Market Signal Briefing

CHONGQING, CHINA - MAY 18: In this photo illustration, the logo of Deckers Outdoor Corporation is displayed on a smartphone screen, with the company's latest stock market chart in the background, reflecting investor sentiment and recent trading activity, on May 18, 2025, in Chongqing, China. Deckers is an American footwear and apparel company known for its premium lifestyle brands including UGG, HOKA, Teva, Sanuk, and Koolaburra, serving global markets with innovative and performance-driven products. (Photo Illustration by Cheng Xin/Getty Images)

Getty Images

Deckers Outdoor Corp (NYSE: DECK) is preparing to return to the spotlight. The footwear and apparel manufacturer will announce its fiscal second-quarter results (for the March fiscal year) on Thursday, October 23, 2025, with Wall Street anticipating adjusted earnings of $1.58 per share alongside $1.42 billion in revenue. This translates to approximately 1% lower earnings and 8% higher sales compared to last year.

Up to now, 2025 has not been favorable for Deckers. The stock has decreased by almost 50% year-to-date, while the S&P 500 has risen by 15%. For a company that has long been praised for its steady growth and strong margins, this decline raises questions and possibly reveals a chance for investment.

Deckers’ current valuation appears reasonable, its growth prospects remain strong, its profitability is impressive, and its balance sheet is incredibly sound. The main concern lies in market sentiment: should the forthcoming earnings report fall short of expectations or if HOKA’s growth shows signs of slowing, the pressure could continue. However, despite the temporary market fluctuations, the underlying fundamentals still present a strong case.

For those investors looking for reduced volatility compared to individual stocks, the Trefis High Quality Portfolio offers an alternative that has outperformed the S&P 500 and yielded returns above 105% since its launch. Additionally, take a look at Micron Stock A Better Bet Than Analog Devices?

1. Valuation Looks ReasonableDespite its significant selloff, Deckers does not appear overpriced relative to the wider market. The stock is trading at a price-to-earnings ratio of 15.7, which is lower than the S&P 500 average of 24.2, and a price-to-sales ratio of 3.0, slightly below the market’s 3.2. In essence, investors are acquiring a company with superior margins and two leading brands (HOKA and UGG) without incurring a premium.

2. Growth Still KickingDeckers is not just barely surviving. Over the last three years, its revenues have surged approximately 16.5% per year, which is nearly three times the growth rate of the overall market. Even in the past twelve months, sales rose another 16%, with the first quarter recording a 6.5% increase year over year.

This is what makes the ongoing selloff so perplexing: the company’s fundamentals are not deteriorating. The market may simply be re-evaluating the stock following several years of growth, without factoring in a real slowdown in demand.

3. Profitability Remains StrongThis is where Deckers excels. The company’s operating margin stands at 23.6%, well above the S&P’s 18.6%, and its net margin of 19.4% indicates that it retains pricing power even amid a softer consumer landscape.

Cash generation is equally remarkable, with $1 billion in operating cash flow over the last year and a cash flow margin of 21%. Few consumer brands can claim this level of efficiency.

4. Financial Stability Is a FortressDeckers boasts one of the cleanest balance sheets in the retail sector. With only $277 million in debt compared to a $15 billion market cap, the company’s debt-to-equity ratio of just 1.8% is insignificant. Additionally, it possesses $1.9 billion in cash, signifying that more than half of its assets are liquid. That level of financial flexibility is invaluable when market sentiment declines. It enables Deckers to continue investing, repurchasing shares, or weathering short-term disruptions effortlessly.

5. History Shows ResilienceDeckers has weathered challenging periods before but tends to emerge stronger. During the inflation shock of 2022, the stock plummeted by 48%, yet it rebounded to pre-crisis levels within 308 days, which was quicker than the S&P 500’s 464-day recovery.

In the Covid market crash, it decreased by 55%, but fully recovered in just 76 days. Even during the financial crisis of 2008, when the stock fell more than 77%, Deckers managed to bounce back within approximately 15 months — significantly faster than the broader market.

In summary, when Deckers stumbles, it typically gets back on its feet quicker than most.

Bottom LineDeckers’ fundamentals continue to be strong, supported by robust growth, high margins, and a solid balance sheet, although market sentiment remains weak. A positive earnings surprise or optimistic guidance could quickly elevate the stock.

Investing in a single stock can carry risks, but there is significant value in adopting a broader diversified approach. Consider the Trefis Reinforced Value (RV) Portfolio, which has outperformed its all-cap benchmark (a mix of the S&P 500, S&P MidCap, and Russell 2000) to deliver significant returns for investors. The quarterly rebalanced mix of large-, mid-, and small-cap RV Portfolio stocks offers a flexible strategy to take advantage of bullish markets while minimizing losses, as demonstrated in RV Portfolio performance metrics.

U.S. stock futures are inching lower on Wednesday, following a mixed session on Tuesday, with all major benchmark indices in the red pre-market.

This comes amid President Donald Trump hinting at a de-escalation in the tariff situation with India, following his conversation with Indian Prime Minister Narendra Modi. Trump called Modi “a great person” and “a great friend of mine over the years,” while addressing the media from the Oval Office on Tuesday.

See Also: Trump Says He Spoke With Narendra Modi On Diwali: Calls Indian PM ‘A Great Friend’ Amid Tariff Tensions

Investors on Wednesday will be closely watching the earnings results of several prominent companies, such as Tesla Inc. (NASDAQ:TSLA), SAP SE (NYSE:SAP) and International Business Machines Corp. (NYSE:IBM), among several others.

Meanwhile, the 10-year Treasury bond yielded 3.957% and the two-year bond was at 3.449%. The CME Group's FedWatch tool‘s projections show markets pricing a 98.9% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.

FuturesChange (+/-)Dow Jones-0.068%S&P 500-0.011%Nasdaq 100-0.17%Russell 2000-0.20%The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, are up in premarket on Wednesday. The SPY is up 0.09% at $671.92, while the QQQ is up 0.01%, trading at $611.43, according to Benzinga Pro data.

Stocks In FocusTesla
Tesla Inc. (NASDAQ:TSLA) shares are up 0.07% overnight, ahead of the company’s much-anticipated third-quarter results after markets close on Thursday.

The stock scores high in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, the company, its finances and operations.

SAP SE
SAP SE (NYSE:SAP), the German software giant, is set to release its third-quarter results after markets close on Wednesday. The stock is currently down 1.74% in overnight trade.

The stock scores high on Momentum and Quality in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short and long terms. Click here for deeper insights into the stock, its peers and competitors.

International Business Machines Corp
IBM (NYSE:IBM) shares are up 0.22% in overnight trade, ahead of the company’s third-quarter results after markets close on Wednesday.

The stock scores poorly in Benzinga’s Edge Stock Rankings, but does well on Quality, and has a favorable price trend in the short, medium and long-term. Click here for more insights into the stock, the company, its operations and finances.

Thermo Fischer Scientific
Thermo Fischer Scientific Inc. (NYSE:TMO) is rallying by 2.17% in overnight trade, just hours before the company’s third-quarter results, before markets open on Wednesday.

According to Benzinga’s Edge Stock Rankings, the stock does poorly on most metrics, but has a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, alongside various other facts and figures.

AT&T
AT&T Inc. (NYSE:T) shares are up 0.23% pre-market, ahead of the company’s third-quarter earnings release on Wednesday morning, before markets open.

The stock does poorly across the board in Benzinga’s Edge Stock Rankings, with an unfavorable price trend in the short, medium and long-term. Click here for deeper insights into the stock, its peers and competitors.

Cues From Last SessionThe markets had a fairly mixed performance on Tuesday, with no clear trend visible across most sectors or indices throughout the day.

IndexPerformance (+/-)ValueNasdaq Composite+0.16%22,953.67S&P 500+0.003%6,735.35Dow Jones+0.47%46,924.74Russell 2000+0.49%2,487.69Insights From AnalystsAccording to The Kobeissi Letter on X, foreign investors have been pouring into U.S.-listed stocks in recent months, with the figure touching $22 billion “so far in October,” which it says is the highest since June, according to data by Goldman Sachs.

The post notes that this is the “3rd consecutive monthly inflow,” with the year-to-date figure at a net $316 billion. According to the post, “foreign holdings of US equities rose to a record $20 trillion last quarter,” concluding that “Everyone wants to enter the US stock market.”

Upcoming Economic DataInvestors on Wednesday will be keeping an eye on the following events,

Fed Governor Michael Barr is set to give a speech at 4 P.M. on Wednesday.
Commodities, Gold, Crypto, And Global Equity MarketsCrude oil futures are trading up in the early New York session by 1.87% hovering around $58.31 per barrel.

Gold Spot US Dollar is down 0.90%, hovering around $4,087.97 per ounce. Its last record high stood at $4,379.29 per ounce. The U.S. Dollar Index spot was up 0.07% at 99.001.

Meanwhile, Bitcoin is trading 0.05% lower at $108,327.80 per coin.

Most Asian markets are in the red on Wednesday, barring India’s Nifty 50, South Korea’s KOSPI and Singapore’s Straits Times Index. Australia’s ASX 200 and New Zealand’s NZX 50 are down as well, with European markets too primarily in the red, with a few exceptions being London’s FTSE and Spain’s IBEX.

Read More:

AT&T, Netflix And 3 Stocks To Watch Heading Into Wednesday
Photo courtesy: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Williams has been a very reliable dividend stock.

Unless you work or invest in energy, you're probably unfamiliar with Williams (WMB 1.14%). Yet, you've likely felt its impact. Its 33,000 miles of pipelines transport a third of the natural gas used in the U.S., which it supplies to utilities to generate electricity and distribute to customers so they can heat their homes.

Williams' gas infrastructure has become increasingly important for fueling the expected surge in electricity demand from catalysts such as AI data centers and electric vehicles. That robust growth driver has powered an 80% surge in its stock price since 2022, nearly double the S&P 500's return. The company's growing gas-driven cash flows have enabled it to steadily increase its dividend.

Image source: Getty Images.

A durable dividend stock
Williams has been a highly reliable dividend stock over the decades. The pipeline company has paid dividends for 51 consecutive years. While Williams hasn't increased its dividend every year, it has raised the payout at a 5% compound annual rate since 2020. The company's payout currently yields 3.2%, which is more than double the S&P 500's 1.2% level.

The natural gas infrastructure giant supports its high-yielding dividend with resilient cash flows. The majority of the company's earnings come from assets such as pipelines and processing plants, which generate revenue through either government-regulated rate structures -- pricing set by regulatory bodies to ensure stable returns -- or through long-term, fixed-rate contracts that guarantee set payments over an extended period. This business model helps limit the impact of commodity price volatility.

