Market Signal Briefing

Lilly's quarterly results Thursday, combined with Novo Nordisk's unsolicited offer for a startup, confirm the $72 billion anti-obesity market is among pharma's hottest.

October 30, 2025 6:02 PM EDT | Source: Benton Resources Inc.
Thunder Bay, Ontario--(Newsfile Corp. - October 30, 2025) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that, further to its October 14, 2025 news release, it has made a filing with the TSX Venture Exchange (the "Exchange") seeking approval of its purchase agreement to acquire a 100% interest in Noble Mineral Exploration Inc. ("Noble") Island Pond Property. The Island Pond Property consists of a single mineral license encompassing 7 claims covering 175 hectares and is tied directly to the northern boundary of the Company's South Pond Gold Zone within the Great Burnt Copper-Gold project area in Newfoundland. Subject to Exchange approval, the Company will pay a one-time cash payment of $30,000 and issue 1,000,000 common shares to Noble.

The shares will have a standard four-month hold period from the Exchange approval date and the project is subject to an underlying 2% Net Smelter Royalty (NSR) to an original underlying vendor and a 1% NSR to Noble. Benton will assume all rights of the original 2%, including the right to buy the NSR back for $1.5M, and a right-of-first-refusal for Noble's 1% NSR.

The transaction with Noble was arm's length in nature and no finders' fees are being paid in connection with the purchase agreement.

QP

Stephen House (P.Geo.), Vice President of Exploration for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.

QA/QC Protocols

Core and rock samples, including standards, blanks and duplicates, are submitted to Eastern Analytical Ltd., Springdale, Newfoundland for preparation and analysis. All samples were acquired by saw-cut (channels/drill core) with one-half submitted for assay and one-half retained for reference, or hand (rocks) and delivered, by Benton personnel, in sealed bags, to the Springdale lab of Eastern Analytical, which is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 34-element package utilizing a 200 mg subsample totally dissolved in four acids and analyzed by ICP-OES analytical technique. Overlimits are analysed with Eastern's atomic absorption method, using a 0.200 g to 2.00 g of sample, digested with three acids. All reported assays are uncut. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website). Grab samples are selective in nature and may not represent the average mineralization of a bedrock exposure.

About Benton Resources Inc.

Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.

Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu. Drilling at the South Pond Gold Zone, approximately 7.5 km north of the Great Burnt Copper-Gold Zone, has confirmed a robust gold-mineralized system over 2.7 km with results of 74.20 m of 1.43g/t Au and 43.75 m of 1.62g/t Au and is open for expansion in all directions.

On behalf of the Board of Directors of Benton Resources Inc.,

"Stephen Stares"
Stephen Stares, President

Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272668

Analyst’s Disclosure:I/we have a beneficial long position in the shares of META, GOOG, AAPL, AMZN 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.

NEW YORK, Oct. 30, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Fluor Corporation (NYSE: FLR) between February 18, 2025 and July 31, 2025, both dates inclusive (the “Class Period”), of the important November 14, 2025 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the Fluor class action, go to https://rosenlegal.com/submit-form/?case_id=44864 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) costs associated with the Gordie Howe International Bridge (“Gordie Howe”), the Interstate 365 Lyndon B. Johnson (“I-635/LBJ”) and Interstate 35E (“I-35”) highways in Texas projects were growing because of, inter alia, subcontractor design errors, price increases, and scheduling delays; (2) the foregoing, as well as customer reduction in capital spending and client hesitation around economic uncertainty, was having, or was likely to have, a significant negative impact on Fluor’s business and financial results; (3) accordingly, Fluor’s financial guidance for the full year 2025 was unreliable and/or unrealistic, the effectiveness of Fluor’s risk mitigation strategy was overstated, and the impact of economic uncertainty on Fluor’s business and financial results was understated; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fluor class action, go to https://rosenlegal.com/submit-form/?case_id=44864 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

Q3: 2025-10-29 Earnings SummaryEPS of $0.40 beats by $0.17

 |

Revenue of

$1.94B

(6.06% Y/Y)

beats by $68.70M

CVR Energy, Inc. (CVI) Q3 2025 Earnings Call October 30, 2025 1:00 PM EDT

Company Participants

Richard Roberts - Investor Relations Officer
David Lamp - President, CEO & Director
Dane Neumann - Executive VP, CFO, Treasurer & Assistant Secretary

Conference Call Participants

Matthew Blair - Tudor, Pickering, Holt & Co. Securities, LLC, Research Division
Paul Cheng - Scotiabank Global Banking and Markets, Research Division
Manav Gupta - UBS Investment Bank, Research Division

Presentation

Operator

Greetings, and welcome to the CVR Energy Third Quarter 2025 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President of FP&A and Investor Relations. Thank you, sir. You may begin.

Richard Roberts
Investor Relations Officer

Thank you, Eric. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy Third Quarter 2025 Earnings Call. With me today are Dave Lamp, our Chief Executive Officer; Dane Neumann, our Chief Financial Officer; and other members of management. Prior to discussing our 2025 third quarter results, let me remind you that this call may contain forward-looking statements as that term is defined under federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release.

As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. This call also includes various non-GAAP financial measures. The disclosures related to such

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Q3: 2025-10-29 Earnings SummaryEPS of $0.78 misses by $0.41

 |

Revenue of

$735.58M

(3.48% Y/Y)

misses by $1.86M

Extra Space Storage Inc. (EXR) Q3 2025 Earnings Call October 30, 2025 1:00 PM EDT

Company Participants

Jared Conley
Joseph Margolis - CEO & Director
Jeff Norman - Senior Vice President of Capital Markets

Conference Call Participants

Michael Goldsmith - UBS Investment Bank, Research Division
Jeffrey Spector - BofA Securities, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Ronald Kamdem - Morgan Stanley, Research Division
Todd Thomas - KeyBanc Capital Markets Inc., Research Division
Eric Wolfe - Citigroup Inc., Research Division
Michael Griffin - Evercore ISI Institutional Equities, Research Division
Juan Sanabria - BMO Capital Markets Equity Research
Ravi Vaidya - Mizuho Securities USA LLC, Research Division
Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Spenser Allaway - Green Street Advisors, LLC, Research Division
Michael Mueller - JPMorgan Chase & Co, Research Division
Omotayo Okusanya - Deutsche Bank AG, Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to the Extra Space Storage Inc. Q3 2025 Earnings Conference Call. [Operator Instructions] This call is being recorded on October 30, 2025.

And I would now like to turn the conference over to Mr. Jared Conley. Thank you. Please go ahead.

Jared Conley

Thank you, and welcome to Extra Space Storage's Third Quarter 2025 Earnings Call. In addition to our press release, we have furnished unaudited supplemental financial information on our website. Please remember that management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in the company's latest filings with the SEC, which we encourage our listeners to review.

Forward-looking statements represent management's estimates as of today, October 30, 2025. The company assumes

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Q3: 2025-10-30 Earnings SummaryEPS of $2.06 beats by $0.26

 |

Revenue of

$185.89M

(10.82% Y/Y)

beats by $6.47M

CRA International, Inc. (CRAI) Q3 2025 Earnings Call October 30, 2025 10:00 AM EDT

Company Participants

Eric Nierenberg - Executive VP, CFO & Treasurer
Paul Maleh - Chairman, President & CEO
Chad Holmes - Executive VP & Chief Corporate Development Officer

Conference Call Participants

Andrew Nicholas - William Blair & Company L.L.C., Research Division
Marc Riddick - Sidoti & Company, LLC
Kevin Steinke - Barrington Research Associates, Inc., Research Division

Presentation

Operator

Good day, everyone, and welcome to Charles River Associates Third Quarter 2025 Conference Call. Please note that today's call is being recorded. The company's earnings release and prepared CFO remarks are posted on the Investor Relations section of CRA's website at crai.com. With us today are CRA's President and Chief Executive Officer; Paul Maleh, Chief Financial Officer, Eric Nierenberg; and Chief Corporate Development Officer, Chad Holmes. At this time, I'd like to turn the call over to Dr. Nierenberg for opening remarks. Eric, please go ahead.

Eric Nierenberg
Executive VP, CFO & Treasurer

Thank you, Rob, and good morning to everyone. Please note that the statements made during this conference call, including guidance on future revenue and non-GAAP EBITDA margin and any other statements concerning the future business, operating results or financial condition of CRA, including those statements using the terms expect, outlook or similar terms are forward-looking statements as defined in Section 21 of the Exchange Act.

Information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain. Actual performance and results may differ materially from those expressed or implied in these statements due to many important factors, including the level of demand for our services as a result of changes in general and industry-specific economic conditions.

Additional information regarding these factors is included in today's release and in CRA's periodic reports, including our most

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Akastor ASA (OTCPK:AKKVF) Q3 2025 Earnings Call October 30, 2025 10:00 AM EDT

Company Participants

Øyvind Paaske - Chief Financial Officer
Karl Kjelstad - Chief Executive Officer
Eirik Bergsvik - Chief Executive Officer
David Bratton - Senior Vice President of Finance - HMH

Presentation

Øyvind Paaske
Chief Financial Officer

Good afternoon, and welcome to the presentation of Akastor's third quarter results. My name is Oyvind Paaske, CFO, and I'm joined today by our CEO, Mr. Karl Erik Kjelstad. We are also pleased to have HMH with us from Houston, represented today by Eirik Bergsvik, CEO; and David Bratton, SVP Finance.

As usual, Karl will begin with some key highlights, followed by Eirik and team, who will present the HMH update. I will then take you through Akastor's consolidated financials before handing it back to Karl. Toward the end, we'll open for questions through the web-based Q&A solution where you can post questions at any time.

With that, I'll turn it over to Karl.

Karl Kjelstad
Chief Executive Officer

Thank you, Oyvind, and good afternoon and good morning to our U.S. participants, and thank you so much for joining us for this earnings call.

Let us start on Slide 2 with the key highlights for the third quarter. Akastor continued to be in a solid financial state. We have a positive net cash position and no draw on our corporate RCF. With this, we are very pleased to announce another cash distribution to our shareholders, this time, NOK 0.4 per share, supported by the realization of our holding in Odfjell Drilling. This is aligned with our strategy to return excess capital to shareholders while maintaining a sound capital structure.

Turning to HMH. The company continues to deliver robust financial performance and demonstrate resilience even in a challenging offshore drilling market. Despite headwinds affecting service activity and

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SummaryBNY Mellon High Yield Strategies Fund (DHF) offers an 8.17% yield, but this is below the median for junk bond closed-end funds.DHF has underperformed its peer group on a ten-year total return basis, which could be due to its comparatively lower yield.The fund's distributions are well-covered by net investment income, and it currently trades at a 7.19% discount to NAV.While DHF is well-diversified, its lower yield and historical underperformance make it less attractive compared to higher-yielding peers. PM Images/DigitalVision via Getty Images

The BNY Mellon High Yield Strategies Fund (DHF) is a closed-end fund that aims to provide its investors with a very high level of current income. As the name of this fund suggests, DHF seeks

Analyst’s Disclosure:I/we have a beneficial long position in the shares of CSQ, LGI 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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Zach Spencer
Director of External Relations, Treasurer & Secretary

Good morning, and thank you for joining Comstock Inc.'s Third Quarter 2025 Earnings Call and Business Update. I'm Zach Spencer, Director of External Relations. Today is Thursday, October 30, 2025. We are streaming live, and this session is being recorded. A recording will be posted shortly after we adjourn in the Investor Relations section of our website.

Today, we filed our Form 10-Q for the quarter ended September 30, 2025, and issued a press release summarizing third quarter results. Both documents are available on our website. As a reminder, Comstock is listed on NYSE American with the ticker LODE, L-O-D-E. Joining me today are Corrado De Gasperis, Comstock's Executive Chairman and Chief Executive Officer; and Judd Merrill, Comstock's Chief Financial Officer. After their prepared remarks, we will take questions.

We received more than 45 questions in advance of the call. If you have additional questions during the call, please use the Zoom Q&A window, and we will address as many as time allows. Today's discussion will include forward-looking statements. Actual results may differ materially due to risks and uncertainties detailed in our SEC filings. Full risk disclosures can be found in our filings on the Investor Relations page and on the SEC website.

