Group 1 - The article promotes a portfolio strategy that generates income without the need for selling assets, aiming to simplify retirement investing [1] - It emphasizes the importance of community and education in investing, suggesting that individuals should not invest alone [2] - The service offers features such as model portfolios, buy/sell alerts, and regular market updates to support investors [2] Group 2 - The article mentions the involvement of various contributors who provide insights and recommendations, indicating a collaborative approach to investment strategies [4] - It highlights the monitoring of positions and the issuance of alerts for buy and sell recommendations, which are exclusive to members [4] - The article includes a disclosure about the analysts' positions in certain stocks, indicating a beneficial long position in SLRC and ET [3]

Core Insights - Freedom Holding Corp. reported a 17% year-over-year increase in revenue for Q1 FY2026, reaching $533.4 million, indicating strong momentum across its diversified business model [1][9] - The CEO emphasized ongoing investments in technology and market expansion, particularly in Central Asia and Europe [1] Financial Highlights - Banking segment revenue increased by 60% to $146.2 million, with Freedom Bank Kazakhstan's customer base growing from 2.5 million to 2.9 million [2] - Insurance segment revenue surged by 18% to $174 million, with net insurance premiums earned reaching $153.3 million and a client base of 1.4 million [2] - Brokerage segment revenue amounted to $176.3 million, marking a 1% year-over-year increase, with brokerage accounts rising from 683,000 to 725,000 [3] - Business units contributed $36.9 million in revenue, driven by growth in Arbuz.kz, Freedom Ticketon, Aviata, and Freedom Telecom [3] Trading and Investment Performance - Net gain on trading securities was $45.6 million, a significant recovery from a net loss of $52.1 million in the same period of 2024, primarily due to increased market value of Kazakhstan government bonds [4] Cost Dynamics and Strategic Investments - Total expenses for the quarter were $492.9 million, with significant components including $113.4 million in interest expense and $93.1 million in payroll and bonuses [6] - The acquisition of Astel Group Ltd was completed, enhancing the telecom infrastructure under the Freedom Telecom brand [5] Profitability and Balance Sheet - The company maintained a net profit of $30.4 million, with diluted earnings per share (EPS) of $0.50 despite higher costs and foreign exchange challenges [7] - Total assets reached $9.69 billion, with shareholders' equity at $1.23 billion [9][10]

