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Moderna Reports Third Quarter 2025 Financial Results and Provides Business Updates

Reports third quarter revenue of $1.0 billion, GAAP net loss of $(0.2) billion and GAAP EPS of $(0.51)

Narrows 2025 projected revenue range to $1.6 – $2.0 billion

Improves 2025 expected GAAP operating expenses by $0.7 billion to a range of $5.2 – $5.4 billion

Increases 2025 expected year-end cash balance by $0.5 billion – $1 billion to a range of $6.5 – $7.0 billion

CAMBRIDGE, MA / ACCESS Newswire / November 6, 2025 / Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the third quarter of 2025.

“We delivered strong commercial and financial performance in the third quarter, supported by COVID vaccine sales following the successful launch of mNEXSPIKE and a significant improvement in expected 2025 operating expenses from our ongoing cost-reduction initiatives,” said Stéphane Bancel, Chief Executive Officer of Moderna. “We remain highly focused on operational excellence and financial discipline to advance our pipeline and expand the reach of our commercial portfolio. We look forward to sharing further updates on our business and pipeline at our annual Analyst Day on November 20.”

Recent progress includes:

Commercial Updates

COVID–19: The Company reported $971 million in COVID vaccine sales in the third quarter of 2025, which includes $781 million of U.S. sales and $190 million of international sales. The Company has received approval in 40 countries of its 2025-2026 formula for Spikevax®. Moderna has also received U.S. Food and Drug Administration (FDA) approval of its 2025-2026 formula for mNEXSPIKE®, the Company’s new COVID vaccine in all adults aged 65 and older, as well as individuals aged 12-64 years with at least one underlying risk factor. mNEXSPIKE is also approved in Canada and the Company has filed and is targeting 2026 approvals in Australia, the EU, Japan and Taiwan.

RSV: The Company reported $2 million in mRESVIA® sales in the third quarter of 2025. mRESVIA, the Company’s vaccine for the prevention of lower respiratory tract disease (LRTD) caused by RSV, is approved for all adults aged 60 years and older in 40 countries. It is also approved in 31 of those countries for individuals 18-59 years of age who are at increased risk for disease.

Third Quarter 2025 Financial Results

Revenue: Total revenue for the third quarter of 2025 was $1.0 billion, a 45% decrease from $1.9 billion in the same period in 2024. The decline was primarily driven by a $847 million, or 47%, decrease in net product sales, mainly due to lower COVID vaccine sales. In the U.S., the decrease reflected reduced vaccination rates year over year. The third quarter of 2024 also included an approximately $140 million positive adjustment related to prior-period sales provision estimates, which did not recur in 2025. During the quarter, the Company initiated commercial sales in the U.S. of mNEXSPIKE, as part of the 2025-2026 respiratory virus season.Outside the U.S., revenue decreased primarily due to the completion of certain government contracts and the timing of deliveries.

Cost of Sales: Cost of sales for the third quarter of 2025 was $207 million, which included third-party royalties of $43 million and inventory write-downs of $67 million. Cost of sales decreased 60% compared to the same period in 2024, primarily reflecting lower inventory write-downs and reduced unutilized manufacturing capacity, as well as lower sales volume. As a percentage of net product sales, cost of sales was 21% compared to 28% in the third quarter of 2024. The improvement was mainly driven by productivity gains and efficiencies across manufacturing operations despite lower volumes.

Research and Development Expenses: Research and development expenses for the third quarter of 2025 were $801 million, a 30% decrease compared to the same period in 2024. The reduction was primarily driven by continued investment prioritization and efficiency gains in the execution of clinical trials. Last year’s results also included an expense related to the purchase of a priority review voucher.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for the third quarter of 2025 were $268 million, a 5% decrease compared to the same period in 2024. The decline was primarily driven by reductions in consulting and external services across multiple functions, as well as lower digital and facility-related costs, reflecting the Company’s continued cost discipline and ongoing efforts to streamline operations.

Income Taxes: Income tax provisions for both periods were not material, as the Company continues to maintain a global valuation allowance against most of its deferred tax assets.

Net Income (Loss): Net loss was $(200) million for the third quarter of 2025, compared to net income of $13 million for the third quarter of 2024.

Earnings (Loss) Per Share: Loss per share was $(0.51) for the third quarter of 2025, compared to earnings per share of $0.03 for the third quarter of 2024.

Cash Position: Cash, cash equivalents and investments as of September 30, 2025, were $6.6 billion, compared to $7.5 billion as of June 30, 2025. The decrease during the quarter was primarily driven by seasonal impacts on working capital.

2025 Financial Framework

Revenue: The Company narrowed its 2025 projected revenue range from $1.5 to $2.2 billion to $1.6 to $2.0 billion, reflecting third quarter results and expectations for the remainder of the year.

Cost of Sales: Cost of sales for 2025 is expected to be approximately $0.8 to $0.9 billion, lowered from $1.2 billion.

Research and Development Expenses: Research and development expenses for 2025 are anticipated to be $3.3 to $3.4 billion, lowered from previous expectations of $3.6 to $3.8 billion.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2025 are projected to be approximately $1.1 billion.

Income Taxes: The Company continues to expect its full-year tax expense to be negligible.

Capital Expenditures: Capital expenditures for 2025 are expected to be approximately $0.3 billion.

Cash and Investments: Year-end cash and investments for 2025 are projected to be $6.5 to $7 billion, increased from previous expectations of approximately $6 billion.

Recent Progress and Upcoming Late-Stage Pipeline Milestones

Respiratory vaccines:

Seasonal flu vaccine: In October 2025, Moderna presented Phase 3 efficacy and safety data for its seasonal flu vaccine (mRNA-1010) at IDWeek 2025, and Phase 3 relative vaccine efficacy in a high-risk subset of patients at The European Scientific Working Group on Influenza (ESWI) Conference 2025. The Company expects to complete submissions for approval of mRNA-1010 in the U.S., Canada, Australia and Europe by January 2026.
Seasonal flu + COVID vaccine: The Company presented Phase 3 immunogenicity subanalyses for its flu/COVID combination vaccine (mRNA-1083) for adults aged 50 years and older at ESWI 2025. The Company expects to refile with Health Canada in 2025 and is awaiting further guidance from U.S. FDA on refiling. Currently, the Company’s mRNA-1083 filing is under review with the European Medicines Agency (EMA).

Latent and other vaccines:

Norovirus vaccine: Moderna’s ongoing Phase 3 safety and efficacy study of its trivalent vaccine against norovirus (mRNA-1403) has not accrued sufficient cases and will now enroll a second Northern Hemisphere season (2025-2026) for additional case accruals. The timing of the Phase 3 readout will continue to be dependent on case accruals.
Cytomegalovirus (CMV) vaccine: After announcing that the Phase 3 study of mRNA-1647 did not meet its primary efficacy endpoint, Moderna is discontinuing development of its congenital CMV program. The Company will continue to evaluate mRNA-1647 in an ongoing Phase 2 trial of bone marrow transplant patients.

Oncology therapeutics:

Intismeran autogene: Moderna continues to make progress on advancing mRNA-4157 in the clinic.In collaboration with Merck, the Phase 3 clinical trial for adjuvant melanoma is fully enrolled. Two non-small cell lung cancer (NSCLC) Phase 3 studies for those with and without prior neoadjuvant treatment are enrolling. Separate randomized Phase 2 studies for high-risk muscle invasive and high-risk non-muscle invasive bladder cancer are enrolling, a Phase 2 study of first-line treatment for patients with metastatic melanoma is also enrolling, and a randomized Phase 2 study for adjuvant renal cell carcinoma is fully enrolled. Further, Moderna and Merck have launched a new Phase 2 study of first-line treatment for patients with metastatic squamous NSCLC.
mRNA-4359: The Phase 1/2 study of mRNA-4359, Moderna’s investigational mRNA-based therapy designed to elicit T-cell immune responses against tumor and immunosuppressive cells, is ongoing. Phase 1b data for mRNA-4359 was recently presented at the 2025 European Society for Medical Oncology (ESMO) Congress. The Phase 2 portion of the study, which includes cohorts in first-line metastatic melanoma and first-line metastatic NSCLC, is enrolling patients.

Rare disease therapeutics:

Propionic acidemia (PA) therapeutic: The Company recently presented final results from the Part 1 dose-escalation cohorts of its ongoing Phase 1/2 study and cumulative data from ongoing participants in the extension study of its investigational therapeutic for PA (mRNA-3927) at the International Congress of Inborn Errors of Metabolism (ICIEM) 2025. In the study, which is designed to evaluate safety and pharmacology in trial participants with PA, mRNA-3927 has been generally well-tolerated to date with no events meeting protocol-defined dose-limiting toxicity criteria. Previously presented results suggest potential decreases in annualized metabolic decompensation event (MDE) frequency compared to pre-treatment, and the majority of patients have elected to continue on the open label extension study. The Company’s PA candidate is in a registrational study and target enrollment has been reached.
Methylmalonic acidemia (MMA) therapeutic: Moderna recently shared interim data from the Phase 1/2 study of its investigational therapeutic for MMA (mRNA-3705) at ICIEM 2025. mRNA-3705 has been selected by the FDA for the Support for Clinical Trials Advancing Rare Disease Therapeutics (START) pilot program, and the FDA and Moderna have agreed on the pivotal study design. The Company expects to start a registrational study in 2026.

Moderna Corporate Updates

The Company opened its state-of-the-art manufacturing and R&D facility in the UK, which is now licensed by the Medicines and Healthcare products Regulatory Agency (MHRA)
Moderna announced the first made-in-Canada mRNA vaccines were delivered to Canadian provinces and territories
The Company’s manufacturing facility in Australia was recently granted its Good Manufacturing Practice (GMP) license from the Therapeutic Goods Administration (TGA)

Company Accolades

Moderna was recognized on BioSpace‘s Best Places to Work in Biopharma ranking of large employers (fifth consecutive year)
Moderna was ranked as a top employer in the global biopharmaceutical industry by Science on the Science Careers’ 2025 Top Employers Survey (eleventh consecutive year)

Key 2025 Investor and Analyst Event Dates

Analyst Day: November 20

Investor Call and Webcast Information

Moderna will host a live conference call and webcast at 8:00 a.m. ET on November 6, 2025. To access the live conference call via telephone, please register at the link below. Once registered, dial-in numbers and a unique pin number will be provided. A live webcast of the call will also be available under “Events and Presentations” in the Investors section of the Moderna website.

Telephone: https://register-conf.media-server.com/register/BIc5ea89c0e58143c29f38efc11c3bccc4
Webcast: https://investors.modernatx.com/

The archived webcast will be available on Moderna’s website approximately two hours after the conference call and will be available for one year following the call.