With that, it is my pleasure to introduce our Chief Financial Officer, Judd Merrill. Judd, you may begin.

Judd Merrill
Chief Financial Officer

Thanks, Zach, and good morning, everyone. Let me just first state that this was a transformative quarter for Comstock. We strengthened the balance sheet. We funded our growth plans, and we positioned the company

By

PYMNTS
 | 
October 30, 2025

 | 

Fiserv shares fell 44% Wednesday (Oct. 29) and as much as 6.7% Thursday (Oct. 30) after the company cut its full-year earnings outlook and announced some strategic changes.

Wednesday’s plunge in the price of the company’s shares wiped out $30 billion of Fiserv’s market capitalization, Bloomberg reported Thursday.

The changes announced by the company came in response to customer complaints about fees charged for Fiserv’s point-of-sale system, Clover, and earlier forecasts that would have been hard to meet, according to the report.

The customer complaints followed the addition of fees for “value-added services” for merchants, the report said.

Fiserv CEO Mike Lyons, who assumed that role in May, said Wednesday that in addition to cutting the earnings outlook, the company would undo pricing changes introduced by Clover and adopt a new technology strategy, per the report.

Lyons became CEO after outgoing CEO Frank Bisignano’s nomination to lead the Social Security Administration was approved by the U.S. Senate.

Advertisement: Scroll to Continue

“This wasn’t a reset I wanted or expected,” Lyons said on a conference call with analysts, per the report. “There were a whole bunch of embedded assumptions — away from the major projects — that even with strong execution would have been hard to do.”

PYMNTS reported Wednesday that company presentation materials indicated that in the third quarter, Fiserv’s organic growth slipped to 1% and margins declined. Sales in its Financial Solutions segment were down 3%. Overall organic revenue growth forecasts were chopped to 3.5% to 4.5%, where that rate had previously been around 10%. Within the Financial Solutions unit, digital payments revenues slid 5%, banking related revenues dipped 7%.

Fiserv also announced Wednesday that it was making management changes, with Takis Georgakopoulos and Dhivya Suryadevara named as co-presidents effective Dec. 1 and Paul Todd being the incoming chief financial officer.

During a conference call with analysts, Lyons said, “You’ve seen our results and revised guidance for the year. While disappointing, the actions we are taking are driven by a rigorous analysis of the company conducted during the third quarter and represent a critical and necessary reset and a revitalizing moment for the company.”

SummaryW.P. Carey is a diversified REIT delivering strong AFFO growth, a solid 5.5% yield, and trading at a compelling valuation.WPC's rapid portfolio transition away from office properties and accelerated expansion toward industrial, warehouse, and retail assets is fueling growth and reducing risk exposure.After a dividend cut a couple of years ago, WPC maintains a sustainable payout ratio and offers upside potential, especially as rate cuts could benefit REITs.I rate WPC a Buy, citing its high growth rates, resilient financials and occupancy, being appealing especially for income-focused portfolios amid ongoing economic headwinds. Feverpitched/iStock via Getty Images

Introduction W. P. Carey (WPC) is a diversified REIT focusing on single-tenant net lease commercial real estate primarily in the US and Europe that has been going through a rapid portfolio transition and is

Analyst’s Disclosure:I/we have a beneficial long position in the shares of O 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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DexCom (DXCM - Free Report) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.02%. A quarter ago, it was expected that this medical device company would post earnings of $0.45 per share when it actually produced earnings of $0.48, delivering a surprise of +6.67%.

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

DexCom, which belongs to the Zacks Medical - Instruments industry, posted revenues of $1.21 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.72%. This compares to year-ago revenues of $994.2 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.

DexCom shares have lost about 12.3% since the beginning of the year versus the S&P 500's gain of 17.2%.

What's Next for DexCom?While DexCom has underperformed 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 DexCom was unfavorable. 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 #4 (Sell) for the stock. So, the shares are expected to underperform 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 $0.67 on $1.25 billion in revenues for the coming quarter and $2.04 on $4.62 billion 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, Medical - Instruments is currently in the top 39% 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, Steris (STE - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 5.

This medical products maker is expected to post quarterly earnings of $2.38 per share in its upcoming report, which represents a year-over-year change of +11.2%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level.

Steris' revenues are expected to be $1.43 billion, up 7.4% from the year-ago quarter.

CALGARY, Alberta, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum” or the “Company”) is pleased to announce that it has filed its management information circular (the “Circular”) and related proxy materials for its special meeting (the “Meeting”) of shareholders of Quorum (the “Quorum Shareholders”), scheduled to be held on November 26, 2025 at 10:00 a.m. (Mountain time) at the Conference Centre, 3rd Floor, Manulife Place, 707-5th Street SW, Calgary, Alberta, T2P 1V8.

Special Meeting on November 26, 2025

At the Meeting, Quorum Shareholders will be asked to consider and, if deemed advisable, to pass, with or without variation, a special resolution (the “Arrangement Resolution”) approving a statutory plan of arrangement (the "Arrangement") pursuant to the Business Corporations Act (Alberta) involving Quorum, the Quorum Shareholders, and 2745122 Alberta Inc. (the "Purchaser"), an affiliate of Valsoft Corporation Inc., to be carried out pursuant to an arrangement agreement dated as of September 22, 2025 between Quorum and the Purchaser.

The Board of Directors of Quorum unanimously recommends that Quorum Shareholders vote FOR the Arrangement Resolution.

Mailing of Meeting Materials and General Advisory on Canada Post Strike and Related Disruption

Mailing of the Meeting materials has commenced, and Quorum Shareholders should receive them in due course. All of the Meeting materials can be accessed on Quorum’s corporate website (https://quoruminformationsystems.com/agm/ ) and on SEDAR+ (www.sedarplus.ca) under Quorum’s issuer profile.

Registered Quorum Shareholders

Registered Quorum Shareholders are encouraged to vote their Quorum common shares via the internet at https://css.olympiatrust.com/pxlogin or email [email protected].

Beneficial Quorum Shareholders

Due to the ongoing Canada Post labour dispute, it is possible that Beneficial Quorum Shareholders may experience a delay in receiving the Meeting materials and are encouraged to access the Meeting materials electronically as noted above. Beneficial Quorum Shareholders experiencing a delay in receiving the Meeting materials should contact their broker or other intermediary for assistance in obtaining their individual control numbers in order to vote their Quorum common shares. Beneficial Quorum Shareholders are encouraged to vote their Quorum common shares via the internet at www.proxyvote.com. We recommended that any physical forms of proxy or voting instruction forms be delivered via courier to ensure that they are received in a timely manner. The deadline for the receipt of proxies or voting instruction forms for the Meeting is 10:00 am (Calgary time) on November 24, 2025.

About Quorum Information Technologies Inc.

Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers rely on for their operations, including:

Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.  Quorum Information Technologies Inc. is traded on the TSX Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

On behalf of the Board of Directors

"Maury Marks"
President and CEO

Contacts:

Maury Marks
President and Chief Executive Officer
403-777-0036
[email protected]

Marilyn Bown
Chief Financial Officer
403-777-0036
[email protected]

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact contained herein is forward-looking information under applicable securities laws. In particular, statements and information about the Company’s anticipated transactions are forward-looking. This forward-looking information is based upon various assumptions. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information, and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Forward-looking information includes statements related to the date of the Meeting, delivery of Meeting materials and other statements.

Quorum believes the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

PDF available: http://ml.globenewswire.com/Resource/Download/e40b52e4-e076-4f08-849f-ea6c93cc17b4

, /PRNewswire/ -- Big Tree Cloud Holdings Limited ("Big Tree Cloud" or the "Company") (NASDAQ: DSY) (NASDAQ: DSYWW), a capital platform enterprise rooted in China's personal care industry, today announced that it filed its annual report on Form 20-F for the fiscal year ended June 30, 2025 with the U.S. Securities and Exchange Commission ("SEC") on October 30, 2025. The annual report can be accessed on Big Tree Cloud's website at https://www.bigtreecloud.net and https://ir.bigtreeclouds.com, as well as the SEC's website at http://www.sec.gov. Big Tree Cloud will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders upon request.

About Big Tree Cloud

Big Tree Cloud is positioned as the international capital platform, takes the integration and investment in China's personal care industry as its core business direction. To learn more about the Company, please visit its corporate website at https://www.bigtreecloud.net. 

Forward-Looking Statements

Forward-looking statements generally relate to future events or Big Tree Cloud's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Big Tree Cloud's expectations, strategy, priorities, plans or intentions. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. You should understand that a number of factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including the risks discussed in our reports filed or furnished to the SEC. Big Tree Cloud cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Big Tree Cloud does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Investor Relations Contact
Ting Yan
Phone: +86 15986815865
Email: [email protected] 

SOURCE Big Tree Cloud Holdings Limited

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, /PRNewswire/ -- AAON, Inc. (NASDAQ: AAON) ("AAON" or the "Company"), a leader in high-performance and energy-efficient HVAC solutions, is pleased to welcome Roberto Giacomelli to its executive leadership team as Senior Vice President of Operations. Giacomelli is responsible for leading operations at the Company's five strategic manufacturing facilities across the United States in Tulsa, Oklahoma; Longview, Texas; Kansas City, Missouri; Redmond, Oregon; and Memphis, Tennessee. In his role within operations, he will provide strategic oversight for departments including Environmental, Health, and Safety (EHS); Quality; Continuous Improvement; Manufacturing Engineering; Materials; Facilities; and Facilities Planning.

Roberto Giacomelli, Senior VP of Operations, AAON

"We are thrilled to have Roberto on the AAON team," said Matt Tobolski, AAON president and CEO. "With his extensive industry experience and passion for servant leadership, I'm confident he will help continue to advance our mission and lead the next generation of HVAC manufacturing."

Giacomelli brings more than 24 years of experience in manufacturing operations across the automotive, HVAC, and air systems industries. A high-energy leader, Giacomelli is passionate about operational excellence and cultivating high-performing teams across multiple sites. He has a successful track record of leveraging his strong expertise in Lean manufacturing and strategic deployment to consistently deliver impactful results and transforming complex operations in companies in the United States, Mexico, Brazil, and Argentina.

Giacomelli holds an Executive MBA from the University of Pittsburgh's Katz Graduate School of Business (Worldwide Program), an MBA in Financial Management, and a degree in mechanical production engineering.

"I was already very excited with the leadership vision for AAON, but I am even more encouraged with the talent and commitment I have seen already, in addition to the warm welcome I have received," Giacomelli said. "It is a great company, with great people and great products. As I connect with my new team members, and engage in company culture, I look forward to further driving value to our customers by taking AAON operations to the next level."

About AAON
Founded in 1988, AAON is a world leader in HVAC solutions for commercial and industrial indoor environments. The Company's industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance, and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allow AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.aaon.com.

Contact: Jim Morgan
Director Of Communications 
[email protected] 

SOURCE AAON

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Insight Enterprises (NSIT - Free Report) reported $2 billion in revenue for the quarter ended September 2025, representing a year-over-year decline of 4%. EPS of $2.43 for the same period compares to $2.19 a year ago.

The reported revenue represents a surprise of -6.99% over the Zacks Consensus Estimate of $2.15 billion. With the consensus EPS estimate being $2.49, the EPS surprise was -2.41%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Insight Enterprises performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- Services: $426.07 million compared to the $433.64 million average estimate based on two analysts. The reported number represents a change of +2.9% year over year.Net Sales- Products: $1.58 billion versus the two-analyst average estimate of $1.75 billion. The reported number represents a year-over-year change of -5.7%.Gross profit- Products: $172.45 million versus the two-analyst average estimate of $190 million.Gross profit- Services: $261.74 million compared to the $254.78 million average estimate based on two analysts.View all Key Company Metrics for Insight Enterprises here>>>

Shares of Insight Enterprises have returned -7.8% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Resistance Zone Defined
The $4,079 area gains strength as resistance from the nearby top rising channel line and falling 10-day average. The 10-day is converging with the 20-day after touching the channel line today. Once below the 20-day, it becomes key short-term resistance. Monday’s $4,109 high and last Friday’s $4,144 high cap the zone.

