Market Signal Briefing

Crypto analyst Captain Faibik has predicted that the Bitcoin price could crash to as low as $50,000, representing a 60% crash for the flagship crypto. The analyst explained why he has turned bearish on BTC, while declaring that the bull run is over. 

Why The Bitcoin Price Could Crash To $50,000
In an X post, Captain Faibik shared an accompanying chart which showed that the Bitcoin price could crash to $50,000 from its current level. This came as the analyst stated that he is turning bearish on BTC for the mid-term. He further remarked that the bull run is over and that now late buyers are getting trapped. 

Captain Faibik went on to note that the Bitcoin price is still moving inside the rising wedge, trading above the weekly MA50 while bulls remain in control for now. However, he warned that the structure is weakening and momentum is fading. Notably, the analyst had earlier mentioned a possible correction toward the $100,000 level, which remains a possibility with BTC trading close to this range. 

Source: Chart from Captain Faibik on X
The Bitcoin price has continued to show signs of weakness since hitting a new all-time high (ATH) above $126,000 earlier in the month. Rising trade tensions between the U.S. and China have contributed to the recent declines in BTC. The flagship crypto again dropped yesterday after Trump threatened to impose a 155% tariff on China if they do not reach a trade deal by November 1. 

Meanwhile, crypto analyst Titan of Crypto also indicated that the Bitcoin price may be topping out. This came as the analyst revealed that a BTC monthly LMACD cross was happening. The analyst noted that historically, these crosses have marked the beginning of the bear phase or a major cycle top. However, he added that this is still not confirmed as the monthly candle hasn’t closed yet. 

The BTC Top Is Not Yet In
Crypto analyst CrediBULL Crypto recently asserted that the cycle top is not yet in and that the Bitcoin price will reach $150,000 before the cycle is over. He explained that the rate of ascent should increase at an increasing rate into the final 5th subwave, which will make the blow off top. The analyst added that this implies that all impulses moving forward will be more aggressive than the ones prior. 

CrediBULL Crypto further stated that the Bitcoin price is currently in subwave 2 of the final 5th wave after completing the impulsive subwave 1, which took it from $74,000 to $112,000. He predicted that subwave 2 should bottom between the current level and $74,000, which is the higher timeframe invalidation. 

Meanwhile, he explained that the measured move of the 1st subwave was $37,500. As such, a fair assumption is that the 3rd and 5th waves will be larger, which implies a minimum target of $150,000 for the Bitcoin price by the end of the cycle. 

At the time of writing, the Bitcoin price is trading at around $107,600, down over 3% in the last 24 hours, according to data from CoinMarketCap.

BTC trading at $107,567 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

Tom Lee-chaired Ethereum treasury BitMine Immersion bought the dip, adding roughly $800 million worth of Ethereum to its treasury as ETH retreats from its August record peak.

BitMine Accelerates Ether Accumulation Strategy
BitMine has continued its Ether buying spree as crypto prices plunged. According to a Monday press release, the company scooped up a further 203,826 Ether over the last week.

BitMine Immersion, which has the largest Ethereum treasury of any publicly traded firm and the second-largest overall crypto treasury, said it now holds 3,236,014 ETH acquired at an average price of $4,022 per coin. To put it into perspective, the ETH stockpile represents around 2.7% of Ether’s circulating supply. This brings BitMine more than halfway to its ambition to reach 5%.

The Nasdaq-listed firm also listed 192 Bitcoins worth $21.3 million, $219 million in unencumbered cash, and a $119 million equity stake in Eightco Holdings as part of its $1.34 billion in combined crypto and cash holdings.

ETH was recently priced at approximately $3,866 per coin after a rocky couple of weeks. According to CoinGecko data, it dropped last week to as low as $3,709, its lowest price in two months. The asset is currently 21.9% down from its August all-time high of $4,946.05.

Advertisement
 

ETH’s ‘Price Dislocation’ Is A Buying Opportunity
The latest purchase means BitMine purchased around 1.6 billion in ETH over the past two weeks as crypto prices slipped, culminating in a record-setting flash crash on October 10. 

“Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” chairman Thomas Lee posited in a Monday statement.

In September, Lee held firm on his prediction for Ether to hit $12,000 before the end of this year, despite just over two months remaining on the clock. To achieve Lee’s target, the second-largest cryptocurrency by market cap would need to surge over 200% from its current price level.

Solana co-founder sparks excitement with experimental perpetual DEX code, fueling innovation despite clarifying it’s an AI test project.

Izabela Anna2 min read

21 October 2025, 12:46 PM

Solana Labs Co-Founder Anatoly Yakovenko has unintentionally ignited fresh speculation about Solana’s future after uploading experimental code that resembled a decentralized perpetual futures exchange. 

The upload, shared on GitHub under the name “Percolator,” drew immediate attention from crypto users who believed Solana might be preparing to challenge dominant perpetual DEXs like Hyperliquid and Aster. However, Yakovenko clarified later that the code was part of an AI test project and not an official Solana Labs initiative.

Developers Urged to Innovate on SolanaYakovenko explained that he was testing ideas using the AI tool Claude and accidentally made the repository public. Despite the misunderstanding, he encouraged developers to explore and build similar concepts. 

His remarks reflected his broader support for innovation within Solana’s ecosystem. The proposed design featured a single-memory perpetual DEX system with its own liquidity and matching engine, along with a router capable of rebalancing positions across multiple accounts.

Perpetual futures have become one of the most active sectors in decentralized finance. These contracts allow traders to speculate on asset movements without holding the underlying token. 

Platforms like Hyperliquid and Aster have captured significant trading volume, with Aster offering extreme leverage levels of up to 1,001x on Bitcoin. Such figures highlight the growing appetite for high-risk, high-reward trading strategies across DeFi markets.

Growing Interest in Solana-Based PerpsSolana currently hosts a few perpetual DEXs, yet none have achieved the scale or liquidity of top competitors. Hence, the appearance of Yakovenko’s experimental code briefly fueled hopes that Solana could soon rival other major networks in derivatives trading. The discussion underscored a key opportunity for developers to design efficient on-chain trading engines capable of handling perpetual contracts at scale.

Community figures such as Helius Labs’ Mert Mumtaz praised Yakovenko’s hands-on approach, suggesting that active experimentation by network founders keeps ecosystems dynamic and forward-looking. 

Moreover, Yakovenko’s openness to sharing ideas may encourage new projects to leverage Solana’s speed and low transaction costs to create next-generation trading applications.

Solana Price Holds Key SupportSource: X

At press time, Solana traded near $186.40, down nearly 3% over the past 24 hours. Analyst platform CryptoPulse noted that SOL is retesting its long-standing ascending trendline near $185, which has repeatedly served as strong support. 

If buyers defend this level, the token could rebound toward $220, a zone that previously capped rallies. A decisive breakout above that ceiling may open the path toward $260. However, losing support below $180 could trigger a deeper slide toward $165 or $150.

ENRICH your inbox with our best storiesDon’t miss out and join our newsletter to get the latest,
well-curated news from the crypto world!

Izabela Anna

Izabela Anna is a knowledgeable freelance journalist, who boasts over five years of experience covering the cryptocurrency market. Her tenure has seen her navigate through the ebbs and flows of multiple market cycles, giving her a deep understanding within. Her journalistic focus lies in dissecting price action dynamics, scrutinizing the on-chain landscape, and providing insights from a technical perspective, making her a trusted voice in the realm of cryptocurrency reporting.

Read more about

Latest Solana (SOL) News Today

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

Quick Facts:

1️⃣ TD Cowen forecasts Bitcoin reaching $141K by December, signalling renewed institutional interest.
2️⃣ Bitcoin has rebounded after a record $19B liquidation event, showing strong market resilience.
3️⃣ Bitcoin Hyper ($HYPER) brings Solana-level speed and scalability to Bitcoin through its Layer-2, powered by the Solana Virtual Machine.
4️⃣ The $HYPER presale has raised $24.4M, with early investors positioning for potential 10x upside if Bitcoin’s rally continues.

Bitcoin has now stabilized its price around $108K after a volatile month. However, analysts at TD Cowen believe the next significant leg up could take it past $141K before the end of the year.

In a note released on Monday, TD Cowen’s research team doubled down on its bullish price target for Bitcoin. They cited resilience in the face of historic volatility.

The firm described the October 10 flash crash (which wiped out roughly $19B in open interest in a single day) as proof that the crypto market is maturing. How? Most exchanges stayed online throughout the chaos and experienced record volumes with minimal downtime.

Source: @BitcoinMagazine on X
The mass sell-off was triggered by U.S. President Donald Trump’s confirmation of a 100% tariff on Chinese imports, prompting a global risk-off reaction that sent cryptocurrencies down by more than 10%.