Today's Change

(

-1.14

%) $

-0.72

Current Price

$

62.34

Williams also backs its dividend with a very conservative financial profile. The company currently generates enough cash to cover its dividend payment by more than 2.3 times, meaning it produces more than double the cash needed for its dividend. That enables it to retain billions of dollars in excess free cash flow each year to fund expansion projects and maintain its strong, investment-grade balance sheet. Williams expects its leverage ratio -- its total debt compared to annual earnings before interest, taxes, depreciation, and amortization (EBITDA) -- to be under 3.7 times this year, a very comfortable level for a company that produces stable cash flow.

The company's stable cash flow and solid financial foundation support its reliable dividend.

The fuel to continue growing its payout
Williams has invested heavily over the years to expand its natural gas infrastructure footprint. The company has completed several organic expansion projects to build additional gas gathering and processing infrastructure and increase the capacity of its large-scale gas transmission pipelines. Additionally, Williams has completed several acquisitions, including buying a major gas storage portfolio for $2 billion early last year and buying the MountainWest gas transmission and storage business for $1.5 billion in early 2023. These investments have helped fuel 9% compound annual funds from operations (FFO) growth since 2020, giving it the growing cash flows to increase its dividend.

The company has a lot more growth ahead. It has a growing backlog of commercially secured expansion projects, with projects currently slated to enter commercial service through the third quarter of 2030, giving it significant visibility into its long-term growth profile. Its projects include multiple pipeline expansions, several gas-fired power plants, and other gas-infrastructure investments.

Meanwhile, it has many more expansion projects in the pipeline. Williams estimates that there are over 30 potential projects to expand its pipeline systems and transport more gas to industrial, power, and LNG facilities in the U.S., representing over $14 billion of future investment potential. The company is also pursuing additional projects to build gas-fired power plants to meet the growing electricity needs of data centers and other customers.

In addition to organic growth, Williams has the financial capacity to continue making strategic acquisitions as opportunities arise. The company most recently acquired Saber Midstream for $160 million and Rimrock Energy Partners for $325 million to bolster its gas infrastructure in two core regions.

Williams' investments in gas infrastructure should enable it to continue growing its FFO at a healthy rate over the coming years, giving it more power to continue increasing its attractive dividend.

High-octane total return potential
Williams has delivered market-crushing returns in recent years, driven by investments that grow its gas infrastructure operations. The company has a significant backlog of expansion projects underway and more in development. These investments support further dividend increases. This combination of income and growth could enable Williams to continue producing high-octane total returns.

The cannabis stock is up 20% this year, and that's a phenomenal performance by its standards.

Tilray Brands (TLRY 5.73%) is a leading cannabis producer in Canada, and it's been seven years since the country legalized marijuana for recreational use. Since then, however, Tilray's stock has been in a persistent tailspin. As competition intensified in the Canadian cannabis market and growth became more difficult, investors turned bearish on stocks like Tilray.

This year, however, things have been looking much better for the company. There are renewed expectations of marijuana reform in the U.S., and that has helped push Tilray's value up. Entering trading this week, the stock was up by 20% since the beginning of the year. And if that doesn't change, it will be Tilray's best performance since 2018, when it went public and its shares soared more than 200%.

Is this a sign that the tide has turned for Tilray, and that it can be a good investment to add to your portfolio today?

Image source: Getty Images.

Why Tilray Brands stock has done so poorly over the years
Although it's doing well this year, Tilray's stock is down a whopping 99% in seven years (as of Oct. 17). At its peak in 2018, its market cap reached a high of nearly $42 billion. That's a far cry from the less than $2 billion that Tilray is worth today.

The challenge for it and other cannabis producers is that while the Canadian market has become saturated, the U.S. market remains off-limits due to the federal ban on marijuana. Not only does that mean Canadian producers can't sell their products in the U.S., but with marijuana remaining a highly prohibited Schedule I substance, even companies in the U.S. can't transport cannabis across state lines. Thus, the growth prospects for many top companies in the cannabis industry haven't been all that great in recent years.

They have been so troublesome that Tilray has been expanding into alcohol as a way to boost its top line. In its most recent fiscal year, which ended on May 31, its net revenue totaled $821.3 million and rose by 4% year over year. But its cannabis business experienced a decline of 9%; it was largely due to acquisitions in its beverage segment that Tilray was able to achieve growth for the year.

What has changed this year?
Tilray is enjoying a much stronger year in 2025 but its financial performance hasn't suddenly become much better, nor have its growth prospects improved significantly, to warrant a great deal of bullishness. There are two factors I believe are responsible for its rally this year.

The biggest one is the hope that the U.S. government will reschedule cannabis from a Schedule I substance (the most dangerous drugs with no medical use) down to Schedule III (those with some medicals uses but also the potential for abuse). This would make it easier to research cannabis, and it would be a sign that attitudes are softening and that regulators are starting to acknowledge some of the medical benefits associated with cannabis. That excitement has investors optimistic that there may be greater reform -- potentially even legalization, on the horizon.

The second reason is that Tilray's valuation actually looks low with respect to its financial performance. The cannabis business doesn't look great, but the company has diversified its operations, which can add greater stability in the long term. And with the stock trading at a price-to-sales ratio of less than 1.8, Tilray is a fairly cheap-looking investment overall. Although it may not have bottomed out and there could still be further declines in its future, Tilray's beaten-down valuation may be a key reason that it has been able to rally this year, as it could be an appealing option for bargain hunters who are willing to take on some risk.

Today's Change

(

-5.73

%) $

-0.09

Current Price

$

1.48

Tilray's stock isn't a safe buy just yet
Although the stock has been doing well this year, Tilray is by no means a safe buy just yet. It's unprofitable, its growth prospects are questionable, and the U.S. cannabis market is not opening up for the Canadian producer anytime soon.

There is also the risk that if nothing ends up happening with respect to marijuana reform in the near future in the U.S., the recent excitement around Tilray could evaporate, and the stock could be back to trading at less than $1 as it was earlier in the year.

Overall, this is a stock I'd stay far away from, as Tilray is still full of risk. There are much better growth stocks to buy in the market today.

The fashion company is focused on getting meaningful users rather than growth for growth's sake.

-

The new AI solution provides real-time flight information, baggage status, and personalized support for travelers at Rome Fiumicino Airport

ROME--(BUSINESS WIRE)--Aeroporti di Roma (ADR) announces the launch of Virtual Assistant, an advanced AI-powered digital companion designed to enhance the travel experience for the millions of passengers who pass through Rome Fiumicino Airport each year, recently confirmed by ACI Europe as the Best Airport in Europe for the seventh time.

Developed in collaboration with Amazon Web Services (AWS) and Storm Reply, this cutting-edge solution addresses travelers’ most pressing needs by delivering real-time information and support.

The Virtual Assistant offers passengers quick and easy access to essential travel information, accompanying them throughout their entire airport experience. Available through ADR’s WhatsApp Chatbot and the official website www.adr.it, the new digital tool—featuring ADRYX, the official mascot of Aeroporti di Roma—keeps travelers informed at every stage of their journey, providing real-time flight updates, guidance on airport services, and personalized recommendations for a pleasant and seamless experience inside the terminals.

“From the first ‘Buongiorno’ to the final ‘Arrivederci’, we are committed to offering a smooth travel experience that blends Italian hospitality with technological innovation,” said Emanuele Calà, Senior Vice President Transformation & Technology at Aeroporti di Roma. “The Virtual Assistant marks a significant milestone in our digital transformation journey, enabling us to provide personalized support to the roughly 50 million travelers who pass through our airports each year, ensuring that their first and last moments in contact with the city are comfortable and effortless.”

The solution was developed with the expertise of the AWS Generative AI Innovation Center and Storm Reply, an AWS Premier Consulting Partner, which supported ADR in leveraging the power of generative AI to create a responsive and intuitive virtual assistant capable of understanding and responding to complex passenger queries in multiple languages. Powered by Amazon Bedrock—AWS’s fully managed service for foundation models—and a multi-agent architecture, ADR’s Virtual Assistant delivers secure, high-quality AI-driven responses while maintaining the strict data privacy standards essential for airport operations.

“The AI-powered Assistant is a distinctive example of how artificial intelligence can seamlessly integrate into users’ everyday experiences, providing powerful yet discreet contextual support to travelers,” said Filippo Rizzante, Chief Technology Officer at Reply. “By combining multi-agent orchestration with AWS generative AI services, we enabled the Assistant to securely and efficiently manage complex real-time queries across multiple languages and contexts. Thanks to ADR’s innovative spirit, the AI-powered Assistant now enhances both operational efficiency and the passenger experience at a global high-traffic hub like Fiumicino.”

“The travel industry is undergoing a revolution driven by artificial intelligence and cloud technologies,” said Julien Groues, VP AWS France and Europe South. “Aeroporti di Roma’s Virtual Assistant demonstrates how generative AI can meaningfully transform passenger experiences. By combining ADR’s deep understanding of traveler needs with AWS’s advanced AI capabilities and Storm Reply’s implementation expertise, we have created a solution that makes navigating one of Europe’s busiest airport systems simpler and more enjoyable.”

The main features of the Virtual Assistant, which interacts naturally with ADR passengers through text or voice messages, include:

Parking availability: Travelers can check where to park their car at the airport.

Transportation services: Information about buses, taxis, and trains to and from the airport.

Terminal services recommendations: Restaurants, shops, shopping centers, and more.

Baggage tracking: Accurate information on baggage claim points and baggage status.

Connection assistance: Personalized guidance for passengers with connecting flights.

Multilingual support: Communication in multiple languages to serve Rome’s diverse international travelers.

The Virtual Assistant is now available to all passengers traveling for all the flights to and from Rome Fiumicino airport, with additional features planned for rollout in the coming months.

For more information, visit https://www.adr.it/fiumicino.

About Aeroporti di Roma

Aeroporti di Roma is part of the Mundys Group and manages and develops Rome’s Fiumicino and Ciampino airports, as well as other related and complementary activities connected to airport management. Leonardo da Vinci Airport in Fiumicino is one of only two hubs in Europe — and twelve worldwide — to hold a 5-Star Skytrax rating for excellent service quality standards and has been recognized as the best airport in the world for airport security. It features two passenger terminals and serves both business and leisure travelers on domestic, international, and intercontinental routes. G.B. Pastine Airport in Ciampino is primarily used by low-cost carriers, express couriers, and General Aviation operations. Over the years, ADR has worked tirelessly to build the airport of the future — a sustainable and innovative infrastructure that combines operational efficiency with customer focus, along with a strategy to promote Italy’s cultural and artistic heritage in all its forms. Thanks to this vision, Fiumicino Airport has been recognized by ACI World as Europe’s Best Airport for Service Quality in the “over 40 million passengers” category for eight consecutive years. In 2025, Leonardo da Vinci Airport in Fiumicino was also confirmed by ACI Europe as Best European Airport for the seventh time in the past eight years.

