of both our sector and our company, which includes his recent role as an advisor to our Board, makes him uniquely positioned to help accelerate our momentum.”

From co-founding disruptive startups to steering a major fintech player through exponential growth, Patel’s career reflects a passion for transforming consumer finance. Most recently, he served as the Co-Founder and Chief Executive Officer of LoanGlide, an embedded financing platform that provided personal loans for home improvement. From 2012 to 2019, he held a variety of leadership roles at LendingTree, including Chief Product Officer, Chief Operating Officer and Chief Strategy Officer. Notably, it was a period of extraordinary growth for the company, fueled by a slate of innovative product launches that transformed the company into a diversified personal finance shopping platform, during which the stock price grew more than 50x. Prior to that, he co-founded Movoto.com, an online real estate search platform that helps shoppers find their perfect home. Patel earned an MBA from the Wharton School at the University of Pennsylvania and an MS in Computer Engineering from Florida Atlantic University.

Said Patel, “I’ve spent my career building and scaling platforms that help consumers make smarter financial decisions—especially when it comes to buying and financing their homes. loanDepot is impressive: it has the brand, the breadth, the technology, and the leadership to redefine what’s possible in mortgage lending. I’m excited to join the team and look forward to working with Anthony as we unlock loanDepot’s full potential and accelerate our growth.”

About loanDepot:

Since its launch in 2010, loanDepot (NYSE: LDI) has revolutionized the mortgage industry with digital innovations that make transacting easier, faster and less stressful for customers and originators alike. The company, which is licensed in all 50 states, helps its customers achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. loanDepot is also committed to serving the communities in which its team lives and works through a variety of local and national philanthropic efforts.

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AUSTIN, Texas--(BUSINESS WIRE)--Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for financial services, today announced results for its third quarter ending September 30, 2025.

GAAP Results for the Third Quarter 2025

Revenue of $201.7 million, up 15 percent year-over-year and 3 percent from second quarter 2025.

GAAP gross margin of 54.0 percent, up from 50.9 percent in the prior-year quarter and 53.6 percent in second quarter 2025.

GAAP net income of $15.0 million compared to GAAP net loss of $11.8 million for the prior-year quarter and GAAP net income of $11.8 million for second quarter 2025.

Non-GAAP Results for the Third Quarter 2025

Non-GAAP gross margin of 57.9 percent, up from 56.0 percent for the prior-year quarter and 57.5 percent in second quarter 2025.

Adjusted EBITDA of $48.8 million, up from $32.6 million for the prior-year quarter and $45.8 million from second quarter 2025.

For a reconciliation of our GAAP to non-GAAP results, please see the tables below.

“We achieved strong sales success across key product lines, executing well in both Enterprise and Tier 1 segments, which drove a record for third quarter bookings,” said Q2 Chairman and CEO Matt Flake. "I’m also excited about leadership changes we believe will better align our talent and focus with our long-term strategy, strengthening our ability to innovate through AI and deliver even greater impact for our customers. As we look to close out the year, we believe our pipeline and the continued momentum positions us for sustained growth ahead."

Third Quarter Highlights

Signed seven Enterprise and Tier 1 contracts in the quarter highlighted by:

A net new agreement with a Top 50 U.S. Enterprise bank for our retail and small-to-medium sized bank digital banking solutions.

An expansion agreement with a Top 50 U.S. Enterprise bank to add retail digital banking, complementing existing commercial solutions on our platform.

An expansion agreement with an Enterprise bank to utilize our risk and fraud solutions.

Subscription Annualized Recurring Revenue increased to $745.4 million, up 14 percent year-over-year.

Remaining Performance Obligations total, or Backlog, increased by $161 million sequentially and $485 million year-over-year, resulting in a total committed Backlog of approximately $2.5 billion at quarter-end, representing 7 percent sequential growth and 24 percent year-over-year growth.

Share Repurchase Program

Today, Q2 is announcing its Board of Directors has authorized a share repurchase program pursuant to which Q2 may purchase up to $150 million of its common stock in the open market or in privately negotiated transactions, including accelerated share repurchase transactions, block trades or pursuant to Rule 10b5-1 trading plans.

Customers Explore Next Frontier of Q2's Digital Software Initiatives at Q2's Second Annual Dev Days Customer Conference

Q2 hosted its second annual Dev Days customer conference in October, where it shared future architecture and technology enhancements. The event served as a showcase for advancements highlighted by AI and ways Q2 is planning to bring leading-edge AI capabilities to the platform for its customers.

Q2 demonstrated a range of AI offerings currently in development which illustrate the breadth of its strategy, including an AI copilot which utilizes natural language prompts to assist account holders and service representatives as well as an AI assisted coding tool in Q2's software development kit (SDK), which makes developer documentation available via conversational developer tools. Q2 also shared a customer-facing extension of its internal AI assistant which indexes the vast archives of institutional documentation and operational context, made available through a large language model.

Q2 also highlighted a new partner data strategy intended to combine its various integrations and partners into a unified data and capabilities ecosystem built to power agentic innovation on the platform. As part of this new strategy, Q2 will seek to leverage its network of customers, partners and integrations to add capabilities to the platform and create a structure to drive further AI innovation.

“We are pleased with our financial performance in the third quarter, highlighted by both revenue and adjusted EBITDA results above the high end of our guidance," said Q2 CFO Jonathan Price. "Our results reflect our sustained focus on subscription revenue growth and operational execution. Based on our year-to-date performance and outlook for the rest of the year, we are raising our full-year guidance for revenue and adjusted EBITDA. Our strong balance sheet and cash flow generation give us flexibility to invest in growth, retire debt, and opportunistically execute our $150 million share repurchase program."

Financial Outlook

As of November 5, 2025, Q2 Holdings is providing guidance for its fourth quarter of 2025 and updated guidance for its full year 2025, which represents Q2 Holdings’ current estimates on Q2 Holdings’ operations and financial results. The financial information below includes adjusted EBITDA, which represents forward-looking, non-GAAP financial information. GAAP net income (loss) is the most comparable GAAP measure to adjusted EBITDA. Adjusted EBITDA differs from GAAP net income (loss) in that it excludes items such as depreciation and amortization, stock-based compensation, transaction-related costs, interest and other (income) expense, income taxes, lease and other restructuring charges, and non-recurring legal settlements not in our ordinary course of business. Q2 Holdings is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Q2 Holdings has not provided guidance for GAAP net income (loss) or a reconciliation of the forward-looking adjusted EBITDA guidance to GAAP net income (loss). However, it is important to note that these excluded items could be material to Q2's results computed in accordance with GAAP in future periods.

Q2 Holdings is providing guidance for the fourth quarter of 2025 as follows:

Total revenue of $202.4 million - $206.4 million, which would represent year-over-year growth of 11 to 13 percent.

Adjusted EBITDA of $47.2 million - $50.2 million, representing 23 to 24 percent of revenue for the quarter.

Q2 Holdings is providing updated guidance for the full-year 2025 as follows:

Total revenue of $789.0 million - $793.0 million, which would represent year-over-year growth of 13 to 14 percent.

Adjusted EBITDA of $182.5 million - $185.5 million, representing 23 percent of revenue for the year.

Q2 Holdings is providing a preliminary financial outlook for 2026 as follows:

Year-over-year subscription revenue growth of approximately 13.5%.

Adjusted EBITDA margin expansion of approximately 250 basis points and at least a 60% gross margin for the year.

Leadership Team Updates

Q2 today also announced updates to its executive leadership structure to better align its talent, efforts and leadership expertise with the Company’s long-term strategy.

Hima Mukkamala, Q2’s current Chief Development Officer, has been appointed to serve as Chief Operating Officer, effective November 6, 2025. As Chief Operating Officer, Hima will lead our technology & operations organization consisting of Q2’s engineering, service delivery and customer experience organizations.

Kirk Coleman, Q2’s current President, has been appointed to serve as Chief Business Officer, effective November 6, 2025. As Chief Business Officer, Kirk will lead a newly formed Go-To-Market organization consisting of Q2’s sales, customer success, marketing and product organizations.

Mike Volanoski, Q2’s current Chief Revenue Officer, will be departing Q2 and will remain with the Company to ensure a smooth transition until December 12, 2025.

Conference Call Details

All participants must register using the above link. The webcast of the conference call and financial results will be accessible from the investor relations section of the Q2 website at http://investors.Q2.com/. An archived replay of the webcast will be available on this website for a limited time after the call. Q2 has used, and intends to continue to use, its investor relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Q2 Holdings, Inc.

Q2 is a leading provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institution and fintech customers to provide comprehensive, data-driven digital engagement solutions for consumers, small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE and NYSE Texas under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and X to stay up to date.

Use of Non-GAAP Measures

Q2 uses the following non-GAAP financial measures: adjusted EBITDA; adjusted EBITDA margin; non-GAAP gross margin; non-GAAP gross profit; non-GAAP sales and marketing expense; non-GAAP research and development expense; non-GAAP general and administrative expense; non-GAAP operating expense; non-GAAP operating income (loss); and free cash flow. Beginning in the year ended December 31, 2024, because there was no impact of purchase accounting on revenue, our non-GAAP total revenue is now equivalent to our GAAP total revenue, and we have therefore not reported non-GAAP total revenue. Management believes that these non-GAAP financial measures are useful measures of operating performance because they exclude items that Q2 does not consider indicative of its core performance.

In the case of adjusted EBITDA, Q2 adjusts net income (loss) for such items as interest and other (income) expense, taxes, depreciation and amortization, stock-based compensation, transaction-related costs, lease and other restructuring charges, and non-recurring legal settlements not in our ordinary course of business. In the case of adjusted EBITDA margin, Q2 calculates adjusted EBITDA margin by dividing adjusted EBITDA by revenue. In the case of non-GAAP gross margin and non-GAAP gross profit, Q2 adjusts gross profit and gross margin for stock-based compensation, amortization of acquired technology, transaction-related costs and lease and other restructuring charges. In the case of non-GAAP sales and marketing expense and non-GAAP research and development expense, Q2 adjusts the corresponding GAAP expense to exclude stock-based compensation. Non-GAAP general and administrative expense excludes stock-based compensation and non-recurring legal settlements not in our ordinary course of business. Non-GAAP operating expense is calculated by taking the sum of non-GAAP sales and marketing expenses, non-GAAP research and development expense and non-GAAP general and administrative expense. In the case of non-GAAP operating income (loss), Q2 adjusts operating income (loss), for stock-based compensation, transaction-related costs, amortization of acquired technology, amortization of acquired intangibles, lease and other restructuring charges and non-recurring legal settlements not in our ordinary course of business. In the case of free cash flow, Q2 adjusts net cash provided by (used in) operating activities for purchases of property and equipment and capitalized software development costs. There was no deferred revenue reduction from purchase accounting or transaction-related costs in either of the three or nine months ended September 30, 2025 or 2024.

There are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating and net income (loss). As a result, these non-GAAP financial measures have limitations and should be considered in addition to, not as a substitute for or superior to, the closest GAAP measures or other financial measures prepared in accordance with GAAP. A reconciliation to the closest GAAP measures of these non-GAAP measures is contained in tabular form on the attached unaudited condensed consolidated financial statements.