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q2 2025 present the company's financial position, operations, and cash flows, noting a decrease in total assets and net income [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$9.69 billion** as of June 30, 2025, driven by lower cash and receivables, while total shareholders' equity increased to **$1.23 billion** Condensed Consolidated Balance Sheet Highlights (in thousands USD) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Total Assets** | **$9,689,753** | **$9,914,017** | | Cash and cash equivalents | $567,907 | $837,302 | | Investment securities | $2,796,881 | $2,814,733 | | Margin lending, brokerage and other receivables, net | $2,896,713 | $3,319,145 | | Loans issued | $1,749,402 | $1,595,435 | | **Total Liabilities** | **$8,460,694** | **$8,699,659** | | Securities repurchase agreement obligations | $1,070,787 | $1,418,443 | | Customer liabilities | $4,446,747 | $4,304,999 | | Debt securities issued | $670,125 | $469,551 | | **Total Shareholders' Equity** | **$1,229,059** | **$1,214,358** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, total net revenue increased to **$533.4 million**, primarily due to a gain on trading securities, while net income decreased to **$30.4 million** due to higher operating expenses Statement of Operations Summary (in thousands USD, except EPS) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenue, Net** | **$533,423** | **$454,999** | | Fee and commission income | $107,642 | $115,489 | | Net gain/(loss) on trading securities | $45,602 | $(52,102) | | Interest income | $198,571 | $226,004 | | Insurance premiums earned, net | $153,257 | $129,408 | | **Total Expense** | **$492,908** | **$413,401** | | Interest expense | $113,410 | $145,718 | | Payroll and bonuses | $93,101 | $57,524 | | **Net Income** | **$30,396** | **$34,259** | | **Diluted EPS (USD)** | **$0.50** | **$0.57** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$480.8 million** for the three months ended June 30, 2025, while net cash used in investing activities significantly increased to **$505.5 million** Cash Flow Summary (in thousands USD) | Cash Flow Activity | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash flows from operating activities | $480,831 | $854,066 | | Net cash flows used in investing activities | $(505,516) | $(94,685) | | Net cash flows from financing activities | $123,381 | $245,534 | | **Net Change in Cash, Cash Equivalents and Restricted Cash** | **$24,096** | **$890,467** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, business segments, investment concentrations in Kazakhstan sovereign debt, loan portfolio specifics, and the acquisition of Astel Group Ltd., alongside related party transactions - The company operates through four main segments: Brokerage, Banking, Insurance, and Other, with a significant presence in Kazakhstan and expanding into telecommunications and media[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) - As of June 30, 2025, the Group held significant concentrations in debt securities from two issuers: the Ministry of Finance of the Republic of Kazakhstan (**$1.55 billion**) and the Kazakhstan Sustainability Fund JSC (**$477 million**)[58](index=58&type=chunk) - On April 30, 2025, the company acquired 100% of Astel Group Ltd., a Kazakh telecom operator, for a total purchase price of **$22.3 million**, recognizing **$1.74 million** in goodwill[148](index=148&type=chunk)[149](index=149&type=chunk) - The company has significant related party transactions, including purchasing uncollateralized retail loans from FFIN Credit, a company controlled by CEO Timur Turlov, and providing credit risk insurance to the same entity[132](index=132&type=chunk)[136](index=136&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights a **17% revenue growth** driven by trading gains and insurance premiums, offset by a **19% expense increase** leading to a net income decrease, alongside strategic expansion into telecommunications Financial Highlights for Q1 FY2026 (Three months ended June 30, 2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change | | :--- | :--- | :--- | :--- | | Total Revenue, Net | $533.4M | $455.0M | +17% | | Total Expense | $492.9M | $413.4M | +19% | | Net Income | $30.4M | $34.3M | -11% | - The company is expanding its digital fintech ecosystem by entering the telecommunications market in Kazakhstan through its subsidiary Freedom Telecom, which recently acquired Astel Group Ltd[217](index=217&type=chunk)[218](index=218&type=chunk) Customer Growth | Segment | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Brokerage | 725,000 | 683,000 | | Banking | 2,927,000 | 2,515,000 | | Insurance | 1,396,000 | 1,170,000 | [Qualitative and Quantitative Disclosures About Market Risk](index=87&type=section&id=Item%203.%20Qualitative%20and%20Quantitative%20Disclosures%20About%20Market%20Risk) The company faces significant market risks including interest rate, foreign currency, and credit risk, with a hypothetical interest rate increase impacting the trading portfolio by **$91.0 million** and substantial margin lending receivables - A hypothetical increase in interest rates (200 bps for non-USD/EUR, 50 bps for USD/EUR) would result in a **$91.0 million** decline in the fair market value of the trading portfolio as of June 30, 2025[342](index=342&type=chunk) - The company has significant foreign currency exchange risk, particularly with the Kazakhstan tenge, where a **10% adverse change** in the USD relative to other currencies would result in a total loss of **$147.4 million** as of June 30, 2025[343](index=343&type=chunk)[346](index=346&type=chunk)[354](index=354&type=chunk) - Credit risk from margin lending is substantial, with **$2.86 billion** in receivables as of June 30, 2025, of which three non-related party customers accounted for **$1.40 billion**[351](index=351&type=chunk) [Controls and Procedures](index=91&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[370](index=370&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[371](index=371&type=chunk) [PART II — OTHER INFORMATION](index=92&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=92&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in an arbitration case with Einride AB regarding a **$10 million** convertible debenture, with a final award expected in May 2026, while other legal matters are routine - Einride AB filed an arbitration claim against the company for an alleged failure to pay a **$10,000** subscription for a convertible debenture, which the company contests, with a final award scheduled for May 2026[153](index=153&type=chunk)[373](index=373&type=chunk) [Risk Factors](index=92&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, were reported - No material changes from the risk factors disclosed in the 2025 Form 10-K were reported as of June 30, 2025[374](index=374&type=chunk) [Exhibits](index=92&type=section&id=Item%206.%20Exhibits) The report includes various exhibits, such as bond program prospectuses, recent bond offering terms, and CEO/CFO certifications, as required by regulations - Exhibits filed with the report include details on the **$1 billion** bond program, recent bond offerings in May 2025, and certifications from the CEO and CFO[376](index=376&type=chunk)