Storm Reply

Storm Reply is specialized in the design and implementation of innovative Cloud-based solutions and services. Through consolidated expertise in the creation and management of Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS) Cloud solutions, Storm Reply supports important companies in Europe and all over the world in the implementation of Cloud-based systems and applications. Storm Reply is AWS Premier Consulting Partner. www.storm.reply.com

About Amazon Web Services

Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 120 Availability Zones within 38 geographic regions, with announced plans for 10 more Availability Zones and three more AWS Regions in Chile, the Kingdom of Saudi Arabia, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

More News From Reply

Back to Newsroom

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

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

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

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

CANADA - 2025/09/24: In this photo illustration, the Lithium Americas Corp. logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Lithium Americas (NYSE:LAC) has quickly emerged as one of Wall Street’s most exciting narratives. The stock has risen more than 100% over the last month, driven by an influx of optimism regarding U.S. lithium policy, government support, and increasing confidence in its key Thacker Pass project. For a company that spent a significant portion of the previous year in obscurity, this surge has been truly extraordinary — prompting investors to ponder a new question: after more than doubling, could LAC potentially double again?

However, if you are looking for growth with less volatility than holding a single stock, consider the High Quality Portfolio. It has consistently outperformed its benchmark—a mix of the S&P 500, Russell, and S&P MidCap indexes—and has generated returns exceeding 105% since inception. Collectively, HQ Portfolio stocks delivered superior returns with lower risk compared to the benchmark index; resulting in a smoother investment experience, as highlighted in HQ Portfolio performance metrics. In addition, take a look at What’s Next for Navitas Semiconductor Stock?

From Policy Buzz to Market FrenzyThe rally commenced after news emerged that the U.S. government is considering a minority equity investment in Lithium Americas as part of its initiative to secure critical minerals. This potential support, along with renewed progress on the company’s $2.26 billion Department of Energy loan, fundamentally altered how investors perceive the stock. Thacker Pass — LAC’s enormous lithium project in Nevada — is one of the largest identified lithium resources in North America, and federal backing would mitigate the financing risks while establishing the U.S. as a significant player in the global battery supply chain.

Investor sentiment shifted almost instantly. What was previously viewed as a long-shot development play quickly began trading as a strategic national asset. Lithium spot prices have also rebounded, electric vehicle demand remains robust, and the political emphasis on domestic supply independence has provided the sector with a substantial tailwind. This blend of government attention, macro momentum, and speculative excitement has driven LAC’s rapid ascent.

Can It Really Double Again? The Math Says It’s PossibleAt approximately $7 per share and a market capitalization close to $1.7 billion, Lithium Americas is no longer considered inexpensive, but the rationale for further growth is clear if the company follows through. The first stage of Thacker Pass aims to produce around 40,000 tonnes of lithium carbonate equivalent (LCE) annually. At current market rates of approximately $20,000 per tonne, that output could yield roughly $800 million in yearly revenue once it is fully operational.

If operating margins eventually reach 25%, that results in about $200 million in annual profit. Applying a moderate 20× earnings multiple, which aligns with other clean-energy growth opportunities, suggests a potential valuation close to $4 billion — or roughly $14–$16 per share. That essentially represents a doubling from current levels. The calculations are not based on extreme assumptions — they present a realistic “success case” if the project progresses smoothly, lithium prices stay strong, and dilution is minimized.

In summary, the market is wagering that Lithium Americas can evolve from being a story stock into a cash-flow-generating domestic producer in the coming years. If that occurs, the stock could indeed see its valuation increase — but the margin for error is narrow.

Why Investors Are Paying AttentionOn top of the numbers, there’s a compelling narrative at work. The concept of a U.S.-based lithium mine supported by federal financing aligns perfectly with the current strategic themes that captivate markets. For years, the U.S. has fallen behind China, Australia, and South America in establishing lithium supply chains. A fully funded, government-backed Thacker Pass project could alter that landscape. This situation is no longer solely about a mining company — it’s intertwined with energy independence, national policy, and the future of electric vehicles.

That’s why the stock has witnessed such heightened momentum: institutional investors, retail traders, and speculative capital are all rallying around a singular idea — that LAC could emerge as the first major American lithium producer at scale.

The Catch: Execution, Prices, and PatienceYet, amidst all the enthusiasm, substantial risks remain. The DOE loan has not yet been finalized, and any shifts in political priorities or financing conditions could postpone or derail the agreement. The project itself is intricate, necessitating billions in initial capital, careful environmental management, and years of construction before production can commence. In mining, timelines frequently slip, and any delays can diminish market confidence.

Lithium prices also represent another major variable. The profitability that makes Thacker Pass appealing at $20,000 per tonne could diminish significantly if a global oversupply drives prices back toward $10,000. Additionally, Lithium Americas may still need to secure more capital, which could lead to further dilution of existing shareholders. After experiencing a threefold increase, investors will have limited tolerance for unexpected developments.

The Bottom LineLithium Americas’ extraordinary rally reflects the market’s conviction that it has transcended being just a small mining developer — it has become a cornerstone of America’s clean-energy aspirations. The stock is now viewed as a leveraged bet on U.S. policy, momentum in energy transition, and lithium’s long-term significance to the EV supply chain.

Could it double again? Mathematically, yes — if Thacker Pass operates as intended and the government financing materializes, a $4 billion valuation is attainable. However, the path to that goal is fraught with challenges, and any misstep could lead to a significant decline in the stock price. For the time being, LAC remains a high-risk, high-reward opportunity at the intersection of policy, mining, and the clean-energy future.

Now, we apply a risk assessment framework while constructing the Trefis High Quality (HQ) Portfolio, which, with a collection of 30 stocks, has a track record of comfortably outperforming the S&P 500 over the last 4-year period —and has achieved returns exceeding 105% since its inception. . Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride as evident in HQ Portfolio performance metrics.

Third quarter organic orders up ~60% compared to prior year period and up 20% sequentially from second quarter 2025. Strong third quarter trailing twelve-month (TTM) organic orders up 21% compared to prior year TTM period.
Diluted EPS of $1.02 and adjusted diluted EPS(1) of $1.24, up 63% from third quarter 2024
Third quarter net sales up 29% and organic net sales(1) up 28% compared to prior year third quarter
Operating profit of $517 million, up 39% from third quarter 2024, and adjusted operating profit(1) of $596 million, up 43% from third quarter 2024
Adjusted operating margin of 22.3%, up 220 basis points compared to third quarter 2024 and up 380 basis points sequentially from second quarter 2025
Raising full year 2025 guidance for net sales, adjusted operating profit, adjusted diluted EPS and adjusted free cash flow(1)

, /PRNewswire/ -- Vertiv Holdings Co (NYSE: VRT), a global leader in critical digital infrastructure, today reported financial results for its third quarter ended September 30, 2025. Vertiv reported third quarter 2025 net sales of $2,676 million, an increase of $602 million, or 29%, compared to last year's third quarter, driven by 43% growth in Americas and 20% growth in APAC. Orders accelerated, with third quarter 2025 organic orders increasing approximately 60% year-over-year and 20% sequentially from second quarter 2025. Vertiv's TTM organic orders increased 21% compared to the prior year TTM period reflecting sustained market demand and increased market penetration, particularly in AI-driven infrastructure. Third quarter 2025 book-to-bill ratio was ~1.4x and backlog increased to $9.5 billion.

Third quarter 2025 operating profit of $517 million increased $145 million, or 39%, and adjusted operating profit of $596 million increased $179 million, or 43%, compared to third quarter 2024. Adjusted operating margin was 22.3%, up 220 basis points compared to third quarter 2024, driven by operational leverage on higher sales and manufacturing and procurement productivity benefits which were partially offset by negative tariff impact.

"Vertiv's third quarter results demonstrate our unique position in enabling the future of digital infrastructure," said Giordano Albertazzi, Vertiv's Chief Executive Officer. "We delivered strong sales growth of 29% and built significant backlog, reflecting both accelerating market demand and our increasingly strong competitive position and unique capabilities to enable our customers' most advanced infrastructure needs at scale."

Albertazzi continued, "Strengthening operational execution and cost management initiatives drove margin expansion, demonstrating our ability to aggressively address the operational inefficiencies we saw last quarter. We've accelerated a restructuring program in EMEA which reflects our proactive approach to optimize and focus operations and strengthens our ability to capitalize on improving EMEA market conditions that we expect to see in the second half of 2026."

"To meet the strong industry demand, we are investing even more decisively, expanding manufacturing and services capacity and amplifying our ER&D capabilities," added Albertazzi. "Our ER&D technology developments and strategic acquisitions have strengthened our portfolio and expertise within the data center market, positioning us ahead of industry trends and enabling us to anticipate tomorrow's technological demands. These investments are about leading the industry forward and ensuring Vertiv remains our customers' trusted partner for the world's most critical digital infrastructure."

Dave Cote, Vertiv's Executive Chairman, added: "Vertiv's results this quarter are the product of ongoing strategic investment, disciplined execution and a relentless focus on building a high-performance culture. We've planted the seeds—investing in differentiated technologies, expanding global capacity and fostering operational agility. Now, those seeds are bearing fruit. We've built a durable foundation—one that's not easily replicated—and we're leveraging it to unlock value in a fast-growing, AI-driven market. The digital age is just beginning, and Vertiv is continuing to lead."

Adjusted Free Cash Flow and Liquidity

Net cash generated by operating activities in the third quarter was $509 million and adjusted free cash flow was $462 million, an increase of 36% and 38% respectively, from third quarter 2024. Higher operating profit and lower interest costs drove third quarter 2025 adjusted free cash flow growth, partially offset by increased taxes from higher profitability and capital investments to support strong market demand.

Liquidity remained strong at $2.7 billion and net leverage was approximately 0.5x at the end of third quarter 2025. During the quarter, Moody's Investors Service upgraded Vertiv's credit rating to Ba1 from Ba2, reflecting its strong market position and consistent operational achievements. The company's strong business profile, market leadership, resilient balance sheet and prudent financial policy supports investment grade credit ratings, an objective to which the organization remains firmly committed.

Updated Full Year and Fourth Quarter 2025 Guidance

Vertiv's business shows sustained momentum, with significant growth in pipeline activity signaling continued market strength. As a leading innovator with the most comprehensive critical digital infrastructure portfolio, we believe Vertiv is strategically positioned to deliver strong growth for the balance of 2025 and for 2026. To maximize these market opportunities, Vertiv is strategically increasing ER&D investments and expanding production capacity to meet rising industry demand. Vertiv's 2025 capital expenditures are expected to be ~$250 million, with a further expansion in 2026 to support anticipated significant revenue growth.

Given the strong backlog and pipelines, Vertiv is raising its full-year 2025 guidance across key metrics. The company has increased its adjusted diluted EPS from $3.80 to $4.10, adjusted operating profit from $1,990 million to $2,060 million and adjusted free cash flow from $1,400 million to $1,500 million (all figures at midpoint of guidance). 

