Market Signal Briefing

Rebeca Moen
Oct 30, 2025 02:02

Ondo Finance ($ONDO) expands its Global Markets platform to BNB Chain, offering tokenized US stocks and ETFs to millions worldwide, boosting accessibility and liquidity.

Ondo Finance ($ONDO) has announced the expansion of its Ondo Global Markets platform to the BNB Chain, a strategic move aimed at broadening access to tokenized US stocks and ETFs for millions of users globally. This development marks a significant milestone for Ondo Finance as it seeks to democratize the availability of high-quality US financial assets through blockchain technology, according to Crypto.ro.

Launched in September 2025, Ondo Global Markets has quickly grown to become the largest platform of its kind by total value locked (TVL), boasting nearly $320 million as of late October, as reported by Defillama. The platform has also processed over $669 million in total onchain volume since its inception.

BNB Chain Integration
BNB Chain, recognized as one of the world's most utilized blockchains, now hosts Ondo's tokenized stocks and ETFs, making Ondo the first platform to offer such services at scale on this blockchain. The integration grants BNB Chain's 3.4 million daily active users access to over 100 tokenized US stocks and ETFs, supported by prominent ecosystem projects like PancakeSwap.

Data from Token Terminal indicates a rise in BNB Chain's activity, with October recording 58.4 million active addresses, up from 52.5 million in September, highlighting the network's expanding user base and DeFi ecosystem.

Cross-Chain Strategy and Future Plans
The expansion aligns with Ondo Finance's cross-chain strategy to integrate with core infrastructure partners and enhance global access to tokenized securities. Ondo Global Markets has been deployed on Ethereum and plans further expansions to ensure the seamless movement of tokenized assets across major blockchain networks.

Real-World Assets Growth
Sarah Song, Head of Business Development at BNB Chain, emphasized that real-world assets (RWAs) are among the fastest-growing segments on the BNB Chain. The partnership with Ondo Finance is expected to further this momentum, aiming to expand access to high-liquidity financial assets and bridge traditional finance (TradFi) with decentralized finance (DeFi).

Global Reach and Accessibility
Nathan Allman, Ondo Finance's founder and CEO, highlighted the significance of this expansion in bringing tokenized US stocks and ETFs to a diverse user base across Asia, Latin America, and beyond. The BNB Chain's fast, cost-efficient, and interoperable environment facilitates this global outreach, making US markets more accessible via blockchain technology.

Ondo Finance's token, $ONDO, is recognized among the top real-world asset coins to watch in 2025, showcasing the platform's innovative approach to financial accessibility.

Image source: Shutterstock

ondo finance
bnb chain
tokenized assets

21Shares has filed for a Hyperliquid ETF, while Bitwise’s Solana staking ETF has a big day of trading as investors perk their ears toward altcoins.

Asset manager 21Shares is seeking to launch an exchange-traded fund (ETF) tracking the token behind the perpetual futures protocol and blockchain, Hyperliquid, amid growing Wall Street interest in alternative cryptocurrencies.

The company filed for the 21Shares Hyperliquid ETF with the Securities and Exchange Commission on Wednesday, which did not disclose a ticker symbol or fee. Coinbase Custody and BitGo Trust were named as custodians.

It follows a similar filing for a Hyperliquid (HYPE) ETF from Bitwise last month. The token gives discounts on the Hyperliquid decentralized exchange and is used to pay fees on its blockchain. It has increased in value over the past year, in line with the service’s growing popularity.

US investors have demonstrated their appetite for ETFs tracking more volatile altcoins, some of which include novel instruments such as staking. Bitwise’s new Solana (SOL) ETF recorded significant trading volume on its second day on the market.

Bitwise Solana staking ETF volume sees “huge number”Meanwhile, the Bitwise Solana Staking ETF (BSOL) ended its second day of trading on Wednesday with over $72 million in trading volume.

Bloomberg ETF analyst Eric Balchunas said the figure “is a huge number” and a “good sign” as the trading volume on most ETFs drops “after [the] day one hype is over.”

Source: Eric BalchunasBSOL debuted for trading on Tuesday alongside Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. Bitwise’s ETF pulled in $55.4 million in trading volume in what Balchunas said was the largest of all crypto ETFs launched in 2025.

Grayscale Investments also debuted its staking-enabled Grayscale Solana Trust ETF (GSOL) on Wednesday to rival Bitwise’s similar ETF.

However, Balchunas said GSOL’s notched $4 million in trading volume on debut, which he called “healthy but [obviously] short of BSOL.”

“Being just one day behind is actually really huge,” he added. “Makes it so much harder.”

Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom 

Sequans, a data analytics and treasury management firm, has transferred 970 BTC worth approximately $111 million to Coinbase, marking its first major outbound Bitcoin transaction since adopting its digital asset treasury strategy. The move has sparked widespread speculation in the crypto market about whether the transfer indicates a potential sale or a simple custody reshuffle.

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Institutional confidence in Solana (SOL) continues to surge as Bitwise clients invest a massive $69.5 million, supporting the blockchain as a frontrunner among alternative Layer-1 assets. The investment shows a growing appetite for scalable, low-cost blockchain solutions beyond Bitcoin and Ethereum.

Solana has been one of 2025’s standout performers, supported by its lightning-fast transaction speeds, affordable fees, and expanding DeFi and Web3 ecosystems. The Bitwise allocation signals institutional validation of Solana’s infrastructure and future potential, particularly as adoption accelerates tokenized asset markets.

On-chain metrics reveal heightened activity, transaction volumes, developer participation, and staking inflows are all climbing. This combination of technological strength and real-world integration reinforces investor optimism, even as short-term volatility tests the $200 resistance level.

Bitwise Expands Its Institutional Crypto Strategy
Bitwise Asset Management’s latest Solana purchase reflects a deliberate expansion into diversified digital assets.

Known for its research-driven, transparent investment approach, Bitwise has already established positions in Bitcoin, Ethereum, and emerging crypto assets. The $69.5 million Solana investment strengthens its role as a key driver of institutional crypto adoption.

Analysts note that this strategic pivot reflects a broader institutional shift toward next-generation blockchains capable of handling global-scale applications. Solana’s proven resilience, maintaining performance during periods of high network traffic, adds to its appeal for asset managers seeking reliability in volatile markets.

The enthusiasm surrounding Solana also extends to the ETF space. Bitwise’s Solana Staking ETF (BSOL)recently recorded the largest first-day trading volume of 2025, hitting $56 million.

Bloomberg’s Eric Balchunas and ETF expert Nate Geraci highlighted the debut as a landmark moment for Solana’s institutional journey, potentially paving the way for future XRP and DeFi-based ETFs.

SOL's price trends slightly to the upside on the daily chart. Source: SOLUSD on Tradingview
Solana Bulls Eye $200 Breakout as Institutional Tailwinds Strengthen
Currently, Solana trades around $195, hovering above short-term support at $191 and facing resistance at $203. Analysts suggest that a decisive break above $200 could ignite the next leg of Solana’s rally, driven by institutional inflows and bullish ETF momentum.

Meanwhile, Western Union’s upcoming USDPT stablecoin launch on Solana adds another layer of credibility to the blockchain’s global adoption story. With financial firms integrating Solana’s stable infrastructure, the network’s role in cross-border payments and DeFi continues to expand.

As institutions pour capital into Solana, the market narrative is shifting. The Bitwise investment doesn’t just fortify confidence, it signals that Solana is maturing into a long-term institutional asset, with bulls now fighting to reclaim the $200 resistance zone as the next milestone on its journey toward mainstream adoption.

