Market Signal Briefing

The US-based Space Exploration and Research Agency (SERA) and The Open Network (TON) Foundation have launched a new Telegram-based Mini App that will allow users to vote on who gets to fly to space aboard a Blue Origin rocket.

The initiative, called Mission Control, is part of a broader effort to “democratize” space access by opening up astronaut selection to global users via onchain voting on the TON blockchain, according to a Tuesday announcement shared with Cointelegraph.

According to the announcement, SERA has secured all six seats on a future Blue Origin New Shepard mission, currently scheduled for launch between the first and second quarters of 2026.

Five seats are reserved for individuals from countries that have had limited or no representation in space, namely India, Nigeria, Brazil, Thailand and Indonesia. The sixth seat is open to the global public, excluding people from countries that are subject to sanctions.

Max Crown in Singapore at the Token 2049 conference. Source: CointelegraphTON launches onchain space votingApplicants must register through the Mission Control Telegram Mini App, which integrates onchain voting via the TON blockchain. Participants can support candidates by completing challenges and earning in-app points called “SpaceDust.”

In an interview with Cointelegraph during the Token2049 conference, TON Foundation CEO Max Crown revealed that final selection will be determined by a combination of national formats, including online voting and TV shows, depending on the country.

“The idea was basically to democratize space,” Crown said. “Going to space was always very elitist. And there’s, I think, 300 astronauts or something, if you actually count it,” he added.

Funding for the project comes from the TON Foundation, alongside sponsorships and potential advertising tied to national campaigns. The long-term goal is to repeat the model across additional countries, using similar open-selection mechanisms.

Crown said the initiative is also meant to boost Telegram wallet adoption and broader blockchain participation. To vote, users must create a TON wallet within Telegram. Achievements and participation badges will be issued as non-fungible tokens (NFTs) on TON.

SERA describes itself as a “space agency for everyone,” aiming to provide opportunities for ordinary citizens to become astronauts and participate in space science. It previously sent one Brazilian citizen to space in 2022 through a similar NFT-based campaign. That effort led to the participant becoming a national celebrity, according to Crown.

TON Wallet launches in the USIn July, Telegram rolled out its self-custodial crypto wallet, TON Wallet, to users in the United States. Built on the TON blockchain, the wallet allows users to send, receive and store assets like USDT and Toncoin directly inside the Telegram app.

TON Wallet was developed by The Open Platform, a tech company focused on creating Web3 apps for Telegram. On July 3, The Open Platform announced its successful $28.5 million Series A funding round, achieving a $1 billion valuation.

Magazine: Bitcoin mining industry ‘going to be dead in 2 years’ — Bit Digital CEO

New gateway gives nearly 15,000 decentralized apps access to native BTC liquidity via wBTC.OFT. Sep 30, 2025, 1:00 p.m.

Decentralized finance (DeFi) protocol Build on Bitcoin (more commonly known as “BOB”) unveiled a system that lets BTC$111,480.33 holders move their assets into decentralized trading apps with a single click, the companies said on Tuesday.

"BOB Gateway" connects native Bitcoin to LayerZero’s “omnichain fungible token” (OFT) version of wrapped BTC, an asset issued by BitGo. The integration extends to 11 blockchains including Ethereum, Avalanche, Base and BNB, bringing access to nearly 15,000 decentralized apps that can now support direct Bitcoin deposits.

STORY CONTINUES BELOW

Until now, most of these blockchains lacked a straightforward way to connect to Bitcoin. Users often had to navigate complex bridging processes, which carried both technical friction and security risks.

With BOB Gateway, they can move between native BTC and wBTC.OFT in one step, a change that could make strategies such as yield farming or looping trades more accessible to retail and institutional investors alike.

Yield farming and looping supply liquidity to DeFi platforms, acting as the foundation for lending, borrowing, and trading. This process allows users to earn significant passive income. Making these trades easier with native BTC - the largest and most trusted asset - would mobilize a massive pool of capital, increasing DeFi's liquidity, security, and overall market maturity.

More than $2.3 billion worth of wBTC.OFT has already been bridged across 67,000 transfers on LayerZero, the companies said. By enabling direct inflows from native BTC, the gateway could bring fresh liquidity into DeFi markets that rely on wrapped Bitcoin as collateral or trading pairs.

Alexei Zamyatin, co-founder of BOB, said the update “makes wBTC.OFT instantly accessible” across supported chains, while LayerZero’s Simon Baksys described the move as adding utility to “one of the most trusted assets in crypto.”

The rollout includes Ethereum, Avalanche, Base, BNB, Unichain, Soneium, Bera, Optimism, Sei, Sonic and BOB itself, covering much of the current DeFi landscape.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Visa Pilots Pre-Funded Stablecoins for Cross-Border Payments

1 hour ago

Businesses would pre-fund their Visa Direct account with stablecoins instead of fiat, which Visa would count as "money in the bank."

What to know:

Visa is commencing a pre-funding pilot for the use of stablecoins through Visa Direct, its real-time payments platform.Businesses would now be able to move money across borders free of the requirement to park large fiat in balance in advance.They would pre-fund their Visa Direct account with stablecoins instead of fiat, which Visa would count as "money in the bank."Read full story

SUI price barely moved despite the Coinbase futures listing, a muted reaction compared with the typical exchange effect.

Summary

Coinbase announced that SUI futures will go live on October
Despite the news, the SUI price barely moved
SUI trades down 4.47% weekly, ahead of the major unlock event

The SUI price is facing an uphill battle despite listing tailwinds. On Tuesday, Sept. 30, SUI was trading at $3.23, down 0.41% in 24 hours, after Coinbase announced it would list SUI futures contracts on Oct. 20.

The move would give users regulated access to trading SUI and could improve liquidity and boost its price. However, despite the announcement, the SUI price barely moved, with traders instead focusing on broader bearish trends and upcoming token unlocks.

For one, SUI faces a major unlock event, which will likely add downward pressure on its price. On October 1, 44.25 million Sui (SUI) tokens, worth about $142.7 million, will enter circulation, corresponding to 0.44% of the total supply.

The unlocked tokens will go to insiders, including investors and core contributors. Insiders and major holders are typically more likely to sell portions of their holdings, which could create an excess supply of the token in the market.

Sui takes a hit on the altcoin downturn
General market trends are also not in SUI’s favor. Over the week, the SUI price was down 4.47%, reflecting a broader risk-off sentiment hitting altcoins in general. Macro uncertainty, including accelerating inflation, is making traders less inclined to bet on high-risk, high-reward projects.

This effect will likely compound with increased Wall Street involvement in SUI. For example, Nasdaq-listed Mill City Ventures (now rebranded as Sui Group) pivoted to SUI treasuries with a $450 million private deal in late July. However, as treasury companies diversify away from Bitcoin, altcoins like SUI also find themselves more exposed to macroeconomic effects that Wall Street typically factors into investment decisions.

Explore the recent developments surrounding Ripple and its ecosystem.

The potential approval of additional spot XRP ETFs, the advancement of the stablecoin RLUSD, and the performance of XRP. These are some of the main topics we will cover in the following lines.

More ETFs on the Horizon?
The REX-Osprey XRP ETF (ticker XRPR) began trading in mid-September, becoming the first US-listed spot ETF offering direct exposure to Ripple’s native token. The US Securities and Exchange Commission (SEC) has several other similar products pending approval on its desk, and the green light might come as early as next month.

The decision deadline for Grayscale’s spot XRP ETF is set for October 18, whereas 21Shares, Bitwise, Canary Capital, and WisdomTree await the final “yes” or “no” a few days later.

Eleanor Terrett (former Fox Business journalist) recently revealed that the SEC has asked the issuers of XRP and other crypto ETFs to withdraw their 19b-4 filings following the approval of the generic listing standards. Numerous X users suggested that this change could speed up the process and pave the way for a wave of similar investment products in the near future. Bloomberg’s Eric Balchunas highlighted the update, saying:

“This was something we thought could happen. It makes sense as you don’t need 19b-4s in the post-GLS world. Just not sure how the launch schedule will work yet. More will be revealed soon..”

RLUSD Gains Traction
Ripple’s stablecoin (pegged 1:1 to the American dollar) saw the light of day towards the end of 2024 and initially received support from Uphold, Bitso, Moonpay, CoinMENA, and other exchanges.

Over the past several months, Kraken and Gemini also followed suit. The latest to hop on the bandwagon is Bybit, which has introduced the trading pairs: RLUSD/USDT, BTC/RLUSD, ETH/RLUSD, XRP/RLUSD, and MNT/RLUSD.

The stablecoin’s market capitalization has been gradually increasing, and as of press time, it stands at almost $790 million. This makes it the 14th biggest asset in its category and still far below the giants USDT and USDC.

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XRP Price Outlook
Several hours ago, Ripple’s native cryptocurrency registered a brief uptick above $2.90 but currently trades at around $2.85 (representing a mere 0.5% decline on a daily scale).

CryptoPotato recently reported the case of the trader with the nickname “qwatio” who opened a 20x short position on XRP (valued at $17.6 million) and whose liquidation price was $2.9115. Onchain Lens revealed that the person was liquidated, with their $4.22 million Hyperliquid deposit shrinking to just $653,000 in three days.

The crypto community seems divided on XRP’s next potential move. Bullish analysts, such as X user Mikybull Crypto, believe a “mega breakout” could be on the horizon. Others, including EGRAG CRYPTO, outlined some technical indicators according to which the asset may head south in the short term.

Tags:

Bitcoin is entering a critical 48-hour window that may shape the rest of 2025. On September 30, the cryptocurrency will confirm both its monthly and quarterly closes, a rare dual close that has often marked major shifts in the past.

October has long been a pivotal month for cryptocurrencies, and in 2025, the spotlight is on altcoin exchange-traded funds (ETFs). With clustered deadlines at the U.S. Securities and Exchange Commission (SEC), projects like Cardano, Ripple’s XRP, Solana, Chainlink, and Stellar are preparing for decisions that could reshape institutional adoption of digital assets.

Cardano ETF Decision on October 26, 2025Cardano is approaching a defining moment as the SEC faces its final deadline on Grayscale’s Cardano ETF application. The ruling is due on October 26, 2025, with no further extensions possible.

ADA Price is trading around $0.79 with a market capitalization of nearly $29 billion, far from its all-time high of $3.09. If approved, the ETF could channel institutional inflows into Cardano, potentially fueling a breakout above the $0.83–$0.84 resistance zone. Technical traders are eyeing the $1 mark as the next major target if bullish momentum takes hold.

Ripple’s XRP Braces for Multiple ETF RulingsRipple’s XRP faces an unusually busy October, with six ETF filings under review between October 18 and 24 from firms including Grayscale, 21Shares, Bitwise, CoinShares, Canary Capital, and WisdomTree.

XRP is priced near $2.85 with a $170 billion market cap. Market structure shows key support at $2.75; holding above this level may allow bulls to push past the $2.81 barrier and target $3.62. However, a break below $2.70 risks deeper downside toward $2.00. 

Historically, October has been slightly bearish for XRP, but the fourth quarter has delivered strong average gains. ETF approval could provide the catalyst to extend its rally into year-end.