Breakdown Context
Gold fell below the 20-day average on Monday, closing under it for the first time since August 22’s reclaim. No swing back to test it as resistance has occurred yet. Yesterday’s attempt met quick pushback. A more substantial advance into the zone could precede further bearish pullback or consolidation.

Lower Support Targets
The next lower target is the 50% retracement at $3,846 and 50-day average at $3,808, rising. The 50% level is bolstered by a prior three-day sideways move that acted as resistance, now potential support. Convergence of the 50-day and 50% retracement may hint at timing — watch when they align.

Outlook
The close near $4,027 is key — above it targets $4,079, below risks $3,918. The 20-day and channel line cap rebounds, but a test there could set up deeper pullback to $3,846. Monitor 50-day convergence for support clues — today’s strength favors buyers short-term if resistance holds.

For a look at all of today’s economic events, check out our economic calendar.

October 30, 2025 5:02 PM EDT | Source: Baytex Energy Corp.
Calgary, Alberta--(Newsfile Corp. - October 30, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "Company")  reports its operating and financial results for the three and nine months ended September 30, 2025 (all amounts are in Canadian dollars unless otherwise noted).

"Baytex delivered solid third-quarter results highlighted by record production in the Pembina Duvernay, strong free cash flow generation, and further progress on debt reduction," said Eric T. Greager, President and Chief Executive Officer. "Our heavy oil business continues to generate reliable returns and, through targeted land acquisitions, we are expanding our long-term inventory. In the Pembina Duvernay, a strategic property swap further consolidates our position, setting the stage for full-scale development. These results reinforce our focus on disciplined capital allocation and demonstrate the quality and value creation potential of our asset base as we work to drive sustainable value for shareholders."

Third Quarter 2025 Highlights

Delivered production of 150,950 boe/d (86% oil and NGL), a 1% increase in production per basic share compared to Q3/2024.Generated free cash flow(1) of $143 million ($0.19 per basic share).Achieved record Pembina Duvernay production of 10,185 boe/d (77% oil and NGL), up 53% compared to Q2/2025.Increased heavy oil production 5% over Q2/2025 with continued strong performance. Brought 15.6 net wells to sales in the Eagle Ford with strong execution, achieving a 12% improvement in drilling and completion costs, compared to 2024. Expanded our heavy oil development fairway and consolidated Pembina Duvernay acreage through targeted land acquisitions and a property swap. Reported cash flows from operating activities of $473 million ($0.62 per basic share).Generated net income of $32 million ($0.04 per basic share). Delivered adjusted funds flow(2) of $422 million ($0.55 per basic share).Reduced net debt(2) by 2% ($50 million) and maintained balance sheet strength with a total debt(3) to Bank EBITDA(3) ratio of 1.1x.2025 Outlook

We remain committed to disciplined capital allocation, prioritizing free cash flow and strengthening our balance sheet. We continue to execute our 2025 plan and anticipate full-year production of approximately 148,000 boe/d with exploration and development expenditures of approximately $1.2 billion.

Based on year-to-date actual results and the forward strip for the balance of 2025(4) we expect to generate free cash flow(2) of approximately $300 million in 2025. We continue to allocate 100% of free cash flow to debt repayment after funding quarterly dividend payments, targeting net debt of approximately $2.1 billion by year-end.

Our 2026 capital budget will be released in January following approval by our Board of Directors.

(1) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(2) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(3) Ratio is calculated as total debt on September 30, 2025 divided by EBITDA for the twelve months ended September 30, 2025. Total debt and EBITDA are calculated in accordance with our amended credit facilities agreement which is available on SEDAR+ at www.sedarplus.ca.
(4) Q4/2025 commodity prices: WTI - US$60/bbl; WCS differential - US$12/bbl; NYMEX Gas - US$3.40/MMbtu; Exchange Rate (CAD/USD) - 1.39.

  Three Months Ended  Nine Months Ended  September 30, 2025  June 30, 2025  September 30, 2024  September 30, 2025 September 30, 2024FINANCIAL
(thousands of Canadian dollars, except per common share amounts)         Petroleum and natural gas sales  $927,648   $886,579   $1,074,623   $ 2,813,357  $3,191,938 Adjusted funds flow (1)   422,232    366,919    537,947    1,253,021   1,494,632 Per share - basic   0.55    0.48    0.68    1.63   1.84 Per share - diluted   0.55    0.48    0.67    1.62   1.84 Free cash flow (2)   142,688    3,188    220,159    198,405   400,744 Per share - basic   0.19   —   0.28    0.26   0.49 Per share - diluted   0.18   —   0.28    0.26   0.49 Cash flows from operating activities   472,676    354,312    550,042    1,258,305   1,439,399 Per share - basic   0.62    0.46    0.69    1.64   1.78 Per share - diluted   0.61    0.46    0.69    1.63   1.77 Net income   31,968    151,549    185,219    253,108   275,074 Per share - basic   0.04    0.20    0.23    0.33   0.34 Per share - diluted   0.04    0.20    0.23    0.33   0.34 Dividends declared   17,326    17,304    17,732    51,919   54,387 Per share   0.0225    0.0225    0.0225    0.0675   0.0675          Capital Expenditures          Exploration and development expenditures  $270,364   $356,532   $306,332   $1,031,993  $1,058,456 Acquisitions and divestitures   15,770    468    (394)   15,229   35,638 Total oil and natural gas capital expenditures  $286,134   $357,000   $305,938   $1,047,222  $1,094,094          Net Debt          Credit facilities  $182,345   $333,516   $466,108   $182,345  $466,108 Long-term notes   1,855,605    1,817,707    1,856,869    1,855,605   1,856,869 Total debt (3)   2,037,950    2,151,223    2,322,977    2,037,950   2,322,977 Working capital deficiency (2)   206,408    142,717    170,292    206,408   170,292 Net debt (1)  $2,244,358   $2,293,940   $2,493,269   $2,244,358  $2,493,269          Shares Outstanding - basic (thousands)         Weighted average   768,317    768,717    796,064    769,481   810,589 End of period   768,317    768,317    787,328    768,317   787,328          BENCHMARK PRICES         Crude oil         WTI (US$/bbl)  $64.93   $63.74   75.10   $66.70  $77.54 MEH oil (US$/bbl)   67.03    65.56    77.50    68.65   79.85 MEH oil differential to WTI (US$/bbl)   2.10    1.82    2.40    1.95   2.31 Edmonton par ($/bbl)   86.20    84.15    97.91    88.54   98.46 Edmonton par differential to WTI (US$/bbl)   (2.35)   (2.94)   (3.30)   (3.40)  (5.16)WCS heavy oil ($/bbl)   75.14    74.10    83.98    77.80   84.45 WCS differential to WTI (US$/bbl)   (10.38)   (10.20)   (13.51)   (11.08)  (15.46)Natural gas         NYMEX (US$/MMbtu)  $3.07   $3.44   2.16   $3.39  $2.10 AECO ($/Mcf)   1.00    2.07    0.81    1.70   1.43          CAD/USD average exchange rate   1.3774    1.3840    1.3636    1.3988  1.3603Notes:

(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Calculated in accordance with our amended credit facilities agreement which is available on SEDAR+ at www.sedarplus.ca.

  Three Months Ended Nine Months Ended  September 30, 2025  June 30,
2025  September 30, 2024 September 30, 2025 September 30, 2024OPERATING          Daily Production          Light oil and condensate (bbl/d)   64,935    62,108    69,843  63,136 67,645Heavy oil (bbl/d)   45,269    42,959    42,759  42,825 42,342NGL (bbl/d)   19,067    19,948    19,836  19,353 19,767Total liquids (bbl/d)   129,271    125,015    132,438  125,314 129,754Natural gas (Mcf/d)   130,076    138,482    132,175  134,742 140,069Oil equivalent (boe/d @ 6:1) (1)   150,950    148,095    154,468  147,771 153,099          Adjusted Funds Flow (thousands of Canadian dollars)          Total sales, net of blending and other expense (2)  $ 877,898   $ 824,198   $ 1,022,721  $2,628,406 $3,008,143Royalties   (181,230)   (177,390)   (223,800) (566,557) (673,411)Operating expense   (160,284)   (161,020)   (167,119) (469,007) (508,259)Transportation expense   (35,295)   (32,907)   (36,883) (98,714 (100,032)Operating netback (2)  $501,089   $452,881   $594,919  $1,494,128) $1,726,441General and administrative expense   (20,736)   (22,220)   (17,895) (68,562) (61,313Cash interest   (43,873)   (44,875)   (50,109) (135,535) (157,335)Realized financial derivatives (loss) gain   (8,580)   (11,874)   331  (20,648) 3,562Other (3)   (5,668)   (6,993)   10,701  (16,362) (16,723)Adjusted funds flow (4)  $422,232   $366,919   $537,947  $1,253,021 $1,494,632          Adjusted Funds Flow (per boe)          Total sales, net of blending and other expense (2)  $ 63.22   $ 61.16   $ 71.97  $65.15 $71.71Royalties (5)   (13.05)   (13.16)   (15.75) (14.04) (16.05)Operating expense (5)   (11.54)   (11.95)   (11.76) (11.63) (12.12)Transportation expense (5)   (2.54)   (2.44)   (2.60) (2.45) (2.38)Operating netback (2)  $ 36.09   $ 33.61   $41.86  $37.03 $41.16General and administrative expense (5)   (1.49)   (1.65)   (1.26) (1.70) (1.46)Cash interest (5)   (3.16)   (3.33)   (3.53) (3.36 (3.75)Realized financial derivatives (loss) gain (5)   (0.62)   (0.88)   0.02  (0.51) 0.08Other (3)(5)   (0.42)   (0.52)   0.76  (0.40) (0.40)Adjusted funds flow  $ 30.40   $ 27.23   $ 37.85  $31.06 $35.63Notes:

(1) Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Other is comprised of realized foreign exchange gain or loss, other income or expense, current income tax recovery or expense and cash share-based compensation. Refer to the Q3/2025 MD&A for further information on these amounts.
(4) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(5) Calculated as royalties, operating expense, transportation expense, general and administrative expense, cash interest, realized financial derivatives gain or loss, or other, divided by barrels of oil equivalent production volume for the applicable period.

Financial Results

During the third quarter, we delivered operating and financial results in line with our full-year plan. Adjusted funds flow(1) was $422 million ($0.55 per basic share) and net income was $32 million ($0.04 per basic share).

We generated free cash flow(2) of $143 million and returned $17 million to shareholders through our quarterly dividend.

Net debt(1) decreased 2% ($50 million) to $2.2 billion, driven by strong free cash flow, partially offset by an unrealized foreign exchange loss from a weakening Canadian dollar on our U.S. dollar-denominated debt.

We maintain strong financial flexibility with US$1.1 billion in credit facilities that mature in June 2029 and are less than 15% drawn, positioning us well across various commodity price cycles.

Operations

Production averaged 150,950 boe/d (86% oil and NGL) in the third quarter, representing a 1% increase in production per basic share compared to Q3/2024. Consistent with our full-year plan, exploration and development expenditures for Q3/2025 totaled $270 million and we brought 69 (61.6 net) wells onstream.

Oil-Focused Eagle Ford Development

Eagle Ford production averaged 82,765 boe/d (82% oil and NGL), relatively unchanged from Q2/2025. Crude oil production averaged 52,330 bbl/d, up 3% from Q2/2025.

Our 2025 development program has largely focused on the black oil to condensate windows of our acreage. We brought 15.6 net wells onstream while achieving a 12% improvement in operated drilling and completion costs per completed lateral foot compared to 2024.

During the second quarter we successfully completed two refracs in the Lower Eagle Ford. The wells continue to deliver results comparable to our broader development program with improved capital efficiencies and returns. We anticipate an expanded refrac program in 2026.

Record Pembina Duvernay Production

Production from our Canadian light oil business averaged 19,589 boe/d (80% oil and NGL), up 20% from Q2/2025. The Pembina Duvernay represents our largest growth asset and accounted for approximately 50% of Canadian light oil production during the quarter.