Q2’s management uses these non-GAAP measures as measures of operating performance; to prepare Q2’s annual operating budget; to allocate resources to enhance the financial performance of Q2’s business; to evaluate the effectiveness of Q2’s business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of Q2’s results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communication with our board of directors concerning Q2’s financial performance.

Forward-looking Statements

This press release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact, including statements about: the enduring value of our solutions to our customers; the criticality of our technology; our innovation services, opportunities and expansion; demand and expansion of our AI capabilities, solutions, strategy and offerings; the success of our partner data strategy, platforms and innovation; our diverse customer base; our resilient business model; our robust pipeline; strong momentum and demand for our risk and fraud services; our ability to navigate the current market environment and deliver on our financial expectations throughout 2025 and beyond; bookings renewals and expansion; anticipated renewal opportunities ahead; the ability of our solutions to address critical industry concerns, while enhancing our customers' competitive positions, community service capabilities and risk management across various market conditions; our ability to maintain strong demand for our solutions; the continued strength of our financial model and performance; the ability of our scale and progress on profitability to provide a high degree of visibility and stability; our strong financial foundation; the success of our share repurchase program; our ability to capitalize on market opportunities, navigate potential challenges and continue delivering long-term value for our shareholders as we execute our profitable growth strategy throughout 2025 and beyond; leadership changes and the anticipated effects and benefits therefrom; and our quarterly and annual financial guidance.

The forward-looking statements contained in this press release are based upon our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include risks related to: (a) the risks associated with continued uncertainty regarding U.S. tariffs and trade measures and resulting market volatility, including in the financial services sector, potential inflationary pressures and the impact of any monetary policy changes that may be implemented as a result, the possibility and potential impact of any retaliatory tariffs and the impact on the valuation of marketable securities; (b) the risks associated with cyberattacks, financial transaction fraud, data and privacy breaches and breaches of security measures within our products, systems and infrastructure or the products, systems and infrastructure of third parties upon which we rely and the resultant disruption, costs and liabilities and harm to our business and reputation and our ability to sell our solutions; (c) the impact of and our ability to respond to global economic uncertainties and challenges or changes in the financial services industry and credit markets, including as a result of mergers and acquisitions within the banking sector, inflationary pressures, elevated and fluctuating interest rates, instability in the financial services industry, any changes to, or new, financial regulations and their potential impacts on our prospects' and customers' operations, increased acceptance and use of emerging financial products, such as cryptocurrencies or stablecoin, the timing of prospect and customer implementations and purchasing decisions, our business sales cycles and on account holder or end user, or End User, usage of our solutions; (d) the risk of increased or new competition in our existing markets and as we enter new markets or new segments of existing markets, or as we offer new solutions; (e) the risks associated with the development of our solutions, including artificial intelligence, or AI, based solutions, our AI and data strategies and solutions, and changes to the market for our solutions compared to our expectations; (f) quarterly fluctuations in our operating results relative to our expectations and guidance and the accuracy of our forecasts; (g) the risks and increased costs associated with managing growth and global operations, including hiring, training, retaining and motivating employees to support such growth; (h) the risks associated with our transactional business which are typically driven by End User behavior and can be influenced by external drivers outside of our control; (i) the risks associated with effectively managing our business and cost structure in an uncertain economic environment, including as a result of challenges in the financial services industry and the effects of seasonality and unexpected trends; (j) the risks associated with geopolitical instability, including acts of war or military conflict, uncertainties or discord, including the continuing war in Ukraine and conflicts in the Middle East, heightened risk of state-sponsored cyberattacks or cyber fraud on financial services and other critical infrastructure; (k) the risks associated with accurately forecasting and managing the impacts of any economic downturn or challenges in the financial services industry on our customers and their End Users, including in particular the impacts of any downturn on financial technology companies, or FinTechs, or alternative finance companies, or Alt-FIs, and our arrangements with them, which may provide more complex revenue arrangements for us and which may be more vulnerable to an economic downturn than our financial institution customers; (l) the challenges and costs associated with selling, implementing and supporting our solutions, particularly for larger customers with more complex requirements and longer implementation processes, including risks related to the timing and predictability of sales of our solutions and the impact that the timing of bookings may have on our revenue and financial performance in a period; (m) the risk that errors, interruptions or delays in our solutions or Web hosting negatively impacts our business and sales; (n) the risks associated with the migration of a significant portion of the computing, storage and processing of our digital banking platform solutions from our third-party data centers to third-party public cloud service providers; (o) the difficulties and risks associated with developing and selling complex new solutions and enhancements, including those using AI with the technical and regulatory specifications and functionality required by our customers and relevant governmental authorities; (p) the risks associated with operating within and selling into a regulated industry, including risks related to evolving regulation of, and litigation with respect to, AI and machine learning, the receipt, collection, storage, processing and transfer of data and increased regulatory scrutiny on financial technology and related services, including specifically on banking-as-a-service, or BaaS, services; (q) the risks associated with our sales and marketing capabilities, including partner relationships and the length, cost and unpredictability of our sales cycle; (r) the risks inherent in third-party technology and implementation partnerships including defects, failures, interruptions, or disruptions in third-party services or solutions, that could disrupt our services or otherwise cause harm to our business; (s) the risk that we will not be able to maintain historical contract terms such as pricing and duration; (t) the general risks associated with the complexity of our customer arrangements and our solutions; (u) the risks associated with integrating acquired companies and successfully selling and maintaining their solutions; (v) litigation related to intellectual property and other matters and any related claims, negotiations and settlements; (w) the risks associated with further consolidation in the financial services industry; (x) the risks associated with selling our solutions internationally and with the continued expansion of our international operations; and (y) the risk that our debt repayment obligations may adversely affect our financial condition and that we may not be able to obtain capital when desired or needed on favorable terms.

Additional information relating to the uncertainty affecting the Q2 business is contained in Q2's filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the third quarter of 2025 and our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 12, 2025. These documents are available on the SEC Filings section of the Investor Relations section of Q2's website at http://investors.Q2.com/. These forward-looking statements represent Q2's expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Q2 disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

 

Q2 Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

September 30,

2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

$

472,393

$

358,560

Restricted cash

2,139

2,233

Investments

96,341

88,066

Accounts receivable, net

69,877

42,084

Contract assets, current portion, net

6,236

7,888

Prepaid expenses and other current assets

20,407

23,512

Deferred solution and other costs, current portion

29,514

26,611

Deferred implementation costs, current portion

10,359

9,706

Total current assets

707,266

558,660

Property and equipment, net

24,572

31,528

Right of use assets

28,687

30,402

Deferred solution and other costs, net of current portion

26,818

28,116

Deferred implementation costs, net of current portion

29,319

26,408

Intangible assets, net

82,317

94,633

Goodwill

512,869

512,869

Contract assets, net of current portion and allowance

12,361

9,483

Other long-term assets

2,492

2,696

Total assets

$

1,426,701

$

1,294,795

Liabilities and stockholders' equity

Current liabilities:

Accounts payable and accrued liabilities

$

58,340

$

60,542

Convertible notes, current portion

493,933

190,331

Deferred revenues, current portion

170,289

137,700

Lease liabilities, current portion

9,088

10,327

Total current liabilities

731,650

398,900

Convertible notes, net of current portion

—

302,115

Deferred revenues, net of current portion

28,645

27,281

Lease liabilities, net of current portion

36,063

38,346

Other long-term liabilities

7,458

10,357

Total liabilities

803,816

776,999

Stockholders' equity:

Common stock

6

6

Additional paid-in capital

1,257,400

1,183,893

Accumulated other comprehensive loss

(1,856

)

(1,873

)

Accumulated deficit

(632,665

)

(664,230

)

Total stockholders' equity

622,885

517,796

Total liabilities and stockholders' equity

$

1,426,701

$

1,294,795

 

Q2 Holdings, Inc.

Condensed Consolidated Statements Of Comprehensive Income (Loss)

(in thousands, except per share data)

(unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues

$

201,704

$

175,021

$

586,587

$

513,419

Cost of revenues (1)

92,859

85,962

272,188

255,281

Gross profit

108,845

89,059

314,399

258,138

Operating expenses:

Sales and marketing

26,401

25,558

79,965

78,736

Research and development

38,932

36,901

113,699

107,522

General and administrative

31,705

31,495

95,061

92,954

Amortization of acquired intangibles

—

4,776

93

14,392

Lease and other restructuring charges

803

3,129

2,548

5,222

Total operating expenses

97,841

101,859

291,366

298,826

Income (loss) from operations

11,004

(12,800

)

23,033

(40,688

)

Total other income, net

4,204

3,263

10,912

7,892

Income (loss) before income taxes

15,208

(9,537

)

33,945

(32,796

)

Provision for income taxes

(160

)

(2,260

)

(2,380

)

(5,904

)

Net income (loss)

$

15,048

$

(11,797

)

$

31,565

$

(38,700

)

Other comprehensive income (loss):

Unrealized gain (loss) on available-for-sale investments

65

383

(12

)

560

Foreign currency translation adjustment

(483

)

230

29

(42

)

Comprehensive income (loss)

$

14,630

$

(11,184

)

$

31,582

$

(38,182

)

Net income (loss) per common share

Basic

$

0.24

$

(0.20

)

$

0.51

$

(0.65

)

Diluted

$

0.23

$

(0.20

)

$

0.49

$

(0.65

)

Weighted average common shares outstanding

Basic

62,458

60,310

62,015

59,974

Diluted

69,858

60,310

65,076

59,974

Q2 Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Nine Months Ended

September 30,

2025

2024

Cash flows from operating activities:

Net income (loss)

$

31,565

$

(38,700

)

Adjustments to reconcile net income (loss) to net cash from operating activities:

Amortization of deferred implementation, solution and other costs

21,983

19,851

Depreciation and amortization

40,888

52,819

Amortization of debt issuance costs

1,628

1,517

Amortization of premiums and discounts on investments

(934

)

(852

)

Stock-based compensation expense

66,767

69,456

Deferred income taxes

(897

)

2,074

Other non-cash items

639

1,231

Changes in operating assets and liabilities:

(23,874

)

(14,680

)

Net cash provided by operating activities

137,765

92,716

Cash flows from investing activities:

Net maturities (purchases) of investments

(7,353

)

8,208

Purchases of property and equipment

(4,812

)

(5,253

)

Capitalized software development costs

(16,175

)

(17,589

)

Net cash used in investing activities

(28,340

)

(14,634

)

Cash flows from financing activities:

Debt issuance costs related to revolving credit agreement

—

(942

)

Proceeds from exercise of stock options and ESPP

4,218

11,448

Net cash provided by financing activities

4,218

10,506

Effect of exchange rate changes on cash, cash equivalents and restricted cash

96

(72

)

Net increase in cash, cash equivalents and restricted cash

113,739

88,516

Cash, cash equivalents and restricted cash, beginning of period

360,793

233,632

Cash, cash equivalents and restricted cash, end of period

$

474,532

$

322,148

 

Q2 Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(in thousands)

(unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

GAAP gross profit

$

108,845

$

89,059

$

314,399

$

258,138

Stock-based compensation

2,323

3,010

7,603

9,575

Amortization of acquired technology

5,503

5,504

16,512

16,512

Lease and other restructuring charges

143

391

460

986

Non-GAAP gross profit

$

116,814

$

97,964

$

338,974

$

285,211

Non-GAAP gross margin:

Non-GAAP gross profit

$

116,814

$

97,964

$

338,974

$

285,211

Revenues

201,704

175,021

586,587

513,419

Non-GAAP gross margin

57.9

%

56.0

%

57.8

%

55.6

%

GAAP sales and marketing expense

$

26,401

$

25,558

$

79,965

$

78,736

Stock-based compensation

(3,945

)

(4,443

)

(11,386

)

(12,783

)

Non-GAAP sales and marketing expense

$

22,456

$

21,115

$

68,579

$

65,953

GAAP research and development expense

$

38,932

$

36,901

$

113,699

$

107,522

Stock-based compensation

(4,349

)

(4,735

)

(12,552

)

(13,203

)

Non-GAAP research and development expense

$

34,583

$

32,166

$

101,147

$

94,319

GAAP general and administrative expense

$

31,705

$

31,495

$

95,061

$

92,954

Stock-based compensation

(12,640

)

(12,136

)

(35,226

)

(33,895

)

Non-recurring legal settlements

—

—

(1,750

)

—

Non-GAAP general and administrative expense

$

19,065

$

19,359

$

58,085

$

59,059

GAAP operating income (loss)

$

11,004

$

(12,800

)

$

23,033

$

(40,688

)

Stock-based compensation

23,257

24,324

66,767

69,456

Amortization of acquired technology

5,503

5,504

16,512

16,512

Amortization of acquired intangibles

—

4,776

93

14,392

Lease and other restructuring charges

946

3,520

3,008

6,208

Non-recurring legal settlements

—

—

1,750

—

Non-GAAP operating income

$

40,710

$

25,324

$

111,163

$

65,880

Reconciliation of GAAP net income (loss) to adjusted EBITDA:

GAAP net income (loss)

$

15,048

$

(11,797

)

$

31,565

$

(38,700

)

Stock-based compensation

23,257

24,324

66,767

69,456

Depreciation and amortization

13,613

17,651

40,888

52,819

Lease and other restructuring charges

946

3,520

3,008

6,208

Non-recurring legal settlements

—

—

1,750

—

Provision for income taxes

160

2,260

2,380

5,904

Interest and other income, net

(4,206

)

(3,348

)

(11,032

)

(7,973

)

Adjusted EBITDA

$

48,818

$

32,610

$

135,326

$

87,714

Adjusted EBITDA margin

24.2

%

18.6

%

23.1

%

17.1

%

 

Q2 Holdings, Inc.

Reconciliation of Free Cash Flow

(in thousands)

(unaudited)

 

Nine Months Ended

September 30,

2025

2024

Net cash provided by operating activities

$

137,765

$

92,716

Purchases of property and equipment

(4,812

)

(5,253

)

Capitalized software development costs

(16,175

)

(17,589

)

Free cash flow

$

116,778

$

69,874

More News From Q2 Holdings, Inc.

Declares Dividend of $0.15 per share for Q3 2025
Represents Genco’s 25th Consecutive Quarterly Dividend

NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and nine months ended September 30, 2025.

Third Quarter 2025 and Year-to-Date Highlights

Dividend Declared a $0.15 per share dividend for Q3 202525th consecutive quarterly dividend Cumulative dividends of $7.065 per share or approximately 43% of our current share price1 Q3 2025 dividend is payable on or about November 24, 2025 to all shareholders of record as of November 17, 2025 Growth Acquired the Genco Courageous, a high specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel in October 2025 $600 million revolving credit facility (RCF) In July, we amended our credit facility to establish a $600 million RCF to provide significant borrowing capacity to pursue growth opportunities among other uses Q3 2025 financial results Net loss of $1.1 million, or basic and diluted net loss per share of $0.02 Adjusted net loss of $0.4 million or basic and diluted loss per share of $0.01, excluding loss on debt extinguishment of $0.7 million Adjusted EBITDA: $21.7 million2Voyage revenues: $79.9 million Net revenue2: $55.0 millionAverage daily fleet-wide TCE2: $15,959 per day Estimated Q4 2025 TCE to date $20,101 for 72% of our owned fleet available days2 John C. Wobensmith, Chief Executive Officer, commented, “During the third quarter, Genco’s execution of its value strategy was once again strong, as we declared our 25th consecutive dividend and grew our high-specification Capesize fleet. Including the third quarter, these dividends have now totaled $7.065 per share, or approximately 43% of our current share price. As part of our value strategy, we have also paid down $279 million in debt since the strategy’s inception and invested approximately $200 million in modern Capesize vessels since 2023.”

Mr. Wobensmith continued, “Notably, our TCE has increased each quarter this year. Based on the compelling supply side fundamentals and demand growth catalysts set to materialize, we remain optimistic on the drybulk freight market. Specifically, our Q4 TCE to date is estimated to be over $20,000 per day or more than 25% higher than Q3. As we progress through the fourth quarter and position Genco for 2026, we do so with the majority of our drydock schedule complete, a further reduced cash flow breakeven level, and significant operating leverage to capitalize on improving drybulk fundamentals. Going forward, our focus remains on providing shareholders with sizeable returns and taking advantage of attractive growth opportunities to continue to increase our earnings capacity and create enduring long-term value.”

1 Genco share price as of November 4, 2025.
2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q4 2025 TCE, this estimate is based on both period and current spot fixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges.

Comprehensive Value Strategy

Genco’s comprehensive value strategy is centered on three pillars:

Dividends: paying sizeable quarterly cash dividends to shareholdersDeleveraging: making voluntary debt repayments to maintain low financial leverage, andGrowth: opportunistically renewing and growing our asset base Key characteristics of our strategy include:

Net loan-to-value (LTV) of 12% at September 30, 2025 pro forma for the subsequently completed vessel acquisition3Strong liquidity position of $520.0 million at September 30, 2025, which consists of: $90.0 million of cash on the balance sheet$430.0 million of revolver availability High operating leverage with our scalable fleet across the major and minor bulk sectors 3 Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of September 30, 2025 divided by estimates of the market value of our fleet (and, for the pro forma amount, the vessel we subsequently acquired) as of November 4, 2025 from VesselsValue.com. The actual market value of our vessels may vary.

Growth

We acquired the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, for $63.6 million. We took delivery of the vessel on October 15, 2025. Genco has funded the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.

Dividend Policy

Genco declared a cash dividend of $0.15 per share for the third quarter of 2025. While our stated formula, with a quarterly reserve of $19.50 million, produced a dividend of $0.05 per share for the quarter, the Board of Directors elected on management’s recommendation to reduce the quarterly reserve to $14.90 million in order to declare the $0.15 per share dividend. The Q3 2025 dividend is payable on or about November 24, 2025 to all shareholders of record as of November 17, 2025.

Quarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve.

Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the table below. The table includes the calculation of the actual Q3 2025 dividend and estimated amounts for the calculation of the dividend for Q4 2025:

Dividend calculationQ3 2025 actual
Q4 2025 estimates
Net revenue$55.01 Fixtures + market
Operating expenses(33.48)(35.41)Operating cash flow$21.52 Sum of the above
Less: voluntary quarterly reserve(14.90)(19.50)Cash flow distributable as dividends$6.63 Sum of the above
Dividend per share$0.15   Numbers in millions except per share amounts    
Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation. Estimated expenses for Q4 2025 are estimates and subject to change.

The voluntary quarterly reserve for the fourth quarter of 2025 under the Company’s dividend formula is targeted as $19.50 million, which remains fully within our discretion. A key component of Genco’s value strategy is maintaining a voluntary quarterly reserve, as well as the optionality for the use of the reserve as Genco seeks to pay sizeable dividends across the cyclicality of the drybulk market while continuing to invest in our fleet. Subject to the development of freight rates for the remainder of the fourth quarter and our assessment of our liquidity and forward outlook, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase the amount of dividends otherwise payable under our formula. The reserve is set by our Board of Directors at its discretion, and our Board has generally allotted an amount for anticipated debt prepayments plus an additional amount. We plan to set the voluntary reserve on a quarterly basis for the subsequent quarter.
Anticipated uses for the voluntary reserve include, but are not limited to:

Vessel acquisitionsDebt repayments, andGeneral corporate purposes The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors’ determination that each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance.

Peter Allen, Chief Financial Officer, commented, “During the first nine months of 2025, we have taken important steps to further strengthen our capital structure, which is designed to create value in a dynamic drybulk market. Specifically, our capital structure provides a solid strategic foundation and our $600 million credit facility, which we closed in Q3, provides significant benefits including further strengthening our ability to pursue accretive growth opportunities. In addition, the improved pricing of the facility has enabled the Company to continue to lower its cash flow breakeven levels in addition to the augmented flexibility of the structure. Looking ahead to the fourth quarter, the operating leverage inherent in the fleet is highlighted by the over 25% increase in TCE to date led by our Capesize vessels, which are fixed at over $27,000 per day currently. We believe the combination of low financial leverage and high operating leverage creates a solid risk-reward balance for shareholders while providing Genco with increased optionality as markets develop.”

Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy

We utilize a portfolio approach towards revenue generation through a combination of:

Short-term, spot market employment, andOpportunistically booking longer term coverage Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet.

Based on current fixtures to date, our estimated TCE to date for the fourth quarter of 2025 on a load-to-discharge basis is presented below. Actual rates for the fourth quarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates to be earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method, the Company does not recognize revenue for any ballast days or uncontracted days at the end of the fourth quarter of 2025. At the same time, expenses for uncontracted days will be recognized as incurred.

In September, we elected to exercise the conversion clause in two index linked Capesize charters, on the Genco Resolute and the Genco Defender. For the fourth quarter, both vessels will earn gross rates of $32,400 and $33,000 per day plus a scrubber premium, respectively.

Estimated net TCE – Q4 2025 to Date

Vessel TypeTCE
% FixedCapesize$27,077 67%Ultra/Supra$16,139 76%Total$20,101 72%
Our index-linked charters are listed below:

VesselTypeDWTYear BuiltRateDurationMin ExpirationGenco LionCapesize179,185201299.5% of BCI + scrubber14-16 monthsMar-26Genco ResoluteCapesize181,0602015120% of BCI + scrubber11-14 monthsApr-26Genco DefenderCapesize180,0212016120% of BCI + scrubber11-14 monthsApr-26Genco ConstantineCapesize180,1832008100.5% of BCI + scrubber13-16 monthsSep-26
Financial Review: 2025 Third Quarter

The Company recorded a net loss for the third quarter of 2025 of $1.1 million, or $0.02 basic and diluted net loss per share. Adjusted net loss of $0.4 million or basic and diluted loss per share of $0.01, excluding loss on debt extinguishment of $0.7 million. Comparatively, for the three months ended September 30, 2024, the Company recorded net income of $21.5 million, or $0.50 and $0.49 basic and diluted earnings per share, respectively. Adjusted net income amounted to $18.1 million, or $0.42 and $0.41 basic and diluted earnings per share, excluding a gain on sale of vessels of $4.5 million, non-cash vessel impairment charges of $1.0 million and unrealized fuel losses of $0.1 million.