Solana ETF Decisions Between October 10–16Solana will kick off October’s ETF season as five applications, including those from Grayscale, VanEck, and Bitwise, face SEC deadlines between October 10 and 16.

SOL trades around $26.90 with a market cap of $112 billion. Analysts argue that successful ETF approval would make Solana the third major blockchain after Bitcoin and Ethereum to achieve this milestone. Such recognition could accelerate institutional adoption and set long-term targets in the $800–$1,000 range. For now, technical traders are watching whether SOL can hold above $191 to confirm its bullish structure.

Chainlink Strengthens Institutional Partnerships Ahead of ETF RulingChainlink does not have an October deadline but remains a major contender in the ETF race, with filings from Grayscale and Bitwise expected to reach final decisions before the end of 2025.

Currently trading near $21.90, LINK has been expanding its institutional footprint through partnerships with the Intercontinental Exchange (ICE) and the U.S. Department of Commerce. Supporters argue that these developments position Chainlink as one of the strongest candidates for ETF approval, with current price levels seen as a long-term accumulation zone.

Stellar Eyes Fast-Track ETF ReviewStellar is also on the ETF radar, with two pending applications. One, under the Hasht NASDAQ Crypto Index U.S. ETF, is already being reviewed under the SEC’s fast-track 75-day process, while Grayscale has also submitted a filing for a Stellar ETF on the NYSE.

XLM trades around $0.36 with a market capitalization of $11.6 billion after gaining 275 percent over the past year. An approved ETF could boost liquidity further and cement Stellar’s role as a top institutional-grade digital asset heading into 2026.

With ETF decisions clustered across multiple leading projects, October 2025 has the potential to become a landmark month for the altcoin market.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Crypto.com and Sharps Technology, Inc. (STSS) announced a partnership to bolster Solana ecosystem growth by deploying the platform's institutional-grade custody and OTC services to manage STSS's solana-focused digital asset treasury. STSS, which holds over 2 million SOL—valued at more than $400 million with SOL trading above $200—will use Crypto.

XRP Outlook: Why a Flush Out is Healthier Than a Quick PumpRenowned market analyst EGRAG CRYPTO has weighed in on XRP’s price trajectory, offering a strategic perspective that highlights the benefits of patience over impulsive gains. 

According to EGRAG, a controlled “flush out” is preferable to an immediate pump, setting the stage for a healthier, more sustainable uptrend.

EGRAG explains that there is roughly a 70% chance of a flush out before XRP begins its next bullish leg. 

This scenario involves a temporary decline in price, allowing the market to consolidate, absorb selling pressure, and confirm support levels. From a structural standpoint, such a flush strengthens the base, reducing the likelihood of extreme volatility when the uptrend eventually resumes.

Conversely, there is a 30% chance of an immediate pump, where XRP could surge without significant correction. 

While this might create short-term excitement, it carries the risk of a sharp pullback, which could catch traders off guard and destabilize the bullish narrative. For long-term traders, this makes the flush out the more attractive and strategic option.

EGRAG anticipates that XRP may drop to around $2.65, a level that could signal the bottom if confirmed by price action. However, the analyst is looking even deeper, suggesting a potential dip to $2.30–$2.40 before the final leg of the rally begins with the present price being $2.85. 

Source: EGRAG CRYPTOThis kind of measured decline can help reset market sentiment, clear weaker hands, and create an optimal entry point for traders eyeing the next surge.

Notably, sustainable rallies need solid foundations. A flush out tests key support, confirms market confidence, and minimizes destabilizing swings, setting the stage for a healthier, stronger uptrend.

mXRP Surges to $26.46M TVL in Just Six Days: A New Era for DeFi on the XRP LedgerThe decentralized finance (DeFi) space on the XRP Ledger (XRPL) is witnessing a remarkable milestone. 

According to market commentator Jungle Inc., mXRP, the liquid staking derivative of XRP, has surged to a total value locked (TVL) of $26.46 million in just six days. This isn’t hype; it’s a clear signal of growing demand for liquid staking and real yield solutions on the XRPL.

Liquid staking lets crypto holders earn rewards without losing liquidity, enabling them to trade or deploy funds freely. 

For XRP investors, mXRP offers a chance to tap into network growth while earning up to 10% APY, making it a compelling option for both retail and institutional players seeking reliable returns in a volatile market.

The surge in mXRP adoption underscores a key DeFi trend; demand for flexible, low-risk yield. Liquid staking overcomes traditional staking’s limitations by letting users earn rewards while keeping their tokens fully tradable and deployable across DeFi. This blend of yield and liquidity is driving broader, mainstream participation in staking.

Therefore, the rise of mXRP highlights the XRPL’s evolution as a DeFi powerhouse. With unmatched speed, scalability, and low fees, the XRP Ledger is attracting developers and liquidity providers to build advanced financial products, from decentralized exchanges to automated market makers, reflecting strong community confidence in its next-gen infrastructure.

ConclusionEGRAG CRYPTO highlights that patience and structural strength are crucial for XRP. A strategic flush to $2.65–$2.40 could set the stage for a sustainable rally, minimizing the risk of sharp post-pump corrections.

On the other hand, mXRP hit $26.46M TVL in just six days, signaling a major turning point for DeFi on the XRP Ledger. With liquid staking, real yield, and flexible access, mXRP lets investors grow with the network while maximizing returns, underscoring XRPL’s technical strength and rising demand for high-yield, innovative DeFi solutions.

Key NotesCircle and Deutsche Börse Group have signed a Memorandum of Understanding to advance stablecoin use in Europe.The partnership will focus on listing stablecoins on Deutsche Börse's platforms and enabling institutional custody.The EU's new Markets in Crypto-Assets (MiCA) regulatory framework supports the move.
Circle, the global financial technology firm behind USDC

USDC
$1.00

24h volatility:
0.0%

Market cap:
$73.38 B

Vol. 24h:
$10.72 B

, is partnering with Germany’s Deutsche Börse Group to deepen stablecoin adoption within traditional European financial markets. The two entities announced on Sept. 30 that they have signed a Memorandum of Understanding (MoU) to explore integrating Circle’s stablecoins into Deutsche Börse’s established market infrastructure.

As the first formal agreement of its kind in Europe, the collaboration connects one of the continent’s leading market infrastructure providers with the issuer of one of the world’s most widely used stablecoin networks. According to the official press release, the initiative aims to lower settlement risk, reduce costs, and create more efficient workflows for banks and asset managers operating in the region.

Bridging Traditional and Digital Finance
The partnership’s initial focus will be on several of Deutsche Börse’s key business areas. Plans include listing Circle’s euro-backed EURC and USDC stablecoins for trading on 360T, the group’s foreign exchange platform. The assets will also be integrated with Crypto Finance. This institutional crypto services provider is part of Deutsche Börse Group.

The collaboration will extend to post-trade services. Deutsche Börse’s Clearstream, a significant settlement and custody organization, will support institutional-grade custody for the stablecoins. Thomas Book, a Deutsche Börse executive board member, described the effort as a first step toward a unified ecosystem where market participants can access digital and traditional assets within a regulated environment.

This move is made possible by the European Union’s Markets in Crypto-Assets (MiCA) regulation. For example, a consortium of major banks recently announced plans to develop their own MiCA-backed euro stablecoin. Other firms are also taking advantage of the new regulatory clarity, with custodian BitGo recently securing a license for crypto trading in Germany under the same framework.

The trend of integrating stablecoins into core business operations extends beyond just finance. Tech giant Cloudflare recently announced its plans to launch a NET Dollar for AI payments, which shows a broader movement toward using stablecoins. For Circle, this push in Europe comes as the company continues to innovate, even exploring concepts like reversible USDC transactions to help recover funds from hacks and fraud.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.

Zoran Spirkovski on X

2 mins mins

Key Points

UBS Tokenize leads pilot using Chainlink CRE and Swift for tokenized fund workflows.

Chainlink’s plug-and-play design reduces barriers for financial blockchain adoption.

LINK trades at $21.39, holding $20 support with upside toward $29 and $47.

Chainlink and Swift have strengthened their collaboration with a new system enabling financial institutions to manage tokenized fund processes. The system allows institutions to use Swift messaging and Chainlink’s Runtime Environment (CRE) without altering existing infrastructure.

The first application included a pilot with UBS Tokenize, the bank’s in-house tokenization division, extending prior involvement in Singapore’s Project Guardian. Through this solution, CRE receives ISO 20022-compliant Swift messages, which then trigger smart contract events using Chainlink’s Digital Transfer Agent standard.

This design provides institutions access to blockchain-based asset management without replacing current identity or key management systems. The process supports fund subscriptions and redemptions, enabling seamless integration with traditional workflows.

Chainlink positioned this as a scalable unlock for the global fund industry, valued at more than $100 trillion. Swift, serving over 11,000 institutions worldwide, provides the trusted financial messaging backbone for trillions in cross-border transactions.

Broader Rollout and LINK Market Outlook
The announcement follows Chainlink’s AI-driven corporate actions pilot, which also used CRE and Swift messaging. That effort coordinated large language models, including systems from OpenAI, Google, and Anthropic, to produce ISO 20022-compliant records for financial institutions.

Industry leaders such as DTCC, Euroclear, and banks like UBS, DBS, and BNP Paribas supported the project. Together, the pilots highlight coordinated efforts to make blockchain workflows accessible to traditional finance at scale.

Meanwhile, Swift continues developing a blockchain-based shared ledger for cross-border payments with Consensys, backed by over 30 global banks. Participants include Bank of America, HSBC, and BNP Paribas, aiming for interoperable infrastructure while preserving compliance standards.

At press time, Chainlink (LINK) trades at $21.39, up 0.31% in the last hour and 1.40% over 24h. The token remains down 1.55% on the week but is holding above the crucial $20 support zone.

Chainlink Ascending Channel Analysis | Source : X
Analysts note the level aligns with the 0.786 Fibonacci retracement near $20.11, keeping LINK within its ascending channel. Resistance levels sit near $29.11, with potential upside toward $46.59–$47, while a breakdown risks a drop to $15 support.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Cardano (CRYPTO: ADA) is trading around $0.79, down 0.6% on Tuesday as founder Charles Hoskinson told an audience that the network is preparing to integrate Bitcoin functionality, potentially drawing billions in liquidity.

Cardano Founder Unveils Bold Bitcoin DeFi VisionCharles Hoskinson said a dedicated 19-person team is developing "Bitcoin DeFi," which would let users transact directly in Bitcoin (CRYPTO: BTC), pay fees in Bitcoin, and earn yield back in Bitcoin using Cardano infrastructure.

"We anticipate billions of dollars of TVL from the Bitcoin network as people click the toggle and use Cardano to do Bitcoin things," Hoskinson said.

UTXO Edge Sets Cardano Apart From RivalsHoskinson said Cardano's extended UTXO framework makes it the "largest programmable ledger," giving it scalability advantages over rivals such as Ethereum and Solana. 

With Bitcoin's Taproot upgrade also built on the UTXO standard, he argued Cardano is positioned to capture part of the $4 trillion Bitcoin market while acting as a bridge between Bitcoin and smart contracts.