Cover image from ChatGPT, SOLUSD chart from Tradingview

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

Alphabet Inc. (GOOGL) Q3 2025 Earnings Call October 29, 2025 5:30 PM EDT

Company Participants

James Friedland
Sundar Pichai - CEO & Director
Philipp Schindler - Senior Vice President & Chief Business Officer of Google
Anat Ashkenazi - Senior VP & CFO

Conference Call Participants

Brian Nowak - Morgan Stanley, Research Division
Douglas Anmuth - JPMorgan Chase & Co, Research Division
Eric Sheridan - Goldman Sachs Group, Inc., Research Division
Mark Shmulik - Sanford C. Bernstein & Co., LLC., Research Division
Michael Nathanson - MoffettNathanson LLC
Ross Sandler - Barclays Bank PLC, Research Division
Kenneth Gawrelski - Wells Fargo Securities, LLC, Research Division
Justin Post - BofA Securities, Research Division

Presentation

Operator

Welcome, everyone. Thank you for standing by for the Alphabet Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jim Friedland, Head of Investor Relations. Please go ahead.

James Friedland

Thank you. Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2025 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi.

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

And now I'll

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Redwood Trust, Inc. (RWT) Q3 2025 Earnings Call October 29, 2025 5:00 PM EDT

Company Participants

Kaitlyn Mauritz - MD, Chief of Staff & Head of Investor Relations
Christopher Abate - CEO & Director
Dashiell Robinson - President & Director
Brooke Carillo - Chief Financial Officer

Conference Call Participants

Bose George - Keefe, Bruyette, & Woods, Inc., Research Division
Richard Shane - JPMorgan Chase & Co, Research Division
Douglas Harter - UBS Investment Bank, Research Division
Donald Fandetti - Wells Fargo Securities, LLC, Research Division
Steven Delaney - Citizens JMP Securities, LLC, Research Division
Eric Hagen - BTIG, LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Redwood Trust Third Quarter 2025 Financial Results Conference Call. Today's conference is being recorded.

I will now turn the call over to Kaitlyn Mauritz, Redwood's Head of Investor of Relations. Please go ahead, ma'am.

Kaitlyn Mauritz
MD, Chief of Staff & Head of Investor Relations

Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's Third Quarter 2025 Earnings Conference Call. With me on today's call are Chris Abate, Chief Executive Officer; Dash Robinson, President; and Brooke Carillo, Chief Financial Officer.

Before we begin today, I want to remind you that certain statements made during management's presentation today with respect to future financial and business performance may constitute forward-looking statements. Forward-looking statements are based on current expectations, forecasts and assumptions, include risks and uncertainties that could cause actual results to differ materially. We encourage you to read the Company's annual report on Form 10-K, which provides a description of some of the factors that could have a material impact on the Company's performance and cause actual results to differ from those that may be expressed in forward-looking statements.

On this call, we may also refer to both GAAP and non-GAAP financial measures. The non-GAAP financial

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By Reuters

October 30, 202512:55 AM UTCUpdated ago

The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 20, 2021. REUTERS/Arnd Wiegmann/File Photo Purchase Licensing Rights, opens new tab

CompaniesOct 29 (Reuters) - Universal Music Group

(UMG.AS), opens new tab said on Wednesday it has settled a copyright infringement case with artificial intelligence company Udio and that the two firms will collaborate on a new suite of creative products.

In 2024, major record labels Sony Music, Universal Music Group and Warner Records had sued Udio and another AI firm called Suno, accusing them of committing mass copyright infringement by using the labels' recordings to train music-generating AI systems.

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Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sherry Jacob-Phillips

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

A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo Purchase Licensing Rights, opens new tab

BEIJING, Oct 30 (Reuters) - Oil prices held on to most gains from the previous session in early trading on Thursday as investors awaited U.S.-China trade talks later in the day, hoping for signs that tensions clouding the economic growth outlook will ease.

Brent crude futures fell 3 cents, or 0.05%, to $64.89 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures fell 11 cents, or 0.18%, to $60.37.

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U.S. President Donald Trump and Chinese President Xi Jinping will meet on Thursday in Busan, South Korea, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. Markets hope they will agree to dial down trade tensions that have hurt the outlook for global growth and fuel demand.

Trump said on Wednesday he expects to reduce U.S. tariffs on Chinese goods in exchange for Beijing's commitment to curb the flow of precursor chemicals to make the drug fentanyl.

Also boosting the economic outlook, the U.S. Federal Reserve lowered interest rates on Wednesday, in line with market expectations. However, it signaled that might be the last cut of the year as the ongoing government shutdown threatens data availability.

"The Fed's decision underscores a broader turn in its policy cycle – one that favours gradual reflation and support over restraint, providing a tailwind to commodities sensitive to economic activity," Rystad Energy's chief economist Claudio Galimberti said in a note.

Brent and WTI rose 52 cents and 33 cents, respectively, in the previous session on optimism about the trade talks and a larger than expected drawdown in U.S. crude and fuel inventories.

Crude inventories dropped by 6.86 million barrels to 416 million barrels in the week ended October 24, the EIA said, compared with analysts' expectations in a Reuters poll for a 211,000-barrel fall.

Reporting by Colleen Howe; Editing by Kim Coghill

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

Viavi Solutions Inc. (VIAV) Q1 2026 Earnings Call October 29, 2025 4:30 PM EDT

Company Participants

Vibhuti Nayar - Director of Investor Relations
Ilan Daskal - Executive VP & CFO
Oleg Khaykin - President, CEO & Director

Conference Call Participants

Ruben Roy - Stifel, Nicolaus & Company, Incorporated, Research Division
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division
Ryan Koontz - Needham & Company, LLC, Research Division
Michael Genovese - Rosenblatt Securities Inc., Research Division
Andrew Spinola - UBS Investment Bank, Research Division
Timothy Savageaux - Northland Capital Markets, Research Division

Presentation

Operator

Good afternoon. My name is Jale, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viavi Solutions Fiscal First Quarter 2026 Earnings Call. Today's conference is being recorded. [Operator Instructions]

At this time, I would like to turn the conference over to Vibhuti Nayar, Head of Investor Relations. Please go ahead.

Vibhuti Nayar
Director of Investor Relations

Thank you, Jale. Good afternoon, everyone. And welcome to Viavi Solutions Fiscal First Quarter of 2026 Earnings Call. My name is Vibhuti Nayar, Head of Investor Relations for Viavi Solutions. With me on today's call is Oleg Khaykin, our President and CEO; and Ilan Daskal, our CFO.

Please note this call will include forward-looking statements about the company's financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations and estimations. We encourage you to review our most recent annual report and SEC filings, particularly the risk factors described in those filings.

The forward-looking statements including the guidance that we provide during this call and our expectations regarding the acquired business are valid only as of today. Viavi undertakes no obligation to update these statements.

Please also note that unless we state otherwise, all

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Emergent BioSolutions Inc. (EBS) Q3 2025 Earnings Call October 29, 2025 5:00 PM EDT

Company Participants

Frank Vargo
Joseph Papa - CEO, President & Director
Richard Lindahl - Executive VP, CFO & Treasurer

Conference Call Participants

Jessica Fye - JPMorgan Chase & Co, Research Division
Eduardo Martinez-Montes - H.C. Wainwright & Co, LLC, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Q3 2025 Emergent BioSolutions Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand your conference over to your first speaker today, Frank Vargo, Vice President and Treasurer. Please go ahead.