About Moderna

Moderna is a leader in the creation of the field of mRNA medicine. Through the advancement of mRNA technology, Moderna is reimagining how medicines are made and transforming how we treat and prevent disease for everyone. By working at the intersection of science, technology and health for more than a decade, the company has developed medicines at unprecedented speed and efficiency, including one of the earliest and most effective COVID vaccines.

Moderna’s mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. With a unique culture and a global team driven by the Moderna values and mindsets to responsibly change the future of human health, Moderna strives to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue:
Net product sales	$	973		$	1,820		$	1,172		$	2,171
Other revenue¹		43			42			94			99
Total revenue		1,016			1,862			1,266			2,270
Operating expenses:
Cost of sales		207			514			416			725
Research and development		801			1,137			2,357			3,421
Selling, general and administrative		268			281			710			823
Total operating expenses		1,276			1,932			3,483			4,969
Loss from operations		(260	)		(70	)		(2,217	)		(2,699	)
Interest income		73			103			244			334
Other income (expense), net		–			(12	)		4			(58	)
(Loss) income before income taxes		(187	)		21			(1,969	)		(2,423	)
Provision for income taxes		13			8			27			18
Net (loss) income	$	(200	)	$	13		$	(1,996	)	$	(2,441	)

Net (loss) earnings per share
Basic	$	(0.51	)	$	0.03		$	(5.15	)	$	(6.37	)
Diluted	$	(0.51	)	$	0.03		$	(5.15	)	$	(6.37	)

Weighted average common shares used in calculation of net (loss) earnings per share
Basic		390			385			388			383
Diluted		390			399			388			383

_______

¹Includes grant, collaboration, licensing and royalty, and other miscellaneous revenue.

MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)

	September 30,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	1,132	$	1,927
Investments		3,372		5,098
Accounts receivable, net		1,046		358
Inventory		332		117
Prepaid expenses and other current assets		716		599
Total current assets		6,598		8,099
Investments, non-current		2,143		2,494
Property, plant and equipment, net		2,126		2,196
Right-of-use assets, operating leases		738		759
Other non-current assets		530		594
Total assets	$	12,135	$	14,142
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	267	$	405
Accrued liabilities		1,178		1,427
Deferred revenue		163		153
Other current liabilities		73		221
Total current liabilities		1,681		2,206
Deferred revenue, non-current		157		58
Operating lease liabilities, non-current		660		671
Financing lease liabilities, non-current		26		39
Other non-current liabilities		281		267
Total liabilities		2,805		3,241
Stockholders’ equity:
Additional paid-in capital		1,254		866
Accumulated other comprehensive income (loss)		27		(10	)
Retained earnings		8,049		10,045
Total stockholders’ equity		9,330		10,901
Total liabilities and stockholders’ equity	$	12,135	$	14,142

MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

	Nine Months Ended September 30,
	2025			2024
Operating activities
Net loss	$	(1,996	)	$	(2,441	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		370			325
Depreciation and amortization		148			129
Amortization/accretion of investments		(54	)		(76	)
Loss on equity investments, net		5			43
Other non-cash items		50			6
Changes in assets and liabilities:
Accounts receivable, net		(703	)		(672	)
Prepaid expenses and other assets		(84	)		(147	)
Inventory		(213	)		(208	)
Right-of-use assets, operating leases		28			(63	)
Accounts payable		(114	)		(103	)
Accrued liabilities		(196	)		(415	)
Deferred revenue		108			(177	)
Operating lease liabilities		(15	)		33
Other liabilities		(137	)		(63	)
Net cash used in operating activities		(2,803	)		(3,829	)
Investing activities
Purchases of marketable securities		(4,221	)		(4,641	)
Proceeds from maturities of marketable securities		4,634			4,648
Proceeds from sales of marketable securities		1,744			3,010
Purchases of property, plant and equipment		(153	)		(529	)
Purchase of intangible asset		(10	)		–
Net cash provided by investing activities		1,994			2,488
Financing activities
Proceeds from issuance of common stock through equity plans		19			55
Tax payments related to net share settlements on equity awards		(1	)		–
Changes in financing lease liabilities		(6	)		4
Net cash provided by financing activities		12			59
Effect of changes in exchange rates on cash and cash equivalents		2			1
Net decrease in cash, cash equivalents and restricted cash		(795	)		(1,281	)
Cash, cash equivalents and restricted cash, beginning of year		1,929			2,928
Cash, cash equivalents and restricted cash, end of period	$	1,134		$	1,647

Spikevax®, mRESVIA® and mNEXSPIKE® are registered trademarks of Moderna.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna’s 2025 financial framework, including its expected revenue range, operating expenses and year-end cash balance; demand for Moderna’s products and Moderna’s ability to drive future sales growth; Moderna’s continued cost discipline; anticipated regulatory filings and potential approvals; and anticipated milestones for Moderna’s pipeline programs, including potential near-term catalysts. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading “Risk Factors” in Moderna’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this press release.

###

Moderna Contacts
Media:
Chris Ridley
Head of Global Media Relations
+1 617-800-3651
Chris.Ridley@modernatx.com

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com

SOURCE: Moderna, Inc.

View the original press release on ACCESS Newswire

November 10, 2025

BGSF, Inc. Reports Third Quarter 2025 Financial Results and Announced a Stock Buyback Plan

PLANO, TX / ACCESS Newswire / November 7, 2025 / BGSF, Inc. (NYSE:BGSF), a leading provider of workforce solutions for the specialized Property Management industry, today reported financial results for the third fiscal quarter ended September 28, 2025 and announced a stock buyback plan.

The Board of Directors of BGSF continues to evaluate the best use of excess capital and today the Board approved a stock repurchase program under which BGSF may repurchase up to $5 million of its common stock. The repurchases may take place in the open market, in private transactions, or otherwise, and pursuant to any trading plan that may be adopted in accordance with applicable securities laws and regulations, including Rule 10b5-1 under the Securities Exchange Act of 1934 (the “Exchange Act”). The timing and amount of common stock purchased will depend on a variety of factors, including the availability of common stock, general market conditions, the trading price of the common stock, alternative uses for capital, and BGSF’s financial performance. Open market purchases will be conducted in accordance with Rule 10b-18 under the Exchange Act and applicable legal requirements. The repurchase program does not have an expiration date and may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate BGSF to purchase any particular number of shares.

Q3 2025 Highlights from Continuing Operations (results include sequential comparisons to Q2 2025):

Revenues were $26.9 million for Q3, compared to $23.5 million for Q2. The 14.4% increase from Q2 is primarily driven by increased billed hours from seasonal demand.
Gross profit was $9.7 million for Q3, up from $8.4 million in Q2, primarily due to higher sales.
Net loss was $3.1 million, or $0.28 per diluted share for Q3, compared to a net loss of $4.9 million in Q2 or $0.44 per diluted share.
Adjusted EBITDA¹income was $1.0 million (3.6% of revenues) in Q3 compared to $1.1 million loss (4.9% of revenues) in Q2.
Adjusted EPS¹ income was $0.08 for Q3, compared with Adjusted EPS¹ loss of $0.10 for Q2.

SUMMARY OF FINANCIAL RESULTS FROM CONTINUING OPERATIONS
(dollars in thousands, except per share) (unaudited)

	For the Thirteen Week Periods Ended
	September 28, 2025			September 29, 2024			June 29, 2025
Revenues	$	26,895		$	29,824		$	23,506
Gross profit	$	9,660		$	10,696		$	8,410
Gross profit percentage		35.9	%		35.9	%		35.8	%
Operating loss	$	(937	)	$	(1,003	)	$	(4,425	)
Net loss	$	(3,078	)	$	(1,812	)	$	(4,862	)
Net loss per diluted share	$	(0.28	)	$	(0.17	)	$	(0.44	)
Non-GAAP Financial Measures:
Adjusted EBITDA¹
Adjusted EBITDA Margin (% of revenue)¹		3.6	%		0.3	%		(4.9	)%
Adjusted EPS¹	$	0.08		$	0.01		$	(0.10	)

^{1 Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures as defined and reconciled below.}

Interim Co-Chief Executive Officer and Chief Financial Officer, Keith Schroeder, said, “The sale of BGSF’s Professional division to INSPYR closed as planned following the shareholder vote on September 4th. Following the closing, the Board of Directors determined that a return to capital to the shareholders was appropriate and we announced and delivered a $2 per share special dividend which was paid on September 30. As part of the Board’s continuing evaluation of the best use of BGSF’s excess capital, today we are announcing a stock buyback plan of up to $5M. The Board believes that purchasing stock at current prices is a good investment for the company and reflects our confidence in BGSF’s long-term strategy. We are now executing the Transition Service Agreement (TSA), which is progressing smoothly and will continue for up to six months or longer to support INSPYR in integrating the business into their operating environment. These services are compensated, and we remain focused on reducing overhead to align with our streamlined, Property Management-focused structure. As expected, our financial results post-close will be somewhat noisy for the next couple of quarters as we transition.”

Interim Co-Chief Executive Officer and Property Management President, Kelly Brown, commented, “The strategic initiatives outlined in the last quarter are continuing as planned. We remain committed to aligning Property Management costs with revenue and are actively investing in tools to enhance performance, which will also provide an opportunity to better align cost with improved financial results. Our AI-powered sales and recruiting technologies are on track to be operational over the next couple of quarters, and we are already seeing early signs of improved efficiency. These efforts, combined with ongoing cost reductions, position us well to drive revenue growth and profitability in the quarters ahead. Following the close of the transaction, we retained an independent consulting firm to complete a thorough assessment of our business and the broader property management workforce solutions market. This external analysis provided valuable insight into market size, competitive positioning, and white space opportunities. As a result, we refined our strategic roadmap and aligned our organization around clear priorities to drive sustainable growth. We anticipate revenue growth in 2026 versus 2025, supported by strong execution of our strategic initiatives.”