ADA Price Battles To Hold $0.76 Support

ADA Key Technical levels (Source: TradingView)

Technical Analysis: ADA price is consolidating after last week's sharp drop from the $0.90 region. The token is holding above $0.76 support, with resistance at $0.82 and the 200-day EMA at $0.83.

A breakout above $0.83 could open the path to $0.86 and $0.93, while a failure to defend $0.76 risks deeper losses toward $0.72 in short-term.

The RSI near 46 suggests neutral momentum, leaving ADA price range-bound until buyers or sellers break the wedge pattern.

Why It MattersBitcoin's $4 trillion market has so far remained mostly untouched by DeFi.

Cardano's push to integrate Bitcoin could mark the first serious attempt to unlock that pool of capital.

Instead of being limited to storing and transferring value, Bitcoin could become fully usable in yield-bearing ecosystems.

For Cardano, this isn't just a technical integration but a gateway to billions in fresh liquidity. The scale of that liquidity has the power to shift DeFi's growth ceiling far higher than Ethereum alone.

If realized, it would be the moment Bitcoin stops sitting outside finance and starts powering it.

Read Next:

Bitcoin Reclaims $114,000, But Why Does The Fear & Greed Index Show ‘Fear’?
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A new partnership inked by the SBI Group might see the utilization of XRP Ledger to build a payment platform that will link unique payment tokens with NFTs.

The new development was highlighted in a tweet by XRP enthusiast Crypto Eri, @sentosumosaba, who revealed that Japanese travel agency Tobu Top Tours may use the XRP Ledger to issue NFTs that can be distributed as "digital souvenirs" or "future accommodation discount vouchers."

Tobu Tours in Japan may use the $XRP Ledger to issue NFTs with some digital souvenir power. An MOU with business unit SBI Ripple Asia was signed to pursue a "fan economy" biz model & develop marketing initiatives, such as discount vouchers for regional local areas.… pic.twitter.com/Lmdp8VR0Oc

— 🌸Crypto Eri ~ Carpe Diem (@sentosumosaba) September 30, 2025 According to a release dated Sept. 30, SBI Ripple Asia, a business unit of SBI Group, has signed a memorandum of understanding with Tobu Top Tours to realize a new payment platform centered on unique tokens issued by SBI Ripple for each partner company and organization.

The partnership will see to the launch of a new payment platform that will link unique payment tokens with NFTs that can be equipped with various functions and will support the expansion of the fan economy of partner companies and organizations. The two companies will continue discussions with the aim of launching the service in the first half of 2026.

HOT Stories

SBI Ripple Asia is a joint venture established by Ripple and SBI Holdings.

XRP Ledger to generate several use casesThe partnership will utilize XRP Ledger to issue proprietary tokens and build a system that allows customers of SBI Ripple Asia and Tobu Top Tours to pay for accommodations, dining, shopping, services and more.

Building a payment platform using the XRP Ledger is expected to generate a wide range of use cases in tourism, commerce and regional development, among others. It is also expected to provide users with a new payment experience and become a new growth model that can create and expand a unique and fun economy for companies and local communities.

NFTs were standardized on the XRP Ledger by XLS-20 in October 2022, delivering benefits, including royalties and anti-spam features.

In June, the DynamicNFT amendment (XLS-46) was enabled, adding functionality for mutable NFTs. This broadens use cases for NFTs on the XRPL beyond immutable art or collectibles to gaming, identity, smart ticketing and more.

In a bold initiative to amplify community engagement, Beldex is allocating $150,000 to a new Creator Leaderboard Campaign. Announced on September 30, 2025, this program is designed to incentivize and reward members of its community who contribute creative content that furthers the project's goals.

A crypto trader betting on XRP’s price downturn has lost over $3 million during a market rebound that saw the token trace its way to $2.91 on Monday evening.

According to blockchain analytics platform Lookonchain, a trader known on X by the pseudonym qwatio took an aggressive short position yesterday that was partially liquidated after the rally, resulting in a $3.6 million loss.

According to Hypercan’s data, the trader was involved in multiple highly leveraged wagers that were placed against the price of XRP. At its height, his short token trades exposed him to roughly $14 million, with leverage ratios reaching 20–40 times the original investment.

Gambler @qwatio's $XRP short was partially liquidated again, and the total loss has now exceeded $3.6M!https://t.co/lJxHsUJRPh pic.twitter.com/aMRXpkDd09

— Lookonchain (@lookonchain) September 30, 2025

At the time of his liquidation, qwatio’s perpetual equity stood at just $618,687, against a total position value exceeding $14.3 million, resulting in a leverage ratio of 23.18x. Unrealized losses on the account were recorded at $145,338, with an overstretched collateral margin usage at 115.92%.

Trader liquidated after XRP’s brief market rebound
According to screenshots of the account’s address shared by Lookonchain, the trader has made a combined profit and loss volume decline over September, with overall PnL dipping to negative $3.6 million. 100% of the trader’s exposure was concentrated in shorting XRP. 

At the time, nearly 4.97 million XRP had been borrowed for shorting, valued at $14.34 million. The entry price averaged $2.8518, but the market price shot up fast to $2.8804, placing the position in further deficit.

On Monday at around 22:15 UTC, a large market order closed one of qwatio’s short positions, liquidating 1,244,729 XRP at $2.9154 per token. That single order represented a trade value of more than $3.6 million in USDC, with a fee exceeding $1,089. 

The closed profit-and-loss line showed a direct hit of $83,223. Earlier trades throughout the day had repeatedly opened smaller short positions around $2.84 to $2.85, with many of these recording incremental negative results.

Lookonchain had reported prior to the incident that qwatio had been on a losing streak in the days leading up to Monday’s liquidation. In the morning, the trader was reported to have closed earlier short positions in both Bitcoin and XRP, counting losses north of $3.4 million. 

Undeterred by the red in his portfolio, he quickly reopened another massive short, this time borrowing 6.17 million XRP valued at $17.6 million. That position carried a liquidation price of $2.9155, almost exactly the level where Monday evening’s rally forced a partial closure.

— Lookonchain (@lookonchain) September 29, 2025

The trading spree was followed by another episode on September 26, when qwatio set up a new wallet labeled “0x9018” and returned to the derivatives platform Hyperliquid with 4.22 million USDC. 

Records show he used the capital to short 1,366.67 BTC, valued at $150 million with 40x leverage, alongside 2.78 million XRP worth $7.7 million at 20x leverage. Both trades went against him, resulting in another $1.2 million loss. His Bitcoin liquidation threshold was $110,280, while for XRP was $3.0665.

Trader places another 20x leveraged cross bet on Ripple’s downfall
Even in the face of heavy losses, qwatio has opened a new position by borrowing 555,555 XRP, worth approximately $1.58 million, to short XRP at an entry price of $2.851 per token. He applied a 20x cross leverage carrying an exposure equivalent to $15.78 million, risking his full account margin of $822,624.

At the time of this publication, XRP’s price consolidated at around $2.8415, a slight dip that has placed the position in unrealized gains of $55,900. Still, the liquidation price for this short was set at $2.916, leaving just a 2.6% margin for error before his account could have been totally wiped out in liquidations. 

qwatio short bet on Ripple. Source: Hyperscan

A small upward move of around $0.07 from the market level at 10 AM UTC would have been enough to trigger closure of the entire account, but XRP has stumbled down 0.9% since. If XRP dropped to $2.50, the trader would gain roughly $1.87 million, a 23% return to help him recover from the previous losses. 

Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

With more than 100 billion SHIB tokens moving in a single day, Shiba Inu has seen a significant on-chain shift, resulting in a 26% increase in exchange netflows. The abrupt increase highlights a significant change in market activity, which reflects growing investor caution or repositioning, as well as the diminishing supply of SHIB on exchanges.

SHIB outflowsThe exchange netflow chart illustrates how large this spike was. A net inflow of 23.1 billion SHIB was recorded on September 30th, following weeks of comparatively low flows. This was a dramatic change from previous negative readings. This implies that sizable amounts of SHIB were sent to exchanges, perhaps in anticipation of potential short-term volatility or opportunities for profit-taking.

SHIB/USDT Chart by TradingViewThe overall trend, however, indicates that exchange reserves are steadily declining in spite of the inflow, which means that there are fewer tokens available on centralized trading platforms than there were in previous months. On the daily chart, SHIB is still trapped in a narrowing symmetrical triangle pattern, hovering around 0.0000117 from a price action perspective.

HOT Stories

Shiba Inu isn't yet bullishDespite sellers' repeated attempts to test support in the $0.0000110-$0.0000115 range, buyers have so far avoided a malfunction. The $0.0000128-$0.0000136 zone continues to have strong overhead resistance, which is supported by significant moving averages such as the 100-day and 200-day EMAs. However, there isn’t much evidence of bullish conviction in volume trends.

The RSI, which is located between 39 and 45, indicates waning momentum and the lack of trading activity. The market may dip lower toward the $0.0000100 support area, unless SHIB can recover its moving averages with more robust capital inflows.

On-chain, the story of thinning supply has two sides. The recent large inflow indicates that some investors are getting ready for short-term selling, even though fewer tokens on exchanges typically indicate stronger long-term holder conviction.

Tue, 30/09/2025 - 12:10

USDT issuer Tether purchases $1,000,000,000 worth of Bitcoin on very last day of Q3

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

On the last day of Q3, 2025, Tether added another block of Bitcoin to its reserves, moving $1 billion into 8,888.889 BTC. Spotted by Onchain Lens, the transfer went directly from Bitfinex hot wallets to Tether’s reserve address. This marks one of the largest inflows recorded in 2025 for the stablecoin issuer.

Financial reporting for Q3 closes today, so it is a time when major players typically adjust their books. 

Source: ArkhamThe amount — 8,888.889 BTC — is no accident either, as Tether often uses round, symbolic numbers for reserve allocations. At current market prices of nearly $113,000 per Bitcoin, this move represents a $1 billion increase in its holdings.

HOT Stories

How much Bitcoin does Tether have?Tether's last attestation report, dated June 30, estimated its Bitcoin reserves at nearly $9 billion. Today’s purchase increases the BTC portion by about 11%, keeping it well ahead of gold and approaching a double-digit share of the balance sheet.

On-chain history shows that this is part of a longer pattern. Over the past two years, the USDT issuer has repeatedly moved blocks of Bitcoin worth between $700 million and $1.4 billion into its reserves, often during periods of market tension — something that could be attributed to the current state of crypto as well.

Related articles

A multiyear scheme defrauded more than 128,000 investors across Asia.

Published:
September 30, 2025 │ 12:00 PM GMT

Created by Kornelija Poderskytė from DailyCoin

Zhimin Qian, also known as Yadi Zhang, has been convicted in the UK following what authorities say is the world’s largest cryptocurrency seizure of 61,000 Bitcoin, worth over $6.7 billion at current prices.

Qian pleaded guilty Monday to illegally acquiring and holding the Bitcoin, which originated from a fraud she ran in China between 2014 and 2017, according to an official Met statement.

Sponsored

The scheme reportedly defrauded more than 128,000 investors, including business professionals, bank employees, and members of the judiciary, many of whom invested hundreds of thousands or even millions of yuan, often encouraged by friends or family.

Authorities said Qian fled China using false documents and moved to the UK, where she attempted to launder the funds through property purchases. The seven-year investigation involved multiple jurisdictions and cooperation with Chinese law enforcement.