Core Viewpoint - Freedom Financial Holdings reported a net income of $799,896 for Q2 2025, a significant decrease from $2,019,348 in Q1 2025 and $2,044,233 in Q2 2024, indicating challenges in profitability despite improvements in core operations [1][10]. Financial Performance - Net income for the six months ended June 30, 2025, was $2,819,240, down from $3,208,460 for the same period in 2024 [1][10]. - Pre-tax, pre-provision income increased by 35.7% year-over-year to $1.84 million, driven by a 25-basis point increase in net interest margin to 2.66% and a 7.8% rise in non-interest income [2]. - Total revenue decreased by 5.86% compared to the linked quarter but increased by 10.57% compared to the same quarter in 2024 [7]. Income and Expenses - Net interest income was $6.88 million for Q2 2025, down 10.93% from the previous quarter but up 11.12% from Q2 2024 [4]. - Non-interest income rose to $1.31 million, a 34.14% increase from the linked quarter and a 7.79% increase from the same period in 2024 [6]. - Non-interest expenses increased by 5.49% compared to the linked quarter and by 4.95% compared to Q2 2024, primarily due to higher compensation and data processing costs [8]. Asset Quality - Non-accrual loans remained stable at 1.45% of loans held-for-investment, while total non-performing assets decreased to 0.98% of total assets [9]. - The company recognized a loan loss provision of $688,865, increasing the allowance for credit losses to 0.96% of loans held-for-investment [11]. Capital and Liquidity - Total assets as of June 30, 2025, were $1.07 billion, a decrease of $18.41 million from December 31, 2024 [12]. - Total liabilities were $987.96 million, down from $999.01 million in the previous quarter [13]. - Stockholders' equity increased to $84.12 million, with a tangible book value per share of $12.01 [14]. Capital Ratios - The bank's capital ratios as of June 30, 2025, were well above regulatory minimums, with a Total Capital Ratio of 15.20% and a Tier 1 Capital Ratio of 14.30% [16].

Group 1 - The article discusses the benefits of subscribing to Beyond the Wall Investing, highlighting potential savings on equity research reports from banks [1] - Freedom Holding Corp. (NASDAQ: FRHC) has been covered since March 2021, marking the author's first article on Seeking Alpha [1] - The investing group offers features such as a fundamentals-based portfolio, weekly analysis from institutional investors, and alerts for short-term trade ideas based on technical signals [1] Group 2 - The article emphasizes the importance of high-quality analysis and staying updated on market trends [1]

Company Overview - USANA Health Sciences is a global leader in health and wellness products, focusing on social wellness as a key component of its business strategy since its founding in 1992 [8] - The company operates in 25 countries, emphasizing clear communication to build trust with customers and distributors [8] Leadership Insights - Kevin Guest, the Executive Chairman of USANA, emphasizes the importance of personal freedom and self-care, encouraging individuals to take control of their independence [2][6] - Guest's book, "All the Right Reasons: 12 Timeless Principles for Living a Life in Harmony," outlines principles for achieving personal empowerment and harmony [2][5] Principles for Personal Empowerment - Guest identifies five key actions to celebrate personal freedom: releasing limiting beliefs, overcoming self-doubt, leaving toxic relationships, defeating loneliness, and prioritizing self-care [7] - The essence of freedom is described as inspiring joy, cultivating confidence, and transforming lives [6] Social Responsibility - Proceeds from Guest's book are dedicated to feeding hungry children, with each purchase providing 40 meals, highlighting the company's commitment to social responsibility [6]