Conference Call

BGSF will discuss its third quarter 2025 financial results during a conference call and webcast at 9:00 a.m. ET on November 7, 2025. Interested participants may dial 1-888-506-0062 (Toll Free) or 1-973-528-0011 (International) and enter access code 736091. A replay of the call will be available until November 21, 2025. To access the replay, please dial 1-877-481-4010 (Toll Free), or 1-919-882-2331 (International) and enter access code 52955. The live webcast and archived replay are accessible from the investor relations section of the Company’s website at https://investor.bgsf.com/events-and-presentations/default.aspx

About BGSF

BGSF provides best-in-class property management resources and solutions to growing apartment and luxury communities, as well as commercial properties, and was awarded Supplier Company of the Year by the National Apartment Association in recent years. Through its exclusive and semi-exclusive agreements with some of the largest property management companies in North America, BGSF offers differentiated advantages to clients, including trained talent and unique technological platforms that seek to maximize efficiencies in the growing residential and commercial leased property industries. For more information on the Company and its services, please visit its website at www.bgsf.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding BGSF’s expectations, hopes, beliefs, intentions, plans, prospects, or strategies regarding the future revenue and the business plans of BGSF’s management team. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. 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,” “endeavor,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “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 certain assumptions and analyses made by the management of BGSF considering their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on BGSF as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting BGSF will be those anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the mix of services or solutions utilized by BGSF’s client partners and such client partners’ needs for these services or solutions, market acceptance of new offerings of services or solutions, the ability of BGSF to expand what it does for existing client partners as well as to add new client partners, whether BGSF will have sufficient capital to operate as anticipated, the impact of the use of AI-powered sales and recruiting technologies and the timing of their availability, the impact of our strategic initiatives and cost reductions, the demand for BGSF’s services and solutions, economic activity in BGSF’s industry and in general, and certain risks, uncertainties, and assumptions described in BGSF’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. BGSF undertakes no obligation to update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as may be required under applicable securities laws.

CONTACT:
Steven Hooser or Sandy Martin
Three Part Advisors
ir@BGSF.com 214.872.2710 or 214.616.2207

UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

	September 28, 2025			December 29, 2024
ASSETS
Current assets
Cash and cash equivalents	$	41,170		$	32
Accounts receivable (net of allowance for credit losses of $ 1,156 and $ 910 , respectively)		15,126			17,148
Escrow receivable		4,950			–
Prepaid expenses		1,121			1,600
Other current assets		1,620			2,213
Current assets of discontinued operations		–			24,354
Total current assets		63,987			45,347
Property and equipment, net		279			608
Other assets
Deposits		1,938			2,003
Software as a service, net		3,143			4,068
Deferred income taxes, net		9,299			7,849
Right-of-use asset – operating leases, net		738			1,083
Intangible assets, net		3,115			4,385
Goodwill		1,074			1,074
Noncurrent assets of discontinued operations		–			83,694
Total other assets		19,307			104,156
Total assets	$	83,573		$	150,111
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Dividend payable	$	22,400		$	–
Accounts payable		1,958			80
Accrued payroll and expenses		5,348			4,868
Transition services payable		1,474			–
Long-term debt, current portion (net of debt issuance costs of $ – and $ 24 , respectively)		–			3,801
Accrued interest		–			223
Income taxes payable		332			212
Note payable		539			–
Convertible note		–			4,368
Lease liabilities, current portion		433			544
Current liabilities of discontinued operations		–			11,825
Total current liabilities		32,484			25,921

Line of credit (net of debt issuance costs of $ – and $ 770 , respectively)		–			5,625
Long-term debt, less current portion (net of debt issuance costs of $ – and $ 198 , respectively)		–			32,527
Lease liabilities, less current portion		403			698
Noncurrent liabilities of discontinued operations		–			3,071
Total liabilities		32,887			67,842
Commitments and contingencies
Preferred stock, $0.01 par value per share, 500,000 shares authorized, – 0 – shares issued and outstanding		–			–
Common stock, $0.01 par value per share; 19,500,000 shares authorized 11,199,787 and 10,887,509 shares issued and outstanding, respectively, net of 3,930 shares of treasury stock, at cost, respectively.		55			53
Additional paid in capital		71,345			70,260
(Accumulated deficit) retained earnings		(20,714	)		11,956
Total stockholders’ equity		50,686			82,269
Total liabilities and stockholders’ equity	$	83,573		$	150,111

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share and dividend amounts)

For the Thirteen and Thirty-nine Week Periods Ended September 28, 2025 and September 29, 2024

	Thirteen Weeks Ended							Thirty-nine Weeks Ended
	2025			2024			2025			2024
Revenues	$	26,895		$	29,824		$	71,284		$	80,096
Cost of services		17,235			19,128			45,654			50,461
Gross profit		9,660			10,696			25,630			29,635
Selling, general, and administrative expenses		10,223			11,363			31,804			32,365
Gain on contingent consideration		(450	)		–			(450	)		–
Depreciation and amortization		824			336			1,411			1,007
Operating loss		(937	)		(1,003	)		(7,135	)		(3,737	)
Interest expense, net		(1,570	)		(1,222	)		(4,595	)		(3,518	)
Loss from continuing operations before income taxes		(2,507	)		(2,225	)		(11,730	)		(7,255	)
Income tax (expense) benefit from continuing operations		(571	)		413			1,461			1,402
Net loss from continuing operations		(3,078	)		(1,812	)		(10,269	)		(5,853	)
Loss from discontinued operations:
Income from discontinued operations		226			1,473			3,695			4,703
Loss on sale		(2,892	)		–			(2,892	)		–
Income tax expense		(68	)		(465	)		(804	)		(1,207	)
Net loss	$	(5,812	)	$	(804	)	$	(10,270	)	$	(2,357	)

Net (loss) income per share – basic:
Net loss from continuing operations	$	(0.28	)	$	(0.17	)	$	(0.93	)	$	(0.54	)
Net income (loss) from discontinued operations:
Income		0.02			0.13			0.34			0.43
Loss on sale		(0.26	)		–			(0.26	)		–
Income tax expense		–			(0.03	)		(0.08	)		(0.11	)
Net loss per share – basic	$	(0.52	)	$	(0.07	)	$	(0.93	)	$	(0.22	)

Net (loss) income per share-diluted:
Net loss from continuing operations	$	(0.28	)	$	(0.17	)	$	(0.93	)	$	(0.54	)
Net income (loss) from discontinued operations:
Income		0.02			0.13			0.34			0.43
Loss on sale		(0.26	)		–			(0.26	)		–
Income tax expense		–			(0.03	)		(0.08	)		(0.11	)
Net loss per share – diluted	$	(0.52	)	$	(0.07	)	$	(0.93	)	$	(0.22	)

Weighted-average shares outstanding:
Basic		11,079			10,919			11,018			10,882
Diluted		11,079			10,919			11,018			10,882

Cash dividends declared per common share	$	2.00		$	–		$	2.00		$	0.15

PROPERTY MANAGEMENT SEGMENT
(dollars in thousands) (unaudited)

	Thirteen Weeks Ended							Thirty-nine Weeks Ended
	September 28, 2025			September 29, 2024			September 28, 2025			September 29, 2024
Contract field talent	$	26,341		$	29,380		$	69,619		$	78,711
Contingent placements		554			444			1,665			1,385
Revenue		26,895			29,824			71,284			80,096
Compensation and related		17,197			19,088			45,541			50,341
Other		38			40			113			120
Gross profit		9,660			10,696			25,630			29,635
Selling:
Compensation		4,349			4,965			12,469			14,286
Advertising, occupancy, and travel		472			537			1,297			1,445
Software, insurance, and professional fees		483			316			1,152			949
Other		368			659			2,577			2,033
Contributions to overhead		3,988			4,219			8,135			10,922
General and administrative:
Compensation		2,073			2,348			6,318			7,027
Software		750			694			2,197			1,920
Professional fees		131			437			1,334			1,369
Strategic alternatives review		482			526			2,116			874
Other		1,115			881			2,345			2,462
Gain on contingent consideration		(450	)		–			(450	)		–
Depreciation and amortization		824			336			1,411			1,007
Operating loss		(937	)		(1,003	)		(7,136	)		(3,737	)
Interest expense, net		(1,570	)		(1,222	)		(4,595	)		(3,518	)
Income tax (expense) benefit from continuing operations		(571	)		413			1,461			1,402
Net loss from continuing operations	$	(3,078	)	$	(1,812	)	$	(10,270	)	$	(5,853	)

Capital expenditures	$	117		$	270		$	123		$	1,132
Total assets	$	41,881		$	50,241		$	41,881		$	50,241

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

For the Thirty-nine Week Periods Ended September 28, 2025 and September 29, 2024

	2025			2024
Cash flows from operating activities
Net loss	$	(10,270	)	$	(2,357	)
Net income from discontinued operations		(2,890	)		(3,496	)
Adjustments to reconcile net loss to net cash (used in) provided by activities:
Depreciation		86			121
Amortization		1,325			886
Software as a service		950			417
Loss on sale of discontinued operations		2,892			–
Loss on disposal of property and equipment		11			3
Contingent consideration adjustment		(450	)		–
Amortization of debt issuance costs		1,022			129
Interest expense on note payable		235			–
Provision for credit losses		1,822			1,493
Share-based compensation		850			725
Deferred income taxes		(1,450	)		1,248
Accounts receivable		(2,236	)		5,205
Escrow receivable		(4,950	)		–
Prepaid expenses		302			1,272
Other current assets		(516	)		795
Deposits		73			593
Accounts payable		1,877			126
Accrued payroll and expenses		2,642			(87	)
Accrued interest		(223	)		(152	)
Income taxes receivable		323			(566	)
Transition services payable		1,474			–
Other current liabilities		1,939			–
Operating leases		(15	)		(65	)
Other long-term liabilities		3,406			10,137
Net cash (used in) provided by continuing operating activities		(1,771	)		16,427
Net cash provided by discontinued operating activities		227			4,751
Net cash (used in) provided by operating activities		(1,544	)		21,178
Cash flows from investing activities
Proceeds from business sold		91,528			–
Capital expenditures		(122	)		(1,063	)
Net cash provided by (used in) continuing investing activities		91,406			(1,063	)
Net cash used in discontinued investing activities		(193	)		(307	)
Net cash provided by (used in) investing activities		91,213			(1,370	)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)

For the Thirty-nine Week Periods Ended September 28, 2025 and September 29, 2024

	2025			2024
Cash flows from financing activities
Net payments under line of credit		(10,220	)		(17,188	)
Proceeds from issuance of long-term debt		–			4,250
Principal payments on long-term debt		(32,725	)		(850	)
Payment of convertible note		(4,368	)		–
Payments of dividends		–			(1,639	)
Issuance of ESPP shares		134			355
Issuance of shares under the 2013 Long-Term Incentive Plan		–			262
Contingent consideration paid		(1,289	)		–
Payments of debt issuance costs		(29	)		(554	)
Net cash used in financing activities		(48,497	)		(15,364	)
Net change in cash and cash equivalents of continuing operations		41,138			–
Cash and cash equivalents, beginning of period		32			–
Cash and cash equivalents, end of period	$	41,170		$	–
Supplemental cash flow information:
Cash paid for interest, net	$	3,398		$	3,396
Cash paid for taxes, net of refunds	$	535		$	111
Non-cash transaction: Dividends declared	$	22,400		$	–

NON-GAAP FINANCIAL MEASURES

The financial results of BGSF, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the U.S. Securities and Exchange Commission. To help the readers understand our financial performance, we supplements our GAAP financial results with Adjusted EBITDA and Adjusted EPS.