$BTC actually dipped around 15% before recovering most of its losses within 24 hours and closing at 8% lower on the day. Altcoins, however, were a blood bath. Some saw losses exceeding 50–80%.

TD Cowen was positive, labelling the reaction “a textbook show of market depth.” They claim prices were stabilized faster than in previous cycles thanks to institutional liquidity and global demand.

In Japan, digital asset adoption continues to rise, with TD Cowen reporting that there are over 7.9M registered crypto accounts. This is quadruple the figure from five years ago. According to data from Statista, this number is expected to reach 18.69M users in 2026.

The country’s Financial Services Agency is revisiting restrictions on bank participation in digital assets, which signals renewed confidence in the sector.

With institutional backing and global adoption, Bitcoin’s next rally could be explosive. However, this time, the upside may extend beyond $BTC itself into the top trending cryptocurrency.

As liquidity shifts into infrastructure projects that power faster and cheaper transactions, Bitcoin Hyper ($HYPER) is emerging as the best cryptocurrency to watch — Bitcoin’s first true execution layer.

Bitcoin Price in Gridlock – Bulls Eye $122K Breakout
At present, $BTC sits at $108K with key resistance levels at $112K, $115.5K, and $117.6K. A breakout above $122K will likely flip sentiment back to bullish. Support remains firm near $105K, with deeper safety nets at $98K–96K.

Source: CoinMarketCap
Despite lingering macro headwinds, $BTC’s ability to hold its ground after such aggressive liquidations highlights a clear shift in market structure. Institutional accumulation and renewed adoption momentum have laid the foundation for a potential leg higher.

If Bitcoin can break back above $122K, capital will flow toward projects that extend its utility. And that’s where Bitcoin Hyper ($HYPER) fits in — a new Layer-2 designed to give Bitcoin Solana-like speed.

Bitcoin Hyper ($HYPER) Brings Solana Speed to Bitcoin
Bitcoin Hyper ($HYPER) aims to turn Bitcoin from a slow store of value into a fully functional, high-speed ecosystem. It acts as Bitcoin’s execution Layer-2, allowing you to bridge $BTC and use it like never before.

Bitcoin Hyper uses the Solana Virtual Machine (SVM) to allow transactions to be confirmed in under a second and cost almost nothing. Compared to Bitcoin’s own layer, which offers slow transaction speeds and high fees, this is a massive leap forward.

Unlike wrapped tokens or sidechains that rely on custodians, Hyper settles back to Bitcoin’s base chain using zero-knowledge (ZK) proofs, keeping it fully trustless and verifiable.

Follow our step-by-step guide on how to buy Bitcoin Hyper.

This technical edge unlocks abilities Bitcoin can’t provide. You get instant $BTC payments, DeFi lending, meme coins, and even NFTs. Hyper’s interoperability also connects Ethereum, Solana, and Bitcoin within a single ecosystem. This means assets and dApps can move freely across the networks.

The market has noticed. Bitcoin Hyper’s presale has already raised over $24.4M, with the token priced at $0.013145. Our Bitcoin Hyper price prediction forecasts a possible price of $0.15 by the end of the year. That’s more than a 10x from its current price.

Staking yields are up to 49% APY for early participants. The project has attracted numerous large investors, with multiple six-figure purchases occurring in recent weeks as whales bet that scalable infrastructure will outperform Bitcoin.

With the next price increase approaching, $HYPER offers exposure to the same macro forces TD Cowen believes will lift $BTC to $141K — but with far higher upside potential.

Join the $HYPER presale today to be a part of the Bitcoin revolution.

As always, this article is not financial advice. Crypto and presales carry inherent risks. Please do your own research (DYOR) and never invest more than you can afford to lose.

Authored by Aidan Weeks, Bitcoinist — https://bitcoinist.com/bitcoin-price-prediction-could-make-bitcoin-hyper-10x

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.

SummarySchwab U.S. Dividend Equity ETF™ and PepsiCo, Inc. are positioned to benefit as market enthusiasm for AI normalizes and investors seek reliable dividend payers.SCHD offers a 3.86% yield, low expense ratio, and potential for capital appreciation as interest rates fall and fixed-income yields decline.PEP faces near-term headwinds but boasts strong liquidity, strategic acquisitions, and a below-average valuation, supporting long-term upside.Both SCHD and PEP may remain rangebound short-term, but patient investors could see solid returns as rates decline and fundamentals improve.Looking for more investing ideas like this one? Get them exclusively at iREIT®+HOYA Capital. Learn More » Paper Boat Creative/DigitalVision via Getty Images

Introduction With the push and rapid growth of artificial intelligence, the market's optimism seems to be driven by a few stocks. Everywhere you look, AI is being adopted and talked about.

While I

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

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

Recommended For You

October 21, 2025 07:30 ET

 | Source:

Stardust Power Inc.

GREENWICH, Conn., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) ("Stardust Power" or the "Company"), an American developer of battery-grade lithium carbonate, announced today that it has executed a Letter of Intent (the “Agreement”) with Prairie Lithium for the supply of 6,000 metric tons per annum of lithium carbonate equivalent (“LCE”) in the form of lithium chloride (“LiCl”). The lithium chloride is sourced from the Prairie Lithium Project in Saskatchewan, Canada and will be used as feedstock at Stardust Power’s lithium processing facility in Muskogee, Oklahoma. This Agreement marks a significant source of supply as the Company eyes a Final Investment Decision (“FID”) and the start of major construction.

The supply Agreement with Prairie Lithium provides a foundation for near-term feedstock that enables the Company to accelerate its business model, strengthen customer engagement, and further de-risk the development of Phase 1. This Agreement also preserves flexibility for future phases to incorporate multiple chlorides as production scales. A key strength of Stardust Power’s strategy lies in its large central refinery engineered to process multiple approved lithium chloride inputs. This design enables efficient aggregation of feedstock and scalable production of battery-grade lithium carbonate. Supporting this approach, the Company continues to work with multiple producers and developers to bring their products to market, positioning itself as a critical hub in North America’s lithium supply chain.

Under the Agreement, feedstock will be delivered to the Port of Muskogee’s Free Trade Zone, which offers strategic access to established water, road, and rail networks. The Free Trade Zone designation provides potential advantages such as tariff exemptions and reduced import duties. Initial deliveries are scheduled to begin as early as 2027, with volumes scaling up to 6,000 metric tons per annum with the opportunity for additional volumes. Prairie Lithium’s Preliminary Economic Statement identifies up to 17,000 metric tons per annum of production capacity. Early shipments can be stored in on-site tanks to build sufficient reserves for commissioning and ramp-up of the facility, with ongoing storage maintained to ensure uninterrupted supply. The Agreement is non-binding and subject to negotiation and execution of a definitive agreement. The Agreement spans an initial six-year term, with two additional six-year extension options at Stardust Power’s discretion, enabling up to 18 years of secure, feedstock supply.

"Securing reliable, high-quality feedstock is critical to scaling our lithium refining operations. Prairie Lithium is a valuable source that aligns with our commitment to a secure a sustainable North American supply chain. This Agreement strengthens our ability to meet growing demand while maintaining operational efficiency," commented Pablo Cortegoso, Chief Technical Officer and Co-Founder of Stardust Power.

The Prairie Project is situated in the Williston Basin of southeast Saskatchewan, Canada, a region renowned for its long history of oil and gas production. The Project has been de-risked through the development of multiple well-pad sites and production of initial samples, and it benefits from access to critical infrastructure, including electricity, fresh water, paved highways, and railroads, spanning approximately 350,000 acres of mineral rights.

"We are proud to partner with Stardust Power to supply high-quality lithium feedstock for the U.S. market. It highlights the value of cooperation between trusted strategic allies in securing a clean energy supply chain and demonstrates the strength of Prairie’s resources and our commitment to supporting scalable, sustainable lithium production critical to North America’s energy security," said Paul Lloyd, Managing Director of Prairie Lithium.

This Agreement significantly strengthens Stardust Power’s commercial position, unlocking access to new financing avenues including project-level debt and equity. It also represents a major de-risking step as the Company moves closer to full-scale construction and commissioning. With permitting in the advanced stages, ground already broken at the Muskogee site, and an initial offtake Agreement signed, Stardust Power is demonstrating strong operational execution and clear momentum. These milestones collectively underscore the Company’s rapid progress from development to operations, reinforcing its ability to deliver key objectives and accelerate speed to market. Stardust Power is well-positioned to capitalize on growing demand for domestic supply and refining of critical minerals, presenting a compelling opportunity for long-term shareholder value creation.

About Stardust Power Inc.

Stardust Power is a developer battery-grade lithium carbonate designed to bolster America’s energy security through resilient supply chains. The Company is building a strategically located lithium refinery in Muskogee, Oklahoma, with the capacity to produce up to 50,000 metric tons of battery-grade lithium carbonate annually. Committed to sustainability at every stage, Stardust Power trades on Nasdaq under the ticker “SDST.”