Fourth Quarter 2025 Guidance(2)

Net sales

$2,810M - $2,890M

Organic net sales growth(3)

18% - 22%

Adjusted operating profit(1)

$620M - $660M

Adjusted operating margin(3)

22.1% - 22.7%

Adjusted diluted EPS(1)

$1.23 - $1.29

Adjusted free cash flow(3)

$470M - $530M

Full Year 2025 Guidance(2)

Net sales

$10,160M - $10,240M

Organic net sales growth(3)

26% - 28%

Adjusted operating profit(1)

$2,040M - $2,080M

Adjusted operating margin(3)

20.0% - 20.5%

Adjusted diluted EPS(1)

$4.07 - $4.13

Adjusted free cash flow(3)

$1,470M - $1,530M

(1)

This release contains certain non-GAAP metrics. For reconciliations to the relevant GAAP measures and an explanation of the non-GAAP measures and reasons for their use, please refer to sections of this release entitled "Non-GAAP Financial Measures" and "Reconciliation of GAAP and non-GAAP Financial Measures."

(2)

For purposes of this presentation and accompanying earnings guidance information, tariff rates active on October 20, 2025 which include (but are not limited to): existing Chapter 1-97 tariffs; Section 301 tariffs; IEEPA tariffs (20% China; 25% Mexico; 35% Canada; 0% USMCA); Section 232 Copper, Steel and Aluminum tariffs (50%); and Reciprocal tariffs (10% most Countries and certain exceptions for Mexico / Canada goods). Our guidance does not take into account those proposed tariffs that may become effective after October 20, 2025 as we await further clarification from relevant regulatory authorities. This tariff situation remains fluid and uncertain. Tariff costs incremental to current guidance are possible as the tariff perimeter is subject to ongoing changes.

(3)

This is a forward-looking non-GAAP financial measure that cannot be reconciled without unreasonable efforts for those reasons set forth under "Non-GAAP Financial Measures" of this release.

Third Quarter 2025 Earnings Conference Call

Vertiv's management team will discuss the Company's results during a conference call on Wednesday, October 22, starting at 11 a.m. Eastern Time. The call will contain forward-looking statements and other material information regarding Vertiv's financial and operating results. A webcast of the live conference call will be available for interested parties to listen to by going to the Investor Relations section of the Company's website at investors.vertiv.com. A slide presentation will be available before the call and will be posted to the website, also at investors.vertiv.com. A replay of the conference call will also be available for 30 days following the webcast.

About Vertiv Holdings Co

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit vertiv.com.

Category: Financial News

Non-GAAP Financial Measures

Financial information included in this release has been prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). Vertiv has included certain non-GAAP financial measures in this news release, as indicated above, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. These non-GAAP financial measures include organic net sales growth (including on a segment basis), adjusted operating profit, adjusted operating margin, adjusted diluted EPS and adjusted free cash flow, which management believes provides investors with useful supplemental information to evaluate the Company's ongoing operations and to compare with past and future periods. Management also uses certain non-GAAP measures internally for forecasting, budgeting and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Pursuant to the requirements of Regulation G, Vertiv has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to fourth quarter and full-year 2025 guidance, including organic net sales growth, adjusted free cash flow and adjusted operating margin, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For those reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

See "Reconciliation of GAAP and Non-GAAP Financial Measures" in this release for Vertiv's reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Cautionary Note Concerning Forward-Looking Statements

This news release, and other statements that Vertiv may make in connection therewith, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Vertiv's future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding Vertiv's financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations, as well as statements regarding growth, anticipated demand for our products and services and our business prospects during 2025, as well as expected impacts from our pricing actions, and our guidance for fourth quarter and full year 2025 and statements regarding tariffs, global trade conflict and any actions we may take in response thereto. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this release are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission ("SEC") reports, including those set forth in the Vertiv 2024 Annual Report on Form 10-K filed with the SEC on February 18, 2025. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to the continued growth of our customers' markets; long sales cycles for certain Vertiv products and solutions as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts; disruption of our customer's orders or the markets; less favorable contractual terms with large customers; risks associated with governmental contracts; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; failure to properly manage supply chain, difficulties with third-party manufacturers and increases in costs of material, freight and/or labor, and changes in the costs of production; competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring and improvement efforts; disruption of, or changes in, Vertiv's independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the U.S. and numerous foreign entities; the global scope of Vertiv's operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv's sales and operations in emerging markets including economic, political and production level risk; risks associated with future legislation and regulation of Vertiv's customers' markets both in the United States and abroad; our ability to comply with various laws and regulations including but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs and global trade conflict and any actions we may take in response thereto; risks associated with litigation or claims against the Company, including the risk of adverse outcomes to any legal claims and proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and the ability to incur additional indebtedness; our ability to comply with the covenants and restrictions contained in our credit agreements, including restrictive covenants that restrict operational flexibility; our ability to comply with the covenants and restrictions contained in our credit agreements is not fully within our control; our ability to access funding through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders' ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default in our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; expected expenses related to integration of our acquisition of the Great Lakes Data Racks & Cabinets family of companies ("Great Lakes"); the possible diversion of management time on issues related to integration of Great Lakes; the ability of Vertiv to maintain relationships with customers and suppliers of Great Lakes; and the ability of Vertiv to retain management and key employees of Great Lakes; and other risks and uncertainties indicated in Vertiv's SEC reports or documents filed or to be filed with the SEC by Vertiv. Forward-looking statements included in this news release speak only as of the date of this news release or any earlier date specified for such statements. All subsequent written or oral forward-looking statements attributable to Vertiv or persons acting on Vertiv's behalf may be qualified in their entirety by this Cautionary Note Concerning Forward-Looking Statements.

For investor inquiries, please contact:
Lynne Maxeiner
Vice President, Global Treasury & Investor Relations
Vertiv
E: [email protected]

For media inquiries, please contact:
Ruder Finn for Vertiv
E: [email protected]

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

Vertiv Holdings Co

(Dollars in millions except for per share data)

Three months ended
September 30, 2025

Three months ended
September 30, 2024

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Net sales

Net sales - products

$                   2,214.4

$                   1,653.7

$                   6,030.1

$                   4,479.2

Net sales - services

461.4

419.8

1,319.8

1,186.2

 Net sales

2,675.8

2,073.5

7,349.9

5,665.4

Costs and expenses

Cost of sales - products

1,398.4

1,066.3

3,980.8

2,875.6

Cost of sales - services

266.7

250.8

775.3

725.8

 Cost of sales

1,665.1

1,317.1

4,756.1

3,601.4

Operating expenses

Selling, general and administrative expenses

414.3

334.6

1,156.2

1,012.4

Amortization of intangibles

48.2

45.3

141.1

137.1

Restructuring costs

30.7

6.3

33.7

4.1

Foreign currency (gain) loss, net

0.9

5.3

5.8

8.7

Other operating expense (income)

(0.1)

(6.7)

7.2

(8.5)

Operating profit (loss)

516.7

371.6

1,249.8

910.2

Interest expense, net

22.8

35.9

69.4

119.7

Loss on extinguishment of debt

1.7

—

1.7

1.1

Change in fair value of warrant liabilities

—

67.2

—

269.2

Income (loss) before income taxes

492.2

268.5

1,178.7

520.2

Income tax expense

93.7

91.9

291.5

171.4

Net income (loss)

$                      398.5

$                      176.6

$                      887.2

$                      348.8

Earnings (loss) per share:

Basic

$                        1.04

$                        0.47

$                        2.33

$                        0.93

Diluted

$                        1.02

$                        0.46

$                        2.27

$                        0.90

Weighted-average shares outstanding:

Basic

382,025,408

375,203,364

381,455,627

376,353,335

Diluted

390,928,669

384,316,065

390,257,902

386,106,229

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

Vertiv Holdings Co

(Dollars in millions)

September 30, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

$                   1,396.0

$                    1,227.6

Short-term investments

544.6

—

Accounts receivable, less allowances of $25.3 and $22.4, respectively

2,810.7

2,362.7

Inventories

1,437.1

1,244.4

Other current assets

360.8

267.1

 Total current assets

6,549.2

5,101.8

Property, plant and equipment, net

698.0

625.1

Other assets:

Goodwill

1,444.2

1,321.1

Other intangible assets, net

1,507.8

1,487.1

Deferred income taxes

258.5

303.3

Right-of-use assets, net

283.7

202.1

Other

74.9

92.0

 Total other assets

3,569.1

3,405.6

Total assets

$                 10,816.3

$                    9,132.5

LIABILITIES AND EQUITY

Current liabilities:

Current portion of long-term debt

$                        20.9

$                        21.0

Accounts payable

1,718.9

1,316.4

Deferred revenue

1,131.9

1,063.3

Accrued expenses and other liabilities

681.4

612.6

Income taxes

23.7

83.7

 Total current liabilities

3,576.8

3,097.0

Long-term debt, net

2,897.6

2,907.2

Deferred income taxes

285.1

240.3

Long-term lease liabilities

231.4

171.4

Other long-term liabilities

316.7

282.3

Total liabilities

7,307.6

6,698.2

Equity

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding

—

—

Common stock, $0.0001 par value, 700,000,000 shares authorized, 382,258,808 and 380,703,974
shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

—

—

Additional paid-in capital

2,883.2

2,821.4

Retained earnings

606.3

(238.3)

Accumulated other comprehensive (loss) income

19.2

(148.8)

Total equity

3,508.7

2,434.3

Total liabilities and equity

$                 10,816.3

$                    9,132.5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Vertiv Holdings Co

(Dollars in millions)

Three months ended
September 30, 2025

Three months ended
September 30, 2024

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Cash flows from operating activities:

Net income (loss)

$                        398.5

$                        176.6

$                        887.2

$                        348.8

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

 Depreciation

24.5

20.8

70.9

60.7

 Amortization

50.9

48.1

149.4

145.3

 Deferred income taxes

69.1

(50.3)

92.2

(53.1)

 Amortization of debt discount and issuance costs

1.0

1.4

5.3

5.5

 Change in fair value of warrant liabilities

—

67.2

—

269.2

 Stock-based compensation

14.2

8.1

38.7

25.8

 Changes in operating working capital

(45.5)

72.8

(140.7)

69.2

 Other

(4.0)

30.4

31.9

22.7

 Net cash provided by (used for) operating activities

508.7

375.1

1,134.9

894.1

Cash flows from investing activities:

Capital expenditures

(45.2)

(36.4)

(126.7)

(106.3)

Investments in capitalized software

(1.5)

(2.8)

(4.7)

(14.4)

Purchase of short-term investments

(441.5)

—

(539.6)

—

Acquisition of businesses, net of cash acquired

(221.7)

—

(221.7)

—

 Net cash provided by (used for) investing activities

(709.9)

(39.2)

(892.7)

(120.7)

Cash flows from financing activities:

Borrowings from ABL revolving credit facility and short-term
borrowings

—

—

—

270.0

Repayments of ABL revolving credit facility and short-term
borrowings

—

—

—

(270.0)

Repayment of long-term debt

(5.2)

(5.3)

(15.7)

(15.9)

Dividend payment

(14.2)

(9.4)

(42.6)

(28.1)

Repurchase of common stock

—

—

—

(599.9)

Exercise of employee stock options

9.0

1.4

22.0

25.0

Employee taxes paid from shares withheld

(1.0)

(0.4)

(8.0)

(21.5)

 Net cash provided by (used for) financing activities

(11.4)

(13.7)

(44.3)

(640.4)

Effect of exchange rate changes on cash and cash equivalents

0.8

7.5

14.1

(4.2)

Increase (decrease) in cash, cash equivalents and restricted
cash

(211.8)

329.7

212.0

128.8

Beginning cash, cash equivalents and restricted cash

1,656.0

587.7

1,232.2

788.6

Ending cash, cash equivalents and restricted cash

$                     1,444.2

$                        917.4

$                     1,444.2

$                        917.4

Changes in operating working capital

Accounts receivable

$                         41.0

$                        (75.3)

$                      (339.8)

$                      (190.4)

Inventories

(5.6)

(140.7)

(143.1)

(364.8)

Other current assets

(16.8)

(16.2)

(40.7)

(47.1)

Accounts payable

92.6

128.6

362.1

258.9

Deferred revenue

(122.1)

117.0

49.4

371.7

Accrued expenses and other liabilities

88.5

25.6

45.2

17.2

Income taxes

(123.1)

33.8

(73.8)

23.7

 Total changes in operating working capital

$                        (45.5)

$                         72.8

$                      (140.7)

$                         69.2

Reconciliation of GAAP and non-GAAP Financial Measures

To supplement this news release, we have included certain non-GAAP financial measures in the format of performance metrics. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company's performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.

