Market Signal Briefing

Key Takeaways

Blaqclouds Launches DeployTokens Platform
Blaqclouds, Inc. (OTC: BCDS) introduced DeployTokens.com, a no-code token-generation platform that enables users to create, manage, and launch digital assets across 20+ EVM-compatible blockchains.
Seamless Multi-Chain & Apollo Wallet Integration
The platform integrates with ApolloWallet.io for direct on- and off-ramp functionality, enabling users to mint, distribute, and fund projects without centralized exchanges.
Empowering Web3 Creators & Businesses
DeployTokens supports token creation, NFT campaigns, DAO governance, vesting, and cross-chain liquidity tools—helping developers, creators, and enterprises scale Web3 adoption efficiently.

Robesonia, PA, October 31, 2025 – PRISM MediaWire (Press Release Service – Press Release Distribution) – Blaqclouds Inc. (OTC: BCDS), a leading Web3 infrastructure and blockchain technology company, today announced the official launch of DeployTokens.com, a powerful no-code token creation platform that enables users to design, deploy, and distribute tokens instantly across more than 20 major blockchains.

The platform represents a major advancement in Web3 accessibility — combining multi-chain deployment, smart-contract automation, and wallet-integrated minting through the Apollo Wallet, Blaqclouds’ flagship Web3 wallet solution.

Multi-Chain Tokenization Made Simple

DeployTokens.com eliminates the traditional barriers to creating blockchain tokens. Through a simple, no-code interface, users can launch customized tokens, execute bulk airdrops, or create community reward systems across an expansive suite of supported networks, including Ethereum (ETH), BNB Chain (BNB), Polygon (POLY), Ape Chain (APE), ZEUSx Chain (ZEUSX), and Olympus (OLYM) — with additional EVM chains integrated continuously.

Each token deployed on the platform is supported by verified smart contracts, ensuring security, transparency, and full compatibility with popular block explorers and DeFi protocols.

Powered by Apollo Wallet

At the heart of DeployTokens.com is its seamless integration with Apollo Wallet, providing users with secure, one-click token deployment, real-time transaction tracking, and cross-chain management. Through Apollo’s embedded on-ramp/off-ramp infrastructure, creators and businesses can move effortlessly between fiat and digital assets, making tokenization accessible to anyone — from emerging projects to enterprise developers.

Key Features

No-Code Token Launch: Deploy customizable tokens on 20+ chains in minutes.
Verified Smart Contracts: Automatically validated and explorer-ready code.
Bulk Token Distribution: Built-in multi-send and airdrop automation tools.
Cross-Chain Flexibility: Unified token management across EVM networks.
Wallet Integration: Secure, Apollo Wallet-powered creation and management.

“DeployTokens represents a major leap forward in Web3 accessibility and serves as a cornerstone of our Deploy Suite launch. By combining the power of the Apollo Wallet with multi-chain token deployment, we’re redefining how creators and businesses bring digital assets to market — making blockchain innovation faster, smarter, and easier for everyone. By integrating DeployToken.com with DeployLaunchpad.com, projects can now build their entire crypto ecosystem in minutes. The core of crypto is decentralization and utility, and with the Deploy Suite, projects can seamlessly connect to ZEUSxPay and ShopWithCrypto, giving their wallet holders instant real-world spendability. This marks the next evolution of growth in the digital asset sector.”

Shannon Hill, CEO of Blaqclouds Inc.
Deploy Launchpad is part of the Deploy Suite by Blaqclouds

Deploytokens.com

Deploylaunchpad.com  

yambit.com

About Blaqclouds, Inc.
Blaqclouds bridges traditional finance and decentralized ecosystems, building seamless, real-world blockchain applications that simplify commerce and payments. Its mission is to make spending crypto as easy, trusted, and usable as traditional currency.

Flagship consumer applications include:
– ShopWithCrypto.io – Crypto-to-gift card commerce
– ZEUSxPay.io – Web3 payments and merchant plugins
– DEX.ZEUSx.io – EVM-compatible decentralized exchange
– ApolloWallet.io – Secure, consumer-grade blockchain wallet

For a full list of platforms and solutions from Blaqclouds Nevada and Wyoming, visit: www.blaqclouds.io. For official Blaqclouds updates and information, please join https://www.thealley.io/group/blaqclouds-inc/discussion.

About DeployTokens

DeployTokens.com is a comprehensive, no-code token creation platform that empowers users to mint, distribute, and manage blockchain assets across 20+ networks. Designed for efficiency and security, DeployTokens is part of the growing Blaqclouds ecosystem — providing accessible tools for developers, creators, and enterprises building in the decentralized economy.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Blaqclouds, Inc. to accomplish its stated plan of business. Blaqclouds, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Blaqclouds Inc. or any other person. This press release also contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may cause actual results to differ materially. Blaqclouds, Inc. assumes no obligation to update or revise any forward-looking statements.

Media Contact
Blaqclouds, Inc.
c/o www.theAlley.io
Email: [email protected]
Phone: 307-323-4430
Website: www.blaqclouds.io

Source: Blaqclouds, Inc.

Proto Labs (PRLB - Free Report) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +20.51%. A quarter ago, it was expected that this custom parts manufacturer would post earnings of $0.33 per share when it actually produced earnings of $0.41, delivering a surprise of +24.24%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Proto Labs, which belongs to the Zacks Rubber - Plastics industry, posted revenues of $135.37 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.02%. This compares to year-ago revenues of $125.62 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Proto Labs shares have added about 35.7% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for Proto Labs?While Proto Labs has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Proto Labs was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.35 on $129.34 million in revenues for the coming quarter and $1.47 on $524.61 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Rubber - Plastics is currently in the bottom 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Core Molding Technologies (CMT - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 4.

This maker of fiber reinforced plastics is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +11.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Core Molding Technologies' revenues are expected to be $70.36 million, down 3.6% from the year-ago quarter.

SummarySprott Physical Gold and Silver Trust remains a buy due to its dual gold/silver exposure and current 5% discount to NAV.Gold's recent pullback presents a buying opportunity, supported by ongoing central bank accumulation, especially from emerging markets.A weakening USD and potential for accelerated Fed rate cuts create a favorable backdrop for both gold and silver prices, benefiting CEF. Guido Mieth/DigitalVision via Getty Images

Main Thesis & Background The purpose of this article is to evaluate the investment backdrop for precious metals - specific to gold and silver - and why I believe the Sprott Physical Gold and Silver Trust (CEF) is a

Analyst’s Disclosure:I/we have a beneficial long position in the shares of IAU, CEF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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October 31, 2025 7:00 AM EDT | Source: Plurilock Security Inc.
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2025) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity systems integrator, is pleased to announce that, further to its news release of October 17, 2025, the Company has closed its non-brokered private placement (the "Offering") of $3,000,000 through the issuance of 3,000 debenture units (the "Units") at $1,000 per Unit with a strategic investor.

Each Debenture Unit comprised of (i) $1,000 principal amount of 10% unsecured convertible debentures of the Company, convertible at the option of the holder at a price of $0.23 until October 30, 2028 (the "Debentures"), and (ii) 4,000 common share purchase warrants (the "Warrants") exercisable at a price of $0.25 until October 30, 2028, provided that if, any time following the date of issuance, the common shares of the Company (the "Shares") are listed on the New York Stock Exchange or NASDAQ (each, a "US Stock Exchange"), or the Company completes an indirect listing such that the Shares are exchanged for common shares of a public company trading on a US Stock Exchange, in which the holder may, at the Company's election, be given notice, by way of a news release, that the Warrants will expire 180 days following the date of such listing.

The Debentures bear interest at a rate of 10% per annum, payable in arrears every three months from the date of issue, in cash or Shares, or a combination thereof, at the election of the Company based on the 10-day VWAP at the time of the interest payment, subject to the policies of the TSX Venture Exchange (the "TSXV"). Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months.

The Debentures cannot be converted into Shares and the Warrants cannot be exercised into Shares if it would result in the holder having a beneficial ownership of more than 9.99% of the issued and outstanding Shares.

The proceeds from the Offering will be used to accelerate Plurilock's growth initiatives, expand its Critical Services business, and strengthen working capital.

The Debenture Units are subject to final TSXV approval. All securities issued under the Offering are subject to a four-month and one-day statutory hold period from the date of issuance, in accordance with applicable securities laws.

The securities issued pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release will not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Pursuant to the provisions of the Company's Amended Omnibus Incentive Plan, the Company has granted a total of 100,000 options to an officer of the Company at an exercise price of $0.23 per share for a period of five years, with 25% to vest one year from the grant date and 25% every 12 months thereafter. The Company has also granted a total of 1,750,000 restricted share units to certain directors, officers and consultants for a three-year term, with 1/3 to vest one year from the grant date and 1/3 every 12 months thereafter. These grants were made to appropriately reward the previous and ongoing contributions of the recipients and to encourage them to continue contributing significantly to Plurilock's success in future.

About Plurilock

Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure isn't an option. Trusted by Five-Eyes governments, NATO-aligned agencies, and Global 2000 enterprises, we defend critical infrastructure and safeguard the systems that power modern life. Our Critical Services division delivers operational resilience through unmatched expertise, proprietary IP, and AI-driven playbooks.

For more information, visit https://www.plurilock.com or contact:

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

Forward-Looking Statements

This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") related to future events or Plurilock's future business, operations, and financial performance and condition. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock's business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, and unforeseen events and developments. This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company's business are more fully discussed under the heading "Risk Factors" in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR+ at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272654

ENDEAVOUR ANNOUNCES TRANSACTION IN OWN SHARES

London, 31 October 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV) (“the Company”) announces it has purchased the following number of its ordinary shares of USD 0.01 each from Stifel Nicolaus Europe Limited.

Aggregated information

Dates of purchase:30 October 2025Aggregate number of ordinary shares of USD 0.01 each purchased:30,000Lowest price paid per share (GBp):                3,062.28Highest price paid per share (GBp):        3,062.28Volume weighted average price paid per share (GBp):        3,062.28 Following the cancellation of the repurchased shares, the Company will have no ordinary shares in treasury and 241,324,712 ordinary shares in issue. Therefore the total voting rights in the Company will be 241,324,712. This figure for the total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

These share purchases form part of the Company’s buy-back programme announced on 20 March 2025.

Transaction details

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation), the table below contains detailed information of the individual trades made by Stifel Nicolaus Europe Limited as part of the buyback programme.

Schedule of purchases

Shares purchased: Endeavour Mining plc (ISIN: GB00BL6K5J42)

Dates of purchases: 30 October 2025

Investment firm: Stifel Nicolaus Europe Limited

Individual transactions

Transaction date and timeVolumePrice (GBp)Trading Venue30 Oct 2025, 06:48 PM5,0003,062.28TSX* *56.3918CAD/share at CAD/GBP: 1.8415

CONTACT INFORMATION

For Investor Relations Enquiries:For Media Enquiries:Jack GarmanBrunswick Group LLP in LondonVice President of Investor RelationsCarole Cable, Partner+44 203 011 2723+ 44 207 404 [email protected]@brunswickgroup.com ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements" within the meaning of applicable securities laws.  All statements, other than statements of historical fact, are "forward-looking statements". Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates".

Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business.

Transaction in own shares

October 31, 2025 07:00 ET

 | Source:

Adagene Inc.

Phase 2 clinical trial underway with first patient dosed in October to support a clear path to Phase 3 based on previous alignment with FDA

Patients randomized to either 10 or 20 mg/kg of muzastotug, in combination with KEYTRUDA with up to 30 patients per arm

Company anticipates trial completion in early 2027, and potential updates in 2026

Additional updates from the ongoing Phase 1b/2 trial with muzastotug, previously reported at ASCO 2025, are anticipated in the coming months

SAN DIEGO and SUZHOU, China, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Adagene Inc. (“Adagene”) (Nasdaq: ADAG), a company transforming the discovery and development of novel antibody-based therapies, today announced that the first patient has been dosed in its randomized, open label Phase 2 study of muzastotug in combination with Merck’s (known as MSD outside of the United States and Canada) anti-PD-1 therapy, KEYTRUDA® (pembrolizumab) in patients with microsatellite stable colorectal cancer (MSS CRC) with no liver metastases. The Phase 2 primary endpoint is overall response rate (ORR).

“We are pleased that the randomized Phase 2 trial is now underway in order to confirm the preferred dose for Phase 3 in compliance with Project Optimus,” stated Peter Luo, Ph.D., CEO and President of R&D at Adagene. “To date, muzastotug has been safely dosed at 20 mg/kg Q6W, with less than 20% Grade 3 adverse events and no discontinuations, supporting its position as the potential best in class Treg depleting anti-CTLA-4 agent with improved therapeutic window. Our approach was further highlighted by the recent 2025 Nobel Prize in physiology awarded for the seminal discovery of regulatory T cells function, consistent with the MOA of muzastotug, leveraging CTLA-4 mediated intratumoral regulatory T cell depletion strategy to treat cancer. We look forward to sharing additional data from the ongoing Phase 1b/2 to provide further evidence that muzastotug’s improved safety profile allows for higher dosing and potentially better efficacy, which has precluded the use of first-generation anti-CTLA-4 therapies in this setting.”

As previously announced in July 2025, both the Phase 2 and Phase 3 trial designs and endpoints were confirmed following a meeting with the US Food and Drug Administration (FDA):

Patient Population: Future trials will enroll late-line patients with MSS CRC without liver metastases, including those with peritoneal metastasis/involvement.Dose and Regimen: Phase 2 dose optimization cohort will randomize patients to either 10 mg/kg or 20 mg/kg of muzastotug in combination with pembrolizumab, using an induction-maintenance regimen, without cycle limitations of muzastotug.Phase 2 Trial Design: Up to 30 patients will be enrolled in each arm of the Phase 2 study, without a requirement for a muzastotug monotherapy arm.Phase 3 Trial Design: The FDA agreed with Adagene’s proposed standard-of-care (SOC) control arm for the Phase 3 clinical trial and confirmed that a muzastotug monotherapy arm was also not required.Phase 2 Endpoints: The primary endpoint of the Phase 2 trial will be overall response rate (ORR). Secondary endpoints include duration of response (DOR), progression-free survival (PFS), and overall survival (OS).Phase 3 Endpoints: The primary endpoint of the Phase 3 trial will be OS. Secondary endpoints will include PFS, DOR and ORR. Phase 1b/2 Trial

As reported at ASCO in June 2025, in the Phase 1b/2 trial (NCT05405595), a total of 67 MSS CRC patients with no liver metastases including those with peritoneal involvement were treated with muzastotug at a dose of either 10 mg/kg or 20 mg/kg, in combination with pembrolizumab: 200 mg, Q3W. The 10 mg/kg dose was administered once every three weeks or once every six weeks. The 20 mg/kg dose was administered once as a loading dose, followed by 10 mg/kg every three weeks, or 20 mg/kg as a consistent dose every six weeks.