We achieved record Pembina Duvernay production of 10,185 boe/d (77% oil and NGL) in Q3/2025, up 53% from Q2/2025. The third pad (10-31, 3 wells) from our 2025 program was brought onstream in September with two of three wells generating strong 30-day peak production rates averaging 1,380 boe/d per well (830 bbl/d of crude oil, 355 bbl/d of NGLs, 1,172 Mcf/d of natural gas). The third well encountered casing issues during completion and was subsequently abandoned.

Our 2025 program (3 pads, 8 producing wells) exceeded initial rate expectations and sets the stage for full commercialization. Strong production, combined with an 11% improvement in drilling and completion costs per completed lateral foot compared to 2024, has significantly improved well economics.

We have assembled 140 net sections of highly prospective lands and identified approximately 200 drilling locations. Over the next two years, we expect to transition to a one-rig drilling program with 18 to 20 wells per year, targeting production of 20,000-25,000 boe/d by 2029-2030.

Subsequent to quarter-end, we completed an asset swap in the Pembina Duvernay consolidating our southern acreage. This enables more efficient development of these lands commencing in 2026. In addition, in support of our ongoing development, we commissioned midstream infrastructure associated with our partnership with Gibson Energy. Construction of the infrastructure was completed on time and under budget.

(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.

Organic Heavy Oil Growth and Inventory Expansion

Heavy oil production averaged 47,280 boe/d (96% oil and NGL), up 5% from Q2/2025. Strong operating results reflect continued performance at Peavine, Peace River, and across the broader Mannville group in Lloydminster. We brought onstream 20.0 net wells during the quarter: 10 Clearwater wells at Peavine, 4 wells at Peace River, and 6 wells at Lloydminster.

We continue to build on our heavy oil expertise and enhance our long-term inventory of development prospects. During the quarter, we acquired 40.5 net sections of highly prospective lands at Peace River, and 4.5 net sections in northeast Alberta targeting the broader Mannville group.

To-date in 2025, through organic development and land acquisitions, we have added 200 drilling locations to our inventory count, bringing our heavy oil portfolio to 1,100 drilling locations. This supports approximately 10 years of drilling at our current pace of development.

Our heavy oil operations continue to deliver the strongest economic returns across our portfolio, supported by our extensive acreage, capital-efficient development, and the continued strength in Western Canadian Select pricing.

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.0225 per share, payable January 2, 2026 to shareholders of record on December 15, 2025.

Additional Information

Our condensed consolidated interim unaudited financial statements for the three and nine months ended September 30, 2025 and the related Management's Discussion and Analysis of the operating and financial results can be accessed on our website at www.baytexenergy.com and will be available shortly through SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.shtml.

Advisory Regarding Forward-Looking Statements
In the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "believe", "continue", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.

Specifically, this press release contains forward-looking statements relating to but not limited to: that we are working to drive sustainable value for shareholders; we are focused on disciplined capital allocation, prioritizing free cash flow, and strengthening our balance sheet; for 2025: our guidance for exploration and development expenditures, production and the amount of free cash flow we expect to generate and its expected allocation as between debt reduction and dividend payments; our targeted net debt at year-end 2025; the expected release date for our 2026 capital budget; the opportunity for an expanded 2026 refrac program; that our Pembina Duvernay lands are highly prospective, that we will transition to a one-rig program drilling 18-20 wells per year over the next two years and our targeted production of 25,000 boe/d by 2029-2030; and the number of years of drilling activity our heavy oil portfolio supports. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future.

These forward-looking statements are based on certain key assumptions regarding, among other things: oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; success obtained in drilling new wells; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; operating costs; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; our ability to market oil and natural gas successfully; that we will have sufficient financial resources in the future to provide shareholder returns; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.

Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the risk of an extended period of low oil and natural gas prices (including as a result of tariffs); risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; risks associated with achieving our total debt target, production guidance, exploration and development expenditures guidance; the amount of free cash flow we expect to generate; risk that the board of directors determines to allocate capital other than as set forth herein; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; risks associated with a third-party operating our Eagle Ford properties; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risk that we do not achieve our GHG emissions intensity reduction target; risks associated with our use of information technology systems; adverse results of litigation; that our Credit Facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks associated with expansion into new activities; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts, loss of foreign private issuer status; conflicts of interest between the Company and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Any decision to pay dividends on the Common Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) or acquire Common Shares pursuant to a share buyback (including through the current Normal Course Issuer Bid) will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions (including covenants contained in the agreements governing any indebtedness that the Company has incurred or may incur in the future, including the terms of the Credit Facilities) and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of Common Shares that the Company will acquire pursuant to a share buyback, if any, in the future. Further, the payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely.

These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2024 filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes.

This press release contains information that may be considered a financial outlook under applicable securities laws about the Company's potential financial position, including, but not limited to, our 2025 guidance for development expenditures; our expected 2025 free cash flow; and our intentions regarding the allocating our annual free cash flow; all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

All amounts in this press release are stated in Canadian dollars unless otherwise specified.

Specified Financial Measures

In this press release, we refer to certain financial measures (such as total sales, net of blending and other expense, operating netback, free cash flow, and working capital deficiency) which do not have any standardized meaning prescribed by IFRS. While these measures are commonly used in the oil and gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. This press release also contains the terms "adjusted funds flow" and "net debt" which are considered capital management measures. We believe that inclusion of these specified financial measures provides useful information to financial statement users when evaluating the financial results of Baytex.

Non-GAAP Financial Measures

Total sales, net of blending and other expense

Total sales, net of blending and other expense represents the revenues realized from produced volumes during a period. Total sales, net of blending and other expense is comprised of total petroleum and natural gas sales adjusted for blending and other expense. We believe including the blending and other expense associated with purchased volumes is useful when analyzing our realized pricing for produced volumes against benchmark commodity prices.

Operating netback

Operating netback and operating netback after financial derivatives are used to assess our operating performance and our ability to generate cash margin on a unit of production basis. Operating netback is comprised of petroleum and natural gas sales less blending and other expense, royalties, operating expense and transportation expense.

The following table reconciles total sales, net of blending and other expense and operating netback to petroleum and natural gas sales.

  Three Months Ended  Nine Months Ended($ thousands)  September 30, 2025  June 30, 2025  September 30, 2024  September 30, 2025 September 30, 2024Petroleum and natural gas sales  $927,648   $886,579   $1,074,623   $2,813,357  $3,191,938 Blending and other expense   (49,750)   (62,381)   (51,902)   (184,951)  (183,795)Total sales, net of blending and other expense  $ 877,898   $ 824,198   $ 1,022,721   $ 2,628,406  $ 3,008,143 Royalties   (181,230)   (177,390)   (223,800)   (566,557)  (673,411)Operating expense   (160,284)   (161,020)   (167,119)   (469,007)  (508,259)Transportation expense   (35,295)   (32,907)   (36,883)   (98,714)  (100,032)Operating netback  $ 501,089   $ 452,881   $ 594,919   $ 1,494,128  $ 1,726,441 Realized financial derivatives (loss) gain (1)   (8,580)   (11,874)   331    (20,648)  3,562 Operating netback after realized financial derivatives  $ 492,509   $ 441,007   $ 595,250   $ 1,473,480
$ 1,730,003(1) Realized financial derivatives gain or loss is a component of financial derivatives gain or loss. See the Financial Instruments and Risk Management note within the consolidated financial statements for the respective period end for further information.

Free cash flow

We use free cash flow to evaluate our financial performance and to assess the cash available for debt repayment, common share repurchases, dividends and acquisition opportunities. Free cash flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, additions to exploration and evaluation assets, additions to oil and gas properties, payments on lease obligations, and transaction costs.

Free cash flow is reconciled to cash flows from operating activities in the following table.

  Three Months Ended  Nine Months Ended($ thousands)  September 30,
2025  June 30,
2025  September 30
 2024  September 30,
 2025 September 30, 2024Cash flows from operating activities  $ 472,676   $ 354,312   $ 550,042   $ 1,258,305  $ 1,439,399 Change in non-cash working capital   (55,961)   9,042    (20,813)   (17,885)  31,350 Additions to exploration and evaluation assets  —   (930)  —   (930) —Additions to oil and gas properties   (270,364)   (355,602)   (306,332)   (1,031,063)  (1,058,456)Payments on lease obligations   (3,663)   (3,634)   (2,738)   (10,022)  (13,088)Transaction costs   —  —  —  —  1,539 Free cash flow  $ 142,688   $ 3,188   $ 220,159   $ 198,405  $400,744Working capital deficiency

Working capital deficiency is calculated as cash, trade receivables, and prepaids and other assets net of trade payables, share-based compensation liability, dividends payable, and other long-term liabilities. Working capital deficiency is used by management to measure the Company's liquidity. At September 30, 2025, the Company had $1.3 billion of available credit facility capacity to cover any working capital deficiencies.

The following table summarizes the calculation of working capital deficiency.

  As at($ thousands)  September 30, 2025  June 30, 2025 
September 30, 2024Cash  $(10,417)  $ (7,156) $ (21,311)Trade receivables   (324,287)   (363,507)  (375,942)Prepaids and other assets   (75,100)   (75,856)  (78,427)Trade payables   554,057    538,330   584,696 Share-based compensation liability   24,666    13,851   23,962 Dividends payable   17,326    17,304   17,732 Other long-term liabilities   20,163    19,751   19,582 Working capital deficiency  $206,408   $142,717  $170,292Non-GAAP Financial Ratios

Total sales, net of blending and other expense per boe

Total sales, net of blending and other per boe is used to compare our realized pricing to applicable benchmark prices and is calculated as total sales, net of blending and other expense divided by barrels of oil equivalent production volume for the applicable period.

Operating netback per boe

Operating netback per boe is equal to operating netback (a non-GAAP financial measure) divided by barrels of oil equivalent sales volume for the applicable period and is used to assess our operating performance on a unit of production basis.

Capital Management Measures

Net debt

We use net debt to monitor our current financial position and to evaluate existing sources of liquidity. We also use net debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Net debt is comprised of our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance costs, trade payables, share-based compensation liability, dividends payable, other long-term liabilities, cash, trade receivables, and prepaids and other assets.

The following table summarizes our calculation of net debt.

  As at($ thousands)  September 30, 2025  June 30, 2025 September 30, 2024Credit facilities  $166,841   $317,310  $449,116 Unamortized debt issuance costs - Credit facilities (1)   15,504    16,206   16,992 Long-term notes   1,815,230    1,776,647   1,810,701 Unamortized debt issuance costs - Long-term notes (1)   40,375    41,060   46,168 Trade payables   554,057    538,330   584,696 Share-based compensation liability   24,666    13,851   23,962 Dividends payable   17,326    17,304   17,732 Other long-term liabilities   20,163    19,751   19,582 Cash   (10,417)   (7,156)  (21,311)Trade receivables   (324,287)   (363,507)  (375,942)Prepaids and other assets   (75,100)   (75,856)  (78,427)Net debt  $ 2,244,358   $ 2,293,940  $2,493,269(1) Unamortized debt issuance costs were obtained from the Long-term Notes and Credit Facilities notes within the consolidated financial statements for the respective period end.

Adjusted funds flow

Adjusted funds flow is used to monitor operating performance and our ability to generate funds for exploration and development expenditures and settlement of abandonment obligations. Adjusted funds flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, asset retirement obligations settled, and transaction costs during the applicable period.

Adjusted funds flow is reconciled to amounts disclosed in the primary financial statements in the following table.

  Three Months Ended  Nine Months Ended($ thousands)  September 30,
2025  June 30,
2025  September 30,
2024  September 30,
2025September 30, 2024Cash flow from operating activities  $472,676   $ 354,312    550,042  $  1,258,305 $1,439,399Change in non-cash working capital   (55,961)   9,042    (20,813)   (17,885)31,350Asset retirement obligations settled   5,517    3,565    8,718    12,601 22,344Transaction costs   —  —  —  —1,539Adjusted funds flow  $ 422,232   $ 366,919   $ 537,947  $ 1,253,021
$1,494,632Advisory Regarding Oil and Gas Information

Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

References herein to average 30-day peak production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for us or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, we caution that the test results should be considered to be preliminary.