Vertiv's non-GAAP financial measures include:

Adjusted operating profit (loss), which represents operating profit (loss), adjusted to exclude amortization of intangibles and restructuring costs associated with the three months ended September 30, 2025 restructuring program;
Adjusted operating margin, which represents adjusted operating profit (loss) divided by net sales;
Organic net sales growth, which represents the change in net sales adjusted to exclude the impacts of foreign currency exchange rate;
Adjusted free cash flow, which represents net cash provided by (used for) operating activities adjusted to exclude capital expenditures and investments in capitalized software; and
Adjusted diluted EPS, which represents diluted earnings per share adjusted to exclude amortization of intangibles, restructuring costs associated with the three months ended September 30, 2025 global restructuring program, net non-recurring tax adjustments, term loan due 2032 amendment expense and change in warranty liability.

Regional Segment Results

Three months ended September 30,

Nine months ended September 30,

2025

2024

Δ

Δ%

Organic
Δ%(2)

2025

2024

Δ

Δ%

Organic
Δ%(2)

Net sales (1)

AMER

$  1,712.4

$  1,198.6

$     513.8

42.9 %

43.0 %

$  4,500.0

$  3,244.7

$  1,255.3

38.7 %

39.0 %

APAC

519.8

432.4

87.4

20.2 %

21.3 %

1,527.2

1,173.8

353.4

30.1 %

31.0 %

EMEA

443.6

442.5

1.1

0.2 %

(4.0) %

1,322.7

1,246.9

75.8

6.1 %

3.1 %

Total

$  2,675.8

$  2,073.5

$     602.3

29.0 %

28.4 %

$  7,349.9

$  5,665.4

$  1,684.5

29.7 %

29.4 %

Adjusted operating profit (loss)(3)

AMER

$     501.8

$     303.4

$     198.4

65.4 %

$  1,146.1

$     776.3

$     369.8

47.6 %

APAC

68.5

44.1

24.4

55.3 %

173.4

106.8

66.6

62.4 %

EMEA

83.5

114.4

(30.9)

(27.0) %

266.4

294.2

(27.8)

(9.4) %

Corporate(4)

(58.2)

(45.0)

(13.2)

29.3 %

(164.3)

(130.0)

(34.3)

26.4 %

Total

$     595.6

$     416.9

$     178.7

42.9 %

$  1,421.6

$  1,047.3

$     374.3

35.7 %

Adjusted operating margins (5)

AMER

29.3 %

25.3 %

4.0 %

25.5 %

23.9 %

1.6 %

APAC

13.2 %

10.2 %

3.0 %

11.4 %

9.1 %

2.3 %

EMEA

18.8 %

25.9 %

(7.1) %

20.1 %

23.6 %

(3.5) %

Vertiv

22.3 %

20.1 %

2.2 %

19.3 %

18.5 %

0.8 %

(1)

Segment net sales are presented excluding intercompany sales.

(2)

Organic basis is adjusted to exclude foreign currency exchange rate impact.

(3)

Adjusted operating profit (loss) is only adjusted at the Corporate segment. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).

(4)

Corporate costs consist of headquarters management costs, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and Human Resources.

(5)

Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.

Sales by product and service offering

Three months ended September 30,

2025

2024

Δ

Δ%

Americas:

Products

$             1,426.6

$                957.0

$                469.6

49.1 %

Services & spares

285.8

241.6

44.2

18.3 %

$             1,712.4

$             1,198.6

$                513.8

42.9 %

Asia Pacific:

Products

$                392.7

$                313.9

$                  78.8

25.1 %

Services & spares

127.1

118.5

8.6

7.3 %

$                519.8

$                432.4

$                  87.4

20.2 %

Europe, Middle East & Africa:

Products

$                348.3

$                344.7

$                    3.6

1.0 %

Services & spares

95.3

97.8

(2.5)

(2.6) %

$                443.6

$                442.5

$                    1.1

0.2 %

Total:

Products

$             2,167.6

$             1,615.6

$                552.0

34.2 %

Services & spares

508.2

457.9

50.3

11.0 %

$             2,675.8

$             2,073.5

$                602.3

29.0 %

Nine months ended September 30,

2025

2024

Δ

Δ%

Americas:

Products

$             3,705.7

$             2,565.2

$             1,140.5

44.5 %

Services & spares

794.3

679.5

114.8

16.9 %

$             4,500.0

$             3,244.7

$             1,255.3

38.7 %

Asia Pacific:

Products

$             1,150.5

$                831.0

$                319.5

38.4 %

Services & spares

376.7

342.8

33.9

9.9 %

$             1,527.2

$             1,173.8

$                353.4

30.1 %

Europe, Middle East & Africa:

Products

$             1,041.4

$                974.1

$                  67.3

6.9 %

Services & spares

281.3

272.8

8.5

3.1 %

$             1,322.7

$             1,246.9

$                  75.8

6.1 %

Total:

Products

$             5,897.6

$             4,370.3

$             1,527.3

34.9 %

Services & spares

1,452.3

1,295.1

157.2

12.1 %

$             7,349.9

$             5,665.4

$             1,684.5

29.7 %

Organic growth by product and service offering

Three months ended September 30, 2025

Net Sales Δ

FX Δ

Organic growth

Organic Δ%(1)

Americas:

Products

$                469.6

$                    1.5

$                471.1

49.2 %

Services & spares

44.2

(0.4)

43.8

18.1 %

$                513.8

$                    1.1

$                514.9

43.0 %

Asia Pacific:

Products

$                  78.8

$                    3.6

$                  82.4

26.3 %

Services & spares

8.6

1.0

9.6

8.1 %

$                  87.4

$                    4.6

$                  92.0

21.3 %

Europe, Middle East & Africa:

Products

$                    3.6

$                (14.0)

$                (10.4)

(3.0) %

Services & spares

(2.5)

(4.8)

(7.3)

(7.5) %

$                    1.1

$                (18.8)

$                (17.7)

(4.0) %

Total:

Products

$                552.0

$                  (8.9)

$                543.1

33.6 %

Services & spares

50.3

(4.2)

46.1

10.1 %

$                602.3

$                (13.1)

$                589.2

28.4 %

(1)

Organic growth percentage change is calculated as organic growth divided by net sales for the three months ended September 30, 2024.

Nine months ended September 30, 2025

Net Sales Δ

FX Δ

Organic growth

Organic Δ%(1)

Americas:

Products

$             1,140.5

$                    7.6

$             1,148.1

44.8 %

Services & spares

114.8

2.7

117.5

17.3 %

$             1,255.3

$                  10.3

$             1,265.6

39.0 %

Asia Pacific:

Products

$                319.5

$                    6.6

$                326.1

39.2 %

Services & spares

33.9

3.5

37.4

10.9 %

$                353.4

$                  10.1

$                363.5

31.0 %

Europe, Middle East & Africa:

Products

$                  67.3

$                (29.9)

$                  37.4

3.8 %

Services & spares

8.5

(6.7)

1.8

0.7 %

$                  75.8

$                (36.6)

$                  39.2

3.1 %

Total:

Products

$             1,527.3

$                (15.7)

$             1,511.6

34.6 %

Services & spares

157.2

(0.5)

156.7

12.1 %

$             1,684.5

$                (16.2)

$             1,668.3

29.4 %

(1)

Organic growth percentage change is calculated as organic growth divided by net sales for the nine months ended September 30, 2024.

Segment operating profit (loss)

Operating profit (loss)

Three months ended
September 30, 2025

Three months ended
September 30, 2024

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Americas

$                      501.8

$                      303.4

$                    1,146.1

$                      776.3

Asia Pacific

68.5

44.1

173.4

106.8

Europe, Middle East & Africa

83.5

114.4

266.4

294.2

Total reportable segments

653.8

461.9

1,585.9

1,177.3

Foreign currency gain (loss)

(0.9)

(5.3)

(5.8)

(8.7)

Corporate

(88.0)

(39.7)

(189.2)

(121.3)

Total corporate and other

(88.9)

(45.0)

(195.0)

(130.0)

Amortization of intangibles

(48.2)

(45.3)

(141.1)

(137.1)

Operating profit (loss)

$                      516.7

$                      371.6

$                    1,249.8

$                      910.2

Reconciliation of net cash provided by (used for) operating activities to adjusted free cash flow

Three months ended
September 30, 2025

Three months ended
September 30, 2024

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Net cash provided by (used for) operating activities

$                      508.7

$                      375.1

$                    1,134.9

$                      894.1

Capital expenditures

(45.2)

(36.4)

(126.7)

(106.3)

Investments in capitalized software

(1.5)

(2.8)

(4.7)

(14.4)

Adjusted free cash flow

$                      462.0

$                      335.9

$                    1,003.5

$                      773.4

Reconciliation from operating profit (loss) to adjusted operating profit (loss)

Three months ended
September 30, 2025

Three months ended
September 30, 2024

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Operating profit (loss)

$                      516.7

$                      371.6

$                    1,249.8

$                      910.2

Amortization of intangibles

48.2

45.3

141.1

137.1

Restructuring costs

30.7

—

30.7

—

Adjusted operating profit (loss)

$                      595.6

$                      416.9

$                    1,421.6

$                    1,047.3

Reconciliation from operating margin to adjusted operating margin

Three months ended
September 30, 2025

Three months ended
September 30, 2024

Δ

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Δ

Vertiv net sales

$             2,675.8

$             2,073.5

$   602.3

$             7,349.9

$             5,665.4

$ 1,684.5

Vertiv operating profit (loss)