In the dose expansion phase of the study, patients in the 10 mg/kg Q3W cohort demonstrated an overall response rate (ORR) of 17% and patients in the 20 mg/kg cohorts demonstrated a confirmed ORR of 29%. Median duration of response (DoR) in the 10 mg/kg cohorts was 6.2 months, while the mDoR was not yet reached in the 20 mg/kg cohorts and all the responses were ongoing. Median overall survival (OS) for the 10 mg/kg cohorts was 19.4 months, comparing favorably with current treatments and historical benchmarks. Median OS for the 20 mg/kg cohorts has not yet been reached.

Both 20 mg/kg cohorts, with either a 20 mg/kg loading dose followed by 10 mg/kg Q3W, or 20 mg/kg as a consistent dose Q6W, achieved equivalent ORRs at 29%, while adverse events were less severe and seen less frequently with Q6W dosing compared to a 20mg/kg loading dose followed by 10mg/kg Q3W.

The ASCO 2025 poster and presentation can be found on the company’s website. The company anticipates providing additional updates on the Phase 1b/2 study in the coming months.    

About Adagene
Adagene Inc. (Nasdaq: ADAG) is a platform-driven, clinical-stage biotechnology company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Adagene combines computational biology and artificial intelligence to design novel antibodies that address globally unmet patient needs. The company has forged strategic collaborations with reputable global partners that leverage its SAFEbody precision masking technology in multiple approaches at the vanguard of science.

Powered by its proprietary Dynamic Precision Library (DPL) platform, composed of NEObody™, SAFEbody, and POWERbody™ technologies, Adagene’s highly differentiated pipeline features novel immunotherapy programs. The company’s SAFEbody technology is designed to address safety and tolerability challenges associated with many antibody therapeutics by using precision masking technology to shield the binding domain of the biologic therapy. Through activation in the tumor microenvironment, this allows for tumor-specific targeting of antibodies, while minimizing on-target off-tumor toxicity in healthy tissues.

Adagene’s lead clinical program, ADG126 (muzastotug), is a masked, anti-CTLA-4 SAFEbody that targets a unique epitope of CTLA-4 in regulatory T cells (Tregs) in the tumor microenvironment. ADG126 is currently in phase 1b/2 clinical studies in combination with anti-PD-1 therapy, particularly focused on Metastatic Microsatellite-stable (MSS) Colorectal Cancer (CRC). Validated by ongoing clinical research, the SAFEbody platform can be applied to a wide variety of antibody-based therapeutic modalities, including Fc empowered antibodies, antibody-drug conjugates, and bi/multispecific T-cell engagers.

For more information, please visit: https://investor.adagene.com.
Follow Adagene on WeChat, LinkedIn and X.

SAFEbody® is a registered trademark in the United States, China, Australia, Japan, Singapore, and the European Union.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

Investor Contacts:

Raymond Tam
[email protected]

Corey Davis
LifeSci Advisors
[email protected]

October 31, 2025 07:00 ET

 | Source:

Perspective Therapeutics, Inc.

SEATTLE, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. ("Perspective" or the "Company") (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body, today announced that members of its senior leadership team will participate in and be available for one-on-one meetings with investors at the following upcoming conferences:

Truist Securities BioPharma Symposium – 1x1 only
Date: Thursday, November 6, 2025
Location: New York, NY

UBS Global Healthcare Conference – Fireside Chat
Date: Tuesday, November 11, 2025
Time: 4:15- 4:50 p.m. ET
Location: Palm Beach, FL

About Perspective Therapeutics, Inc.

Perspective Therapeutics, Inc. is a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. The Company has proprietary technology that utilizes the alpha-emitting isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. The Company is also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity.

The Company's neuroendocrine tumor (VMT-α-NET), melanoma (VMT01), and solid tumor (PSV359) programs are in Phase 1/2a imaging and therapy trials in the U.S. The Company is growing its regional network of drug product candidate finishing facilities, enabled by its proprietary 212Pb generator, to deliver patient-ready product candidates for clinical trials and commercial operations.

For more information, please visit the Company's website at www.perspectivetherapeutics.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include statements concerning, among other things, the Company's ability to pioneer advanced treatments for cancers throughout the body; the ability of the Company's proprietary technology that utilizes the alpha-emitting isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties; the Company’s prediction that the use of complementary imaging diagnostics that incorporate the same targeting moieties provides the opportunity to personalize treatment and optimize patient outcomes; the Company's belief that its "theranostic" approach enables the ability to see a specific tumor and then treat it to potentially improve efficacy and minimize toxicity; the Company's ability to grow its regional network of drug product candidate finishing facilities, enabled by its proprietary 212Pb generator, to deliver patient-ready product candidates for clinical trials and commercial operations; and other statements that are not historical fact.

These forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from the results described in or implied by the forward-looking statements. Certain factors that may cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), in the Company's other filings with the SEC, and in the Company's future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this news release are made as of this date. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Media and Investor Relations Contacts:

Perspective Therapeutics IR:
Annie J. Cheng, CFA
[email protected]

Russo Partners, LLC
Nic Johnson
[email protected]

Award recognizes the groundbreaking science of Dupixent and its transformational impact on multiple rare and common allergic and atopic conditions 

First and only therapy to specifically target the IL-4 and IL-13 signaling pathway, a key driver of type 2 inflammation that contributes to multiple conditions

TARRYTOWN, N.Y., Oct. 31, 2025 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced that Dupixent® (dupilumab) has been recognized as the “Best Biotechnology Product” of 2025 by the Galien Foundation, which acknowledges extraordinary scientific innovations that improve the human condition. The Prix Galien USA Award was presented in a ceremony in New York City last night and is the second “Best Biotechnology Product” award for Regeneron following the 2022 recognition of Inmazeb® (atoltivimab, maftivimab, and odesivimab-ebgn).

“We are honored that the Galien Foundation has recognized Dupixent, which was invented by Regeneron through decades of tireless work by our talented scientists,” said George D. Yancopoulos, M.D., Ph.D., Board co-Chair, President and Chief Scientific Officer at Regeneron, and a principal inventor of Dupixent. “Dupixent is a true ‘first-in-class’ breakthrough that can treat multiple serious diseases, and has helped re-define our understanding of allergic and atopic diseases by showing that these often disparate-appearing conditions can share the same driving mechanism of type 2 inflammation. Today, more than 1 million patients around the world are currently being treated with Dupixent, and we are committed to helping even more with eight approved indications globally and additional indications in clinical development.”

Dupixent was conceived under a unifying scientific hypothesis that predicted many allergic and atopic diseases are driven by excess interleukin-4 (IL-4) and interleukin-13 (IL-13). Dupixent Phase 3 trials in eight different atopic and allergic diseases have since demonstrated significant clinical benefits in support of this hypothesis. In 2017, Dupixent became the first dual blocker of IL-4 and IL-13 approved by the U.S. Food and Drug Administration (FDA) and remains the only FDA-approved medicine that blocks both of these factors.

Dupixent is approved for eight indications globally – ranging from rare to common conditions. These include the 2024 FDA approval of Dupixent as an add-on maintenance treatment for adults with inadequately controlled chronic obstructive pulmonary disease (COPD) and an eosinophilic phenotype – the first biologic medicine approved in the U.S. for these patients. Dupixent is also approved for specific patients (see U.S. Indications below for details) with atopic dermatitis, asthma, eosinophilic esophagitis, chronic rhinosinusitis with nasal polyps, chronic spontaneous urticaria, bullous pemphigoid and prurigo nodularis.

The most common side effects of Dupixent are as follows: injection site reactions, upper respiratory tract infections, eye problems (including eye and eyelid inflammation, redness, swelling, itching, eye infection, dry eye, and blurred vision), herpes virus infections, common cold symptoms (nasopharyngitis), cold sores in your mouth or on your lips, high count of a certain white blood cell (eosinophilia), dizziness, muscle pain, diarrhea, pain in the throat (oropharyngeal pain), gastritis, joint pain (arthralgia), trouble sleeping (insomnia), toothache, parasitic (helminth) infections, viral infection, back pain, inflammation inside the nose (rhinitis), headache, and urinary tract infection.

About Dupixent
Dupixent, which was invented using Regeneron’s proprietary VelocImmune® technology, is a fully human monoclonal antibody that inhibits the signaling of the interleukin-4 (IL-4) and interleukin-13 (IL-13) pathways and is not an immunosuppressant. The Dupixent development program has shown significant clinical benefit and a decrease in type 2 inflammation in Phase 3 trials, establishing that IL-4 and IL-13 are two of the key and central drivers of the type 2 inflammation that plays a major role in multiple related and often co-morbid diseases.

Dupixent has received regulatory approvals in more than 60 countries in one or more indications including certain patients with atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), eosinophilic esophagitis (EoE), prurigo nodularis, chronic spontaneous urticaria (CSU), chronic obstructive pulmonary disease (COPD), and bullous pemphigoid (BP) in different age populations. More than 1,000,000 patients are being treated with Dupixent globally.1

Dupilumab Development Program 
Dupilumab is being jointly developed by Regeneron and Sanofi under a global collaboration agreement. To date, dupilumab has been studied across more than 60 clinical trials involving more than 10,000 patients with various chronic diseases driven in part by type 2 inflammation. 

In addition to the currently approved indications, Regeneron and Sanofi are studying dupilumab in a broad range of diseases driven by type 2 inflammation or other allergic processes in Phase 3 trials, including chronic pruritus of unknown origin and lichen simplex chronicus. These potential uses of dupilumab are currently under clinical investigation, and the safety and efficacy in these conditions have not been fully evaluated by any regulatory authority.

U.S. INDICATIONS 
DUPIXENT is a prescription medicine used:

to treat adults and children 6 months of age and older with moderate-to-severe eczema (atopic dermatitis or AD) that is not well controlled with prescription therapies used on the skin (topical), or who cannot use topical therapies. DUPIXENT can be used with or without topical corticosteroids. It is not known if DUPIXENT is safe and effective in children with AD under 6 months of age.with other asthma medicines for the maintenance treatment of moderate-to-severe eosinophilic or oral steroid dependent asthma in adults and children 6 years of age and older whose asthma is not controlled with their current asthma medicines. DUPIXENT helps prevent severe asthma attacks (exacerbations) and can improve your breathing. DUPIXENT may also help reduce the amount of oral corticosteroids you need while preventing severe asthma attacks and improving your breathing. It is not known if DUPIXENT is safe and effective in children with asthma under 6 years of age.with other medicines for the maintenance treatment of chronic rhinosinusitis with nasal polyps (CRSwNP) in adults and children 12 years of age and older whose disease is not controlled. It is not known if DUPIXENT is safe and effective in children with CRSwNP under 12 years of age.to treat adults and children 1 year of age and older with eosinophilic esophagitis (EoE), who weigh at least 33 pounds (15 kg). It is not known if DUPIXENT is safe and effective in children with EoE under 1 year of age, or who weigh less than 33 pounds (15 kg).to treat adults with prurigo nodularis (PN). It is not known if DUPIXENT is safe and effective in children with PN under 18 years of age.with other medicines for the maintenance treatment of adults with inadequately controlled chronic obstructive pulmonary disease (COPD) and a high number of blood eosinophils (a type of white blood cell that may contribute to your COPD). DUPIXENT is used to reduce the number of flare-ups (the worsening of your COPD symptoms for several days) and can improve your breathing. It is not known if DUPIXENT is safe and effective in children with COPD under 18 years of age.to treat adults and children 12 years of age and older with chronic spontaneous urticaria (CSU) who continue to have hives that are not controlled with H1 antihistamine treatment. It is not known if DUPIXENT is safe and effective in children with CSU under 12 years of age, or who weigh less than 66 pounds (30 kg).to treat adults with bullous pemphigoid (BP). It is not known if DUPIXENT is safe and effective in children with BP under 18 years of age. DUPIXENT is not used to relieve sudden breathing problems and will not replace an inhaled rescue medicine or to treat any other forms of hives (urticaria).

IMPORTANT SAFETY INFORMATION

Do not use if you are allergic to dupilumab or to any of the ingredients in DUPIXENT®.

Before using DUPIXENT, tell your healthcare provider about all your medical conditions, including if you:

have eye problems.have a parasitic (helminth) infection.are scheduled to receive any vaccinations. You should not receive a “live vaccine” right before and during treatment with DUPIXENT.are pregnant or plan to become pregnant. It is not known whether DUPIXENT will harm your unborn baby. A pregnancy registry for women who take DUPIXENT during pregnancy collects information about the health of you and your baby. To enroll or get more information call 1-877-311-8972 or go to https://mothertobaby.org/ongoing-study/dupixent/. are breastfeeding or plan to breastfeed. It is not known whether DUPIXENT passes into your breast milk. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

Especially tell your healthcare provider if you are taking oral, topical, or inhaled corticosteroid medicines; have asthma and use an asthma medicine; or have AD, CRSwNP, EoE, PN, COPD, CSU, or BP and also have asthma. Do not change or stop your other medicines, including corticosteroid medicine or other asthma medicine, without talking to your healthcare provider. This may cause other symptoms that were controlled by those medicines to come back.

DUPIXENT can cause serious side effects, including:

Allergic reactions. DUPIXENT can cause allergic reactions, including skin reactions, that can sometimes be severe. Stop using DUPIXENT and tell your healthcare provider or get emergency help right away if you get any of the following signs or symptoms: breathing problems or wheezing, swelling of the face, lips, mouth, tongue or throat, fainting, dizziness, feeling lightheaded, fast pulse, fever, hives, skin rash, including rash that looks like a bullseye, painful red or blue bumps under the skin, or red pus-filled spots on the skin, general ill feeling, itching, swollen lymph nodes, nausea or vomiting, joint pain, or cramps in your stomach area.Eye problems. Tell your healthcare provider if you have any new or worsening eye problems, including eye pain or changes in vision, such as blurred vision. Your healthcare provider may send you to an ophthalmologist for an exam if needed.Inflammation of your blood vessels. Rarely, this can happen in people with asthma who receive DUPIXENT. This may happen in people who also take a steroid medicine by mouth that is being stopped or the dose is being lowered. Tell your healthcare provider right away if you get: rash, chest pain, worsening shortness of breath, brown or dark colored urine, persistent fever, or a feeling of pins and needles or numbness of your arms or legs.Psoriasis. This can happen in people with atopic dermatitis and asthma who receive DUPIXENT. Tell your healthcare provider about any new skin symptoms. Your healthcare provider may send you to a dermatologist for an examination if needed.Joint aches and pain. Some people who use DUPIXENT have had trouble walking or moving due to their joint symptoms, and in some cases needed to be hospitalized. Tell your healthcare provider about any new or worsening joint symptoms. Your healthcare provider may stop DUPIXENT if you develop joint symptoms.
The most common side effects include:

Eczema: injection site reactions, eye problems, including eye and eyelid inflammation, redness, swelling, itching, eye infection, dry eye, and blurred vision, cold sores in your mouth or on your lips, and high count of a certain white blood cell (eosinophilia).Asthma: injection site reactions, high count of a certain white blood cell (eosinophilia), pain in the throat (oropharyngeal pain), and parasitic (helminth) infections.Chronic Rhinosinusitis with Nasal Polyps: injection site reactions, eye problems, including eye and eyelid inflammation, redness, swelling, itching, eye infection, and blurred vision, high count of a certain white blood cell (eosinophilia), stomach problems (gastritis), joint pain (arthralgia), trouble sleeping (insomnia), and toothache.Eosinophilic Esophagitis: injection site reactions, upper respiratory tract infections, cold sores in your mouth or on your lips, and joint pain (arthralgia).Prurigo Nodularis: eye problems, including eye and eyelid inflammation, redness, swelling, itching, and blurred vision, herpes virus infections, common cold symptoms (nasopharyngitis), dizziness, muscle pain, and diarrhea.Chronic Obstructive Pulmonary Disease: injection site reactions, common cold symptoms (nasopharyngitis), high count of a certain white blood cell (eosinophilia), viral infection, back pain, inflammation inside the nose (rhinitis), diarrhea, stomach problems (gastritis), joint pain (arthralgia), toothache, headache, and urinary tract infection.Chronic Spontaneous Urticaria: injection site reactions.Bullous Pemphigoid: joint pain (arthralgia), eye problems, including eye and eyelid inflammation, redness, swelling, itching, and blurred vision, and herpes virus infections. Tell your healthcare provider if you have any side effect that bothers you or that does not go away. These are not all the possible side effects of DUPIXENT. Call your doctor for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

Use DUPIXENT exactly as prescribed by your healthcare provider. It’s an injection given under the skin (subcutaneous injection). Your healthcare provider will decide if you or your caregiver can inject DUPIXENT. Do not try to prepare and inject DUPIXENT until you or your caregiver have been trained by your healthcare provider. In children 12 years of age and older, it’s recommended DUPIXENT be administered by or under supervision of an adult. In children 6 months to less than 12 years of age, DUPIXENT should be given by a caregiver.