A non-GAAP financial measure is a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA and Adjusted EPS are not measurements of financial performance under GAAP and should not be considered as alternatives to net income, net income per diluted share, operating income, or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities or measures of our liquidity. We believe that Adjusted EBITDA and Adjusted EPS are useful performance measures and are used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone.

We define “Adjusted EBITDA” as earnings before interest expense, income taxes, depreciation and amortization expense, costs associated with the evaluation of potential strategic alternatives (“strategic alternatives review”), software as a service costs, and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance.

We define “Adjusted EPS” as diluted earnings per share eliminating amortization expense of intangible assets from acquisitions, the strategic alternatives review, software as a service costs, and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance, net of the respective income tax effect.

Reconciliation of Net Loss to Adjusted EBITDA
(dollars in thousands)

	Thirteen Weeks Ended						Thirty-nine Weeks Ended						Thirteen Weeks Ended
	September 28, 2025			September 29, 2024			September 28, 2025			September 29, 2024			June 29, 2025
Net loss from continuing operations	$	(3,078	)	$	(1,812	)	$	(10,269	)	$	(5,853	)	$	(4,862	)
Income tax benefit		571			(413	)		(1,461	)		(1,402	)		(1,392	)
Interest expense, net		1,570			1,222			4,595			3,518			1,829
Operating loss		(937	)		(1,003	)		(7,135	)		(3,737	)		(4,425	)
Depreciation and amortization		824			336			1,411			1,007			259
Gain on contingent consideration		(450	)		–			(450	)		–			–
Share-based compensation		545			286			850			725			137
Strategic alternatives review		482			526			2,116			874			1,613
Software as a service²		516			179			950			417			291
Transaction fees		–			1			–			42			–
Aged receivable adjustment		–			(250	)		1,070			758			980
Adjusted EBITDA from continuing operations		980			75			(1,188	)		86			(1,145	)
Adjusted EBITDA Margin (% of revenue)		3.6	%		0.3	%		(1.7	)%		0.1	%		(4.9	)%
(Loss) income from discontinued operations		(1,929	)		1,008			(2	)		3,496			1,126
Adjustments to discontinued operations		2,073			2,885			4,429			6,144			1,142
Adjusted EBITDA from discontinued operations		144			3,893			4,427			9,640			2,268
Adjusted EBITDA, net	$	1,124		$	3,968		$	3,239		$	9,726		$	1,123

^{2 We capitalizes direct costs incurred in cloud computing implementation from hosting arrangements, which are reported as a Software as a service and are expensed as incurred in selling, general, and administrative expenses.}

Reconciliation of Net Loss EPS to Adjusted EPS

	Thirteen Weeks Ended						Thirty-nine Weeks Ended						Thirteen Weeks Ended
	September 28, 2025			September 29, 2024			September 28, 2025			September 29, 2024			June 29, 2025
Net loss from continuing operations per diluted share	$	(0.28	)	$	(0.17	)	$	(0.93	)	$	(0.54	)	$	(0.44	)
Income tax (benefit) expense		0.05			(0.04	)		(0.13	)		(0.13	)		(0.13	)
Interest expense, net		0.14			0.11			0.42			0.32			0.17
Operating loss		(0.09	)		(0.10	)		(0.64	)		(0.35	)		(0.40	)
Depreciation and amortization		0.07			0.03			0.13			0.09			0.02
Gain on contingent consideration		(0.04	)		–			(0.04	)		–			–
Share-based compensation		0.05			0.03			0.08			0.07			0.01
Strategic alternatives review		0.04			0.05			0.19			0.08			0.15
Software as a service		0.05			0.02			0.09			0.04			0.03
Aged receivable adjustment		–			(0.02	)		0.10			0.07			0.09
Adjusted EPS from continuing operations		0.08			0.01			(0.09	)		–			(0.10	)
Adjusted EPS from discontinued operations		0.01			0.35			0.40			0.87			0.21
Adjusted EPS	$	0.09		$	0.36		$	0.31		$	0.87		$	0.11

^{2 We capitalizes direct costs incurred in cloud computing implementation from hosting arrangements, which are reported as a Software as a service and are expensed as incurred in selling, general, and administrative expenses.}

SOURCE: BGSF, INC.

View the original press release on ACCESS Newswire

November 10, 2025

Bradley Company Expands National Offerings with Launch of Healthcare Brokerage Team

INDIANAPOLIS, IN / ACCESS Newswire / November 7, 2025 / Bradley Company, one of the Midwest’s largest full-service commercial real estate firms, today announced it has formed a national brokerage team focused on healthcare assets.

“Healthcare real estate is a highly specialized field, requiring deep knowledge of federal regulations, tenant dynamics, patient care, and investment priorities,” said Chad Phillips, president and CEO, Bradley Company. “By expanding our national capabilities, we’re guiding providers, investors, and institutions as they navigate complex real estate strategies while keeping their goals, and their patients, at the center.”

The launch of Bradley’s healthcare brokerage team reflects the rapid demand for specialized and comprehensive investor and practitioner services, navigating the acquisition and disposition of medical office buildings and healthcare-related real estate. The new team is led by two brokers who have been dedicated to the medical office sector and bring decades of combined experience and a track record of success across the healthcare and commercial real estate landscape, Andy Martin and Ellen Weinstein.

An aging population and continued growth among health systems are fueling the nationwide rise in demand for outpatient and ambulatory services and therefore, strategically located brick and mortar properties that are compliant, convenient and cost-efficient.

Medical office and healthcare properties are increasingly seen by investors as stable, recession-proof assets, attracting more capital as health systems grow into new geographic markets.

Bradley Company is uniquely positioned to serve as the bridge between sellers and investors, leveraging its history, its boutique approach, and its national relationships with buyer groups to maximize value.

With a unique lens and the vertically integrated capabilities of the firm, Bradley’s healthcare team consults directly with both institutional healthcare systems and individual provider owners, helping them identify long-term strategies for their facilities. This dual approach allows Bradley to deliver the scale and sophistication of an institutional platform with the tailored attention and trusted relationships of a boutique firm.

“Our healthcare team aligns the priorities of both investors and providers,” Phillips continued. “Through our national network of buyer groups and our consulting work with practitioners, we deliver solutions that maximize investment value while allowing providers and healthcare systems to focus on where it matters most, their patients.”

Bradley’s Healthcare team leaders:

Andy Martin is a highly accomplished commercial real estate professional with more than 21 years of experience in brokerage and executive management. He brings nationally recognized expertise in investment analysis, market assessment, and transaction structuring to the Bradley team. Over the course of his career, Andy has overseen and executed transactions exceeding $450 million across office, healthcare, and life science assets. Known for his integrity and results-driven approach, Andy has built a reputation as a trusted advisor who helps clients align their real estate portfolios with long-term business and investment objectives. Andy is a designated SIOR (Society of Industrial and Office Realtors)and CCIM (Certified Commercial Investment Member). He is based in Kansas City.

Ellen Weinstein brings a multifaceted background to Bradley’s healthcare brokerage team, with experience spanning healthcare investment sales, tenant representation, law, and media relations. She has served on two national healthcare real estate sales teams prior to joining Bradley Co. and spent nearly ten years at a medical reimbursement law firm, where she gained a deep understanding of the regulatory and financial frameworks that shape healthcare operations. Ellen’s earlier work in media relations, where she represented national brands on multiple platforms, honed her ability to analyze and communicate complex information clearly and strategically. She guides investors and healthcare providers prioritizing their goals and deep dives into valuation as well as market analysis. She is a native of Louisville, KY and currently based in Atlanta.

-30-

About Bradley Company

Bradley Company provides commercial real estate expertise headquartered in Indianapolis, deeply rooted across the Midwest region with a team of more than300 professionals offering top-level advisory services. With more than $415 million in brokerage transactions in 2024, 3,700+ multi-family units managed, and more than 200 commercial properties and facilities managed, Bradley’s full-service team partners with clients to manage portfolios, create opportunities, and achieve strategic business objectives.

Contact Information

Lara Beck
317-727-0016
lara@beckcommunicationsgroup.com

SOURCE: Bradley Company

View the original press release on ACCESS Newswire

November 10, 2025

Avino Announces Q3 2025 Financial Results

Record Net Income, Earnings Per Share, Cash and Working Capital

VANCOUVER, BC / ACCESS Newswire / November 6, 2025 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its unaudited consolidated interim financial results for the third quarter of 2025. All amounts are in U.S. dollars unless stated otherwise.

“We are pleased to report another quarter of strong financial performance for Avino,” said David Wolfin, President and CEO. “Our third-quarter results reflect the benefits of improved mill availability and the operational discipline consistently demonstrated by our team. Revenue and profitability were underpinned by higher-than-forecasted tonnes milled and continued gains in plant efficiency. With record cash of $57 million and working capital of $51 million, our balance sheet continues to build strength. With three quarters behind us, we are firmly positioned to achieve our 2025 financial and operational targets, as we expect to remain within our production guidance range of 2.5 – 2.8 million silver equivalent ounces. With solid financial results from the Avino Mine, a strong balance sheet, and continued advancement at La Preciosa, we are on track with our transformational growth strategy.”

Third Quarter 2025 Financial Highlights (compared to Q3 2024)

Revenues: Avino realized revenues of $21.0 million, representing an increase of 44% from $14.6 million, primarily the result of increased metal prices and marginally higher ounces sold.
Increased Operating Margins: Gross profit (mine operating income) was $9.9 million and represented an increase of 73%.
Record Net income: Net income after taxes was $7.7 million, or $0.05 per share, an increase of 559%.
Strong EBITDA³ and Adjusted Earnings³: The Company realized earnings before interest, taxes, depreciation and amortization, or EBITDA³, of $11.5 million, an increase of 200% from $3.8 million. Adjusted earnings³ were $11.6 million or $0.07 per diluted share, an increase of 134% and 75%, respectively.
Record Cash and Working Capital³: Avino had $57.3 million in cash at September 30, 2025, and remains debt-free, excluding operating equipment leases and the deferred royalty repurchase payment. Our working capital³position of $50.8 million and strong balance sheet will provide the foundation to support our transformational growth plan to become a Mexico-focused mid-tier producer.
Increased Cash Flow: Cash flow provided by operating activities was $8.3 million, an increase of 101%. Prior to working capital adjustments, cash flow provided from operating activities was $7.3 million, an increase of 30%.
Free Cash Flow Generation³: Free cash flow was $5.4 million, excluding La Preciosa capital costs. Inclusive of La Preciosa, free cash flow was $4.5 million.
Mine Operating Cash FlowBefore Taxes³: Avino realized $11.0 million, an increase of 65%.
Costs per Ounce: Cash costs per silver equivalent payable ounce sold^1,2,3were $17.09, and all-in sustaining costs per silver equivalent payable ounce sold^1,2,3were $24.06, representing increases of 14% and 9%, respectively. Cost per silver equivalent payable ounce sold^1,2,3calculations were impacted by higher silver prices and lower copper contribution in Q3 2025. Using budget prices from the beginning of 2025 used for the Company’s silver equivalent production guidance, cash costs and all-in sustaining costs per silver equivalent payable ounce sold for Q3 2025 were $15.88 and $22.36, respectively.