516.7

371.6

145.1

1,249.8

910.2

339.6

Vertiv operating margin

19.3 %

17.9 %

1.4 %

17.0 %

16.1 %

0.9 %

Amortization of intangibles

$                  48.2

$                  45.3

$       2.9

$                141.1

$                137.1

$       4.0

Restructuring costs

30.7

—

30.7

30.7

—

30.7

Vertiv adjusted operating profit (loss)

595.6

416.9

178.7

1,421.6

1,047.3

374.3

Vertiv adjusted operating margin

22.3 %

20.1 %

2.2 %

19.3 %

18.5 %

0.8 %

Reconciliation of Diluted EPS to Adjusted Diluted EPS

Three months ended September 30, 2025

Operating profit
(loss)

Interest expense,
net

Loss on
extinguishment of
debt

Income tax expense
(benefit)

Net income (loss)

Diluted EPS(1)

GAAP

$                   516.7

$                     22.8

$                       1.7

$                     93.7

$                   398.5

$                     1.02

Amortization of intangibles

48.2

—

—

—

48.2

0.12

Restructuring costs

30.7

—

—

—

30.7

0.08

Term loan due 2032 amendment expense(2)

—

(6.2)

(1.7)

—

7.9

0.02

Non-GAAP adjusted

$                   595.6

$                     16.6

$                        —

$                     93.7

$                   485.3

$                     1.24

Diluted shares (in millions)

390.9

(1) Diluted EPS and adjusted diluted EPS is calculated using 390.9 million shares (includes 382.0 million basic shares and 8.9 million potential dilutive equity awards).

(2) Costs associated with the August 12, 2025 amendment of the Term Loan due 2032.

Three months ended September 30, 2024

Operating profit
(loss)

Interest expense,
net

Change in warrant
liability

Income tax
expense (benefit)

Net income (loss)

Diluted EPS(1)

GAAP

$                  371.6

$                    35.9

$                    67.2

$                    91.9

$                  176.6

$                    0.46

Amortization of intangibles

45.3

—

—

—

45.3

0.12

Change in warrant liability

—

—

(67.2)

(1.4)

68.6

0.18

Non-GAAP adjusted

$                  416.9

$                    35.9

$                       —

$                    90.5

$                  290.5

$                    0.76

Diluted shares (in millions)

384.3

(1) Diluted EPS and adjusted diluted EPS is calculated using 384.3 million shares (includes 375.2 million basic shares and 9.1 million potential dilutive stock options
     and restricted stock units). We believe that this adjusted version better reflects our actual performance because it removes the impact of warrant liability accounting
     and the associated impact on adjusted diluted EPS.

Nine months ended September 30, 2025

Operating profit
(loss)

Interest expense,
net

Loss on
extinguishment of
debt

Income tax
expense (benefit)

Net income (loss)

Diluted EPS(1)

GAAP

$                1,249.8

$                     69.4

$                       1.7

$                   291.5

$                   887.2

$                     2.27

Amortization of intangibles

141.1

—

—

—

141.1

0.36

Restructuring costs

30.7

—

—

—

30.7

0.08

Non-recurring tax
adjustment, net(2)

—

—

—

(39.5)

39.5

0.10

Term loan due 2032
amendment expense(3)

—

(6.2)

(1.7)

—

7.9

0.02

Non-GAAP adjusted

$                1,421.6

$                     63.2

$                        —

$                   252.0

$                1,106.4

$                     2.83

Diluted shares (in millions)

390.3

(1) Diluted EPS and adjusted diluted EPS is calculated using 390.3 million shares (includes 381.5 million basic shares and 8.8 million potential dilutive equity awards).

(2) Nonrecurring tax adjustment of $39.5 million due to recently issued guidance which changes our assessment of our realizability of certain deferred tax assets.

(3) Costs associated with the August 12, 2025 amendment of the Term Loan due 2032.

Nine months ended September 30, 2024

Operating profit
(loss)

Interest expense,
net

Loss on
extinguishment
of debt

Change in
warrant liability

Income tax
expense
(benefit)

Net income (loss)

Diluted EPS(1)

GAAP

$             910.2

$             119.7

$                   1.1

$             269.2

$             171.4

$             348.8

$               0.90

Amortization of intangibles

137.1

—

—

—

—

137.1

0.36

Change in warrant liability

—

—

—

(269.2)

37.5

231.7

0.60

Non-GAAP adjusted

$          1,047.3

$             119.7

$                   1.1

$                  —

$             208.9

$             717.6

$               1.86

Diluted shares (in millions)

386.1

(1) Diluted EPS and adjusted diluted EPS is calculated using 386.1 million shares (includes 376.4 million basic shares and 9.8 million potential dilutive stock options
     and restricted stock units). We believe that this adjusted version better reflects our actual performance because it removes the impact of warrant liability accounting
     and the associated impact on adjusted diluted EPS.

Vertiv Holdings Co

2025 Adjusted Guidance

Reconciliation of Diluted EPS to Adjusted Diluted EPS (1)(2)

Fourth Quarter 2025

   Operating profit
(loss) 

Interest expense,
net

Income tax expense 
(benefit)

Net income (loss)

Diluted EPS(3)

GAAP

$                         589.6

$                          15.0

$                      130.4

$                          444.2

$                            1.14

Amortization of intangibles

48.9

—

—

48.9

0.12

Non-GAAP adjusted

$                         638.5

$                          15.0

$                      130.4

$                          493.1

$                            1.26

Diluted shares (in millions)

391.1

Full Year 2025

Operating profit
(loss)

Interest expense,
net

Loss on
extinguishment
of debt

Income tax expense

(benefit)

Net income (loss)

Diluted EPS(4)

GAAP

$                             1,839.3

$                    84.4

$                      1.7

$                  421.9

$               1,331.3

$                    3.41

Amortization of intangibles   

190.0

—

—

—

190.0

0.49

Restructuring costs

30.7

—

—

—

30.7

0.08

Non-recurring tax
adjustment, net(5)

—

—

—

(39.5)

39.5

0.10

Term loan due 2032
amendment expense(6)

—

(6.2)

(1.7)

—

7.9

0.02

Non-GAAP adjusted

$                             2,060.0

$                    78.2

$                        —

$                  382.4

$               1,599.4

$                    4.10

Diluted shares (in millions)

390.5

(1)

Our guidance reflects the currently expected impacts of the tariff rates active on October 20, 2025, which include (but are not limited to): existing Chapter 1-97 tariffs; Section 301 tariffs; IEEPA tariffs (20% China; 25% Mexico; 35% Canada; 0% USMCA); Section 232 Copper, Steel, and Aluminum tariffs (50%); and Reciprocal tariffs (10% most Countries and certain exceptions for Mexico / Canada goods). Our guidance does not take into account those proposed tariffs that may become effective after October 20, 2025 as we await further clarification from relevant regulatory authorities. This tariff situation remains fluid and uncertain. Tariff costs incremental to current guidance are possible as the tariff perimeter is subject to ongoing changes.

(2)

Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to FY 2025 guidance, including organic net sales growth, adjusted operating margin and adjusted free cash flow, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

(3)

Diluted EPS and adjusted diluted EPS based on 391.1 million shares (includes 382.3 million basic shares and 8.8 million potential dilutive equity awards).

(4)

Diluted EPS and adjusted diluted EPS based on 390.5 million shares (includes 381.7 million basic shares and 8.8 million potential dilutive equity awards).

(5)

Nonrecurring tax adjustment of $39.5 million due to recently issued guidance which changes our assessment of our realizability of certain deferred tax assets.

(6)

Costs associated with the August 12, 2025 amendment of the Term Loan due 2032.

SOURCE Vertiv Holdings Co

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In

Joerg Hiller
Oct 22, 2025 08:23

Hong Kong's approval of the first Solana (SOL) spot ETF marks a significant step in crypto accessibility, joining Bitcoin and Ethereum in regulated digital asset offerings.

In a landmark decision, Hong Kong's Securities and Futures Commission has approved the first Solana (SOL) spot exchange-traded fund (ETF), according to CryptoNews. This approval positions Solana alongside Bitcoin and Ethereum as part of the city’s growing portfolio of regulated digital assets.

The Solana ETF, managed by China Asset Management (Hong Kong), is set to commence trading on October 27, as reported by the Hong Kong Economic Times. This development highlights Hong Kong's ambition to establish itself as a leading hub for digital assets in Asia.

Investor Accessibility and Market Impact
The newly approved Solana ETF will be traded on the OSL Exchange, with each trading unit comprising 100 shares. The minimum investment is pegged at approximately $100, or HK$780, making it accessible to retail investors. OSL Digital Securities will handle custody and settlement services.

The fund's management fee is set at 0.99%, with custody and administrative costs capped at 1% of the fund's net asset value. The estimated annual recurring expense ratio is 1.99%, and the ETF will not distribute dividends.

China Asset Management (Hong Kong) already offers Bitcoin and Ethereum spot ETFs. The introduction of the Solana ETF marks the first SOL-based fund available in both Asian and U.S. markets, reflecting growing institutional interest.

Global Adoption of Solana ETFs
Globally, the acceptance of Solana ETFs is gaining momentum. Earlier this month, 21Shares received U.S. regulatory approval for its Solana Spot ETF, allowing it to trade on a major American exchange. This product aims to provide direct exposure to Solana’s spot price and may include staking features, potentially increasing institutional demand.

Other major issuers such as VanEck, Bitwise, Grayscale, Canary Capital, Franklin Templeton, Fidelity, and CoinShares have also received approval for Solana spot ETF proposals, with listings anticipated soon.

Solana currently holds a market capitalization of approximately $100.8 billion, ranking it below Bitcoin, Ethereum, Tether, Binance Coin, and Ripple, but above USDC, according to CoinGecko data. Analysts predict that continued investor interest could drive Solana’s price toward the $300 mark.

Image source: Shutterstock

solana
etf
hong kong
cryptocurrency

Meteora’s MET token debuts on October 23, with nearly 48% of its 1 billion supply entering circulation. What will its FDV be?

Summary

Meteora is distributing 480 million MET tokens (48% of supply) via an airdrop to users and partners.
The Solana-based DEX commands 26% of network trading volume and generates around $3.9 million in daily fees — eight times higher than Raydium.
Polymarket traders see a 53% chance of a $1B FDV one day post-launch, but many are concerned that the large token float could trigger early selling pressure despite solid performance metrics.

Meteora’s TGE is set for October 23, with the MET token confirmed to list on major exchanges including OKX and Bitget, alongside several Solana-native launchpads. The debut marks one of the most anticipated Solana ecosystem launches of the year, with nearly 48% of the total 1 billion MET supply — or 480 million tokens — entering circulation at launch.