Please see accompanying full Prescribing Information including Patient Information.

About Regeneron’s VelocImmune Technology
Regeneron's VelocImmune technology utilizes a proprietary genetically engineered mouse platform endowed with a genetically humanized immune system to produce optimized fully human antibodies. When Regeneron's co-Founder, President and Chief Scientific Officer George D. Yancopoulos was a graduate student with his mentor Frederick W. Alt in 1985, they were the first to envision making such a genetically humanized mouse, and Regeneron has spent decades inventing and developing VelocImmune and related VelociSuite® technologies. Dr. Yancopoulos and his team have used VelocImmune technology to create a substantial proportion of all original, FDA-approved fully human monoclonal antibodies. This includes Dupixent® (dupilumab), Libtayo® (cemiplimab-rwlc), Praluent® (alirocumab), Kevzara® (sarilumab), Evkeeza® (evinacumab-dgnb), Inmazeb® (atoltivimab, maftivimab and odesivimab-ebgn) and Veopoz® (pozelimab-bbfg). In addition, REGEN-COV® (casirivimab and imdevimab) had been authorized by the FDA during the COVID-19 pandemic until 2024.

About Regeneron
Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases.

Regeneron pushes the boundaries of scientific discovery and accelerates drug development using our proprietary technologies, such as VelociSuite®, which produces optimized fully human antibodies and new classes of bispecific antibodies. We are shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling us to identify innovative targets and complementary approaches to potentially treat or cure diseases.

For more information, please visit, www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

Regeneron Forward-Looking Statements and Use of Digital Media 
This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”), and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, the nature, timing, and possible success and therapeutic applications of products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Products”) and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Product Candidates”) and research and clinical programs now underway or planned, including without limitation Dupixent® (dupilumab); the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron’s Product Candidates and new indications for Regeneron’s Products, including Dupixent for the treatment of chronic pruritus of unknown origin, lichen simplex chronicus, and other potential indications; uncertainty of the utilization, market acceptance, and commercial success of Regeneron’s Products (such as Dupixent) and Regeneron’s Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary), including the studies discussed or referenced in this press release, on any of the foregoing; the ability of Regeneron’s collaborators, licensees, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron’s Products and Regeneron’s Product Candidates; the ability of Regeneron to manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; safety issues resulting from the administration of Regeneron’s Products (such as Dupixent) and Regeneron’s Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron’s Products and Regeneron’s Product Candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron’s ability to continue to develop or commercialize Regeneron’s Products and Regeneron’s Product Candidates; ongoing regulatory obligations and oversight impacting Regeneron’s Products, research and clinical programs, and business, including those relating to patient privacy; the availability and extent of reimbursement or copay assistance for Regeneron’s Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes to drug pricing regulations and requirements and Regeneron’s pricing strategy; other changes in laws, regulations, and policies affecting the healthcare industry; competing drugs and product candidates that may be superior to, or more cost effective than, Regeneron’s Products and Regeneron’s Product Candidates (including biosimilar versions of Regeneron’s Products); the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license, collaboration, or supply agreement, including Regeneron’s agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the impact of public health outbreaks, epidemics, or pandemics on Regeneron's business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney's Office for the District of Massachusetts), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA® (aflibercept) Injection), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron’s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2024 and its Form 10-Q for the quarterly period ended September 30, 2025. Any forward-looking statements are made based on management’s current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise.

Regeneron uses its media and investor relations website and social media outlets to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Regeneron is routinely posted and is accessible on Regeneron's media and investor relations website (https://investor.regeneron.com) and its LinkedIn page (https://www.linkedin.com/company/regeneron-pharmaceuticals).

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October 31, 2025 07:00 ET

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Upstream Bio

WALTHAM, Mass., Oct. 31, 2025 (GLOBE NEWSWIRE) -- Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, today announced that Rand Sutherland, MD, Chief Executive Officer of Upstream Bio, will be participating in the following upcoming investor conferences in November:

2025 Truist Securities BioPharma Symposium, New York, NY
Thursday, November 6, 2025, Panel - 8:10 a.m. ETStifel 2025 Healthcare Conference, New York, NY
Tuesday, November 11, 2025, Presentation - 9:20 a.m. ET TD Cowen Immunology and Inflammation Summit, Virtual
Wednesday, November 12, 2025, Fireside Chat - 10:30 a.m. ET Live webcasts of the Stifel and Cowen presentations will be available under the Events tab on the Investors section of Upstream Bio’s website on the day of the event. A replay of the webcasts will be posted on the Company's website following the presentations.

About Upstream Bio
Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. Upstream Bio is developing verekitug, the only known antagonist currently in clinical development that targets the receptor for thymic stromal lymphopoietin (TSLP), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Upstream Bio has advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of chronic rhinosinusitis with nasal polyps (CRSwNP), severe asthma and chronic obstructive pulmonary disease (COPD). Upstream Bio’s team is committed to maximizing verekitug’s unique attributes to address the substantial unmet needs for patients underserved by today’s standard of care. To learn more, please visit www.upstreambio.com.

Investor and Media Contact:
Meggan Buckwell
Director, Corporate Communications and Investor Relations
[email protected]

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DURHAM, N.C.--(BUSINESS WIRE)--Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage gene editing company utilizing its novel proprietary ARCUS® platform to develop in vivo gene editing therapies for high unmet need diseases, today announced that it will publish financial results for the third quarter 2025 and provide a business update on November 3, 2025.

About Precision BioSciences, Inc.

Precision BioSciences, Inc. is a clinical stage gene editing company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform that differs from other technologies in the way it cuts, its smaller size, and its simpler structure. Key capabilities and differentiating characteristics may enable ARCUS nucleases to drive more intended, defined therapeutic outcomes. Using ARCUS, the Company’s pipeline is comprised of in vivo gene editing candidates designed to deliver lasting cures for the broadest range of genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.

The ARCUS® platform is being used to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion (inserting DNA into gene to cause expression/add function), elimination (removing a genome e.g. viral DNA such as in the Company’s PBGENE-HBV program), and excision (removing a large portion of a defective gene by delivering two ARCUS nucleases in a single AAV such as in the Company’s DMD program).

More News From Precision BioSciences, Inc.

Back to Newsroom

Marks and Spencer Group PLC (LSE:MKS) reports half-year results are scheduled for November 5, but UBS is not expecting fireworks.

The Swiss bank reckons the figures will be messy after the summer cyber incident, but should mark a turning point rather than a setback for the retailer’s longer-term story.

The attack disrupted online clothing operations for about three months and dented food availability for around one, yet UBS believes the damage is limited.

“We think around one month of lower availability in food and around three months of disruption in Clothing Online may have caused a minor dent in customer perception or loyalty but not structural damage,” it said.

All operations were back to normal by mid-August, and UBS expects the market to look through the noise in the results to recent trading trends.

Before the cyberattack, Marks & Spencer was leading the UK market in both food and fashion share gains. The latest data from UBS’s consumer survey shows the retailer still ranking best in class on quality perception and customer satisfaction alongside Tesco.

UBS expects profit before tax of about £612 million for the year to March, below the £654 million consensus estimate, reflecting the one-off cyber costs.

Even so, it kept its buy rating and 435p price target, arguing that Marks & Spencer offers “one of the best risk/reward” profiles in UK retail at 10 times expected 2027 earnings.

The broker does not expect upgrades from these results but believes investors will start to focus on the next phase of the turnaround.

With low expectations, improving food sales and a strong store rotation strategy, UBS sees the shares as well placed once the short-term disruption fades.

Key Takeaways

Superior healing with BioRetain® (BR-AC) — In the randomized trial, the probability of complete, lasting closure was 53% with BR-AC vs 31% with standard care, demonstrating a clear clinical benefit.
Rigorous design focused on hard-to-heal DFUs — Multicenter RCT (11 U.S. sites) used a 2-week run-in; patients improving >30% on standard care were excluded. Closure had to remain sealed for 4 weeks to count as “lasting.”
Clinical momentum and market need — BioStem is also enrolling a venous leg ulcer study; DFUs affect millions and drive $9–$13B in annual U.S. costs, underscoring adoption potential.

Randomized controlled trial results published in the International Journal of Tissue Repair demonstrate BioRetain® allografts significantly improve probability of achieving lasting wound closure versus standard of care

POMPANO BEACH, Fla., October 31, 2025 – PRISM MediaWire (Press Release Service – Press Release Distribution) – BioStem Technologies, Inc. (“BioStem” or the “Company”) (OTC: BSEM), a leading MedTech company focused on the development, manufacturing, and commercialization of placental-derived products for advanced wound care, today announced top-line results of the Company’s clinical trial evaluating BioRetain® – Processed Amnion Chorion (BR-AC) versus standard of care for patients with non-healing diabetic foot ulcers (DFUs), as published in the International Journal of Tissue Repair.

Top-Line Results   

 BR-AC achieved superior clinical outcomes in this patient population.
The probability of healing in the BR-AC arm was 53% while the probability of healing in the standard of care arm was 31%, utilizing complete closure instead of initial incidence of closure as the endpoint.

“This trial was conducted with a degree of rigor not typically seen in the published literature,” explained Dr. Bert Slade, Chairman of BioStem’s Medical Advisory Board. “The patient selection criteria ensured that only those patients with the hardest-to-heal wounds were enrolled, and the definition of closure followed the 2006 FDA guidance for cutaneous ulcers, the most rigorous standards established. Importantly, utilizing complete closure instead of initial closure, the BR-AC arm was almost twice as likely to achieve lasting wound closure as patients treated with standard of care alone, providing strong evidence of treatment benefit.”

BR-AC allografts are used as a protective covering to optimize the wound treatment environment.  The BR-AC-DFU-101 study is a multicenter, randomized, controlled trial that was initiated in Q4 2024 at 11 sites across the U.S. to evaluate at least 60 patients with non-healing DFUs. The primary objective was to determine whether DFUs treated with standard of care plus BR-AC achieved a higher probability of complete wound closure over a 12-week period when compared to standard of care alone. BioStem completed enrollment of 71 patients with Wagner 1 or 2 DFUs. 

The BR-AC-DFU trial included a 2-week run-in period to evaluate how a patient responded to standard of care alone. Significantly, any patient who experienced a greater than 30% reduction in wound size after this time was not permitted to randomize into the study. This ensured that only patients with “hard-to-heal wounds” were enrolled in the trial, reflecting a patient population with a DFU requiring treatment beyond the standard of care. Following initial closure, wounds were required to remain closed for 4 weeks to qualify as achieving lasting closure.

“We are very pleased that this study has demonstrated the effectiveness of BioRetain-processed placental allografts in achieving wound closure in patients with hard-to-heal wounds. Previously reported comparisons of BioRetain versus competitive technologies have demonstrated its superiority in retaining the natural structural and molecular composition of the native tissue.  This study reinforces the clinical performance of our technology.  We continue to enroll patients in a study targeting venous leg ulcers using BR-AC and look forward to reporting those results. We believe the results of these studies will further substantiate the BioRetain allograft platform and drive expanded physician adoption and commercial traction.”

Jason Matuszewski, CEO and Chairman of the Board of BioStem Technologies
Future Publications:
The primary outcome of the study reported in this paper was to determine whether DFUs treated with standard care plus BR-AC had a higher probability of achieving complete wound closure than those treated with standard care alone over a 12-week period.

Future publications will address secondary outcome measures, including, but not limited to:

Comparing treatment group differences in proportions of wounds achieving complete wound closure based on time in days.
Comparing treatment group differences in wound area and volume.
Assessing the total number of applications of BR-AC required to achieve complete wound closure.

Diabetic Foot Ulcers:
Diabetic foot ulcers are a serious and chronic condition affecting millions of individuals within the diabetic population. According to the American Podiatric Medical Association (APMA), a leading authority on foot and ankle health, approximately 15% of people with diabetes will develop foot ulcers. Alarmingly, 6% of these individuals may require hospitalization due to infections or other complications related to their ulcers. The risks for diabetic patients are substantial, as DFUs are the leading cause of lower extremity amputations in the U.S. Studies indicate that between 14% and 24% of individuals with diabetes who develop foot ulcers will ultimately need an amputation.

Recent data analysis from Global Data Plc., a prominent global data provider, revealed that 2.2 million patients received treatment for DFUs in 2023, with numbers projected to rise in the coming years. This growth is closely linked to the aging population, as advancing age is associated with a higher prevalence of diabetes, peripheral vascular disease, and impaired wound healing; all key risk factors for DFUs. The economic burden of these ulcers on healthcare systems is significant, with annual treatment costs estimated between $9 billion and $13 billion in the U.S. alone. As the population continues to age, this financial strain is expected to intensify, underscoring the need for more effective and accessible treatment options. 

About BioRetain®:
BioStem’s allografts are processed utilizing the Company’s proprietary BioRetain method, which maintains the tissue’s native components, including the structure and matrix found in fresh perinatal tissue. The patented six-step BioRetain process is gentle, minimally invasive, and preserves the natural integrity of the amniotic tissue components. For a complete overview of BioRetain®, please visit: HERE.

Join BioStem’s Distribution List & Social Media:

To stay informed on the latest developments, sign up for the Company’s email distribution list HERE, and follow us on X and LinkedIn.