Revenue / TCE
The Company’s revenues decreased to $79.9 million for the three months ended September 30, 2025 as compared to $99.3 million recorded for the three months ended September 30, 2024, primarily due to lower rates earned by our major and minor bulk vessels and additional drydocking days during the third quarter of 2025 as compared to the third quarter of 2024. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $15,959 per day for the three months ended September 30, 2025 as compared to $19,260 per day for the three months ended September 30, 2024.

Voyage expenses
Voyage expenses decreased to $24.8 million for the three months ended September 30, 2025 from $28.2 million during the prior year period. The decrease was primarily due to lower bunker consumption for our Capesize and Supramax vessels and operating a lower number of third party chartered-in vessels.

Vessel operating expenses
Vessel operating expenses decreased to $24.4 million for the three months ended September 30, 2025 from $24.8 million for the three months ended September 30, 2024. Daily vessel operating expenses, or DVOE, amounted to $6,312 per vessel per day for the third quarter of 2025 compared to $6,423 per vessel per day for the third quarter of 2024. The decrease in DVOE was primarily due to lower insurance costs, as well as the timing of the purchase of stores.

We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q4 2025 is $6,375 per vessel per day on a fleet-wide basis.

General and administrative expenses
General and administrative expenses increased to $7.6 million for the third quarter of 2025 compared to $6.8 million for the third quarter of 2024 due to higher nonvested stock amortization expense in addition to higher legal and professional fees.

Depreciation and amortization expenses
Depreciation and amortization expenses increased to $19.3 million for the three months ended September 30, 2025 from $16.6 million for the three months ended September 30, 2024 primarily due to an increase in drydocking amortization expense for certain vessels in our fleet. Additionally, there was an increase in vessel depreciation expense for the Genco Intrepid, which was delivered during the fourth quarter of 2024.

EBITDA
EBITDA for the three months ended September 30, 2025 amounted to $21.0 million compared to $40.3 million during the prior year period. During the three months of 2025 and 2024, EBITDA included non-cash impairment charges, other operating expenses, gains on sale of vessels, losses on debt extinguishment as well as gains and losses on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $21.7 million and $36.9 million, for the respective periods.

Financial Review: Nine Months 2025

The Company recorded a net loss of $19.8 million or $0.46 basic and diluted net loss per share for the nine months ended September 30, 2025. This compares to net income of $63.7 million or $1.48 and $1.46 basic and diluted earnings per share, respectively, for the nine months ended September 30, 2024.

Revenue / TCE
The Company’s revenues decreased to $232.1 million for the nine months ended September 30, 2025 compared to $323.8 million for the nine months ended September 30, 2024, primarily due to lower rates earned by our major and minor bulk vessels, the operation of a smaller fleet and additional drydocking days during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. TCE rates obtained by the Company decreased to $13,813 per day for the nine months ended September 30, 2025 from $19,458 per day for the nine months ended September 30, 2024.

Voyage expenses
Voyage expenses decreased to $84.2 million for the nine months ended September 30, 2025 from $95.7 million for the same period in 2024 primarily due to lower bunker consumption on our Capesize vessels as well as the operation of a smaller fleet.

Vessel operating expenses
Vessel operating expenses decreased to $73.1 million for the nine months ended September 30, 2025 from $77.8 million for the nine months ended September 30, 2024. DVOE was $6,371 for the first nine months of 2025 versus $6,514 in the first nine months of 2024. The decrease in DVOE was primarily due to the timing of the purchase of stores and spares and lower insurance costs partially offset by higher crew costs.

General and administrative expenses
General and administrative expenses for the nine months ended September 30, 2025 increased to $22.5 million as compared to $20.8 million in the same period of 2024 primarily due to higher nonvested stock amortization expense and higher legal and professional fees.

Depreciation and amortization expenses
Depreciation and amortization expenses increased to $55.1 million for the nine months ended September 30, 2025 from $50.9 million for the nine months ended September 30, 2024 due to an increase in drydocking amortization expense for certain vessels in our fleet.

EBITDA
EBITDA for the nine months ended September 30, 2025 amounted to $42.6 million compared to $122.8 million during the prior year period. During the nine months of 2025 and 2024, EBITDA included non-cash impairment charges, other operating expenses, gains on sale of vessels, losses on debt extinguishment as well as gains and losses on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $43.9 million and $118.5 million, for the respective periods.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the nine months ended September 30, 2025 and 2024 was $16.0 million and $96.9 million, respectively. This decrease in cash provided by operating activities was primarily due to lower rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, there was an increase in drydocking costs incurred during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Net cash (used in) provided by investing activities for the nine months ended September 30, 2025 and 2024 was ($17.8) million and $73.7 million, respectively. This fluctuation was primarily a result of $79.1 million of proceeds from the sale of the Genco Commodus, the Genco Claudius, the Genco Maximus and the Genco Warrior during the nine months ended September 30, 2024. Additionally, there was a $11.8 million increase in the purchase of vessel assets due to the deposit for the Genco Courageous that was delivered on October 15, 2025, as well various upgrades during the drydocking of certain vessels in our fleet during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Net cash provided by (used in) financing activities during the nine months ended September 30, 2025 and 2024 was $47.7 million and ($170.4) million, respectively. On July 10, 2025, the $500 Million Revolver was refinanced with the $600 Million Revolver. As part of the debt modification, $15.3 million was settled net among the lenders of the $500 Million Revolver and $600 Million Revolver. The fluctuation is primarily due to a $120.0 million decrease in debt repayments made under our $500 Million Revolver during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Additionally, during the nine months ended September 30, 2025, the Company made drawdowns of $70.0 million and $10.0 million on the $600 Million Revolver and the $500 Million Revolver, respectively. Lastly, there was a $24.1 million decrease in the payment of dividends during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. These decreases in cash used in financing activities were partially offset by a $5.9 million increase in the payment of deferred financing costs related to the $600 Million Revolver.

Capital Expenditures

Genco’s fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,629,000 dwt:

17 Capesizes15 Ultramaxes11 Supramaxes In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions.

We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for the balance of 2025 and 2026 to be:

Estimated costs ($ in millions)Q4 2025
Q1 2026
Q2 2026
Q3 2026
Q4 2026
Drydock Costs (1)$5.06 $7.80 $– $7.50 $10.30 Estimated BWTS Costs (2)$– $2.32 $– $2.32 $– Fuel Efficiency Upgrade Costs (3)$0.14 $1.10 $– $0.55 $– Total Costs$5.20 $11.22 $– $10.37 $10.30 Estimated Offhire Days (4) 88  100  –  100  146 
(1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.(2) Estimated costs associated with the installation of ballast water treatment systems are expected to be funded with cash on hand.

(3) Estimated costs associated with the installation of fuel efficiency upgrades are expected to be funded with cash on hand.

(4) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q4 2025 consists of 33 days for one Capesize, 25 days for one Ultramax and 30 days for one Supramax.

Summary Consolidated Financial and Other Data

The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below.

 Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited)INCOME STATEMENT DATA:       Revenues:       Voyage revenues$79,921  $99,332  $232,130  $323,814 Total revenues 79,921   99,332   232,130   323,814         Operating expenses:       Voyage expenses 24,810   28,232   84,169   95,705 Vessel operating expenses 24,391   24,847   73,055   77,756 Charter hire expenses 106   1,267   4,425   7,232 General and administrative expenses (inclusive of nonvested stock amortization 7,584   6,831   22,477   20,815 expense of $1,919, $1,508, $5,195 and $4,341, respectively)       Technical management expenses 1,265   1,005   3,821   3,296 Depreciation and amortization 19,298   16,620   55,095   50,939 Impairment of vessel assets –   961   651   6,595 Net gain on sale of vessels –   (4,465)  –   (16,693)Other operating expense –   –   –   5,728 Total operating expenses 77,454   75,298   243,693   251,373                 Operating income (loss) 2,467   24,034   (11,563)  72,441         Other (expense) income:       Other expense (104)  (239)  (350)  (263)Interest income 388   749   1,000   2,294 Interest expense (3,151)  (2,970)  (8,258)  (10,462)Loss on debt extinguishment (678)  –   (678)  – Other expense, net (3,545)  (2,460)  (8,286)  (8,431)        Net (loss) income$(1,078) $21,574  $(19,849) $64,010         Less: Net (loss) income attributable to noncontrolling interest (25)  115   (72) $286         Net (loss) income attributable to Genco Shipping & Trading Limited$(1,053) $21,459  $(19,777) $63,724         Net (loss) earnings per share – basic$(0.02) $0.50  $(0.46) $1.48         Net (loss) earnings per share – diluted$(0.02) $0.49  $(0.46) $1.46         Weighted average common shares outstanding – basic 43,414,340   43,108,844   43,322,949   43,033,786         Weighted average common shares outstanding – diluted 43,414,340   43,656,385   43,322,949   43,642,521           September 30, 2025 December 31, 2024BALANCE SHEET DATA (Dollars in thousands):(unaudited)      Assets   Current assets:   Cash and cash equivalents$89,951  $43,690 Restricted cash –   315 Due from charterers, net 13,941   21,376 Prepaid expenses and other current assets 7,823   10,375 Inventories 21,547   22,234 Total current assets 133,262   97,990     Noncurrent assets:   Vessels, net of accumulated depreciation of $359,361 and $322,807, respectively 887,408   915,022 Deposits on vessels 6,527   – Deferred drydock, net 67,084   30,048 Fixed assets, net 7,969   7,184 Operating lease right-of-use assets 5,351   6,358 Total noncurrent assets 974,339   958,612     Total assets$1,107,601  $1,056,602     Liabilities and Equity   Current liabilities:   Accounts payable and accrued expenses$51,656  $34,492 Deferred revenue 4,701   4,665 Current operating lease liabilities –   1,503 Total current liabilities 56,357   40,660     Noncurrent liabilities   Long-term operating lease liabilities 5,463   5,539 Long-term debt, net of deferred financing costs of $11,522 and $7,825, respectively 158,478   82,175 Total noncurrent liabilities 163,941   87,714     Total liabilities 220,298   128,374     Commitments and contingencies       Equity:   Common stock 432   427 Additional paid-in capital 1,469,951   1,491,032 Accumulated deficit (584,493)  (564,716)    Total Genco Shipping & Trading Limited shareholders' equity 885,890   926,743 Noncontrolling interest 1,413   1,485 Total equity 887,303   928,228     Total liabilities and equity$1,107,601  $1,056,602          Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024STATEMENT OF CASH FLOWS (Dollars in thousands):(unaudited)    Cash flows from operating activities   Net (loss) income$(19,849) $64,010 Adjustments to reconcile net (loss) income to net cash provided by operating activities:   Depreciation and amortization 55,095   50,939 Amortization of deferred financing costs 1,595   1,501 Right-of-use asset amortization 1,007   1,112 Amortization of nonvested stock compensation expense 5,195   4,341 Impairment of vessel assets 651   6,595 Net gain on sale of vessels –   (16,693)Loss on debt extinguishment 678   – Amortization of premium on derivatives –   45 Insurance proceeds for protection and indemnity claims 80   271 Insurance proceeds for loss of hire claims 6   327 Change in assets and liabilities:   Decrease (increase) in due from charterers 7,435   (2,619)Decrease (increase) in prepaid expenses and other current assets 1,666   (2,301)Decrease in inventories 687   1,831 Increase in accounts payable and accrued expenses 16,470   7,829 Increase (decrease) in deferred revenue 36   (2,860)Decrease in operating lease liabilities (1,579)  (1,710)Deferred drydock costs incurred (53,180)  (15,763)Net cash provided by operating activities 15,993   96,855     Cash flows from investing activities   Purchase of vessels and ballast water treatment systems, including deposits (15,734)  (3,967)Purchase of other fixed assets (2,886)  (2,268)Net proceeds from sale of vessels –   79,105 Insurance proceeds for hull and machinery claims 864   846 Net cash (used in) provided by investing activities (17,756)  73,716     Cash flows from financing activities   Proceeds from the $600 Million Revolver 85,333   – Proceeds from the $500 Million Credit Facility 10,000   – Repayments on the $500 Million Credit Facility (15,333)  (120,000)Cash dividends paid (26,321)  (50,410)Payment of deferred financing costs (5,970)  (38)Net cash provided by (used in) financing activities 47,709   (170,448)    Net increase in cash, cash equivalents and restricted cash 45,946   123     Cash, cash equivalents and restricted cash at beginning of period 44,005   46,857 Cash, cash equivalents and restricted cash at end of period$89,951  $46,980          Three Months Ended September 30, 2025Net Loss Reconciliation(unaudited)Net loss attributable to Genco Shipping & Trading Limited$(1,053) + Loss on debt extinguishment 678  + Unrealized loss on fuel hedges 9    Adjusted net loss$(366)        Adjusted net loss per share – basic$(0.01)   Adjusted net loss per share – diluted$(0.01)        Weighted average common shares outstanding – basic 43,414,340    Weighted average common shares outstanding – diluted 43,414,340         Weighted average common shares outstanding – basic as per financial statements 43,414,340    Dilutive effect of stock options –    Dilutive effect of performance based restricted stock units –    Dilutive effect of restricted stock units –    Weighted average common shares outstanding – diluted as adjusted 43,414,340           Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024    (Dollars in thousands) (Dollars in thousands)EBITDA Reconciliation:(unaudited) (unaudited) Net (loss) income attributable to Genco Shipping & Trading Limited$(1,053) $21,459  $(19,777) $63,724  + Net interest expense 2,763   2,221   7,258   8,168  + Depreciation and amortization 19,298   16,620   55,095   50,939    EBITDA (1)$21,008  $40,300  $42,576  $122,831             + Impairment of vessel assets –   961   651   6,595  + Net gain on sale of vessels –   (4,465)  –   (16,693) + Other operating expense –   –   –   5,728  + Loss on debt extinguishment 678   –   678   –  + Unrealized loss on fuel hedges 9   123   3   84    Adjusted EBITDA$21,695  $36,919  $43,908  $118,545                           Three Months Ended Nine Months Ended    September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024FLEET DATA:(unaudited) (unaudited)Total number of vessels at end of period 42   42   42   42 Average number of vessels (2) 42.0   42.0   42.0   43.6 Total ownership days for fleet (3) 3,864   3,868   11,466   11,936 Total chartered-in days (4) 10   71   473   403 Total available days for fleet (5) 3,457   3,696   10,865   11,759 Total available days for owned fleet (6) 3,447   3,625   10,392   11,356 Total operating days for fleet (7) 3,429   3,673   10,749   11,612 Fleet utilization (8) 98.1%  97.9%  98.1%  96.8%                      AVERAGE DAILY RESULTS:       Time charter equivalent (9)$15,959  $19,260  $13,813  $19,458 Daily vessel operating expenses per vessel (10) 6,312   6,423   6,371   6,514                Three Months Ended Nine Months Ended    September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024FLEET DATA:(unaudited) (unaudited)Ownership days       Capesize 1,472.0   1,472.0   4,368.0   4,626.1 Panamax –   –   –   – Ultramax 1,380.0   1,380.0   4,095.0   4,110.0 Supramax 1,012.0   1,016.3   3,003.0   3,200.3 Total 3,864.0   3,868.3   11,466.0   11,936.4            Chartered-in days       Capesize –   –   –   – Panamax –   –   –   66.2 Ultramax 10.3   71.0   311.4   239.4 Supramax –   –   161.6   97.1 Total 10.3   71.0   473.0   402.7            Available days (owned & chartered-in fleet)       Capesize 1,136.5   1,366.3   3,713.0   4,395.9 Panamax –   –   –   66.2 Ultramax 1,355.5   1,370.0   4,271.3   4,139.3 Supramax 965.0   959.8   2,880.7   3,157.7 Total 3,457.0   3,696.1   10,865.0   11,759.1            Available days (owned fleet)       Capesize 1,136.5   1,366.3   3,713.0   4,395.9 Panamax –   –   –   – Ultramax 1,345.2   1,299.0   3,959.9   3,899.9 Supramax 965.0   959.8   2,719.1   3,060.6 Total 3,446.7   3,625.1   10,392.0   11,356.4            Operating days       Capesize 1,127.9   1,360.6   3,652.9   4,330.3 Panamax –   –   –   66.2 Ultramax 1,338.7   1,357.7   4,226.6   4,095.9 Supramax 962.6   955.0   2,869.1   3,119.7 Total 3,429.2   3,673.3   10,748.6   11,612.1            Fleet utilization       Capesize 97.1%  97.2%  97.0%  95.2%Panamax –   –   –   100.0%Ultramax 98.0%  98.5%  98.5%  98.3%Supramax 99.7%  97.9%  99.0%  97.1%Fleet average 98.1%  97.9%  98.1%  96.8%           Average Daily Results:       Time Charter Equivalent       Capesize$21,380  $26,951  $16,926  $27,160 Panamax –   –   –   – Ultramax 13,687   15,336   12,704   15,185 Supramax 12,741   13,622   11,179   13,784 Fleet average 15,959   19,260   13,813   19,458            Daily vessel operating expenses       Capesize$7,017  $6,783  $6,961  $7,017 Panamax –   –   –   – Ultramax 5,724   5,845   5,808   5,917 Supramax 6,090   6,668   6,283   6,548 Fleet average 6,312   6,423   6,371   6,514             1)EBITDA represents net (loss) income attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies.2)Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period.3)We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.4)We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.5)We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.6)We define available days for the owned fleet as available days less chartered-in days.7)We define operating days as the number of our total available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.8)We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.9)We define TCE rates as our voyage revenues less voyage expenses, charter hire expenses, and realized gain or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. TCE rate is not an item recognized by U.S. GAAP (i.e., it is a non-GAAP measure). However it is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. Our estimated TCE for the fourth quarter of 2025 is based on fixtures booked to date. Actual results may vary based on the actual duration of voyages and other factors. Accordingly, we are unable to provide, without unreasonable efforts, a reconciliation of estimated TCE for the fourth quarter to the most comparable financial measures presented in accordance with GAAP.  Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024Total Fleet(unaudited) (unaudited)Voyage revenues (in thousands)$79,921  $99,332  $232,130  $323,814 Voyage expenses (in thousands) 24,810   28,232   84,169   95,705 Charter hire expenses (in thousands) 106   1,267   4,425   7,232 Realized gain on fuel hedges (in thousands) –   (15)  12   95   55,005   69,818   143,548   220,972         Total available days for owned fleet 3,447   3,625   10,392   11,356 Total TCE rate$15,959  $19,260  $13,813  $19,458          10)We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.
About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. Genco’s fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,629,000 dwt.

Conference Call Announcement

Genco Shipping & Trading Limited will hold a conference call on Thursday, November 6, 2025 at 8:30 a.m. Eastern Time to discuss its 2025 third quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the call by phone, please register via the live call registration link, https://registrations.events/direct/Q4I910613917, and you will be provided with dial-in instructions and details. Please dial in at least 10 minutes prior to 8:30 a.m. Eastern Time to ensure a prompt start to the call. The conference call will be broadcast live and available for replay on the Company’s website: http://www.gencoshipping.com.

Website Information

We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel, worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020 and our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xix) our financial results for the year ending December 31, 2025 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our new dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) outbreaks of disease such as the COVID-19 pandemic; (xxiii) trade conflicts, the imposition or modification of port fees, tariffs and other import restrictions, and the effectiveness and cost of any measures the Company may adopt to avoid or mitigate the impact of the foregoing, including alternate trade routes and repositioning vessels; and (xxiv) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports on Form 8-K and Form 10-Q). Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Peter Allen
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

GAAP Net Income of $163 million, or $1.10 per diluted share
Adjusted Operating Income of $166 million, or $1.12 per diluted share
Return on Equity of 12.4% and Adjusted Operating Return on Equity of 12.6%
Primary Insurance in-force of $272 billion, a 2% year-over-year increase
PMIERs Sufficiency of 162% or approximately $1.9 billion
Book Value Per Share of $36.53 and Book Value Per Share excluding AOCI of $36.82
Increased Full-Year Capital Return Guidance to approximately $500 million

RALEIGH, N.C., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the third quarter of 2025.

"Enact continues to execute with discipline and purpose,” stated Rohit Gupta, President and CEO of Enact. "We delivered another strong quarter, maintained our prudent approach to risk management and strong expense controls, and our performance positioned us to raise our capital returns target to its highest level since our IPO. Against the backdrop of an evolving housing market, we remain well positioned for success, with the proven strategy, financial flexibility and balance sheet strength to deliver and help more people responsibly achieve the dream of homeownership."

Key Financial Highlights

(In millions, except per share data or otherwise noted)3Q252Q253Q24Net Income (loss)$163$168$181Diluted Net Income (loss) per share$1.10$1.11$1.15Adjusted Operating Income (loss)$166$174$182Adj. Diluted Operating Income (loss) per share$1.12$1.15$1.16NIW ($B)$14$13$14Primary Persistency Rate83%82%83%Primary IIF ($B)$272$270$268Net Premiums Earned$245$245$249Losses Incurred$36$25$12Loss Ratio15%10%5%Operating Expenses$53$53$56Expense Ratio22%22%22%Net Investment Income$69$66$61Net Investment gains (losses)$(3)$(7)$(1)Return on Equity12.4%13.0%14.7%Adjusted Operating Return on Equity12.6%13.4%14.8%PMIERs Sufficiency ($)$1,904$1,961$2,190PMIERs Sufficiency (%)162%165%173%
Third Quarter 2025 Financial and Operating Highlights