This presentation discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex's total proved, probable and unbooked locations. Proved locations and probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves, resources or production. In the Duvernay, Baytex's net drilling locations include 42 proved and 20 probable locations as at December 31, 2024 and 153 unbooked locations. In the heavy oil business unit, Baytex's net drilling locations include 149 proved and 112 probable locations as at December 31, 2024 and 839 unbooked locations.

Throughout this press release, "oil and NGL" refers to heavy crude oil, bitumen, light and medium crude oil, tight oil, condensate and natural gas liquids ("NGL") product types as defined by NI 51-101. The following table shows Baytex's disaggregated production volumes for the three and nine months ended September 30, 2025 and 2024. The NI 51-101 product types are included as follows: "Heavy Crude Oil" - heavy crude oil and bitumen, "Light and Medium Crude Oil" - light and medium crude oil, tight oil and condensate, "NGL" - natural gas liquids and "Natural Gas" - shale gas and conventional natural gas.

Three Months Ended September 30, 2025  Three Months Ended September 30, 2024Heavy
Crude Oil
(bbl/d)Light
and
Medium
Crude Oil
(bbl/d)NGL
(bbl/d)Natural
Gas
(Mcf/d)Oil
Equivalent
(boe/d)  Heavy
Crude Oil
(bbl/d)Light
and
Medium
Crude Oil
(bbl/d)NGL
(bbl/d)Natural
Gas
(Mcf/d)Oil
Equivalent
(boe/d)Canada - Heavy  Peace River 9,900 13 38 10,079 11,631    9,024 13 36 11,959 11,067 Lloydminster 13,260 26 1 1,224 13,491    12,792 19 — 1,659 13,088 Peavine 20,953 ——— 20,953    20,085 ——— 20,085 Remaining Properties 1,094 3 — 648 1,205    846 1 — 494 929   Canada - Light  Viking 56 7,500 210 9,832 9,404   — 9,328 183 9,152 11,036 Duvernay— 4,824 3,068 13,758 10,185   — 4,019 2,276 7,529 7,550 Remaining Properties 6 239 168 5,420 1,316    12 401 38 2,773 913   United States  Eagle Ford— 52,330 15,582 89,115 82,765   — 56,062 17,303 98,609 89,800   Total 45,269 64,935 19,067 130,076 150,950    42,759 69,843 19,836 132,175 154,468     Nine Months Ended September 30, 2025  Nine Months Ended September 30, 2024Heavy
Crude Oil
(bbl/d)Light
and
Medium
Crude Oil
(bbl/d)NGL
(bbl/d)Natural
Gas
(Mcf/d)Oil
Equivalent
(boe/d)  Heavy
Crude Oil
(bbl/d)Light
and
Medium
Crude Oil
(bbl/d)NGL
(bbl/d)Natural
Gas
(Mcf/d)Oil
Equivalent
(boe/d)Canada - Heavy  Peace River 9,805 13 30 9,850 11,490    9,206 10 41 10,931 11,079 Lloydminster 12,362 20 — 1,188 12,580    13,211 16 — 1,566 13,488 Peavine 19,455 ——— 19,455    19,211 ——— 19,211 Remaining Properties 1,113 2 — 687 1,229    706 32 — 344 795   Canada - Light  Viking 85 8,015 187 10,302 10,004   — 8,881 185 10,264 10,776 Duvernay— 3,478 2,488 9,485 7,547   — 2,782 1,892 6,291 5,723 Remaining Properties 5 324 494 10,823 2,627    8 402 373 9,766 2,411   United States  Eagle Ford— 51,284 16,154 92,407 82,839   — 55,522 17,276 100,907 89,616   Total 42,825 63,136 19,353 134,742 147,771    42,342 67,645 19,767 140,069 153,099Baytex Energy Corp.

Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta and offices in Houston, Texas. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272608

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Revenue Growth of 27% and Adjusted EBITDA Expansion of 51% with All Segments Contributing

Aggregates Pricing Increased 9% and Cash Unit Profitability Improved 17%

Ended the Third Quarter with Net Debt to Adjusted EBITDA of 2.4x Within Long-Term Target Two Quarters Ahead of Stated Goal

DALLAS--(BUSINESS WIRE)--Arcosa, Inc. (NYSE: ACA) (“Arcosa,” the “Company,” “We,” or “Our”), a provider of infrastructure-related products and solutions, today announced results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

 

Three Months Ended September 30,

2025

2024

% Change

($ in millions, except

per share amounts)

Revenues

$

797.8

$

640.4

25

%

Revenues, excluding the impact of divested business(1)

$

797.8

$

626.8

27

%

Net income

$

73.0

$

16.6

340

%

Adjusted Net Income(2)

$

77.3

$

44.6

73

%

Diluted EPS

$

1.48

$

0.34

335

%

Adjusted Diluted EPS(2)

$

1.56

$

0.91

71

%

Adjusted EBITDA(2)

$

174.2

$

114.0

53

%

Adjusted EBITDA Margin(2)

21.8

%

17.8

%

400 bps

Adjusted EBITDA, excluding impact from divested business(1)(2)

$

174.2

$

115.3

51

%

Adjusted EBITDA Margin, excluding impact from divested business(1)(2)

21.8

%

18.4

%

340 bps

Net cash provided by operating activities

$

160.6

$

135.0

19

%

Free Cash Flow(2)

$

134.0

$

107.2

25

%

Antonio Carrillo, President and Chief Executive Officer, commented, “Our third quarter performance underscores the success of our portfolio transformation. We had record results led by 27% revenue growth, roughly 50% Adjusted EBITDA improvement, and 340 basis points of Adjusted EBITDA Margin expansion. With strong third quarter cash conversion, we also achieved our stated leverage goal two quarters ahead of schedule and within one year of the transformational $1.2 billion Stavola acquisition.

“Within Construction Products, Stavola led our significant third quarter growth and was highly accretive to segment margin. In our aggregates business, total volumes increased 18%, supported by Stavola and organic expansion, and pricing increased 9%, resulting in double-digit unit profitability gains.

“Engineered Structures continues to deliver strong organic performance benefitting from increased demand in our utility structures business and higher volumes in our wind towers business. With significant tailwinds, the U.S. power market remains robust and our backlog in utility and related structures is at record levels. In our wind towers business, we received additional orders providing improved visibility for 2026 and 2027. New wind tower orders from two customers totaled approximately $117 million, of which $60 million was received after quarter end.

“Our barge business executed well, generating double-digit revenue and Adjusted Segment EBITDA growth and solid margin expansion in the quarter. The barge backlog is up 16% year-to-date, reflecting a 1.2 times book to bill for the first nine months and providing production visibility for both hopper and tank barges well into 2026.”

Carrillo concluded, “We ended the quarter with Net Debt to Adjusted EBITDA of 2.4 times, an improvement from 2.8 times at the end of the second quarter. Underscoring our commitment to balance sheet strength and financial flexibility, we repaid $100 million of the acquisition term loan financing during the quarter. With our leverage within our long-term target of 2.0 to 2.5 times, we will continue to take a balanced approach to capital allocation, investing in our businesses to further position our portfolio for sustainable long-term growth.”

2025 Outlook and Guidance

The Company made the following updates to its full year 2025 guidance:

Consolidated revenues range of $2.86 billion to $2.91 billion, compared to its previous guidance range of $2.85 billion to $2.95 billion.

Consolidated Adjusted EBITDA range of $575 million to $585 million, compared to its previous guidance range of $555 million to $585 million.

“Our outlook for the remainder of the year remains very positive. Overall demand trends are favorable, and we believe our U.S.-focused operations are well-aligned with long-term infrastructure and secular power market drivers. We have increased the mid-point of our Adjusted EBITDA guidance range and anticipate 32% growth in 2025 reflecting strong accretion from Stavola as well as double-digit organic expansion,” concluded Mr. Carrillo.

Third Quarter 2025 Results and Commentary

All comparisons are versus the prior year quarter unless noted otherwise.

Construction Products

Revenues increased 46% to a record $387.5 million driven by the contribution from the construction materials business of Stavola Holding Corporation and its affiliated entities (collectively “Stavola”), acquired in October 2024, which added $102.6 million to revenues during the quarter.

Organic revenues increased 7% due to higher pricing and increased volumes.

Adjusted Segment EBITDA increased 62% to a record $115.2 million and Adjusted Segment EBITDA Margin increased 300 basis points to 29.7% from 26.7% in the prior period. Freight-Adjusted Segment EBITDA Margin was 32.7% compared to 29.2% in the prior period.

Stavola contributed $44.5 million to Adjusted Segment EBITDA and organic Adjusted Segment EBITDA was roughly flat.

The accretive margin impact from Stavola was partially offset by operating inefficiencies in our legacy aggregates business largely due to production downtime at a few locations, which lowered cost absorption.

Within aggregates, total volumes increased 18% and Aggregates Freight-Adjusted Average Sales Price increased 9%, resulting in Aggregates Adjusted Cash Gross Profit per Ton growth of 17%.

Depreciation, depletion, and amortization expense increased $11.6 million, or 38%, primarily due to the acquisition of Stavola.

Engineered Structures

Revenues increased 11% to $311.0 million primarily due to higher volumes and improved pricing in utility structures and higher wind towers volumes.

Adjusted Segment EBITDA increased 29% to $57.0 million due to strong growth across our businesses. Margin expanded 240 basis points to 18.3% driven by increased pricing and operating improvements in our utility and related structures business.

Order activity for our utility structures business continues to be robust as our utility customers remain focused on improving and expanding the electricity grid. We ended the third quarter with record backlog for utility and related structures of $461.5 million, up 11% from the start of the year.

During the third quarter, we received wind tower orders of $57 million for delivery in 2026 and shifted some deliveries scheduled for 2028 into 2026, which provides additional near-term production visibility. The backlog for our wind towers business at the end of the quarter was $526.3 million.

During October, we received additional wind tower orders of approximately $60 million for delivery through 2027.

Transportation Products

Prior period results included revenues and Adjusted EBITDA of $13.6 million and $(1.3) million, respectively, for the steel components business, which was divested in August 2024.

Revenues for our barge business increased 22% primarily due to higher tank barge deliveries.

Excluding the impact of the divested steel components business, Adjusted Segment EBITDA increased 36%, to $17.6 million, driven by higher tank barge deliveries.

Adjusted Segment EBITDA Margin, excluding the divested steel components business, was 17.7% up from 15.8% in the prior period.

During the third quarter, we received barge orders totaling approximately $148 million for both hopper and tank barges, reflecting a book-to-bill of 1.5. With additional orders taken since the end of the quarter, our visibility for both hopper and tank barges extends well into the second half of 2026.

Our barge backlog at the end of the quarter was $325.9 million, up 16% from the start of the year. We expect to recognize approximately 30% of our current backlog during the remainder of 2025.

Corporate and Other Financial Notes

Excluding acquisition and divestiture-related costs, which have been excluded from Adjusted EBITDA, corporate expenses increased to $16.0 million from $13.4 million in the prior period primarily due to higher compensation-related costs.

Acquisition and divestiture-related costs were $0.1 million in the third quarter compared to $11.6 million in the prior period.

Interest expense totaled $27.1 million, an increase of $11.3 million from the prior period driven by the additional debt incurred to finance the Stavola acquisition.

The effective tax rate for the third quarter was 16.2% compared to 13.1% in the prior period. The increase in the rate was primarily due to higher state taxes and foreign adjustments.

Cash Flow and Liquidity

Operating cash flow was $160.6 million during the third quarter, an increase of $25.6 million compared to the prior period, primarily due to higher earnings.

Working capital was a $22.7 million net source of cash for the quarter compared to the prior period's $50.0 million net source of cash.

Capital expenditures in the third quarter were $39.6 million, compared to $34.4 million in the prior period.