The Met’s Head of Economic and Cybercrime Command, Will Lyne, called the case one of the largest money laundering investigations in UK history and among the highest-value cryptocurrency cases globally.

Other notable examples include the crypto mixer Tornado Cash, sanctioned by U.S. authorities in 2022 for laundering over $7 billion in crypto  since its inception in 2019. This included more than $455 million stolen by the Lazarus Group, a North Korean state-sponsored hacking group.

Qian remains in custody awaiting sentencing. Her accomplice, Jian Wen, was jailed last year for helping move part of the stolen funds into UK and Dubai real estate. Authorities seized more than £300 million in Bitcoin from him.

Why This MattersThe case illustrates how cryptocurrencies can be exploited for large-scale fraud and money laundering. It also highlights the challenges of tracking digital assets across borders.

Stay in the loop with DailyCoin’s hottest crypto news:

Cronos Taps Amazon Web Services to Bring RWA On-Chain
SWIFT’s Future Call: XRP, HBAR Or Linea’s On-Chain Crown?

People Also Ask:Why do criminals use Bitcoin instead of traditional currencies for laundering?

Bitcoin can be moved across borders quickly and anonymously through crypto exchanges, mixers, and decentralized networks, making it harder to trace than traditional bank transfers.

How do law enforcement agencies track Bitcoin transactions?

Police and regulators use blockchain analysis tools to trace wallet addresses, follow transaction histories, and collaborate internationally to recover stolen or laundered funds.

Is Bitcoin anonymous?

No. Bitcoin transactions are recorded on a public blockchain. While users’ names are hidden, wallet addresses can be traced with advanced tools.

What is a crypto mixer and how is it linked to laundering?

A crypto mixer pools funds from many users, then redistributes them to obscure their origins. Criminals often use mixers to hide illicit Bitcoin.

How big of a problem is crypto money laundering today?

According to blockchain analytics firms, billions of dollars in crypto are laundered annually, but this is still a fraction of global money laundering.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

IRVINE, Calif., Sept. 30, 2025 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global leader in compute and connectivity IoT solutions powering Edge AI applications, today unveiled EdgeFabric.ai™, a no-code development platform purpose-built exclusively for Lantronix Open-Q™ System-on-Module (SOM) solutions. With EdgeFabric.ai, businesses can design and deploy Edge AI applications in minutes, rather than months, without needing a team of AI experts.

Targeted at high-growth markets such as smart surveillance, drones, transportation, traffic control, Industrial IoT, commercial infrastructure and defense/public safety, EdgeFabric.ai makes AI accessible to customers across widespread industries.

Making Edge AI Simple

Deploying AI at the Edge is typically a complex, time-consuming process that requires specialized knowledge. EdgeFabric.ai automates much of this work, enabling developers to drag, drop and deploy AI models quickly. The platform integrates seamlessly with Lantronix Open-Q hardware and leading AI model ecosystems, automatically configuring for optimal performance across CPUs, GPUs, DSPs and NPUs. It streamlines data pipelines for video and sensor inputs, provides real-time visualization and offers pre-built templates for common use cases, such as surveillance, anomaly detection and safety monitoring.

“With EdgeFabric.ai, we’re opening the door for organizations that want to adopt AI at the edge but lack in-house expertise,” said Saleel Awsare, president and CEO of Lantronix. “This platform exemplifies our evolution from hardware supplier to solutions partner, giving customers faster innovation cycles, lower costs and scalable deployment options.”

In addition to ease of use, EdgeFabric.ai auto-generates production-ready code in Python and C++, helping customers move directly from prototype to deployment. The platform makes it simple to build and adjust pipelines, fine-tune parameters and adapt workflows quickly, enabling faster, more efficient deployment.

Unlocking New Growth Opportunities

The global Edge AI market is projected to reach $25.65 billion in 2025 and expand to $143.06 billion by 2034, according to Precedence Research. Lantronix is well-positioned to capture this growth by removing barriers to adoption and accelerating its customers' time-to-market.

“At Lantronix, we are committed to empowering our customers in the rapidly expanding Edge AI market with innovative, secure and compliant solutions,” added Mathi Gurusamy, chief strategy officer at Lantronix. “EdgeFabric.ai is the latest example of how we help customers bring intelligent, real-time decision-making to the edge.”

Debut at Imagine Conference

Lantronix’s EdgeFabric.ai will debut with live demonstrations at the Imagine conference on Oct. 1, 2025, at the Computer History Museum in Mountain View, Calif., hosted by EDGE IMPULSE, a Qualcomm® company. The event will also be available globally via live stream.

Learn more about Lantronix’s EdgeFabric.ai platform here. For more information on Lantronix’s Open-Q SOMs, visit SOM solutions. Lantronix also offers Engineering Services for development support.

About Lantronix   

Lantronix Inc. (Nasdaq: LTRX) is a global leader in Edge AI and Industrial IoT solutions, delivering intelligent computing, secure connectivity, and remote management for mission-critical applications. Serving high-growth markets, including smart cities, enterprise IT, and commercial and defense unmanned systems, Lantronix enables customers to optimize operations and accelerate digital transformation. Its comprehensive portfolio of hardware, software, and services powers applications from secure video surveillance and intelligent utility infrastructure to resilient out-of-band network management. By bringing intelligence to the network edge, Lantronix helps organizations achieve efficiency, security, and a competitive edge in today’s AI-driven world.

For more information, visit the Lantronix website.

©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties about which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

Lantronix Media Contact:         
[email protected] 
949-212-0960 

Lantronix Analyst and Investor Contact:         
[email protected]

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Strategic appointments fuel global clinical and commercial development of AURN001, a transformational cell therapy with the potential to restore vision

SEATTLE & CAMBRIDGE, Mass. & TOKYO--(BUSINESS WIRE)--Aurion Biotech, a clinical-stage regenerative medicine company with a mission to restore vision to millions of patients, today announced the promotions of Andrew Torres, Ph.D., to Chief Manufacturing Officer and Sterling Chung to Chief Regulatory & Quality Officer. These strategic appointments were made as the company prepares to initiate a U.S. Phase 3 clinical trial in the first quarter of 2026.

In a field where cell therapy manufacturing and quality ecosystems are still emerging, Andrew and Sterling’s leadership will be instrumental in advancing Aurion Biotech’s mission to restore vision for millions with corneal endothelial blindness.

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Aurion Biotech is developing AURN001, an investigational, single-administration, allogeneic cell therapy for corneal endothelial disease, a condition that causes progressive vision loss in millions of patients worldwide.

“I’m proud to announce the promotions of Andrew Torres and Sterling Chung to Aurion Biotech’s executive team, signaling a new phase of growth as we prepare to launch a U.S. Phase 3 clinical trial in the first quarter of 2026 for our groundbreaking cell therapy AURN001,” said Arnaud Lacoste, Chief Executive Officer and Chief Scientific Officer, Aurion Biotech. “Andrew and Sterling have considerable experience in pharmaceuticals and biologics development and a unique ability to navigate highly complex regulatory environments. In a field of drug development where manufacturing and quality ecosystems have yet to be built, Andrew and Sterling’s unique skillsets will help Aurion achieve our mission to restore vision to the millions of people with corneal endothelial blindness.”

Andrew Torres joined Aurion to do something that had never been done before: develop a global manufacturing program for what could be the world’s first mass-scale cell therapy. He has been essential in leading external partners and internal teams to establish a cutting-edge, efficient, and globally compliant manufacturing program.

“I am proud of the instrumental role our team continues to play in building a best-in-class program,” said Andrew Torres. “My motivation is to serve patients by making our cell therapy scalable and accessible to those in need.”

Sterling Chung brings extensive global regulatory expertise and a proven track record of successfully achieving key regulatory milestones for innovative therapeutics with complex manufacturing and quality requirements. He has led Aurion’s key regulatory achievements across geographies, including the U.S. where AURN001 has obtained both Regenerative Medicine Advanced Therapy (RMAT) and Breakthrough Therapy Designation (BTD), as well as Canada, Europe and Central America. Sterling also oversees the company’s post-approval regulatory activities in Japan.

“Having spent my career at the intersection of global regulatory affairs and quality, I am excited to take on this new challenge,” said Sterling Chung. “Our team's work in securing key regulatory milestones is a testament to our relentless commitment to bringing innovative therapies to patients around the world.”

About Andrew Torres, Ph.D.

Andrew Torres leads manufacturing at Aurion Biotech. Andrew has a deep background in process development, analytical development, formulation, CMC regulatory strategy and operations, quality control, supply chain and GMP manufacturing. Before joining Aurion Biotech, Andrew held leadership roles at Molecular Templates, Neoleukin Therapeutics, Regeneron, and GE Global Research.

Andrew holds more than 30 patents and has authored numerous scientific articles. Andrew obtained a Ph.D. in chemistry from Northwestern University.

About Sterling Chung

Sterling Chung manages worldwide global regulatory affairs and quality for Aurion Biotech. He has more than 20 years of pharmaceutical experience, encompassing a broad range of functions including Regulatory Affairs, Quality Assurance, Pharmacovigilance, Medical Writing and Publications. In addition, he has worked on the successful submission and approval of multiple INDs, NDAs and sBLAs in the U.S., EU, Canada and Japan. Before joining Aurion Biotech, Sterling assumed increasing levels of senior leadership at Neoleukin Therapeutics, Molecular Templates, Immatics US, Seattle Genetics, Astellas Pharmaceuticals, Takeda Pharmaceuticals and Abbott Laboratories.

Sterling holds a B.A. in Political Science and a B.S. in Biology from the University of Michigan, and a Regulatory and Quality Assurance certificate from Purdue University.

About Aurion Biotech

Aurion Biotech’s mission is to restore vision to millions of patients with life-changing regenerative therapies. The company is developing AURN001, an investigational cell therapy for corneal endothelial disease. AURN001 is the first cell therapy for the corneal endothelium commercially launched in Japan and is advancing through clinical development in North America. Aurion received the prestigious Prix Galien award for Best Start-Up in Biotech in 2022. In 2025, Alcon acquired majority ownership of Aurion Biotech. For more information, visit www.aurionbiotech.com and follow us on LinkedIn.

More News From Aurion Biotech

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PROVIDENCE, R.I.--(BUSINESS WIRE)--United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today reported financial results for the fourth quarter (13 weeks) and fiscal year (52 weeks) ended August 2, 2025.