Meteora is taking a community-first approach to the launch, airdropping MET to eligible users, including Mercurial Finance stakeholders, Meteora liquidity providers, JUP stakers, and partner launchpad participants. Recipients can either hold their tokens unlocked or provide liquidity in Meteora’s dynamic AMM pools to earn trading fees.

About Meteora
For context, Meteora was built by the team behind Jupiter, Solana’s largest DEX aggregator. It was born from the remnants of Mercurial Finance, which was wound down following the FTX collapse. To revitalize the protocol, the team created Meteora in 2023, promising to compensate legacy Mercurial users through MET token distribution.

According to analysis by @0xashensoul, Meteora currently commands 26% of Solana’s DEX market share, generating roughly $3.9 million in daily trading fees — eight times higher than Raydium’s $466,000. Its TVL stands at around $829 million.

Meteora FDV one day after launch: Is $1B a safe bet?
With such a high-profile project launching a token, speculation is intensifying over Meteora’s FDV after launch. Polymarket shows that traders are leaning toward a valuation between $750 million and $1 billion one day after launch.

As of October 22, Polymarket traders are assigning a 98% probability that Meteora’s FDV will exceed $500 million, an 86% chance it will top $750 million, and a 53% chance it will surpass $1 billion. Expectations drop sharply beyond that range, with only 6% betting on a $2 billion valuation and less than 2% on anything above $4 billion.

Meteora FDV one day after launch | Source: polymarket.com
The prevailing sentiment in the community is that Meteora’s biggest challenge lies in the circulating supply being too large. As @0xashensoul summed it up:

“Meteora fundamentals are strong, generating 8 times more fees than Raydium, which supports a premium valuation. But, the 48% token unlock on day one is unprecedented for a Solana launch. This large immediate supply will likely cause significant selling pressure. Thats why i think the best risk-adjusted bets are YES on $750M and NO on $2B+, leveraging the disconnect between strong fundamentals and unprecedented 48% float risks.”

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

Quick Facts:

1️⃣ Ripple ($XRP) rebounded above $2.50, with surging Futures Open Interest at $3.8B, signaling renewed investor confidence.

2️⃣ Sustained price action above $2.50 and a bullish MACD crossover suggest upward momentum, with resistance at $2.61–$2.70.

3️⃣ As XRP leads a broader altcoin recovery, investors are eyeing $PEPENODE — the native token of a gamified mine-to-earn ecosystem with a dynamic 674% APY.

On October 21, XRP ($XRP) rose above $2.50, alongside Bitcoin and Ethereum, rebounding from an intraday low of $2.40 — a price action that reflects improving investor confidence in altcoins amid recent market volatility.

Traders are closely watching for a daily close above $2.50 to confirm recovery momentum, with the next resistance range between $2.61 and $2.71. A breakout above the resistance range could be the harbinger of a bullish phase.

In another positive development, the $XRP derivatives market is also stabilizing, as the Futures Open Interest (OI) has recovered to $3.8B from $3.5B on Sunday. Rising OI indicates more investors are opening positions, yet another sign of renewed market participation.

Looking back, the last OI peak occurred in mid-July, right after $XRP hit $3.66. Comparing that pattern with the current one, sustained OI increases often precede strong price rallies.

Source: Coinalyze
While the $XRP price action looks broadly positive, its funding rate suggests a short bias. Case in point, the OI-weighted funding rate dropped from 0.0068% to 0.0038%, indicating a neutral to bullish sentiment.

Moreover, technicals don’t lie — here’s what they’re flashing:

$XRP is sticking close to $2.50, marking its fourth consecutive day of gains since Friday’s dip to $2.18 — signaling sustained price recovery, less likely for another sharp correction.
The MACD (12,26) is at −0.13043 (the blue line crosses above the red line). A crossover often precedes upward momentum, indicating an early price recovery zone.
The 200-day EMA is currently at $2.61, marking the first significant resistance, followed by $2.70. If the bulls manage to push the token above $2.70, it may validate a bullish breakout, setting the stage for a rally toward $3.

Source: FXSTREET
As $XRP hints at a potential bullish phase for altcoins, investors are looking for the next crypto to explode to redirect their funds while the market regains momentum.

PEPENODE ($PEPENODE) emerges as a strong contender by merging meme culture with actual utility through its gamified mine-to-earn ecosystem.

$PEPENODE Redefines Meme Coins With Gamified Virtual Mining
Unlike most meme coins that rely purely on community excitement and hype, PEPENODE ($PEPENODE) is an ERC-20 token that introduces a new and engaging way to mine memecoins through its gamified virtual mining setup.

The best part about PEPENODE is you don’t need expensive machinery, access to high voltage power, or any technical expertise. Its user-friendly interface lets you build, earn, and compete in a dynamic ecosystem and earn rewards for active participation.

Curious how it all works?

You begin with an empty virtual server room that you can fill with mining nodes to start mining. That’s where you’ll need $PEPENODE to buy your mining nodes.

The game is all about creating the ultimate rig to boost your yield using a strategic combination of nodes.

Now imagine the rush — your strategy and smart play could literally decide your profits.

With $PEPENODE, you’re always in control. If you wish to scale up, you can add more nodes and grow your gains. If you wish to step back, that’s possible too as you can sell them anytime and reclaim your $PEPENODE.

If you’re guessing a gamified mining ecosystem like this is about to make serious waves — You’re spot on!

The project has already raised $1.9M in its presale with one token today sitting at 0.0011138.

Whales are flocking towards the project stacking their bags with $PEPENODE worth $94.1K, underscoring their growing confidence in the project’s long-term potential.

You’re probably asking — what kind of potential?

According to our $PEPENODE price prediction, the token could climb to $0.0023 by the year’s end $0.0072 in 2026. That’s a 105% short-term gain and a 546% long-term return. You can also stake your tokens for 674% APY, adding another profit margin.

With the market recovering, can you really afford to sit this kind of potential out?

Don’t wait — lock in your $PEPENODE before the next price spike.

Authored by Ben Wallis, Bitcoinist – https://bitcoinist.com/xrp-bulls-ride-risk-on-sentiment-pepenode-next-pump

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.

TAO trading volume surged 3x to $7.03 billion in October 2025, signaling strong inflows ahead of its December halving event.Analysts eye a potential 10x rally, with targets up to $1,000, but warn of short-term volatility before true confirmation.Bittensor’s deflationary model, AI integration, and undervalued market cap fuel long-term optimism despite market risks.In October 2025, TAO’s trading volume nearly tripled, jumping from $2.3 billion to $7.03 billion, signaling a strong capital inflow into the asset. 

At the same time, several analysts predict that TAO could rise 10x within the next year, a figure that excites the community but also raises caution. Is this the beginning of a sustainable bullish cycle, or just a “hot wave” of speculation before the storm?

Sponsored

Sponsored

Explosive Liquidity and the Story Behind the RallyAccording to data from DefiLlama, Bittensor (TAO) has already witnessed an extraordinary surge in liquidity in October. Total trading volume jumped to $7.03 billion, almost three times higher than the previous month.

TAO volume. Source: DefiLlamaOne of the main catalysts is the halving event, which reduces daily TAO issuance by 50%, a rare feature among AI blockchain projects. As BeInCrypto reported, the halving expected in December 2025 could further drive long-term growth for TAO.

In addition, the token burn mechanism during subnet registration creates additional supply pressure, while real-world demand for TAO increases, bringing tangible value within its ecosystem.

According to crypto analyst Lark Davis, TAO has officially broken out of a descending triangle pattern on the daily chart. The previous resistance zone around $436 has become strong support, while the $495–$500 range is the next major barrier.

If the price can be maintained above these levels, a medium-term bullish trend is possible.

TAO analysis. Source: LarkSponsored

Sponsored

Some analysts also believe that the newly leaked Bittensor roadmap could be the key to the next rally, with Crypto Rand setting targets at $740 and later $1,000.

However, not everyone is optimistic. Analyst AltcoinSherpa recommends waiting for clearer confirmation signals or a new consolidation phase before jumping in to avoid short-term correction risks, similar to what recently happened with ZEC.

TAO Analysis: Supercycle Signals or Overhyped Expectations?From a fundamental perspective, TAO analysis shows strong long-term growth potential. The combination of halving-induced supply cuts and token-burning subnet registrations has created a naturally deflationary economic model, similar to Bitcoin’s past bull cycles.

On top of that, the rapid expansion of the decentralized AI sector, where Bittensor positions itself as the “Web3 infrastructure for AI,” provides sustainable demand for TAO.

According to Decode, Bittensor’s market capitalization (~$4 billion) still appears undervalued compared to peers like Cardano (over $40 billion), especially since TAO supports 125 active subnets generating real-world value.

“AI is the big tech mega trend, and stock market valuations are making Bittensor look very, very cheap,” the analyst noted.

Some analysts also argue that if institutional products like the Grayscale TAO ETF are launched, institutional capital could flow in heavily, potentially pushing prices up to $2,100, based on valuing 20 subnets at $1 billion each, according to James Altucher.

However, it’s essential to remain realistic. These “supercycle” forecasts remain highly speculative. Bitcoin’s price trends and global liquidity cycles still heavily influence the altcoin market. TAO could face a significant correction if BTC experiences a sharp decline or capital exits AI-related assets.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

9h45 ▪
6
min read ▪ by
Luc Jose A.

Summarize this article with:

Tether claims 500 million users for its stablecoin USDT, hitting an unprecedented milestone in digital finance. Behind this colossal figure, the company asserts its ambition : to become a pillar of global financial inclusion. As USDT establishes itself in daily use, especially in emerging economies, Tether is now extending its influence towards a new strategic area : global regulation. More than a mere record, this announcement marks the rise of a player who has become central to the monetary architecture of Web3.

In Brief

Tether announces having crossed the milestone of 500 million users for its stablecoin USDT, marking a historic turning point in the global adoption of stablecoins.
CEO Paolo Ardoino highlights USDT’s role in financial inclusion, especially in emerging economies where access to banking services remains limited.
The company pursues a localized deployment strategy, focusing on daily payments, remittances, and community adoption on the ground.
The massive adoption of USDT coincides with tightening regulations, with the passage of the GENIUS Act in the United States and the implementation of MiCA in Europe.

The global expansion of a now essential stablecoin
It was Paolo Ardoino, CEO of Tether, who revealed on October 21 a striking statistic : USDT is now used by more than 500 million people worldwide, while the stablecoin issuer could become the most profitable crypto company in history.

He states that “this progress reflects the greatest achievement in financial inclusion history“

This statement comes as the token’s market capitalization nears 182 billion dollars, strengthening its leadership position among digital currencies pegged to the dollar. “Programmable money is the ultimate social network: a peer-to-peer structure that carries both information and value”, he specified, highlighting USDT’s fundamentally cross-cutting nature in digital economic exchanges.

This message fits into a communication strategy aimed at positioning Tether as a player serving the unbanked populations.