About BioStem Technologies, Inc. (OTC: BSEM):
BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for advanced wound care. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioRetain® processing method. BioRetain® has been developed by applying the latest research in advanced wound care, focused on maintaining growth factors and preserving tissue structure.

BioStem’s quality management systems are accredited by the American Association of Tissue Banks (“AATB”) and adhere to current Good Tissue Practices (cGTP) . Our portfolio of quality brands includes AmnioWrap2™, VENDAJE®, VENDAJE AC®, VENDAJE OPTIC®, American Amnion and American Amnion AC™. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida.

For more information visit biostemtechnologies.com and follow us on X and LinkedIn.

Phone: 954-380-8342

Investor Relations:
Philip Trip Taylor, Gilmartin Group
E-Mail: [email protected]

Note Regarding Forward-Looking Statements: 

Except for statements of historical fact, this press release also contains forward-looking statements. These forward-looking statements relate to expectations or forecasts of future events, including with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company. Forward-looking statements may be identified using words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate”, “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this press release include, among other things, statements regarding: the Company’s expectations regarding clinical trial results, including the timing of enrollment and publication of data from such trials; the anticipated commercial benefits from such clinical trials; and the estimated addressable market growth for the Company’s products. Forward-looking statements are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from the expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: the risk that clinical trials are not completed as planned or that the results are not as favorable as the Company expects; changes in the highly competitive market in which the Company operates; the risk of rapid technological change, which could cause the Company’s products to become obsolete, among other things; the risk that the Company may be unable to successfully market its products to the end users of such products; the risk that the Company may be unable to raise capital on terms acceptable to it, or at all, which could have a material adverse impact on the Company’s business, financial condition, and prospects; the impact of any changes to the accounting treatment of the Company’s revenue and expenses; the impact of any changes in applicable laws or regulations; and the possibility that the Company may be adversely affected by other general economic, business, and/or competitive factors. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Source: BioStem Technologies, Inc

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PEP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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A drone view shows oil tankers loading crude oil at the Basra Oil Terminal in Iraqi territorial waters, off the coast of Basra, Iraq, August 5, 2025. REUTERS/Mohammed Aty Purchase Licensing Rights, opens new tab

SummaryBrent projected to average $67.99 per barrel in 2025WTI to average $64.83 per barrel in 2025For table of crude price forecasts, clickOct 31 (Reuters) - Analysts are holding their oil price forecasts largely unchanged as rising OPEC+ output targets and lacklustre demand offset geopolitical risks to supply, a Reuters poll showed on Friday.

A survey of 36 economists and analysts conducted in October forecasts Brent crude will average $67.99 per barrel in 2025, about 38 cents above last month's estimate. West Texas Intermediate is expected to average $64.83 in 2025, slightly above September's estimate of $64.39.

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Brent and WTI prices have averaged $69.27 and $65.92 so far this year.

Analysts' 2025 Brent and WTI forescasts"Oil prices in 2025 are being shaped by a delicate balance of supply growth, modest demand, and geopolitical uncertainty," said UniCredit analyst Tobias Keller.

"On the supply side, rising output from OPEC+ and non-OPEC producers has kept the market well-supplied, while demand growth, though positive, is slowing, particularly in OECD economies."

Analysts expect that the oil market will see a surplus in 2026, with estimates ranging anywhere from 0.19 to 3 million barrels per day (bpd). Fears of a supply glut, along with economic concerns tied to U.S.-China trade relations, sent oil prices to a five-month low on Oct 20.

Opec demand forecastOPEC+ since April has raised output targets by more than 2.7 million bpd, around 2.5% of global supply and just under half the 5.85 million bpd in cuts the group had previously agreed to.

The group is leaning towards making another modest increase in oil output for December, Reuters has reported, following a 137,000 bpd hike for November.

"While the OPEC+ supply response continues to remain flexible depending on market conditions, the current course of action seems to be driven by a desire to gain market share rather than support oil prices at any specific level," DBS analyst Suvro Sarkar said.

On the geopolitical front, the U.S. this month hit two of Russia's largest oil companies with sanctions, while markets are also monitoring a fragile ceasefire in Gaza.

"The Gaza ceasefire has eased regional risk premiums, while new sanctions on Russian oil and infrastructure attacks have introduced fresh supply concerns," said Keller.

Analysts expect global oil demand growth to range between 0.65 to 2 million bpd this year, driven largely by growth in China.

Reporting by Sarah Qureshi and Kavya Balaraman in Bengaluru
Editing by Tomasz Janowski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Nvidia was rising after Amazon added to the chorus of large cloud-computing companies saying demand for AI capacity outstrips supply

SAN DIEGO, Oct. 31, 2025 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that the Avantor class action lawsuit – captioned Building Trades Pension Fund of Western Pennsylvania v. Avantor, Inc., No. 25-cv-06187 (E.D. Pa.) – seeks to represent purchasers or acquirers of Avantor, Inc. (NYSE: AVTR) common stock and charges Avantor and certain of Avantor’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Avantor class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-avantor-inc-class-action-lawsuit-avtr.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Avantor class action lawsuit must be filed with the court no later than December 29, 2025.

CASE ALLEGATIONS: Avantor engages in the provision of mission-critical products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

The Avantor class action lawsuit alleges that defendants throughout the class period failed to disclose that Avantor’s competitive positioning was weaker than defendants had publicly represented and that Avantor was experiencing negative effects from increased competition.

The Avantor class action lawsuit further alleges that on April 25, 2025, Avantor announced its first quarter 2025 financial results, reporting weak organic sales in Laboratory Solutions and cut its guidance for 2025. Specifically, the company’s CFO, defendant R. Brent Jones, admitted that Avantor had “felt the impact of increased competitive intensity,” resulting in “reduced volumes at a handful of customers,” the complaint alleges. Avantor further announced, allegedly, that defendant Michael Stubblefield would be stepping down from his roles as President and Chief Executive Officer upon the appointment of a successor. On this news, the price of Avantor shares fell by more than 16%, the complaint alleges.

The Avantor investor class action further alleges that August 1, 2025, Avantor reported disappointing second quarter 2025 financial results and reduced the company’s full-year guidance, including its guidance for growth in Laboratory Solutions. CFO Jones attributed the weakening outlook for Avantor’s Laboratory Solutions business to “increased competitive intensity,” admitted that Avantor did not expect the competitive environment to “chang[e] materially” in the remainder of 2025, and projected that the weak Laboratory Solutions performance would persist, the complaint alleges. On this news, the price of Avantor shares fell by more than 15%, the complaint alleges.

Finally, the Avantor shareholder lawsuit alleges that on October 29, 2025, Avantor reported weak financial results for the third quarter of 2025, including 5% decreases in organic revenue growth both overall and in Avantor’s Laboratory Solutions business – revealing that defendants’ recent assurances of “careful” third quarter projections of -4% to -2% growth were false. On this news, the price of Avantor shares fell by more than 23%, the complaint alleges.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Avantor common stock during the class period to seek appointment as lead plaintiff in the Avantor class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Avantor class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Avantor class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Avantor class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        [email protected]

ATLANTA--(BUSINESS WIRE)--Newell Brands (NASDAQ: NWL) today announced its third quarter 2025 financial results.

Chris Peterson, Newell Brands President and Chief Executive Officer, said, "Our turnaround continues to advance, even as Newell and the broader industry navigated significant trade disruptions in the third quarter. Our team responded swiftly with strategic measures including sourcing changes, pricing actions, and productivity initiatives to mitigate the impact. Sales were affected by reduced retail inventory levels, softness in international markets—particularly in Brazil—and moderated demand following tariff driven pricing actions. We believe the retailer inventory adjustment was a one-time event, as tariff-related inventory values were absorbed and retailer delivery preferences shifted away from direct import. Looking ahead, we expect our international business to return to growth in the fourth quarter. Competitive pricing actions are gaining traction, especially in key categories like Writing, where our strong domestic manufacturing base gives us a distinct advantage. We are confident that our decisive actions are paving the way for the company to return to sustainable top-line growth in the future."

Mark Erceg, Newell Brands Chief Financial Officer, said, "Newell Brands' third quarter results included a number of positives despite a challenging top line. First, gross margin would have expanded by 55 basis points in the third quarter if not for the temporary impact of one-time China tariffs. Second, we continued to invest behind innovation and brand building with advertising and promotion at the highest rate, as a percentage of sales, in nearly 10 years. Third, normalized overheads as a percentage of sales declined for the first time in three years, dropping by approximately 120 basis points and, looking forward, we expect this trend to continue as we continue to focus on improving the efficiency of our operating model and deploy leading edge AI tools across the organization."

Third Quarter 2025 Highlights

Net sales were $1.8 billion, a decline of 7.2% compared with the prior year period. Core sales declined 7.4% compared with the prior year period.

Gross margin decreased to 34.1% compared with 34.9% in the prior year period. Normalized gross margin decreased to 34.5% compared with 35.4% in the prior year period.

Operating margin improved to 6.6% compared with negative 6.2% in the prior year period. Normalized operating margin decreased to 8.9% compared with 9.5% in the prior year period.

Net income was $21 million compared with net loss of $198 million in the prior year period. Normalized net income was $70 million compared with $69 million in the prior year period.

Diluted EPS was $0.05 compared with diluted loss per share of $0.48 in the prior year period. Normalized diluted EPS was $0.17 compared with $0.16 in the prior year period.

Normalized EBITDA was $225 million compared with $250 million in the prior year period.

Updated full year 2025 outlook.

Third Quarter 2025 Operating Results

Net sales were $1.8 billion, a decline of 7.2% compared with the prior year period, reflecting a core sales decline of 7.4% and favorable foreign exchange.

Gross margin was 34.1% compared with 34.9% in the prior year period, with the positive impact from gross productivity and pricing more than offset by headwinds from tariff costs, volume declines and inflation. Gross margin would have expanded by 55 basis points in the third quarter if not for the temporary $24 million impact of one-time China tariffs. Normalized gross margin was 34.5% compared with 35.4% in the prior year period.

Operating income was $119 million compared with operating loss of $121 million in the prior year period. Operating margin was 6.6% compared with negative 6.2% in the prior year period. The prior year period included a non-cash impairment charge of $260 million related to acquired intangible assets. The improvement in the current period also reflects savings from restructuring actions and lower restructuring and restructuring-related charges in the current quarter, partially offset by higher advertising and promotion spend. Normalized operating income was $162 million, or 8.9% of sales, compared with $185 million, or 9.5% of sales, in the prior year period.

Net interest expense was $83 million compared with $75 million in the prior year period.

Income tax provision was $21 million compared with benefit of $7 million in the prior year period. The normalized income tax provision was $6 million compared with $34 million in the prior year period.

Net income was $21 million compared with a net loss of $198 million in the prior year period. Normalized net income was $70 million compared with $69 million in the prior year period. Normalized EBITDA was $225 million compared with $250 million in the prior year period.

Diluted EPS was $0.05 compared with diluted loss per share of $0.48 from the prior year period. Normalized diluted EPS was $0.17 compared with $0.16 in the prior year period.

An explanation of non-GAAP measures disclosed in this release and a reconciliation of these non-GAAP results to comparable GAAP measures, if available, are included in the tables attached to this release.

Balance Sheet and Cash Flow

Year-to-date operating cash flow was $103 million compared with $346 million in the prior year period. The current year operating cash flow was impacted by a use of working capital due to lapping of significant prior year reductions and cash tariff costs, as well as a lower cash bonus payout in the prior year.

At the end of the third quarter, Newell Brands had debt outstanding of $4.8 billion and cash and cash equivalents of $229 million, compared with $5.0 billion and $494 million, respectively, at the end of the third quarter of 2024.

Third Quarter 2025 Operating Segment Results

The Home & Commercial Solutions segment generated net sales of $942 million compared with $1.0 billion in the prior year period, reflecting a core sales decline of 9.8%, as well as the impact of favorable foreign exchange. Operating income was $40 million, or 4.2% of sales, compared with operating loss of $94 million, or negative 9.0% of sales, in the prior year period. Normalized operating income was $64 million, or 6.8% of sales, compared with $122 million, or 11.7% of sales, in the prior year period.

The Learning & Development segment generated net sales of $681 million compared with $717 million in the prior year period, reflecting a core sales decline of 5.6%, as well as the impact of favorable foreign exchange. Operating income was $124 million, or 18.2% of sales, compared with $75 million, or 10.5% of sales, in the prior period. Normalized operating income was $130 million, or 19.1% of sales, compared with $154 million, or 21.5% of sales, in the prior year period.

The Outdoor & Recreation segment generated net sales of $183 million in both the current and prior year period, reflecting a core sales decline of 0.9%, which was equal to the impact of favorable foreign exchange. Operating loss was $8 million, or negative 4.4% of sales, compared with $23 million, or negative 12.6% of sales, in the prior year period. Normalized operating loss was $1 million, or negative 0.5% of sales, compared with $15 million, or negative 8.2% of sales, in the prior year period.

Outlook

The Company initiated its outlook for the fourth quarter and updated its outlook for the full year 2025. Included in the full year 2025 updated outlook, the Company is estimating an incremental cash tariff cost, compared to 2024, of approximately $180 million. Of this, the gross profit impact, prior to mitigating actions in 2025, is estimated to be approximately $115 million, or $0.23 per share after tax, compared to 2024.

Q4 2025 Outlook

Updated Full Year 2025 Outlook

Net Sales

(4.0%) to (1.0%)

(5.0%) to (4.5%)

Core Sales

(5.0%) to (3.0%)

(5.0%) to (4.0%)

Normalized Operating Margin

9.0% to 9.5%

8.4% to 8.6%

Normalized EPS

$0.16 to $0.20

$0.56 to $0.60

The Company updated its outlook for full year 2025 operating cash flow to a range of $250 million to $300 million.

The Company has presented forward-looking statements regarding core sales, normalized operating margin and normalized EPS. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgement and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable to present a quantitative reconciliation of forward-looking normalized operating margin or normalized EPS to the most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company's future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the Company's actual results and preliminary financial data set forth above may be material.

Conference Call

Newell Brands’ third quarter 2025 earnings conference call will be held today, October 31, at 7:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investors section of the Company’s website at www.newellbrands.com. A webcast replay will be made available in the Quarterly Earnings section of the Company’s website.

Non-GAAP Financial Measures

This release and the accompanying remarks contain non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the "SEC") and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The Company uses certain non-GAAP financial measures that are included in this press release, the additional financial information and accompanying remarks both to explain its results to stockholders and the investment community and in the internal evaluation and management of its businesses. The Company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance and liquidity using the same tools that management uses to evaluate the Company’s past performance, reportable segments, prospects for future performance and liquidity, and (b) determine certain elements of management incentive compensation.