Fourth Quarter Fiscal 2025 Performance (comparisons to fourth quarter fiscal 2024)

Net sales of $7.7 billion; growth of 1.6% on a comparable 13-week basis

Net loss of $(87) million; Loss per diluted share (EPS) of $(1.43)

Adjusted EBITDA(1) of $116 million

Adjusted EPS(1) of $(0.11)

Net cash provided by operating activities of $160 million; Free cash flow(1) of $86 million

Recent Financial and Operational Summary

Key financial results in-line with or above midpoints of most recent outlook; significantly above initial outlook for net sales and free cash flow

Delivered significant free cash flow improvement with fiscal 2025 free cash flow up $331 million compared to the prior year

Net debt reached lowest level since 2018, decreasing to $1.83 billion. Net leverage(1) declined 0.7x from the end of the prior fiscal year to 3.3x

Lean daily management deployed in 28 distribution centers during fiscal 2025; helping to improve customer and supplier experience and benefiting safety, quality, delivery and cost

Fiscal 2026 guidance reflects underlying business momentum and continued strategy execution

Midpoint of fiscal 2026 Adjusted EBITDA range reflects an increase of about 20% from fiscal 2025 and an average annual growth rate of nearly 15% compared to fiscal 2024 on a 52-week comparable basis

“UNFI delivered a solid fourth quarter as we effectively navigated the cyber incident in collaboration with our customers and suppliers. In fiscal 2025, we continued to enhance our value proposition and delivered above-industry sales growth, while improving our effectiveness and efficiency. This drove higher free cash flow and further strengthened our financial position,” said Sandy Douglas, UNFI’s Chief Executive Officer.

“In fiscal 2026, we’re focused on accelerating our momentum by building on UNFI’s unique ability to provide innovative products, programs, services and well-scaled supply chain solutions that help our customers and suppliers grow profitably. We’re increasingly confident in our strategy and our path forward to generate sustainable long-term growth and shareholder value.”

Fourth Quarter Fiscal 2025 Summary(2) 

Fourth Quarter Ended

Fiscal Year Ended

($ in millions, except for per share data)

August 2,

2025

(13 weeks)

August 3,

2024

(14 weeks)

Percent

Change

August 2,

2025

(52 weeks)

August 3,

2024

(53 weeks)

Percent

Change

Net sales(3)

$

7,696

$

8,155

(5.6

)%

$

31,784

$

30,980

2.6

%

Natural

$

3,998

$

3,943

1.4

%

$

16,017

$

14,948

7.2

%

Conventional

$

3,414

$

3,917

(12.8

)%

$

14,667

$

14,946

(1.9

)%

Retail

$

573

$

628

(8.8

)%

$

2,342

$

2,436

(3.9

)%

Eliminations

$

(289

)

$

(333

)

(13.2

)%

$

(1,242

)

$

(1,350

)

(8.0

)%

Net loss

$

(87

)

$

(37

)

N/M

$

(118

)

$

(112

)

N/M

Adjusted EBITDA(1)

$

116

$

143

(18.9

)%

$

552

$

518

6.6

%

Loss per diluted share (EPS)

$

(1.43

)

$

(0.63

)

N/M

$

(1.95

)

$

(1.89

)

N/M

Adjusted (loss) earnings per diluted share (Adjusted EPS)(1)

$

(0.11

)

$

0.01

N/M

$

0.71

$

0.14

407.1

%

Net cash provided by operating activities

$

160

$

191

(16.2

)%

$

470

$

253

85.8

%

Payments for capital expenditures

$

(74

)

$

(120

)

(38.3

)%

$

(231

)

$

(345

)

(33.0

)%

Free cash flow(1)

$

86

$

71

21.1

%

$

239

$

(92

)

N/M

Fourth Quarter Fiscal 2025 Summary

Net sales in the fourth quarter of fiscal 2025 were $7.7 billion compared to $8.2 billion in the fourth quarter of fiscal 2024, which included an approximate $582 million benefit from the additional week in fiscal 2024. Excluding this additional week, sales increased 1.6%.

Gross profit in the fourth quarter of fiscal 2025 was $1,030 million compared to $1,116 million in the fourth quarter of fiscal 2024. The fourth quarter of fiscal 2025 included $15 million of costs associated with the previously disclosed cyber incident and a LIFO benefit of $7 million. The fourth quarter of fiscal 2024 included one additional week as well as a $12 million LIFO benefit. Excluding the costs associated with the cyber incident and the LIFO benefit, gross profit in the fourth quarter of fiscal 2025 was $1,038 million, or 13.5% of net sales, compared to $1,022 million, or 13.5% of net sales, in the fourth quarter of fiscal 2024 when excluding the LIFO benefit and the extra week.

Operating expenses in the fourth quarter of fiscal 2025 were $1,046 million, or 13.6% of net sales, compared to $1,075 million, or 13.2% of net sales, in the fourth quarter of fiscal 2024. The increase in operating expenses as a percent of net sales was driven by the deleveraging impact on fixed costs from the lost sales attributable to the cyber incident and the investment in servicing customers during this period.

Interest expense, net for the fourth quarter of fiscal 2025 was $36 million and included $4 million in costs and charges related to a prepayment on the secured term loan, compared to $50 million for the fourth quarter of fiscal 2024, which included $10 million in costs and charges related to the refinancing of the secured term loan. The decrease in interest expense, excluding the prepayment and refinancing costs, was primarily driven by lower average outstanding debt balances and the additional week in the prior year quarter.

Effective tax rate for the fourth quarter of fiscal 2025 was a benefit of 21.1% on a pre-tax loss compared to a benefit of 15.9% of pre-tax loss for the fourth quarter of fiscal 2024. The effective tax rate for the fourth quarter of fiscal 2025 includes charges related to the deductibility of charitable contributions resulting from changes to the tax code. The effective tax rate for the fourth quarter of fiscal 2024 includes charges related to share-based compensation and the deductibility of charitable contributions.

Net loss for the fourth quarter of fiscal 2025 was $(87) million. Net loss for the fourth quarter of fiscal 2024 was $(37) million.

Net loss per diluted share was $(1.43) for the fourth quarter of fiscal 2025 compared to net loss per diluted share of $(0.63) for the fourth quarter of fiscal 2024. Adjusted EPS was $(0.11) for the fourth quarter of fiscal 2025, compared to Adjusted EPS of $0.01 in the fourth quarter of fiscal 2024.

Adjusted EBITDA for the fourth quarter of fiscal 2025 was $116 million, compared to $143 million for the fourth quarter of fiscal 2024.

Capital Structure and Financing Overview

Free Cash Flow – During the fourth quarter of 2025, free cash flow was $86 million, compared to $71 million in the fourth quarter of fiscal 2024. Free cash flow for the fourth quarter of 2025 reflects net cash provided by operating activities of $160 million less payments for capital expenditures of $74 million.

Net Leverage – Total outstanding debt, net of cash, was $1.83 billion at the end of the fourth quarter of 2025, reflecting a decrease of $230 million during fiscal 2025. The net debt to Adjusted EBITDA leverage ratio was 3.3x as of August 2, 2025.

Liquidity – As of August 2, 2025, total liquidity was approximately $1.50 billion, consisting of $44 million in cash, plus the unused capacity of approximately $1.45 billion under the Company’s asset-based lending facility.

Fiscal 2026 Outlook (1)

The Company is providing the following outlook for fiscal 2026, a 52-week year.

Fiscal Year Ending August 1, 2026 (52 weeks)

Net sales ($ in billions)

$31.6 - $32.0

Net income ($ in millions)

$0 - $50

EPS (2)

$0.00 - $0.80

Adjusted EPS (2)(3)(4)

$1.50 - $2.30

Adjusted EBITDA (4) ($ in millions)

$630 - $700

Capital and cloud implementation expenditures (4)(5)($ in millions)

~ $250

Free cash flow (4)(5) ($ in millions)

~ $300

(1)

The outlook provided above is for fiscal 2026 only. This outlook is forward-looking, is based on management’s current estimates and expectations and is subject to a number of risks, including many that are outside of management’s control. See cautionary Safe Harbor Statement below.

(2)

Earnings per share amounts as presented include rounding. 

(3)

The Company uses an adjusted effective tax rate in calculating Adjusted EPS. The outlook for Adjusted EPS reflects a tax rate of 25%. See additional information at the end of this release regarding the non-GAAP financial measure adjusted effective tax rate. 

(4)

See additional information at the end of this release regarding non-GAAP financial measures. The Company is unable to provide a full reconciliation for outlook to the most comparable GAAP measure without unreasonable effort due to the difficulty in predicting the amounts for certain adjustment items. 

(5)

The components of capital and cloud implementation expenditures for fiscal 2026 will be primarily dependent on the nature of certain contracts to be executed. As such, the Company is unable to reconcile the outlook for free cash flow as well as capital and cloud implementation expenditures in fiscal 2026 to the most directly comparable financial measures calculated in accordance with GAAP.

 

Conference Call and Webcast

The Company’s fourth quarter and full year fiscal 2025 conference call and audio webcast will be held today, Tuesday, September 30, 2025 at 8:30 a.m. ET. A webcast of the conference call (and supplemental materials) will be available to the public, on a listen only basis, via the internet at the Investors section of the Company’s website www.unfi.com. The call can also be accessed at (800) 715 - 9871 (conference ID 5462932). An online archive of the webcast (and supplemental materials) will be available for 120 days.

About United Natural Foods

UNFI is North America’s premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, eCommerce providers, and foodservice customers. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. To learn more about how UNFI is delivering value for its stakeholders, visit www.unfi.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including under the section entitled “Risk Factors” in the Company’s annual report on Form 10-K for the year ended August 3, 2024 filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2024 and other filings the Company makes with the SEC, and include, but are not limited to, our dependence on principal customers; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing consolidation of retailers and the growth of consumer choices for grocery and consumable purchases; our ability to realize the anticipated benefits of our strategic initiatives; changes in relationships with our suppliers; our ability to develop, implement, operate and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems, and the effectiveness of the Company’s business continuity plans in response to an incident impacting the Company’s technology systems, such as the unauthorized incident on its technology systems; labor and other workforce shortages and challenges; the addition or loss of significant customers or material changes to our relationships with these customers; our ability to realize anticipated benefits of strategic transactions; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; our ability to maintain sufficient volume in our Natural and Conventional businesses to support our operating infrastructure; our ability to access additional capital; increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans; the potential for additional asset impairment charges; our sensitivity to general economic conditions including inflation, tariff policy and changes in disposable income levels and consumer purchasing habits; our ability to timely and successfully deploy our warehouse management system throughout our distribution centers and our transportation management system across the Company and to achieve efficiencies and cost savings from these efforts; the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise; the effect of adverse decisions in, or settlement of, litigation or other proceedings to which we are subject; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; changes in tax laws and regulations, and actions by federal, state and local taxing authorities related to the interpretation and application of such tax laws and regulations; our ability to maintain food quality and safety; and volatility in fuel costs. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so.

Non-GAAP Financial Measures: To supplement the financial information presented on a U.S. generally accepted accounting principles (“GAAP”) basis, the Company has included in this press release the non-GAAP financial measures Adjusted EBITDA, Adjusted EPS, adjusted effective tax rate, free cash flow, net debt to Adjusted EBITDA leverage ratio and Capital and cloud implementation expenditures. Adjusted EBITDA is a consolidated measure which the Company reconciles by adding Net (loss) income including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, and certain other non-cash charges or other items, as determined by management. Adjusted EPS is a consolidated measure, which the Company reconciles by adding Net (loss) income attributable to UNFI plus the LIFO charge or benefit, Goodwill impairment benefits and charges, Restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate, and certain other non-cash charges or items, as determined by management. The adjusted effective tax rate is calculated based on adjusted net income before tax and excludes the potential impact of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. Free cash flow is defined as net cash provided by operating activities less payments for capital expenditures. Net debt to Adjusted EBITDA leverage ratio is defined as the total carrying value of the Company’s outstanding short- and long-term debt and finance lease liabilities less net cash and cash equivalents, the sum of which is divided by the trailing four quarters Adjusted EBITDA. Capital and cloud implementation expenditures is defined as the sum of payments for capital expenditures and cloud technology implementation expenditures.