About the Prairie Lithium Project

PL9’s Prairie Lithium Project is located in the Williston Basin of Saskatchewan, Canada. Located in one of the world’s top mining friendly jurisdictions, the projects have easy access to key infrastructure including electricity, natural gas, fresh water, paved highways and railroads. The projects also aim to have strong environmental credentials, with Prairie Lithium targeting to use less freshwater, land and waste, aligning with the Company’s sustainable approach to lithium development.

For more information, visit www.stardust-power.com

Stardust Power Contacts
For Investors:
Johanna Gonzalez
[email protected]

For Media:
Michael Thompson
[email protected]

Cautionary Note Regarding Forward-Looking Statements 

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995 and other applicable securities laws, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects. These statements may include, without limitation, statements regarding management’s expectations about future business strategies, financial performance, operating results, growth opportunities, market developments, competitive position, regulatory outlook, and other statements of future events or expectations. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “target,” “will,” “could,” “should,” and similar expressions are intended to identify such forward-looking statements.

Forward-looking statements are not guarantees of future performance. They are based on current expectations, estimates, forecasts, and assumptions that involve significant risks and uncertainties, many of which are beyond the Company’s control and are difficult to predict. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including but not limited to: macroeconomic conditions; inflationary pressures; changes in interest rates; supply chain disruptions; evolving consumer demand; competitive and technological developments; regulatory or legal changes; litigation exposure; cybersecurity threats; fluctuations in foreign exchange rates; and other factors described in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including the “Risk Factors” section of its most recent Annual Report on Form 10-K and subsequent filings on Form 10-Q and 8-K.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company assumes no obligation and expressly disclaims any duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, even if subsequent events cause expectations to change.

This press release may contain material nonpublic financial information, which should be considered in light of the Company’s periodic reports and public disclosures filed with the SEC. Investors are encouraged to review these filings—which are available on the SEC’s website—for a more complete understanding of the Company’s financial condition and business risks.  

VANCOUVER, British Columbia, Oct. 21, 2025 (GLOBE NEWSWIRE) -- ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) ("ZenaTech"), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, today announces it has signed an offer to acquire a Southern California land survey engineering firm with a considerable list of long-term government and commercial builder customers and significant expertise in public works projects. The acquisition would expand ZenaTech’s DaaS presence in Southern California, providing opportunities to modernize and improve a range of surveying, inspection, and monitoring applications for government and commercial customers using drones.

“Southern California is one of the largest and most dynamic public works and infrastructure-driven regions in the country — from transportation expansion and utility modernization to environmental land planning,” said Shaun Passley, Ph.D., ZenaTech CEO. “This acquisition would establish our Drone as a Service presence in a region where advanced surveying and rapid data delivery is essential. We see tremendous opportunity to expand the public works portfolio, as well as grow drone-based services such as wildfire detection, terrain monitoring, and environmental recovery mapping — all critical to building safer, more resilient communities across the West.”

The acquisition would help accelerate ZenaTech’s continued expansion into the US public works and infrastructure market — one of the largest consumers of engineering and surveying services — and provide a platform to integrate drone-based aerial data, analytics, and automation across the acquired firm’s existing government projects. The proposed acquisition also presents opportunities to leverage ZenaTech’s drone technologies for wildfire surveillance, post-disaster assessments, and regional planning initiatives — critical needs in one of the nation’s most wildfire-prone regions.

Currently, ZenaTech has completed 11 acquisitions toward its goal of acquiring and establishing 25 Drone as a Service locations by mid-2026. The company’s DaaS model provides businesses and government customers with a flexible and convenient on-demand pay-per-use or subscription access to drone services for surveying, inspections, precision farming, or power washing services, while benefiting from the automation of old tech or manual processes. The model eliminates the need to invest in capital costs, pilots, maintenance, and compliance to benefit from drone innovation. The company is acquiring profitable land survey engineering and other businesses ripe for drone innovation, to advance its national vision for a scalable, tech-enabled multiservice drone business anchored by existing customers and recurring revenue.

About ZenaTech

ZenaTech (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) is a technology solutions company specializing in AI drone, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions for mission-critical business applications. Since 2017, the Company has leveraged its software development expertise and grown its drone design and manufacturing capabilities through ZenaDrone, to innovate and improve customer inspection, monitoring, safety, security, compliance, and surveying processes. With enterprise software customers using branded solutions in law enforcement, health, government, and industrial sectors, and drones being implemented in these plus agriculture, defense, and logistics sectors, ZenaTech’s portfolio of solutions helps drive exceptional operational efficiencies, accuracy, and cost savings. The Company operates through global offices in North America, Europe, Taiwan, and UAE, and is growing its US DaaS business model and network of locations through acquisitions.

About ZenaDrone

ZenaDrone, a wholly owned subsidiary of ZenaTech, develops and manufactures autonomous business drone solutions that can incorporate machine learning software, AI, predictive modeling, Quantum Computing, and other software and hardware innovations. Created to revolutionize the hemp farming sector, its specialization has grown to multifunctional drone solutions for industrial surveillance, monitoring, inspection, tracking, process automation, and defense applications. Currently, the ZenaDrone 1000 drone is used for crop management applications in agriculture and critical field cargo applications in the defense sector, the IQ Nano indoor drone is used for inventory management and security in the warehouse and logistics sectors, and the IQ Square is an outdoor drone designed for land surveys and inspections use in commercial and defense sectors.

Contacts for more information:

Company, Investors, and Media:

Linda Montgomery

ZenaTech

312-241-1415

[email protected]

Investors:

Michael Mason

CORE IR

[email protected]

Safe Harbor

This press release and related comments by management of ZenaTech, Inc. include “forward-looking statements” within the meaning of U.S. federal securities laws and applicable Canadian securities laws. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. This forward-looking information relates to future events or future performance of ZenaTech and reflects management’s expectations and projections regarding ZenaTech’s growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “aim”, “seek”, “is/are likely to”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology intended to identify forward-looking statements. Forward-looking information in this document includes, but is not limited to ZenaTech’s expectations regarding its revenue, expenses, production, operations, costs, cash flows, and future growth; expectations with respect to future production costs and capacity; ZenaTech's ability to deliver products to the market as currently contemplated, including its drone products including ZenaDrone 1000 and IQ Nano; ZenaTech’s anticipated cash needs and it’s needs for additional financing; ZenaTech’s intention to grow the business and its operations and execution risk; expectations with respect to future operations and costs; the volatility of stock prices and market conditions in the industries in which ZenaTech operates; political, economic, environmental, tax, security, and other risks associated with operating in emerging markets; regulatory risks; unfavorable publicity or consumer perception; difficulty in forecasting industry trends; the ability to hire key personnel; the competitive conditions of the industry and the competitive and business strategies of ZenaTech; ZenaTech’s expected business objectives for the next twelve months; ZenaTech’s ability to obtain additional funds through the sale of equity or debt commitments; investment capital and market share; the ability to complete any contemplated acquisitions; changes in the target markets; market uncertainty; ability to access additional capital, including through the listing of its securities in various jurisdictions; management of growth (plans and timing for expansion); patent infringement; litigation; applicable laws, regulations, and any amendments affecting the business of ZenaTech. 

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesOct 21 (Reuters) - Crypto heavyweight Coinbase

(COIN.O), opens new tab said on Tuesday it has bought investment platform Echo in a nearly $375 million cash-and-stock deal, aiming to bring fundraising tools to its platform.

Dealmaking within the digital assets industry has picked up pace this year as a crypto-friendly Trump administration encourages companies to expand their business in the U.S.

Sign up here.

Last week, cryptocurrency exchange Kraken unveiled a $100 million deal for futures exchange Small Exchange, paving the way to launch a fully U.S.-based derivatives suite.

Echo's platform makes raising capital and investing more accessible to the crypto community through private and public token sales.

"We want to create more accessible, efficient, and transparent capital markets," Coinbase said in a blog post.

While Coinbase will start with crypto token sales via Echo's Sonar platform, the company later plans on expanding support to tokenized securities and real-world assets.

Echo was founded by crypto trader Jordan Fish, widely known by his "Cobie" pseudonym. The platform has helped crypto projects raise more than $200 million since its launch two years ago.

In May, Coinbase had struck a $2.9 billion deal for crypto options provider Deribit, plugging a gap in its derivatives portfolio and strengthening its international presence.

Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar

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

Shopping trolley is seen in front of Walmart logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

CompaniesOct 21 (Reuters) - Walmart

(WMT.N), opens new tab will become the first U.S. retailer to sell an over-the-counter continuous glucose monitor in physical stores, as Abbott Laboratories'

(ABT.N), opens new tab Lingo rolls out to more than 3,500 locations and online, Axios reported on Tuesday, citing the medical device maker.