The Company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, divestitures, retail store openings and closings, certain market and category exits, changes in foreign exchange and customer returns due to a product recall from year-over-year comparisons. The effect of changes in foreign exchange on reported sales is calculated by applying the prior year average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures), with the difference between the current year reported sales and constant currency sales presented as the foreign exchange impact increase or decrease in core sales. The Company’s management believes that “normalized” gross margin, "normalized" overheads, “normalized” operating income, “normalized” operating margin, "normalized EBITDA", “normalized” net income, “normalized” diluted earnings per share and “normalized” income tax benefit or expense, which exclude restructuring and restructuring-related expenses; impairment charges; amortization of acquisition-related intangible assets; divestiture costs; costs related to the acquisition, integration and financing of acquired businesses; inflationary adjustments and one-time and other events such as expenses related to certain legal proceedings, costs related to the extinguishment of debt; certain tax benefits and charges; pension settlement charges; costs related to a product recall; certain facility fire related costs; and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations and liquidity. “Normalized EBITDA” is an ongoing liquidity measure (that excludes non-cash items) and is calculated as normalized earnings before interest, tax, depreciation, amortization and stock-based compensation expense.

The Company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit.

The Company defines "net debt" as short-term debt, current portion of long-term debt and long-term debt less cash and cash equivalents.

While the Company believes these non-GAAP financial measures are useful in evaluating the Company’s performance and liquidity, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Brands

Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer’s, Oster, NUK, Spontex and Campingaz. Newell Brands is focused on delighting consumers by lighting up everyday moments.

This press release and additional information about Newell Brands are available on the Company’s website, www.newellbrands.com.

Forward-Looking Statements

Some of the statements in this press release and its exhibits, particularly those anticipating future financial performance, business prospects, growth, operating strategies, the benefits and savings associated with the Realignment Plan announced in January 2024, future macroeconomic conditions and similar matters, are forward-looking statements within the meaning of the federal securities laws. These statements generally can be identified by the use of words or phrases, including, but not limited to, "guidance," "outlook," “intend,” “anticipate,” “believe,” “estimate,” “project,” “target,” “plan,” “expect,” “setting up,” "beginning to,” “will,” “should,” “would,” "could," “resume,” “remain confident,” "remain optimistic," "seek to," or similar statements. We caution that forward-looking statements are not guarantees because there are inherent difficulties in predicting future results. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to:

the Company’s ability to optimize costs and cash flow and mitigate the impact of soft global demand and retailers' inventory rebalancing through discretionary and overhead spend management, advertising and promotion expense optimization, demand forecast and supply plan adjustments and actions to improve working capital;

the Company’s dependence on the strength of retail and consumer demand and commercial and industrial sectors of the economy in various countries around the world;

the Company’s ability to improve productivity, reduce complexity and streamline operations;

risks related to the Company’s substantial indebtedness, potential increases in interest rates or changes in the Company’s credit ratings including the failure to maintain financial covenants which if breached could subject us to cross-default and acceleration provisions in our debt documents;

the impact on the Company’s operations and financial condition resulting from the current global macroeconomic environment, including the impact of tariffs imposed by the U.S. and retaliatory tariffs imposed by foreign countries, and the Company’s ability to effectively execute its mitigation plans;

competition with other manufacturers and distributors of consumer products;

major retailers’ strong bargaining power and consolidation of the Company’s customers;

supply chain and operational disruptions in the markets in which we operate, including as a result of geopolitical and macroeconomic conditions and any global military conflicts including those between Russia and Ukraine and in the Middle East;

changes in the prices and availability of labor, transportation, raw materials and sourced products, including significant inflation, and the Company’s ability to offset cost increases through pricing and productivity in a timely manner;

the Company’s ability to effectively execute its turnaround plan, including the Realignment Plan and other restructuring and cost saving initiatives;

the Company’s ability to develop innovative new products, to develop, maintain and strengthen end-user brands and to realize the benefits of increased advertising and promotion spend;

the risks inherent to the Company’s foreign operations, including currency fluctuations, exchange controls and pricing restrictions;

future events that could adversely affect the value of the Company’s assets and/or stock price and require additional impairment charges;

unexpected costs or expenses associated with dispositions;

the cost and outcomes of governmental investigations, inspections, lawsuits, legislative requests or other actions by third parties, the potential outcomes of which could exceed policy limits, to the extent insured;

the Company’s ability to maintain effective internal control over financial reporting;

risk associated with the use of artificial intelligence in the Company’s operations and the Company’s ability to properly manage such use;

a failure or breach of one of the Company’s key information technology systems, networks, processes or related controls or those of the Company’s service providers;

the impact of United States and foreign regulations on the Company’s operations, including environmental remediation costs and legislation and regulatory actions related to product safety, data privacy and climate change;

the potential inability to attract, retain and motivate key employees;

changes in tax laws and the resolution of tax contingencies resulting in additional tax liabilities;

product liability, product recalls or related regulatory actions;

the Company’s ability to protect its intellectual property rights;

the impact of climate change and the increased focus of governmental and non-governmental organizations and customers on sustainability issues, as well as external expectations related to environmental, social and governance considerations;

significant increases in the funding obligations related to the Company’s pension plans; and

other factors listed from time to time in our SEC filings, including but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings.

The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Management’s application of U.S. GAAP requires the pervasive use of estimates and assumptions in preparing the condensed consolidated financial statements. The company continues to be impacted by inflationary pressures, soft global demand, major retailers' focus on tight control over inventory levels, elevated interest rates and indirect macroeconomic impacts from geopolitical conflicts, which has required greater use of estimates and assumptions in the preparation of our condensed consolidated financial statements. Although we believe we have made our best estimates based upon current information, actual results could differ materially and may require future changes to such estimates and assumptions, including reserves, which may result in future expense or impairment charges.

The information contained in this press release and the tables is as of the date indicated. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments. In addition, there can be no assurance that the Company has correctly identified and assessed all of the factors affecting the Company or that the publicly available and other information the Company receives with respect to these factors is complete or correct.

NEWELL BRANDS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in millions, except per share amounts)

 

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

Change

2025

2024

Change

Net sales

$

1,806

$

1,947

(7.2)%

$

5,307

$

5,633

(5.8)%

Cost of products sold

1,190

1,268

3,503

3,751

Gross profit

616

679

(9.3)%

1,804

1,882

(4.1)%

Selling, general and administrative expenses

492

536

(8.2)%

1,471

1,518

(3.1)%

Restructuring costs, net

5

4

22

40

Impairment of goodwill, intangibles and other assets

—

260

—

266

Operating income (loss)

119

(121

)

NM

311

58

NM

Non-operating expenses:

Interest expense, net

83

75

237

223

Loss on extinguishment and modification of debt

—

—

13

1

Other (income) expense, net

(6

)

9

3

15

Income (loss) before income taxes

42

(205

)

NM

58

(181

)

NM

Income tax provision (benefit)

21

(7

)

28

(19

)

Net income (loss)

$

21

$

(198

)

NM

$

30

$

(162

)

NM

Weighted average common shares outstanding:

Basic

419.1

416.0

417.9

415.3

Diluted

423.5

416.0

422.4

415.3

Earnings (loss) per share:

Basic

$

0.05

$

(0.48

)

$

0.07

$

(0.39

)

Diluted

$

0.05

$

(0.48

)

$

0.07

$

(0.39

)

Dividends per share

$

0.07

$

0.07

$

0.21

$

0.21

NM - NOT MEANINGFUL

NEWELL BRANDS INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in millions)

 

September 30, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

$

229

$

198

Accounts receivable, net

943

878

Inventories

1,456

1,400

Prepaid expenses and other current assets

312

299

Total current assets

2,940

2,775

Property, plant and equipment, net

1,211

1,157

Operating lease assets

460

466

Goodwill

3,100

3,038

Other intangible assets, net

1,999

2,008

Deferred income taxes

807

806

Other assets

770

754

Total assets

$

11,287

$

11,004

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable

$

902

$

891

Other accrued liabilities

1,449

1,459

Short-term debt and current portion of long-term debt

237

87

Total current liabilities

2,588

2,437

Long-term debt

4,540

4,508

Deferred income taxes

102

178

Operating lease liabilities

436

418

Other noncurrent liabilities

924

712

Total liabilities

8,590

8,253

Total stockholders' equity

2,697

2,751

Total liabilities and stockholders' equity

$

11,287

$

11,004

NEWELL BRANDS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in millions)

 

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities:

Net income (loss)

$

30

$

(162

)

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

Depreciation and amortization

231

245

Impairment of goodwill, intangibles and other assets

—

266

(Gain) loss from sale of businesses and investments

(12

)

2

Deferred income taxes

16

(9

)

Stock based compensation expense

46

49

Loss on extinguishment and modification of debt

13

1

Other, net

(14

)

(10

)

Changes in operating accounts:

Accounts receivable

(13

)

238

Inventories

(2

)

(138

)

Accounts payable

(14

)

41

Accrued liabilities and other, net

(178

)

(177

)

Net cash provided by operating activities

103

346

Cash flows from investing activities:

Capital expenditures

(177

)

(163

)

Proceeds from sale of divested businesses and investments

22

14

Proceeds from settlement of swaps

25

25

Other investing activities, net

15

17

Net cash used in investing activities

(115

)

(107

)

Cash flows from financing activities:

Proceeds from short-term debt, net

150

39

Proceeds from short-term debt with original maturities greater than 90 days

—

431

Payments on short-term debt with original maturities greater than 90 days

—

(431

)

Payments on current portion of long-term debt

(1,235

)

—

Net proceeds from issuance of long-term debt

1,235

—

Debt extinguishment and modification costs

(9

)

(6

)

Cash dividends

(90

)

(89

)

Equity compensation activity and other, net

8

(8

)

Net cash provided by (used in) financing activities

59

(64

)

Exchange rate effect on cash, cash equivalents and restricted cash

3

(15

)

Increase in cash, cash equivalents and restricted cash

50

160

Cash, cash equivalents and restricted cash at beginning of period

219

361

Cash, cash equivalents and restricted cash at end of period

$

269

$

521

Supplemental disclosures:

Restricted cash at beginning of period

$

21

$

29

Restricted cash at end of period

40

27

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

The following tables present a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures in accordance with GAAP for the three and nine months ended September 30, 2025 and a comparison to prior year. The Company has chosen to present the following non-GAAP measures to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating the Company’s performance and operating results absent the effect of certain items that are deemed to be stand-alone items apart from the Company’s core operations (“Normalized Adjustments”). While these costs or gains are not expected to continue for any individual transaction on an ongoing basis, similar types of costs, expenses and charges or gains have occurred in prior periods.

Normalized Adjustments in 2025 and 2024 include the following:

Restructuring and restructuring-related costs

The company incurs restructuring and restructuring-related costs in connection with various discrete initiatives, including previously disclosed initiatives such as our 2024 Realignment Plan as well as other discrete actions. Restructuring charges primarily relate to severance and other employee termination costs as well as contract termination and other costs. Restructuring-related costs are costs that are directly attributable to a restructuring action or exit activity and would not have been incurred absent the action. Restructuring-related costs primarily relate to duplicative costs pending facility closure, asset valuation adjustments and disposal gains and consulting costs. Restructuring-related costs primarily related to manufacturing and distribution personnel, facilities and assets are generally recorded in cost of products sold, while restructuring-related costs primarily related to office facilities and assets and professional or clerical personnel are generally recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Restructuring charges primarily related to the Realignment Plan for the three and nine months ended September 30, 2025 and 2024.

Amortization expense and impairments of acquired intangible assets

Represents the amortization expense and impairment charges associated with acquired intangible assets.

Argentina hyperinflationary currency movements

Represents the favorable or unfavorable movement in Argentine pesos related to our subsidiary operating in Argentina, which is considered a hyperinflationary economy.

(Gain) loss on divestitures and transaction costs

Represents the gain or loss on disposal of business or investment, which represents the difference between the fair value (less costs to sell) and carrying value of the business or investment being disposed, as well as transaction costs associated with acquisitions and divestitures.

Other adjustments

Primarily includes loss on extinguishment and modification of debt, recall costs for certain French Door Countertop Ovens, fire-related costs, net of insurance recoveries and expenses related to that legal proceeding in U.S. Tax Court which is disclosed in Footnote 10 (Income Taxes) to our condensed consolidated financial statements contained in our most recent quarterly report on form 10-Q.

Normalized income tax adjustments

The Company uses a “with” and “without” approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year-to-date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit. In addition, normalized income tax adjustments includes the income tax expense ($30 million and $11 million for the three months ended September 30, 2025 and 2024, respectively, $52 million and $33 million for the nine months ended September 30, 2025 and 2024, respectively) that results from the amortization of a prior year normalized tax benefit. The three and nine months ended September 30, 2025 also includes a net charge of $5 million and $9 million, respectively, related to certain discrete items including (1) an incremental tax charge relating to the Company’s transition tax associated with the implementation of the Tax Cuts and Jobs Act in 2017 and (2) remeasurement of deferred taxes resulting from a change in a U.S. state income tax rate and surrender of insurance policies previously accounted for as a permanent difference.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Gross profit, as reported under GAAP

$

616

$

679

$

1,804

$

1,882

As a % of net sales

34.1

%

34.9

%

34.0

%

33.4

%

Normalized Adjustments:

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

—

6

1

15

Duplicative costs pending facility closure or exit of business activity

—

2

3

3

Argentina hyperinflationary charge

2

3

6

9

Other, net

7

—

7

—

Normalized gross profit

$

625

$

690

$

1,821

$

1,909

As a % of net sales [1]

34.5

%

35.4

%

34.3

%

33.9

%

Operating income (loss), as reported under GAAP

$

119

$

(121

)

$

311

$

58

As a % of net sales

6.6

%

(6.2

)%

5.9

%

1.0

%

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

4

4

21

36

Contract termination and other costs

1

—

1

4

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

3

9

15

24

Duplicative costs pending facility closure or exit of business activity

1

3

9

6

Consulting costs

(1

)

1

(1

)

7

Amortization of acquired intangible assets

24

25

70

75

Impairment of acquired intangible assets

—

260

—

260

(Gain) loss on divestitures and transaction costs

1

2

1

1

Argentina hyperinflationary charge

2

3

6

9

Other, net

8

(1

)

8

(1

)

Total normalized adjustments to operating income (loss), as reported under GAAP

43

306

130

421

Normalized operating income

$

162

$

185

$

441

$

479

As a % of net sales [1]

8.9

%

9.5

%

8.3

%

8.5

%

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Income (loss) before income taxes, as reported under GAAP

$

42

$

(205

)

$

58

$

(181

)

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

4

4

21

36

Contract termination and other costs

1

—

1

4

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

3

9

15

24

Duplicative costs pending facility closure or exit of business activity

1

3

9

6

Consulting costs

(1

)

1

(1

)

7

Amortization of acquired intangible assets

24

25

70

75

Impairment of acquired intangible assets

—

260

—

260

(Gain) loss on divestitures and transaction costs

(11

)

3

(12

)

(1

)

Argentina hyperinflationary charge

6

5

14

13

Other, net

7

(2

)

22

(1

)

Normalized income before income taxes

$

76

$

103

$

197

$

242

Income tax provision (benefit), as reported under GAAP

$

21

$

(7

)