Net income was $163 million, or $1.10 per diluted share, compared with $168 million, or $1.11 per diluted share, for the second quarter of 2025 and $181 million, or $1.15 per diluted share, for the third quarter of 2024. Adjusted operating income was $166 million, or $1.12 per diluted share, compared with $174 million, or $1.15 per diluted share, for the second quarter of 2025 and $182 million, or $1.16 per diluted share, for the third quarter of 2024.New insurance written (NIW) was $14 billion, up 6% from the second quarter of 2025, and up 3% from the third quarter of 2024. NIW for the current quarter was comprised of 97% monthly premium policies and 93% purchase originations.Persistency remained elevated at 83%, up from 82% in the second quarter of 2025 and flat to 83% in the third quarter of 2024. Approximately 21% of the mortgages in our portfolio had rates at least 50 basis points above September 2025’s average mortgage rate of 6.4%.Primary insurance in-force (IIF) was $272 billion, up approximately 1% from $270 billion in the second quarter of 2025 and up approximately 2% from $268 billion in the third quarter of 2024.Net premiums earned were $245 million, approximately flat from the second quarter of 2025 and down 2% from $249 million in the third quarter of 2024. The year-over-year decrease is primarily driven by higher ceded premiums.Losses incurred for the third quarter of 2025 were $36 million and the loss ratio was 15%, compared to $25 million and 10%, respectively, in the second quarter of 2025 and $12 million and 5%, respectively, in the third quarter of 2024. The current quarter’s reserve release of $45 million from favorable cure performance and loss mitigation activities compares to a reserve release of $48 million and $65 million in the second quarter of 2025 and third quarter of 2024, respectively.Operating expenses in the current quarter were $53 million, and the expense ratio was 22%. This is compared to $53 million and 22%, respectively, in the second quarter of 2025 and $56 million and 22%, respectively in the third quarter of 2024. The year-over-year decrease was primarily driven by continued prudent expense management.Net investment income was $69 million, up from $66 million in the second quarter of 2025 and up from $61 million in the third quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.Net investment gains (losses) in the quarter were $(3) million, as compared to $(7) million sequentially and $(1) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.Annualized return on equity for the third quarter of 2025 was 12.4% and annualized adjusted operating return on equity was 12.6%. This compares to the second quarter of 2025 results of 13.0% and 13.4%, respectively, and to third quarter of 2024 results of 14.7% and 14.8%, respectively. Capital and Liquidity

We paid approximately $31 million, or $0.21 per share, dividend in the third quarter.EMICO completed a dividend of approximately $130 million in the third quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.Enact Holdings, Inc. held $339 million in cash and cash equivalents plus $311 million of invested assets as of September 30, 2025. Combined cash and invested assets is relatively flat from the prior quarter, primarily due to share buybacks, our quarterly dividend and offset by the contribution from EMICO.Moody’s Investor Service (“Moody’s”) upgraded the insurance financial strength rating for EMICO to A2 from A3 and upgraded the long-term issuer rating and senior unsecured debt rating to Baa2 from Baa3, the outlook for the ratings are stable.A.M. Best upgraded the financial strength rating outlook for EMICO, EHI and EMIC-NC to positive.We secured a quota share reinsurance transaction with a panel of highly-rated reinsurers that will cede approximately 34% of expected new insurance written for the 2027 book year.PMIERs sufficiency was 162% and $1.9 billion above the PMIERs requirements, compared to 165% and $2.0 billion above the PMIERs requirements in the second quarter of 2025. Recent Events

We repurchased approximately 2.8 million shares at an average price of $37.23 for a total of approximately $105 million in the quarter. Additionally, through October 31, 2025, we repurchased 1.2 million shares at an average price of $36.19 for a total of $42 million and approximately $146 million remain of our $350 million repurchase authorization.We announced that we have entered into a new $435 million five-year senior unsecured revolving credit facility that replaced the previous $200 million five-year senior unsecured revolving credit facility.Subsequent to quarter end, we announced an excess of loss reinsurance agreement with a panel of highly rated reinsurers that will provide approximately $170M of coverage on a portion of expected new insurance written for the 2027 book year.We announced today that the Board of Directors declared a quarterly dividend of $0.21 per share, payable on December 11, 2025, to shareholders of record on November 21, 2025.We now anticipate a total 2025 capital return of approximately $500 million recognizing our continued strong performance and current mortgage originations levels; the final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals. Conference Call and Financial Supplement Information
This press release, the third quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

Enact will discuss third quarter financial results in a conference call tomorrow, Thursday, November 6, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN.   It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call.   If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

The webcast will also be archived on the Company’s website for one year.

About Enact
Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

GAAP/Non-GAAP Disclosure Discussion
This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share," and “adjusted operating return on equity." Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended September 30, 2025 and 2024, as well as for the three months ended June 30, 2025.

Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

 3Q252Q253Q24REVENUES:   Premiums$244,688 $245,289 $249,055 Net investment income 68,611  65,884  61,056 Net investment gains (losses) (2,834) (7,343) (1,243)Other income 990  1,060  720 Total revenues 311,455  304,890  309,588     LOSSES AND EXPENSES:   Losses incurred 35,885  25,289  12,164 Acquisition and operating expenses, net of deferrals 50,500  50,598  53,091 Amortization of deferred acquisition costs and intangibles 2,344  2,205  2,586 Interest expense 12,897  12,296  12,290 Total losses and expenses 101,626  90,388  80,131     INCOME BEFORE INCOME TAXES 209,829  214,502  229,457 Provision for income taxes 46,332  46,694  48,788 NET INCOME$163,497 $167,808 $180,669     Net investment (gains) losses 2,834  7,343  1,243 Costs associated with reorganization 189  (24) 848 Loss on debt extinguishment 0  0  0 Taxes on adjustments (635) (1,537) (439)Adjusted Operating Income$165,885 $173,590 $182,321     Loss ratio(1) 15% 10% 5%Expense ratio(2) 22% 22% 22%Earnings Per Share Data:   Net Income per share   Basic$1.11 $1.12 $1.16 Diluted$1.10 $1.11 $1.15 Adj operating income per share   Basic$1.13 $1.16 $1.17 Diluted$1.12 $1.15 $1.16 Weighted-average common shares outstanding   Basic 147,434  149,940  155,561 Diluted 148,340  150,729  157,016     (1)The ratio of losses incurred to net earned premiums. (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended September 30, 2025, June 30, 2025, and September 30, 2024. Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

Assets3Q252Q253Q24Investments:   Fixed maturity securities available-for-sale, at fair value$6,068,501 $5,896,818 $5,652,399 Short term investments 2,002  3,001  1,550 Total investments 6,070,503  5,899,819  5,653,949 Cash and cash equivalents 543,577  612,967  673,363 Accrued investment income 53,895  53,259  45,954 Deferred acquisition costs 22,521  22,910  24,160 Premiums receivable 48,648  44,091  48,834 Other assets 114,114  107,882  100,723 Deferred tax asset 23,185  32,545  50,063 Total assets$6,876,443 $6,773,473 $6,597,046     Liabilities and Shareholders' Equity   Liabilities:   Loss reserves$572,054 $551,940 $510,401 Unearned premiums 96,031  101,205  121,382 Other liabilities 146,958  153,447  186,312 Long-term borrowings 744,114  743,753  742,706 Total liabilities 1,559,157  1,550,345  1,560,801 Equity:   Common stock 1,456  1,484  1,544 Additional paid-in capital 1,826,764  1,927,372  2,145,518 Accumulated other comprehensive income (41,785) (104,342) (101,984)Retained earnings 3,530,851  3,398,614  2,991,167 Total equity 5,317,286  5,223,128  5,036,245 Total liabilities and equity$6,876,443 $6,773,473 $6,597,046     Book value per share$36.53 $35.20 $32.61 Book value per share excluding AOCI$36.82 $35.90 $33.27     U.S. GAAP ROE(1) 12.4% 13.0% 14.7%Net investment (gains) losses 0.2% 0.6% 0.1%Costs associated with reorganization 0.0% 0.0% 0.1%(Gains) losses on early extinguishment of debt 0.0% 0.0% 0.0%Taxes on adjustments 0.0%(0.1)        % 0.0%Adjusted Operating ROE(2) 12.6% 13.4% 14.8%    Debt to Capital Ratio 12% 12% 13%    (1)Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity(2)Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equityThis press release was published by a CLEAR® Verified individual.

By Reuters

November 5, 20259:21 PM UTCUpdated ago

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1:21 PM PST · November 5, 2025

Lucid Motors’ chief engineer Eric Bach is leaving the company after more than a decade, the company has announced.

Bach, who also served as Lucid Motors’ Senior Vice President of Product, has been with the company since 2015. He joined Lucid after spending three years as Tesla’s Director of Engineering, where he worked alongside Lucid Motors’ former CEO and CTO Peter Rawlinson. Bach spent more than ten years at Volkswagen before Tesla.

Lucid Motors’ Vice President of Quality, Jeri Ford, is retiring as well. She will be replaced by Marnie Levergood, who is coming to the company from Scout Motors.

At the same time, Lucid Motors’ current Senior Vice President of Powertrain, Emad Dlala, is being elevated to oversee all of “Engineering and Digital.” Dlala was promoted once already earlier this year and has been with the company since 2015.

The shakeup comes as Lucid enters its ninth month without a permanent CEO after Peter Rawlinson suddenly resigned in February. Former Chief Operating Officer Marc Winterhoff has been serving as CEO on an interim basis ever since.

The loss of Bach and Ford is the latest in a line of executive departures at Lucid Motors. The company’s head of investor relations, Senior Vice President of Operations, Managing Director for Europe, and the Vice Presidents of Software Quality and Marketing have all left within the last year.

The changes are happening at a critical moment in Lucid Motors’ history. The company finally launched its long-awaited luxury SUV, the Gravity, which the company expects will ultimately be more successful than the Air sedan, which it has struggled to sell. Lucid Motors is also working on a mid-sized vehicle that will be priced closer to $50,000 in 2026, though it will likely need to raise more money before that happens.

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Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.

You can contact or verify outreach from Sean by emailing [email protected] or via encrypted message at okane.01 on Signal.

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Bitcoin (BTC) is roaring back from a sharp market sell-off, adding roughly $100 billion to its market cap within just seven hours as renewed demand pushed the flagship cryptocurrency toward the $105,000 mark.

By press time, Bitcoin’s market capitalization had risen to $2.07 trillion at 18:30 UTC, up from $1.97 trillion at 01:30 UTC. The asset was trading around $104,300, gaining 3.44% over the past 24 hours.

Bitcoin one-day market cap chart. Source: Finbold
The rebound follows a volatile stretch triggered by heavy ETF outflows, macroeconomic concerns, and panic selling in the crypto market.

Earlier in the week, investors withdrew nearly $1.8 billion from Bitcoin and crypto ETFs, with major players like BlackRock offloading more than $379 million across its Bitcoin and Ethereum products over two days.

The pullback intensified after Federal Reserve Chair Jerome Powell signaled that interest rates may remain elevated longer than anticipated, boosting the U.S. dollar and weighing on risk assets.

Crypto markets volatility 
Markets were initially spooked in October when President Donald Trump announced sweeping 100% tariffs and export controls on China starting November 1, 2025, triggering a 12% Bitcoin slide and plunges of up to 40% in other major crypto assets.

The correction was exacerbated by extreme leverage, with around 300,000 traders liquidated daily on average, including a $20 billion liquidation wave on October 10 that amplified the slump.

Despite the turmoil, institutional buyers are emerging. For example, Michael Saylor’s firm, Strategy, acquired 397 BTC at an average of $114,771, signaling long-term conviction even as the asset trades below its purchase price.

Market analysts note the latest surge is being driven not by retail frenzy, but by quieter capital inflows as fear begins to fade.

They suggest the rally could continue as long as FOMO remains contained and retail participation stays muted, a dynamic that has historically favored Bitcoin’s upside momentum.

Featured image via Shutterstock

As Ripple’s Swell 2025 conference enters its second day, the firm has dropped another big announcement about major partnerships with renowned payment giants: MasterCard, WebBank, and Gemini.

The San Francisco-based blockchain firm took to X to break the news of its latest collaboration, sparking excitement across the crypto community today.