Abbott said its device was previously available only at HelloLingo.com and Amazon, the report added.

Sign up here.

Walmart and Abbott did not immediately respond to a Reuters request for comment.

Continuous glucose monitor makers such as Abbott, Dexcom

(DXCM.O), opens new tab and Medtronic

(MDT.N), opens new tab are riding a surge in demand as diabetes awareness rises, insurance coverage expands and patients embrace finger-prick-free technology.

Lingo has a small, flexible sensor inserted just under the skin, usually on the back of the upper arm. The sensor measures glucose levels every few minutes.

The two-week pack with one sensor costs $48.97 at Walmart, including access to the Lingo app, which is available only for iPhone now, according to Axios' report.

Abbott launched Lingo last year, targeting consumers who want to better understand their health, while its other lineup, FreeStyle Libre, is for people with diabetes and is mostly available on prescription basis.

In the third quarter, sales of Abbott's continuous glucose monitors grew 20.5% to $2.0 billion.

Reporting by Christy Santhosh in Bengaluru; Editing by Sahal Muhammed

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

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

Beyond Saving, Philip Mause, and Hidden Opportunities, all are supporting contributors for High Dividend Opportunities. Any recommendation posted in this article is not indefinite. We closely monitor all of our positions. We issue Buy and Sell alerts on our recommendations, which are exclusive to our members.

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.

Photo by David McNew/Getty Images

Getty Images

Amazon.com (AMZN) has faced challenges previously. Its stock has dropped by more than 30% within a period of less than 2 months on three separate occasions in various years, erasing billions in market capitalization and eliminating substantial gains in a single correction. If past performance serves as an indicator, Amazon.com (AMZN) stock is not shielded from unexpected, sharp declines.

The Risk That Is BrewingRegulatory Action. Amazon encountered a $2.5B FTC penalty (Sept 2025) and a confirmed €746M EU GDPR fine (Mar 2025). New investigations under the EU DMA may result in penalties amounting to 10% of global turnover. The FTC settlement addressed the Prime ‘dark patterns’ case.E-commerce Rivals. Walmart’s e-commerce revenue accounted for 18% of its total in FY25. Temu aims for a $41B GMV by 2025. However, growth rates for Temu/Shein are projected to decline sharply in 2025 due to concerns regarding quality and ethics.Unionization Push. The Teamsters advocate for 10,000 Amazon employees (2024). Demands for $30/hour wages among workers are increasing. Amazon has invested $2.1B in wage increases (2024).Investing in a single stock can be risky, but there is substantial value in the broader diversified approach we utilize with the Trefis High Quality Portfolio. Allow us to pose this question: Over the past 5 years, which index do you believe the Trefis High Quality Portfolio has outperformed – the S&P 500, S&P 1500 Equal Weighted, or both? The answer may surprise you. Discover how our advisory framework helps stack the odds in your favor.

Is Risk Showing Up In Financials Yet?It certainly helps to alleviate risk if the fundamentals are solid. For insights on AMZN, read Buy or Sell AMZN Stock. Below are several key figures that are significant.

Revenue Growth: 10.9% LTM and an 11.3% average over the last 3 years.Cash Generation: Approximately 2.0% free cash flow margin and 11.4% operating margin LTM.Valuation: Amazon.com stock currently trades at a P/E ratio of 32.6Opportunity vs S&P: When compared to the S&P, it offers a higher valuation, increased revenue growth, and lower marginsComparison with S&P500 Median

Trefis

*LTM: Last Twelve Months

How Bad Can It Really Get?When considering risk, it is useful to examine how Amazon has performed during challenging market conditions. It suffered a decline of nearly 94% during the Dot-Com Bubble, an unprecedented decrease. The Global Financial Crisis resulted in a loss of about 65%, and the Inflation Shock in 2022 also took its toll, with a drop of over 56%. Even the more moderate events, like the 2018 correction and the Covid selloff, resulted in decreases of approximately 34% and 23%, respectively. Therefore, despite all the positives, Amazon’s track record indicates it can endure significant setbacks during market downturns.

However, the risks are not confined to severe market crashes. Stocks can decline even in favorable market conditions – consider events such as earnings reports, business announcements, and outlook adjustments. Read AMZN Dip Buyer Analyses to understand how the stock has rebounded from sharp declines in the past.

The Trefis High Quality (HQ) Portfolio, comprising 30 stocks, has a history of consistently outperforming its benchmark, which includes all three indices – the S&P 500, S&P mid-cap, and Russell 2000. Why is that? As a collective, HQ Portfolio stocks have delivered superior returns with reduced risk compared to the benchmark index; they offer less volatility, as demonstrated in HQ Portfolio performance metrics.

The chip maker's shares were edging down as more details about its business arrangements with the ChatGPT-developer emerged.

-

Former BlackRock and ConsenSys executive adds deep expertise in finance, digital assets, and technology

ALBANY, N.Y.--(BUSINESS WIRE)--Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, today announced the appointment of Agnes Budzyn to its Board of Directors.

Agnes brings more than a decade of experience across finance, digital assets, and technology strategy, with a proven track record of bridging traditional finance and emerging innovation. She currently serves as CEO and Managing Partner of Bluedge Ventures, an investment firm focused on digital infrastructure and dual-use technologies, and has previously held leadership roles at BlackRock and ConsenSys, where she helped shape the growth of the Ethereum ecosystem.

“Agnes is a dynamic leader who deeply understands both the financial and technological forces shaping the future of energy and computing,” said John Belizaire, CEO of Soluna. “Her experience across digital assets, infrastructure, and capital formation will be invaluable as we continue scaling our Renewable Computing platform.”

Throughout her career, Agnes has collaborated with major global institutions, including the European Central Bank, Swiss National Bank, and the U.S. Federal Reserve, during her tenure at BlackRock, where she managed over $40 billion in portfolio restructuring. She has also advised organizations on IPO readiness, business transformation, and strategic funding, and currently serves on the Board of Yale Club Audit Committee and the London Stock Exchange/FTSE Russell Digital Assets Advisory Committee.

A recognized thought leader in fintech and decentralization, Agnes has spoken at leading institutions such as Harvard, Oxford, Cornell, and the World Economic Forum in Davos, where she was named to the Forum of Young Global Leaders.

“I’m honored to join Soluna’s Board at such a pivotal time,” said Agnes Budzyn. “Soluna’s vision to make renewable energy a global superpower through sustainable computing aligns closely with my passion for innovation that advances technology, sustainability, and economic resilience. I look forward to contributing to the Company’s continued growth and impact.”

This appointment reflects Soluna’s ongoing efforts to enhance its governance and deepen expertise across finance, capital markets, and digital infrastructure.

Safe Harbor Statement by Soluna

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of the Company’s plans and objectives, including with respect to the scaling of the Company’s Renewable Computing platform and the Company’s continued growth and impact. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties; further information regarding which is included in the Company’s filings with the SEC. All information provided in this press release is as of the press release date, and the Company undertakes no duty to update such information, except as required under applicable law.

About Soluna Holdings, Inc. (Nasdaq: SLNH)

Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The Company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:

LinkedIn: https://www.linkedin.com/company/solunaholdings/

X (formerly Twitter): x.com/solunaholdings

YouTube: youtube.com/c/solunacomputing

Newsletter: bit.ly/solunasubscribe

Resource Center: solunacomputing.com/resources

Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.

More News From Soluna Holdings, Inc.

Back to Newsroom

MARION, NC / ACCESS Newswire / October 21, 2025 / Greene Concepts Inc. (OTCID:INKW), owner and operator of a 60,000 sq. ft. bottling and beverage facility in Marion, NC, announces that its redesigned corporate website, continues to gain strong traction and visibility, driving increased product sales, investor interest, and partnership inquiries nationwide.

, /PRNewswire/ -- Jacobs (NYSE: J) plans to release its fiscal fourth quarter and full year 2025 earnings results before market open on Thursday, Nov. 20, 2025, and will host a conference call at 10:00 a.m. ET, during which management will make a presentation focusing on the company's results and operating trends.

Interested parties can listen to the conference call via a webcast and view accompanying slides at jacobs.com.

About Jacobs

At Jacobs, we're challenging today to reinvent tomorrow – delivering outcomes and solutions for the world's most complex challenges. With approximately $12 billion in annual revenue and a team of almost 45,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we're creating a more connected and sustainable world. See how at jacobs.com and connect with us on LinkedIn, Instagram, X and Facebook.

We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.jacobs.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain and are not guarantees of future performance. There are a variety of factors that could cause actual results to differ materially from our forward-looking statements including, but not limited to, the risks and uncertainties discussed in our filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For additional information contact:

Investors
Bert Subin
[email protected]

Media
Louise White
[email protected]

SOURCE Jacobs

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

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In

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.

