Top-to-Top Conversation Offers Transparency and Confidence
Ahead of Q1 Earnings Report
AUSTIN, TEXAS / ACCESS Newswire / May 15, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) (“TRNR” or the “Company”), maker of innovative specialty fitness equipment under the CLMBR and FORME brands and pending acquirer of Sportstech and Wattbike, today announced the publication of a shareholder update and Q&A conversation with TRNR Founder & CEO Trent Ward and Sportstech Founder & CEO Ali Ahmad.
The wide-ranging discussion – now available on the Company’s investor website – provides detail on the companies’ early integration progress, Sportstech’s strong 2025 performance to date, and the strategic rationale behind combining TRNR, Sportstech, and Wattbike into a next-generation connected fitness platform. The article also previews themes expected in next week’s Q1 shareholder letter.
“We’re already operating like one team,” said Ward. “This update gives our investors a direct look into the thinking, performance, and momentum that’s building behind the scenes, including our active interest in AI applications of the blockchain for fitness and, as previously announced in December, crypto as a reserve asset.”
Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR).
CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR’s design is compact and easy to move – making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. www.clmbr.com.
FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company’s connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. www.formelife.com.
Forward Looking Statements: This press release includes certain statements that are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”, “may”, “should”, “will”, “would”, “will be”, “will continue”, “will likely result” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the possibility of completing the Sportstech or Wattbike transactions in a timely manner or at all, the synergies from these transactions as well as the financial performance of Sportstech through April 2025 as the financial metrics have not been audited or independently verified by the Company. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.
Antimicrobial resistance is recognized as one of the top global public health threats, and Telomir-Ag2 strengthens Telomir’s pipeline with a differentiated candidate designed to address this urgent and expanding crisis
MIAMI, FL / ACCESS Newswire / May 15, 2025 / Telomir Pharmaceuticals, Inc. (NASDAQ:TELO), or Telomir, a leader in age-reversal science, today announced the identification of Telomir-Ag2 as a novel drug candidate for the treatment of bacterial infections, including those caused by drug-resistant pathogens. This follows Telomir’s recent breakthrough in stabilizing Silver(II) in a biologically compatible form using its proprietary Telomir-1 platform.
Telomir-Ag2 is a stabilized Silver(II) complex that demonstrated broad-spectrum antimicrobial activity in preclinical studies, including against methicillin- and aminoglycoside-resistant Staphylococcus aureus (MARSA), one of the most challenging pathogens in clinical settings.
“In the lab, Silver(II) has always shown remarkable antimicrobial potential, but it was considered too unstable for real-world use,” said Erez Aminov, CEO and Chairman of Telomir. “With Telomir-Ag2, we’ve taken that potential and made it practical. What we now have is a novel, biologically viable Silver(II) compound with broad-spectrum antibacterial activity – including against resistant strains. This creates the potential for a meaningful opportunity in areas where few effective solutions exist. We believe Telomir-Ag2 has the potential to not only address a critical unmet need in healthcare but also create meaningful long-term value for our shareholders.”
Study Results
In Minimum Inhibitory Concentration (MIC) testing, Telomir-Ag2 demonstrated potent antibacterial activity against Escherichia coli, Pseudomonas aeruginosa, Enterococcus faecalis, Staphylococcus aureus, and MARSA. The compound also outperformed its Silver(I) counterpart, Telomir-Ag1, confirming the enhanced oxidative capacity and broader antimicrobial profile of Silver(II).
“This is the first time we’ve seen a Silver(II) complex stabilized in a biologically friendly form while maintaining broad spectrum antimicrobial power,” said Dr. Itzchak Angel, Chief Scientific Advisor at Telomir. “We’re now looking at a completely new tool in the fight against antibiotic-resistant bacteria.”
The Urgency Behind MARSA and Burn Wound Infections
MARSA is a drug-resistant variant of Staphylococcus aureus responsible for serious infections in hospitals and intensive care settings. In the United States, MRSA alone causes over 323,000 hospitalizations and more than 10,000 deaths annually, according to the CDC. Globally, resistant Staphylococcus aureus strains are estimated to contribute to over 100,000 deaths each year.
Burn patients represent one of the highest-risk groups for these infections due to the loss of the skin’s protective barrier. Infections in burn wounds are a major source of complications, delayed recovery, and mortality. While silver-based topical creams like silver sulfadiazine are commonly used, they present several limitations – including potential cytotoxicity to fibroblasts and keratinocytes and reduced efficacy over time due to rapid ion release.
Telomir-Ag2 was designed to potentially overcome these challenges. By stabilizing Silver(II) through Telomir-1’s proprietary chelation platform, the compound may enable more controlled silver release and sustained antimicrobial coverage. Telomir-Ag2 also contains no sulfa-based compounds, which are associated with allergic and cytotoxic reactions in some conventional silver formulations. Early findings suggest Silver(II) may support wound healing processes, making Telomir-Ag2 a compelling candidate for use in high-risk wounds, including burns and surgical sites.
A New Class of Antimicrobials
While most traditional antibiotics act on a single bacterial pathway, silver ions operate through multiple mechanisms simultaneously damaging membranes, binding to proteins and DNA, and generating reactive oxygen species (ROS). Silver(II), due to its high oxidative potential, is particularly effective, but has historically been too unstable for medical use. Telomir’s potential ability to stabilize and deliver Silver(II) in a biologically compatible and effective form represents a significant step forward in antimicrobial innovation.
“To our knowledge, Telomir-Ag2 is the first Silver(II) complex to move from theoretical promise to real therapeutic viability,” said Dr. Alex Weisman, Scientific Chemical Advisor at Telomir. “This could pave the way for a new generation of broad-spectrum, resistance-resilient antimicrobials.”
Market Opportunity
Telomir-Ag2 targets two rapidly growing segments within the healthcare market. The global silver wound dressings market is projected to grow from $1.03 billion in 2024 to $1.36 billion by 2030. Meanwhile, the antimicrobial coatings market is expected to increase from $11.65 billion in 2024 to $33.7 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14.2% (Source: Verified Market Research, 2024).
Strategic Value Potential
The identification of Telomir-Ag2 adds a distinct and differentiated asset to Telomir’s pipeline. The compound’s broad-spectrum activity, including efficacy against drug-resistant strains such as MARSA, positions it as a potential therapeutic solution in high-need settings including hospitals, burn centers, and surgical care.
Antimicrobial resistance has been formally recognized by the World Health Organization (WHO) as one of the top ten global public health threats facing humanity. According to WHO, drug-resistant infections could lead to 10 million deaths annually by 2050 without new solutions (WHO Fact Sheet, 2023).
As Telomir-Ag2 progresses through development, Telomir believes it may provide strategic value through potential clinical utility, future partnerships, and the opportunity to address a high-priority medical challenge. Its advancement may contribute to long-term shareholder value and broaden Telomir’s impact beyond age-related indications.
Next Steps
With preclinical efficacy confirmed, Telomir plans to move Telomir-Ag2 into formulation development, IND-enabling studies, and regulatory engagement. Telomir also plans to explore potential partnerships in the areas of wound care, infectious disease, and medical devices.
“This is just the beginning,” added Dr. Angel. “Silver(II) has always been the missing piece in advanced antimicrobial science. With Telomir-Ag2, we’re closer than ever to making it part of modern medicine.”
This press release, statements of Telomir’s management or advisors related thereto, and the statements contained in the news story linked in this release contain “forward-looking statements,” which are statements other than historical facts made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These risks and uncertainties include, but are not limited to, the potential use of the data from our studies, our ability to develop and commercialize Telomir-1 for specific indications, and the safety of Telomir-1.
Any forward-looking statements in this press release are based on Telomir’s current expectations, estimates and projections only as of the date of this release. These risks and uncertainties include, but are not limited to, the potential use of the data from our studies, our ability to develop and commercialize Telomir-1 for specific indications and safety of Telomir-1. These and other risks concerning Telomir’s programs and operations are described in additional detail in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is on file with the SEC. Telomir explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
Transaction To Accelerate Terra Innovatum’s Pathway to Commercialization of Groundbreaking Micro-Modular Nuclear Technology by 2028
NEW YORK, NY AND AUSTIN, TX / ACCESS Newswire / May 15, 2025 / Terra Innovatum Srl (“Terra Innovatum,” or the “Company”), a developer of micro-modular nuclear reactors, and GSR III Acquisition Corp. (“GSRT”) (Nasdaq:GSRT), a publicly traded special purpose acquisition company, today announced that Terra Innovatum and GSRT have filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission. This filing marks a key milestone toward the proposed business combination and public listing, intended to accelerate the deployment of Terra Innovatum’s breakthrough micro-modular reactor technology, SOLO™, and expand access to clean, scalable and reliable energy.
In Picture (Left to Right): Anantha Ramamurti, Marco Cherubini, Massimo Morichi, Gus Garcia, Cesare Frepoli, Guillaume Moyen, Giordano Morichi, Alessandro Petruzzi, Lew Silberman, Luca Longobardi, Nicholas Hresko-Staab.
The business combination aims to enable Terra Innovatum to execute its mission to deliver low-carbon, cost-efficient, and reliable power. SOLO™ is the first micro-modular reactor designed to operate on widely available Low-Enriched Uranium (LEU) and is built using commercial off-the-shelf components. This approach significantly streamlines regulatory review and reduces both technical and supply chain risks. Earlier this year, Terra Innovatum submitted its regulatory engagement plan to the Nuclear Regulatory Commission (NRC), a critical step toward its targeted commercial deployment in 2028.
PUBLIC LISTING & TRANSACTION OVERVIEW
The proposed business combination is expected to generate up to approximately $230 million in gross proceeds before accounting for redemptions and any committed financing. This transaction values Terra Innovatum at a pre-money equity value of $475 million.
Following the completion of the transaction, the combined company will be led by Terra Innovatum’s current management team under the name Terra Innovatum and is expected to trade on the Nasdaq under the ticker symbol “NKLR.” Terra Innovatum shareholders will roll 100% of their equity into the newly formed public entity. The transaction has been unanimously approved by the Boards of Directors of GSRT and Terra Innovatum. Closing is anticipated to occur in the second half of 2025, subject to customary closing conditions.
Further details on the proposed transaction, including a copy of the business combination agreement and investor presentation, are contained in filings with the U.S. Securities and Exchange Commission (SEC), and are available at www.sec.gov.
ABOUT TERRA INNOVATUM & SOLOTM
Terra Innovatum is a pioneering force in the energy sector, dedicated to delivering innovative and sustainable power solutions. Terra Innovatum plans to leverage cutting-edge nuclear technology through the SOLO™ Micro-Modular Reactor (SMR™) to provide efficient, safe, and environmentally conscious energy. With a mission to address global energy shortages, Terra Innovatum combines extensive expertise in nuclear industry design, manufacturing, and installation licensing to offer disruptive energy solutions. Committed to propelling technological advancements, Terra Innovatum and SOLO™ are dedicated to fostering prosperity and sustainability for humankind.
It is anticipated that SOLO™ will be available globally within the next three years. Conceptualized in 2018 and engineered over six years by experts in nuclear safety, licensing, innovation, and R&D, SOLO™ addresses pressing global energy demands with a market-ready solution. Built from readily available commercial off-the-shelf components, the proven licensing path for SOLO™ enables rapid deployment and minimizes supply chain risks, ensuring final cost predictability. Designed to adapt with evolving fuel options, SOLO™ supports both LEU+ and HALEU, offering a platform ready to transition to future fuel supplies.
SOLO™ will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO™ can easily scale to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO™ can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
In connection with the business combination, a to-be-formed Dutch company (“Pubco”), GSRT and Terra Innovatum (the “Registrant Parties”) have filed with the SEC a registration statement on Form S-4 (the “Registration Statement”), which includes a preliminary prospectus of Pubco relating to the offer of securities to be issued in connection with the business combination, and a preliminary proxy statement of GSRT to be distributed to holders of GSRT’s ordinary shares in connection with GSRT’s solicitation of proxies for a vote by GSRT’s shareholders with respect to the Business Combination and other matters described in the Registration Statement. The Registrant Parties also plan to file other documents with the SEC regarding the business combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of GSRT. INVESTORS OF GSRT AND TERRA INNOVATUM ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about the Registrant Parties once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. In addition, the documents filed by GSRT may be obtained free of charge by written request to GSRT at 5900 Balcones Drive, Suite 100, Austin TX 78731.