Frank Vargo

Good afternoon, everyone. Thank you for joining today as Emergent discusses their operational and financial results for the third quarter of 2025. As is customary, today's call is open to all participants. The call is being recorded and is copyrighted by Emergent BioSolutions. In addition to today's press release, there are a series of slides accompanying this webcast available to all webcast participants.

Turning to Slide 2. During today's call, Emergent may make projections and other forward-looking statements related to their business, future events, prospects or future performance. These forward-looking statements are based on their current intentions, beliefs and expectations regarding future events. Any forward-looking statements speaks only as of the date of this conference call, and except as required by law, Emergent does not undertake to update any forward-looking statements to reflect new information, events or circumstances. Investors should consider this cautionary statement as well as the risk factors identified in Emergent's periodic reports filed with the SEC when evaluating their forward-looking statements.

During today's call, Emergent may also discuss certain non-GAAP financial measures that involve adjustments to GAAP figures in order to provide greater transparency regarding Emergent's

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MediaAlpha, Inc. (MAX) Q3 2025 Earnings Call October 29, 2025 5:00 PM EDT

Company Participants

Steven Yi - Co-Founder, CEO, President & Director
Patrick Thompson - CFO & Treasurer

Conference Call Participants

Alex Liloia
Maria Ripps - Canaccord Genuity Corp., Research Division
Cory Carpenter - JPMorgan Chase & Co, Research Division
Thomas Mcjoynt-Griffith - Keefe, Bruyette, & Woods, Inc., Research Division
Andrew Kligerman - TD Cowen, Research Division
Michael Murray - RBC Capital Markets, Research Division

Presentation

Operator

Good afternoon, and welcome to the MediaAlpha Inc. Third Quarter 2025 Earnings Call. I am France, and I'll be the operator assisting you today. [Operator Instructions] I would now like to turn the call over to Alex Liloia, Investor Relations. Please go ahead.

Alex Liloia

Thanks, France. Good afternoon, and thank you for joining us. With me are Co-Founder and CEO, Steve Yi; and CFO, Pat Thompson.

On today's call, we'll make forward-looking statements relating to our business and outlook for future financial results, including our financial guidance for the fourth quarter of 2025. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q, for a fuller explanation of those risks and uncertainties and the limits applicable to forward-looking statements. All the forward-looking statements we make on this call reflect our assumptions and beliefs as of today, and we disclaim any obligation to update such statements, except as required by law.

Today's discussion will include non-GAAP financial measures, which are not a substitute for GAAP results. Reconciliations of these non-GAAP financial measures to the corresponding GAAP measures can be found in our press release and shareholder letter issued today, which are available on the Investor Relations section of our website.

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For the quarter ended September 2025, MGIC Investment (MTG - Free Report) reported revenue of $304.34 million, down 0.6% over the same period last year. EPS came in at $0.83, compared to $0.77 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $307.8 million, representing a surprise of -1.12%. The company delivered an EPS surprise of +15.28%, with the consensus EPS estimate being $0.72.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Combined Ratio - Insurance Segment (Net of underwriting expense ratio and Loss ratio): 25.6% compared to the 36.8% average estimate based on two analysts.GAAP underwriting expense ratio (insurance operations only): 21.1% versus the two-analyst average estimate of 19.5%.GAAP loss ratio (insurance operations only): 4.5% compared to the 17.3% average estimate based on two analysts.Revenues- Net premiums earned: $241.75 million versus the two-analyst average estimate of $243.92 million. The reported number represents a year-over-year change of -0.7%.Revenues- Other revenue: $0.38 million versus $0.57 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -39.5% change.Revenues- Net investment income: $62.21 million versus $63.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +0.2% change.View all Key Company Metrics for MGIC here>>>

Shares of MGIC have returned -5.6% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

For the quarter ended September 2025, NewtekOne (NEWT - Free Report) reported revenue of $74.94 million, up 19.3% over the same period last year. EPS came in at $0.67, compared to $0.45 in the year-ago quarter.

The reported revenue represents a surprise of -1.83% over the Zacks Consensus Estimate of $76.33 million. With the consensus EPS estimate being $0.63, the EPS surprise was +6.35%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Efficiency Ratio: 56.3% compared to the 55% average estimate based on two analysts.Net interest income: $14.55 million versus $16.89 million estimated by three analysts on average.Total noninterest income: $60.39 million versus the three-analyst average estimate of $59.25 million.Noninterest income- Servicing income: $6.08 million compared to the $5.49 million average estimate based on two analysts.Noninterest income- Net gains on sales of loans: $9.56 million compared to the $21.79 million average estimate based on two analysts.Noninterest income- Electronic payment processing income: $11.05 million versus $13.29 million estimated by two analysts on average.Noninterest income- Other noninterest income: $9.96 million versus $8.86 million estimated by two analysts on average.Noninterest income- Dividend income: $0.43 million compared to the $0.53 million average estimate based on two analysts.Noninterest income- Loan servicing asset revaluation: $-12.5 million compared to the $-4.21 million average estimate based on two analysts.View all Key Company Metrics for NewtekOne here>>>

Shares of NewtekOne have returned -5.4% over the past month versus the Zacks S&P 500 composite's +3.8% 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.

Toyota Motor Corporation CEO Koji Sato holds a press briefing during a press day of the Japan Mobility Show 2025 at Tokyo Big Sight in Tokyo, Japan, October 29, 2025. REUTERS/Manami Yamada Purchase Licensing Rights, opens new tab

CompaniesTOKYO, Oct 30 (Reuters) - Toyota Motor

(7203.T), opens new tab does not face an immediate chip shortage from recent Chinese export restrictions related to chipmaker Nexperia, even as the Japanese automaker is carefully watching risks to production, Chief Executive Koji Sato said.

"I do think there's some risk, but it's not like we're facing shortages tomorrow," Sato told reporters at the Japan Mobility Show in Tokyo on Wednesday afternoon.

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While the issue could impact Toyota's output, the world's top-selling automaker would not be suddenly exposed to a major supply crunch, he said.

Automakers worldwide are scrambling to secure chips and review inventories as concerns mount over a deepening supply squeeze linked to Dutch chipmaker Nexperia.

China banned exports of Nexperia's products after the Dutch government seized control of the firm last month, citing fears of technology transfers to its Chinese parent Wingtech

(600745.SS), opens new tab, which the United States has flagged as a potential security risk.

As an overall industry, Japanese automakers are working to standardise legacy chips to avoid the kind of severe shortages seen during the pandemic, when customised semiconductors left automakers vulnerable, he said.

His comments came after smaller rival Nissan

(7201.T), opens new tab said it had enough chips at the moment to last until the first week of November without disruption - just days away.

Separately, Sato said that the world's biggest automaker has no plans to revise the tender offer price for Toyota Industries

(6201.T), opens new tab as part of a planned buyout, despite criticism from some shareholders.

The Toyota group said in June it would take Toyota Industries private through a holding company backed by Toyota Motor, Toyota Fudosan and Toyota Chairman Akio Toyoda.

The offer of 16,300 yen ($108.10) per share represents a premium over historical averages before reports of the deal but is below the price on the day before the announcement, drawing complaints from investors who say the bid undervalues the company.

The transaction, aimed at taking the forklift maker and key Toyota supplier private, is part of a broader restructuring of Toyota's group and has faced calls for greater disclosure from global asset managers.

Sato said the group will proceed with high transparency and, as a basic principle, ensure minority shareholders' interests are carefully considered. He added that the goal is to advance the plan in a way that secures broad stakeholder understanding rather than rushing it.