$

28

$

(19

)

Effective income tax rates, as reported under GAAP

50.0

%

(3.4

)%

48.3

%

(10.5

)%

Normalized income tax adjustments

(15

)

41

4

44

Normalized income tax provision

$

6

$

34

$

32

$

25

Effective income tax rates, as adjusted

7.9

%

33.0

%

16.2

%

10.3

%

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income (loss), as reported under GAAP

$

21

$

(198

)

$

30

$

(162

)

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

4

4

21

36

Contract termination and other costs

1

—

1

4

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

3

9

15

24

Duplicative costs pending facility closure or exit of business activity

1

3

9

6

Consulting costs

(1

)

1

(1

)

7

Amortization of acquired intangible assets

24

25

70

75

Impairment of acquired intangible assets

—

260

—

260

(Gain) loss on divestitures and transaction costs

(11

)

3

(12

)

(1

)

Argentina hyperinflationary charge

6

5

14

13

Other, net

7

(2

)

22

(1

)

Normalized income tax adjustments

15

(41

)

(4

)

(44

)

Total normalized adjustments, net of tax

49

267

135

379

Normalized net income

$

70

$

69

$

165

$

217

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Weighted average common shares outstanding:

Basic

419.1

416.0

417.9

415.3

Diluted

423.5

418.5

422.4

418.1

Diluted earnings (loss) per share, as reported under GAAP

$

0.05

$

(0.48

)

$

0.07

$

(0.39

)

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

0.01

0.01

0.05

0.09

Contract termination and other costs

—

—

—

0.01

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

0.01

0.02

0.04

0.06

Duplicative costs pending facility closure or exit of business activity

—

0.01

0.02

0.01

Consulting costs

—

—

—

0.02

Amortization of acquired intangible assets

0.06

0.06

0.17

0.18

Impairment of acquired intangible assets

—

0.62

—

0.62

(Gain) loss on divestitures and transaction costs

(0.03

)

0.01

(0.03

)

—

Argentina hyperinflationary charge

0.01

0.01

0.03

0.03

Other, net

0.02

—

0.05

—

Normalized income tax adjustments

0.04

(0.10

)

(0.01

)

(0.11

)

Normalized diluted earnings per share *

$

0.17

$

0.16

$

0.39

$

0.52

*Totals may not add due to rounding

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

SEGMENT REPORTING

(Amounts in millions)

 

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Change

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized

Operating Income (Loss) [1]

Normalized Operating Margin [2]

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized Operating Income (Loss) [1]

Normalized Operating Margin

Net Sales

Normalized Operating Income (Loss)

$

%

$

%

Home and Commercial Solutions

$

942

$

40

4.2

%

$

24

$

64

6.8

%

$

1,047

$

(94

)

(9.0

)%

$

216

$

122

11.7

%

$

(105

)

(10.0

)%

$

(58

)

(47.5

)%

Learning and Development

681

124

18.2

%

6

130

19.1

%

717

75

10.5

%

79

154

21.5

%

(36

)

(5.0

)%

(24

)

(15.6

)%

Outdoor and Recreation

183

(8

)

(4.4

)%

7

(1

)

(0.5

)%

183

(23

)

(12.6

)%

8

(15

)

(8.2

)%

—

—

%

14

93.3

%

Corporate

—

(37

)

—

%

6

(31

)

—

%

—

(79

)

—

%

3

(76

)

—

%

—

—

%

45

59.2

%

$

1,806

$

119

6.6

%

$

43

$

162

8.9

%

$

1,947

$

(121

)

(6.2

)%

$

306

$

185

9.5

%

$

(141

)

(7.2

)%

$

(23

)

(12.4

)%

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Change

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized

Operating Income (Loss) [1]

Normalized Operating Margin [2]

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized Operating Income (Loss) [1]

Normalized Operating Margin

Net Sales

Normalized Operating Income (Loss)

$

%

$

%

Home and Commercial Solutions

$

2,646

$

62

2.3

%

$

66

$

128

4.8

%

$

2,902

$

(30

)

(1.0

)%

$

267

$

237

8.2

%

$

(256

)

(8.8

)%

$

(109

)

(46.0

)%

Learning and Development

2,062

424

20.6

%

16

440

21.3

%

2,089

374

17.9

%

96

470

22.5

%

(27

)

(1.3

)%

(30

)

(6.4

)%

Outdoor and Recreation

599

(5

)

(0.8

)%

17

12

2.0

%

642

(52

)

(8.1

)%

27

(25

)

(3.9

)%

(43

)

(6.7

)%

37

NM

Corporate

—

(170

)

—

%

31

(139

)

—

%

—

(234

)

—

%

31

(203

)

—

%

—

—

%

64

31.5

%

$

5,307

$

311

5.9

%

$

130

$

441

8.3

%

$

5,633

$

58

1.0

%

$

421

$

479

8.5

%

$

(326

)

(5.8

)%

$

(38

)

(7.9

)%

NM - NOT MEANINGFUL

 

[1]

Refer to Total normalized adjustments to operating income (loss), as reported under GAAP in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2025 and 2024 in this release for further information.

[2]

For the three and nine months ended September 30, 2025 consolidated normalized operating margin is calculated using net sales that excludes the $5 million impact of returns related to certain French Door Countertop Ovens recall for purposes of comparability.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES GROWTH BY SEGMENT

 

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

Home and Commercial Solutions

(10.0

)%

0.7

%

(0.5

)%

(9.8

)%

(8.8

)%

0.6

%

1.1

%

(7.1

)%

Learning and Development

(5.0

)%

—

%

(0.6

)%

(5.6

)%

(1.3

)%

—

%

0.3

%

(1.0

)%

Outdoor and Recreation

—

%

—

%

(0.9

)%

(0.9

)%

(6.7

)%

—

%

(0.2

)%

(6.9

)%

Total Company

(7.2

)%

0.3

%

(0.5

)%

(7.4

)%

(5.8

)%

0.3

%

0.7

%

(4.8

)%

CORE SALES GROWTH BY GEOGRAPHY

 

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

North America

(8.3

)%

0.4

%

0.1

%

(7.8

)%

(7.2

)%

0.5

%

0.1

%

(6.6

)%

International

(4.8

)%

—

%

(1.8

)%

(6.6

)%

(2.9

)%

—

%

1.7

%

(1.2

)%

Total Company

(7.2

)%

0.3

%

(0.5

)%

(7.4

)%

(5.8

)%

0.3

%

0.7

%

(4.8

)%

[1]

“Core Sales” provides a consistent basis for year-over-year comparisons in sales as it excludes the impacts of acquisitions and divestitures, retail store openings and closings, certain market and category exits, as well as changes in foreign currency.

[2]

"Divestitures and other, net" includes certain product line exits, returns related to the French Door Countertop Ovens recall (within the Home and Commercial Solutions segment) and current and prior period net sales from retail store closures (consistent with standard retail practice).

[3]

“Currency Impact” represents the effect of foreign currency on 2025 reported sales and is calculated by applying the 2024 average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2025 reported sales.

[4]

Totals may not add due to rounding.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

(Amounts in millions)

NORMALIZED EBITDA RECONCILIATION

 

Three Months Ended

September 30,

Change

Nine Months Ended

September 30,

Change

2025

2024

$

%

2025

2024

$

%

Net income (loss), as reported under GAAP [1]

$

21

$

(198

)

$

219

NM

$

30

$

(162

)

$

192

NM

Total normalized adjustments, net of tax [2]

49

267

135

379

Normalized net income (loss) [2]

70

69

165

217

Normalized income tax [3]

6

34

32

25

Interest expense, net [1]

83

75

237

223

Normalized depreciation and amortization [2] [4] [5]

53

56

161

170

Stock-based compensation [4]

13

16

46

49

Normalized EBITDA [6]

$

225

$

250

$

(25

)

(10.0)%

$

641

$

684

$

(43

)

(6.3)%

NM - NOT MEANINGFUL

[1]

Refer to “Condensed Consolidated Statements of Operations (Unaudited)” for the three and nine months ended September 30, 2025 and 2024 in this release.

[2]

Refer to Total normalized adjustments, net of tax in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2025 and 2024 in this release.

[3]

Refer to Normalized income tax provision in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2025 and 2024 in this release.

[4]

Refer to "Consolidated Statement of Cash Flows (Unaudited)" for the nine months ended September 30, 2025 and 2024 in this release.

[5]

Normalized depreciation and amortization exclude the amortization of acquired intangibles. For the three months ended September 30, 2025 and 2024 excludes $24 million and $25 million, respectively and $70 million and $75 million for the nine months ended September 30, 2025 and 2024, respectively.

[6]

The Company defines Normalized EBITDA as earnings before interest, taxes, depreciation and amortization, adjusted for certain items and non-cash stock-based compensation expense.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

NET DEBT AND TRAILING 12-MONTHS NORMALIZED EBITDA RECONCILIATION

(Amounts in millions)

 

Trailing-twelve months ended

September 30, 2025

Twelve months ended

December 31, 2024

Trailing-twelve months ended

September 30, 2024

Net debt reconciliation:

Short-term debt and current portion of long-term debt

$

237

$

87

$

869

Long-term debt

4,540

4,508

4,092

Gross debt

4,777

4,595

4,961

Less: Cash and cash equivalents

229

198

494

Net debt [1]

$

4,548

$

4,397

$

4,467

Net loss, as reported under GAAP

$

(24

)

$

(216

)

$

(248

)

Normalized adjustments:

Restructuring:

Severance and other employee termination costs

25

40

54

Contract termination and other costs

2

5

5

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

20

29

37

Duplicative costs pending facility closure or exit of business activity

12

9

9

Consulting costs

—

8

9

Amortization of acquired intangible assets

94

99

94

Impairment of acquired intangible assets

85

345

328

(Gain) loss on divestitures and transaction costs

(5

)

6

9

(Gain) loss on pension settlement

(1

)

(1

)

60

Argentina hyperinflationary charge

17

16

27

Other, net

34

11

11

Normalized income tax adjustments

(25

)

(65

)

(105

)

Total normalized adjustments, net of tax

258

502

538

Normalized net income

234

286

290

Normalized income tax

28

21

8

Interest expense, net

309

295

293

Normalized depreciation and amortization [2]

215

224

245

Stock based compensation expense

71

74

67

Normalized EBITDA

$

857

$

900

$

903

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

NORMALIZED OVERHEADS

(Amounts in millions)

 

Three Months Ended September 30,

2025

2024

Selling, general and administrative expenses, as reported under GAAP

$

492

$

536

Normalized Adjustments:

Amortization of acquired intangible assets

24

25

Restructuring-related costs

3

5

Transactions costs and other

2

1

Normalized selling, general and administrative expenses

463

505

Advertising and promotion costs

124

118

Normalized overheads [1]

$

339

$

387

As a % of net sales [2]

18.7

%

19.9

%

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES OUTLOOK

 

Three Months Ending

December 31, 2025

Twelve Months Ending

December 31, 2025

Estimated net sales change (GAAP)

(4.0

)%

to

(1.0

)%

(5.0

)%

to

(4.5

)%

Estimated currency impact [1] and divestitures and other [2], net

(1.0

)%

to

(2.0

)%

—

%

to

0.5

%

Core sales change (Non-GAAP) [3]

(5.0

)%

to

(3.0

)%

(5.0

)%

to

(4.0

)%

CALGARY, Alberta, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its third-quarter 2025 financial and operating results. The company generated approximately $2.1 billion in cash from operating activities, $2.5 billion of adjusted funds flow and $1.3 billion of free funds flow. Operating results in the quarter included record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d)1 and record Downstream crude throughput of 710,700 barrels per day (bbls/d), representing an overall utilization rate of 99%.

Highlights

Highest recorded Upstream production of 832,900 BOE/d in the third quarter, including record production of approximately 642,800 BOE/d from the Oil Sands segment.Highest recorded U.S. Refining crude throughput of 605,300 bbls/d, representing a utilization rate of 99%, with per unit operating expenses, excluding turnarounds costs, of $9.67 per barrel, a decrease of 8% relative to the prior quarter and 24% from the third quarter of 2024.Substantially completed the Foster Creek optimization project, with four new steam generators brought online in the quarter, contributing to increased production rates. Commissioning of remaining facilities is underway and new well pads will be brought online in early 2026.The commissioning of the West White Rose project is nearing completion, with drilling expected to commence in the fourth quarter of 2025 and first oil expected in the second quarter of 2026.Closed the sale of Cenovus’s 50% interest in WRB Refining LP (WRB) on September 30 and received cash proceeds of $1.8 billion, net of preliminary closing adjustments, on October 1.Returned $1.3 billion to common shareholders, including $918 million through common share purchases, and $356 million through common share dividends.Subsequent to the quarter, announced an amended agreement to acquire MEG Energy Corp. (“MEG”). MEG’s shareholder vote is scheduled for November 6, 2025, and the transaction is anticipated to close in mid-November subject to shareholder and court approvals.
“We delivered record volumes in both our Upstream and Downstream businesses this quarter, while maintaining our commitment to safe, reliable and cost-effective operations,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Our major growth projects are all approaching completion and our Downstream business is reaching its potential with consistently strong operating performance this quarter.”

Financial summary

($ millions, except per share amounts)2025 Q32025 Q22024 Q3Cash from (used in) operating activities2,1312,3742,474Adjusted funds flow22,4661,5191,960Per share (diluted)21.380.841.05Capital investment1,1541,1641,346Free funds flow21,312355614Excess free funds flow2745(306)146Net earnings (loss)1,286851820Per share (diluted)0.720.450.42Long-term debt, including current portion7,1567,2417,199Net debt5,2554,9344,196 Production and throughput 

(before royalties, net to Cenovus)2025 Q32025 Q22024 Q3Oil and NGLs (bbls/d)1684,700624,000630,500Conventional natural gas (MMcf/d)1889.5851.4844.6Total upstream production (BOE/d)1832,900765,900771,300Total downstream crude throughput (bbls/d)1710,700665,800642,900 1 See Advisory for production by product type and by operating segment.
2 Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

Third-quarter results

Operating1

Cenovus’s total revenues were $13.2 billion in the third quarter, up from $12.3 billion in the second quarter of 2025. Upstream revenues were $6.7 billion, a slight decrease from $6.8 billion in the previous quarter, while Downstream revenues were $8.4 billion, an increase from $7.7 billion in the second quarter.

Total operating margin3 was $3.0 billion, compared with $2.1 billion in the previous quarter. Upstream operating margin4 was $2.6 billion, an increase from $2.1 billion in the second quarter due to higher production and sales volumes, an increase in benchmark oil prices, and lower per unit operating costs. Downstream operating margin4 was $364 million, exceeding a shortfall of $71 million in the previous quarter, with favourable U.S. market crack spreads, lower per unit operating costs, and higher crude throughput following the completion of major turnaround activity in the prior quarter. Operating margin in the U.S. Refining segment was $253 million, which included a $67 million benefit from the receipt of Small Refinery Exemption (SRE) waivers related to the Superior Refinery, an $80 million inventory holding loss and $38 million of turnaround expenses.