The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures and the calculation of net debt to Adjusted EBITDA leverage are presented in the tables appearing below, where practicable. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting Adjusted EBITDA and Adjusted EPS aids in making period-to-period comparisons, assessing the performance of the Company’s business and understanding the underlying operating performance and core business trends by excluding certain adjustments not expected to recur in the normal course of business or that are not meaningful indicators of actual and estimated operating performance. The Company believes that providing the adjusted effective tax rate gives investors a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. The inclusion of free cash flow assists investors in understanding the cash generating ability of the Company separate from cash generated by the sale of assets. Net debt to Adjusted EBITDA leverage ratio is a commonly used metric that assists investors in understanding and evaluating the Company’s capital structure and changes to its capital structure over time. The Company believes that providing capital and cloud implementation expenditures provides investors with better visibility into the Company's total investment expenditures. The components of capital and cloud implementation expenditures for fiscal 2026 will be primarily dependent on the nature of certain contracts to be executed. The Company currently expects to continue to exclude the items listed above from non-GAAP financial measures. Management utilizes and plans to utilize these non-GAAP financial measures to compare the Company’s operating performance during the 2026 fiscal year to the comparable periods in the 2025 fiscal year and to internally prepared projections. These non-GAAP financial measures may differ from similarly titled measures of other companies.

 

 

 

UNITED NATURAL FOODS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in millions, except for per share data) 

 

Fourth Quarter Ended

Fiscal Year Ended

August 2, 2025

(13 weeks)

August 3, 2024

(14 weeks)

August 2, 2025

(52 weeks)

August 3, 2024

(53 weeks)

Net sales

$

7,696

$

8,155

$

31,784

$

30,980

Cost of sales

6,666

7,039

27,562

26,779

Gross profit

1,030

1,116

4,222

4,201

Operating expenses

1,046

1,075

4,117

4,100

Restructuring, acquisition and integration related expenses

59

19

94

36

Loss on sale of assets and other asset charges

3

20

42

57

Operating (loss) income

(78

)

2

(31

)

8

Net periodic benefit income, excluding service cost

(5

)

(4

)

(20

)

(15

)

Interest expense, net

36

50

146

162

Other income, net

—

—

(3

)

(2

)

Loss before income taxes

(109

)

(44

)

(154

)

(137

)

Benefit for income taxes

(23

)

(7

)

(39

)

(27

)

Net loss including noncontrolling interests

(86

)

(37

)

(115

)

(110

)

Less net income attributable to noncontrolling interests

(1

)

—

(3

)

(2

)

Net loss attributable to United Natural Foods, Inc.

$

(87

)

$

(37

)

$

(118

)

$

(112

)

Basic loss per share

$

(1.43

)

$

(0.63

)

$

(1.95

)

$

(1.89

)

Diluted loss per share

$

(1.43

)

$

(0.63

)

$

(1.95

)

$

(1.89

)

Weighted average shares outstanding:

Basic

60.6

59.5

60.2

59.3

Diluted

60.6

59.5

60.2

59.3

 

 

 

 

UNITED NATURAL FOODS, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions, except for par values) 

 

August 2,

2025

August 3,

2024

ASSETS

Cash and cash equivalents

$

44

$

40

Accounts receivable, net

1,093

953

Inventories, net

2,095

2,179

Prepaid expenses and other current assets

191

230

Total current assets

3,423

3,402

Property and equipment, net

1,749

1,820

Operating lease assets

1,474

1,370

Goodwill

19

19

Intangible assets, net

576

649

Deferred income taxes

162

87

Other long-term assets

192

181

Total assets

$

7,595

$

7,528

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

$

1,875

$

1,688

Accrued expenses and other current liabilities

319

288

Accrued compensation and benefits

227

197

Current portion of operating lease liabilities

173

181

Current portion of long-term debt and finance lease liabilities

8

11

Total current liabilities

2,602

2,365

Long-term debt

1,859

2,081

Long-term operating lease liabilities

1,400

1,263

Long-term finance lease liabilities

11

12

Pension and other postretirement benefit obligations

14

15

Other long-term liabilities

155

151

Total liabilities

6,041

5,887

Stockholders’ equity:

Preferred stock, $0.01 par value, authorized 5.0 shares; none issued or outstanding

—

—

Common stock, $0.01 par value, authorized 100.0 shares; 63.1 shares issued and 60.6 shares outstanding at August 2, 2025; 62.0 shares issued and 59.5 shares outstanding at August 3, 2024

1

1

Additional paid-in capital

658

635

Treasury stock at cost

(86

)

(86

)

Accumulated other comprehensive loss

(42

)

(47

)

Retained earnings

1,020

1,138

Total United Natural Foods, Inc. stockholders’ equity

1,551

1,641

Noncontrolling interests

3

—

Total stockholders’ equity

1,554

1,641

Total liabilities and stockholders’ equity

$

7,595

$

7,528

 

 

 

 

UNITED NATURAL FOODS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 

 

Fiscal Year Ended

(in millions)

August 2, 2025

(52 weeks)

August 3, 2024

(53 weeks)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss including noncontrolling interests

$

(115

)

$

(110

)

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

Depreciation and amortization

321

319

Share-based compensation

43

39

Gain on sale of assets

(4

)

(7

)

Long-lived asset impairment charges

25

43

Net pension and other postretirement benefit income

(20

)

(15

)

Deferred income tax benefit

(56

)

(49

)

LIFO (benefit) charge

(2

)

7

Provision for losses on receivables

3

3

Loss on debt extinguishment

4

—

Non-cash interest expense and other adjustments

5

18

Changes in operating assets and liabilities

Accounts and notes receivable

(142

)

(68

)

Inventories

87

104

Prepaid expenses and other assets

276

(157

)

Accounts payable

200

(81

)

Accrued expenses and other liabilities

(155

)

207

Net cash provided by operating activities

470

253

CASH FLOWS FROM INVESTING ACTIVITIES:

Payments for capital expenditures

(231

)

(345

)

Proceeds from dispositions of assets

30

25

Payments for investments

(17

)

(22

)

Net cash used in investing activities

(218

)

(342

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings under revolving credit line

3,528

2,571

Proceeds from issuance of other loans

13

15

Repayments of borrowings under revolving credit line

(3,642

)

(2,270

)

Repayments of long-term debt and finance leases

(124

)

(191

)

Payments of employee restricted stock tax withholdings

(10

)

(7

)

Payments for debt issuance costs

(1

)

(18

)

Distributions to noncontrolling interests

(4

)

(4

)

Repayments of other loans

(8

)

(2

)

Other

—

(2

)

Net cash (used in) provided by financing activities

(248

)

92

EFFECT OF EXCHANGE RATE ON CASH

—

—

NET INCREASE IN CASH AND CASH EQUIVALENTS

4

3

Cash and cash equivalents, at beginning of period

40

37

Cash and cash equivalents, at end of period

$

44

$

40

Supplemental disclosures of cash flow information:

Cash paid for interest

$

147

$

159

Cash payments (refunds) for federal, state and foreign income taxes, net

$

4

$

(14

)

Additions of property and equipment included in Accounts payable

$

7

$

21

 

 

 

 

SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION

UNITED NATURAL FOODS, INC. 

 

Reconciliation of Net loss including noncontrolling interests to Adjusted EBITDA (unaudited)

Fourth Quarter Ended

Fiscal Year Ended

(in millions)

August 2, 2025

(13 weeks)

August 3, 2024

(14 weeks)

August 2, 2025

(52 weeks)

August 3, 2024

(53 weeks)

Net loss including noncontrolling interests

$

(86

)

$

(37

)

$

(115

)

$

(110

)

Adjustments to net loss including noncontrolling interests:

Less net income attributable to noncontrolling interests

(1

)

—

(3

)

(2

)

Net periodic benefit income, excluding service cost

(5

)

(4

)

(20

)

(15

)

Interest expense, net

36

50

146

162

Other income, net

—

—

(3

)

(2

)

Benefit for income taxes

(23

)

(7

)

(39

)

(27

)

Depreciation and amortization

79

91

321

319

Share-based compensation

15

11

43

37

LIFO (benefit) charge

(7

)

(12

)

(2

)

7

Restructuring, acquisition and integration related expenses(1)

59

19

94

36

Loss on sale of assets and other asset charges(2)

3

20

42

57

Business transformation costs(3)

7

12

47

52

Cybersecurity incident(4)

26

—

26

—

Other adjustments(5)

13

—

15

4

Adjusted EBITDA

$

116

$

143

$

552

$

518

 

 

 

 

Reconciliation of Net loss attributable to United Natural Foods, Inc. to Adjusted net (loss) income and Adjusted EPS (unaudited)

Fourth Quarter Ended

Fiscal Year Ended

(in millions, except per share amounts)

August 2, 2025

(13 weeks)

August 3, 2024

(14 weeks)

August 2, 2025

(52 weeks)

August 3, 2024

(53 weeks)

Net loss attributable to United Natural Foods, Inc.

$

(87

)

$

(37

)

$

(118

)

$

(112

)

Restructuring, acquisition, and integration related expenses(1)

59

19

94

36

(Gain) loss on sale of assets and other asset charges other than losses on sales of receivables(2)

(2

)

15

23

36

LIFO (benefit) charge

(7

)

(12

)

(2

)

7

Surplus property depreciation and interest expense(3)

1

2

2

5

Loss on debt extinguishment

4

10

4

10

Business transformation costs(4)

7

12

47

52

Cybersecurity incident(5)

26

—

26

—

Other adjustments(6)

13

—

15

4

Tax impact of adjustments and adjusted effective tax rate(7)

(20

)

(8

)

(47

)

(29

)

Adjusted net (loss) income

$

(6

)

$

1

$

44

$

9

Diluted weighted average shares outstanding

60.6

60.0

61.8

60.4

Adjusted EPS(8)

$

(0.11

)

$

0.01

$

0.71

$

0.14

(1)

Fiscal 2025 primarily reflects the $53 million charge related to the Company’s termination of its supply agreement with a customer in the East region and costs associated with certain employee severance and other employee separation costs and outsourcing certain corporate functions under restructuring initiatives. Fiscal 2024 primarily reflects costs associated with certain employee severance and other employee separation costs.

(2)

Loss on sale of assets and other asset charges, as reflected here, does not include losses on sales of receivables under the accounts receivable monetization program, which are included in Loss on sale of assets and other asset charges on the Consolidated Statements of Operations and are not adjusted in the calculation of Adjusted EPS. Fiscal 2025 primarily includes a $24 million non-cash asset impairment charge related to a distribution center in our East region. Fiscal 2024 primarily includes a $21 million non-cash asset impairment charge related to one of our corporate-owned office locations, a $7 million non-cash asset impairment charge related to the decision to close certain retail store locations and a $15 million non-cash impairment charge related to the decision to close certain leased and owned distribution center locations. 

(3)

Reflects surplus, non-operating property depreciation and interest expense. 