($1 = 150.7800 yen)

Reporting by Daniel Leussink and Maki Shiraki; Editing by David Dolan and Kim Coghill

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

Daniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.

Stem, Inc. (STEM) Q3 2025 Earnings Call October 29, 2025 5:00 PM EDT

Company Participants

Erin Reed
Arun Narayanan - Chief Executive Officer
Brian Musfeldt - Chief Financial Officer

Conference Call Participants

Justin Clare - ROTH Capital Partners, LLC, Research Division
Jonathan Windham - UBS Investment Bank, Research Division
Thomas Roche - Barclays Bank PLC, Research Division

Presentation

Operator

Ladies and gentlemen, greetings, and welcome to the Stem, Inc. Third Quarter 2025 Results Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host for today, Erin Reed, Investor Relations Manager. Please go ahead.

Erin Reed

Thank you, operator. This is Erin Reed, Head of Investor Relations at Stem. We welcome you to our third quarter 2025 earnings call. Before we begin, please note that some of the statements we will be making today are forward-looking. These statements involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We, therefore, refer you to our latest 10-Q, 10-K and other SEC filings and supplemental materials, which can be found on our website. Our comments today also include non-GAAP financial measures.

Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our third quarter 2025 earnings release, which is on our website. Arun Narayanan, CEO; and Brian Musfeldt, CFO, will start the call today with prepared remarks, and then we will take your questions. And now I will turn the call over to Arun.

Arun Narayanan
Chief Executive Officer

Thanks, Erin. Hello, everyone, and thank you for joining us today. Q3 2025 marks 12 months since we announced our strategic realignment, and I'm proud to report that our transformation continues to deliver tangible positive results. Today, we reported third quarter revenue of $38 million, up 31% year-over-year, with ARR growing 17% year-over-year

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Moelis & Company (MC) Q3 2025 Earnings Call October 29, 2025 5:00 PM EDT

Company Participants

Matthew Tsukroff
Navid Mahmoodzadegan - Co-Founder, Founding Partner, CEO & Director
Christopher Callesano - Chief Financial Officer

Conference Call Participants

Kenneth Worthington - JPMorgan Chase & Co, Research Division
Devin Ryan - Citizens JMP Securities, LLC, Research Division
James Yaro - Goldman Sachs Group, Inc., Research Division
Ryan Kenny - Morgan Stanley, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
Brendan O'Brien - Wolfe Research, LLC
Alexander Bond - Keefe, Bruyette, & Woods, Inc., Research Division
Nathan Stein - Deutsche Bank AG, Research Division

Presentation

Operator

Good afternoon and welcome to the Moelis & Company Earnings Conference Call for the Third Quarter of 2025. To begin, I'll turn the call over to Mr. Matt Tsukroff.

Matthew Tsukroff

Good afternoon and thank you for joining us for Moelis & Company's Third Quarter 2025 Financial Results Conference Call. On the phone today are Navid Mahmoodzadegan, CEO and Co-Founder; and Chris Callesano, Chief Financial Officer.

Before we begin, I would like to note that the remarks made on this call may contain certain forward-looking statements, which are subject to various risks and uncertainties, including those identified from time to time in the Risk Factors section of Moelis & Company's filings with the SEC. Actual results could differ materially from those currently anticipated. The firm undertakes no obligation to update any forward-looking statements.

Our comments today include references to certain adjusted financial measures. These measures, when presented together with comparable GAAP measures, are useful to investors to compare our results across several periods and to better understand our operating results. The reconciliation of these adjusted financial measures with the relevant GAAP financial information and other information required by Reg G is provided in the firm's earnings release, which can be found on our Investor Relations website at

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CALGARY, Alberta, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its third quarter results marked by consistent operational performance across all assets, strong financial performance, and delivery on its return of capital commitments. With low corporate break-evens, a portfolio of long-life assets and a pristine balance sheet, the Company is well positioned to advance its strategic priorities.

Q3 2025 Consolidated Corporate Results

Production: Average production of 39,599 boe/d (98% Liquids), representing 2% (11% per share) growth year-over-year.Cash Flow: Adjusted Funds Flow of $129 million ($0.26 per share). Cash Flow from Operating Activities of $157 million. Free Cash Flow of $56 million from Athabasca (Thermal Oil).Capital Program: $96 million total capital expenditures, including $61 million at Leismer to support the progressive growth project to 40,000 bbl/d.Shareholder Returns: Purchased 34 million shares through its buy-back program year-to-date for an aggregate $192 million returned to shareholders. The Company is committed to returning 100% of Free Cash Flow (Thermal Oil) to shareholders in 2025 and has completed ~$675 million in share buybacks since March 31, 2023. Operations Highlights

Leismer: Consistent production of ~28,000 bbl/d (September 2025) with two sustaining well pairs ramping up and two additional well pairs behind pipe to support productive capacity. The progressive growth project to 40,000 bbl/d remains on time and on budget, with ~50% of the $300 million project capital to be complete by year-end 2025. Leismer is producing at facility capacity and the next growth phase will follow the planned May 2026 facility turnaround. The Company recently spud a six well-pair campaign on Pad L11 in anticipation of future growth.Corner: Development plans are focused on a capital-efficient modular design with 15,000 bbl/d project phases. Development is expected to be self-funded while maintaining a strong balance sheet and a focus on shareholder returns. The Company anticipates the first phase to be sanction ready in 2026, contingent on a favorable macro environment, and development will provide substantial growth in 2029.Hangingstone: Production of ~9,000 bbl/d (September 2025). Hangingstone has delivered ~$300 million in Operating Income to the organization over the last three years.Duvernay Energy Corporation (“DEC”): Strong initial rates from a four well pad (30% working interest) with average IP30s of ~1,050 boe/d (89% Liquids). The wells rank among Alberta’s top Duvernay wells in August. DEC completed a three well pad (100% working interest) in September, which will be on production in the fourth quarter. DEC is positioned for strong operational momentum with an exit target of 5,500 - 6,000 boe/d.   Resilient Producer

Pristine Financial Position: The Company has a Net Cash position of $93 million, Liquidity of $466 million (including $335 million cash) and a long-dated maturity of 2029 on its term debt.Low Break-evens: Long-life, low decline assets afford Athabasca with a sustaining capital advantage. The Company’s five-year Thermal Oil capital program, including Leismer growth initiatives, is fully funded within cash flow at ~US$50/bbl WTI. Long term Thermal Oil sustaining capital investment is estimated at ~C$8/bbl (five‐year annual average) to hold production flat. 2025 Corporate Guidance

Consolidated Production Outlook: The Company anticipates production at the upper end of its original guidance of 37,500 – 39,500 boe/d. Thermal Oil production is expected to average ~35,500 bbl/d and DEC is expected to average ~3,500 boe/d with an exit target of 5,500 - 6,000 boe/d.Thermal Oil Capital: The forecast capital budget for Thermal Oil is unchanged at ~$250 million, including sustaining capital and the Leismer expansion project. This $300 million expansion project (over three years) is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027. Athabasca’s Thermal Oil capital projects are flexible, highly economic and have phased optionality on timing based on the macroeconomic environment. The Company anticipates being ~50% complete of total capital exposure for the expansion project by year-end 2025 and being substantially complete by year-end 2026.  Duvernay Energy Capital: The forecast capital budget is unchanged at ~$75 million and will drive production momentum in the fourth quarter of 2025. The capital program in DEC is flexible and designed to be self-funded. The Company has a deep inventory of ~444 gross future drilling locations with no near-term land expiries.Free Cash Flow Focus: The Company forecasts consolidated Adjusted Funds Flow of $525 - $550 million1, including $475 - $500 million from its Thermal Oil assets. 2025 Thermal Oil Free Cash Flow is forecasted at ~$250 million and is planned to be returned to shareholders through share buybacks. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Corporate Consolidated Strategy