PARTICIPANTS IN THE SOLICITATION
Each of the Registrant Parties, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of GSRT is set forth in GSRT’s filings with the SEC. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their direct and indirect interests will be set forth in the Registration Statement (and will be included in the proxy statement/prospectus) and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
FORWARD LOOKING STATEMENTS
The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on GSRT and the other Registrant Parties. There can be no assurance that future developments affecting GSRT and the other Registrant Parties will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against GSRT, any of the Registrant Parties, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of GSRT or the SEC’s declaration of the effectiveness of the Registration Statement (which will include the proxy statement/prospectus contained therein) to be filed by the Registrant Parties or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability of Pubco to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Terra Innovatum as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination, including the reorganization described in the business combination agreement; (9) changes in applicable laws or regulations; (10) the possibility that the Registrant Parties or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the amount of redemption requests made by GSRT shareholders and (12) other risk factors described herein as well as the risk factors and uncertainties described in the Form S-4 and GSRT’s other filings with the SEC, as well as any further risks and uncertainties to be contained in the proxy statement/prospectus filed after the date hereof. In addition, there may be additional risks that neither GSRT nor any of the other Registrant Parties presently know, or that GSRT or the other Registrant Parties currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward- looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.
None of GSRT, the other Registrant Parties, or any of their respective affiliates, officers, employees or agents, makes any representation or warranty, either express or implied, in relation to the fairness, reasonableness, adequacy, accuracy, completeness or reliability of the information, statements or opinions, whichever their source, contained in this press release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. GSRT, the other Registrant Parties and their respective affiliates, officers, employees and agents further expressly disclaim any and all liability relating to or resulting from the use of this press release and any errors therein or omissions therefrom. Further, the information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete and is subject to change without notice.
In addition, the information contained in this press release is provided as of the date hereof and may change, and neither GSRT nor the other Registrant Parties undertakes any obligation to update or revise any forward- looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws.
WEST PALM BEACH, FLA./BUENOS AIRES, ARGENTINA / ACCESS Newswire / May 15, 2025 / U.S. Polo Assn., the official brand of the United States Polo Association (USPA), is proud to announce its launch in the Argentine market alongside its brand partners Incom S.p.a. and Sur Pacifico S.A. This entry further enhances the multi-billion-dollar brand’s global presence and expands U.S. Polo Assn.’s reach into another new and exciting market.
U.S. Polo Assn.
The global sports brand’s presence in Argentina will focus on a territory steeped in history, where the sport of polo is not only widely celebrated but also deeply rooted in the local culture. U.S. Polo Assn. will commence with the launch of the men’s collection in June 2025, featuring timeless styles such as polo shirts, woven shirts, t-shirts, trousers, jeans, knitwear, and jackets.
“Partnering with Incom S.p.a. and Sur Pacifico S.A. to bring the U.S. Polo Assn. brand to Argentina for the first time-a country with a profound polo legacy and amazing consumers-is a significant milestone,” said J. Michael Prince, President and CEO of USPA Global, the company that manages and oversees the multi-billion-dollar global U.S. Polo Assn. brand. “This opportunity has the potential for U.S. Polo Assn. to be one of the most influential sport-inspired brands in the entire marketplace.”
Sur Pacifico S.A. is an Argentine company founded in 1985. With a solid business and brand background, it has established itself in the textile clothing market, initially focusing on men’s and children’s apparel and more recently expanding to women’s fashion. Since 1992, Sur Pacifico S.A. has been the exclusive licensee of the Mistral brand, a Dutch-origin brand originally linked to water sports, particularly surfing. The company also manages two international brands, Brooksfield and Royal Einfield Apparel.
“We are thrilled to have found a strategic partner in Argentina, such as Sur Pacifico S.A., who aligns with our values, allowing us to bring the U.S. Polo Assn. brand to a market historically connected to the sport of polo,” says Lorenzo Nencini, CEO of Incom. “This unique collaboration will allow us to reach new, passionate consumers and strengthen U.S. Polo Assn.’s authentic connection within the world of sports, creating a perfect synergy between the brand’s heritage and the excellence of this discipline in Argentina.”
ABOUT U.S. POLO ASSN.
U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the largest association of polo clubs and polo players in the United States, founded in 1890 and based at the USPA National Polo Center in Wellington, Florida. This year, U.S. Polo Assn. celebrates 135 years of sports inspiration alongside the USPA. With a multi-billion-dollar global footprint and worldwide distribution through more than 1,100 U.S. Polo Assn. retail stores as well as thousands of additional points of distribution, U.S. Polo Assn. offers apparel, accessories, and footwear for men, women, and children in more than 190 countries worldwide. Historic deals with ESPN in the United States and Star Sports in India now broadcast several of the premier polo championships in the world, sponsored by U.S. Polo Assn., making the thrilling sport accessible to millions of sports fans globally for the very first time.
U.S. Polo Assn. has consistently been named one of the top global sports licensors in the world alongside the NFL, NBA, and MLB, according to License Global. In addition, the sport-inspired brand is being recognized internationally with awards for global and digital growth. Due to its tremendous success as a global brand, U.S. Polo Assn. has been featured in Forbes, Fortune, Modern Retail, and GQ as well as on Yahoo Finance and Bloomberg, among many other noteworthy media sources around the world.
ABOUT INCOM S.P.A. Incom S.p.a., founded in Montecatini Terme (PT) in 1951, operates under license as the clothing division of the U.S. Polo Assn. brand and also produces and distributes important clothing brands worldwide. Additionally, Incom S.p.a. is one of the main suppliers of military and paramilitary clothing for the Italian State, providing both uniforms and technical apparel made with the special proprietary patent “Float” for floating garments. Since January 2008, Incom S.p.a. has been producing and distributing men’s, women’s, children’s, underwear, and swimwear clothing under the U.S. Polo Assn. brand in Europe, with consistently growing sales results. For more information, visit www.incomitaly.com.
VIENNA, AUSTRIA / ACCESS Newswire / May 15, 2025 / In Gold We Trust report was presented at an international press conference broadcast live on the Internet. The authors of the report are Ronald-Peter Stöferle and Mark J. Valek, fund managers at Liechtenstein-based asset manager Incrementum AG.
The 450-page In Gold We Trust report is renowned worldwide and was honored by the Wall Street Journal as the “gold standard of all gold studies.” Last year’s edition was downloaded and shared more than 2 million times. This makes the In Gold We Trust report the most widely read gold study in the world. In addition to the German and English versions, the compact version of the report has been published in Chinese and Spanish for several years and, for the first time this year, in Japanese.
The In Gold We Trust report2025 covers the following topics, among others:
Status quo of gold: price development over the last 12 months, key influencing factors and trends on the gold market
Leitmotif: The Big Long or: The second half of the golden decade
Update of the Incrementum Gold Model: The price target of USD 4,800 by 2030 remains unchanged; in an inflationary scenario, a price of up to USD 8,900 is conceivable.
The dynamics of the New Gold Playbook presented in 2024 are solidifying. The influence of emerging Asian markets on the gold price is becoming increasingly significant.
Demand from central banks remains significantly higher, and ETF demand from Western investors is now also increasing, albeit belatedly.
The geo-economic realignment of the US is having an increasingly supportive effect on the gold price.
Silver: Record gold/silver ratio meets structural supply deficit – significant catch-up potential relative to gold.
Mining stocks – fundamental and technical situation
The In Gold We Trust report 2025 also includes a debate with star analysts Luke Gromen and Louis-Vincent Gave, titled “From Trade Restructuring To Monetary Reset?”. They discuss, among other things, the impact of Donald Trump’s tariff policy on the international monetary order and what a Mar-a-Lago accord could entail.
The key messages of the In Gold We Trust report 2025
Gold achieved significant gains in the first half of the Golden Decade
In the In Gold We Trust report 2020, the authors announced the beginning of a Golden Decade. Since then, gold has recorded significant gains – around 100% in USD and almost 90% in EUR. The year 2024 marked the most substantial annual gains to date, with an increase of +27.2% in USD and +35.6% in EUR. The upward trend also continued in 2025: Since the beginning of the year, gold has gained around 26% in USD and around 13% in EUR.
The New Gold Playbook presented in 2024 remains intact The economic and geopolitical factors that support the gold price, as presented in our 2024 New Gold Playbook, have become more entrenched over the past 12 months. The sovereign debt situation remains tense, and the geopolitical realignment of the US brings further uncertainty and could ultimately lead to a new international currency architecture.
Central bank demand hits another record high in 2024; ETF demand from the West rises In 2024, central banks increased their gold reserves by a new record of 1,086 tons, marking the third consecutive year in which they had done so by more than 1,000 tons. Asia continues to dominate central bank demand, while Poland was the European country that bought the most gold. Western investors are participating in the gold price rally, albeit belatedly. After investors from North America, European investors are now also net buyers of gold again.
The gold price has also formed technical breakouts relative to other assets One aspect deserves particular attention: Gold has now also recorded technical breakouts on a relative level. The incipient relative strength against equities suggests the beginning of a new trend phase.
Performance gold and digital gold with plenty of room for improvement despite gains Silver and mining stocks, subsumed under the term performance gold, have recorded significant double-digit gains since the In Gold We Trust report2024. The absolute and relative price levels still show tremendous potential. Bitcoin as digital gold also had a successful year in 2024. The law to establish a strategic Bitcoin reserve in the US is a milestone in the adoption of Bitcoin by state actors.
Inflation volatility remains elevated The inflation rate, especially core inflation, remains at an elevated level. If the new tariffs stay in place, significant price-driving effects are expected, particularly in the US. Although falling energy prices tend to have a dampening impact on inflation in the short term, the risk of a depreciation of the US dollar or a renewed wave of inflation remains a realistic concern.
Long-term gold price target (2030) of USD 4,800 confirmed The authors are sticking to their gold price forecast of 4,800 by the end of 2030, as presented in 2020, with the calculated interim target of USD 2,942 for the end of 2025 having already been significantly exceeded. Achieving this price target requires an annualized return of around 8%. Given the recent momentum on the gold market, the inflationary scenario, with a decade price target of around USD 8,900, also seems realistic. The arithmetical interim target for this scenario is USD 4,080 at the end of 2025.
Mid-term review of the Golden Decade “Since the ‘Golden Decade’ was proclaimed in 2020, the gold price has undergone a remarkable development and is currently moving between the two mathematical paths of our decade forecast at the time. Since the publication of the 2024 report alone, the increase in US dollars amounts to over 35% – and gold has thus clearly outperformed most stock markets,” says Ronald-Peter Stöferle.
Gold relative technical breakouts against other assets
According to the In Gold We Trust report, it is not only the numerous absolute price records that deserve attention: Anyone looking “under the hood” of the market will recognize that gold is also recording technical breakouts on a relative basis. In particular, the relative strength now emerging against equities points to the start of a new trend phase.
Central bank demand for gold remains an essential driver of the bull market A central thesis of the authors is that the gold market now works differently. While US real yields and thus the opportunity costs of gold were of decisive importance in determining the gold price for a long time, it is now the central banks’ demand for gold that is relatively price-insensitive. A key cornerstone of The Big Long is the persistently strong physical demand from central banks. They have been net buyers on the gold market since 2009. This trend has accelerated significantly since the confiscation of Russian currency reserves at the end of February 2022. For three years in a row, central banks increased their gold reserves by more than 1,000 tons each time, achieving a special kind of hat trick.
The central banks’ appetite for gold still does not appear to be abating, as confirmed by purchases of 333 t in Q4/2024 alone and 244 t in Q1/2025.