Ripple to debut RLUSD credit card on XRPLThe partnership follows plans to introduce blockchain-based settlement for credit card transactions using RLUSD, its U.S. dollar-backed stablecoin issued on the XRP Ledger.

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According to the announcement, Ripple launched the initiative to test whether a regulated stablecoin can be used by a licensed U.S. bank to settle traditional fiat payments on a public blockchain.

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Ripple says the initiative is designed to demonstrate faster and cheaper settlements between merchants and issuers without compromising compliance or transparency.

The XRP community had long anticipated major announcements like this that could foster adoption of Ripple’s ecosystem assets: XRP and its stablecoin RLUSD.

XRP community lauds Ripple’s big moves The move has stirred excitement across the crypto ecosystem, as it will see WebBank, the issuer of the Gemini Credit Card, using RLUSD to settle MasterCard transactions directly through the XRP Ledger.

Upon implementation, the project could become one of the first real-world examples of a U.S. bank handling card settlements on a public blockchain using a regulated stablecoin like RLUSD.

Notably, the move seeks to bring blockchain speed and efficiency to the traditional payment system.

While this is one of the major announcements disclosed by Ripple during Swell 2025, the XRP community is highly anticipating more major moves capable of fostering wider adoption for XRP and propelling its price toward a crucial rebound soon.

In a surprising move, Grayscale has decided to pause sponsor fees and reduce staking costs on its Grayscale Solana Trust (GSOL). The measure represents an incentive designed to draw fresh institutional inflows.

Cardano (CRYPTO: ADA) rose about 5% on Wednesday to trade near $0.54, as traders positioned for a potential rebound.

Price Finds Support But Faces Heavy Resistance

ADA Price Action (Source: TradingView)

Cardano is attempting to stabilize near the $0.52–$0.50 demand zone after briefly dipping below it earlier this week. 

Buyers stepped in quickly, highlighting that this area continues to attract defense.

Despite the bounce, ADA remains trapped beneath a descending trendline drawn from its September peak, keeping the broader structure bearish. 

All major EMA's are stacked above price between $0.6260 and $0.7427, forming a dense resistance cluster that has repeatedly rejected rallies.

The Supertrend indicator also remains red, reinforcing that sellers still control momentum. 

Until ADA closes decisively above these EMAs, each recovery attempt risks turning into an exit opportunity for trapped holders.

Spot Flows Reflect Ongoing Distribution

ADA Netflows (Source: Coinglass)

Exchange data from Coinglass shows persistent negative netflows throughout October and early November, meaning more ADA has been sent to exchanges than withdrawn to custody wallets. 

Although the latest reading flipped slightly positive at $1.61 million, it does not reverse the broader pattern of distribution.

Sustained red flows typically coincide with downtrends and indicate that traders are using price strength to sell rather than accumulate. 

Long-term buyers remain cautious, signaling that conviction in a lasting reversal is still weak.

Derivatives Traders Bet On A Short-Term Rebound

ADA Derivative Analysis (Source: Coinglass)

Open interest in ADA futures rose 9.31% over the past 24 hours to roughly $655 million, while trading volume jumped more than 60% to $2.91 billion. 

The data suggests traders are positioning for volatility around the current support.

Retail sentiment has tilted bullish, with long/short ratios showing more longs entering positions, while top traders remain relatively balanced. 

If ADA fails to sustain its current rebound, those leveraged long positions could unwind quickly, leading to another wave of downside pressure.

Key Levels Define The Next MoveTwo critical zones now define ADA's short-term path. 

The support band between $0.52–$0.50 must hold to prevent a breakdown toward the next liquidity pocket near $0.40–$0.30, which marked the accumulation zone earlier this year.

On the upside, the descending trendline remains the first test, followed by a reclaim of the 20-day EMA. 

A close above both would begin shifting control back to buyers and signal a potential trend reversal.

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Bitcoin is bouncing, but only slightly, after falling to its lowest price in months. Is the bull run over or will traders defy historical trends?

Bitcoin's sustained price above $100,000 was supposed to signal its arrival as a mature institutional asset. Instead, its sudden reversal below that threshold has unsettled traders and revived fears of another crypto winter.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a shocking and devastating development, the price of Bitcoin has fallen back to the key $100,000 price mark after months of trading above the level. BTC’s ongoing robust decline has triggered a wave of uncertainty in the market, causing large investors to offload their coins. However, short-term or retail investors are unfazed by the drop as they go on a BTC buying spree.

A Difference In Action Between Big And Small Bitcoin Investors
As the Bitcoin price continues its downward move back to key support levels, a stark difference has been observed among large and small investors. Amid the ongoing wave of volatility, large BTC holders or whales continue to dump their holdings, triggering speculation about short-term uncertainty among dominant holders.

At the same time, small investors have accumulated at a significant rate, a move that indicates that these investors are viewing the ongoing downward trend as an ideal entry point. Santiment, a leading on-chain data analytics platform, shared this discrepancy between the two sets of investors on the X platform, which reflects a shift in BTC ownership.

Santiment stated by pointing to BTC’s bearish price action, falling to the $101,000 level. A move that has sparked worries among traders that the flagship asset may fall below the $100,000 threshold for the first time since June 22.

During this persistent price decline, whales and sharks have sold 38,366 BTC since October 12, resulting in a -0.28% decrease in their total holdings. This sell-off is observed among wallet addresses containing between 10 and 10,000 BTC, a group that collectively holds over 68.5% of BTC’s overall supply.

A shift in BTC ownership | Source: Chart from Santiment on X
Meanwhile, shrimp with less than 0.01 BTC have amassed 415 BTC within the same time frame, indicating a +0.85% growth in their positions. Specifically, these are wallet addresses holding just 0.25% of the total supply of BTC. Santiment highlighted that bulls must witness a complete reversal of this trend in order to anticipate a long-term price increase for all cryptocurrencies. The reason is that markets tend to rise when key stakeholders accumulate BTC that smaller holders shed.

In the meantime, the platform claims that shrimp or micro traders need to display capitulation and fear, which will cause them to lose patience and sell off their coins at a loss, allowing whales to resume accumulation. When this happens, which Santiment strongly believes will occur, it will indicate a market bottom and the best opportunity to purchase. 

BTC Among Top Trending Cryptos
According to Santiment’s data, Bitcoin is among the leading trending assets in the market. This is because the asset closed October in the red for the first time since 2018, ending its long winning streak. Also, bears have exerted pressure on the market with massive sell-offs from whales and long-term holders.

Even though BTC began November on a bearish note, historical data suggest that this month usually precedes strong gains. However, Santiment urges traders to be cautious and watch for signs of a bullish reversal.

BTC trading at $101,235 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Bitcoin is back above $104,000 after sliding below $100,000 for the first time since July.

CryptocurrencyTickerPriceBitcoin(CRYPTO: BTC)$104,348.91Ethereum(CRYPTO: ETH)$3,469.09Solana(CRYPTO: SOL)$163.36XRP(CRYPTO: XRP)$2.29Dogecoin(CRYPTO: DOGE)$0.1682Shiba Inu(CRYPTO: SHIB)$0.059218Notable Statistics:

Coinglass data shows 347,699 traders were liquidated in the past 24 hours for $1.34 billion.        
In the past 24 hours, top gainers include ZKsync, Plasma and Zcash.
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21h05 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

As the crypto market holds its breath, a note from 10x Research reignites the debate. Ethereum is now a good candidate for shorting. According to the firm, betting against ETH could provide effective coverage against the institutional rise of bitcoin. This strategic reading shakes up the hierarchy between the two main assets in the sector.

In brief

The Ethereum ecosystem shows signs of fatigue, notably in the treasury of ETH-oriented companies.
Bitcoin benefits from a clear institutional narrative, which accentuates the imbalance with Ethereum.
Technical indicators point towards a bearish trend, with a risk of breaking the $3,000 support.
A prolonged stagnation or a more pronounced correction of ETH is now conceivable, according to 10x Research’s analysis.

An institutional mechanism at a standstill
In its latest report, the firm 10x Research reveals a worrying shift in the Ethereum ecosystem. While bitcoin continues to absorb most of the institutional flows, Ethereum falls behind, weakened by a treasury mechanism that no longer works.

“While bitcoin continues to attract institutional treasury capital, ETH-oriented companies are starting to run out of ammunition”, claims the firm in a sharp analysis. This loss of momentum calls into question a model that, until now, had largely helped support the ETH price.

Several factual elements illustrate this break :

The PIPE model losing momentum : companies like BitMine allowed institutional investors to buy ETH at par (cost price), then resell it with a premium on the retail market, feeding a bullish loop on the price. This mechanism is faltering ;

Lack of transparency on flows : 10x Research highlights the opacity surrounding capital movements in the Ethereum ecosystem, increasing uncertainty for institutional players ;

Concentration of holdings : according to the data mentioned, 15 companies hold 4.7 million ETH, with BitMine alone holding 3.3 million ETH. This concentration raises the question of potential vulnerability if a disengagement occurs ;

The imbalance compared to bitcoin : by comparison, BTC benefits from a clear narrative, reinforced by its function as a store of value, which mechanically attracts more institutional capital.

All these factors converge to the same observation: the institutional dynamic that previously supported Ethereum is now running out of steam, which could pave the way for strategic readjustments in the market.

Bearish technical signals that worsen the context
Beyond these weakened institutional dynamics, 10x Research identifies several technical indicators suggesting a marked correction in the asset’s price.

“The weekly stochastic clearly flashes in overbought territory”, warns the report. Analysts also note that a false bullish breakout has formed, similar to the false breakdown observed last March, which could indicate a resumption of the bearish trend if the $3,000 support were to break. In this scenario, a return to $2,700 would be conceivable in the short term.

This technical reading comes in a climate of overall market fragility, notably after the crash of October 10, which led to the liquidation of $19 billion worth of crypto positions, a historical record. Since then, demand for ETH spot ETFs in the United States has significantly cooled, an indicator of dwindling institutional appetite for Ethereum.

This combination of technical signals and macroeconomic pressure fuels the thesis of a prolonged decline, or at least a worrying stagnation, at a time when bitcoin appears to be consolidating its dominant position.

If institutions begin to permanently turn away from Ethereum, it is the very perception of ETH as a foundational Web3 asset that could be questioned. However, Tom Lee, president of BitMine, continues to anticipate a price of $10,000 for ETH by the end of this year.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TLDR:

Ethereum rebounded to $3,468 after nearly falling below $3,000, showing strong buying interest at support.
Santiment data shows 30-day traders at -12.8% average returns, signaling room for short-term recovery.
Both short- and long-term MVRV ratios are negative, often marking a low-risk accumulation opportunity.
Ethereum remains in its 2024 $2.8K–$4.1K range as analysts expect more sideways movement before volatility returns.

Ethereum’s comeback has caught traders’ attention. After falling close to $3,000 earlier this week, the crypto giant is once again pushing toward $3,500. 

Market sentiment has shifted fast, fueled by trader losses and technical indicators suggesting a bottom zone. 

Analysts say the next move could be sideways before volatility returns. But traders are keeping their eyes on Ethereum’s broader range between $2,800 and $4,100.

Ethereum Price Action Remains Confined Within 2024 Trading Range
Market analyst Daan Crypto Trades reported that Ethereum has dropped from its previous cycle high and moved back into the same range it held for most of 2024. He observed that the weekly structure remains intact, though the daily trend is pointing downward.