Value Creation: The Company’s Thermal Oil division provides a differentiated liquids weighted growth platform supported by financial resiliency to execute on return of capital initiatives. Athabasca’s subsidiary company, Duvernay Energy Corporation, is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and DEC have independent strategies and capital allocation frameworks.Steadfast Focus on Cash Flow Per Share Growth: Athabasca’s disciplined capital allocation framework is designed to unlock shareholder value by prioritizing multi-year cash flow per share growth. The Company forecasts >20% compounded annual cash flow per share growth between 2025-2029 driven by investing in attractive capital projects and prioritizing share buybacks with 100% of Free Cash Flow. The Company sees significant intrinsic value not reflected in the current share price and intends to remain active with its share buyback strategy. Athabasca (Thermal Oil) Strategy

Large Resource Base: Athabasca’s top-tier assets underpin a strong Free Cash Flow outlook with low sustaining capital requirements. The long life, low decline asset base includes ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion barrels of Contingent Resource.Leismer Progressive Growth: This $300 million expansion project (over three years) is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027. On completion of the expansion project, the Company can maintain Leismer at 40,000 bbl/d for approximately fifty years (Proved plus Probable Reserves).Sustaining Hangingstone: The asset is competitive and delivers meaningful cash flow contributions to the Company. The objective is to sustain production and maintain competitive netbacks ($39.26/bbl Q3 2025 Operating Netback).Corner – Future Growth: The Company’s Corner asset is a large de-risked oil sands asset adjacent to Leismer with 351 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). The asset has a 40,000 bbl/d regulatory approval. Development plans are focused on a capital-efficient modular design with 15,000 bbl/d project phases. Development is expected to be self-funded while maintaining a strong balance sheet and a focus on shareholder returns. The Company anticipates the first phase to be sanction ready in 2026, contingent on a favorable macro environment, and development will provide substantial growth in 2029.Significant Multi-Year Free Cash Flow: Inclusive of the progressive growth across its portfolio Athabasca (Thermal Oil) expects to generate ~$1.8 billion of Free Cash Flow1 during the five-year time frame of 2025-29. Free Cash Flow will continue to support the Company’s return of capital initiatives.Sound Heavy Oil Fundamentals: Canadian heavy oil markets remain strong supported by the Trans Mountain Expansion pipeline and sustained global refining demand. This has resulted in tighter and less volatile WCS heavy differentials averaging ~US$11/bbl year to date. Athabasca is a direct beneficiary of structurally tighter differentials that are forecasted to hold in the coming years.Thermal Oil Royalty Advantage: Athabasca has significant unrecovered capital balances on its Thermal Oil Assets that ensure a low Crown royalty framework (~6%1). Leismer is forecasted to remain pre-payout until late 20271 and Hangingstone is forecasted to remain pre-payout beyond 20301.Tax Free Horizon Advantage: Athabasca (Thermal Oil) has $2.1 billion of valuable tax pools and does not forecast paying cash taxes this decade. Duvernay Energy Strategy

Accelerating Value: DEC is an operated, private subsidiary of Athabasca (owned 70% by Athabasca and 30% by Cenovus Energy). DEC accelerates value realization for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth without compromising Athabasca’s capacity to fund its Thermal Oil assets or its return of capital strategy.Kaybob Duvernay Focused: Exposure to ~200,000 gross acres in the liquids rich and oil windows with ~444 gross future well locations, including ~46,000 gross acres with 100% working interest.Self-Funded Growth: Near-term activity will be funded within Adjusted Funds Flow and DEC’s credit facility. The Company has growth potential to ~20,000 boe/d (75% Liquids) by the late 2020s1.
Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.
1 Pricing assumptions: 2025 year to date actualized and US$60 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX for balance of the year. 2026+ US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX.

Financial and Operational Highlights

 Three months ended
September 30, Nine months ended
September 30,($ Thousands, unless otherwise noted)2025  2024  2025  2024 CORPORATE CONSOLIDATED(1)       Petroleum and natural gas production (boe/d)(2) 39,599   38,909   38,807   36,675 Petroleum, natural gas and midstream sales$333,397  $376,781  $1,061,311  $1,089,635 Operating Income(2)$151,835  $180,184  $439,132  $465,070 Operating Income Net of Realized Hedging(2)(3)$144,650  $175,755  $430,698  $460,511 Operating Netback ($/boe)(2)$42.50  $49.12  $41.71  $46.36 Operating Netback Net of Realized Hedging ($/boe)(2)(3)$40.49  $47.91  $40.91  $45.91 Capital expenditures$96,190  $50,634  $232,589  $175,098 Cash flow from operating activities$157,414  $187,143  $382,199  $398,864 per share - basic$0.32  $0.35  $0.76  $0.72 Adjusted Funds Flow(2)$129,197  $163,680  $386,463  $417,198 per share - basic$0.26  $0.30  $0.77  $0.75 ATHABASCA (THERMAL OIL)       Bitumen production (bbl/d)(2) 36,590   34,853   35,942   33,390 Petroleum, natural gas and midstream sales$329,542  $372,634  $1,047,077  $1,072,954 Operating Income(2)$142,631  $163,694  $413,750  $425,837 Operating Netback ($/bbl)(2)$43.28  $49.68  $42.46  $46.64 Capital expenditures$64,965  $44,431  $171,451  $120,634 Adjusted Funds Flow(2)$121,131  $150,088  $364,581  $383,214 Free Cash Flow(2)$56,166  $105,657  $193,130  $262,580 DUVERNAY ENERGY(1)       Petroleum and natural gas production (boe/d)(2) 3,009   4,056   2,865   3,285 Percentage Liquids (%)(2)75%  77%  73%  77% Petroleum, natural gas and midstream sales$15,840  $24,728  $46,985  $63,015 Operating Income(2)$9,204  $16,490  $25,382  $39,233 Operating Netback ($/boe)(2)$33.25  $44.20  $32.45  $43.59 Capital expenditures$31,225  $6,203  $61,138  $54,464 Adjusted Funds Flow(2)$8,066  $13,592  $21,882  $33,984 Free Cash Flow(2)$(23,159)  $7,389  $(39,256)  $(20,480) NET INCOME AND COMPREHENSIVE INCOME       Net income and comprehensive income(4)$69,640  $68,722  $198,514  $203,407 per share - basic(4)$0.14  $0.13  $0.39  $0.37 per share - diluted(4)$0.14  $0.12  $0.39  $0.36 COMMON SHARES OUTSTANDING       Weighted average shares outstanding - basic 494,509,594   540,884,257   503,714,495   555,035,218 Weighted average shares outstanding - diluted 497,929,426   550,712,443   507,263,981   559,203,568   September 30, December 31, As at ($ Thousands)2025 2024 LIQUIDITY AND BALANCE SHEET (CONSOLIDATED)    Cash and cash equivalents$334,550 $344,836 Available credit facilities(5)$131,408 $136,324 Face value of long-term debt$201,666 $200,000  (1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca's 70% equity interest in Duvernay Energy.
(2) Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
(3) Includes realized commodity risk management loss of $7.2 million and $8.4 million for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 – loss of $4.4 million and $4.6 million).
(4) Net income and comprehensive income per share amounts are based on net income and comprehensive income attributable to shareholders of the Parent Company. In the calculation of diluted net income per share for the three months ended September 30, 2024 net income was reduced by $2.6 million, to account for the impact to net income had the outstanding warrants been converted to equity.
(5) Includes available credit under Athabasca's and Duvernay Energy's Credit Facilities and Athabasca's Unsecured Letter of Credit Facility.

