Financial Performance - Net income for the three months ended March 31, 2025, was $18,684, compared to a net loss of $5,602 for the same period in 2024 [193]. - EBITDA for the same period increased to $91,858, up from $56,943 year-over-year, representing a growth of 61.5% [193]. - Distributable cash flow rose significantly to $45,689, compared to $15,785 in the prior year, marking an increase of 189.5% [193]. - Total sales for the wholesale segment reached $3,190,436, an increase from $2,639,348, reflecting a growth of 20.9% [193]. - Product margin for gasoline and gasoline blendstocks increased to $57,169, up from $29,761, indicating a growth of 92.5% [193]. - Total sales increased to $4.6 billion for the three months ended March 31, 2025, up $446.8 million or 11% from $4.1 billion in 2024 [206]. - Gross profit rose to $255.2 million, an increase of $40.1 million or 19% compared to $215.1 million in the prior year [209]. - EBITDA for the three months ended March 31, 2025, was $91.9 million, compared to $56.9 million in 2024, reflecting a significant increase [199]. - Distributable cash flow increased to $45.7 million for the three months ended March 31, 2025, up from $15.8 million in 2024, representing a growth of 189% [203]. Operational Overview - For the three months ended March 31, 2025, the company sold approximately $4.5 billion of refined petroleum products, gasoline blendstocks, renewable fuels, and crude oil [155]. - The company operates a portfolio of 1,561 gasoline stations, including 296 directly operated convenience stores, primarily in the Northeast [164]. - The company operates under three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial [158]. - The Commercial segment includes sales and deliveries to public sector and large commercial end users of unbranded gasoline, home heating oil, diesel, and other petroleum products [166]. - Seasonal demand for gasoline is typically higher in the second and third quarters, while home heating oil and residual oil demand peaks in the first and fourth quarters [168]. - The company engages in the logistics of selling, gathering, blending, storing, and transporting refined petroleum products and renewable fuels [158]. - The company relies on marine, pipeline, rail, and truck transportation services for its operations, and disruptions in these services could adversely affect financial performance [146]. Financial Position and Capital Expenditures - The company increased its working capital revolving credit facility from $950 million to $1 billion as part of the credit agreement amendment [157]. - Working capital decreased by $30.7 million to $176.5 million as of March 31, 2025, primarily due to a $125.2 million increase in the current portion of the working capital revolving credit facility and a $10.4 million increase in accounts payable [226]. - Total contractual obligations as of March 31, 2025, were $2.76 billion, with $347.9 million due in the remainder of 2025 and $2.41 billion due beyond 2025 [230]. - Maintenance capital expenditures for the three months ended March 31, 2025, were approximately $9.6 million, compared to $11.7 million for the same period in 2024 [233]. - Expansion capital expenditures for the three months ended March 31, 2025, were approximately $8.3 million, up from $4.9 million in the same period in 2024 [236]. - The company expects maintenance capital expenditures of $60.0 million to $70.0 million and expansion capital expenditures of $75.0 million to $85.0 million for the year 2025 [237]. Risks and Challenges - The company is exposed to risks from changes in commodity prices, which could adversely affect financial condition and results of operations [150]. - The company has contractual obligations for certain transportation assets, and a decline in demand could negatively impact financial condition and cash available for distribution [146]. - Higher prices and inflation may reduce demand for gasoline and convenience store sales, negatively affecting financial performance [173]. - Tariffs and import duties on petroleum products could materially impact operations and costs [173]. - Increased competition from alternative fuels and changing consumer preferences may reduce demand for heating oil and residual oil [173]. - Changes in government mandates and tax credits could adversely affect the availability and pricing of renewable fuels, impacting sales [174]. - Disruptions in transportation services, such as hurricanes or labor disputes, could adversely impact logistics and financial results [171]. - Joint ventures may not always align with the company's strategic objectives, potentially affecting expected returns [171]. Debt and Financing - The company has a $1.50 billion senior secured credit facility, which was amended to extend the maturity date to March 20, 2028 and increase the working capital revolving credit facility to $1.0 billion [251]. - As of March 31, 2025, the company had $354.7 million outstanding on the working capital revolving credit facility and $167.0 million on the revolving credit facility, with total remaining availability for borrowings and letters of credit at $0.91 billion [258]. - The average interest rates for the credit agreement were 6.6% for the three months ended March 31, 2025, compared to 7.4% for the same period in 2024 [257]. - Total borrowings outstanding under the credit agreement amounted to $521.7 million as of March 31, 2025, with a potential annual increase in interest expense of approximately $5.2 million from a 1% rise in interest rates [272]. - The company had 7.00% senior notes due 2027, 6.875% senior notes due 2029, and 8.250% senior notes due 2032 outstanding as of March 31, 2025 [264]. Derivative Instruments and Risk Management - The company utilizes various derivative instruments to manage exposure to commodity risk, including exchange-traded futures contracts and over-the-counter transactions [270]. - The fair value of all commodity risk derivative instruments was $(11,122) thousand as of March 31, 2025, with a potential loss of $(47,100) thousand from a 10% price decrease [277]. - The brokerage margin balance was $18.4 million at March 31, 2025, reflecting the company's open market positions and commodity exchange requirements [278]. - The company anticipates some nonperformance by counterparties to its derivative contracts but does not expect it to materially affect its financial condition [279]. - Financial covenants require the company to maintain certain minimum working capital amounts and leverage ratios, with compliance confirmed as of March 31, 2025 [260].