October 21, 2025 07:50 ET

 | Source:

BriaCell Therapeutics Corp.

79 clinical sites across 23 US states are currently enrolling patients in BriaCell’s pivotal Phase 3 study in metastatic breast cancer (MBC) Dartmouth Cancer Center, Cedars-Sinai Medical Center, and Winship Cancer Institute of Emory University have now joined BriaCell’s extensive national network PHILADELPHIA and VANCOUVER, British Columbia, Oct. 21, 2025 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) (“BriaCell” or the “Company”), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, is pleased to announce the addition of several key large cancer centers to its ongoing pivotal Phase 3 clinical study (ClinicalTrials.gov as NCT06072612), notably Dartmouth Cancer Center, Cedars-Sinai Medical Center, and Winship Cancer Institute of Emory University. BriaCell anticipates reporting top line data as early as H1-2026.

The extensive national effort already includes the following noteworthy clinics: Mayo Clinic, Los Angeles Cancer Network, Smilow Cancer Hospital at Yale New Haven, Sylvester Comprehensive Cancer Center, Cancer Care Northwest, Hematology Oncology Associates of Fredericksburg, Northwestern University, Manhattan Hematology/Oncology Associates, New York Cancer and Bood Specialists, and Texas Oncology-Baylor Charles A. Sammons Cancer Center.

BriaCell’s pivotal Phase 3 clinical study is evaluating BriaCell’s lead clinical candidate, Bria-IMT, plus immune check point inhibitor versus physician’s choice of treatment in advanced metastatic breast cancer (Bria-ABC).

“We are encouraged by the strong engagement from major academic and leading community cancer centers which underscores confidence in BriaCell’s novel technology,” stated Dr. William V. Williams, BriaCell’s President & CEO. “We expect the addition of these clinical sites will further accelerate patient enrollment in BriaCell’s pivotal Phase 3 study of Bria-IMT regimen in MBC and support our mission to bring this therapy to patients with significant unmet medical needs.”

About BriaCell’s Pivotal Phase 3 Clinical Study of Bria-IMT Combination Regimen in MBC patients

BriaCell’s pivotal Phase 3 study of Bria-IMT plus an immune check point inhibitor (CPI) in metastatic breast cancer is ongoing.

Interim data will be analyzed once 144 patient events (deaths) occur, comparing the overall survival (OS) in patients treated with the Bria-IMT combination regimen versus those treated with physician’s choice as the primary endpoint. Positive results of the pivotal Phase 3 study could result in full approval and marketing authorization for Bria-IMT in MBC patients. The Bria-IMT combination regimen has received FDA Fast Track designation.

For additional information on BriaCell’s pivotal Phase 3 study of Bria-IMT and an immune check point inhibitor in metastatic breast cancer, please visit ClinicalTrials.gov NCT06072612.

About BriaCell Therapeutics Corp.

BriaCell is a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care. More information is available at https://briacell.com/.

Safe Harbor

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements, including those about: the Company’s anticipated expansion of patient enrollment; the Company's anticipated timeline for analyzing and reporting interim and top line data in its ongoing pivotal Phase 3 clinical study; and the Company’s beliefs regarding its ability to bring their novel immunotherapy to patients with unmet medical needs; are based on BriaCell’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements, such as those are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis, under the heading “Risk Factors” in the Company’s most recent Annual Information Form, and under “Risks and Uncertainties” in the Company’s other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under the Company's profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date, and BriaCell Therapeutics Corp. undertakes no duty to update such information except as required under applicable law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

Company Contact:
William V. Williams, MD
President & CEO
1-888-485-6340
[email protected] 

Investor Relations Contact:
[email protected]

TAMPA, FLORIDA / ACCESS Newswire / October 21, 2025 / Specificity (OTCID:SPTY), the fast-scaling ad tech disruptor redefining digital marketing precision, today announced the appointment of Rob Gagne as Chief Technology Officer (CTO). With more than three decades of experience leading breakthrough technology initiatives across finance, enterprise software, and data systems, Gagne joins Specificity's powerhouse executive team to drive the company's next phase of global growth and technical dominance.

, /PRNewswire/ -- General Motors (NYSE: GM) today reported third-quarter 2025 revenue of $48.6 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.4 billion.

GM is also updating its 2025 full-year earnings guidance:

Updated 2025 guidance

Previous 2025 guidance

Net income attributable to stockholders

$7.7 billion - $8.3 billion

$7.7 billion - $9.5 billion

EBIT-adjusted

$12.0 billion - $13.0 billion

$10.0 billion - $12.5 billion

Automotive operating cash flow

$19.2 billion - $21.2 billion

$17.0 billion - $20.5 billion

Adjusted automotive free cash flow

$10.0 billion - $11.0 billion

$7.5 billion - $10.0 billion

EPS-diluted

$8.30 - $9.05

$8.22 - $9.97

EPS-diluted-adjusted

$9.75 - $10.50

$8.25 - $10.00

An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:

1-800-857-9821 (U.S.)
1-517-308-9481 (international/caller-paid)
Conference call passcode: General Motors
An audio replay will be available on the GM Investor Relations website in the Events section.

Results Overview

Three Months Ended

($M) except per share amounts

September 30,
2025

September 30,
2024

Change

% Change

Revenue

$     48,591

$     48,757

$          (166)

(0.3) %

Net income attributable to stockholders

$       1,327

$       3,056

$       (1,729)

(56.6) %

EBIT-adjusted

$       3,376

$       4,115

$          (739)

(18.0) %

Net income margin

2.7 %

6.3 %

(3.6) ppts

(57.1) %

EBIT-adjusted margin

6.9 %

8.4 %

(1.5) ppts

(17.9) %

Automotive operating cash flow

$      6,070

$      7,863

$       (1,793)

(22.8) %

Adjusted automotive free cash flow

$      4,201

$      5,834

$       (1,633)

(28.0) %

EPS-diluted

$        1.35

$        2.68

$         (1.33)

(49.6) %

EPS-diluted-adjusted

$        2.80

$        2.96

$         (0.16)

(5.4) %

GMNA EBIT-adjusted

$      2,506

$      3,982

$       (1,476)

(37.1) %

GMNA EBIT-adjusted margin

6.2 %

9.7 %

(3.5) ppts

(36.1) %

GMI EBIT-adjusted(a)

$         226

$           42

$           184

n.m.

China equity income (loss)(a)

$           80

$        (137)

$           217

n.m.

GM Financial EBT-adjusted

$         804

$         687

$           117

17.0 %

(a)

n.m. = not meaningful

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Cautionary Note on Forward-Looking Statements : This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending December 31, 2025

Updated

Previous

Net income attributable to stockholders

$ 7.7-8.3

$ 7.7-9.5

Income tax expense

1.8-2.2

1.6-2.3

Automotive interest income, net

(0.1)

(0.0)

Adjustments(a)

2.6

0.7

EBIT-adjusted

$ 12.0-13.0

$ 10.0-12.5

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

Year Ending December 31, 2025

Updated

Previous

Diluted earnings per common share

$ 8.30-9.05

$ 8.22-9.97

Adjustments(a)

1.45

0.03

EPS-diluted-adjusted

$ 9.75-10.50

$ 8.25-10.00

(a)

Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending December 31, 2025

Updated

Previous

Net automotive cash provided by operating activities

$ 19.2-21.2

$ 17.0-20.5

Less: Capital expenditures

10.0-11.0

10.0-11.0

Adjustments

0.8

0.5

Adjusted automotive free cash flow(a)

$ 10.0-11.0

$ 7.5-10.0

(a)

These expected financial results do not include the potential impact of future adjustments related to special items.