Operational and Financial Highlights

HIGHLIGHTS (In US$, unless otherwise noted)	Third Quarter 2025		Third Quarter 2024		Change			YTD 2025		YTD 2024		Change

Tonnes Milled		188,757		156,512		21	%		547,597		467,041		17	%
Silver Ounces Produced		263,231		281,831		-7	%		812,530		825,420		-2	%
Gold OuncesProduced		1,935		1,625		19	%		5,933		4,917		21	%
Copper Pounds Produced		1,307,429		1,771,250		-26	%		4,372,752		4,423,909		-1	%
Silver Equivalent Ounces¹ Produced		580,780		670,887		-13	%		1,904,840		1,916,940		-1	%
Concentrate Sales and Cash Costs
Silver Equivalent Payable Ounces Sold²		562,604		525,003		9	%		1,806,939		1,672,917		8	%
Cash Cost per Silver Equivalent Payable Ounce^1,2,3	$	17.09	$	14.94		14	%	$	14.95	$	15.35		-3	%
All-in Sustaining Cost per Silver Equivalent Payable Ounce^1,2,3	$	24.06	$	22.06		9	%	$	21.64	$	21.61		0	%

Financial Operating Performance (in 000’s)
Revenues	$	21,042	$	14,616		44	%	$	61,683	$	41,796		48	%
Mine operating income	$	9,905	$	5,709		73	%	$	30,691	$	12,745		141	%
Net income	$	7,702	$	1,169		559	%	$	16,183	$	3,008		438	%
Earnings before interest, taxes and amortization (“EBITDA”)³	$	11,456	$	3,816		200	%	$	28,586	$	8,938		220	%
Adjusted earnings³	$	11,645	$	4,980		134	%	$	30,327	$	11,384		166	%
Cash provided by operating activities	$	8,329	$	4,148		101	%	$	17,437	$	7,573		130	%
Mine operating cash flow beforetaxes³	$	11,050	$	6,664		66	%	$	33,720	$	15,701		115	%
Per Share Amounts
Earnings per share – diluted	$	0.05	$	0.01		400	%	$	0.10	$	0.02		400	%
Adjusted earnings per share³	$	0.07	$	0.04		75	%	$	0.20	$	0.08		150	%
Liquidity &Working Capital (in 000’s)
	September 30, 2025		June 30, 2025		Change			September 30, 2025		December 31, 2024		Change
Cash	$	57,331	$	37,279		54	%	$	57,331	$	27,317		110	%
Working capital³	$	50,795	$	40,615		25	%	$	50,795	$	25,235		101	%

3rd Quarter Operating Highlights (Compared to Q3 2024)

Continued Elevated Mill Throughput: In Q3 2025, Avino achieved 21% higher mill throughput versus Q3 2024, totalling 188,757 tonnes of material. These throughput levels built of last quarter’s record and were a result of previous upgrades and automation enhancements made by our operations team, demonstrating significant improvements in mill availability.
Silver Equivalent Production Decreased 13%: Avino produced 580,780 silver equivalent ounces in Q3 2025, representing a decrease from Q3 of 2024. The decrease was driven by lower feed grades in all three metals (silver, gold and copper), as we moved through a lower grade section of the mine plan and was partially offset by significantly improved mill availability of 21%.
Gold Production Increased 19%: Q3 2025 production of 1,935 gold ounces represented a 19% increase compared to Q3 2024. This improved production resulted from the increased tonnes processed, alongside significant improvements in gold recoveries to 74% from 69% in Q3 of 2024.
Silver and Copper Production Decreased 7% and 26%: Avino produced 263,231 silver ounces and 1.3 million pounds of copper in Q3 2025, a decrease in both metals from Q3 of 2024. This decrease was result of lower feed grade from certain areas in our planned mine sequencing, which did have an impact on recoveries as well. This was partially offset by significantly improved mill availability of 21%.

TSX Recognition and Index Inclusion

On September 9, 2025, Avino announced its inclusion in the Toronto Stock Exchange’s TSX30^TM. Avino has distinguished itself by reaching the 5th position on the TSX30 2025 ranking, which is a flagship program recognizing the 30 top-performing TSX stocks on a dividend-adjusted share price appreciation over a three-year period.
On September 16, 2025, Avino announced that it has been added to the Market Vectors Junior Gold Miners Index (“MVGDXJTR”) and the VanEck Junior Gold Miners ETF (“GDXJ”), effective at market close on September 19, 2025, pursuant to the GDXJ’s semi-annual review and quarterly rebalance.

La Preciosa Development Update

The Gloria and Abundancia veins have been intercepted on the San Fernando ramp that has been driven from surface to Level 3. Over 6,700 tons of mineralized material had been stockpiled as of the end of Q3 2025, and trucking to the Avino Mill for processing is now underway. Subsequent to the end of the quarter we have started processing La Preciosa material through circuit 1, more than one month ahead of schedule. Hiring and training of equipment operators is ongoing and currently employs 70 people working across three shifts. All required mining equipment is on site already and standby equipment has been purchased to ensure continuous operation of site services. Offices and other building infrastructure are also being added. Recent photos showcasing the work at La Preciosa are available on the Avino website – click here to view them.

Royalty & Obligations Repurchase

On August 25, 2025, Avino announced the acquisition of 100% interest of La Preciosa by purchasing and extinguishing all of the outstanding royalties and contingent payment obligations (the “La Preciosa Obligations”) currently held by Deterra Royalties Limited (“Deterra”). The consideration for the La Preciosa Obligations was a $13.25 million upfront payment upon closing, followed by an $8.75 million payment deferred for one year after closing. The deferred payment was already accounted for in the existing royalty agreement with Deterra.

The La Preciosa Obligations are comprised of:

a cash payment of US$8.75 million, to be paid no later than 12 months after initial production at La Preciosa;
a 1.25% net smelter returns royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value returns royalty on all other areas of La Preciosa; and
a payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, with any such payments to be credited against any existing or future payments owing on the gross value returns royalty.

The La Preciosa Obligations were initially issued to Coeur Mining, Inc. (“Coeur”) in connection with the acquisition of La Preciosa by Avino in March 2022. Details of the Company’s acquisition of La Preciosa are available on the Company’s website here. Following the acquisition, Coeur sold the La Preciosa Obligations to Trident Royalties Plc (“Trident”) in May 2023, with Deterra subsequently acquiring the La Preciosa Obligations by way of its acquisition of Trident in September 2024.

Exploration & Confirmatory Drilling

On August 18, 2025 and October 27, 2025, Avino announced the results of eight drill holes from La Preciosa which were drilled to twin previous drilling. Assay results for the intercepts of the La Gloria and Abundancia veins were very positive and are shown in the highlights below.

Selected Intercept Highlights:

Hole PMLP 25-03: 1,638 g/t Ag and 1.92 g/t Au over 7.90 metres true width
- including 15,352 g/t Ag and 1.55 g/t Au over 0.37 metres true width
Hole PMLP 25-04: 544 g/t Ag and 0.46 g/t Au over 6.42 metres true width
- including 1,739 g/t Ag and 0.74 g/t Au over 0.66 metres true width
Hole PMLP 25-06: 787 g/t Ag and 0.51 g/t Au over 5.22 metres true width
- including 3,206 g/t Ag and 1.02 g/t Au over 0.77 metres true width
Hole PMLP 25-08 at Gloria: 306 g/t Ag and 1.15 g/t Au over 3.98 metres true width
- including 699 g/t Ag and 5.80 g/t Au over 0.63 metres true width
Hole PMLP 25-08 at Abundancia: 463 g/t Ag and 0.61 g/t Au over 4.00 metres true width
- including 642 g/t Ag and 0.60 g/t Au over 0.95 metres true width

The variation of grades and thicknesses within relatively short distances (under 10 metres) compared with previously drilled intercepts were expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects. The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model. Higher grades intersected in the northern portion of the La Gloria Vein (in hole PMLP-25-02) are expected to continue further to the North and warrant additional step-out drilling to potentially expand the mineral resource defined on the shallow La Gloria Vein.

Assays were received on eight (8) holes totalling approximately 2,000 metres drilled at La Preciosa, intersecting the La Gloria vein in all eight holes, the Abundancia vein in seven holes, and additional unnamed and splay veins in four of the holes. Assays were processed under Avino’s standard QA/QC program, with no indications of bias or contamination detected. Unlike the Avino Mine, the La Preciosa deposit contains no notable copper mineralization, so no copper values are reported.

2025 Capital Expenditures

Capital expenditures, including lease and loan payments on equipment, and excluding the repurchase of the La Preciosa royalties and associated obligations, for the year-to-date period in 2025, were $11.4 million, compared to $6.5 million for the same period in 2024, on track for our capital expenditure guidance previously disclosed in our 2025 outlook news release.

ESG Initiatives

Avino follows the ESG Standards and the United Nations Sustainable Development goals. There are 17 Sustainable Development Goals (SDGs). Avino’s efforts throughout the quarter contributed to progress on multiple SDG’s reflecting our ongoing commitment to responsible and sustainable development.

Avino continued developing activities focused on strengthening community ties, improving basic infrastructure, facilitating access to social support programs, and supporting long-term institutional and strategic projects.

Mexican nationals account for 100% of our mine work force. Currently, we provide approximately 559 direct jobs which includes contractors, workers at the mine site and in our Durango offices.

Qualified Person

Peter Latta, P. Eng, MBA, VP Technical Services, Avino, who is a qualified person within the context of National Instrument 43-101, has reviewed and approved the technical data in this news release.