Core Insights - NeuroOne Medical Technologies Corporation announced that Clara, an early patient treated with the OneRF® Ablation System, has surpassed one year seizure-free, significantly improving her quality of life [1][2]. Company Overview - NeuroOne is focused on developing and commercializing minimally invasive and high-definition solutions for various neurological disorders, including epilepsy, Parkinson's disease, and chronic pain [5]. - The OneRF® Ablation System is the first FDA 510(k)-cleared device that utilizes the same sEEG electrode for both diagnostic and therapeutic applications, allowing for monitoring, mapping, and ablation at the bedside [3]. Product Performance - The OneRF® Ablation System has demonstrated seizure reduction or freedom for most patients who have undergone the procedure [3]. - Clara's experience highlights the effectiveness of the OneRF® platform, as she transitioned from experiencing multiple seizures daily to being completely seizure-free [4]. Future Developments - The company plans to leverage the OneRF® technology for additional applications, including the OneRF® Trigeminal Nerve Ablation System aimed at treating facial pain, with a 510(k) submission filed to the FDA in April 2025 [4].

Core Insights - Closed-end funds (CEFs) provide financial security and the potential for early retirement with yields exceeding 8% [2][3] - The average retiree has a net worth of $1.79 million, which could generate significant income through CEFs [5][6] - Three specific CEFs are highlighted for their strong yields and potential for income generation [9][10][12] CEF Performance and Characteristics - The Adams Diversified Equity Fund (ADX) yields 8.8% and has a history of outperforming the S&P 500, currently trading at a 7.5% discount to NAV [9] - The Nuveen Core Plus Impact Fund (NPCT) offers a 12.2% yield, focusing on low-risk corporate bonds and benefiting from higher interest rates [10][11] - The Nuveen Real Asset Income and Growth Fund (JRI) yields 12.3% and invests in REITs, with a discount that has decreased from 15% to 3.1% [12] Income Potential from CEFs - A portfolio of the three highlighted CEFs could yield an average of 11.1%, potentially generating around $200,000 annually for an average retiree [13][14] - For median retirees with a net worth of $409,900, the income from these CEFs could reach approximately $3,798 per month, supplemented by Social Security benefits [14]

Core Insights - Freedom Holding Corp. reported a 23% increase in revenue for the fiscal year ending March 31, 2025, reaching $2.05 billion, up from $1.67 billion the previous year, indicating strong operational performance and customer growth across all sectors [2][8] - The company is transitioning towards a unified digital ecosystem that integrates various financial services, enhancing customer experience and operational efficiency [3][9] Financial Performance - Total assets increased to $9.9 billion, reflecting robust growth in the company's financial operations [2] - The insurance segment saw a significant increase in underwriting income, up 134% to $617.6 million, driven by high demand for pension and accident insurance products [4] - The brokerage division generated $717.3 million in revenue, while the banking segment posted $506.1 million [4] - Fee and commission income rose by 15% to $505.0 million, with brokerage services income increasing by 29% to $430.1 million [8] - Interest income increased to $864.5 million, a 4% rise, supported by margin lending and an expanded loan portfolio [8] Customer Growth - The number of brokerage accounts reached 683,000, a 29% year-on-year increase, while active accounts surged by 57% to over 151,000 [8] - The number of bank clients more than doubled to 2.5 million, and insurance customers reached 1.17 million, reflecting rising demand for integrated financial services [8] Strategic Initiatives - The company is investing significantly in developing its digital ecosystem, including the launch of Freedom Telecom and new media projects [5][6] - The focus remains on scaling technology, expanding geographically, and enhancing customer experience through artificial intelligence and product personalization [9] Market Position - Freedom Holding Corp. has a market capitalization exceeding $8 billion as of March 31, 2025, and operates in 22 countries [12]