General Motors Company and Subsidiaries1

Combining Income Statement Information

(In millions) (Unaudited)

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$ 44,256

$      —

$               —

$                —

$    44,256

$   44,735

$        26

$               —

$              (26)

$     44,735

GM Financial

—

—

4,337

(2)

4,335

—

—

4,031

(10)

4,021

Total net sales and revenue

44,256

—

4,337

(2)

48,591

44,735

26

4,031

(36)

48,757

Costs and expenses

Automotive and other cost of
     sales

41,937

—

—

(1)

41,936

38,768

240

—

(1)

39,007

GM Financial interest,
     operating and other
     expenses

—

—

3,542

—

3,542

—

—

3,354

—

3,353

Automotive and other selling,
     general and
     administrative expense

2,038

—

—

(1)

2,037

2,544

203

—

(1)

2,745

Total costs and expenses

43,975

—

3,542

(2)

47,515

41,312

442

3,354

(2)

45,105

   Operating income (loss)

281

—

795

—

1,076

3,424

(417)

678

(33)

3,651

Automotive interest expense

206

—

—

3

209

206

30

—

(30)

206

Interest income and other non-
     operating income, net

473

—

—

3

475

379

11

—

4

394

Equity income (loss)

68

—

9

—

77

(132)

—

10

—

(122)

Income (loss) before income
     taxes

$      615

$      —

$             804

$                —

$      1,419

$     3,465

$     (435)

$             687

$                —

$       3,717

Income tax expense (benefit)

127

709

Net income (loss)

1,293

3,008

Net loss (income) attributable
     to noncontrolling interests

35

48

Net income (loss)
     attributable to
     stockholders

$      1,327

$      3,056

Net income (loss)
     attributable to common 
     stockholders

$      1,297

$       3,029

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$  126,985

$        1

$               —

$               —

$  126,986

$  128,007

$        76

$               —

$              (76)

$   128,008

GM Financial

—

—

12,756

(9)

12,747

—

—

11,761

(29)

11,732

Total net sales and revenue

126,985

1

12,756

(9)

139,732

128,007

76

11,761

(105)

139,740

Costs and expenses

Automotive and other cost of
     sales

116,255

163

—

(2)

116,416

109,958

1,662

—

(2)

111,618

GM Financial interest,
     operating and other
     expenses

—

—

10,599

—

10,600

—

—

9,569

(1)

9,568

Automotive and other selling,
     general and administrative
     expense

6,054

111

—

(3)

6,161

6,813

482

—

(3)

7,292

Total costs and expenses

122,309

274

10,599

(5)

133,177

116,771

2,144

9,569

(5)

128,478

   Operating income (loss)

4,676

(273)

2,156

(4)

6,555

11,237

(2,067)

2,192

(100)

11,262

Automotive interest expense

557

30

—

(27)

560

631

158

—

(158)

631

Interest income and other non-
     operating income, net

1,174

2

(1)

(23)

1,151

785

29

(1)

(58)

756

Equity income (loss)

182

—

37

—

219

(366)

—

55

—

(311)

Income (loss) before income
     taxes

$   5,474

$   (301)

$          2,193

$                —

$      7,366

$    11,026

$  (2,196)

$          2,246

$                —

$     11,076

Income tax expense (benefit)

1,326

2,238

Net income (loss)

6,040

8,837

Net loss (income) attributable
     to noncontrolling interests

(33)

132

Net income (loss)
     attributable to
     stockholders

$      6,007

$       8,969

Net income (loss)
     attributable to common
     stockholders

$      6,510

$       8,914

1

Certain columns and rows may not add due to rounding.

General Motors Company and Subsidiaries1

Basic and Diluted Earnings per Share

(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Basic earnings per share

Net income (loss) attributable to stockholders

$               1,327

$               3,056

$               6,007

$               8,969

Adjustments(a)

(30)

(27)

503

(55)

Net income (loss) attributable to common stockholders

$               1,297

$               3,029

$               6,510

$               8,914

Weighted-average common shares outstanding

944

1,116

965

1,136

Basic earnings per common share

$                 1.37

$                 2.71

$                 6.75

$                 7.85

Diluted earnings per share

Net income (loss) attributable to common stockholders –
     diluted

$               1,297

$               3,029

$               6,510

$               8,914

Weighted-average common shares outstanding – diluted

964

1,131

980

1,147

Diluted earnings per common share

$                 1.35

$                 2.68

$                 6.64

$                 7.77

Potentially dilutive securities(b)

—

6

—

6

(a)

Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

(b)

Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2025 and 2024 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

General Motors Company and Subsidiaries1

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)

September 30, 2025

December 31, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

ASSETS

Current Assets

Cash and cash equivalents

$   15,019

$      72

$      7,820

$                 —

$   22,910

$   14,470

$    308

$      5,094

$                 —

$   19,872

Marketable debt securities

6,771

—

21

—

6,792

7,265

—

—

—

7,265

Accounts and notes receivable, net(a)

16,276

76

1,782

(1,009)

17,125

11,498

22

1,988

(681)

12,827

GM Financial receivables, net(d)

—

—

44,902

(381)

44,521

—

—

46,760

(398)

46,362

Inventories

15,322

—

—

(4)

15,318

14,569

—

—

(5)

14,564

Other current assets

2,844

11

5,109

5

7,970

2,816

38

4,799

2

7,655

Total current assets

56,233

159

59,634

(1,390)

114,636

50,618

369

58,640

(1,082)

108,545

Non-current Assets

GM Financial receivables, net(c)

—

—

45,300

—

45,300

—

—

46,750

(276)

46,474

Equity in net assets of
     nonconsolidated affiliates

5,178

—

1,095

—

6,272

5,896

—

1,206

—

7,102

Property, net

51,731

97

110

—

51,938

51,729

69

107

—

51,904

Goodwill and intangible assets, net

3,104

1

1,348

—

4,452

2,642

570

1,339

—

4,551

Equipment on operating leases, net

—

—

33,609

—

33,609

—

—

31,586

—

31,586

Deferred income taxes

22,940

—

(1,270)

—

21,669

21,149

1,899

(1,795)

—

21,254

Other assets(b)

8,789

52

1,451

—

10,292

9,340

41

1,323

(2,359)

8,346

Total non-current assets

91,740

150

81,642

—

173,532

90,756

2,579

80,516

(2,635)

171,216

Total Assets

$ 147,973

$    309

$  141,276

$           (1,390)

$ 288,168

$ 141,374

$ 2,948

$  139,156

$           (3,717)

$ 279,761

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally
     trade)(a)

$   27,543

$        5

$         703

$              (933)

$   27,317

$   25,446

$    200

$         714

$              (681)

$   25,680

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

Automotive(a)(d)

873

7

—

(457)

424

2,413

7

—

(279)

2,141

GM Financial

—

—

36,053

—

36,053

—

—

37,291

—

37,291

Cruise(d)

—

—

—

—

—

—

119

—

(119)

—

Accrued liabilities

24,730

130

4,641

—

29,501

24,949

548

5,661

(4)

31,154

Total current liabilities

53,146

142

41,397

(1,390)

93,295

52,808

874

43,666

(1,082)

96,265

Non-current Liabilities

Long-term debt

Automotive(b)

15,619

71

—

—

15,690

13,288

2,397

—

(2,359)

13,327

GM Financial

—

—

80,336

—

80,336

—

—

76,973

—

76,973

Cruise(c)

—

—

—

—

—

—

276

—

(276)

—

Postretirement benefits other than
     pensions

3,947

—

—

—

3,947

3,990

—

—

—

3,990

Pensions

5,976

—

9

—

5,985

5,772

—

7

—

5,779

Other liabilities

16,914

292

3,306

—

20,512

14,635

297

2,904

—

17,836

Total non-current liabilities

42,458

363

83,651

—

126,471

37,686

2,970

79,885

(2,635)

117,906

Total Liabilities

95,604

505

125,048

(1,390)

219,766

90,494

3,844

123,551

(3,717)

214,171

Equity

  Common stock, $0.01 par value

9

—

—

—

9

10

—

—

—

10

  Additional paid-in capital(e)

18,477

1,794

1,137

(1,112)

20,295

19,632

1,187

1,196

(1,172)

20,843

  Retained earnings

42,355

(1,990)

16,495

1

56,862

40,203

(2,647)

15,916

1

53,472

  Accumulated other comprehensive
       loss

(9,389)

—

(1,403)

—

(10,792)

(9,744)

(3)

(1,506)

—

(11,253)

  Total stockholders' equity

51,453

(196)

16,228

(1,111)

66,374

50,100

(1,464)

15,606

(1,170)

63,072

  Noncontrolling interests(e)

917

—

—

1,111

2,028

780

568

—

1,170

2,518

Total Equity

52,369

(196)

16,228

—

68,402

50,880

(896)

15,606

—

65,590

Total Liabilities and Equity

$ 147,973

$    309

$  141,276

$           (1,390)

$ 288,168

$ 141,374

$ 2,948

$  139,156

$           (3,717)

$ 279,761

(a)

Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; Automotive accounts receivable of $0.3 billion primarily due from GM Financial; and Cruise accounts receivable of $0.1 billion due from Automotive at September 30, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.

(b)

Eliminations primarily related to convertible note issued by Cruise to Automotive and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive at December 31, 2024.

(c)

Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.

(d)

Eliminations primarily related to GM Financial accounts receivable due from Automotive and Cruise.