Non-IFRS Accounting Standards Measures

The financial results in this news release include references to non-IFRS Accounting Standards measures. These measures are used by the Company to manage and evaluate the operating performance of the Company’s mining operations and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS. For a reconciliation of non-GAAP and GAAP measures, please refer to the “Non-IFRS Accounting Standards Measures” section of the Company’s MD&A dated November 6, 2025 for the nine months ended September 30, 2025, which is incorporated by reference within this news release and available on SEDAR+ at www.sedarplus.ca.

The earnings should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the corresponding period, which can be viewed on the Company’s website at www.avino.com, or on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.

Conference Call and Webcast

A conference call to discuss the Company’s Q3 2025 operational and financial results will be held on Friday, November 7, 2025, at 8:00 a.m. PT / 11:00 a.m. ET. To participate in the conference call or follow the webcast, please see the details below.

Shareholders, analysts, investors, and media are invited to join the webcast and conference call by logging in here Avino’s Q3 2025 Financial Results or by dialing the following numbers five to ten minutes prior to the start time.

Toll Free: 888-506-0062
International: +1 973-528-0011
Participant Access Code: 530885

Participants will be greeted by an operator and asked for the access code. If a caller does not have the code, they can reference the company name. Participants will have the opportunity to ask questions during the Q&A portion.

The conference call and webcast will be recorded, and the replay will be available on the Company’s website later that day.

About Avino

Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company’s silver, gold and copper production remains unhedged. The Company intends to maintain long-term sustainable and profitable mining operations to reward shareholders and the community alike through our growth at the historic Avino Property and the strategic acquisition of the adjacent La Preciosa which was finalized in Q1 2022. Early in 2024, the Pre-feasibility Study on the Oxide Tailings Project was completed. This study is a key milestone in our growth trajectory. Avino has been included in the Toronto Stock Exchange’s 2025 TSX30™. Avino has distinguished itself by reaching the 5th position on the TSX30 2025 ranking. As part of Avino’s commitment to adopting sustainable practices, we have been operating a dry-stack tailings facility for more than two years with excellent results. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on X (formerly Twitter) at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines. To view the Avino Mine VRIFY tour, please click here.

For Further Information, Please Contact:

Investor Relations
Tel: 604-682-3701
Email: IR@avino.com

This news release contains “forward-looking information” and “forward-looking statements” (together, the “forward looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the mineral resource estimate for the Company’s Avino Property, including La Preciosa, located near Durango in west-central Mexico (the “Avino Property”) with an effective date of October 16, 2023 and can be viewed within Avino’s latest technical report dated February 5, 2024 for the Pre-feasibility Study and references to to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this press release. This information and these statements, referred to herein as “forward-looking statements” are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of mineral reserves and mineral resources, including the cut-off grade; (ii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of operating the mine, of sustaining capital, of strip ratios and the duration of financing payback periods; (iii) the estimated amount of future production, both ore processed and metal recovered and recovery rates; (iv) estimates of operating costs, life of mine costs, net cash flow, net present value (NPV) and economic returns from an operating mine; and (v) the completion of the full Technical Report, including a Preliminary Economic Assessment, and its timing. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.

Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources

All reserve and resource estimates reported by Avino were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. The U.S. Securities and Exchange Commission (“SEC”) now recognizes estimates of “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” and uses new definitions of “proven mineral reserves” and “probable mineral reserves” that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. US investors are cautioned not to assume that any “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” that the Issuer reports are or will be economically or legally mineable. Further, “inferred mineral resources” are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

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

Footnotes:

In Q3 2025, AgEq was calculated using metal prices of $39.38 per oz Ag, $3,454 per oz Au and $4.45 per lb Cu. In Q3 2024, AgEq was calculated using metals prices of $29.42 oz Ag, $2,476 oz Au and $4.18 lb Cu. For YTD 2025, AgEq was calculated using metal prices of $34.98 per oz Ag, $3,199 per oz Au and $4.34 per lb Cu. For YTD 2024, AgEq was calculated using metal prices of $27.21 oz Ag, $2,295 oz Au and $4.15 lb Cu. Calculated figures may not add up due to rounding.
“Silver equivalent payable ounces sold” for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.
Non-IFRS Accounting Standard measure. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under IFRS Accounting Standards and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Accounting Standards Measures section of the Company’s MD&A for further information and detailed reconciliations.

SOURCE: Avino Silver & Gold Mines Ltd.

View the original press release on ACCESS Newswire

November 10, 2025

FatPipe, Jackpot Digital, and NDT Pharmaceuticals Interviews to Air on the RedChip Small Stocks, Big Money(TM) Show on Bloomberg TV

ORLANDO, FLORIDA / ACCESS Newswire / November 7, 2025 / RedChip Companies will air interviews with FatPipe, Inc. (NASDAQ:FATN), Jackpot Digital Inc. (OTCQB:JPOTF), and NDT Pharmaceuticals Inc. (OTC:NDTP) on the RedChip Small Stocks, Big Money™ show, a sponsored program on Bloomberg TV this Saturday, November 8, at 7 p.m. Eastern Time (ET). Bloomberg TV is available in an estimated 73 million homes across the U.S.

Access the interviews in their entirety at:

Dr. Ragula Bhaskar, CEO and Co-Founder of FatPipe, appears on the RedChip Small Stocks Big Money™ show on Bloomberg TV to discuss the Company’s pioneering innovations in software-defined wide area networking (SD-WAN) and next-generation cybersecurity. Under Dr. Bhaskar’s leadership, FatPipe has evolved from an SD-WAN pioneer – credited with creating the category itself – to a leader in delivering advanced, cost-effective network security solutions for small and mid-sized businesses. He will highlight FatPipe’s patented technologies that enable seamless, high-speed data transmission across multiple links and its new single-stack cybersecurity platform that provides enterprise-grade protection at SMB-friendly costs. Dr. Bhaskar will also discuss FatPipe’s global customer footprint, strong intellectual property portfolio, and growth strategy as the Company expands its cybersecurity offerings to meet the escalating demand for secure, resilient connectivity in the hybrid workplace era.

Jake Kalpakian, President and CEO of Jackpot Digital, appears on the RedChip Small Stocks Big Money™ show on Bloomberg TV to discuss the Company’s leadership in dealerless electronic poker technology and its expansion across global gaming markets. Kalpakian will highlight Jackpot’s flagship product, Jackpot Blitz®, a cutting-edge 75-inch 4K touchscreen table that delivers a fully automated, interactive poker experience while dramatically reducing casino operating costs. He will outline the Company’s strong and growing customer base – including Carnival Cruise Line, Royal Caribbean, PENN Entertainment, and Loto-Québec – and the significant growth opportunity as Jackpot expands into regulated land-based casinos across North America, Asia, and Europe. Kalpakian will also discuss Jackpot’s scalable, recurring-revenue model and its unique position to capitalize on the multi-billion-dollar electronic table game market projected to exceed $3.4 billion by 2030.

Zach O’Shea, President and CEO of NDT Pharmaceuticals, appears on the RedChip Small Stocks Big Money™ show on Bloomberg TV to discuss the company’s mission to redefine biosafety and wellness through its wholly owned subsidiary, Good Salt Life. Headquartered in Athens, Georgia, Good Salt Life is a vertically integrated innovator in infection control, combining cutting-edge chemical-delivery technology, EPA-approved antimicrobial solutions, and proprietary data-driven disinfection protocols to create sustainable biosafety ecosystems. The company’s solutions are deployed across 11 countries and 8 industries, including food production, animal health, healthcare, hospitality, transportation, and professional sports. O’Shea will highlight Good Salt Life’s expanding operations spanning B2B and B2C markets, and the company’s projected growth trajectory as it scales its eco-friendly, science-driven solutions for healthier living worldwide.

FATN, JPOTF, and NDTP are clients of RedChip Companies. Please read our full disclosure at https://www.redchip.com/legal/disclosures.

About FatPipe, Inc.

FatPipe pioneered the concept of software-defined wide area networking (SD-WAN) and hybrid WANs that eliminated the need for cooperation from ISPs and allow companies and service providers to control multi-link network traffic worldwide. FatPipe has now pioneered cost-effective, advanced single-stack cybersecurity for on-premise deployments that significantly improve network and cybersecurity for SMBs. For more information, please visit www.fatpipeinc.com.

About Jackpot Digital Inc.

Jackpot Digital Inc. is a leading provider of electronic poker table games, offering innovative gaming solutions to casinos worldwide. The Company specializes in the development and deployment of dealerless multiplayer electronic poker ETGs, providing operators with efficient, cost-effective, and revenue-generating alternatives to traditional live-dealer table games. Jackpot Digital is committed to enhancing the player experience and helping operators optimize their gaming offerings. For more information on Jackpot Digital, visit www.jackpotdigital.com.

About NDT Pharmaceuticals, Inc.

NDT Pharmaceuticals, Inc. is a publicly traded company focused on advancing innovative consumer health and wellness solutions. Through its subsidiary, Good Salt Life, the Company has expanded its strategic direction into sustainable, science-driven products that promote healthier living. The Company is committed to building value through investments in sustainable, science-driven brands that protect people, pets, and the planet while aligning with growing consumer demand for eco-friendly and health-conscious alternatives.

About Good Salt™ Life, Inc.

Good Salt Life is dedicated to promoting vitality through eco-friendly, nature-derived products that support healthier living environments. With a focus on innovation and sustainability, the company offers safe and effective solutions for home, pet, personal care, and animal health. Through strategic partnerships, including collaborations in the B2B animal health sector, Good Salt Life continues to drive advancements that benefit both people and animals. For more information, visit www.goodsaltlife.com.

About RedChip Companies

RedChip Companies, an Inc. 5000 company, is an international investor relations, media, and research firm focused on microcap and small-cap companies. Founded in 1992 as a small-cap research firm, RedChip gained early recognition for initiating coverage on emerging blue chip companies such as Apple, Starbucks, Daktronics, Winnebago, and Nike. Over the past 33 years, RedChip has evolved into a full-service investor relations and media firm, delivering concrete, measurable results for its clients, which have included U.S. Steel, Perfumania, and Celsius Holdings, among others. Our newsletter, Small Stocks, Big Money™, is delivered online weekly to 60,000 investors. RedChip has developed the most comprehensive service platform in the industry for microcap and small-cap companies. These services include the following: a worldwide distribution network for its stock research; retail and institutional roadshows in major U.S. cities; outbound marketing to stock brokers, RIAs, institutions, and family offices; a digital media investor relations platform that has generated millions of unique investor views; investor webinars and group calls; a television show, Small Stocks, Big Money™, which airs weekly on Bloomberg US; TV commercials in local and national markets; corporate and product videos; website design; and traditional investor relation services, which include press release writing, development of investor presentations, quarterly conference call script writing, strategic consulting, capital raising, and more. RedChip also offers RedChat™, a proprietary AI-powered chatbot that analyzes SEC filings and corporate disclosures for all Nasdaq and NYSE-listed companies, giving investors instant, on-demand insights.