Athabasca (Thermal Oil) Q3 2025 Highlights and Operations Update

Production: 36,590 bbl/d (27,763 bbl/d at Leismer and 8,827 bbl/d at Hangingstone).Cash Flow: Operating Income of $142.6 million with an Operating Netback of $43.28/bbl. Adjusted Funds Flow of $121.1 million.Capital: $65.0 million of capital expenditures in Q3, with $61.5 million at Leismer.Free Cash Flow: $56.2 million of Free Cash Flow supporting corporate return of capital commitment. Leismer

Earlier this year, the Company brought six extended redrills on Pad 1 on production and recently two well pairs on Pad L10 have been brought on production supporting current production of ~28,000 bbl/d (September 2025). Two additional well pairs on Pad L10 have commenced steaming and will support productive capacity in 2026. In anticipation of the next growth phase, Athabasca recently spud a six well-pair campaign on Pad L11.

Activity at Leismer remains focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The main areas of focus in the third quarter were field construction, which included completing pilings and foundation work for the expansion equipment and setting the degasser, heat exchangers, and a new treater. The $300 million will be spent between 2025 and 2027 and includes an estimated $190 million for facility capital and an estimated $110 million for growth wells. By year-end 2025, the Company anticipates being ~50% complete of total capital exposure for the expansion project, with capital being substantially complete by year-end 2026. The project remains on budget and on schedule with the original sanction plans announced in July 2024. The progressive build provides flexibility with growth capacity increasing to ~32,000 bbl/d in H2 2026, ~35,000 bbl/d in H1 2027 and 40,000 bbl/d capacity at the end of 2027.

The Company is preparing for a three-week facility turnaround to be completed in May 2026. Activities include recurring maintenance on a four-year frequency with additional scope for the Company’s growth initiatives. Key turnaround deliverables associated with the expansion project include completing the tie-points for the progressive build, landing all of the Phase 1 equipment, adding steam generation and tank construction.

Hangingstone

At Hangingstone, two extended reach sustaining well pairs (~1,400 meter average laterals) were placed on production in March supporting current production of ~9,000 bbl/d (September 2025). The well pairs ramped up faster than anticipated, benefiting from favorable reservoir temperatures and pressure supported by offsetting wells. Current well pair performance between 800 – 1,000 bbl/d per well has exceeded management’s expectations. Hangingstone continues to deliver meaningful cash flow contributions and the Company expects minimal capital activity next year given strong current production performance. The Company has a planned two-week turnaround that will be completed in April 2026.

Corner

The Corner asset is a large de-risked oil sands asset adjacent to Leismer with 351 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). The asset has regulatory approval for 40,000 bbl/d with over 300 delineation wells and ~80% seismic coverage. Reservoir quality is similar to or better than Leismer, and comparable to other top-quality assets in the McMurray Formation fairway, with an expected steam-oil ratio of less than 3x. Development plans are focused on a capital-efficient modular design with 15,000 bbl/d project phases. Development is expected to be self-funded while maintaining a strong balance sheet and a focus on shareholder returns. The Company anticipates the first phase to be sanction ready in 2026, contingent on a favorable macro environment, and development will provide substantial growth in 2029.

Duvernay Energy Corporation Q3 2025 Highlights and Operations Update

Production: Production of 3,009 boe/d (75% Liquids).Cash Flow: Operating Income of $9.2 million with an Operating Netback of $33.25/boe. Adjusted Funds Flow of $8.1 million.Capital: $31.2 million of capital expenditures including completions on two multi-well pads.
During the quarter, DEC brought a four-well pad (30% working interest) with average laterals of approximately 5,000 meters on production in early August. The four wells placed on production have average IP30’s of ~1,050 boe/d per well (89% Liquids). In September, DEC completed a three well pad (100% working interest) which is expected to be on production in the fourth quarter supporting an exit rate of 5,500 – 6,000 boe/d.

DEC retains significant operational flexibility with no near-term land expiries and the ability to adjust spending in response to commodity price movements.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:Matthew TaylorRobert Broen Chief Financial OfficerPresident and CEO 1-403-817-91041-403-817-9190 [email protected]@atha.com     Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans; our growth plans; capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; break-even metrics, our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

In addition, information and statements in this News Release relating to "Reserves" and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca's cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the "McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Also included in this News Release are estimates of Athabasca's 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“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 equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Initial Production Rates 

Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company's most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The "Corporate Consolidated Adjusted Funds Flow", “Corporate Consolidated Adjusted Funds Flow per Share”, "Athabasca (Thermal Oil) Adjusted Funds Flow", "Duvernay Energy Adjusted Funds Flow", “Corporate Consolidated Free Cash Flow”, "Athabasca (Thermal Oil) Free Cash Flow", "Duvernay Energy Free Cash Flow", “Corporate Consolidated Operating Income", "Corporate Consolidated Operating Income Net of Realized Hedging", "Athabasca (Thermal Oil) Operating Income", "Duvernay Energy Operating Income", "Corporate Consolidated Operating Netback", "Corporate Consolidated Operating Netback Net of Realized Hedging", "Athabasca (Thermal Oil) Operating Netback", "Duvernay Energy Operating Netback" and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

 Three months ended
September 30, 2025 ($ Thousands)Athabasca
(Thermal Oil) Duvernay Energy(1) Corporate Consolidated(1) Cash flow from operating activities$151,690 $5,724 $157,414 Changes in non-cash working capital (30,673) 2,337  (28,336)Settlement of provisions 114  5  119 ADJUSTED FUNDS FLOW 121,131  8,066  129,197 Capital expenditures (64,965) (31,225) (96,190)FREE CASH FLOW$56,166 $(23,159)$33,007  (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca's 70% equity interest in Duvernay Energy.

 Nine months ended
September 30, 2025  ($ Thousands)Athabasca
(Thermal Oil) Duvernay Energy(1) Corporate Consolidated(1) Cash flow from operating activities$366,259 $15,940 $382,199 Changes in non-cash working capital (2,521) 5,932  3,411 Settlement of provisions 843  10  853 ADJUSTED FUNDS FLOW 364,581  21,882  386,463 Capital expenditures (171,451) (61,138) (232,589)FREE CASH FLOW$193,130 $(39,256)$153,874  (1)  Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca's 70% equity interest in Duvernay Energy.

 Three months ended
September 30, 2024 ($ Thousands)Athabasca
(Thermal Oil) Duvernay Energy(1) Corporate Consolidated(1) Cash flow from operating activities$169,950 $17,193 $187,143 Changes in non-cash working capital (20,201) (3,401) (23,602)Settlement of provisions 339  (200) 139 ADJUSTED FUNDS FLOW 150,088  13,592  163,680 Capital expenditures (44,431) (6,203) (50,634)FREE CASH FLOW$105,657 $7,389 $113,046  (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca's 70% equity interest in Duvernay Energy.

 Nine months ended
September 30, 2024 ($ Thousands)Athabasca
(Thermal Oil) Duvernay Energy(1) Corporate Consolidated(1) Cash flow from operating activities$367,018 $31,846 $398,864 Changes in non-cash working capital 14,560  2,134  16,694 Settlement of provisions 1,636  4  1,640 ADJUSTED FUNDS FLOW 383,214  33,984  417,198 Capital expenditures (120,634) (54,464) (175,098)FREE CASH FLOW$262,580 $(20,480)$242,100  (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca's 70% equity interest in Duvernay Energy.