(4)

Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, and third-party professional service fees related to strategic initiatives and the board-led financial review in fiscal 2024, all of which are included within Operating expenses in the Consolidated Statements of Operations. 

(5)

Reflects costs and charges related to the Cybersecurity Incident, primarily including shrink and remediation costs related to third-party cybersecurity, legal and governance experts, of which $15 million are included within Gross profit and $11 million are included within Operating expenses in the Consolidated Statements of Operations.

(6)

Fiscal 2025 primarily reflects certain accrued legal-related costs, which are included within Operating expenses in the Consolidated Statements of Operations. Fiscal 2024 primarily reflects third-party professional service fees related to shareholder negotiations, which are included within Operating expenses in the Consolidated Statements of Operations. 

(7)

Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. 

(8)

Adjusted (loss) earnings per share amounts are calculated using actual unrounded figures. 

 

 

 

 

Calculation of net debt to Adjusted EBITDA leverage ratio (unaudited)

 

 

(in millions, except ratios)

Fiscal Year

Ended

August 2, 2025

Fiscal Year

Ended

August 3, 2024

Current portion of long-term debt and finance lease liabilities

$

8

$

11

Long-term debt

1,859

2,081

Long-term finance lease liabilities

11

12

Less: Cash and cash equivalents

(44

)

(40

)

Net carrying value of debt and finance lease liabilities

1,834

2,064

Adjusted EBITDA

$

552

$

518

Adjusted EBITDA leverage ratio

3.3x

 

4.0x

 

 

 

Reconciliation of Net cash provided by operating activities to Free cash flow (unaudited)

Fourth Quarter Ended

Fiscal Year Ended

(in millions)

August 2, 2025

(13 weeks)

August 3, 2024

(14 weeks)

August 2, 2025

(52 weeks)

August 3, 2024

(53 weeks)

Net cash provided by operating activities

$

160

$

191

$

470

$

253

Payments for capital expenditures

(74

)

(120

)

(231

)

(345

)

Free cash flow

$

86

$

71

$

239

$

(92

)

 

 

Reconciliation of Payments for capital expenditures to Capital and cloud implementation expenditures (unaudited)

Fourth Quarter Ended

Fiscal Year Ended

(in millions)

August 2, 2025

(13 weeks)

August 3, 2024

(14 weeks)

August 2, 2025

(52 weeks)

August 3, 2024

(53 weeks)

Payments for capital expenditures

$

74

$

120

$

231

$

345

Cloud technology implementation expenditures (1)

1

5

7

25

Capital and cloud implementation expenditures (2)

$

75

$

125

$

238

$

370

 

 

Fiscal 2025 Comparable Growth Rates (unaudited) 

 

Fourth Quarter Ended

Fiscal Year Ended

($ in millions)

August 2,

2025

(13 weeks)

August 3,

2024

(13 weeks)(1)

Comparable

13 Week

Percent

Change(2)

August 2,

2025

(52 weeks)

August 3,

2024

(52 weeks)(1)

Comparable

52 Week

Percent

Change(2)

Net sales

$

7,696

$

7,573

1.6

%

$

31,784

$

30,398

4.6

%

Natural

$

3,998

$

3,663

9.1

%

$

16,017

$

14,668

9.2

%

Conventional

$

3,414

$

3,637

(6.1

)%

$

14,667

$

14,666

—

%

Retail

$

573

$

583

(1.7

)%

$

2,342

$

2,391

(2.0

)%

Eliminations

$

(289

)

$

(310

)

(6.8

)%

$

(1,242

)

$

(1,327

)

(6.4

)%

Adjusted EBITDA

$

116

$

133

(12.8

)%

$

552

$

508

8.7

%

 

 

Reconciliation of actual 2025 and 2024 U.S. GAAP effective tax rate to adjusted effective tax rate (unaudited) 

 

Actual Fiscal

2025

Actual Fiscal

2024

U.S. GAAP Effective Tax Rate

25

%

20

%

Discrete quarterly recognition of GAAP items(1)

(1

)%

20

%

Tax impact of other charges and adjustments(2)

(13

)%

(24

)%

Changes in valuation allowances(3)

5

%

5

%

Other(4)

—

%

—

%

Adjusted Effective Tax Rate(4)

16

%

21

%

More News From United Natural Foods, Inc.

-

Public Dataset Features Long-Range FMCW LiDAR and Camera Data to Accelerate Next-Generation Autonomous Vehicle Perception

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced the release of AevaScenes, the industry’s first open dataset featuring synchronized, multi-sensor FMCW 4D LiDAR and camera data with object velocity measurements, semantic segmentation, tracking and lane line annotations.

Designed to accelerate research in autonomous vehicle perception and expand the adoption of FMCW LiDAR, AevaScenes supports innovation in object detection, semantic segmentation, motion forecasting, scene flow, and trajectory estimation. The dataset is now available for academic and non-commercial use at scenes.aeva.com.

Key Highlights of AevaScenes:

High-Fidelity FMCW LiDAR Data: Provides researchers and developers with highly accurate and dense range sensing, capturing depth and velocity information in challenging driving environments.

Rich Multimodal Sensor Fusion: By combining FMCW 4D LiDAR with high-resolution camera imagery, the dataset supports research across detection, segmentation, tracking, sensor calibration, and novel perception tasks.

Flexible Field of View Options: Aeva's interactive sensor diagram showcases both wide and narrow fields of view for LiDAR and camera systems, enabling users to explore sensor characteristics and choose configurations that best suit their research needs.

Ultra-Long Range Annotations: Provides the world’s first dataset with ultra-long range annotations for object detection, semantic segmentation and lane detection at distances up to 400 meters.

“AevaScenes is the first dataset to bring together long-range FMCW LiDAR with velocity information and rich camera data, creating a new benchmark for perception research,” said James Reuther, Chief Engineer at Aeva. “By opening access to this level of fidelity and scale, we’re giving researchers the tools to push the boundaries of what’s possible in autonomous driving—whether that’s advancing detection and tracking or unlocking entirely new approaches to motion understanding.”

What’s in AevaScenes:

100 curated sequences captured in and around the San Francisco Bay Area, covering urban and highway driving across day and night conditions.

10,000 frames of time-synchronized FMCW LiDAR and RGB camera data at 10Hz.

Sensor Suite: 6 Aeva FMCW LiDAR sensors (4 wide FOV, 2 narrow FOV), 6 high-resolution RGB cameras (matching wide/narrow FOV).

Camera Specs: 4K resolution, 10 FPS, RGB.

Data Format: PCD point clouds, JPEG images, JSON annotations.

Total Size: Approximately 200 GB (2 GB per sequence).

Platform: Data captured using Aeva’s Mercedes Metris test vehicles.

Environment Diversity: 50% highway / 50% urban, 50% day / 50% night.

Conditions: All sequences captured in clear weather with dry road surfaces.

Availability and Access:

AevaScenes is publicly available for free today for non-commercial use at scenes.aeva.com, where users can explore dataset units, download samples, and visualize sensor configurations through an intuitive web interface.

About Aeva Technologies, Inc. (Nasdaq: AEVA)

Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving, manufacturing automation and smart infrastructure, to robotics and consumer devices. Aeva is accelerating autonomy with its groundbreaking perception platform that integrates lidar-on-chip technology, system-on-chip processing, and perception algorithms onto silicon leveraging silicon photonics. Aeva 4D LiDAR sensors uniquely detect velocity and position simultaneously, allowing automated devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn.

Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

Forward looking statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to expectations about our product features, performance and use and adoption of FMCW LiDAR for autonomous vehicle applications. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products and (v) other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.

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Focal One® Prostate Cancer Awareness Month Campaign Shines Spotlight on Robotic HIFU Treatment Option

Focal One Robotic HIFU Patient Story Featured on Health Uncensored with Dr. Drew on Lifetime Network
  AUSTIN, Texas – September 30, 2025 – EDAP TMS SA (Nasdaq: EDAP), a global leader in robotic energy-based therapies, announced that its non-invasive, nonsurgical treatment option, Focal One Robotic HIFU, was featured on national television on Friday, September 26, reaching millions of viewers nationwide. The segment, which included an interview with a patient treated with Focal One, aired during an episode of Health Uncensored with Dr. Drew on the Lifetime Network, as part of the company’s Prostate Cancer Awareness Month campaign. This broadcast reached viewers across the United States, providing unprecedented national exposure, allowing millions of people across the country to learn about Focal One. In addition, the Company drove multiple patient education events and partnered with hospitals and practices to further educate their local communities through a variety of outreach activities.

During the interview conducted by Dr. Drew Pinsky, prostate cancer patient, Peter D., from Austin, TX, shared his journey from evaluating different treatment options to selecting Focal One Robotic HIFU. Peter explained how he achieved his cancer treatment goals with minimal disruption to his daily life, rapidly returning to normal activities. He was joined on the show by his urologist, Eric Giesler, MD, from Urology Austin, who highlighted how Focal One fits in the spectrum of treatment options in the management of prostate cancer.

Following the show, Dr. Eric Giesler commented, “More patients like Peter are seeking an effective treatment for their prostate cancer without impacting their quality of life. We have entered a new era in the management of prostate cancer where eligible patients now have a non-invasive treatment option with Focal One Robotic HIFU that precisely targets the cancer in the prostate while avoiding the morbidity and the complications of radical treatments such as surgery and radiotherapy. Through advancements in technology, we are now able to diagnose a patient with prostate cancer more accurately which enables us to offer a non-invasive treatment to certain patients, maximizing cancer control and minimizing side effects, which can significantly impact a patient’s quality of life on a daily basis.”

Ryan Rhodes, CEO commented, “We would like to thank Peter for sharing his inspiring story, so other men can benefit from his prostate cancer journey. This national exposure along with all the regional activities are a significant step forward in Focal One’s efforts to raise awareness among patients, caregivers, physicians, and the broader public. More patients, like Peter, are seeking treatments like Focal One to target their cancer, while avoiding the debilitating side effects of radical treatments.”

The full interview is available at https://focalone.com/prostatetreatment/.

About EDAP TMS SA

A recognized leader in robotic energy-based therapies, EDAP TMS develops, manufactures, promotes and distributes worldwide minimally invasive medical devices for various conditions using ultrasound technology. By combining the latest technologies in imaging, robotics and precise non-invasive energy delivery, EDAP introduced the Focal One® in Europe and in the U.S. as the leading prostate focal therapy controlled by urologists with the potential to expand to multiple indications beyond prostate cancer. For more information on the Company, please visit https://focalone.com/

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of applicable federal securities laws, including Section 27A of the U.S. Securities Act of 1933 (the “Securities Act”) or Section 21E of the U.S. Securities Exchange Act of 1934, which may be identified by words such as “believe,” “can,” “contemplate,” “could,” “plan,” “intend,” “is designed to,” “may,” “might,” “potential,” “objective,” “target,” “project,” “predict,” “forecast,” “ambition,” “guideline,” “should,” “will,” “estimate,” “expect” and “anticipate,” or the negative of these and similar expressions, which reflect our views about future events and financial performance. Such statements include our expectations to enter into a credit facility with EIB, the size thereof, the timing thereof and the use of proceeds from such credit facility. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy and distribution divisions, as well as risks associated with the current worldwide inflationary environment, the uncertain worldwide economic, political and financial environment, geopolitical instability, climate change and pandemics like the COVID 19 pandemic, or other public health crises, and their related impact on our business operations, including their impacts across our businesses or demand for our devices and services. Other factors that may cause such a difference may also include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and in particular, in the sections "Cautionary Statement on Forward-Looking Information" and "Risk Factors" in the Company's Annual Report on Form 20-F.