Beyond institutional communication, several concrete initiatives help understand how Tether reached this historic adoption milestone. The development of USDT in emerging countries is a key driver of this growth, notably through the following uses :

Remittances : USDT is used as a faster and less expensive alternative to traditional banking channels for international money transfers ;

Daily payments : in economies plagued by monetary instability, some merchants and individuals prefer to transact directly in stablecoin ;

Community partnerships : Tether has intensified its field efforts to integrate USDT into local ecosystems, collaborating with fintechs and associations ;

A mobile-first strategy : adoption is facilitated by lightweight solutions, often accessible from a simple smartphone without the need for a bank account.

This positioning, designed for local economic realities, has allowed Tether to capture a user base that widely exceeds the traditional crypto sector boundaries. The company now intends to extend this model to the American market, with the upcoming launch of a stablecoin called USAT, exclusively dedicated to this territory.

Regulation, record profits, and challenges ahead for Tether
Beyond adoption figures and on-chain data, it is on the regulatory front that Tether now stakes its credibility. The company announced a record net profit of 4.9 billion dollars in the second quarter of this year, surpassing its previous peak of 4.52 billion in the first quarter.

This unprecedented profitability places Tether among the most profitable private tech companies. However, this growing financial exposure also attracts regulators’ attention. Present during Donald Trump’s signing of the GENIUS Act, Ardoino saw his company come squarely onto the authorities’ radar. The law notably requires an annual mandatory audit for any stablecoin issuer exceeding 50 billion dollars in capitalization.

In Europe, the situation is quite different. The progressive enforcement of the MiCA regulation, imposing strict compliance standards, caused USDT’s market share to fall from 70 % in November 2024 to nearly 60 % in October 2025. Most exchanges on the continent were forced to delist USDT pairs, as the asset is not fully compliant with the new requirements.

Faced with this pressure, Ardoino assured that Tether is working to enhance transparency in its operations, notably by continuing to publish attestation reports, while seeking to obtain an audit from one of the “Big Four” such as Deloitte or PwC. However, the lack of an independent audit remains a significant friction point, regularly raised by the stablecoin’s critics.

In the longer term, several scenarios are emerging. On one hand, major American banks, including JPMorgan, Bank of America, and Citigroup, are beginning to consider their own digital currencies, leveraging the framework offered by the GENIUS Act to compete with Tether on its own turf. Ardoino does not deny this threat but counters by asserting that “Tether has better technology and a deeper understanding of the market than its competitors“.

On the other hand, the creation of the new stablecoin USAT dedicated to the American market marks a strategic anticipation attempt amid this institutional pressure. The operation will be carried out without fundraising, through the issuance of new shares, a sign of a desire for strict control over governance.

Crossing the milestone of 500 million users is not just symbolic. It reveals a scaling shift for the stablecoin industry. However, this success cannot mask the growing regulatory tensions Tether faces. Between global ambitions and local constraints, between record profits and calls for transparency, the company plays a delicate game. The outcome will depend on its ability to comply with the new rules of the game without losing the agility that made it successful.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Luc Jose A.

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

DISCLAIMER

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

Hong Kong's SFC authorized the ETF on Oct. 17, making it the first of its kind to be authorized for trading in the jurisdiction.

On-chain data shows the recent bearish Bitcoin price action has put the network’s short-term holder whales into a significant unrealized loss.

New Bitcoin Whales Have Dived Underwater
In a new post on X, on-chain analytics firm CryptoQuant has discussed about the latest trend in the profit-loss situation of the short-term holder Bitcoin whales. The “short-term holders” (STHs) broadly refer to the BTC investors who purchased their coins within the past 155 days.

The STH whales (or “new whales”) are the holders with 1,000+ BTC (equivalent to $110.8 million at the current exchange rate) who got into the market during the last five months.

Now, here is the chart shared by the analytics firm that shows the trend in the net unrealized profit/loss held by the STH whales over the past year:

The value of the metric seems to have plummeted in recent days | Source: CryptoQuant on X
As displayed in the above graph, the Bitcoin STH whales have seen their profit-loss balance lean heavily into the underwater territory following the recent bearish wave in the cryptocurrency’s price. This means that the members of this cohort are now carrying a heavy amount of net loss.

More specifically, the STH whales are holding about $6.95 billion in unrealized loss, which is the largest for the group since October 2023, about two years ago. This indicates significant pressure among big-money investors, especially considering that the STHs control a notable chunk of the whale Realized Cap.

The breakdown of the BTC Realized Cap between new and old whales | Source: CryptoQuant on X
The Realized Cap is an indicator that basically measures the total amount of capital that Bitcoin investors have put into the cryptocurrency. The Realized Cap of the new whales, in particular, corresponds to the big-money capital that came into the network during the past 155 days.

From the above chart, it’s apparent that the new whales today control around 45% of the total whale Realized Cap, which is a new record. Considering that the cohort as a whole is underwater, this capital is naturally being held at a net loss now.

The recent growth in the Realized Cap of the STH whales has come as the long-term holders (LTHs), covering investors with a holding time greater than the STH upper limit of 155 days, have been participating in distribution.

As the chart shared by CryptoQuant community analyst Maartunn shows, 337,300 BTC has exited the wallets of the Bitcoin LTHs over the last 30 days.

The net change in the holdings of the BTC LTHs | Source: @JA_Maartun on X
So far, new capital has been coming in to absorb this selloff from the HODLers, but with the STH whales now under pressure, demand for the cryptocurrency may be starting to weaken.

BTC Price
At the time of writing, Bitcoin is trading around $111,000, down 1.7% over the last week.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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

Ethereum (ETH) treasury firm SharpLink Gaming has resumed purchasing ETH. The firm made its first ETH purchase since August 2025, acquiring another 19,271 ETH at an average purchase price of $3,892 per ETH.

Minneapolis-based SharpLink Gaming today announced that it had increased its total ETH holdings by 19,271 ETH. The firm’s total ETH holdings now stand at 859,853 ETH, valued at almost $3.5 billion.

The company disclosed that it raised $76.5 million in gross proceeds last week, excluding placement agent fees and other related expenses. These proceeds were used to finance the latest ETH purchase. Commenting, Joseph Chalom, co-founder of SharpLink Gaming, said:

Our top priority remains creating value for shareholders through disciplined execution and a relentless focus on accretive ETH accumulation. The capital raise completed last week was executed at a premium to NAV. Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital. This sequence was immediately accretive to shareholders and showcases the precision of our strategy.

The Nasdaq-listed firm also shared that its total ETH staking rewards had increased to 5,671. To recall, SharpLink Gaming had started its ETH-focused corporate treasury strategy in June 2025.

The company also reported a 100% increase in Etheruem Concentration. The metric surged to 4.0, up 100% since June 2025.

For the uninitiated, Ethereum concentration measures how much ether SharpLink holds per 1,000 assumed diluted shares, offering insight into the company’s crypto exposure relative to its total potential equity base. It’s calculated by dividing total ETH holdings (including LsETH) by all issued and potentially issuable shares, without using the treasury stock method or accounting for vesting or conversion restrictions.

Following today’s announcement, SharpLink Gaming’s stock SBET is down 2.64%, trading at $14.40 at the time of writing. The stock is up more than 440% over the past six months.

Source: Yahoo! Finance
ETH Taking The Limelight From Other Crypto
2025 has seen an unprecedented growth in the number of firms adopting a crypto-focused corporate treasury strategy, not just limited to leading digital assets like Bitcoin (BTC), or ETH.

For instance, NYSE-listed CleanCore Solutions recently announced that its Dogecoin (DOGE) treasury had topped 710 million DOGE. The firm has an aim of adding 1 billion DOGE to its balance sheet.

That said, the rate of Ethereum adoption has surpassed all other digital assets – including BTC – throughout the year. Recently, Ethereum whale BitMine purchased another 203,800 ETH, effectively owning 2.7% of Ethereum’s circulating supply. At press time, ETH trades at $3,988, up 0.8% in the past 24 hours.

Etheruem trades at $3,988 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, charts from Yahoo! Finance and from TradingView.com

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

Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.

Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work.
Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential.
In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills.
Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information.
In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery.
Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

10h05 ▪
4
min read ▪ by
Fenelon L.

Summarize this article with:

Solana Mobile turns the page on its first crypto smartphone. The Saga, launched in 2023, will no longer receive updates or security patches. Only two years after its market arrival, the device is abandoned. An early obsolescence that contrasts with the standards of Apple and Google.

In brief

Solana Mobile ends Saga support: no more software updates or security patches for the 20,000 devices sold.
An ultra-short lifecycle: only two years, compared to seven years at Apple and Google.
All efforts now focus on the Seeker, with over 150,000 preorders and a new ecosystem token planned.
Saga’s crypto features remain operational, and wallets can be transferred to other devices.

Premature end for Solana’s Saga smartphone
Solana Mobile officially announced on Monday the abandonment of the Saga. The owners of the 20,000 produced units will no longer receive any updates.

” Software updates and security patches are no longer available for Saga devices“, confirmed a representative on the official Discord. 

The phone will remain functional but fixed on Android 14 and its last patch from November 2024.

This announcement surprises by its speed. The Saga was marketed in April 2023. Its support ends after barely 26 months of existence. For comparison, Apple only classifies its iPhones as “obsolete” after seven full years. Google and Samsung also offer seven years of support for their flagship devices. The gap is huge.

The company justifies this decision by a strategic refocus on the Seeker, its second-generation phone. But for early adopters, the bill is bitter. Certainly, crypto features continue to work. 

Wallets can even be restored on other devices thanks to the “same seed standard.” However, the absence of security patches exposes these devices to increasing vulnerabilities.

The Seeker to erase past mistakes
Solana Mobile puts everything on its new champion. The Seeker, launched at 500 dollars, costs half as much as the Saga at its debut. It has already recorded over 150,000 preorders and the first shipments began in August. A success which sharply contrasts with the failed start of its predecessor.

Solana’s first crypto smartphone had a catastrophic launch. Sales stagnated until a series of generous airdrops changed the game at the end of 2023. 

Holders were then able to collect several thousand dollars in free tokens, triggering a rush for the remaining stock available. A lesson from which the company seems to have benefited.

The Seeker features notable improvements: brighter screen, enhanced battery, redesigned interface. It retains the Seed Vault to secure private keys and offers an enhanced decentralized app store. 

The major innovation? The SKR token, designed to align the interests of developers and users. Details remain vague, but Solana Mobile promises a participatory economy around this ecosystem.

The company goes further by integrating TEEPIN, a security system that validates hardware and software without a centralized intermediary. No more Google or Apple to authorize apps. Everything relies on cryptography. 

More than 100 native Web3 apps are already available at launch, from DeFi to gaming to NFTs.

In short, the Saga case reveals Solana Mobile’s Achilles’ heel: durability. Two years of support do not compare to the seven guaranteed by the competition. The 150,000 Seeker buyers are taking a calculated risk. It remains to be seen if the company will this time honor its long-term commitment. Because in the mobile universe, trust is built over years, not press releases.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

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