To learn more about RedChip’s products and services, please visit:

https://www.redchip.com/corporate/investor_relations

“Discovering Tomorrow’s Blue Chips Today”™

Follow RedChip on LinkedIn: https://www.linkedin.com/company/redchip/

Follow RedChip on Facebook: https://www.facebook.com/RedChipCompanies

Follow RedChip on Instagram: https://www.instagram.com/redchipcompanies/

Follow RedChip on Twitter: https://twitter.com/RedChip

Follow RedChip on YouTube: https://www.youtube.com/@redchip

Follow RedChip on Rumble: https://rumble.com/c/c-3068340

Subscribe to our Mailing List: https://www.redchip.com/newsletter/latest

Contact:

Dave Gentry
RedChip Companies Inc.
1-800-REDCHIP (733-2447)
1-407-644-4256
info@redchip.com

–END–

SOURCE: RedChip Companies, Inc.

View the original press release on ACCESS Newswire

November 10, 2025

Breakthrough Surgical Mining(TM) Technology Positions Novamera to Accelerate Production of Critical Minerals and Metals

Novamera’s precision extraction solution unlocks previously uneconomic deposits with a faster, low-impact, data-driven alternative to conventional mining.

TORONTO, ON / ACCESS Newswire / November 6, 2025 / Novamera Inc., a Canadian mining technology company, has achieved a world first: the mining of a mineral deposit using its breakthrough Surgical Mining system. The initial extraction is taking place at the Golden Promise deposit near Badger, Newfoundland, marking a major milestone in the effort to unlock new sources of minerals and metals in a low-capital, faster and more sustainable manner to support global supply needs.

“This achievement proves that Surgical Mining can deliver a new pathway towards profitable production with a fraction of the environmental impact compared to traditional methods,” said Jim Hollis, CEO of Novamera. “We’re demonstrating a faster, cleaner, and more economical way to access valuable mineral resources. Our combination of software simulation, advanced imaging and robotics opens the door to a new category of smaller, smarter, faster mines.”

Surgical Mining is a new way to extract valuable minerals from the earth-using a precise, data-driven approach that targets only what’s worth mining. By combining simulation, downhole subsurface imaging, AI-powered 3D orebody modelling, and robotic extraction, the process selectively extracts mineralized material while leaving surrounding rock and ecosystems largely undisturbed. Unlike conventional mining, Surgical Mining requires no blasting, generates 95% less waste, and utilizes a closed-loop water system-resulting in less waste, a smaller environmental footprint, faster timelines, and significantly lower costs, while simplifying permitting and reclamation.

Novamera’s first commercial deployment at the Golden Promise deposit, owned by Great Atlantic Resources, demonstrates how its Surgical Mining solution can provide a faster path to domestic production of metals and minerals essential to clean technologies, defence, electrification, and advanced manufacturing. This breakthrough unlocks a multi-billion-dollar market opportunity spanning precious, strategic, and critical minerals.

The successful deployment underpins Novamera’s Series A financing round, from which the funds will support scaling the business, further building out the Surgical Mining platform and delivering the first set of projects from its growing pipeline.

“This milestone validates the years of development behind our Surgical Mining platform and demonstrates its commercial readiness. The momentum we’re seeing from customers and strategic partners gives us confidence that now is the right time to scale – and the Series A financing will allow us to do exactly that,” said Dustin Angelo, Chief Operating Officer and Co-Founder of Novamera.

Supported by DIGITAL, the Government of Newfoundland and Labrador, Atlantic Canada Opportunities Agency and MICA (Mining Innovation Commercialization Accelerator), Novamera’s success demonstrates how Canadian innovation can reshape mineral extraction, helping secure the resources needed for electrification, clean energy, and advanced manufacturing.

About Novamera

Founded in 2019, Novamera Inc. is revolutionizing how the world mines. Its patented Surgical Mining process enables precise, low-impact extraction of narrow-vein deposits that were previously uneconomic. By combining advanced imaging, AI modelling, and precision robotic drilling, Novamera helps mining companies unlock new resources with lower costs, faster timelines, and minimal environmental impact-creating a new category of sustainable, high-return projects.

For more information, visit www.novamera.com.

CONTACT:

Theresa Quick
Chief Revenue Officer
+1-647-616-5342
tquick@novamerainc.com
novamerainc.com

SOURCE: Novamera

View the original press release on ACCESS Newswire

November 10, 2025

MSC Industrial Supply Co. to Participate at Upcoming Investor Conferences

MELVILLE, NY AND DAVIDSON, NC / ACCESS Newswire / November 6, 2025 / MSC Industrial Supply Co. (NYSE:MSM), a premier distributor of Metalworking and Maintenance, Repair and Operations (MRO) products and services to industrial customers throughout North America, today announced the following upcoming investor events:

	Baird 2025 Global Industrial Conference	Stephens Annual Investment Conference
When:	November 11, 2025	November 18, 2025
Attendees:	Erik Gershwind, CEO Ryan Mills, Head of Investor Relations	Erik Gershwind, CEO Ryan Mills, Head of Investor Relations
Fireside Chat:	Tuesday, November 11, 2025, at 8:30 a.m. CST	Tuesday, November 18, 2025, at 9:00 a.m. CST

A real-time audio webcast of both fireside chats can be accessed via the Events and Presentations section of MSC Industrial Supply Co. Investor Relations website at https://investor.mscdirect.com/events-presentations. A replay of the webcasts will be available after the conclusion of each fireside chat and can be accessed on the MSC Industrial Supply Co. Investor Relations website.

# # #

Contact Information
Investors:	Media:
Ryan Mills, CFA	Leah Kelso
Head of Investor Relations	VP, Communications and Sales Enablement
Rmills@mscdirect.com	Leah.Kelso@mscdirect.com

About MSC Industrial Supply Co.

MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 2.5 million products, inventory management and other supply chain solutions, and deep expertise from more than 80 years of working with customers across industries. Our experienced team of more than 7,000 associates works with our customers to help drive results for their businesses – from keeping operations running efficiently today to continuously rethinking, retooling and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact, that address activities, events or developments that MSC expects, believes or anticipates will or may occur in the future, including statements about results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth and profitability, are forward-looking statements. The words “will,” “may,” “believes,” “anticipates,” “thinks,” “expects,” “estimates,” “plans,” “intends” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management’s assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: general economic conditions in the markets in which we operate; changing customer and product mixes; volatility in commodity, energy and labor prices, and the impact of prolonged periods of low, high or rapid inflation; competition, including the adoption by competitors of aggressive pricing strategies or sales methods; industry consolidation and other changes in the industrial distribution sector; the applicability of laws and regulations relating to our status as a supplier to the U.S. government and public sector; the credit risk of our customers; our ability to accurately forecast customer demands; interruptions in our ability to make deliveries to customers; supply chain disruptions; our ability to attract and retain sales and customer service personnel; the risk of loss of key suppliers or contractors or key brands; changes to trade policies or trade relationships, including tariff policies; risks associated with opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; interruption of operations at our headquarters or customer fulfillment centers; products liability due to the nature of the products that we sell; impairments of goodwill and other indefinite-lived intangible assets; the impact of climate change; operating and financial restrictions imposed by the terms of our material debt instruments; our ability to access additional liquidity; the significant influence that our principal shareholders will continue to have over our decisions; our ability to execute on our E-commerce strategies and maintain our digital platforms; costs associated with maintaining our information technology (“IT”) systems and complying with data privacy laws; disruptions or breaches of our IT systems or violations of data privacy laws, including such disruptions or breaches in connection with our E-commerce channels; risks related to online payment methods and other online transactions; our ability to remediate a material weakness in our internal control over financial reporting and to maintain effective internal control over financial reporting and our disclosure controls and procedures in the future; the retention of key management personnel; litigation risk due to the nature of our business; failure to comply with environmental, health, and safety laws and regulations; and our ability to comply with, and the costs associated with, social and environmental responsibility policies. Additional information concerning these and other risks is described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the United States Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.

SOURCE: MSC Industrial Direct Co.

View the original press release on ACCESS Newswire

November 10, 2025

GPO Plus, Inc. Increases Revenue Nearly 6X Since Entering the DSD Market, Now Scaling Phase Toward National Expansion

From $1.1M to a $6.3M Run Rate in About Two and a Half (2.5) Years.

LAS VEGAS, NV / ACCESS Newswire / November 6, 2025 / GPO Plus, Inc. (OTCQB:GPOX), an AI-powered Distributor revolutionizing distribution to gas stations and convenience stores with its innovative technology-driven Direct Store Delivery (DSD) model, announced today that its annualized revenue run rate has reached approximately $6.3 million, marking nearly a 6x increase since entering the DSD market in April 2023 through the acquisition of Betterment Retail Solutions.

At the time of acquisition, Betterment generated roughly $1.08 million in annual revenue. Since then, GPOX has transformed its operations through its proprietary PRISM+AI technology integration, margin expansion, and market diversification, achieving a 483%revenue increase and, as previously reported, improving gross operational margins from 15% to 28%. This growth reflects strong execution and operational discipline as the company reaches a pivotal inflection point, transitioning from regional distribution to a scalable, nationwide platform.

Scaling for the Next Phase of Growth

With its foundation now firmly established, GPOX is focused on accelerating expansion through multiple strategic initiatives designed to extend its reach, deepen market penetration, and increase average sales per store. The Company’s next milestone target is 1,500 active retail partners, while simultaneously working to increase monthly sales per store from approximately $1,000 to over $2,000 through the introduction of new product lines, private-label expansion, and enhanced sales channels.

New initiatives include the rollout of national product programs, an expanding Las Vegas-based call center enabling capital-light nationwide sales via drop-shipping, and the launch of regional “DISTRO+Cash + Carry” hubs transforming warehouse infrastructure into profit centers. Together, these programs position GPOX for scalable growth with minimal incremental overhead.

CEO Engagement + Strategic Partnerships

Chief Executive Officer Brett H. Pojunis has been highly active, engaging with investors, industry leaders, and potential partners across the country, including recent speaking appearances in New York, Chicago, and Las Vegas. These efforts have already sparked promising collaborations and new product partnerships that will drive further expansion.