Total Upstream production was 832,900 BOE/d in the third quarter, up from 765,900 BOE/d in the second quarter. Christina Lake production was 251,700 bbls/d compared with 217,900 bbls/d in the prior quarter, as Narrows Lake volumes began contributing and the facility benefited from flush production following a wildfire-related shutdown in the second quarter. Foster Creek production was 215,400 bbls/d, up from 186,100 bbls/d in the second quarter, as additional steam capacity from the Foster Creek optimization project supported higher production rates and a turnaround was completed in the prior quarter. Sunrise production was 52,400 bbls/d compared with 50,300 bbls/d in the second quarter, with both periods impacted by turnaround activities.

Production from the Lloydminster thermal assets was 95,700 bbls/d compared with 97,800 bbls/d in the prior quarter. The Rush Lake facilities in west-central Saskatchewan remain temporarily shut-in following a steam release from a casing failure in an injection well which took place in the second quarter of 2025. Plans are being progressed to begin a phased restart of production by the end of the year. Lloydminster conventional heavy oil output was 25,400 bbls/d, a slight increase from 25,000 bbls/d in the second quarter.

Production in the Conventional segment was 126,900 BOE/d, an increase from 119,800 BOE/d in the previous quarter due to strong performance from base and new development wells.

In the Offshore segment, production was 63,200 BOE/d compared with 66,300 BOE/d in the second quarter. In Asia Pacific, production volumes were 51,900 BOE/d, lower than the 53,800 BOE/d in the previous quarter, primarily due to maintenance activity in China. In the Atlantic region, production was 11,300 bbls/d, down from 12,500 bbls/d in the prior quarter, as production at the White Rose field was temporarily offline to complete subsea tie-ins between the West White Rose platform and the SeaRose floating production, storage and offloading (FPSO) vessel.

Total Downstream crude throughput in the third quarter was 710,700 bbls/d, up from 665,800 bbls/d in the second quarter. Crude throughput in Canadian Refining was 105,400 bbls/d, representing a utilization rate of 98%, compared with 112,400 bbls/d in the previous quarter.

In U.S. Refining, crude throughput was 605,300 bbls/d, representing a utilization rate of 99%, compared with 553,400 bbls/d in the second quarter. U.S. Refining revenues were $7.1 billion, up from $6.5 billion in the prior quarter. Adjusted market capture5 in U.S. Refining was 65%, compared with 58% in the second quarter, driven by stronger performance at Cenovus’s operated refineries and the impact of SRE waivers received in the quarter. Excluding the impact of SRE waivers, adjusted market capture in the third quarter would have been approximately 5% lower.

3 Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
4 Specified financial measure. See Advisory.
5 Adjusted market capture excludes the impact of inventory holding gains or losses. Contains a non-GAAP financial measure. See Advisory.

Financial

Cash from operating activities in the third quarter decreased to approximately $2.1 billion from $2.4 billion in the second quarter. Adjusted funds flow was $2.5 billion, compared with $1.5 billion in the prior quarter, and excess free funds flow (EFFF) was $745 million, compared with a shortfall of $306 million in the prior quarter. Net earnings in the third quarter increased to $1.3 billion from $851 million in the previous quarter. Third-quarter financial results reflected higher Upstream production and sales, increased Downstream utilization, stronger oil prices and market crack spreads, and lower turnaround costs relative to the second quarter.

Long-term debt, including the current portion, was $7.2 billion as at September 30, 2025. Net debt was $5.3 billion as at September 30, 2025, slightly increased from the previous quarter, as common share repurchases of $918 million exceeded EFFF of $745 million. As noted, on October 1, the company received $1.8 billion of cash proceeds from the sale of its 50% interest in WRB. The company continues to steward toward a long-term net debt target of $4.0 billion.

Growth projects

In the Oil Sands segment, Narrows Lake achieved first oil in mid-July. Three well pads were brought online in the quarter as the project continues to ramp up towards full rates. The optimization project at Foster Creek is approximately 98% complete and four steam generators brought online in July have supported higher production from the asset ahead of schedule. Commissioning of the water treating and de-oiling infrastructure is now underway and new well pads will be operating in early 2026. At Sunrise, one new well pad is being prepared for steaming in the fourth quarter, which will support continued production growth from the asset.

At West White Rose, the project’s topsides were safely lifted and set in place atop the concrete gravity structure in mid-July, and subsea tie-ins from the West White Rose platform to the SeaRose FPSO were completed in the quarter. Hookup and commissioning activities are underway, and the project is approximately 98% complete. Drilling is expected to begin by the end of the year and the project remains on schedule to produce first oil in the second quarter of 2026.

2025 guidance update

Cenovus has revised its 2025 corporate guidance to reflect the disposition of the company’s 50% interest in WRB effective September 30.  A copy of the updated guidance is available on cenovus.com under Investors.

Changes to the company’s 2025 guidance include:

U.S. Downstream throughput of 510,000 bbls/d to 515,000 bbls/d, a decrease of 52,500 bbls/d at the midpoint.Downstream turnaround expenses of $360 million to $380 million have been reduced by $65 million at the midpoint.
MEG transaction update

Subsequent to the quarter, on October 27, 2025, Cenovus announced an amended agreement to acquire MEG, for a combination of cash and Cenovus common shares valued at approximately $30.00 per MEG share. On Thursday, October 30, MEG adjourned its scheduled special meeting of shareholders related to the transaction, with Cenovus’s consent, to Thursday, November 6, 2025. The adjournment will allow MEG time to respond to a regulatory inquiry related to MEG’s consideration of the amended terms of the transaction and related matters. Subject to the approval of the Court, the approval of the MEG shareholders and the satisfaction or waiver of other customary closing conditions, Cenovus expects the transaction to close in mid-November.

Sustainability

In the third quarter, Cenovus announced the expansion of its Indigenous Housing Initiative, committing up to $8 million annually in ongoing funding. Launched in 2020 with a five-year, $50 million commitment, the program has supported the construction of nearly 200 homes in six First Nation and Métis communities near the company’s oil sands operations in northeast Alberta. As the initial program closes, three new communities — Saddle Lake Cree Nation, Kikino Métis Settlement and Whitefish Lake First Nation #128 — will join the initiative in 2026. The sustained funding reflects Cenovus’s long-term commitment to advancing Indigenous reconciliation and supports efforts to address housing shortages in additional communities.

Dividend declarations and share purchases

The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on December 31, 2025, to shareholders of record as of December 15, 2025.

In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1 and Series 2 – payable on December 31, 2025, to shareholders of record as of December 15, 2025, as follows:

Preferred shares dividend summary

Share seriesRate (%)Amount ($/share)Series 12.5770.16106Series 24.3910.27669
All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

In the third quarter, the company returned $1.3 billion to shareholders, composed of $918 million from its purchase of 40.4 million shares through its normal course issuer bid (NCIB) and $356 million through common and preferred share dividends. Subsequent to the quarter, the company purchased 17.0 million common shares through October 27, 2025 for $409 million. The current NCIB will expire on November 10, 2025. Cenovus has received approval from the Board to apply for another NCIB program. Cenovus will apply for approval to repurchase up to approximately 120 million of the company’s common shares, representing approximately 10% of its public float, as defined by the TSX.

2025 planned maintenance

The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

(MBOE/d or Mbbls/d)Q4Annual impactUpstreamOil Sands-6 - 8Offshore-1 - 2Conventional--DownstreamCanadian Refining--U.S. Refining8 - 1212 - 14 Potential turnaround expenses

($ millions)Q4Annual impactDownstreamCanadian Refining--U.S. Refining10 - 15360 - 380 Conference call today

Cenovus will host a conference call today, October 31, 2025, starting at 9 a.m. MT (11 a.m. ET).

For analysts wanting to join the call, please register in advance.

To participate in the conference call, complete the online registration form in advance of the call start time. Once registered, you will receive a unique PIN to access the call by phone. You can either dial into the conference call using the unique PIN or select the "Call Me" option to receive an automated call.

A live audio webcast of the conference call will also be available and will remain archived for approximately 30 days.

Advisory

Basis of Presentation

Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

Barrels of Oil Equivalent

Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Product types

Product type by operating segmentThree months ended
September 30, 2025Oil SandsBitumen (Mbbls/d)615.2Heavy crude oil (Mbbls/d)25.4Conventional natural gas (MMcf/d)13.7Total Oil Sands segment production (MBOE/d)642.8ConventionalLight crude oil (Mbbls/d)5.0Natural gas liquids (Mbbls/d)23.0Conventional natural gas (MMcf/d)593.2Total Conventional segment production (MBOE/d)126.9OffshoreLight crude oil (Mbbls/d)11.3Natural gas liquids (Mbbls/d)4.8Conventional natural gas (MMcf/d)282.6Total Offshore segment production (MBOE/d)63.2Total Upstream production (MBOE/d)832.9 Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “plan”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: acquiring all of the issued and outstanding common shares of MEG pursuant to a plan of arrangement (the “Acquisition”), and timing thereof; expectations regarding the fully pro-rated consideration for the Acquisition; the timing of the special meeting of MEG shareholders; net debt target; growth plans and projects; maximizing value; production guidance; timing of completion of the Foster Creek optimization project; ramping up production at Narrows Lake; continued production growth at Sunrise; progressing a plan to restart production at Rush Lake; timing of drilling at the West White Rose project; 2025 planned maintenance; and dividend payments.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the satisfaction of customary closing conditions and obtaining court and MEG shareholder approvals for the Acquisition; general economic, market and business conditions; that actions by third parties do not delay or otherwise adversely affect completion of the Acquisition; that any competing bids do not materially impact the completion of the Acquisition or Cenovus’s or MEG’s business operations, approvals or key stakeholder relationships; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; Cenovus’s portfolio and business plan, including if the Acquisition is not completed; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the Acquisition; that there will be no material change to MEG’s operations prior to completion of the Acquisition; no material changes to laws and regulations adversely affecting Cenovus’s or MEG’s operations or the Acquisition; the interests of MEG shareholders; the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; not completing the Acquisition on anticipated terms and timing, or at all, including the satisfaction of customary closing conditions and obtaining key regulatory, court and MEG shareholder approvals; a change in the current voting expectations of MEG shareholders and/or that such expectations do not prove to be accurate; a change in the interests of MEG shareholders; the accuracy of analyst predictions and calculations; failing to complete the Acquisition on the terms contemplated by the arrangement agreement between Cenovus and MEG; the impact of any competing bids or from any additional offers for MEG securities that may arise after the date hereof; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; the consequences of not completing the Acquisition, including the volatility of the share prices of Cenovus and MEG, negative reactions from the investment community and the required payment of certain costs related to the Acquisition; the delay or inability to integrate Cenovus’s and MEG’s respective businesses and operations and realize the anticipated strategic, operational and financial benefits and synergies from the Acquisition; potential undisclosed liabilities in respect of MEG unidentified during the due diligence process; the interpretation of the Acquisition by tax authorities; the focus of management’s time and attention on the Acquisition and other disruptions arising from the Acquisition; the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and September 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended September 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus's website at cenovus.com), which is incorporated by reference into this news release.

Upstream Operating Margin and Downstream Operating Margin

Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

Total Operating Margin

Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

 Upstream(6)Downstream(6)Total($ millions)Q3
2025Q2
2025Q3
2024Q3
2025Q2
2025Q3
2024Q3
2025Q2
2025Q3
2024RevenuesGross Sales7,562 7,394 8,259 8,435 7,743 8,798 15,997 15,137 17,057 Less: Royalties(858) (621) (929) — — — (858) (621) (929)  6,704 6,773 7,330 8,435 7,743 8,798 15,139 14,516 16,128 ExpensesPurchased Product674 1,111 1,088 7,321 6,878 8,207 7,995 7,989 9,295 Transportation and Blending2,543 2,621 2,661 — — — 2,543 2,621 2,661 Operating885 896 860 751 947 918 1,636 1,843 1,778 Realized (Gain) Loss on Risk Management12 8 (10) (1) (11) (4) 11 (3) (14) Operating Margin2,590 2,137 2,731 364 (71) (323) 2,954 2,066 2,408  6Found in Note 1 of the September 30, 2025, or the June 30, 2025, interim Consolidated Financial Statements. Revenues and purchased product for the third quarter of 2024 Downstream operations were revised. See Note 23 of our September 30, 2025, interim Consolidated Financial Statements.

Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

 Three Months Ended($ millions)September 30, 2025June 30, 2025September 30, 2024Cash From (Used in) Operating Activities(7)2,1312,3742,474(Add) Deduct:   Settlement of Decommissioning Liabilities(94)(68)(74)Net Change in Non-Cash Working Capital(241)923588Adjusted Funds Flow2,4661,5191,960Capital Investment1,1541,1641,346Free Funds Flow1,312355614Add (Deduct):   Base Dividends Paid on Common Shares(356)(364)(329)Purchase of Common Shares under Employee Benefit Plan(21)(15)—Dividends Paid on Preferred Shares—(4)(9)Settlement of Decommissioning Liabilities(94)(68)(74)Principal Repayment of Leases(89)(94)(74)Acquisitions, Net of Cash Acquired(7)(129)(4)Proceeds From Divestitures—1322Excess Free Funds Flow745(306)146 7 Found in the September 30, 2025, or the June 30, 2025, interim Consolidated Financial Statements.

Adjusted Market Capture
Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

($ millions)Three months ended
September 30, 2025Three months ended
June 30, 2025Revenues(8)7,0826,455Purchased Product(8)6,2195,838Gross Margin863617Inventory Holding (Gain) Loss8062Adjusted Gross Margin943679Total Processed Inputs (Mbbls/d)642.8594.2Adjusted Gross Margin ($/bbl)15.9212.57Operable Capacity (Mbbls/d)612.3612.3Operable Capacity by Regional Benchmark (percent)Chicago 3-2-1 Crack Spread Weighting8181Group 3 3-2-1 Crack Spread Weighting1919Benchmark Prices and Exchange RateChicago 3-2-1 Crack Spread (US$/bbl)24.2421.64Group 3 3-2-1 Crack Spread (US$/bbl)23.7223.07RINs (US$/bbl)6.336.12US$ per C$1 - Average0.7260.723Weighted Average Crack Spread, Net of RINs ($/bbl)24.5321.86Adjusted Market Capture (percent)0.650.58 8 Found in Note 1 of the September 30, 2025, or the June 30, 2025, interim Consolidated Financial Statements.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

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Cenovus contacts

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Investor Relations general line
403-766-7711

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Media Relations general line
403-766-7751

October 31, 2025 6:00 AM EDT | Source: Argyle Resources Corp.
Calgary, Alberta--(Newsfile Corp. - October 31, 2025) - Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) ("Argyle" or the "Company") is pleased to announce that it has closed its previously announced offering of units ("Units"), offered at a price of C$0.20 per Unit, for aggregate gross proceeds of C$500,000 (the "Offering"). Each Unit is comprised of one common share in the authorized share structure of the Company (a "Share") plus one Share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of C$0.27 for 24 months.