As of February 2025, the global gold reserves of central banks totaled 36,252 t. The relative share of gold in total reserves has more than doubled since 2016, reaching a 27-year high of 18.2%. Gold is becoming an increasingly important asset on the central bank balance sheet – in other words, gold is being gradually remonetized by central banks.
“The central banks’ purchases are impressive, if not surprising. Inflation and geopolitical uncertainties make neutral, non-inflationary and counterparty-risk-free gold particularly attractive, while fiat currencies, but especially the world’s reserve currency, the US dollar, are losing appeal,” comments Mark Valek on the gold rush in the East. Stöferle adds: “The ever-increasing importance of gold markets outside the West has prompted us to shed light on developments in Saudi Arabia in this report.”
Performance gold, commodities and Bitcoin with gains – and plenty of room for improvement The authors remain confident not only for gold – although a correction cannot be ruled out after the rapid rise in prices in recent quarters. They now see increasing opportunities in those assets they summarized in the In Gold We Trust report 2024,”The new gold playbook“, under the term performance gold (silver and mining stocks) and commodities, which have also come into the spotlight in the slipstream of gold, albeit still cautiously.
The following table illustrates the potential of silver, mining stocks, and commodities in the context of historical gold bull markets. A comparison of performance to date in the current decade with that of the 1970s and 2000s reveals considerable catch-up potential for silver and mining stocks, in particular.
Performance of Gold, Silver, Mining Stocks*, and Commodities**, in Bull Market Decades, in USD, 12/1969-04/2025
1970s
2000s
2020s
1st Half
2nd Half
Total***
1st Half
2nd Half
Total***
1st Half
2nd Half
Total***
Gold
452%
162%
2,259%
52%
150%
555%
73%
25%
118%
Silver
167%
525%
2,663%
26%
111%
788%
65%
11%
84%
Mining Stocks
363%
17%
1,292%
191%
89%
749%
17%
41%
65%
Commodities
379%
44%
754%
93%
-18%
103%
38%
0%
38%
Source: LSEG, Incrementum AG
*BGMI 12/1969-05/1996, HUI 05/1996-. **GSCI Index TR. ***Decade start to high.
The authors’ thesis is that gold will once again lead the way, with silver, mining stocks, and commodities following in its wake. The dynamic resembles a relay race: Gold takes the starting position, sets the pace, and pulls the field apart. Silver, mining stocks, and commodities then take the baton.
Silver The gold/silver ratio stood at 100.9 at the end of April and is therefore in the 100th percentile. The long-term median since 1970 is 62.8, which further underlines the striking current divergence. In the past, similarly extreme ratios have been followed by outperformance of silver.
Fundamentally, everything seems to be in place for gold’s little brother: Silver recorded a supply deficit for the fourth time in a row in 2024. Demand exceeded supply by 148.9 million ounces (Moz). Between 2021 and 2024, the cumulative deficit totaled 678 Moz, equivalent to approximately ten months of global mine production. A fifth supply deficit of 117.6 Moz is forecast for 2025.
This shortage is primarily caused by the ongoing boom in photovoltaic applications. This key sector of the energy transition, which is dominated by China, is now the second largest demand driver for silver after jewelry and was responsible for a demand of 197.6 Moz in 2024.
Investment demand could become the primary driver of silver’s price in 2025. The explosive growth of Indian ETP holdings – with 40% of private investment inflows and 70 Moz net investment – points to a change in market dynamics.
Mining stocks While the gold price has made countless new all-time highs in recent months, the HUI is trading just under 40% below its all-time high of 635 in September 2011. Despite a 25.8% increase in the gold price in calendar year 2024, the GDX and GDXJ only gained 10.1% and 14.9%, respectively. In the first four months of 2025, the performance was significantly more positive, at 42.5% (HUI), 44.5% (GDX), and 43.6% (GDXJ), but the mines were still unable to emancipate themselves from the gold price fully.
Despite persistent prejudices, the gold mining sector has undergone a fundamental transformation in recent years. Improved capital discipline, solid balance sheets, and significantly higher margins speak for a new foundation. Companies in the GDM index currently exhibit better debt ratios and higher profitability than those in the S&P 500. At the same time, gold stocks are considered to be historically cheaply valued, with a valuation discount last seen at the beginning of the gold bull market around 2000.
“When investing in the mining sector, a passive buy-and-hold strategy is not advisable due to the high volatility. In our view, an active mining stock strategy using our new, proprietary Incrementum Active Aurum signal is superior to a passive strategy from both a performance and risk perspective,” says fund manager Stöferle.
Commodities The commodity cycle is currently experiencing an exhausting pause. The recent discrepancy between the price of gold and oil is particularly striking. Most recently, the uncertainty surrounding the US’s new tariff policy has had a particularly negative impact on commodity prices. Historically, phases of decoupling between gold and oil prices are pretty standard; however, commodity supercycles are largely synchronized, even if the respective turning points are sometimes delayed. This can be illustrated by comparing the relative performance of gold and oil against the S&P 500.
According to the authors, the commodities market will reflect the new geopolitical realities in the medium term: While the US is reducing its global leadership role, Europe, China, and the rest of the world are expanding their defense and energy infrastructure, driving demand for strategic commodities.
Bitcoin With the introduction of a strategic Bitcoin reserve (SBR) by the US, it is evident that Bitcoin is being increasingly taken seriously as a geopolitical asset. “Since the executive order to introduce a strategic Bitcoin reserve, nation states have also officially entered the race for digital gold,” explains Mark Valek, fund manager of two fund strategies with Bitcoin exposure at Incrementum. Given growing geopolitical tensions, the advantages of a decentralized store of value that can be used across borders are becoming increasingly apparent. “Bitcoin is not just an object of speculation, but could establish itself as an alternative, monetary store of value in the context of the global reorganization – and even as an instrument for settling international trade flows in the medium term if volatility falls,” Valek continues.
Bitcoin’s market capitalization currently accounts for approximately 8% of gold’s market capitalization. In a long-term bullish scenario, the authors of the In Gold We Trust report believe an increase to 50% is possible. “Based on our conservative gold price target of USD 4,800, this would correspond to a Bitcoin price of around USD 900,000 by the end of the decade,” emphasizes Valek.
The 10 most important reasons for The Big Long The following reasons suggest that gold will continue to shine in the second half of the decade, despite the numerous all-time highs reached in the past twelve months.
The gold price is in a secular bull market
The gold price has risen sharply since its low; but according to historical cycle analysis, we are only in the middle phase of the uptrend. Corrections are possible at any time, and the “drop height” has increased significantly in view of the rapid price rise, especially in absolute terms.
Fodder for the continuation of the gold bull market
More-than-priced-in interest rate cuts by the Federal Reserve, a relaunch of QE, the incipient economic downturn, and a possible revaluation of gold reserves are supporting the rally. Additionally, the explicit political desire to weaken the US dollar is eroding confidence in the greenback.
Central banks as constant buyers of gold
The significant increase in demand for gold from central banks since 2022 is consolidating at a high level and forming a stable pillar of demand. These purchases are relatively price-independent and underpin gold’s role as a strategic, politically neutral reserve asset.
From contrarian asset to mainstream investment
Gold is changing from a niche investment to a permanent portfolio component. After four years of outflows, physically backed gold ETFs have recorded consolidated net inflows of USD 21.1bn (226 t) since the beginning of the year. This was the second-highest figure in US dollars after Q2/2020.
Silver, mining stocks, and commodities follow suit
Silver, mining stocks, and commodities typically follow the gold rally with a time lag and now show disproportionately high catch-up potential. After years of underperformance, our analysis suggests a relative undervaluation and outperformance compared to gold.
Stagflation risk growing, possibly even recession on the horizon
The US economy is cooling down, and the unfolding trade war is further weakening the economy, while inflation remains stubbornly above 2%. This makes a stagflationary scenario more realistic, an environment that has historically proved supportive for the gold price.
From DragonBear to EagleBear – geopolitical upheavals
Trump is questioning old alliances in the implementation of his America First policy, while the BRICS+ states are testing new currency and trade routes. The EU is caught between these fronts and is struggling with an increasing loss of importance.
Physical demand: Let’s get physical
The Fort Knox audit, rising repatriations, and high physical inflows in Asia reflect mistrust in the gold market. The most recent spike in lease rates signaled a very tense supply-demand imbalance for physical gold.
New gold playbook under Trump and Bessent
Gold is increasingly becoming the focus of the US financial architecture. Whether through the possible revaluation of US gold reserves, gold-backed bonds, or stricter sanctions, gold will continue to gain in importance on both geopolitical and monetary policy levels.
Despite numerous new all-time highs, gold remains undervalued in relation to monetary aggregates, government debt, and the currency reserves of central banks. The idea of a remonetization of gold is increasingly gaining ground.
Outlook This year’s edition of the In Gold We Trust report also addresses the question of whether gold is already (too) expensive. “One thing is certain: gold is no longer a contrarian investment as it was in 2020; the bull market has entered a new phase. However, monetary comparisons such as the shadow gold price indicate that gold could still have (a lot of) room to rise,” says Stöferle, who published his first gold study (then still for Erste Group) when the price was USD 670 per ounce.
Some monetary comparisons indicate that gold still has potential, considering its historical all-time highs. During the gold bull market of the 2000s, the gold coverage of the monetary base tripled, increasing from 10.8% to 29.7%. A comparable coverage ratio today would result from a gold price of over USD 6,000. In the 1930s and 1940s, as well as in 1980, gold coverage even reached values of over 100%. The record value of 131% (1980) would currently correspond to a gold price of around USD 30,000. Currently, the implicit gold coverage ratio of the US monetary base is 14.5%.
A comparison with the stock market also lends confidence to the analysts. Currently, the market capitalization of global gold holdings is around 40% of the US equity market capitalization, which is slightly above the long-term median of 37.9%. By way of comparison: During the war years and the inflation era of the 1970s, this figure reached peaks of up to 160%. Even at the peak of the last secular gold bull market in August 2011, the value was significantly higher at 69.2%. “This shows that the current gold bull market has already picked up speed, but we are still a long way from the mania phases of past peaks,” says Gregor Hochreiter, editor-in-chief of the In Gold We Trust report. He continues: “We expect the market capitalization of gold to have increased further relative to equities by the end of the Golden Decade.”
This year, the fund managers also provided their long-term gold price forecasts. The short-term market situation is tense; a correction to ~USD 2,800 does not seem unrealistic. A temporary sideways market would also be conceivable as part of a price consolidation and would ultimately be healthy for the bull market.
This would in no way jeopardize the medium to long-term Big Long case for gold: “We confirm our long-term gold price target, which we calculated in the In Gold We Trust report2020 based on our proprietary gold price model. This amounts to USD 4,800 in the base scenario by the end of the decade. This corresponds to an annualized return of just over 8% p.a. until December 2030. By comparison, the annualized return in the 2000s was just under 14.5%. In the comparatively low-yielding 2010s for gold, the value was 3.3%,” explains Valek, adding: “In the inflationary scenario, around USD 8,900 would be realistic by the end of 2030. The interim target for the end of 2025, based on our gold price model in this scenario, is a gold price of USD 4,080. The base scenario’s interim target of USD 2,942 has already been reached.”
“The Big Long,” concludes Stoeferle, “is not least a positioning with an asymmetrical payout profile if gold plays a monetary role again in the future.”
About the In Gold We Trust report
This annual gold study has been written by Ronald-Peter Stöferle for 18 years and, together with Mark Valek, for the past 11 years. It provides a holistic assessment of the gold sector, including the most important influencing factors, such as the development of real interest rates, opportunity costs, debt, and monetary policy. The study is regarded as an international standard work for gold, silver, and mining stocks. In addition to German and English versions, the short version of the In Gold We Trust report will be published in Spanish for the third time this year. For the first time, the In Gold We Trust report will be available in Japanese, while the Chinese version will be published for the seventh time this fall.
The publishing rights for the In Gold We Trust report were transferred to Sound Money Capital AG in November 2023. The In Gold We Trust report will continue to be co-branded with the Incrementum brand as usual.