Customer Growth and Segments - As of March 31, 2025, the Banking segment had 2,515,000 customers, a significant increase from 904,000 customers as of March 31, 2024, representing a growth of approximately 177%[37] - As of March 31, 2025, the Brokerage segment had 683,000 total customer accounts, up from 530,000 accounts as of March 31, 2024, marking a growth of approximately 29%[56] - As of March 31, 2025, Freedom Life had 572,872 customers and 1,038,516 active contracts, while Freedom Insurance had 597,375 customers and 824,838 active contracts[47] - Monthly active users (MAU) reached 1.02 million in March 2025, a 12% year-on-year increase, with daily active users (DAU) averaging 183,000[63] Financial Performance - Freedom Life experienced a 156% increase in gross insurance premiums written for the fiscal year ended March 31, 2025, compared to the previous fiscal year, and recognized a net profit of approximately $15.3 million[47] - Freedom Insurance had a 107% increase in written insurance premiums received for the fiscal year ended March 31, 2025, and also recognized a net profit of approximately $15.3 million[47] - The loan portfolio in the Banking segment increased by 16%, while the deposit portfolio increased by 41% compared to March 31, 2024[39] - The Other segment accounted for $144.0 million, or 7%, of total revenue for the fiscal year ended March 31, 2025, primarily from payment processing services and online ticket sales[57] Digital Ecosystem and Technology - The company operates a digital fintech ecosystem that integrates banking, payments, credit, brokerage, and insurance services through a single interface[58] - The FreedomSuperApp supports multi-currency accounts and integrates with over thirty government and commercial data sources, enhancing user experience[62] - The average time from application to disbursement for digital mortgages is now under 24 hours, significantly improved from several weeks[70] - The company’s proprietary Tradernet software platform is a key technology product, contributing to its service appeal and success[115] Employee and Workforce - As of March 31, 2025, the company employed 8,764 employees, with 8,691 full-time and 73 part-time, across 22 countries[90] - The workforce included 4,212 women and 4,479 men, highlighting a commitment to diversity in multi-ethnic cultures[90] Regulatory and Compliance - The company holds various licenses across jurisdictions, including brokerage licenses in Kazakhstan, Cyprus, the United States, Armenia, and Uzbekistan, as well as banking and insurance licenses[118] - The company’s telecommunications and media subsidiaries hold licenses for local telephone services, internet access, and broadcasting, subject to various regulatory requirements[119] - Freedom KZ and Freedom Global are currently implementing a verification platform across all brokerage companies, banks, and other entities within the group[129] - Freedom Bank KZ utilizes a database integrated with its banking system to check customers against over 715 lists from international and national security agencies[130] Environmental and Social Responsibility - In fiscal year 2025, the company completed an inventory of greenhouse gas emissions for all environmentally material subsidiaries, aligning with sustainability goals[110] - The company established the Freedom Shapagat Corporate Fund in August 2023 to pursue social, charitable, and educational goals through voluntary contributions[105] - The company provided financial support for the Oasis Project, focusing on ecological restoration in the Aral region[111] Risk Management - The company is exposed to interest rate risk, particularly in Kazakhstan, where a 200 basis point increase in interest rates could lead to a decline in the fair market value of the trading portfolio by $87.7 million[552] - A hypothetical 100 basis point decrease in interest rates could result in an increase in the fair market value of the trading portfolio by $50.7 million[553] - The company manages foreign currency exchange risk by holding financial liabilities in the same currency and may use forward, swap, and option contracts to mitigate exposures[555] - Geopolitical risks, including the Russia-Ukraine war, have contributed to increased volatility in global financial markets, impacting the company's operations and liquidity[577] Financial Position and Investments - As of March 31, 2025, the company's exposure to equity investments at fair value was $111.1 million, down from $126.1 million in 2024, indicating a decrease of approximately 11.8%[558] - The company reported a total loss of $90.0 million in 2025 compared to $76.5 million in 2024, reflecting an increase of 17.8%[560] - Trading securities losses amounted to $131.3 million in 2025, significantly lower than the $342.5 million loss in 2024, indicating a reduction of 61.7%[560] - Margin lending receivables from customers reached $3.3 billion, with $2.3 billion attributable to three non-related party customers, indicating significant concentration risk[564]