The Units were issued under the listed issuer financing exemption ("LIFE Exemption") under Part 5A.2 of National Instrument 45-106 – Prospectus Exemptions. The Units are therefore not subject to resale restrictions pursuant to applicable securities laws.

There is an offering document ("Offering Document") related to the Offering that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.argyleresourcescorp.com.

As consideration for the services rendered by certain finders, the Company paid, in aggregate, cash fees of $16,800 and issued 84,000 common share purchase warrants (the "Broker Warrants"), with each Broker Warrant exercisable for one common share of the Company at a price of $0.27 for a period of 24 months.

The net proceeds of the Offering are intended to be used for legal and accounting expenses, marketing and advertising, mineral property exploration activities and expenditures, general working capital purposes and as otherwise described in the Offering Document.

The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Argyle Resources Corp.

Argyle Resources Corp. is a junior mineral exploration company engaged in the business of acquiring, exploring, staking and evaluating natural resource properties in North America. The Company owns a 100% interest in the Pilgrim Islands, Matapédia, Lac Comporté and Saint Gabriel quartzite silica projects in Québec, Canada. The Company also has an option to acquire 100% of the following properties: the Clay Howells Rare Earth Element Project in northern Ontario, Canada and the Frenchvale Graphite Property located in Nova Scotia, Canada. Argyle is engaged in a research partnership with the National Institute of Scientific Research (INRS), a high-level research and training institute funded by the Québec government to conduct exploration programs on the Company's silica projects.

Forward-Looking Statements

All statements included in this press release that address activities, events or developments that Argyle expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve, but are not limited to, statements with respect to the exploration and development of the Company's mineral properties and the use of proceeds from the Offering. These forward-looking statements involve numerous assumptions made by Argyle based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond Argyle's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, Argyle does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release. Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272683

-

Record Quarterly Revenue of $135.4 Million, a 7.8% increase Year-Over-Year

GAAP Earnings Per Share of $0.30, Non-GAAP Earnings Per Share of $0.47

MINNEAPOLIS--(BUSINESS WIRE)--Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights:

Revenue was a record $135.4 million, a 7.8% increase compared to revenue of $125.6 million in the third quarter of 2024.

Revenue fulfilled through digital factories was $105.3 million, a 4.9% increase year-over-year.

Revenue fulfilled through the Protolabs Network was $30.1 million, a 19.1% increase year-over-year.

Net income was $7.2 million, or $0.30 per diluted share, compared to $7.2 million, or $0.29 per diluted share, in the third quarter of 2024.

Non-GAAP net income was $11.4 million, or $0.47 per diluted share, compared to $11.8 million, or $0.47 per diluted share, in the third quarter of 2024. See “Non-GAAP Financial Measures” below.

“Protolabs generated another quarter of accelerated growth and record revenue, supported by strong performance in several key end markets, and a substantial increase in revenue per customer contact. I am very encouraged by the progress we’ve made over the last two quarters—we have significant momentum into year-end," commented President and Chief Executive Officer Suresh Krishna. "While it’s still early, my short time here has strengthened my confidence that our current strategy—delivering high-quality, custom parts throughout the product lifecycle, from prototyping to production—is the right one. Together with our teams, I am focused on accelerating profitable growth, and positioning Protolabs for long-term shareholder value creation."

Dan Schumacher, Chief Financial Officer, added: "Along with record revenue in the quarter, we continued to demonstrate the strength of our business model by expanding adjusted EBITDA as compared to the second quarter of 2025, continuing our best-in-class cash flow generation, and returning capital to shareholders via repurchases of common stock."

Additional Third Quarter 2025 Highlights:

Customer contact information

Protolabs served 21,252 customer contacts during the quarter.

Revenue per customer contact increased 14.1% year-over-year to $6,370.

EBITDA was $17.4 million. See “Non-GAAP Financial Measures” below.

Adjusted EBITDA was $21.1 million, or 15.6% of revenue. See "Non-GAAP Financial Measures" below.

We generated $29.1 million in cash from operations.

Cash and investments balance was $138.4 million as of September 30, 2025.

Fourth Quarter 2025 Outlook

In the fourth quarter of 2025, the Company expects to generate revenue between $125.0 million and $133.0 million.

The Company expects fourth quarter 2025 diluted net income per share between $0.12 and $0.20, and non-GAAP diluted net income per share between $0.30 and $0.38. See "Non-GAAP Financial Measures" below.

Non-GAAP Financial Measures

The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.

The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, CEO transition costs and costs related to exit and disposal activities (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP net income and non-GAAP net income per share, in each case, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service line, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

Conference Call

The Company has scheduled a conference call to discuss its third quarter 2025 financial results and fourth quarter 2025 outlook today, October 31, 2025 at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/mp2aa5du/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the world’s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Get started now at protolabs.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Proto Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

September 30,

2025

December 31,

2024

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$

104,422

$

89,071

Short-term marketable securities

14,817

14,019

Accounts receivable, net

77,790

66,504

Inventory

14,073

12,305

Income taxes receivable

4,681

2,906

Prepaid expenses and other current assets

10,009

10,049

Total current assets

225,792

194,854

Property and equipment, net

211,325

227,263

Goodwill

273,991

273,991

Other intangible assets, net

19,539

21,422

Long-term marketable securities

19,149

17,773

Operating lease assets

2,015

2,993

Finance lease assets

491

692

Other long-term assets

4,553

4,524

Total assets

$

756,855

$

743,512

Liabilities and shareholders' equity

Current liabilities

Accounts payable

$

17,388

$

15,504

Accrued compensation

23,268

16,550

Accrued liabilities and other

27,831

19,621

Current operating lease liabilities

890

1,287

Current finance lease liabilities

365

309

Total current liabilities

69,742

53,271

Long-term operating lease liabilities

1,188

1,633

Long-term finance lease liabilities

—

287

Long-term deferred tax liabilities

16,038

13,565

Other long-term liabilities

5,168

4,605

Shareholders' equity

664,719

670,151

Total liabilities and shareholders' equity

$

756,855

$

743,512

Proto Labs, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

Injection Molding

$

47,770

$

46,831

$

143,908

$

148,574

CNC Machining

63,043

53,327

177,831

154,498

3D Printing

20,082

21,437

61,491

64,300

Sheet Metal

4,262

3,743

12,776

11,218

Other Revenue

209

281

628

550

Total Revenue

135,366

125,619

396,634

379,140

Cost of revenue

74,073

68,389

219,869

207,897

Gross profit

61,293

57,230

176,765

171,243

Operating expenses

Marketing and sales

24,574

22,619

73,054

69,070

Research and development

10,705

9,772

32,487

31,600

General and administrative

17,163

16,259

52,763

49,167

Costs related to exit and disposal activities

41

—

151

—

Total operating expenses

52,483

48,650

158,455

149,837

Income from operations

8,810

8,580

18,310

21,406

Other income, net

1,441

1,288

4,600

3,548

Income before income taxes

10,251

9,868

22,910

24,954

Provision for income taxes

3,035

2,679

7,668

7,957

Net income

$

7,216

$

7,189

$

15,242

$

16,997

Net income per share:

Basic

$

0.30

$

0.29

$

0.64

$

0.67

Diluted

$

0.30

$

0.29

$

0.63

$

0.67

Shares used to compute net income per share:

Basic

23,889,157

24,980,536

23,974,054

25,304,985

Diluted

24,191,039

25,022,485

24,249,669

25,382,280

Proto Labs, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Nine Months Ended

September 30,

2025

2024

Operating activities

Net income

$

15,242

$

16,997

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

Depreciation and amortization

25,693

26,984

Stock-based compensation expense

11,928

12,716

Deferred taxes

2,355

(6,140

)

Interest on finance lease obligations

16

26

Loss on impairment of equipment

—

256

Impairments related to exit and closure of facilities

448

—

Loss (gain) on disposal of property and equipment

16

(24

)

Other

(179

)

103

Changes in operating assets and liabilities

2,534

9,617

Net cash provided by operating activities

58,053

60,535

Investing activities

Purchases of property, equipment and other capital assets

(6,792

)

(8,339

)

Proceeds from sales of property, equipment and other capital assets

811

34

Purchases of marketable securities

(13,553

)

(18,087

)

Proceeds from call redemptions and maturities of marketable securities

11,730

15,709

Net cash used in investing activities

(7,804

)

(10,683

)

Financing activities

Proceeds from issuance of common stock from equity plans

4,195

2,094

Purchases of shares withheld for tax obligations

(3,119

)

(1,920

)

Repurchases of common stock

(36,732

)

(45,958

)

Principal repayments of finance lease obligations

(231

)

(220

)

Net cash used in financing activities

(35,887

)

(46,004

)

Effect of exchange rate changes on cash and cash equivalents

989

235

Net increase in cash and cash equivalents

15,351

4,083

Cash and cash equivalents, beginning of period

89,071

83,790

Cash and cash equivalents, end of period

$

104,422

$

87,873

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share

(In thousands, except share and per share amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities

GAAP net income

$

7,216

$

7,189

$

15,242

$

16,997

Add back:

Stock-based compensation expense

3,677

4,196

11,928

12,716

Amortization expense

935

888

2,770

2,796

Unrealized (gain) loss on foreign currency

(2

)

174

(316

)

323

CEO transition costs

14

—

1,376

—

Costs related to exit and disposal activities

41

—

151

—

Total adjustments 1

4,665

5,258

15,909

15,835

Income tax benefits on adjustments 2

(500

)

(627

)

(1,700

)

(1,066

)

Non-GAAP net income

$

11,381

$

11,820

$

29,451

$

31,766

Non-GAAP net income per share:

Basic

$

0.48

$

0.47

$

1.23

$

1.26

Diluted

$

0.47

$

0.47

$

1.21

$

1.25

Shares used to compute non-GAAP net income per share:

Basic

23,889,157

24,980,536

23,974,054

25,304,985

Diluted

24,191,039

25,022,485

24,249,669

25,382,280

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Cost of revenue

$

781

$

817

$

2,350

$

2,428

Marketing and sales

837

727

2,423

2,378

Research and development

764

671

2,124

2,031

General and administrative

2,244

2,869

9,177

8,675

Costs related to exit and disposal activities

41

—

151

—

Total operating expenses

3,886

4,267

13,875

13,084

Other income, net

(2

)

174

(316

)

323

Total adjustments

$

4,665

$

5,258

$

15,909

$

15,835

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin

(In thousands)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

Gross profit

61,293

57,230

176,765

171,243

GAAP gross margin

45.3

%

45.6

%

44.6

%

45.2

%

Add back:

Stock-based compensation expense

439

474

1,323

1,401

Amortization expense

342

343

1,027

1,027

Total adjustments

781

817

2,350

2,428

Non-GAAP gross profit

$

62,074

$

58,047

$

179,115

$

173,671

Non-GAAP gross margin

45.9

%

46.2

%

45.2

%

45.8

%

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin

(In thousands)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

Income from operations

8,810

8,580

18,310

21,406

GAAP operating margin

6.5

%

6.8

%

4.6

%

5.6

%

Add back:

Stock-based compensation expense

3,677

4,196

11,928

12,716

Amortization expense

935

888

2,770

2,796

CEO transition costs

14

—

1,376

—

Costs related to exit and disposal activities

41

—

151

—

Total adjustments

4,667

5,084

16,225

15,512

Non-GAAP income from operations

$

13,477

$

13,664

$

34,535

$

36,918

Non-GAAP operating margin

10.0

%

10.9

%

8.7

%

9.7

%

Proto Labs, Inc.

Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

GAAP net income

7,216

7,189

15,242

16,997

GAAP net income margin

5.3

%

5.7

%

3.8

%

4.5

%

Add back:

Amortization expense

$

935

$

888

$

2,770

$

2,796

Depreciation expense

7,494

8,021

22,923

24,188

Interest income, net

(1,281

)

(1,287

)

(3,532

)

(3,548

)

Provision for income taxes

3,035

2,679

7,668

7,957

EBITDA

17,399

17,490

45,071

48,390

EBITDA Margin

12.9

%

13.9

%

11.4

%

12.8

%

Add back:

Stock-based compensation expense

3,677

4,196

11,928

12,716

Unrealized (gain) loss on foreign currency

(2

)

174

(316

)

323

CEO transition costs

14

—

1,376

—

Costs related to exit and disposal activities

41

—

151

—

Total adjustments

3,730

4,370

13,139

13,039

Adjusted EBITDA

$

21,129

$

21,860

$

58,210

$

61,429

Adjusted EBITDA Margin

15.6

%

17.4

%

14.7

%

16.2

%

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

 

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

United States

$

109,361

$

—

$

109,361

$

99,571

9.8

%

9.8

%

Europe

26,005

(1,226

)

24,779

26,048

(0.2

)

(4.9

)

Total revenue

$

135,366

$

(1,226

)

$

134,140

$

125,619

7.8

%

6.8

%

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

United States

$

320,340

$

—

$

320,340

$

299,593

6.9

%

6.9

%

Europe

76,294

(2,055

)

74,239

79,547

(4.1

%)

(6.7

%)

Total revenue

$

396,634

$

(2,055

)

$

394,579

$

379,140

4.6

%

4.1

%

1

Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.

3

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Service Line

(In thousands)

(Unaudited)

 

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

Injection Molding

$

47,770

$

(358

)

$

47,412

$

46,831

2.0

%

1.2

%

CNC Machining

63,043

(667

)

62,376

53,327

18.2

17.0

3D Printing

20,082

(174

)

19,908

21,437

(6.3

)

(7.1

)

Sheet Metal

4,262

(23

)

4,239

3,743

13.9

13.3

Other Revenue

209

(4

)

205

281

(25.6

)

(27.0

)

Total revenue

$

135,366

$

(1,226

)

$

134,140

$

125,619

7.8

%

6.8

%

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

Injection Molding

$

143,908

$

(706

)

$

143,202

$

148,574

(3.1

%)

(3.6

%)

CNC Machining

177,831

(981

)

176,850

154,498

15.1

14.5

3D Printing

61,491

(336

)

61,155

64,300

(4.4

)

(4.9

)

Sheet Metal

12,776

(30

)

12,746

11,218

13.9

13.6

Other Revenue

628

(2

)

626

550

14.2

13.8

Total revenue

$

396,634

$

(2,055

)

$

394,579

$

379,140

4.6

%

4.1

%

1

Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.

3

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Customer Contact Information

(In thousands, except customer contacts and per customer contact amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

Customer contacts

21,252

22,511

41,873

43,671

Revenue per customer contact1

$

6,370

$

5,580

$

9,472

$

8,682

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Guidance

(Unaudited)

 

Q4 2025 Outlook

Low

High

GAAP diluted net income per share

$

0.12

$

0.20

Add back:

Stock-based compensation expense

0.14

0.14

Amortization expense

0.03

0.03

Unrealized (gain) loss on foreign currency

0.00

0.00

Total adjustments

0.18

0.18

Non-GAAP diluted net income per share

$

0.30

$

0.38

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