The following internationally renowned companies have been won as Premium Partners for the In Gold We Trust report 2025: Agnico Eagle Mines, Asante Gold, Barrick, Caledonia Mining, Cerro de Pasco Resources, Dolly Varden Silver, Elementum, EMX Royalty, Endeavour Mining, Endeavour Silver, First Majestic Silver, First Mining Gold, Fortuna Mining, Harmony Gold, Hecla Mining, McEwen Mining, Minera Alamos, Münze Österreich, Newmont, North Peak Resources, Pan America Silver, Royal Gold, Silver Bullion, Solit Management, Sprott Asset Management, Tudor Gold, U.S. GOLD and VON GREYERZ.
The In Gold We Trust report 2025 will be published in the following issues:
All previous issues of the In Gold We Trust report can be found in our archive.
The authors
Ronald-Peter Stöferle is Managing Partner & Fund Manager of Incrementum AG.
Previously, he was part of the research team at Erste Group in Vienna for seven years. As early as 2007, he began publishing his annual In Gold We Trust report, which has gained international renown over the years.
Together with Rahim Taghizadegan and Mark Valek, he published the bestseller Austrian School for Investors in 2014. In 2019, he co-authored The Zero Interest Trap. He is a member of the boards of Tudor Gold and Goldstorm Metals and has been an advisor to VON GREYERZ AGsince 2020 and to Monetary Metals since 2024.
Mark Valek is Partner & Fund Manager at Incrementum AG.
Prior to that, he worked at Raiffeisen Capital Management for over ten years, most recently serving as a fund manager in the Multi-Asset Strategies department. In this position, he was responsible for inflation hedging strategies and alternative investments and managed portfolios with a volume of several hundred million euros.
Together with Rahim Taghizadegan and Ronald-Peter Stöferle, in 2014 he published the book Austrian School for Investors. He has been active as an entrepreneur on several occasions and was co-founder of philoro Edelmetalle GmbH. Since 2024 Mark has held the position of an advisor to Monetary Metals.
Incrementum AG
Incrementum AG is an independent investment and asset management company based in the Principality of Liechtenstein. The company was founded in 2013. Independence, reliability, and autonomy are the cornerstones of the company’s philosophy. The company is wholly owned by the five partners.
Publisher
Sound Money Capital AG Industriering 21 FL-9491 Ruggell Principality of Liechtenstein
This publication is for information purposes only and does not constitute investment advice, investment analysis, or an invitation to buy or sell financial instruments. In particular, this document is not intended to replace individual investment advice or other professional guidance. The information contained in this publication is based on the state of knowledge at the time of preparation and may be changed at any time without further notice.
The publishing rights for the In Gold We Trust Report were transferred to Sound Money Capital AG in November 2023. Furthermore, the report continues to be co-branded with the Incrementum brand, as it has been in the past.
The authors have taken the greatest possible care in selecting the sources of information used and (like Sound Money Capital AG and Incrementum AG) accept no liability for the accuracy, completeness or timeliness of the information or sources of information provided or for any resulting liability or damages of any kind (including consequential or indirect damages, loss of profit or the occurrence of forecasts made).
All publications of Sound Money Capital AG and Incrementum AG are, in principle, marketing communications or other information and not investment recommendations within the meaning of the Market Abuse Regulation. Neither company publishes investment recommendations.
Sound Money Capital AG is wholly and exclusively responsible for the content of this In Gold We Trust Report.
Copyright: 2025 Sound Money Capital AG. All rights reserved.
Total net assets of $25.5 million as at Q1 2025, including $26.5 million in non-dilutive funding received in Q1 2025 between sale and leaseback and government programs.
Sale and leaseback transaction closes and generates net proceeds of $13.7 million, plus a $2.0 million deferred payment via vendor loan receivable.
$0.3 million received subsequent to Q1 2025 from NGen.
AGM on May 23, 2025 followed by corporate presentation and Q&A. Reminder to vote by May 21, 2025.
VANCOUVER, BC / ACCESS Newswire / May 14, 2025 / Nano One® Materials Corp. (“Nano One” or the “Company”), a process technology company specializing in lithium-ion battery cathode active materials has filed its condensed interim consolidated financial statements (the “financial statements”), and management’s discussion & analysis (“MD&A”) as at and for the three months ended March 31, 2025 (“Q1 2025”) and is pleased to provide a summary and an update on subsequent events.
Q1 2025 – Financial Position and Subsequent Funding
As at March 31, 2025, the Company’s total net assets and working capital were $25.5 million and $24.8 million, respectively. Cash and cash equivalents were $27.8 million.
In Q1 2025, total proceeds of $26.5 million were received between the sale and leaseback transaction (net proceeds of $13.7 million), and drawdowns on government programs of $12.8 million. Approximately $29.0 million remains in reimbursements to claim over the coming two years from contracted government programs.
The Company reported net income of $2.7 million for Q1 2025 which was driven by the recognition of certain government grants within other income as well as the gain recognized on the sale and leaseback transaction.
Total assets includes the initial recognition of a $2.0 million loan receivable during Q1 2025 relating to the sale and leaseback transaction. The loan receivable is repayable in two installments to the Company in three and six years from the date of issuance.
Total liabilities includes the initial recognition of a $13.8 million lease liability during Q1 2025 associated with the sale and leaseback of the Candiac Facility. Additionally, a Government loan was initially recognized amounting to $2.8 million which represents a portion of the $7.5 million in funding received from the Government of Québec through its mandated organisation Investissement Québec (IQ), with the remainder being recognized in other income as a government grant representing the below-market rate interest benefit associated with the loan. The loan is repayable by Nano, less any portion forgiven by IQ, after an initial five year moratorium and subsequently in monthly installments over the course of the next five years.
Sale and leaseback transaction
On February 28, 2025, the transaction to sell and leaseback the building and land at the Company’s Candiac Facility closed for net consideration of approximately $15.7 million ($13.7 million in net proceeds plus a $2.0 million deferred payment in the form of a vendor loan).
For a more detailed discussion of Nano One’s Q1 2025 interim results, please refer to the Company’s financial statements, and MD&A, which are available at www.sedarplus.ca .
AGM
The Annual General Meeting (AMG) of the shareholders of Nano One Materials Corp. will be held on Friday, May 23, 2025, at 9:00 AM PST. Shareholder voting closes at 9:00 AM PST on May 21, 2025. To vote by proxy, please follow the instructions included in your meeting materials. Shareholders who wish to join the AGM are invited to call-in. Nano One will host a corporate presentation and Q&A session immediately following the AGM. To better facilitate participation, a Zoom meeting link is provided at https://nanoone.ca/investors/agm/ .
###
About Nano One®
Nano One® Materials Corp. (Nano One) is a technology company changing how the world makes cathode active materials for lithium-ion batteries. Applications include stationary energy storage systems (ESS), portable electronics, and electric vehicles (EVs). The Company’s patented One-Pot process reduces costs, is easier-to permit, lowers energy intensity, environmental footprint, and reliance on problematic supply chains. The Company is helping to drive energy security, supply chain resilience, industrial competitiveness and increased performance through process innovation. Scalability is proven and being demonstrated at Nano One’s LFP (lithium-iron-phosphate) pilot production plant in Québec-leveraging the only facility and expertise of its kind outside of Asia. Strategic collaborations and partnerships with international companies like Sumitomo Metal Mining, Rio Tinto, and Worley are supporting a design-one-build-many licensing growth strategy-delivering cost-competitive, easier-to-permit and faster-to-market battery materials production solutions world-wide. Nano One has received funding from the Government of Canada, the Government of the United States, the Government of Québec, and the Government of British Columbia. For more information, please visit www.nanoone.ca
Certain information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes but is not limited to: LFP production, joint ventures, contracted projects, revenue generation, operational growth, licensing, government funding, the development of technology, supply chains, and plans for construction and operation of cathode production facilities and Development Project; the Company’s current and future business and strategies; estimated future working capital, funds available, and uses of funds, future capital expenditures and other expenses for commercial operations; industry demand; incurrence of costs; competitive conditions; general economic conditions; the intention to grow the business, operations and potential activities of the Company; the functions and intended benefits of Nano One’s technology and products; the development and optimization of the Company’s technology and products; prospective partnerships and the anticipated benefits of the Company’s partnerships; the Company’s licensing and, the scalability of developed technology to meet expanded capacity; and the execution of the Company’s stated plans – which are contingent on access to capital and grants. Generally, forward-looking information can be identified by the use of terminology such as ‘believe’, ‘expect’, ‘anticipate’, ‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘ongoing’, ‘target’, ‘goal’, ‘potential’ or variations of such words and phrases or statements that certain actions, events or results “will” occur.
Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: general and global economic and regulatory changes; next steps and timely execution of the Company’s business plans; the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful current or future collaborations that may happen with OEM’s, miners or others; the execution of the Company’s plans which are contingent on capital sources; the Company’s ability to achieve its stated goals; the commercialization of the Company’s technology and patents via license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in Nano One’s MD&A and its Annual Information Form dated March 25, 2025, both for the year ended December 31, 2024, and in recent securities filings for the Company which are available at www.sedarplus.ca. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
Management and advisory fee revenue of $18.9 million for the quarter ended March 31, 2025, an increase of 58% over the first quarter of 2024
Net income attributable to Horizon Kinetics Holding Corporation of $22.8 million, or $1.23 per common share for the three months ended March 31, 2025
Assets under management (“AUM”) grew to $10.8 billion as of March 31, 2025, an increase of 54% from March 31, 2024 and 10% from December 31, 2024
Board of Directors declares a $0.056 per share dividend
NEW YORK CITY, NY / ACCESS Newswire / May 14, 2025 / Horizon Kinetics Holding Corporation (the “Company” or “HKHC”) (OTC PINK:HKHC) reported financial results for its first quarter of 2025.
The Company’s management and advisory fee revenue grew during the quarter resulting from increases in AUM in its separately managed accounts, ETFs, mutual funds and proprietary funds. The increases in AUM across many of these platforms were largely driven by the increase in the market value of Texas Pacific Land Corporation (“TPL”), which increased 20% during the quarter, and was partially offset by Grayscale Bitcoin Trust (“GBTC”), which decreased 10% during the quarter. The Company has also experienced net cash inflows into the various products and strategies and has increased its customer accounts during the quarter.
The Company’s revenue increases were predominantly offset by a variety of higher operating expenses, including higher commissions and higher distribution costs, which are premised on the higher revenues and AUM of the Company. Also, as a result of the August 2024 merger with Scott’s Liquid Gold Inc., the first quarter included $1.2 million of various operating expenses with no comparable amounts in the first quarter of 2024.
The Company, and our clients, benefited from $73.2 million of investment income held within the Company’s consolidated investment products. Our client’s interests in these amounts are reflected in the redeemable noncontrolling interests, which were $59.0 million for the three months ended March 31, 2025.
The Company also benefited from gains of $19.0 million for the three months ended March 31, 2025 from its investment and equity interest holdings. These gains were partially offset by the unrealized losses of $6.0 million for the three months ended March 31, 2025 from its digital asset holdings.
The Company collected the $51.7 million of incentive fees recorded during the fourth quarter of 2024 partially in cash and partially through the transfer of securities. Approximately $16 million of the transferred securities were used to make an additional equity investment of $11.0 million in Horizon Kinetics Hard Assets, LLC, an other investment, and to reduce amounts payable to FRMO, a related party, resulting from multiple quarters in arrears pursuant to its 4.2% revenue share agreement.
On May 13, 2025, the Company’s Board of Directors declared a cash dividend of $0.056 per share, payable on June 16, 2025, to shareholders of record as of the close of business on May 26, 2025.