$ETH Has fully rejected from that previous cycle high and is now back in that $2.8K-$4.1K range which it traded around for most of 2024.

Technically, the weekly structure still fine where the daily is obviously now trending down.

Good chance this goes back to chopping around… pic.twitter.com/TPTReIsXiA

— Daan Crypto Trades (@DaanCrypto) November 5, 2025

Ethereum’s current trading zone between $2,800 and $4,100 has acted as both support and resistance for much of this year. That range has repeatedly tested traders’ patience, often trapping both buyers and sellers during sudden reversals.

At press time, CoinGecko data showed Ethereum priced at $3,468.71, with 24-hour volume exceeding $59 billion. 

The crypto rose by almost 6% in a day but remained 13% lower than a week ago. This bounce suggests buyers are stepping back in, though short-term volatility remains high.

ETH price on CoinGecko
Price stability within this band could help Ethereum form a stronger base before its next major move. The asset’s behavior during the next few sessions will show whether buyers can defend support near $3,000 or if more downside pressure builds.

Trader Metrics Hint at Possible Accumulation Phase for Ethereum
Data from Santiment revealed that traders active in the past 30 days recorded an average loss of -12.8%, showing that many market participants are still under water. Historically, when both short-term and long-term MVRV ratios move into negative territory, prices tend to recover over time.

The same report showed that traders active in the past year are now at -0.3%, meaning Ethereum’s yearly traders are also back in loss. Santiment’s analysis described this as a zone where low-risk accumulation typically occurs, especially when market sentiment turns fearful.

🥳 Ethereum has nearly scraped $3,500 again after threatening to fall below its $3,000 support just 20 hours ago. Traders active in the past 30 days show an average return of -12.8%, indicating there is still a severe level of pain and room to continue rising until it rises back… pic.twitter.com/BXCpuufAe5

— Santiment (@santimentfeed) November 5, 2025

The crypto community often refers to such times as periods of “blood in the streets,” when selling slows and buyers quietly re-enter. With prices near the lower end of its range, ETH could stay choppy before another large volatility move, as Daan Crypto Trades suggested.

Traders now await stronger momentum signals. For now, Ethereum sits at a point where patience might pay off for long-term holders.

Key NotesWebBank becomes first regulated US bank to settle conventional card payments via stablecoin on public blockchain infrastructure.RLUSD stablecoin reaches $1 billion circulation milestone under New York financial regulator oversight since late 2024 launch.Ripple secures $500 million funding at $40 billion valuation while expanding institutional services through Prime brokerage platform.
Mastercard, Ripple, Gemini, and WebBank announced a collaboration to explore using Ripple’s RLUSD stablecoin for settling fiat credit card transactions. The partnership was revealed on Nov. 5 at the Ripple Swell 2025 conference in New York.

The initiative represents one of the first times a regulated US bank will settle traditional card transactions using a regulated stablecoin on a public blockchain, according to a Ripple statement. WebBank, which issues the Gemini Credit Card, will use the XRP Ledger to process RLUSD-based settlements for cardholder transactions.

The XRPL will facilitate blockchain-based settlement processes between Mastercard’s payment network and WebBank. The collaboration expands on the existing relationship between WebBank and Gemini, which launched the XRP edition of the credit card earlier this year.

RLUSD Growth and Regulatory Status
RLUSD is a US dollar-backed stablecoin issued under the New York Department of Financial Services Trust Company Charter. The stablecoin has grown to RLUSD’s $1 billion milestone in circulation since launching in late 2024.

Dashboard showing that Ripple has pushed past the $1B milestone recently | Source: rwa.xyz

The partners will conduct initial RLUSD onboarding on the XRPL in the coming months, subject to obtaining required regulatory approvals. Integration planning will follow the onboarding phase, though no specific timeline was provided for full implementation.

Ripple’s Institutional Expansion
The announcement coincides with major corporate developments at Ripple. The company secured $500 million in funding at a Ripple’s $40 billion valuation from Fortress Investment Group, also announced on Nov. 5.

Ripple recently activated its Ripple Prime brokerage launch following a $1.25 billion acquisition of Hidden Road in October. The brokerage provides institutional clients with spot trading support for both XRP

XRP
$2.33

24h volatility:
8.0%

Market cap:
$139.95 B

Vol. 24h:
$7.67 B

and RLUSD.

Mastercard’s global head of digital commercialization, Sherri Haymond, stated the partnership uses the company’s payment network to bring regulated stablecoin payments into the financial mainstream. WebBank’s president and CEO, Steven Wirtz, noted the collaboration bridges blockchain technology with traditional financial system stability to make institutional payments faster and more efficient.

Ripple Swell 2025 Conference
The partnership announcement took place at Ripple Swell 2025, an invite-only conference running from Nov. 4 through Nov. 5 at Convene Hudson Yards in New York. The event drew over 600 attendees from more than 40 countries.

Billions of assets. Onchain.

At Swell 2025 🗽, leaders from @FTI_Global, @Citibank, and @Fidelity joined @reece_merrick to explore how institutions are embracing custody, managing risk, and unlocking new value through tokenization.

The message is clear: The institutional shift… pic.twitter.com/YLnOCGEpll

— Ripple (@Ripple) November 5, 2025

Notable speakers at the conference included Adena Friedman, chair and CEO of Nasdaq, Maxwell Stein, director of digital assets at BlackRock, and Patrick Witt, senior policy advisor at the White House. Session topics covered tokenized assets, stablecoin settlements, crypto ETFs, and US digital asset policy. Ripple CEO Brad Garlinghouse and co-founder Chris Larsen both delivered keynote addresses during the two-day event.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.

Zoran Spirkovski on X

In brief
Bitcoin’s swoon below $100,000 didn’t sour the vibes at a Florida crypto conference.
One attendee said that reflects a maturing industry.
Most people were eager to participate in networking events.
Most attendees at a crypto conference in South Florida on Wednesday were eager to talk about the industry—between Labubu-fueled marketing tactics and the local party scene—but Bitcoin’s recent fall to $100,000 wasn’t top of mind for many.

At the Seminole Hardrock in Davie, several conferencegoers told Decrypt that they weren’t checking charts as Bitcoin’s price hovered near a five-month low. They soaked up the sun and commiserated with colleagues amid the palm trees while they could.

The two-day event, dubbed Blockchain Futurist Conference, was set to feature high-profile names including Eric Trump, the U.S. president’s son, but it also drew industry veterans that are less known, including Betty Sharples, head of growth and partnerships at Truflation.

Betty Sharples, head of growth and partnerships at Truflation. Image: Decrypt/André BeganskiSharples said she was there to promote Truflation’s ability to provide real-time inflation data, but she also valued the opportunity to gauge the temperature of industry trends like prediction markets. She acknowledged that volatility has created “depressed” conferences in the past.

“If you go back in two years, the price of Bitcoin definitely affected the temperature of every conference,” she said. “If you’ve been in this space for a little bit, you've gone through these emotions already, and realistically, [Bitcoin is] still much higher than it was this time last year.”

Indeed, Bitcoin’s price stood at $69,000 one year ago, as Americans went to the ballot box, ultimately electing one of the industry’s most vocal backers to the White House. Still, some felt like it would be in poor taste to focus on crypto prices at a conference, no matter the time.

“That’s what poor people do,” a networking specialist and entertainer, who goes by Loudmouth, said. “Never sell anything that's worth anything, right?”

An individual who guys by Loudmouth. Image: Decrypt/André BeganskiLoudmouth, who said he arrived on a flight from Dubai on Tuesday, said he is more interested in side events, and potential afterparties, than the conference itself. He hadn’t heard of any yet.

“The conference gives everybody an excuse to get on a plane and fly to that place, but if you're here, most of the time, you're already in crypto, so you don't want to just sit and listen,” he said.

Still, some attendees said that they were there to network and promote their business. That included locals like Frank Grimes, the founder of a little-known project called Interlink, which focuses on bringing communities and projects together.

Frank Grimes is the founder of Interlink. Image: Decrypt/André Beganski“You got to get those chills out,” he said, while drinking a beer around 9:00 a.m. Eastern Time. “It eases things to get into a conversation.”

As with any crypto conference, some entrepreneurs donned colorful outfits to show their affiliation with certain digital assets. Russell Castagnaro and Kelly Page, who were there to promote an infrastructure project called Unicorn.eth, said pink aligns with Ethereum.

Russell Castagnaro and Kelly Page wore pink to promote Unicorn.eth. Image: Decrypt/André Beganski“We just got here, and the vibe is pretty cool,” Castagnaro said. “I've come to the [Blockchain Futurist’s] conference in Toronto before, but it was a lot chillier.”

Historically, the Denver-based duo has attended the annual Ethereum confab in Colorado. This week, Castagnaro said he’s especially keen on connecting with other builders.

Once attendees make it through the conference’s front gate, they are greeted by a series of booths that lead to a neon-lit stage, which typically serves as the heartbeat of a nightclub. Some companies used bipedal robots to attract attention, while others turned to oversized Labubus.

“It is my baby angel,” Alyssa Michaud, director of accounts at marketing consulting firm Coinbound. “I feel like he embodies the type of virality that Web3 does as a whole.”

Alyssa Michaud, director of accounts at Coinbound (pictured left), brought her Labubu to the conference. Image: Decrypt/André BeganskiMichaud, a local, brought the two-foot tall doll to the conference to generate attention. But depending on how conference goers engage with it, she said the company’s unofficial mascot could make a return at future events.

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Air Canada (AC:CA) Q3 2025 Earnings Call November 5, 2025 8:00 AM EST

Company Participants

Valerie Durand - Head of Investor Relations & Corporate Sustainability
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Ladies and gentlemen, thank you for standing by. My name is [ Krista ], and I will be your conference operator today. At this time, I would like to welcome you to the Air Canada's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] l would now like to turn the conference over to Valerie Durand, Investor Relations. Valerie, please go ahead.

Valerie Durand
Head of Investor Relations & Corporate Sustainability

Thank you, Krista. Hello, [Foreign Language]. Welcome, and thank you for attending our third quarter 2025 earnings call. Joining us this morning are Michael Rousseau, our President and CEO; Mark Galardo, our Executive Vice President and Chief Commercial Officer and President of Cargo; and John Di Bert, our Executive Vice President and CFO. Other Executive Vice Presidents are with us as well, Arielle Meloul-Wechsler, our Chief Human Resources Officer and Public Affairs; Craig Landry, our Chief Innovation Officer and President of Aeroplan; Marc Barbeau, our Chief Legal Officer and Corporate Secretary; as well as Mark Nasr, our Chief Operations Officer.

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Good morning, and welcome to the Gold Resource Corporation Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Following management's presentation, there will be a question-and-answer session. [Operator Instructions] I would like to remind everyone that this conference is being recorded today, November 5, 2025, at 12:00 p.m. Eastern Time. I will now turn the conference over to Chet Holyoak, Gold Resource Corporation Chief Financial Officer. Mr. Holyoak, you may proceed.

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Thank you, Mike, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our third quarter 2025 results. Before we begin the call, there are a couple of housekeeping matters I would like to address. Please note that certain statements to be made today are forward-looking in nature and, as such, are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings.

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