(e)

Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

General Motors Company and Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Cash flows from operating activities

Net income (loss)

$    4,732

$  (302)

$  1,610

$                 —

$    6,040

$    8,944

$  (1,743)

$  1,637

$                 —

$    8,837

Depreciation and impairment of
     Equipment on operating leases, net

—

—

3,675

—

3,675

—

—

3,633

—

3,633

Depreciation, amortization and
     impairment charges on Property, net

6,375

12

25

—

6,412

4,871

623

29

—

5,523

Foreign currency remeasurement and
     transaction (gains) losses

276

—

9

—

285

(231)

—

2

—

(228)

Undistributed earnings of
     nonconsolidated affiliates, net

433

—

(37)

—

396

(232)

—

(55)

—

(287)

Pension contributions and OPEB
     payments

(432)

—

(1)

—

(433)

(815)

—

—

—

(815)

Pension and OPEB income, net

21

—

1

—

23

49

—

1

—

50

Provision (benefit) for deferred taxes

(64)

—

191

—

127

970

(455)

881

—

1,396

Change in other operating assets and
     liabilities(a)(c)

1,787

(511)

594

1,678

3,548

5,618

(175)

(1,014)

(6,549)

(2,120)

Net cash provided by (used in)
     operating activities

13,127

(800)

6,067

1,678

20,072

19,174

(1,750)

5,114

(6,549)

15,989

Cash flows from investing activities

Expenditures for property

(6,054)

(2)

(27)

—

(6,083)

(7,495)

(4)

(16)

(81)

(7,597)

Available-for-sale marketable
     securities, acquisitions

(1,768)

—

(17)

—

(1,785)

(3,467)

—

—

—

(3,467)

Available-for-sale marketable
     securities, liquidations

2,398

—

—

—

2,398

2,757

—

—

—

2,757

Purchases of finance receivables(a)

—

—

(28,246)

(5)

(28,251)

—

—

(31,222)

5,358

(25,864)

Principal collections and recoveries on
     finance receivables(a)(b)

—

—

29,539

(3,016)

26,524

—

—

23,524

1

23,526

Proceeds from sale of finance receivables

—

—

2,005

—

2,005

—

—

—

—

—

Purchases of leased vehicles

—

—

(12,609)

—

(12,609)

—

—

(11,243)

—

(11,243)

Proceeds from termination of leased
     vehicles

—

—

7,780

—

7,780

—

—

8,627

—

8,627

Other investing activities(b)

(3,353)

—

1

901

(2,451)

(1,999)

—

1

1,256

(742)

Net cash provided by (used in)
     investing activities

(8,777)

(2)

(1,574)

(2,120)

(12,473)

(10,204)

(4)

(10,329)

6,535

(14,004)

Cash flows from financing activities

Net increase (decrease) in short-term
     debt

(10)

—

23

—

13

(1)

—

87

—

85

Proceeds from issuance of debt
     (original maturities greater than
     three months)(b)

2,019

555

35,103

(555)

37,122

64

1,044

38,142

(1,087)

38,163

Payments on debt (original maturities
     greater than three months)

(1,862)

(4)

(35,502)

(24)

(37,391)

(128)

(7)

(31,882)

6

(32,012)

Payment to purchase common stock

(3,512)

—

—

—

(3,512)

(2,378)

—

—

—

(2,378)

Issuance (redemption) of subsidiary
     stock(b)

—

—

—

(29)

(29)

—

255

—

(255)

—

Dividends paid(c)

(401)

—

(1,169)

1,050

(519)

(408)

—

(1,469)

1,350

(526)

Other financing activities

(160)

—

(114)

—

(274)

(65)

(162)

(142)

—

(369)

Net cash provided by (used in)
     financing activities

(3,926)

551

(1,658)

442

(4,591)

(2,916)

1,130

4,735

14

2,963

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

163

1

73

—

237

(84)

—

(67)

—

(151)

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

588

(250)

2,909

—

3,246

5,969

(625)

(547)

—

4,798

Cash, cash equivalents and restricted
     cash at beginning of period

14,561

322

8,081

—

22,964

12,310

1,359

8,249

—

21,917

Cash, cash equivalents and restricted
     cash at end of period

$   15,148

$      72

$ 10,990

$                 —

$   26,210

$   18,279

$    734

$  7,702

$                 —

$   26,715

(a)

Includes eliminations of $2.7 billion and $5.3 billion in the nine months ended September 30, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)

Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the nine months ended September 30, 2025 and 2024.

(c)

Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2025 and 2024.

Note:

Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

General Motors Company and Subsidiaries1

The following tables summarize key financial information (dollars in millions):

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Three Months Ended September 30, 2025

Net sales and revenue

$   40,551

$   3,645

$        60

$           —

$     44,256

$        —

$   4,337

$                  (2)

$   48,591

Expenditures for property

$     2,011

$        92

$        11

$           —

$       2,113

$        —

$        17

$                  —

$     2,130

Depreciation and amortization

$     1,703

$      114

$          4

$           —

$       1,821

$        —

$   1,245

$                  —

$     3,066

Impairment charges

$     1,044

$        —

$        —

$           —

$       1,044

$        —

$        —

$                  —

$     1,044

Equity income (loss)(a)(b)

$        214

$        83

$      (16)

$           —

$          281

$        —

$          9

$                  —

$        290

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Three Months Ended September 30, 2024

Net sales and revenue

$   41,157

$   3,517

$        62

$           —

$     44,735

$        26

$   4,031

$                (36)

$   48,757

Expenditures for property

$     2,128

$        91

$        10

$           —

$       2,229

$          3

$          6

$                    8

$     2,245

Depreciation and amortization

$     1,491

$      131

$        27

$           —

$       1,650

$          6

$   1,217

$                  —

$     2,873

Impairment charges

$          —

$        —

$        —

$           —

$            —

$        —

$        —

$                  —

$          —

Equity income (loss)(a)(b)

$        309

$    (132)

$        —

$           —

$          177

$        —

$        10

$                  —

$        187

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Nine Months Ended September 30, 2025

Net sales and revenue

$ 117,424

$   9,398

$      163

$           —

$   126,985

$          1

$ 12,756

$                  (9)

$ 139,732

Expenditures for property

$     5,729

$      274

$        50

$           —

$       6,054

$          2

$        27

$                  —

$     6,083

Depreciation and amortization

$     4,933

$      347

$        39

$           —

$       5,319

$          5

$   3,701

$                  —

$     9,026

Impairment charges

$     1,044

$        18

$        —

$           —

$       1,063

$        —

$        —

$                  —

$     1,063

Equity income (loss)(a)(b)

$        469

$      208

$      (30)

$           —

$          647

$        —

$        37

$                  —

$        684

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Nine Months Ended September 30, 2024

Net sales and revenue

$ 117,981

$   9,897

$      130

$           —

$   128,007

$        76

$ 11,761

$              (105)

$ 139,740

Expenditures for property

$     7,220

$      258

$        18

$           —

$       7,495

$          4

$        16

$                  81

$     7,597

Depreciation and amortization

$     4,415

$      403

$        53

$           —

$       4,871

$        18

$   3,662

$                  —

$     8,551

Impairment charges

$          —

$        —

$        —

$           —

$            —

$      605

$        —

$                  —

$        605

Equity income (loss)(a)(b)

$        766

$    (343)

$        —

$           —

$          423

$        —

$        55

$                  —

$        477

(a)

Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $80 million and $197 million in the three and nine months ended September 30, 2025 and $(137) million and $(347) million in the three and nine months ended September 30, 2024.

(b)

Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $213 million and $465 million in the three and nine months ended September 30, 2025 and $309 million and $788 million in the three and nine months ended September 30, 2024.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors. 

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders)  EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance. 

EPS-diluted-adjusted  (Most comparable GAAP measure: Diluted earnings per common share)  EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted  (Most comparable GAAP measure: Effective tax rate)  ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict. 

ROIC-adjusted  (Most comparable GAAP measure: Return on equity)  ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow  (Most comparable GAAP measure: Net automotive cash provided by operating activities)  Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

The following table reconciles Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Net income attributable to stockholders(a)

$                   1,327

$                   3,056

$                   6,007

$                   8,969

Income tax expense (benefit)

127

709

1,326

2,238

Automotive interest expense

209

206

560

631

Automotive interest income

(220)

(274)

(611)

(688)

Adjustments

EV strategic realignment(b)

1,592

—

1,592

—

OnStar Smart Driver(c)

300

—

300

—

Cruise restructuring(d)

25

—

90

583

Headquarters relocation(e)

16

34

50

34

Ultium strategic realignment(f)

—

—

330

—

China restructuring actions(g)

—

—

140

—

Restructuring actions(h)

—

190

87

190

GMI plant wind down(i)

—

43

33

146

Buick dealer strategy(j)

—

150

—

321

Total adjustments

1,933

417

2,622

1,274

EBIT-adjusted

3,376

4,115

9,903

12,424

Operating segments

GM North America (GMNA)

2,506

3,982

8,207

12,254

GM International (GMI)

226

42

460

82

Cruise

—

(383)

(273)

(1,284)

GM Financial(k)

804

687

2,193

2,246

Total operating segments

3,536

4,327

10,587

13,299

Corporate and eliminations(l)

(160)

(213)

(684)

(874)

EBIT-adjusted

$                   3,376

$                   4,115

$                   9,903

$                 12,424

(a)

Net of net loss (income) attributable to noncontrolling interests.