Conference Call
Murray Stahl, Chairman and Chief Executive Officer, and Mark Herndon, Chief Financial Officer, will host a conference call on Tuesday, May 20, 2025 at 4:15 pm EDT. You may register for the conference call by clicking on the following link: https://attendee.gotowebinar.com/register/3119751441411856480
HORIZON KINETICS HOLDING CORPORATION Consolidated Statements of Operations (in thousands)
Three Months Ended March 31,
2025
2024
As Restated
Revenue:
Management and advisory fees
$
18,908
$
11,992
Other income and fees
893
139
Total revenue
19,801
12,131
Operating expenses:
Compensation, related employee benefits, and cost of goods sold
9,567
6,346
Sales, distribution and marketing
4,457
2,190
Depreciation and amortization
499
460
General and administrative expenses
2,878
2,642
Expenses of consolidated investment products
1,095
564
Total operating expenses
18,496
12,202
Operating income (loss)
1,305
(71
)
Other income (expense):
Equity earnings, net
3,051
520
Interest and dividends
491
189
Other income (expense)
(51
)
(127
)
Investment and other income (losses) of consolidated investment products, net
70,267
271,900
Interest and dividend income of consolidated investment products
2,904
3,825
Unrealized (loss) gain on digital assets, net
(1,779
)
4,183
Realized gain on investments, net
2,199
192
Unrealized gain (loss) on investments net
13,734
4,679
Total other income (expense), net
90,816
285,361
Income (loss) before provision for income taxes
92,121
285,290
Income tax (expense) benefit
(10,284
)
(1,244
)
Net income
$
81,837
$
284,046
Less: net income attributable to redeemable noncontrolling interests
(58,996
)
(243,205
)
Net income attributable to Horizon Kinetics Holding Corporation
$
22,841
$
40,841
Basic and diluted net income per common shares:
Net income
$
1.23
$
2.27
Weighted average shares outstanding:
Basic and diluted
18,635
17,984
HORIZON KINETICS HOLDING CORPORATION Consolidated Statements of Financial Condition (in thousands)
March 31,
December 31,
2025
2024
(Unaudited)
Assets
Cash and cash equivalents
$
34,872
$
14,446
Fees receivable, net
7,513
8,670
Investments, at fair value
105,342
91,435
Assets of consolidated investment products
Cash and cash equivalents
29,531
44,306
Investments, at fair value
1,746,863
1,746,850
Other assets
33,399
19,247
Other investments
28,276
13,443
Operating lease right-of-use assets
4,612
5,105
Property and equipment, net
88
99
Prepaid expenses and other assets
2,212
2,352
Due from affiliates
–
27
Digital assets
11,474
13,240
Intangible assets, net
44,042
44,531
Goodwill
24,425
24,425
Total assets
$
2,072,649
$
2,028,176
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other
$
15,248
$
22,011
Accrued third party distribution expenses
690
6,522
Deferred revenue
237
222
Liabilities of consolidated investment products
Accounts payable and accrued expenses
10,924
1,486
Other liabilities
3,606
2,793
Deferred tax liability, net
99,083
95,683
Due to affiliates
7,870
11,597
Operating lease liability
6,748
7,379
Total liabilities
144,406
147,693
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests
1,567,225
1,540,312
Shareholders’ equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding
–
–
Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at March 31, 2025 and December 31, 2024, respectively
1,864
1,864
Additional paid-in capital
39,243
39,243
Retained earnings
319,911
299,064
Total shareholders’ equity
361,018
340,171
Total liabilities, noncontrolling interests, and shareholders’ equity
$
2,072,649
$
2,028,176
Additional Information about our performance
The Company consolidates certain proprietary funds in order for the consolidated financial statements to conform with generally accepted accounting principles. As a result, the assets and liabilities of the applicable consolidated funds is presented on the Company’s consolidated statements of financial condition. Additionally, an amount that represents the Company’s clients’ interests in these consolidated proprietary funds will be presented as redeemable noncontrolling interests on the Company’s consolidated statements of financial condition. The investment income (losses), other income (losses) and the expenses of the consolidated investment products will be presented within the Company’s consolidated statements of operations. Additionally, an amount that represents the net income attributable to redeemable noncontrolling interests as well as the net income (loss) attributable to Horizon Kinetics Holding Corporation will be presented on the Company’s consolidated statement of operations.
Consolidated Investment Products (“CIPs”) consist of certain private proprietary investment funds which are sponsored by the Company. The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The liabilities of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities.
As indicated in the additional information presented in the tables below there are several notable presentational differences as a result of the consolidation of the CIPs:
Management and advisory fees, including incentive fees, from CIPs are eliminated from consolidated revenues. Accordingly, our presentation without the CIPs reflects an increased revenue growth to $21.1 million, a 52% increase from the first quarter of 2024.
The equity in earnings of proprietary funds which results primarily from CIPs are eliminated from the consolidated presentation as that activity is included within the investment results of the CIPs. Accordingly, our presentation without the CIPs reflects an increased level of equity earnings that presents an increase in the value of our holdings within the CIPs.
Stockholders’ equity and net income attributable to Horizon Kinetics Holding Corporation are not impacted by the consolidation process.
The Statement of Financial Condition without the consolidation of proprietary funds presents lower total assets as a result of excluding the total assets held by the CIPs as well as the associated redeemable noncontrolling interests, which represents our clients’ interests in these funds. A portion of the total assets held by proprietary funds continues to relate to economic interests held by Horizon Kinetics Holding Corporation, which is reflected in Other Investments in the presentation below, which increased $25.6 million during the first quarter of 2025 due to our additional investment of $11.0 million to Horizon Kinetics Hard Assets, LLC as well as the performance of the CIPs.
HORIZON KINETICS HOLDING CORPORATION Statements of Operations (Unaudited) (in thousands)
(without consolidation of proprietary funds)
For the Three Months Ended March 31,
2025
2024
Revenue:
Management and advisory fees
$
21,145
$
13,916
Other income and fees
893
139
Total revenue
22,038
14,055
Operating expenses:
Compensation, related employee benefits, and cost of goods sold
9,567
6,346
Sales, distribution and marketing
4,457
2,190
Depreciation and amortization
499
460
General and administrative expenses
2,914
2,660
Expenses of consolidated investment products
–
–
Total operating expenses
17,437
11,656
Operating income
4,601
2,399
Other income (expense):
Equity in earnings of proprietary funds, net
13,930
30,570
Interest and dividends
491
189
Other income (expense)
(51
)
(127
)
Investment and other income (losses) of consolidated investment products, net
–
–
Interest and dividend income of consolidated investment products
–
–
Unrealized (loss) gain on digital assets, net
(1,779
)
4,183
Realized gain on investments, net
2,199
192
Unrealized gain (loss) on investments net
13,734
4,679
Total other income (expense), net
28,524
39,686
Income before provision for income taxes
33,125
42,085
Income tax (expense) benefit
(10,284
)
(1,244
)
Net income
$
22,841
$
40,841
Less: net income attributable to redeemable noncontrolling interests
–
–
Net income Attributable to Horizon Kinetics Holding Corporation
$
22,841
$
40,841
Basic and diluted net income per common shares:
Net income
$
1.23
$
2.27
Weighted average shares outstanding:
Basic and diluted
18,635
17,984
Three months ended March 31, 2025
Consolidated Company Entities
Consolidated Investment Products
Eliminations
Consolidated
Revenue:
Management and advisory fees
$
21,145
$
–
$
(2,237
)
$
18,908
Other income and fees
893
–
–
893
Total revenue
22,038
–
(2,237
)
19,801
Operating expenses:
Compensation, related employee benefits, and cost of goods sold
9,567
–
–
9,567
Sales, distribution and marketing
4,457
–
–
4,457
Depreciation and amortization
499
–
–
499
General and administrative expenses
2,914
–
(36
)
2,878
Expenses of consolidated investment products
–
1,059
36
1,095
Total operating expenses
17,437
1,059
–
18,496
Operating income
4,601
(1,059
)
(2,237
)
1,305
Other income (expense):
Equity in earnings of proprietary funds, net
13,930
–
(10,879
)
3,051
Interest and dividends
491
–
–
491
Other income (expense)
(51
)
–
–
(51
)
Investment and other income (losses) of consolidated investment products, net
–
70,267
–
70,267
Interest and dividend income of consolidated investment products
–
2,904
–
2,904
Unrealized (loss) gain on digital assets, net
(1,779
)
–
–
(1,779
)
Realized gain on investments, net
2,199
–
–
2,199
Unrealized gain (loss) on investments net
13,734
–
–
13,734
Total other income (expense), net
28,524
73,171
(10,879
)
90,816
Income (loss) before provision for income taxes
33,125
72,112
(13,116
)
92,121
Income tax (expense) benefit
(10,284
)
–
–
(10,284
)
Net income (loss)
$
22,841
$
72,112
$
(13,116
)
$
81,837
Less: net income attributable to redeemable noncontrolling interests
–
(61,154
)
2,158
(58,996
)
Net income (loss) attributable to Horizon Kinetics Holding Corporation
$
22,841
$
10,958
$
(10,958
)
$
22,841
HORIZON KINETICS HOLDING CORPORATION Statements of Financial Condition (Unaudited) (in thousands)
(without consolidation of proprietary funds)
March 31,
December 31,
2025
2024
Assets
Cash and cash equivalents
$
34,872
$
14,446
Fees receivable
9,320
59,047
Investments, at fair value
105,342
91,435
Assets of consolidated investment products
Cash and cash equivalents
–
–
Investments, at fair value
–
–
Other assets
–
–
Other Investments
254,500
228,870
Operating lease right-of-use assets
4,612
5,105
Property and equipment, net
88
99
Prepaid expenses and other assets
2,212
2,353
Due from affiliates
7
34
Digital assets
11,474
13,240
Intangible assets, net
44,042
44,531
Goodwill
24,425
24,425
Total Assets
$
490,894
$
483,585
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other
$
15,248
$
22,011
Accrued third party distribution expenses
690
6,522
Deferred revenue
237
222
Liabilities of consolidated investment products
Accounts payable and accrued expenses
–
–
Other liabilities
–
–
Deferred tax liability, net
99,083
95,683
Due to affiliates
7,870
11,597
Operating lease liability
6,748
7,379
Total Liabilities
129,876
143,414
Commitments and contingencies
Redeemable Noncontrolling Interests
–
–
Shareholders’ Equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding
–
–
Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at March 31, 2025 and December 31, 2024, respectively
1,864
1,864
Additional paid-in capital
39,243
39,243
Retained earnings
319,911
299,064
Total Shareholders’ Equity
361,018
340,171
Total Liabilities, Noncontrolling Interests, and Shareholders’ Equity
$
490,894
$
483,585
March 31, 2025
Consolidated Company Entities
Consolidated Investment Products
Eliminations
Consolidated
Assets
Cash and cash equivalents
$
34,872
$
–
$
–
$
34,872
Fees receivable
9,320
–
(1,807
)
7,513
Investments, at fair value
105,342
–
–
105,342
Assets of consolidated investment products
–
–
–
Cash and cash equivalents
–
29,531
–
29,531
Investments, at fair value
–
1,746,863
–
1,746,863
Other assets
–
33,399
–
33,399
Other investments
254,500
–
(226,224
)
28,276
Digital assets
11,474
–
–
11,474
Intangible assets, net
44,042
–
–
44,042
Goodwill
24,425
–
–
24,425
Other assets
6,919
–
(7
)
6,912
Total assets
$
490,894
$
1,809,793
$
(228,038
)
$
2,072,649
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other
$
15,248
$
–
$
–
$
15,248
Accrued third party distribution expenses
690
–
–
690
Deferred revenue
237
–
–
237
Liabilities of consolidated investment products
–
–
–
Accounts payable and accrued expenses
–
12,737
(1,813
)
10,924
Due to affiliates
–
–
–
–
Other liabilities
–
3,606
–
3,606
Deferred tax liability, net
99,083
–
–
99,083
Due to affiliates
7,870
–
–
7,870
Operating lease liability
6,748
–
–
6,748
Total liabilities
129,876
16,343
(1,813
)
144,406
Commitments and contingencies
Redeemable noncontrolling interests
1,606,801
(39,576
)
1,567,225
Equity interests
361,018
186,649
(186,649
)
361,018
Total liabilities, noncontrolling interests, and shareholders’ equity
$
490,894
$
1,809,793
$
(228,038
)
$
2,072,649
Non-GAAP Measures
In discussing financial results, the Company presented tables without the consolidation of certain proprietary funds which is not in accordance with Generally Accepted Accounting Principles (GAAP). We use this non-GAAP financial measure internally to make operating and strategic decisions, including evaluating our overall performance and as a factor in determining compensation for certain employees. We believe presenting this non-GAAP financial measure provides additional information to facilitate comparison of our historical operating costs and their trends, and provides additional transparency on how we evaluate our financial condition and results of operations. We also believe presenting this measure allows investors to view our financial condition and results of operations using the same measure that we use in evaluating our performance and trends.