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

 Three months ended
September 30, Nine months ended
September 30, ($ Thousands, unless otherwise noted)2025 2024 2025 2024 Petroleum and natural gas sales$15,840 $24,728 $46,985 $63,015 Royalties (1,271) (2,470) (5,824) (8,282)Operating expenses (4,280) (4,684) (12,936) (12,387)Transportation and marketing (1,085) (1,084) (2,843) (3,113)DUVERNAY ENERGY OPERATING INCOME$9,204 $16,490 $25,382 $39,233  Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets.

The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

 Three months ended
September 30, Nine months ended
September 30, ($ Thousands, unless otherwise noted)2025 2024 2025 2024 Heavy oil (blended bitumen) and midstream sales$329,542 $372,634 $1,047,077 $1,072,954 Cost of diluent (122,011) (129,965) (421,208) (411,991)Total bitumen and midstream sales 207,531  242,669  625,869  660,963 Royalties (10,592) (22,291) (35,987) (62,651)Operating expenses - non-energy (23,884) (24,903) (75,581) (72,445)Operating expenses - energy (9,153) (9,994) (36,281) (38,187)Transportation and marketing(1) (21,271) (21,787) (64,270) (61,843)ATHABASCA (THERMAL OIL) OPERATING INCOME$142,631 $163,694 $413,750 $425,837  (1) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - $0.6 million and $1.7 million).

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

 Three months ended
September 30, Nine months ended
September 30, ($ Thousands, unless otherwise noted)2025 2024 2025 2024 Petroleum, natural gas and midstream sales(1)$345,382 $397,362 $1,094,062 $1,135,969 Royalties (11,863) (24,761) (41,811) (70,933)Cost of diluent(1) (122,011) (129,965) (421,208) (411,991)Operating expenses (37,317) (39,581) (124,798) (123,019)Transportation and marketing(2) (22,356) (22,871) (67,113) (64,956)Operating Income 151,835  180,184  439,132  465,070 Realized loss on commodity risk mgmt. contracts (7,185) (4,429) (8,434) (4,559)OPERATING INCOME NET OF REALIZED HEDGING$144,650 $175,755 $430,698 $460,511  (1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
(2) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - $0.6 million and $1.7 million).

Cash Transportation and Marketing Expense

The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

Net Cash

Net Cash is defined as the face value of long-term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

Liquidity

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

  Three months ended
September 30, Nine months ended
September 30, Production 2025 2024 2025 2024 Duvernay Energy:         Oil and condensate NGLs(1)bbl/d 2,053  2,688  1,834  2,235 Other NGLsbbl/d 196  447  268  298 Natural gas(2)mcf/d 4,563  5,526  4,578  4,511 Total Duvernay Energyboe/d 3,009  4,056  2,865  3,285 Total Thermal Oil bitumenbbl/d 36,590  34,853  35,942  33,390 Total Company productionboe/d 39,599  38,909  38,807  36,675  (1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.

This News Release also makes reference to Athabasca's forecasted average daily Thermal Oil production of 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~3,500 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

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Enterprises embrace new technologies for secure, compliant, cloud-based operations to enhance service quality, ISG Provider Lens® report says

SYDNEY--(BUSINESS WIRE)--Companies in Australia are accelerating their adoption of AI-enabled and hybrid contact center models to improve efficiency, compliance and customer experience, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.

Australia’s contact center transformations are marked by the convergence of AI adoption, increasing regulation and continuing need for cost efficiencies. Enterprises are embedding intelligence into every layer of CX delivery.

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The 2025 ISG Provider Lens® Contact Center — Customer Experience Services report for Australia finds that enterprises are modernizing operations to meet rising expectations for personalized interactions that seamlessly flow across multiple digital channels. Companies are moving from cost-focused outsourcing toward blended sourcing models that combine efficiency with quality and cultural alignment.

“Australia’s contact center transformations are marked by the convergence of AI adoption, increasing regulation and continuing need for cost efficiencies,” said Himanshu Chawla, director at ISG. “Enterprises are embedding intelligence into every layer of CX delivery to enhance productivity while meeting evolving customer expectations.”

Australian enterprises are integrating AI into customer operations to enhance agility and accuracy, the report says. Generative AI (GenAI) applications such as chat summarization, real-time coaching and automated knowledge tools are delivering measurable benefits in speed of response and customer satisfaction. These systems are now moving from pilot phases to production-level adoption, enabling consistent service outcomes across high-volume channels. However, ISG says enterprises remain cautious about AI hallucinations and the transparency and explainability of models, especially in sensitive sectors such as healthcare and government.

Companies are also embracing hybrid delivery models that balance cost efficiency with data sovereignty, ISG says. Many enterprises are blending onshore centers with nearshore operations in New Zealand and the Philippines, seeking proximity and English proficiency, while maintaining security and compliance. Tier 2 Australian cities and countries such as Fiji and Vietnam are also emerging as strategic locations for cost optimization. This shift reflects a broader move toward flexible sourcing that supports service continuity and customer trust.

Cloud platform modernization is also accelerating, the report says. Australian enterprises are consolidating contact center technologies around scalable platforms such as Genesys Cloud, Amazon Connect and Microsoft Dynamics to streamline operations and unify communication channels. This integration of AI, analytics and workforce optimization helps companies personalize customer journeys, reduce average handling times and improve first-call resolution rates.

“Enterprises in Australia are redefining customer experience by combining digital innovation with empowered human interaction,” said Hemangi Patel, senior manager and principal analyst, ISG Provider Lens Research, and lead author of the report. “The most successful organizations are those that implement effective automation while ensuring human agents are prepared to handle more complex, high-value interactions.”

The report also explores other trends in the Australian contact center market, including rising investment in employee experience tools to support agent well-being and the shift toward outcome-based provider pricing models linked to measurable customer outcomes.

For more insights into the CX and contact center–related challenges faced by enterprises in Australia, plus ISG’s advice for overcoming them, see the ISG Provider Lens® Focal Points briefing here.

The 2025 ISG Provider Lens® Contact Center — Customer Experience Services report for Australia evaluates the capabilities of 27 providers across two quadrants: Digital Operations and Intelligent Operations.

The report names Acquire Intelligence, Concentrix, Datacom, Foundever, Probe Group, Tech Mahindra, TP and TSA as Leaders in both quadrants. It names Genpact, TTEC and WNS as Leaders in one quadrant each.

In addition, Genpact and HCLTech are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.

In the area of customer experience, Konecta is named the global ISG CX Star Performer for 2025 among contact center service providers. Konecta earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, which is part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

The 2025 ISG Provider Lens® Contact Center — Customer Experience Services report for Australia is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens® Research

The ISG Provider Lens® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.

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TORONTO, ON / ACCESS Newswire / October 29, 2025 / Route1 Inc. (TSXV:ROI) ("Route1" or the "Company"), a leading engineering and professional services firm specializing in the deployment and integration of ALPR and other advanced data capture-based technologies to city, state, and federal first responder departments, public safety, colleges and universities, and parking managers, provides the following details about the Company's upcoming annual general and special meeting, which is to be held at Fasken Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Toronto, Ontario, Canada, M5H 2T6 on December 4, 2025 at 10:00 a.m. (Toronto time) ("Meeting").