Free Cash Flow for the quarter was $134.0 million, up from $107.2 million in the prior period.

During the quarter, we paid $100.0 million to reduce our outstanding term loan borrowings.

Net Debt to Adjusted EBITDA was 2.4x for the trailing twelve months, down from 2.8x at the end of the second quarter, and within our target leverage range of 2.0 to 2.5x.

We ended the quarter with total liquidity of $920.0 million, including $220.0 million of cash and cash equivalents and full availability under our $700 million revolving credit facility.

Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the accompanying tables to this earnings release.

Conference Call Information

A conference call is scheduled for 8:30 a.m. Eastern Time on October 31, 2025 to discuss third quarter 2025 results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa’s website at https://ir.arcosa.com. A slide presentation for this conference call will be posted on the Company’s website in advance of the call at https://ir.arcosa.com. The audio conference call number is 800-723-6494 for domestic callers and 785-424-1619 for international callers. The conference ID is ARCOSA and the passcode is 21352. An audio playback will be available through 11:59 p.m. Eastern Time on November 14, 2025, by dialing 800-839-2398 for domestic callers and 402-220-7208 for international callers. A replay of the webcast will be available for one year on Arcosa’s website at https://ir.arcosa.com/news-events/events-presentations.

About Arcosa

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: Construction Products, Engineered Structures, and Transportation Products. For more information, visit www.arcosa.com.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” “plans,” “goal,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the failure to successfully complete or integrate acquisitions, including Ameron and Stavola, or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa’s business products and services; the impact of Arcosa's level of indebtedness; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; impacts from the Inflation Reduction Act and One Big Beautiful Bill Act; the delivery or satisfaction of any backlog or firm orders; the impact of pandemics on Arcosa’s business; the impact of tariffs; and Arcosa’s ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see “Risk Factors” and the “Forward-Looking Statements” section of “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Arcosa's Form 10-K for the year ended December 31, 2024 and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

TABLES TO FOLLOW

Arcosa, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues

$

797.8

$

640.4

$

2,166.7

$

1,903.7

Cost of revenues

605.9

503.7

1,683.3

1,517.4

Gross profit

191.9

136.7

483.4

386.3

Selling, general, and administrative expenses

82.2

82.4

228.9

231.0

Other operating (income) expense

(2.6

)

20.5

(8.4

)

0.9

Operating profit

112.3

33.8

262.9

154.4

Interest expense

27.1

15.8

83.9

35.5

Interest income

(1.8

)

(3.8

)

(4.9

)

(6.2

)

Other nonoperating (income) expense

(0.1

)

2.7

(2.2

)

5.5

25.2

14.7

76.8

34.8

Income before income taxes

87.1

19.1

186.1

119.6

Provision for income taxes

14.1

2.5

29.8

18.2

Net income

$

73.0

$

16.6

$

156.3

$

101.4

Net income per common share:

Basic

$

1.49

$

0.34

$

3.19

$

2.08

Diluted

$

1.48

$

0.34

$

3.18

$

2.07

Weighted average number of shares outstanding:

Basic

49.0

48.7

48.9

48.6

Diluted

49.1

48.8

49.0

48.7

Arcosa, Inc.

Condensed Segment Data

(in millions)

(unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

Revenues:

2025

2024

2025

2024

Aggregates

$

218.1

$

170.6

$

577.4

$

499.2

Specialty materials and asphalt

146.9

63.0

353.4

192.2

Aggregates intrasegment sales

(13.4

)

—

(27.8

)

(0.6

)

Total Construction Materials

351.6

233.6

903.0

690.8

Construction site support

35.9

32.3

101.8

102.4

Construction Products

387.5

265.9

1,004.8

793.2

Utility and related structures

215.6

200.2

616.6

587.0

Wind towers

95.4

79.2

272.2

198.8

Engineered Structures

311.0

279.4

888.8

785.8

Inland barges

99.3

81.5

273.1

236.9

Steel components(1)

—

13.6

—

87.8

Transportation Products

99.3

95.1

273.1

324.7

Consolidated Total

$

797.8

$

640.4

$

2,166.7

$

1,903.7

Three Months Ended

September 30,

Nine Months Ended

September 30,

Operating profit (loss):

2025

2024

2025

2024

Construction Products

$

71.4

$

40.4

$

148.3

$

108.6

Engineered Structures

44.9

32.6

126.7

94.0

Transportation Products(1)

12.1

(14.2

)

34.8

13.0

Segment Total

128.4

58.8

309.8

215.6

Corporate

(16.1

)

(25.0

)

(46.9

)

(61.2

)

Consolidated Total

$

112.3

$

33.8

$

262.9

$

154.4

Backlog:

September 30,

2025

December 31,

2024

September 30,

2024

Engineered Structures:

Utility and related structures

$

461.5

$

414.0

$

418.3

Wind towers

$

526.3

$

776.8

$

846.3

Transportation Products:

Inland barges

$

325.9

$

280.1

$

244.7

Arcosa, Inc.

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

 

September 30, 2025

December 31, 2024

Current assets:

Cash and cash equivalents

$

220.0

$

187.3

Receivables, net of allowance

480.3

350.2

Inventories

420.7

359.9

Other

51.2

56.6

Total current assets

1,172.2

954.0

Property, plant, and equipment, net

2,088.1

2,129.4

Goodwill

1,348.9

1,361.2

Intangibles, net

317.6

338.3

Deferred income taxes

2.6

2.8

Other assets

123.6

129.8

$

5,053.0

$

4,915.5

Current liabilities:

Accounts payable

$

319.3

$

237.3

Accrued liabilities

179.8

166.4

Advance billings

71.3

100.2

Current portion of long-term debt

9.3

12.1

Total current liabilities

579.7

516.0

Debt

1,573.8

1,676.8

Deferred income taxes

220.9

200.6

Other liabilities

93.7

93.9

2,468.1

2,487.3

Stockholders' equity:

Common stock

0.5

0.5

Capital in excess of par value

1,703.9

1,696.5

Retained earnings

897.7

748.9

Accumulated other comprehensive loss

(17.1

)

(17.7

)

Treasury stock

(0.1

)

—

2,584.9

2,428.2

$

5,053.0

$

4,915.5

Arcosa, Inc.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

Nine Months Ended

September 30,

2025

2024

Operating activities:

Net income

$

156.3

$

101.4

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

Depreciation, depletion, and amortization

165.9

134.6

Impairment charge

2.0

5.8

Stock-based compensation expense

19.8

19.0

Gain on disposition of assets and sale of businesses

(10.4

)

(4.9

)

Provision for deferred income taxes

21.5

14.7

(Increase) decrease in other assets

0.5

(1.9

)

Increase (decrease) in other liabilities

(4.5

)

(16.4

)

Other

3.6

(3.8

)

Changes in current assets and liabilities:

(Increase) decrease in receivables

(131.3

)

(45.5

)

(Increase) decrease in inventories

(60.0

)

33.1

(Increase) decrease in other current assets

5.4

3.7

Increase (decrease) in accounts payable

81.9

(24.8

)

Increase (decrease) in advance billings

(28.9

)

(4.1

)

Increase (decrease) in accrued liabilities

(0.7

)

42.9

Net cash provided by operating activities

221.1

253.8

Investing activities:

Proceeds from disposition of assets

23.8

14.0

Proceeds from sale of businesses

—

86.4

Capital expenditures

(101.4

)

(136.4

)

Cash received (paid) for acquisitions

17.6

(214.6

)

Net cash required by investing activities

(60.0

)

(250.6

)

Financing activities:

Payments to retire debt

(107.7

)

(260.2

)

Proceeds from issuance of debt

—

935.0

Dividends paid to common stockholders

(7.5

)

(7.3

)

Purchase of shares to satisfy employee tax on vested stock

(12.4

)

(10.5

)

Debt issuance costs

(0.8

)

(8.2

)

Net cash (required) provided by financing activities

(128.4

)

648.8

Net increase in cash and cash equivalents

32.7

652.0

Cash and cash equivalents at beginning of period

187.3

104.8

Cash and cash equivalents at end of period

$

220.0

$

756.8

Arcosa, Inc.

Reconciliation of Adjusted Net Income and Adjusted Diluted EPS

(unaudited)

GAAP does not define “Adjusted Net Income” and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period.

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

(in millions)

Net income

$

73.0

$

16.6

$

156.3

$

101.4

Loss on sale of businesses, net of tax

2.7

17.7

4.6

2.7

Impact of acquisition and divestiture-related expenses, net of tax(1)

0.1

10.3

1.1

16.7

Impairment charge, net of tax

1.5

—

1.5

4.5

Adjusted Net Income

$

77.3

$

44.6

$

163.5

$

125.3

GAAP does not define “Adjusted Diluted EPS” and it should not be considered as an alternative to earnings measures defined by GAAP, including diluted EPS. We use this metric to assess the operating performance of our consolidated business. We adjust diluted EPS for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period.

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

(in dollars per share)

Diluted EPS

$

1.48

$

0.34

$

3.18

$

2.07

Loss on sale of businesses

0.05

0.36

0.09

0.05

Impact of acquisition and divestiture-related expenses(1)

—

0.21

0.02

0.34

Impairment charge

0.03

—

0.03

0.09

Adjusted Diluted EPS

$

1.56

$

0.91

$

3.32

$

2.55

Three Months Ended

September 30,

Nine Months Ended

September 30,

Full Year

2025 Guidance

2025

2024

2025

2024

Low

High

Revenues

$

797.8

$

640.4

$

2,166.7

$

1,903.7

$

2,860.0

$

2,910.0

Net income

73.0

16.6

156.3

101.4

201.4

203.9

Add:

Interest expense, net

25.3

12.0

79.0

29.3

101.0

103.0

Provision for income taxes

14.1

2.5

29.8

18.2

41.3

44.8

Depreciation, depletion, and amortization expense(1)

56.2

45.2

165.9

134.6

224.0

226.0

EBITDA

168.6

76.3

431.0

283.5

567.7

577.7

Add (less):

Loss on sale of businesses

3.6

23.0

6.1

3.5

6.1

6.1

Impact of acquisition and divestiture-related expenses(2)

0.1

12.0

1.4

20.4

1.4

1.4

Impairment charge

2.0

—

2.0

5.8

2.0

2.0

Other, net (income) expense

(0.1

)

2.7

(2.2

)

5.5

(2.2

)

(2.2

)

Adjusted EBITDA

$

174.2

$

114.0

$

438.3

$

318.7

$

575.0

$

585.0

Adjusted EBITDA Margin

21.8

%

17.8

%

20.2

%

16.7

%

20.1

%

20.1

%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Twelve Months

Ended

September 30,

2025

2024

2025

2024

2025

Construction Products

Revenues

$

387.5

$

265.9

$

1,004.8

$

793.2

$

1,316.7

Operating Profit

71.4

40.4

148.3

108.6

173.6

Add: Depreciation, depletion, and amortization expense(1)

41.8

30.2

122.2

89.7

167.2

Segment EBITDA

113.2

70.6

270.5

198.3

340.8

Less: Gain on sale of businesses

—

—

—

(5.0

)

—

Add: Impact of acquisition and divestiture-related expenses(2)

—

0.4

—

1.7

10.5

Add: Impairment charge

2.0

—

2.0

5.8

2.0

Adjusted Segment EBITDA

$

115.2

$

71.0

$

272.5

$

200.8

$

353.3

Adjusted Segment EBITDA Margin

29.7

%

26.7

%

27.1

%

25.3

%

26.8

%

Engineered Structures

Revenues

$

311.0

$

279.4

$

888.8

$

785.8

$

1,150.3

Operating Profit

44.9

32.6

126.7

94.0

159.1

Add: Depreciation and amortization expense(1)

12.1

11.7

36.8

32.1

50.1

Segment EBITDA

57.0

44.3

163.5

126.1

209.2

Add: Impact of acquisition and divestiture-related expenses(2)

—

—

—

1.6

—

Less: Gain on sale of businesses

—

—

—

(14.5

)