Technology Advantage: PRISM+ Platform

At the center of GPOX‘s growth strategy is PRISM+, its proprietary AI-driven logistics and inventory management platform. PRISM+ streamlines routing, forecasting, and inventory control, improving delivery efficiency while supporting scalable operations across GPOX‘s “Mini Hub + Regional Hub” network. The platform also powers the DISTRO+Wholesale Portal, giving retailers and independent sales organizations (ISOs) real-time access to inventory, pricing, and order management.

Niche Focus and Margin Expansion

GPOX is addressing one of the largest inefficiencies in the U.S. convenience store industry, where 63% of 152,000+ locations are independently owned single-store operators. This fragmented segment, representing 15%-20% of high-margin lifestyle and specialty products often overlooked by major distributors, accounts for more than $50 billion in annual retail sales. By solving these supply chain challenges through its AI-driven DSD model, GPOX is consolidating this overlooked market and providing independent retailers access to best-in-class products, pricing, and service.

Strategic Partnership with SurgePays (NASDAQ:SURG)

GPOX’s partnership with SurgePays, Inc. (NASDAQ:SURG) expands its reach into new markets by integrating GPOX’s growing product catalog with SurgePays’ 10,000+ retail network and national sales force. This partnership represents a capital-efficient way to rapidly scale GPOX’s retail footprint and enhance recurring revenue.

Looking Ahead

With its systems, infrastructure, and partnerships in place, GPOX is entering a new phase of accelerated national growth. Management believes the Company’s proven model, expanding technology stack, and multi-channel sales network position GPOX to become the leading nationwide DSD distributor serving convenience stores, gas stations, and specialty retailers across America.

Connect with us on social media to view live video updates, content, and general information about GPOX and its GPOs: https://gpoplus.com/social.

About GPOPlus+ (GPOX)

GPOX is an AI-powered Distributor revolutionizing the future of distribution to gas stations and convenience stores with its innovative technology-driven Direct Store Delivery (DSD) model. Our goal is clear and ambitious: “to build the largest nationwide DSD distribution company servicing gas stations, convenience stores, and beyond.” Our technology-driven AI network, featuring strategically placed Regional Hubs and Mini Hubs, is designed to optimize efficiency and maximize reach. Central to our operations is our in-house AI technology platform, PRISM+. Designed to streamline the distribution process, PRISM+ supports efficient delivery, inventory management, data analytics, and overall operational excellence, enabling us to reliably and effectively meet the dynamic needs of our partners. Our mission is to consolidate the fragmented market segment managed by numerous regional vendors. Our dedication to excellence is evident in our product selection process, where we align offerings with consumer demand and partner with top-tier vendors and brands, ensuring our portfolio remains diverse and highly profitable. For more information, please visit www.GPOPlus.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding GPO Plus, Inc.’s (“the Company” or “GPOX”) expected financial performance, business growth, strategic initiatives, product development, market opportunities, and future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” or the negative of these terms or other comparable terminology.

These statements are based on management’s current expectations, estimates, projections, and assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause or contribute to such differences include, among others: the Company’s ability to raise additional capital; changes in consumer demand or market conditions; competition; changes in applicable laws and regulations (including those related to hemp, cannabis, and cannabinoids); dependence on key personnel; supply chain constraints; product liability risks; reliance on third-party partners and vendors; volatility in the trading price of the Company’s common stock; and other risks described in the Company’s filings with the Securities and Exchange Commission (“SEC”), available at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contacts:

GPOX Shareholder Success Team:
Brett H. Pojunis, CEO
Email: ir@gpoplus.com
Shareholder’s Line: 855.935.GPOX (4769)

SOURCE: GPO Plus, Inc.

View the original press release on ACCESS Newswire

November 10, 2025

Aspire Biopharma Engages with Global Pharmaceutical Leaders at CPHI Frankfurt to Advance Partnership Discussions for its Sublingual High-Dose Aspirin

ESTERO, FL / ACCESS Newswire / November 6, 2025 / Aspire Biopharma Holdings, Inc. (Nasdaq:ASBP) (“Aspire” or the “Company”), developer of a multi-faceted patent-pending drug delivery technology, today announced its successful participation in the CPHI Frankfurt trade show, the world’s largest pharmaceutical event. The Company engaged in numerous strategic discussions with global pharmaceutical companies regarding technical collaboration and licensing opportunities for its lead product candidate, a novel sublingual high-dose aspirin.

Held in Frankfurt, Germany, from October 27-30, CPHI unites professionals across the entire pharma supply chain to collaborate, build relationships, and drive business forward. This year’s event hosted over 63,000 attendees from 160 countries and featured 2,400 exhibitors. During the conference, Aspire’s management team conducted 16 formal, face-to-face meetings and dozens of informal conversations with interested parties. Notable discussions were held with representatives from major industry players including Deva Holdings, Abiogan, Bayer, Key Pharmaceuticals, AI Branding, TGC Health, Instapill, and Zerion, among others.

Steve Quesenberry, who serves as counsel for Aspire and represented the Company at the event, stated, “Attending CPHI Frankfurt was an invaluable experience for Aspire. The sheer scale of the event is impressive, but the real value was in the quality of our interactions. Having sixteen face-to-face meetings, in addition to many other promising conversations, allowed us to directly showcase the compelling clinical data for our sublingual high-dose aspirin. The reception was overwhelmingly positive, and these discussions with major industry players are a critical step toward establishing the strategic partnerships needed to bring our innovative product to a global market.”

The primary focus of these discussions was Aspire’s sublingual high-dose aspirin, which recently reported positive final results from its investigational study. The study demonstrated that Aspire’s formulation produced higher and more rapid mean plasma concentrations of acetylsalicylic acid (ASA), the active antiplatelet form of aspirin, compared to chewed aspirin tablets. This is critically important for its potential use in treating suspected acute myocardial infarction (AMI), or heart attack.

Kraig Higginson, Interim CEO of Aspire Biopharma, stated, “Our team was pleased to establish introductions that opened discussions on potential joint venture and licensing opportunities with leading pharmaceutical companies. The strong interest we received at CPHI Frankfurt reinforces our strategy and highlights the substantial potential of our drug‑delivery platform. We are now focused on building partnerships that can accelerate development and commercial readiness. These collaborations will play a crucial role in bringing our innovative delivery solutions to market efficiently and safely, maximizing the commercial value of our lead program.”

About Aspire Biopharma Holdings, Inc.

Aspire Biopharma has developed a patent-pending sublingual delivery technology that can deliver drugs to the body rapidly and precisely. This technology offers the potential to improve effectiveness and reduce side effects by going directly to the bloodstream and avoiding the gastrointestinal tract. Aspire Biopharma’s delivery technology can be applied to many different active pharmaceutical ingredients (APIs) and other bioactive substances, spanning both small and large molecule therapeutics, nutraceuticals and supplements.

For more information, please visit www.aspirebiolabs.com

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the “safe harbor” provisions created by those laws. Aspire’s forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding our future operations. 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,” “contemplate,” “continue,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “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. These forward-looking statements represent our views as of the date of this press release and involve a number of judgments, risks and uncertainties. We anticipate that subsequent events and developments will cause our views to change. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include general market conditions, whether clinical trials demonstrate the efficacy and safety of our drug candidates to the satisfaction of regulatory authorities, or do not otherwise produce positive results which may cause us to incur additional costs or experience delays in completing, or ultimately be unable to complete the development and commercialization of our drug candidates; the clinical results for our drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; our ability to achieve commercial success for our drug candidates, if approved; our limited operating history and our ability to obtain additional funding for operations and to complete the development and commercialization of our drug candidates; and other risks and uncertainties set forth in “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to rely unduly upon these statements. All information in this press release is as of the date of this press release. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

Aspire Biopharma Holdings, Inc.

Contact

Brett Maas
Hayden IR: (646) 536-7331
brett@haydenir.com

James Carbonara
Hayden IR: (646)-755-7412
james@haydenir.com

SOURCE: Aspire Biopharma Holdings, Inc.

View the original press release on ACCESS Newswire

November 10, 2025

Lear Capital Highlights Inflation’s Hidden Impact on Cash Savings and CDs Amid 2025 Market Volatility

Recent Lear Capital commentary discusses how inflation may erode fixed returns and how market corrections could present opportunities for portfolio rebalancing

LOS ANGELES, CA / ACCESS Newswire / November 6, 2025 / Lear Capital, a trusted name in precious metals education and investing since 1997, has published new educational content examining how inflation continues to affect traditional savings vehicles and what recent precious metals market movements may signal for long-term investors.

In a recent blog post titled “Are Certificates of Deposit (CDs) Quietly Costing You Money?”, Lear Capital explores how inflation can quietly erode the purchasing power of fixed-income savings instruments. The analysis frames inflation as a “hidden tax” that may outpace the nominal returns offered by many CDs and traditional savings accounts, potentially leaving savers with less real value over time despite positive account balances.

“Many Americans believe their savings are growing when they see positive returns on CDs or savings accounts,” said Kevin DeMeritt, founder of Lear Capital. “However, when inflation runs higher than those returns, purchasing power actually declines. Our goal is to help investors understand these dynamics so they can make more informed decisions about their financial futures.”

The commentary arrives as U.S. savers navigate persistent inflation pressures while seeking safe havens for retirement savings and emergency funds. Lear Capital’s educational content encourages readers to calculate real returns by accounting for inflation rates, helping them better understand how their savings may perform in different economic environments.

In complementary analysis, Lear Capital also recently published “Christmas in October: The Market Just Handed Investors a Big Fat Present – The Opportunity to Buy the Dip,” which examines the recent pullback in gold and silver prices following record highs earlier this year. The piece provides historical context showing how temporary corrections in precious metals markets have often preceded significant rallies, reinforcing the importance of understanding long-term market patterns rather than reacting to short-term volatility.

“Market corrections are a natural part of any investment cycle,” DeMeritt added. “Our focus remains on education – helping investors understand historical trends, economic fundamentals, and how different asset classes respond to varying market conditions.”

Lear Capital’s latest commentary offers insight for U.S. savers facing persistent inflation and market uncertainty, providing educational resources designed to help investors evaluate their portfolio strategies and understand the relationship between inflation, fixed returns, and alternative asset classes.

For more information about Lear Capital’s educational content and services, visit www.learcapital.com or contact their experienced representatives at (800) 576-9355.

About Lear Capital

Since 1997, Lear Capital has been a trusted name in the precious metals industry, providing expert guidance and tailored solutions on gold and silver. With a commitment to transparency and customer education, Lear Capital empowers clients to make informed decisions about incorporating gold, silver, and other precious metals into their long-term financial strategies.

Media Contact:
Matt Konigsmark
press@learcapital.com
800-576-9355

SOURCE: Lear Capital

View the original press release on ACCESS Newswire

November 10, 2025

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