(b)

These adjustments were excluded because they relate to our planned strategic realignment of our EV capacity and manufacturing footprint to expected consumer demand.

(c)

These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product.

(d)

These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntary pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs.

(e)

These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.

(f)

These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right manufacturing and cell capabilities in place to meet EV demand and expected growth.

(g)

These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(h)

These adjustments were excluded because they relate to employee separation charges.

(i)

These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.

(j)

These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy.

(k)

GM Financial amounts represent EBT-adjusted.

(l)

GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel/Vauxhall Business (primarily pension costs) and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted earnings per common share

$  1,297

$    1.35

$  3,029

$    2.68

$  6,510

$    6.64

$  8,914

$    7.77

Adjustments(a)

1,933

2.01

417

0.37

2,622

2.67

1,274

1.11

Tax effect on adjustments(b)

(536)

(0.56)

(96)

(0.08)

(606)

(0.62)

(290)

(0.25)

Return from preferred shareholders(c)

—

—

—

—

(593)

(0.60)

—

—

EPS-diluted-adjusted

$  2,694

$    2.80

$  3,350

$    2.96

$  7,933

$    8.09

$  9,898

$    8.63

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)

The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(c)

This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Effective tax rate

$  1,419

$   127

8.9 %

$  3,717

$ 709

19.1 %

$  7,366

$  1,326

18.0 %

$  11,076

$  2,238

20.2 %

Adjustments(a)

1,933

536

418

96

2,622

606

1,342

290

ETR-adjusted

$  3,352

$   663

19.8 %

$  4,135

$ 805

19.5 %

$  9,988

$  1,932

19.3 %

$  12,418

$  2,528

20.4 %

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):

Four Quarters Ended

September 30, 2025

September 30, 2024

Net income attributable to stockholders

$                   3.0

$                 11.1

Average equity(a)

$                 65.2

$                 69.5

ROE

4.7 %

15.9 %

(a)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions): 

Four Quarters Ended

September 30, 2025

September 30, 2024

EBIT-adjusted(a)

$                 12.4

$                 14.2

Average equity(b)

$                 65.2

$                 69.5

Add: Average automotive debt and interest liabilities (excluding finance leases)

16.1

16.3

Add: Average automotive net pension & OPEB liability

8.7

9.8

Less: Average automotive and other net income tax asset

(22.9)

(22.7)

ROIC-adjusted average net assets

$                 67.1

$                 73.0

ROIC-adjusted

18.5 %

19.4 %

(a)

Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Net automotive cash provided by operating activities

$              6,070

$              7,863

$           13,127

$           19,174

Less: Capital expenditures

(2,113)

(2,229)

(6,054)

(7,495)

Add: Buick dealer strategy

243

100

708

376

Add: Restructuring actions

—

74

139

74

Add: GMI plant wind down

—

26

12

35

Add: China restructuring actions

1

—

10

—

Less: Ultium strategic realignment

—

—

(103)

—

Add: Employee separation costs

—

—

—

58

Adjusted automotive free cash flow

$              4,201

$              5,834

$              7,840

$           12,222

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2025, 26.4% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

GMNA

840

893

2,516

2,588

GMI

137

140

346

383

Total

977

1,033

2,862

2,971

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

North America

United States

4,187

710

17.0 %

4,000

660

16.5 %

12,516

2,150

17.2 %

12,026

1,950

16.2 %

Other

1,015

127

12.5 %

985

130

13.2 %

3,008

384

12.8 %

2,884

376

13.0 %

Total North America

5,202

837

16.1 %

4,985

790

15.8 %

15,523

2,534

16.3 %

14,910

2,326

15.6 %

Asia/Pacific, Middle East
     and Africa

China(a)

6,901

469

6.8 %

6,585

426

6.5 %

19,299

1,359

7.0 %

18,123

1,240

6.8 %

Other

5,598

150

2.7 %

5,536

150

2.7 %

16,603

369

2.2 %

16,310

382

2.3 %

Total Asia/Pacific, Middle
     East and Africa

12,499

619

5.0 %

12,121

576

4.8 %

35,903

1,729

4.8 %

34,433

1,622

4.7 %

South America

Brazil

711

72

10.1 %

715

82

11.4 %

1,910

192

10.0 %

1,858

223

12.0 %

Other

455

35

7.7 %

365

28

7.7 %

1,266

95

7.5 %

991

82

8.3 %

Total South America

1,166

107

9.2 %

1,079

110

10.3 %

3,176

287

9.0 %

2,849

305

10.7 %

Total in GM markets

18,868

1,563

8.3 %

18,185

1,476

8.1 %

54,602

4,549

8.3 %

52,193

4,253

8.1 %

Total Europe

3,883

1

— %

3,724

1

— %

12,493

2

— %

12,541

2

— %

Total Worldwide(b)

22,751

1,564

6.9 %

21,910

1,477

6.7 %

67,095

4,552

6.8 %

64,734

4,255

6.6 %

United States

Cars

658

12

1.8 %

731

38

5.2 %

2,080

44

2.1 %

2,207

141

6.4 %

Trucks

1,143

369

32.3 %

1,093

337

30.9 %

3,417

1,115

32.6 %

3,137

987

31.5 %

Crossovers

2,387

330

13.8 %

2,176

284

13.1 %

7,018

992

14.1 %

6,683

822

12.3 %

Total United States

4,187

710

17.0 %

4,000

660

16.5 %

12,516

2,150

17.2 %

12,026

1,950

16.2 %

China(a)

SGMS

130

98

381

372

SGMW

339

329

978

868

Total

6,901

469

6.8 %

6,585

426

6.5 %

19,299

1,359

7.0 %

18,123

1,240

6.8 %

(a)

Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b)

Cuba, Iran, North Korea, Syria and certain regions of Ukraine are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

GMNA

148

127

498

447

GMI

106

107

269

274

Total fleet sales

254

234

767

721

Fleet sales as a percentage of total vehicle sales

16.3 %

15.9 %

16.9 %

17.0 %

North America capacity two-shift utilization

118.3 %

109.1 %

115.1 %

106.4 %

SOURCE General Motors

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

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In

, /PRNewswire/ -- PermRock Royalty Trust (NYSE: PRT) (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of October 31, 2025, and payable on November 17, 2025, in the amount of $384,018.36 ($0.031565 per Trust Unit), based principally upon production during the month of August 2025.

The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations:

Underlying Sales Volumes

Average Price

Oil

Natural Gas

Oil

Natural Gas

Bbls

Bbls/D

Mcf

Mcf/D

(per Bbl)

(per Mcf)

Current Month

22,490

725

25,914

836

$58.06

$2.31

Prior Month

20,993

677

15,784

509

$65.79

$3.94

Oil cash receipts for the properties underlying the Trust totaled $1.31 million for the current month, a decrease of $0.07 million from the prior month's distribution period. This decrease was primarily due to a decrease in oil prices that was not offset by the increase in oil sales volumes.

Natural gas cash receipts for the properties underlying the Trust totaled $0.06 million for the current month. This amount is essentially unchanged from the prior month's distribution period because the decrease in natural gas prices was offset by the increase in natural gas sales volumes.

Total direct operating expenses, including marketing, lease operating expenses, and workover expenses, were $0.61 million, an increase of $0.18 million from the prior month's distribution period. This increase was related to completion of workover projects and the implementation of a chemical treatment program. Severance and ad valorem taxes included in this month's net profits calculation were $0.14 million. Total capital expenditures during the production month of August 2025 were $0.04 million. T2S Permian Acquisition II LLC ("T2S") informed the Trust that this amount was related to capital additions to a well operated by a third-party operator.

T2S informed the Trust that this month's net profits calculation included the application of $0.10 million net to the Trust of funds previously reserved by T2S to cover capital obligations and expenses.

About PermRock Royalty Trust

PermRock Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned and operated by T2S in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com. 

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's and T2S's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, future cash retentions, advancements or recoupments from distributions, and statements regarding T2S's operations and the resulting impact on the computation of the Trust's net profits. The amount of cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by volatility in commodity prices and oversupply. Other important factors that could cause actual results to differ materially from those projected in the forward-looking statements include expenses of the Trust and reserves for anticipated future expenses, uncertainties in estimating the cost of drilling activities and risks associated with drilling and operating oil and natural gas wells.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Trust's Annual Report on Form 10-K filed with the SEC on March 31, 2025, and other public filings filed with the SEC. The risk factors and other factors noted in the Trust's public filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. 

Contact:

PermRock Royalty Trust

 Argent Trust Company, Trustee

Nancy Willis, Director of Royalty Trust Services,

Trust Administrator

Toll-free: (855) 588-7839

Fax: (214) 559-7010

Website: www.permrock.com 

e-mail: [email protected]

SOURCE PermRock Royalty Trust

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

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In