Forward-looking statements speak only as of the date they are made. Other than required by law, we do not undertake any obligation to update them in light of new information or future developments. These forward-looking statements are based upon information, assumptions and estimates available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete.

Company Contact
Blandine Confort
Investor Relations / Legal Affairs
EDAP TMS SA
+33 4 72 15 31 50
[email protected]

Investor Contact
John Fraunces
LifeSci Advisors, LLC
(917) 355-2395
[email protected]

Wall Street logged a downbeat performance last week.The S&P 500 declined 0.3%, and the Dow edged lower by 0.2%, and the Nasdaq slipped 0.7%, marking the first weekly loss in four weeks for the Nasdaq and the S&P 500, as quoted on CNBC.

Inflation Data in FocusAugust’s personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, came in largely as expected. Core PCE, barring food and energy, rose at an annual rate of 2.9%, while the all-items index recorded a 2.7% increase year over year and a 0.3% monthly gain. These readings reaffirmed expectations for two quarter-point interest rate cuts by year-end, per the CNBC article.

Consumer Sentiment Consumer sentiment for September, reported by the University of Michigan, was only slightly weaker than expected and held steady among households with larger stock holdings. The survey’s index of consumer sentiment recorded a 55.1 reading, below the Dow Jones consensus forecast of 55.4 (as quoted on CNBC).

That marked a 5.3% decline month over month and a 21.6% slump from the same period a year ago.Inflation expectations held stable, with the one-year outlook at 4.7% and the five-year at 3.7%, as quoted in the above-mentioned CNBC article.

Upbeat GDP Growth DataThanks to stronger consumer spending, the U.S. economy grew at an unexpectedly robust 3.8% clip in Q2 of 2025, marking an upward revision of second-quarter growth.

The Commerce Department said that gross domestic product (GDP) bounced back in the spring after a 0.6% decline in the first quarter, which had been hit hard by trade tensions. The new estimate is higher than the previously reported 3.3% growth(per AP news, as quoted on Yahoo Finance).

Fed Rate Cut to Address Weakening Labor Market

The Fed enacted its first rate cut of 2025 in September and also hinted at further cuts this year.At the time of writing, there are 87.7% chances of a 25-bp rate cut in the October meeting, per the CME FedWatch Tool. 

Moderate Comeback of Tariff Tensions

In a trio of posts on Truth Social on Sept. 25, 2025, President Trump announced that the U.S. will roll out a host of tariffs starting Oct. 1. The measures will cover imported kitchen cabinets, bathroom vanities, pharmaceutical products, and heavy trucks. Tariffs will range from 30% to 100%, though exemptions will apply to drugmakers currently building manufacturing plants in the United States, as quoted on Yahoo Finance.

Against this backdrop, below we highlight a few winning leveraged exchange-traded funds (ETFs) of the last week.

Platinum

GraniteShares Platinum Trust (PLTM - Free Report) – Up 12%

abrdn Physical Platinum Shares ETF (PPLT - Free Report) – Up 12%

Platinum hit its highest level in late September since 2013, as concerns over supply-demand imbalances aggravated. Declining mine output and sluggish recycling led to this spike. The World Platinum Investment Council projects South Africa’s mine supply to fall 6% this year, as quoted on tradingeconomics.

The use catalytic converters in the auto sector is one of the main applications for platinum and palladium. Now, electric vehicles (EVs) do not use catalytic converters. With the Trump administration not favoring EVs, the need and demand for catalytic converters should rise, which in turn should boost platinum and palladium prices.

Palladium

abrdn Physical Palladium Shares ETF (PALL - Free Report) – Up 10.6%

Palladium prices have been rising on supply crunch and a rebound in industrial demand. Geopolitical tensions and the resultant production issues in key mining regions continue to weigh on the output, as quoted on tradingeconomics.com.

The tradingeconomics article continued to highlight that S&P Global raised the 2025-2026 vehicle production forecasts in mid-September for major regions outside South America. The increase in projection was mainly due to policy support in China, as well as strong vehicle production and steady consumption in North America.

Lithium Miners          

Sprott Lithium Miners ETF (LITP - Free Report) – Up 10.3%

The lithium sector has recently grabbed the spotlight as Lithium Americas (LAC) shares skyrocketed following reports that the Trump administration may take an equity stake in the company’s Thacker Pass mine in Nevada(as quoted on a Carbon Credits article). If confirmed, it would mark one of the most significant U.S. government interventions in mining in years, highlighting lithium’s rising importance as critical mineral in global markets.

Silver Miners

Sprott Silver Miners & Physical Silver ETF (SLVR - Free Report) – Up 10.2%

Silver’s usage serves both as a safe-haven metal and as an industrial metal. With the global market remaining edgy due to trade tensions and President Trump’s several policies, the safe-haven demand remains strong. Meanwhile, the industrial metal’s importance is also on the rise, with activities remaining strong.

Nvidia has dominated the AI chip race and it is planning to further distance itself from AMD, according to KeyBanc analyst John Vinh.

Morsa Images/DigitalVision via Getty Images

Listen below or on the go on Apple Podcasts and Spotify

Cannabis stocks rally after Trump posts video touting CBD use for senior healthcare. (00:25) YouTube (GOOG) (GOOGL) to pay Trump $24.5M for suspending account after Capitol riot. (02:01) McDonald's (MCD) bets on Monopoly game to lure in loyalty members. (03:15)

This is an abridged transcript.

Cannabis stocks moved sharply higher on Monday after President Trump publicly endorsed the use of cannabidiol (CBD) for senior healthcare.

The president posted a video on his Truth Social account from the Commonwealth Project that highlighted CBD's potential to “revolutionize senior healthcare” by slowing the progression of diseases and providing alternatives to prescription drugs.

Shares of leading cannabis firms, including Tilray Brands (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), Cronos Group (NASDAQ:CRON), Aurora Cannabis (NASDAQ:ACB), and related ETFs rose by double digits following the announcement.

U.S.-listed shares of Canopy Growth (NASDAQ:CGC) gained ~17% on Monday, Tilray Brands (NASDAQ:TLRY) jumped as much as 60%, Cronos Group (NASDAQ:CRON) added 13% and Aurora Cannabis (NASDAQ:ACB) scaled 28%.

Besides AdvisorShares Pure U.S. Cannabis ETF (NYSEARCA:MSOS), which tracks U.S.-listed cannabis stocks, Amplify Alternative Harvest ETF (NYSEARCA:MJ) gained more than 26%.

Other U.S. and Canadian cannabis companies, including Green Thumb Industries (OTCQX:GTBIF), Curaleaf Holdings (OTCPK:CURLF), and Trulieve (OTCQX:TCNNF), also saw considerable gains.

The video posted by Trump highlighted cannabidiol use for reducing pain and stress, improving sleep, and helping deal with health issues, including cancer symptoms and Alzheimer's. The three-minute video has a Fox News segment outlining the financial advantages of legalizing marijuana for medical purposes. It says that this would amount to cost savings of “$64 billion a year if cannabis is fully integrated into the healthcare system.”

YouTube (NASDAQ:GOOG) (NASDAQ:GOOGL) has agreed to pay $24.5M to settle a 2021 lawsuit filed by President Trump after his account was suspended following the January 6 Capitol riot.

YouTube suspended Trump’s channel after the riot, saying it had removed videos that violated its policies against content that could incite violence.

The platform reinstated his channel in March 2023.

The settlement makes YouTube, owned by Alphabet’s Google, the final Big Tech company to settle a trio of lawsuits brought against social media platforms in the months after Trump left the White House.

The Wall Street Journal previously reported, in January, Meta Platforms (META) agreed to pay $25M, most of it to a fund for Trump’s presidential library, and X agreed to pay $10M, much of it going directly to the president.

Trump’s share of the settlement is $22M, which will go to the nonprofit Trust for the National Mall. Funds from that will be used for the construction of a $200M Mar-a-Lago-style ballroom at the White House, the report said, citing the court documents.

The report said the remaining $2.5M will go to the other plaintiffs in the case, a group that includes the American Conservative Union and writer Naomi Wolf.

McDonald’s (NYSE:MCD) is bringing back its popular Monopoly game (HAS) for a limited time on October 6 giving customers the opportunity to win vehicles, vacations, and even $1 million.

The new Monopoly game won’t feature the traditional physical paper board. Rather, game pieces peeled off food packages can be scanned into the game app for registered members of the McDonald’s (NYSE:MCD) loyalty program. If all pieces of a Monopoly property are collected, customers can redeem for prizes including airline miles, a Jeep Grand Cherokee (STLA) and $1 million in cash.

The game was first introduced in 1987 and last released in the U.S. in 2016 as “Money Monopoly.”

By reintroducing the game after a nearly 10-year hiatus, CEO Chris Kempczinski hopes to draw customers to the company’s loyalty program.

“Roughly a quarter of our business in the US is from our loyalty program,” Kempczinski said during McDonald’s (NYSE:MCD) recent earnings call with analysts.

With a goal of 250M global active loyalty members by the end of 2027, McDonald's (NYSE:MCD) has reached three-quarters of that goal so far.

What’s Trending on Seeking Alpha:

Trump’s Tariffs: Key announcements from September

OpenAI's H1 revenue climbs 16% to $4.3 billion - report

Ford, GM offer deals to extend use of $7,500 EV tax credit beyond Sept. 30 - report

Catalyst watch:

Amazon (NASDAQ:AMZN) will hold a hardware reveal event. The showcase is expected to spotlight a new wave of Echo smart speakers, Fire TV devices, and Kindle e-readers, all designed to leverage the upgraded Alexa Plus AI assistant.

Dow, S&P and Nasdaq futures are in the red. Crude oil is down 1% at $62/barrel. Bitcoin is down 1.1% at $113,000. Gold is down 0.8% at $3,802.

The FTSE 100 is down 0.1% and the DAX is flat.

The biggest movers for the day premarket: Firefly Aerospace (NASDAQ:FLY) -12% – Shares dropped after the booster stage of an Alpha rocket exploded during a pre-flight test in Texas. The company confirmed all personnel were safe and proper safety protocols were followed.

On today’s economic calendar:

9:00 am Boston Federal Reserve Bank President Susan Collins will give brief remarks and participate in a moderated question-and-answer session before the Council on Foreign Relations C. Peter McColough Series on International Economics.

10:00 am JOLTS

1:30 pm Chicago Federal Reserve Bank President Austan Goolsbee will participate in a moderated question-and-answer session before the Federal Reserve Bank of Chicago Midwest Agriculture Conference: Midwest Agriculture and Trade Uncertainty.

7:10 pm Dallas Federal Reserve Bank President Lorie Logan will participate in a conversation moderated by Federal Reserve Bank of Dallas Vice President Pia Orrenius before the Dallas Fed Survey Participants' Appreciation Reception.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.