Note Regarding Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” generally can be identified by the use of forward-looking terminology such as “assumptions,” “target,” “guidance,” “strategy,” “outlook,” “plans,” “projection,” “may,” “will,” “would,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “potential,” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology.
Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s subsequent Quarterly Reports on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent filings with the Securities and Exchange Commission.
About Horizon Kinetics Holding Corporation
Horizon Kinetics Holding Corporation (OTCM Pink: HKHC) primarily offers investment advisory services through its subsidiary Horizon Kinetics Asset Management LLC (“HKAM”), a registered investment adviser. HKAM provides independent proprietary research and investment advisory services for mainly long-only and alternative value-based investing strategies. The firm also obtained a portfolio of consumer products, which are marketed and distributed in the retail marketplace, as a result of its August 2024 merger with Scott’s Liquid Gold-Inc. The firm’s offices are located in New York City, White Plains, New York, and Summit, New Jersey. For more information, please visit http://www.hkholdingco.com .
JACKSONVILLE, FL / ACCESS Newswire / May 14, 2025 / GEE Group Inc. (NYSE American:JOB) together with its subsidiaries (collectively referred to as the “Company,” “GEE Group,” “our” or “we”), a provider of professional staffing services and human resource solutions, today announced consolidated results for the fiscal 2025 second quarter and year to date periods ended March 31, 2025. The Company’s contract and placement services are currently provided under its Professional Staffing Services operating division or segment. The Company’s former Industrial Staffing Services segment has now been characterized as a discontinued operation as of March 31, 2025 and is excluded from the results of continuing operations reported below, unless otherwise stated. All amounts presented herein are consolidated or derived from consolidated amounts, and are rounded and represent approximations, accordingly.
Fiscal 2025 Second Quarter and YTD Highlights
Consolidated revenues for the three and six-month periods ended March 31, 2025 were $24.5 million and $48.5 million, down 4% and 10%, respectively, over the comparable fiscal 2024 periods. The decrease in consolidated revenues was mainly attributable to ongoing macroeconomic weakness and, most recently, trade policy uncertainty. These challenges resulted in fewer job orders and lower demand for GEE Group’s services. Companies remain cautious which has resulted in elongated decision cycles, projects put on hold and subdued hiring. Businesses continue to hire fewer new employees and are focusing primarily on the retention of existing employees. The number of candidates looking for new job opportunities also has cooled. These conditions. began in the latter part of 2023, continued through 2024 and persisted during the first half of 2025.
Professional contract staffing services revenues for the three and six-month periods ended March 31, 2025 were $21.5 million and $43.0 million, down 7% and 11%, respectively, compared with the same fiscal 2024 periods. These year-over-year declines were mainly due to a decrease in job orders due to the above-mentioned conditions.
Direct hire placement revenues for the three and six-month periods ended March 31, 2025 were $3.0 million and $5.5 million, up $0.5 million and near breakeven, respectively, compared with the same fiscal 2024 periods. The 2025 fiscal second quarter increase in direct hire revenue is due, in part, to the Company taking advantage of opportunities to fill engineering and highly skilled trade positions and also capitalizing on the recent job cuts within the government sector to recruit available top talent for filling IT positions during the quarter.
Gross profits and gross margins were $8.4 million and 34.1%, and $16.3 million and 33.6%, for the three and six-months periods ended March 31, 2025, respectively, compared to $8.4 million, and 32.8%, and $17.7 million, and 33.0%, respectively, for the comparable fiscal 2024 periods. The net increases in our gross margins are mainly attributable to the increase in the mix of direct hire placement revenues, which have 100% gross margin, relative to total revenue.
Selling, general and administrative expenses (“SG&A”) for the three and six-month periods ended March 31, 2025 were $9.3 million and $17.7 million, down 3% and 10%, respectively, compared with the same fiscal 2024 periods. SG&A for the three and six-month periods ended March 31, 2025, as a percentage of revenues, were 38.0% and 36.6%, respectively, compared with 37.3% and 36.7%, respectively, for the same fiscal 2024 periods. Our SG&A expenses as a percentage of revenues during fiscal 2025 and 2024 remain above normal levels due to the declines in revenues in relation to the level of fixed SG&A, including fixed personnel-related expenses, occupancy costs, job boards and applicant tracking systems. The Company expects to take action in the remainder of 2025 to adjust its cost structure and to reduce SG&A expenses as a percentage of revenue.
Losses from continuing operations for the three and six-month periods ended March 31, 2025 were $(33.0) million, or $(0.30) per diluted share, and $(33.6) million, or $(0.31) per diluted share, as compared with losses from operations of $(0.9) million, or $(0.01) per diluted share, and $(2.4) million, or $(0.02) per diluted share for the three and six-month periods ended March 31, 2024. These increases in losses from continuing operations are primarily the result of a $22.0 million non-cash goodwill impairment charge, and a $9.9 million non-cash charge corresponding with the establishment of a valuation allowance related to our net deferred tax assets recorded as of March 31, 2025. Both of these non-cash charges are the result of the application of the prescribed accounting rules to the Company’s current and expected near term performance in light of the macroeconomic environment and challenges affecting its operations and financial results.
During the quarter ended March 31, 2025, the Company has designated its former Industrial Segment as held for sale and discontinued operations. The results of that segment have been reclassified to losses from discontinued operations in the Company’s unaudited condensed consolidated statements of operations. Losses from discontinued operations were $(0.2) million for both the three and six-month periods ended March 31, 2025, as compared with losses from discontinued operations of $(0.1) million for both the three and six-month periods ended March 31, 2024.
Adjusted EBITDA (a non-GAAP financial measure) for the three and six-month periods ended March 31, 2025, was $(0.6) million and $(0.9) million, respectively, as compared with $(0.6) million and $(0.7) million for the comparable fiscal 2024 periods. As discussed above, adverse market conditions for the staffing industry continued to foster fewer job orders and resulted in lower revenue generation for the Company, in addition to wage inflation and other cost increases were the primary drivers of the declines in adjusted EBITDA. Reconciliations of net loss from continuing operations to non-GAAP adjusted EBITDA are attached hereto.
Free cash flow (a non-GAAP financial measure), including cash flows from discontinued operations, for the fiscal 2025 first half was negative $(1.1) million as compared with positive cash flow of $0.4 million for the fiscal 2024 first half. Reconciliations of cash flow from operating activities to non-GAAP free cash flow are attached hereto.
As of March 31, 2024, cash balances were $18.7 million, borrowing availability under GEE Group’s bank ABL credit facility was $7.4 million, which remains undrawn, and net working capital was $24.1 million. Our current ratio was 3.9, shareholders’ equity was $50.6 million, and our long-term debt was zero.
Net book value per share and net tangible book value per share were $0.46 and $0.23 , respectively, as of March 31, 2025.
On January 3, 2025, the Company acquired Hornet Staffing, Inc. Hornet provides staffing solutions to markets serving large scale, “blue chip” companies in the information technology, professional and customer service staffing verticals. The Company expects the Hornet acquisition to enhance its ability to compete more effectively and anticipate it helping to secure new business from Fortune 1000 and other large users of contingent and outsourced labor. Hornet’s workforce solutions include significant expertise in working with managed service providers (“MSP”) and vendor management systems (“VMS”) utilizing a highly efficient offshore recruiting team to fill job orders.
GEE Group Inc. will hold an investor webcast/conference call on Thursday, May 15, 2025 at 11a.m. EST to review and discuss the fiscal 2025 second quarter and YTD results. The Company’s prepared remarks will be posted on its website www.geegroup.com prior to the call.
Investor Conference Call/Webcast Information:
The investor conference call will be webcast, and you should pre-register in advance for the event to view and/or listen via the internet by clicking on the link below to join the conference call/webcast from your laptop, tablet or mobile device. Audio will stream through your selected device, so be sure to have headphones or your volume turned up. Questions can be submitted via email after the prepared remarks are delivered with management responding real time. A full replay of the investor conference call/webcast will be available at the same link shortly after the conclusion of the live event.
A confirmatory email will be sent to each registrant to acknowledge a successful registration.
Management Comments
Derek E. Dewan, Chairman and Chief Executive Officer of GEE Group, commented, “This now long running uncertain macroeconomic environment has been challenging and has impacted client demand for the Company’s services since the second half of 2023. Businesses continue to face much uncertainty and are cautiously assessing interest rates, the impact of tariffs, labor market conditions and capital expenditures to ensure their investments in technology and human capital are strategic, provide value and are sustainable. The use of contingent labor and volume of full-time hires has lessened as businesses have taken a more guarded approach to initiating new projects and backfilling open roles. In addition, the “great stay”, a phrase coined to describe workers not changing jobs frequently, has reduced the number of qualified candidates available to fill open orders for placements across substantially all of our lines of business. The U.S. Staffing Industry has been similarly impacted as a whole. To compete more effectively and efficiently, GEE Group has implemented a strategic plan to not only embrace artificial intelligence (“AI”) internally to enhance its recruiting and sales efforts, but to provide its clients with the necessary human resources to implement and support their use of AI to create increased efficiency and profitability.”
Mr. Dewan added, “We are cautiously optimistic about the outlook for the second half of fiscal 2025 and beyond. The demand environment is expected to gradually improve and the Company plans to increase its market share irrespective of overall growth in the staffing industry with an aggressive AI assisted sales process, use of offshore recruiting to maximize fill rates more efficiently and provide clients with more value added services including human resources (“HR”) consulting, information technology (“IT”) statement of work (“SOW”) project capability, resource process outsourcing (“RPO”) and other higher-end service offerings. In addition, we are taking actions to prudently manage our Company so that we are fully prepared for an eventual recovery, as well as closely monitoring business activity and tightly managing costs. We are continually evaluating GEE’s expenses and expect to further streamline our business and reduce costs. The Company has a strong balance sheet with a current ratio of 3.9 and substantial liquidity resources, both in cash and borrowing capacity. GEE Group’s strategy includes making prudent investments to fuel both organic and acquisition growth. We will deploy GEE Group’s capital judiciously, with the primary objective of maximizing shareholder value.”
Additional Information to Consider in Conjunction with the Press Release
The aforementioned Fiscal 2025 Second Quarter and YTD Highlights and Results should be read in conjunction with all of the financial and other information included in GEE Group’s most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, as well as any applicable recent Current Reports on Forms 8-K and 8-K/A, Registration Statements and Amendments on Forms S-1 and S-3, and Information Statements on Schedules 14A and 14C, filed with the SEC. The discussion of financial results in this press release, and the information included herein, include the use of non-GAAP financial measures. Schedules are attached hereto which reconcile the related financial items prescribed by accounting principles generally accepted in the United States (“GAAP” or “U.S. GAAP”) to the non-GAAP financial information. These non-GAAP financial measures are not a substitute for the comparable measures prescribed by GAAP as further discussed below in this press release. See “Use of Non-GAAP Financial Measures” and the reconciliations of Non-GAAP Financial Measures used in this press release with the Company’s corresponding financial measures presented in accordance with U.S. GAAP below.
Financial information provided in this press release also may consist of or refer to estimates, projected or pro forma financial information and certain assumptions that are considered forward looking statements, are predictive in nature and depend on future events, and any such predicted or projected financial or other results may not be realized nor are they guarantees of future performance. See “Forward-Looking Statements Safe Harbor” below which incorporates “Risk Factors” which may possibly have a negative effect on the Company’s business.