—

Adjusted Segment EBITDA

$

57.0

$

44.3

$

163.5

$

113.2

$

209.2

Adjusted Segment EBITDA Margin

18.3

%

15.9

%

18.4

%

14.4

%

18.2

%

Transportation Products

Revenues

$

99.3

$

95.1

$

273.1

$

324.7

$

366.0

Operating Profit (Loss)

12.1

(14.2

)

34.8

13.0

52.0

Add: Depreciation and amortization expense

1.9

2.8

5.7

10.9

7.4

Segment EBITDA

14.0

(11.4

)

40.5

23.9

59.4

Add: Loss on sale of businesses

3.6

23.0

6.1

23.0

4.7

Adjusted Segment EBITDA

$

17.6

$

11.6

$

46.6

$

46.9

$

64.1

Adjusted Segment EBITDA Margin

17.7

%

12.2

%

17.1

%

14.4

%

17.5

%

Operating Loss - Corporate

$

(16.1

)

$

(25.0

)

$

(46.9

)

$

(61.2

)

$

(78.6

)

Add: Impact of acquisition and divestiture-related expenses - Corporate(2)

0.1

11.6

1.4

17.1

17.0

Add: Corporate depreciation expense

0.4

0.5

1.2

1.9

1.6

Adjusted EBITDA

$

174.2

$

114.0

$

438.3

$

318.7

$

566.6

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Aggregates

Aggregates revenues

$

218.1

$

170.6

$

577.4

$

499.2

Less: Freight and other revenues

(37.2

)

(29.6

)

(99.7

)

(92.2

)

Aggregates Freight-Adjusted Revenues

$

180.9

$

141.0

$

477.7

$

407.0

Aggregates gross profit

61.5

44.0

144.4

124.4

Add: Depreciation, depletion, and amortization

24.9

18.3

72.1

53.8

Add: Impact of acquisition and divestiture-related expenses

—

0.4

—

1.7

Aggregates Adjusted Cash Gross Profit

$

86.4

$

62.7

$

216.5

$

179.9

Aggregates shipments - tons

9.9

8.4

26.5

24.7

Aggregates Freight-Adjusted Average Sales Price

$

18.27

$

16.79

$

18.03

$

16.48

Aggregates Adjusted Cash Gross Profit per Ton

$

8.73

$

7.46

$

8.17

$

7.28

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Construction Products

Revenues

$

387.5

$

265.9

$

1,004.8

$

793.2

Less: Freight revenues

(35.2

)

(22.7

)

(87.7

)

(73.7

)

Freight-Adjusted Revenues

$

352.3

$

243.2

$

917.1

$

719.5

Adjusted Segment EBITDA(1)

$

115.2

$

71.0

$

272.5

$

200.8

Adjusted Segment EBITDA Margin(1)

29.7

%

26.7

%

27.1

%

25.3

%

Freight-Adjusted Segment EBITDA Margin

32.7

%

29.2

%

29.7

%

27.9

%

(1) See Reconciliation of Adjusted Segment EBITDA table.

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Cash provided by operating activities

$

160.6

$

135.0

$

221.1

$

253.8

Capital expenditures

(39.6

)

(34.4

)

(101.4

)

(136.4

)

Proceeds from disposition of assets

13.0

6.6

23.8

14.0

Free Cash Flow

$

134.0

$

107.2

$

143.5

$

131.4

September 30,

2025

Total debt excluding debt issuance costs

$

1,599.4

Cash and cash equivalents

220.0

Net Debt

$

1,379.4

Adjusted EBITDA (trailing twelve months)

$

566.6

Net Debt to Adjusted EBITDA

2.4

Arcosa, Inc.

Reconciliation of Adjusted EBITDA for Steel Components and Stavola

(in millions)

(unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2024

Steel Components

Operating Loss

$

(25.4

)

$

(20.9

)

Add: Depreciation and amortization expense

1.1

5.9

Steel Components EBITDA

(24.3

)

(15.0

)

Add: Loss on sale of business

23.0

23.0

Steel Components Adjusted EBITDA

$

(1.3

)

$

8.0

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2025

Stavola

Operating Profit

$

32.3

$

44.2

Add: Depreciation, depletion, and amortization expense

12.2

33.5

Stavola EBITDA

44.5

77.7

Stavola Adjusted EBITDA

$

44.5

$

77.7

More News From Arcosa, Inc.

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RICHMOND, Va.--(BUSINESS WIRE)--NewMarket Corporation (NYSE:NEU) Chairman and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the third quarter and first nine months of 2025.

Net income for the third quarter of 2025 was $100.3 million, or $10.67 per share, compared to net income of $132.3 million, or $13.79 per share, for the same period last year. For the first nine months of 2025, net income was $337.5 million, or $35.78 per share, compared to $351.7 million, or $36.66 per share, for the same period in 2024.

Petroleum additives sales for the third quarter of 2025 were $649.1 million, compared to $663.0 million for the same period in 2024. Petroleum additives operating profit for the third quarter of 2025 was $131.3 million, compared to $157.5 million for the third quarter of 2024, which was a record quarter for this segment. The decrease in petroleum additives operating profit was primarily driven by one-time charges during the quarter, including those related to optimizing our global manufacturing network to become more efficient. A 4.1% decline in shipments between quarterly periods and an increase in technology investments also contributed to the decrease in petroleum additives operating profit. The decline in shipments was mainly driven by lubricant additives shipments, partially offset by an increase in fuel additives shipments.

Petroleum additives sales were $1.9 billion for the first nine months of 2025, compared to $2.0 billion for the same period in 2024. Petroleum additives operating profit for the first nine months of 2025 was $413.2 million, compared to $456.2 million in the same period last year. The drivers for the decrease in operating profit between these periods were consistent with those affecting the third quarter comparison discussed above. Shipments decreased 4.6% when comparing the first nine months of 2025 with the same period in 2024, driven by softness in the market and our strategic decision to examine and reduce low-margin business.

Specialty materials sales were $38.2 million for the third quarter of 2025, compared to $59.1 million for the third quarter of 2024. Specialty materials operating profit was $6.0 million for the third quarter of 2025, compared to operating profit of $16.0 million for the third quarter of 2024. The decrease in specialty materials operating profit was primarily driven by decreased volumes. As previously stated, we will see substantial variation in quarterly results for the specialty materials segment on an ongoing basis due to the nature of its business.

Specialty materials sales were $133.9 million for the first nine months of 2025, compared to $114.2 million for the first nine months of 2024. Specialty materials operating profit for the first nine months of 2025 was $39.7 million, compared to $16.0 million in the same period last year. Specialty materials sales and operating profit for the first nine months of 2024 reflect financial results since the acquisition of American Pacific Corporation (AMPAC) on January 16, 2024.

As previously announced, we expanded our investment in the specialty materials segment through the October 1, 2025 acquisition of Calca Solutions, LLC (Calca). Calca is the nation's leading producer of UltraPure and high-purity hydrazine, mission-critical propellants used in advanced aerospace and defense applications. Since 2024, through our acquisitions of AMPAC and Calca and our investments to expand capacity at both operations, we have committed approximately $1 billion to this resilient, high-technology specialty materials segment.

Our operations generated solid cash flows during the first nine months of 2025. We paid dividends of $77.7 million, repurchased common stock for $77.2 million, and funded capital expenditures of $49.6 million. Additionally, we reduced our long-term debt by $188.2 million (Net Debt by $213.2 million) during the first nine months of 2025, driving our Net Debt to EBITDA ratio down to 0.9 as of September 30, 2025.

The cash flows generated by operations enable us to continue to provide value to our shareholders through reinvestment in our businesses for growth and efficiency, acquisitions, share repurchases, and dividends. Earlier today, the Company's Board of Directors approved raising the quarterly dividend 9% from $2.75 per share on our common stock to $3.00 per share for the dividend that is payable January 2, 2026.

We are pleased with the performance of both our petroleum additives and specialty materials segments during the first nine months of 2025. We are experiencing impacts to the petroleum additives segment due to market softness and the uncertain global economic environment in which we operate. Nonetheless, we anticipate continued solid results from this segment. We will continue to focus on cost control and margin management, while advancing our initiatives to build a global manufacturing network that will enable more efficient product delivery to our customers in the years ahead. We are also excited about expanding production in the specialty materials segment to provide more capacity and a stronger supply chain for our customers, and we expect to see that capacity come online in the second half of 2026.

We continue to monitor the uncertain macroeconomic environment, particularly the changes in international trade relations and tariffs, and assess the potential impacts to our operations. Our dedicated team makes decisions to promote long-term value for our shareholders and customers, and remains focused on our long-term objectives. We believe the fundamentals of how we run our business - a long-term view, safety-first culture, customer-focused solutions, technology-driven product offerings, and world-class supply chain capability - will continue to be beneficial for all our stakeholders.

Sincerely,

Thomas E. Gottwald

The petroleum additives segment consists of the North America (the United States and Canada), Latin America (Mexico, Central America, and South America), Asia Pacific, and Europe/Middle East/Africa/India (Europe or EMEAI) regions. The specialty materials segment operates primarily in North America.

The Company has disclosed the non-GAAP financial measures EBITDA, Net Debt, and Net Debt to EBITDA, as well as the related calculations in the schedules included with this earnings release. EBITDA is defined as income from continuing operations before the deduction of interest and financing expenses, income taxes, depreciation (on property, plant, and equipment) and amortization (on intangibles and lease right-of-use assets). Net Debt is defined as long-term debt, including current maturities, less cash and cash equivalents. Net Debt to EBITDA is defined as Net Debt divided by EBITDA for the rolling four quarters ended as of the specified date. The Company believes that even though these items are not required by or presented in accordance with United States generally accepted accounting principles (GAAP), these additional measures enhance understanding of the Company’s performance and period to period comparability. The Company believes that these items should not be considered an alternative to our results determined under GAAP.

As a reminder, a conference call and webcast is scheduled for 3:00 p.m. ET on Friday, October 31, 2025, to review third quarter 2025 financial results. You can access the conference call live by dialing 1-877-545-0523 (domestic) or 1-973-528-0016 (international) and requesting the NewMarket conference call. To avoid delays, callers should dial in five minutes early. A teleconference replay of the call will be available until Friday, November 7, 2025, at 3:00 p.m. ET by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international). The replay passcode number is 53053. The call will also be broadcast via the internet and can be accessed through the Company’s website at www.newmarket.com or www.webcaster5.com/Webcast/Page/2001/53053. A webcast replay will be available for 30 days.

NewMarket Corporation is a holding company operating through its subsidiaries, Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), American Pacific Corporation (AMPAC), and Calca Solutions, LLC (Calca). The Afton and Ethyl companies develop, manufacture, blend, and deliver chemical additives that enhance the performance of petroleum products. AMPAC is a manufacturer of specialty materials primarily used in solid rocket motors for the aerospace and defense industries. Calca is the nation’s leading producer of UltraPure and high-purity hydrazine – essential, mission-critical propellants that enable advanced aerospace and defense applications. The NewMarket family of companies has a long-term commitment to its people, to safety, to providing innovative solutions for its customers, and to making the world a better place.