Boot Barn (BOOT - Free Report) reported $505.4 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 18.7%. EPS of $1.37 for the same period compares to $0.95 a year ago.

The reported revenue represents a surprise of +2.16% over the Zacks Consensus Estimate of $494.69 million. With the consensus EPS estimate being $1.26, the EPS surprise was +8.73%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Same Store Sales growth/(decline): 8.4% compared to the 6.2% average estimate based on three analysts.Average retail store selling square footage, end of period: 11,238 versus 11,220 estimated by two analysts on average.Total retail store selling square footage, end of period: 5.5 million compared to the 5.48 million average estimate based on two analysts.Store Count (EOP): 489 versus the two-analyst average estimate of 490.Store Count - Opened/Acquired: 16 versus the two-analyst average estimate of 17.View all Key Company Metrics for Boot Barn here>>>

Shares of Boot Barn have returned +19.8% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

For the quarter ended September 2025, Bel Fuse (BELFB - Free Report) reported revenue of $178.98 million, up 44.8% over the same period last year. EPS came in at $2.09, compared to $0.92 in the year-ago quarter.

The reported revenue represents a surprise of +5.02% over the Zacks Consensus Estimate of $170.43 million. With the consensus EPS estimate being $1.68, the EPS surprise was +24.4%.

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.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Net Sales- Power Solutions and Protection: $94.41 million versus the two-analyst average estimate of $89.55 million. The reported number represents a year-over-year change of +93.9%.Net Sales- Magnetic Solutions: $22.7 million versus the two-analyst average estimate of $25 million. The reported number represents a year-over-year change of +18%.Net Sales- Connectivity Solutions: $61.87 million compared to the $58.1 million average estimate based on two analysts. The reported number represents a change of +11.1% year over year.View all Key Company Metrics for Bel Fuse here>>>

Shares of Bel Fuse have returned +9.8% over the past month versus the Zacks S&P 500 composite's +3.8% 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.

For the quarter ended September 2025, Equinix (EQIX - Free Report) reported revenue of $2.32 billion, up 5.2% over the same period last year. EPS came in at $9.83, compared to $3.10 in the year-ago quarter.

The reported revenue represents a surprise of -0.32% over the Zacks Consensus Estimate of $2.32 billion. With the consensus EPS estimate being $9.26, the EPS surprise was +6.16%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Asia-Pacific - Cabinet Equivalent Capacity: 91,000 versus 90,875 estimated by three analysts on average.Worldwide - Cabinet Billing: 295,000 versus the three-analyst average estimate of 296,392.Asia-Pacific - Cabinet Billing: 67,300 versus 67,869 estimated by three analysts on average.Americas - Quarter End Utilization: 81% versus 81% estimated by three analysts on average.Geographic Revenues- Asia-Pacific: $497 million versus the five-analyst average estimate of $511.76 million. The reported number represents a year-over-year change of -0.6%.Geographic Revenues- Americas: $1.04 billion compared to the $1.02 billion average estimate based on five analysts. The reported number represents a change of +8% year over year.Geographic Revenues- EMEA: $784 million compared to the $788.31 million average estimate based on five analysts. The reported number represents a change of +5.5% year over year.Geographic Revenues- Europe- Recurring- Other: $29 million compared to the $26.61 million average estimate based on four analysts. The reported number represents a change of +11.5% year over year.Revenues- Recurring revenues: $2.32 billion versus $2.2 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +12.5% change.Revenues- Non-recurring revenues: $101 million versus $126.04 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a -28.9% change.Revenues- Recurring revenues- Managed infrastructure: $118 million versus $119.73 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a 0% change.Revenues- Recurring revenues- Interconnection: $422 million compared to the $417.01 million average estimate based on five analysts. The reported number represents a change of +9.9% year over year.View all Key Company Metrics for Equinix here>>>

Shares of Equinix have returned +4.2% over the past month versus the Zacks S&P 500 composite's +3.8% 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.

For the quarter ended September 2025, Provident Financial (PFS - Free Report) reported revenue of $221.75 million, up 5.3% over the same period last year. EPS came in at $0.55, compared to $0.36 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $219.41 million, representing a surprise of +1.07%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.55.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

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 Provident Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 51% versus 51.5% estimated by two analysts on average.Average Balance - Total interest-earning assets: $22.49 billion versus the two-analyst average estimate of $22.61 billion.Net Interest Margin: 3.4% compared to the 3.4% average estimate based on two analysts.Net Interest Income: $194.33 million compared to the $193.25 million average estimate based on three analysts.Fees: $11.34 million versus $10.48 million estimated by three analysts on average.Wealth management income: $7.35 million compared to the $7.26 million average estimate based on three analysts.Total Non-Interest Income: $27.42 million versus the three-analyst average estimate of $26.16 million.Bank-owned life insurance: $2.66 million versus $2.5 million estimated by three analysts on average.Other income: $2.15 million versus $1.47 million estimated by three analysts on average.Insurance agency income: $3.85 million compared to the $4.44 million average estimate based on three analysts.View all Key Company Metrics for Provident Financial here>>>

Shares of Provident Financial have returned -1.9% over the past month versus the Zacks S&P 500 composite's +3.8% 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.

Sun Communities (SUI - Free Report) reported $697.2 million in revenue for the quarter ended September 2025, representing a year-over-year decline of 25.8%. EPS of $2.28 for the same period compares to $2.31 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $706.57 million, representing a surprise of -1.33%. The company delivered an EPS surprise of +4.59%, with the consensus EPS estimate being $2.18.

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 Sun Communities performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Real property (excluding transient): $384.2 million compared to the $360.71 million average estimate based on two analysts. The reported number represents a change of -20.9% year over year.Revenues- Real property - transient: $133.5 million versus $122.01 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -10% change.Revenues- Brokerage commissions and other, net: $5.8 million compared to the $11.78 million average estimate based on two analysts. The reported number represents a change of -34.1% year over year.Revenues- Interest: $17.3 million compared to the $17.09 million average estimate based on two analysts. The reported number represents a change of +214.6% year over year.Revenues- Home sales: $95.6 million versus the two-analyst average estimate of $96.4 million. The reported number represents a year-over-year change of -9.2%.Net Earnings Per Share (Diluted): $0.07 versus the two-analyst average estimate of $0.99.View all Key Company Metrics for Sun Communities here>>>

Shares of Sun Communities have returned -5.1% over the past month versus the Zacks S&P 500 composite's +3.8% 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.

For the quarter ended September 2025, Cactus, Inc. (WHD - Free Report) reported revenue of $263.95 million, down 10% over the same period last year. EPS came in at $0.67, compared to $0.79 in the year-ago quarter.

The reported revenue represents a surprise of +3.86% over the Zacks Consensus Estimate of $254.14 million. With the consensus EPS estimate being $0.58, the EPS surprise was +15.52%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

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 Cactus performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Spoolable Technologies: $95.24 million versus the three-analyst average estimate of $87.43 million. The reported number represents a year-over-year change of -11.9%.Revenues- Pressure Control: $168.71 million compared to the $167.51 million average estimate based on three analysts. The reported number represents a change of -8.9% year over year.Operating income (loss)- Pressure Control: $44.52 million versus the three-analyst average estimate of $38.96 million.Operating Income- Corporate and other expenses: $-9.1 million compared to the $-7.36 million average estimate based on three analysts.Operating income (loss)- Spoolable Technologies: $25.81 million versus the three-analyst average estimate of $21.72 million.View all Key Company Metrics for Cactus here>>>

Shares of Cactus have returned -0.2% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.