Use of Non-GAAP Financial Measures
The Company discloses certain non-GAAP financial measures in this press release, including adjusted net loss, EBITDA, adjusted EBITDA, and free cash flow. Management and the Board of Directors use and refer to these non-GAAP financial measures internally as a supplement to financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures are used for purposes of evaluating operating performance, financial planning purposes, establishing operational and budgetary goals, compensation plans, analysis of debt service capacity, capital expenditure planning and determining working capital needs. The Company also believes that these non-GAAP financial measures are considered useful by investors.
Non-GAAP adjusted net loss is defined as net loss adjusted for non-cash stock compensation expenses, acquisition, integration, restructuring and other non-recurring expenses, capital market-related expenses, and gains or losses on extinguishment of debt or sale of assets. Non-GAAP EBITDA is defined as net loss before interest, taxes, depreciation and amortization. Non-GAAP adjusted EBITDA is defined as EBITDA, adjusted for the same items used to derive non-GAAP adjusted net loss. Non-GAAP free cash flow is defined as cash flows from operating activities, less capital expenditures.
Non-GAAP adjusted net loss, EBITDA, adjusted EBITDA, and free cash flow are not terms proscribed or defined by GAAP and, as a result, the Company’s measure of them may not be comparable to similarly titled measures used by other companies. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures discussed above should be considered in addition to, and not as substitutes for, nor as being superior to net loss reported in the consolidated statements of income, cash and cash flows reported in the consolidated statements of cash flows, or other measures of financial performance reflected in the Company’s consolidated financial statements prepared in accordance with U.S. GAAP included in Form 10-K and Form 10-Q for their respective periods filed with the SEC, which should be read and referred to in order to obtain a comprehensive and thorough understanding of the Company’s financial results. The reconciliations of net loss to non-GAAP adjusted net loss, net loss to non-GAAP EBITDA and non-GAAP adjusted EBITDA, and cash flows from operating activities to non-GAAP free cash flows referred to in the highlights or elsewhere in this press release are provided in the following schedules that also form a part of this press release.
Reconciliation of Net Loss from Continuing Operations to Non-GAAP EBITDA and Adjusted EBITDA Three Month Periods Ended March 31, (In thousands)
2025
2024
Net loss from continuing operations
$
(32,956
)
$
(919
)
Interest expense
89
65
Interest income
(139
)
(179
)
Income taxes
9,786
(915
)
Depreciation
50
66
Amortization
225
719
Non-cash goodwill impairment charges
22,000
–
Non-GAAP EBITDA
(945
)
(1,163
)
Non-cash stock compensation
122
157
Acquisition, integration & restructuring
226
452
Other losses (gains)
7
–
Non-GAAP adjusted EBITDA
$
(590
)
$
(554
)
Reconciliation of Net Loss from Continuing Operations to Non-GAAP EBITDA and Adjusted EBITDA Six Month Periods Ended March 31, (In thousands)
2025
2024
Net loss from continuing operations
$
(33,640
)
$
(2,436
)
Interest expense
155
134
Interest income
(294
)
(369
)
Income taxes
9,786
(915
)
Depreciation
105
138
Amortization
430
1,439
Non-cash goodwill impairment charges
22,000
–
Non-GAAP EBITDA
(1,458
)
(2,009
)
Non-cash stock compensation
240
310
Severance agreements
–
300
Acquisition, integration & restructuring
317
695
Other losses (gains)
7
5
Non-GAAP adjusted EBITDA
$
(894
)
$
(699
)
Reconciliation of Net Cash provided by (used in) Operating Activities to Non-GAAP Free Cash Flow Six Month Periods Ended March 31, (In thousands)
2025
2024
Net cash provided by (used in) operating activities
$
(1,141
)
$
423
Acquisition of property and equipment
(4
)
(38
)
Non-GAAP free cash flow
$
(1,145
)
$
385
GEE GROUP INC. CONSOLIDATED STATEMENTS OF OPERATION (Amounts in thousands, except basic and diluted earnings per share data)
Three Months Ended March 31,
Six Months Ended March 31,
2025
2024
2025
2024
NET REVENUES:
Contract staffing services
$
21,495
$
23,134
$
43,009
$
48,216
Direct hire placement services
3,000
2,455
5,511
5,510
NET REVENUES
24,495
25,589
48,520
53,726
Cost of contract services
16,135
17,196
32,234
35,997
GROSS PROFIT
8,360
8,393
16,286
17,729
Selling, general and administrative expenses
9,305
9,556
17,744
19,738
Depreciation expense
50
66
105
138
Amortization of intangible assets
225
719
430
1,439
Goodwill impairment charge
22,000
–
22,000
–
LOSS FROM OPERATIONS
(23,220
)
(1,948
)
(23,993
)
(3,586
)
Interest expense
(89
)
(65
)
(155
)
(134
)
Interest income
139
179
294
369
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION
(23,170
)
(1,834
)
(23,854
)
(3,351
)
Provision for income tax (expense) benefit attributable to continuing operations
(9,786
)
915
(9,786
)
915
LOSS FROM CONTINUING OPERATIONS
(32,956
)
(919
)
(33,640
)
(2,436
)
Loss from discontinued operations, net of tax
(163
)
(89
)
(171
)
(127
)
CONSOLIDATED NET LOSS
$
(33,119
)
$
(1,008
)
$
(33,811
)
$
(2,563
)
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED
109,413
108,772
109,413
109,339
BASIC AND DILUTED LOSS PER SHARE
From continuing operations
$
(0.30
)
$
(0.01
)
$
(0.31
)
$
(0.02
)
From discontinued operations
$
(0.00
)
$
(0.00
)
$
(0.00
)
$
(0.00
)
Consolidated net loss per share
$
(0.30
)
$
(0.01
)
$
(0.31
)
$
(0.02
)
GEE GROUP INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands)
March 31, 2025
September 30, 2024
ASSETS
CURRENT ASSETS:
Cash
$
18,501
$
20,735
Accounts receivable, less allowances ($133 and $144, respectively)
11,873
12,751
Prepaid expenses and other current assets
889
762
Current assets of discontinued operations
1,209
1,153
Total current assets
32,472
35,401
Property and equipment, net
438
546
Goodwill
24,607
46,008
Intangible assets, net
1,047
834
Deferred tax assets, net
–
9,495
Right-of-use assets
3,035
3,115
Other long-term assets
171
295
Noncurrent assets of discontinued operations
–
208
TOTAL ASSETS
$
61,770
$
95,902
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
1,876
$
1,960
Accrued compensation
4,346
5,026
Current operating lease liabilities
1,042
1,090
Current portion of notes payable
196
–
Other current liabilities
590
899
Current liabilities of discontinued operations
313
347
Total current liabilities
8,363
9,322
Deferred taxes, net
288
–
Noncurrent operating lease liabilities
2,240
2,254
Notes payable
196
–
Other long-term liabilities
42
82
Noncurrent liabilities of discontinued operations
–
33
Total liabilities
11,129
11,691
SHAREHOLDERS’ EQUITY
Common stock, no par value; authorized – 200,000 shares; 114,900 shares issued
and 109,413 shares outstanding at March 31, 2025 and September 30, 2024
113,370
113,129
Accumulated deficit
(59,543
)
(25,732
)
Treasury stock; at cost – 5,487 shares at March 31, 2025 and September 30, 2024
(3,186
)
(3,186
)
Total shareholders’ equity
50,641
84,211
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
61,770
$
95,902
About GEE Group
GEE Group Inc. is a provider of specialized staffing solutions and is the successor to employment offices doing business since 1893. The Company operates in two industry segments, providing professional staffing services and solutions in the information technology, engineering, finance and accounting specialties and commercial staffing services through the names of Access Data Consulting, Agile Resources, Omni-One, and Paladin Consulting. Also, in the healthcare sector, GEE Group, through its Scribe Solutions brand, staffs medical scribes who assist physicians in emergency departments of hospitals and in medical practices by providing required documentation for patient care in connection with electronic medical records (EMR). Additionally, the Company provides contract and direct hire professional staffing services through the following SNI brands: Accounting Now®, SNI Technology®, Legal Now®, SNI Financial®, Staffing Now®, SNI Energy®, and SNI Certes. On January 3, 2025, the Company acquired Hornet Staffing, Inc., which is now part of its professional contract services offerings.
Forward-Looking Statements Safe Harbor
In addition to historical information, this press release contains statements relating to possible future events and/or the Company’s future results (including results of business operations, certain projections, future financial condition, pro forma financial information, and business trends and prospects) that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995 and are subject to the “safe harbor” created by those sections. The statements made in this press release that are not historical facts are forward-looking statements that are predictive in nature and depend upon or refer to future events. These forward-looking statements include, without limitation, anticipated cash flow generation and expected shareholder benefits. Such forward-looking statements often contain, or are prefaced by, words such as “will”, “may,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “pro forma”, “estimates,” “aims,” “believes,” “hopes,” “potential,” “intends,” “suggests,” “appears,” “seeks,” or variations of such words or similar words and expressions. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and, consequently, as a result of a number of factors, the Company’s actual results could differ materially from those expressed or implied by such forward-looking statements. The international pandemic, the “Novel Coronavirus” (“COVID-19”), has been detrimental and may continue to negatively impact and disrupt the Company’s business operations. The health outbreak has caused a significant negative effect on the global economy, employment in general including the lack of demand for the Company’s services which was exacerbated by government and client directed “quarantines”, “remote working”, “shut-downs” and “social distancing”. There is no assurance that conditions will not persist or worsen and further negatively impact GEE Group. Certain other factors that might cause the Company’s actual results to differ materially from those in the forward-looking statements include, without limitation: (i) the loss, default or bankruptcy of one or more customers; (ii) changes in general, regional, national or international economic conditions; (iii) an act of war or terrorism, industrial accidents, or cyber security breach that disrupts business; (iv) changes in the law and regulations; (v) the effect of liabilities and other claims asserted against the Company including the failure to repay indebtedness or comply with lender covenants including the lack of liquidity to support business operations and the inability to refinance debt, failure to obtain necessary financing or the inability to access the capital markets and/or obtain alternative sources of capital; (vi) changes in the size and nature of the Company’s competition; (vii) the loss of one or more key executives; (viii) increased credit risk from customers; (ix) the Company’s failure to grow internally or by acquisition or the failure to successfully integrate acquisitions; (x) the Company’s failure to improve operating margins and realize cost efficiencies and economies of scale; (xi) the Company’s failure to attract, hire and retain quality recruiters, account managers and salesmen; (xii) the Company’s failure to recruit qualified candidates to place at customers for contract or full-time hire; (xiii) the adverse impact of geopolitical events, government mandates, natural disasters or health crises, force majeure occurrences, global pandemics such as COVID-19 or other harmful viral or non-viral rapidly spreading diseases and such other factors as set forth under the heading “Forward-Looking Statements” in the Company’s annual reports on Form 10-K, its quarterly reports on Form 10-Q and in the Company’s other filings with the Securities and Exchange Commission (SEC). More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company is under no obligation to (and expressly disclaims any such obligation to) and does not intend to publicly update, revise, or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Revenue increased 40% y/y to $15.0M with Positive Adjusted EBITDA1 for Eighth Consecutive Quarter
Adjusted EBITDA1 of $2.0M or 13% of revenue
Net Profit for the quarter of $0.8M and EPS of $0.02
Reaffirms Fiscal 2025 Revenue Guidance Exceeding $60M, Driven by Strong Order Pipeline
TORONTO, ONTARIO / ACCESS Newswire / May 14, 2025 / Electrovaya Inc. (“Electrovaya” or the “Company”) (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the second quarter of the fiscal year ending September 30, 2025 (“Q2 2025”). All dollar amounts are in U.S. dollars unless otherwise noted.
Financial Highlights:
Revenue for Q2 2025 was $15.0 million, compared to $10.7 million in Q2 2024, an increase of 40%.
Gross margin was 31.1% in Q2 2025. Battery system margins remained strong at 31.5% for the quarter.