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industries; failure to protect our intellectual property rights; sudden, sharp, or prolonged raw material price increases; competition from other manufacturers; current and future governmental regulations; the loss of significant customers; termination or changes to contracts with contractors and subcontractors of the U.S. government or directly with the U.S. government; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, wars and health-related epidemics; risks related to operating outside of the United States, including tariffs and trade policy; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from acquisitions, or our inability to successfully integrate acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, which is available to shareholders at www.newmarket.com.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

NEWMARKET CORPORATION AND SUBSIDIARIES

SEGMENT RESULTS AND OTHER FINANCIAL INFORMATION

(In thousands, except per-share amounts, unaudited)

Third Quarter Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net Sales:

Petroleum additives

$

649,085

$

663,014

$

1,948,514

$

2,010,104

Specialty materials

38,178

59,094

133,936

114,151

All other

3,048

2,839

7,316

7,656

Total

$

690,311

$

724,947

$

2,089,766

$

2,131,911

Segment operating profit:

Petroleum additives

$

131,307

$

157,468

$

413,249

$

456,196

Specialty materials

5,985

15,962

39,719

15,967

All other

(576

)

(93

)

(2,228

)

(1,548

)

Segment operating profit

136,716

173,337

450,740

470,615

Corporate unallocated expense

(5,692

)

(3,953

)

(16,992

)

(13,495

)

Interest and financing expenses

(8,374

)

(14,157

)

(29,809

)

(45,721

)

Other income (expense), net

12,959

13,944

43,471

38,459

Income before income tax expense

$

135,609

$

169,171

$

447,410

$

449,858

Net income

$

100,269

$

132,322

$

337,462

$

351,674

Earnings per share - basic and diluted

$

10.67

$

13.79

$

35.78

$

36.66

NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per-share amounts, unaudited)

Third Quarter Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net sales

$

690,311

$

724,947

$

2,089,766

$

2,131,911

Cost of goods sold

480,667

481,107

1,423,145

1,453,251

Gross profit

209,644

243,840

666,621

678,660

Selling, general, and administrative expenses

43,944

42,124

132,350

129,329

Research, development, and testing expenses

35,024

32,193

100,574

92,056

Operating profit

130,676

169,523

433,697

457,275

Interest and financing expenses, net

8,374

14,157

29,809

45,721

Other income (expense), net

13,307

13,805

43,522

38,304

Income before income tax expense

135,609

169,171

447,410

449,858

Income tax expense

35,340

36,849

109,948

98,184

Net income

$

100,269

$

132,322

$

337,462

$

351,674

Earnings per share - basic and diluted

$

10.67

$

13.79

$

35.78

$

36.66

Cash dividends declared per share

$

2.75

$

2.50

$

8.25

$

7.50

NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts, unaudited)

September 30,

2025

December 31,

2024

ASSETS

Current assets:

Cash and cash equivalents

$

102,455

$

77,476

Trade and other accounts receivable, less allowance for credit losses

438,789

395,450

Inventories

512,168

505,426

Prepaid expenses and other current assets

47,731

51,203

Total current assets

1,101,143

1,029,555

Property, plant, and equipment, net

739,742

735,361

Intangibles (net of amortization) and goodwill

731,463

750,424

Prepaid pension cost

527,147

490,418

Operating lease right-of-use assets, net

78,868

71,253

Deferred charges and other assets

55,827

52,530

Total assets

$

3,234,190

$

3,129,541

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

265,778

$

225,874

Accrued expenses

83,228

89,277

Dividends payable

21,573

22,037

Income taxes payable

18,529

15,798

Operating lease liabilities

16,908

15,337

Other current liabilities

4,471

6,155

Total current liabilities

410,487

374,478

Long-term debt

783,104

971,281

Operating lease liabilities - noncurrent

61,928

54,754

Other noncurrent liabilities

288,275

267,445

Total liabilities

1,543,794

1,667,958

Shareholders' equity:

Common stock and paid-in capital (with no par value; issued and outstanding shares - 9,397,122 at September 30, 2025 and 9,524,789 at December 31, 2024)

1,614

0

Accumulated other comprehensive income

72,842

32,870

Retained earnings

1,615,940

1,428,713

Total shareholders' equity

1,690,396

1,461,583

Total liabilities and shareholders' equity

$

3,234,190

$

3,129,541

NEWMARKET CORPORATION AND SUBSIDIARIES

SELECTED CONSOLIDATED CASH FLOW DATA

(In thousands, unaudited)

Nine Months Ended September 30,

2025

2024

Net income

$

337,462

$

351,674

Depreciation and amortization

90,371

84,894

Cash pension and postretirement contributions

(7,189

)

(8,940

)

Working capital changes

4,517

(81,866

)

Deferred income tax expense (benefit)

12,198

(10,468

)

Capital expenditures

(49,639

)

(42,700

)

Acquisition of business, net of cash acquired

0

(681,479

)

Net borrowings under revolving credit facility

11,000

191,000

Principal payment on 3.78% senior note

(50,000

)

0

(Payment) proceeds on term loan

(150,000

)

250,000

Dividends paid

(77,739

)

(71,959

)

Repurchases of common stock

(77,218

)

0

Debt issuance costs

0

(2,251

)

All other

(18,784

)

(9,531

)

Increase (decrease) in cash and cash equivalents

$

24,979

$

(31,626

)

NEWMARKET CORPORATION AND SUBSIDIARIES

NON-GAAP FINANCIAL INFORMATION

(In thousands, unaudited)

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

Third Quarter Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net Income

$

100,269

$

132,322

$

337,462

$

351,674

Add:

Interest and financing expenses, net

8,374

14,157

29,809

45,721

Income tax expense

35,340

36,849

109,948

98,184

Depreciation and amortization

32,716

29,379

89,217

83,572

EBITDA

$

176,699

$

212,707

$

566,436

$

579,151

Net Debt and Net Debt to EBITDA

September 30,

2025

December 31,

2024

Long-term debt

$

783,104

$

971,281

Less: Cash and cash equivalents

102,455

77,476

Net Debt

$

680,649

$

893,805

Rolling Four Quarters Ended

September 30,

2025

December 31,

2024

Net Income

$

448,201

$

462,413

Add:

Interest and financing expenses, net

41,454

57,366

Income tax expense

133,458

121,694

Depreciation and amortization

120,895

115,250

EBITDA-Rolling Four Quarters

$

744,008

$

756,723

Net Debt to EBITDA

0.9

1.2

Palantir sues ex-engineers at new AI startup backed by General Catalyst, claiming they stole its 'crown jewels'

By

Julia Hornstein

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Alex Karp, CEO of Palantir

Kevin Dietsch/Getty Images

2025-10-30T21:05:33Z

Palantir sues two ex-employees for using "deception and stolen documents" at an AI startup, Percepta
The civil complaint highlights tension between established tech firms and disruptive AI startups
Venture capital firm General Catalyst launched Percepta in early October

Palantir Technologies has its claws out for a new startup on the block.

On Thursday, the defense tech and data giant sued two former employees who now work at Percepta, a startup building software to help integrate AI into large companies, governments, and healthcare systems. General Catalyst, a venture capital firm with IPO ambitions that recently bought a hospital chain, launched the company in early October.

In a Federal lawsuit, Palantir claims the two ex-engineers "exploited their prior access of Palantir's confidential information, proprietary methodologies, and customer relationships to the benefit of a copycat 'version' of Palantir."

The company also says it found out about Percepta only after the startup "emerged from 'stealth' mode, professing to have developed in 11 months the same product and business that took Palantir decades to develop." Palantir alleges it hadn't known where either former employee was working until General Catalyst announced Percepta's launch.

The dispute goes beyond a tussle between a company and its former staffers: It underscores the growing tension between established tech giants and fast-moving AI startups hoping to disrupt the status quo. Palantir — long known for its government work and tight control over its technology — is accusing a buzzy new entrant, backed by a heavyweight investor, of trying to replicate its playbook in a matter of months.

Palantir is no stranger to courtroom clashes. In 2011, it settled a lawsuit brought by i2, a software company now owned by IBM, which had accused Palantir of obtaining its software through a company registered under the names of now-CTO Shyam Sankar's parents.

General Catalyst, one of Silicon Valley's most formidable venture capital firms, has been laying the groundwork to potentially become one of the first VCs to go public, Business Insider reported in May.

Palantir and General Catalyst didn't return requests for comment.

The former employees were "entrusted with Palantir's crown jewels: its source code, internal healthcare demonstration workspace, deployed customer workflows, and proprietary customer engagement strategies," the complaint, which was filed in Manhattan, said. It also alleges that the day after one of the employees in the complaint resigned, she sent herself "highly confidential documents" related to Palantir's healthcare business and how it uses its AI platform to help customers.

The lawsuit also claims the two employees violated their noncompete agreements with Palantir.

AI

Read next

Q3: 2025-10-29 Earnings SummaryEPS of $1.74 beats by $0.59

 |

Revenue of

$697.20M

(-25.82% Y/Y)

misses by $16.12M

Sun Communities, Inc. (SUI) Q3 2025 Earnings Call October 30, 2025 2:00 PM EDT

Company Participants

Charles Young - CEO & Director
John McLaren - President
Fernando Castro-Caratini - Executive VP, CFO, Treasurer & Secretary
Aaron Weiss - Executive Vice President of Corporate Strategy & Business Development

Conference Call Participants

Steve Sakwa - Evercore ISI Institutional Equities, Research Division
James Feldman - Wells Fargo Securities, LLC, Research Division
Jana Galan - BofA Securities, Research Division
John Kim - BMO Capital Markets Equity Research
Eric Wolfe - Citigroup Inc., Research Division
Adam Kramer - Morgan Stanley, Research Division
Michael Goldsmith - UBS Investment Bank, Research Division
Jason Wayne - Barclays Bank PLC, Research Division
Wesley Golladay - Robert W. Baird & Co. Incorporated, Research Division
Brad Heffern - RBC Capital Markets, Research Division
David Segall
Omotayo Okusanya - Deutsche Bank AG, Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities Third Quarter 2025 Earnings Conference Call.

At this time, management would like me to inform you that certain statements made during the call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. Factors and risks that could cause actual results to differ materially from expectations are detailed in today's press release and from time to time in the company's periodic filings with the SEC. The company undertakes no obligations to advise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Having said that, I would like to introduce management with us today: Charles Young, Chief Executive Officer; John McLaren, President; Fernando Castro-Caratini, Chief Financial Officer; and Aaron Weiss, Executive Vice President of Corporate

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WPP plc (WPP) Q3 2025 Sales Call October 30, 2025 5:30 AM EDT

Company Participants

Cindy Rose Quackenbush - CEO & Director
Joanne Wilson - CFO & Director
Thomas Singlehurst

Conference Call Participants

Laura Metayer - Morgan Stanley, Research Division
Julien Roch - Barclays Bank PLC, Research Division
Annick Maas - Sanford C. Bernstein & Co., LLC., Research Division
Adam Berlin - UBS Investment Bank, Research Division
Adrien de Saint Hilaire - BofA Securities, Research Division
Nicolas Langlet - BNP Paribas, Research Division
Richard Kramer - Arete Research Services LLP
Steven Craig Liechti - Deutsche Bank AG, Research Division

Presentation

Cindy Rose Quackenbush
CEO & Director

Good morning, everyone, and thank you for joining. For those of you that I have not yet met, I'm Cindy Rose, and I'm delighted to have taken on the role of CEO of WPP 60 days ago.

I want to speak to you candidly today. I acknowledge that many of our investors have been on a challenging journey with WPP, and today's results underline those challenges. I've read the commentary, followed the share price performance. I fully understand your frustration and the need for action. Our recent performance has not been acceptable. I value our shareholders, and I thank you for your support, and I look forward to engaging with you over the coming weeks and months. Please rest assured that a key priority for me and my team is to strengthen our financial performance and in doing so, deliver improved shareholder returns while continuing to deliver great success for our clients.

I'm going to hand over to Joanne to take us through the details of the quarter. And in a few minutes, I'll come back and share with you some perspectives on why I'm here and what I've observed over my first 60 days.

Joanne Wilson
CFO & Director

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Posted:

2:10 PM PDT · October 30, 2025

Image Credits:Li Hongbo/VCG / Getty Images

Semiconductor giant Nvidia is reportedly looking to make a sizable investment in AI software development platform Poolside.

Nvidia is looking to invest at least $500 million, and up to $1 billion, in Poolside, which builds AI models for software development, according to reporting from Bloomberg, which cited sources. This investment would be part of a $2 billion funding round Poolside is raising at a $12 billion valuation, according to Bloomberg.

Nvidia’s investment could rise to $1 billion if the company successfully completes the rest of the funding round, Bloomberg reported.

This wouldn’t be Nvidia’s first investment in Poolside. Nvidia previously backed Poolside in its $500 million Series B round in October 2024.

Nvidia, already a prolific investor in AI startups, has been broadening its portfolio to include diverse sectors. For example, Nvidia said it was exploring a $500 million investment into U.K.-based self-driving company Wayve in October. Last month, the company took a $5 billion stake in Intel with plans for future chip collaboration.

TechCrunch reached out to Poolside for more information.

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