Adjusted EBITDA1 was $2.0 million. Q2 2025 was the Company’s eighth consecutive quarter of positive Adjusted EBITDA1.
Net profit for the quarter was $0.8 million, compared to a net loss in the prior year of $0.8 million. Earnings per share for the quarter was $0.02.
Total debt was $13.1 million, compared to $18.4 million in the prior year. Total availability in our working capital facility is over $10 million.
Key Operational and Strategic Highlights – Q2 2025
Closed a $51 million Direct Loan from Export-Import Bank of the United States: On March 7, 2025, the Company announced that it closed a direct loan in the amount of $50.8 million from the Export-Import Bank of the United States (“EXIM”) under the bank’s “Make More in America” initiative. This financing, in addition to the various grants and tax credits from the State of New York, is expected to fund Electrovaya’s battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility.
Closed a $20 million working Capital Debt Facility with the Bank of Montreal: On March 10, 2025, the Company announced that it has closed a credit agreement with the Bank of Montreal Corporate Finance (“BMO”) for a senior secured asset based lending facility (the “Facility”) which includes a three year term and which includes the following features:
Revolving asset based facility of $20.0 million
Accordion of $5.0 million to support further growth when required
Ancillary credit products for foreign currency hedging and credit cards
Continued Growth from OEM Partners & Leading End-Customers: The Company continues to see good momentum from its key OEM partners and end customers of its material handling products. During the quarter the Company received more than $25 million in orders.
Domestic Manufacturing in Jamestown, New York: The Company has accelerated its plans for battery system assembly operations at its Jamestown facility, which have commenced initial battery system assembly activities. Over $40 million worth of capital equipment orders have already been placed to support the lithium-ion cell manufacturing plans which are on schedule to begin commercial production in mid CY 2026.
Expansion of Recurring Revenue Streams: The Company continues to grow its recurring revenue base through energy services programs, software-enabled battery analytics, and aftermarket services, supporting long-term margin expansion.
New Vertical Expansion: Electrovaya continues to expand into new market verticals and received new high-voltage battery system orders through Sumitomo from a second global Japanese construction OEM.
Management Commentary:
“Our FY Q2 2025 period showcased that Electrovaya has passed our next major inflection point as we demonstrate strong growth, profitability and the support for significant scale from our new financial partners, EXIM and BMO,” stated Dr. Raj DasGupta, Electrovaya’s CEO. “Recent global trade tensions illustrate that our decision to grow domestic manufacturing and supply chains is going to yield further strength to our business and overall competitiveness. With growing demand from both existing and new customers, we are confident in our trajectory for sustained growth and innovation in the lithium-ion battery sector. Finally, we’re also seeing growing contribution from recurring revenue, including energy services, data-enabled SaaS tools, and aftermarket parts and services, which is helping expand margins and build long-term customer relationships.”
“FY Q2 2025 quarter was our eighth consecutive quarter of positive adjusted EBITDA1 and also historically we are showing a net profit for both the quarter and the six months period. Margins remained above 30% which we expect to continue in for the remainder of the fiscal year,” stated John Gibson, Electrovaya’s CFO. “We expect to continue this momentum for the remainder of the fiscal year and we are confident in our ability to exceed $60 million in revenue for FY 2025 while advancing profitability and scaling operations.”
Positive Financial Outlook & Fiscal 2025 Guidance:
The Company anticipates strong growth into FY 2025 with estimated revenues to exceed $60 million driven by renewed demand from the Company’s largest end users of material handling batteries. This guidance considers its existing purchase orders, along with anticipated orders in its pipeline from key end users and customers. This guidance also takes into consideration a percentage of anticipated revenue that may be deferred to FY 2026 (please see Forward Looking Statements for further clarification).
Selected Financial Information for the quarters ended March 31, 2025 and 2024:
Results of Operations (Expressed in thousands of U.S. dollars)
Adjusted EBITDA1 (Expressed in thousands of U.S. dollars)
1 Non-IFRS Measure: Adjusted EBITDA is defined as income/(loss) from operations, plus stock-based compensation costs and depreciation and amortization costs. Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. Management believes that certain investors and analysts use adjusted EBITDA to measure the performance of the business and is an accepted measure of financial performance in our industry. It is not a measure of financial performance under IFRS, and may not be defined and calculated in the same manner by other companies and should not be considered in isolation or as an alternative to IFRS measures. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is income (loss) from operations.
Summary Financial Position (Expressed in thousands of U.S. dollars)
The Company’s complete Financial Statements and Management Discussion and Analysis for the quarter ended March 31, 2025 are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as on the Company’s website at www.electrovaya.com.
Conference Call details:
Date: Wednesday, May 14, 2025
Time: 5:00 pm. Eastern Time (ET)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 929779
To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.
For those unable to participate in the conference call, a replay will be available for two weeks beginning on May 14, 2025 through May 28, 2025. To access the replay, the dial-in number is 877-481-4010 and 919-882-2331. The replay passcode is 52379.
Investor and Media Contact:
Jason Roy VP, Corporate Development and Investor Relations Electrovaya Inc. jroy@electrovaya.com / 905-855-4618
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown New York state for its planned gigafactory. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue growth and revenue guidance of approximately $60 million in FY 2025, other financial projections, including projected sales, cost of sales, gross margin, working capital, cash flow, and overheads anticipated in FY 2025, the expected timing of deliveries of pre-production battery modules in Japan, anticipated cash needs and the Company’s requirements for additional financing, purchase orders, mass production schedules, funding from EXIM and the ability to satisfy the conditions to drawing on any facility entered into with EXIM,, use of proceeds of the EXIM facility,, ability to deliver to customer requirements. Forward-looking statements can generally, but not always, be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward looking statements, and actual results may differ materially from those expressed or implied in such statements. In making the forward-looking statements included in this news release, the Company has made various material assumptions, including but not limited to assumptions with respect to the Company’s customers deploying its products in accordance with communicated intentions, the Company’s customers completing new distribution centres in accordance with communicated expectations, intentions and plans, anticipated new orders in FY 2025 based on customers’ historical patterns and additional demand communicated to the Company and its partners, but not yet provided as a purchase order together with the Company’s current firm purchase order backlog totaling approximately $80 million, a discount of approximately 25% used in the revenue modeling applied to the overall expected order pipeline to account for potential delays in customer orders, expected decreases in input and material costs combined with stable selling prices in FY 2025, delivery of ordered products on a basis consistent with past deliveries, and that the Company’s customer counterparties will meet their production and demand growth targets, ]the Company’s ability to successfully execute its plans and intentions, including with respect to the entry into new business segments and servicing existing customers, the availability to obtain financing on reasonable commercial terms, including any EXIM facility. Factors that could cause actual results to differ materially from expectations include but are not limited to customers not placing orders roughly in accordance with historical ordering patterns and communicated intentions, macroeconomic effects on the Company and its business, and on the lithium battery industry generally, not being able to obtain financing on reasonable commercial terms or at all, including not being able to satisfy any condition of drawdowns under any EXIM facility if entered into, that the Company’s products will not perform as expected, supply and demand fundamentals for lithium-ion batteries, the risk of interest rate increases, persistent inflation in the United States and Canada and other macroeconomic challenges, the political, economic, and regulatory and business stability of, or otherwise affecting, the jurisdictions in which the Company operates, including new tariff regimes. There have been indications from the United States government of potential tariffs on Canada, Mexico and other countries, which if enacted would have a material impact on the Company. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s Annual Information Form for the year ended September 30, 2024 under “Risk Factors”, and in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Qualitative And Quantitative Disclosures about Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities and filed or furnished with the SEC.. The Company does not undertake any obligation to update publicly or to revise any of the forward looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
Revenue guidance for FY2025 described herein constitutes future‐oriented financial information and financial outlooks (collectively, “FOFI“), and generally, is, without limitation, based on the assumptions and subject to the risks set out above under “Forward‐Looking Statements”. Although management believes such assumptions to be reasonable, a number of such assumptions are beyond the Company’s control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management’s current expectations and plans relating to the Company’s future performance, and may not be appropriate for other purposes.
The FOFI does not purport to present the Company’s financial condition in accordance with IFRS, and it is expected that there may be differences between audited results and preliminary results, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such.
HILLSIDE, NJ / ACCESS Newswire / May 14, 2025 / Integrated BioPharma, Inc. ((OTCQX:INBP)) (the “Company” or “INBP”) reports its financial results for the quarter ended March 31, 2025.
Revenue for the quarter ended March 31, 2025 was $13.9 million compared to $13.1 million for the quarter ended March 31, 2024, an increase of $0.8 million or 6.1%. The Company had operating income in the quarter ended March 31, 2025 of approximately $0.7 million compared to $0.4 million in the quarter ended March 31, 2024.
Revenue for the nine-month period ended March 31, 2025 was $40.2 million compared to $37.6 million for the nine-month period ended March 31, 2024, an increase of $2.6 million or 6.9%. The Company had operating income for the nine-month period ended March 31, 2025 of approximately $1.4 million and an operating loss of approximately $0.2 million for the nine-month period ended March 31, 2024.
For the quarters ended March 31, 2025 and 2024, the Company had net income of approximately $0.6 million and $0.3 million, respectively. The Company’s net income per share of common stock and diluted net income per share of common stock for the quarters ended March 31, 2025 and 2024 were $0.02 and $0.01 per share of common stock, respectively.
For the nine-month periods ended March 31, 2025 and 2024, the Company had net income of approximately $1.0 million and a net loss of approximately $0.2 million, respectively. The Company’s net income (loss) per share of common stock and diluted net income (loss) per share of common stock for the nine months ended March 31, 2025 and 2024 were $0.03 and $(0.01), respectively.
“Our revenues increased by 6.9% in the nine months ended March 31, 2025 compared to the comparable period a year ago. Our revenue from our two largest customers in our Contract Manufacturing Segment represented approximately 83% and 90% of total revenue in the nine-month period ended March 31, 2025 and 2024, respectively,” stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. “We are happy to report that while focusing on our core business we were able to expand our customer base over the past year and increase our revenue,” the Co-CEOs further stated.
A summary of our financial results for the three months and nine months ended March 31, 2025 and 2024 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2025
2024
2025
2024
Total revenue
$
13,947
$
13,147
$
40,178
$
37,571
Cost of sales
12,396
11,899
36,085
34,971
Gross profit
1,551
1,248
4,093
2,600
Selling and administrative expenses
812
893
2,662
2,751
Operating income (loss)
739
355
1,431
(151
)
Other income (expense), net
39
(3
)
36
5
Income (loss) before income taxes
778
352
1,467
(146
)
Income tax expense, net
167
67
481
10
Net income (loss)
$
611
$
285
$
986
$
(156
)
Net income (loss) per share:
Basic
$
0.02
$
0.01
$
0.03
$
(0.01
)
Diluted
$
0.02
$
0.01
$
0.03
$
(0.01
)
Weighted average common shares outstanding:
Basic
30,300,720
30,099,610
30,190,869
30,054,883
Diluted
31,514,591
30,744,222
30,960,916
30,054,883
About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. (“INBP”) is engaged primarily in the business of manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at ir.ibiopharma.com.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if they never materialize or prove incorrect, could cause the results of INBP to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements generally are identified by the words “expects,” “anticipates,” believes,” intends,” “estimates,” “should,” “would,” “strategy,” “plan” and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements and are not guarantees of future performance. Such statements speak only as of the date hereof, are subject to change and should not be relied upon for investment purposes. INBP undertakes no obligation to revise or update any statements for any reasons. The risks, uncertainties and assumptions include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by INBP; changes in industry capacity; pressure on prices from competition or from purchasers of INBP’s products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to INBP; availability of qualified personnel; the loss of any significant customers or suppliers; inflation, including inflationary pressures from any tariffs, and tightened labor markets; our ability to expand our customer base and other risks and uncertainties described in the section entitled “Risk Factors” in INBP’s most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q. Accordingly, INBP cannot give assurance that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of INBP.