Financial Data and Key Metrics Changes - Net income for the first quarter was $18.7 million compared to a net loss of $5.6 million last year [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [8] - Distributable cash flow was $45.7 million compared to $15.8 million last year, with adjusted DCF at $46.4 million versus $16 million [8] - TTM distribution coverage as of March 31, 2025, was 2.03x or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils increased by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The first quarter experienced a 9% colder winter compared to the prior year, positively impacting the wholesale distillate business [21] - A brief period of tariffs on Canadian oil created volatility, benefiting the company, although the impact was short-lived [24] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and expanding its midstream footprint to better serve customers [5] - Ongoing portfolio optimization has led to a decrease in company-operated sites, aligning with strategic goals [10] - The company aims to maintain financial discipline while pursuing organic growth and selective acquisitions [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to long-term growth for unitholders [14] - The integration of terminal assets has enhanced capacity and market opportunities [21] - Management noted that the current operating environment is dynamic, with ongoing reviews of retail business assets [18] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - The company will participate in several upcoming investor conferences [13] Q&A Session Summary Question: Opportunities in terminal acquisitions and capital repositioning - Management is continuously reviewing retail business assets and is opportunistic in capital allocation, focusing on competitive advantages and higher returns [18][20] Question: Market conditions contributing to wholesale performance - A colder winter and the integration of terminal assets contributed to strong wholesale performance, with a normalized quarter compared to the previous year [21][22] Question: Impact of tariffs on market conditions - A brief period of tariffs created volatility but had no significant ongoing impact on supply or margins; potential consumer impact on store sales is yet to be determined [24][25]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $18.7 million compared to a net loss of $5.6 million in Q1 2024 [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [7] - Distributable cash flow (DCF) was $45.7 million in Q1 2025, up from $15.8 million in the prior year [7] - Adjusted DCF increased to $46.4 million compared to $16 million last year [7] - TTM distribution coverage as of March 31, 2025, was 2.03x, or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million in the quarter [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils rose by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The Northeast experienced a colder winter, which positively impacted the wholesale distillate business [20] - Market conditions were favorable due to the integration of terminal assets, allowing the company to capitalize on market opportunities [20] - A brief period of tariffs on Canadian oil created volatility that benefited the company, although it was short-lived [23] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and maintaining financial discipline while pursuing organic growth and selective acquisitions [6] - The strategy includes continuous review of retail business and assets to maximize operational efficiency [18] - The company aims to leverage its scale and integrated model to navigate disruptions and find opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to delivering long-term growth for unitholders [14] - The company is optimistic about its ability to adapt to market conditions and capitalize on opportunities as they arise [14] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - Upcoming participation in several investor conferences was announced, including the EIC's Annual Energy Infrastructure Investor Conference [13] Q&A Session Summary Question: Discussion on GDSO and terminal opportunities - Management indicated ongoing reviews of retail business and asset optimization, emphasizing opportunistic approaches to acquisitions [18] Question: Market conditions contributing to wholesale performance - Management noted favorable market conditions, including a colder winter and the integration of terminal assets, which enhanced capacity and market opportunities [20] Question: Impact of tariffs on market conditions - Management clarified that the impact of tariffs was brief and did not significantly affect supply or margins, though it may influence store sales in the future [23]

Exhibit 99.1 FOR IMMEDIATE RELEASE Contacts: Gregory B. Hanson Sean T. Geary Global Partners LP Global Partners LP (781) 894-8800 (781) 894-8800 Chief Financial Officer Chief Legal Officer and Secretary Global Partners LP Reports First-Quarter 2025 Financial Results Waltham, Mass., May 8, 2025 – Global Partners LP (NYSE: GLP) today reported financial results for the first quarter ended March 31, 2025. CEO Commentary "Global delivered solid first-quarter results, highlighting the strength of our integrated a ...

Core Viewpoint - Vivani Medical, Inc. is advancing its miniature, ultra long-acting drug implants aimed at improving patient adherence in chronic disease treatment, particularly in the GLP-1 drug class [1][4][5] Company Overview - Vivani Medical, Inc. is a clinical-stage biopharmaceutical company focused on developing therapeutic implants using its proprietary NanoPortal™ technology [4] - The company’s lead programs include NPM-115 (exenatide implant) and NPM-139 (semaglutide implant), designed for chronic weight management with administration once or twice a year [4] - Vivani is also developing NPM-119, a six-month GLP-1 implant for type 2 diabetes treatment [4] Upcoming Events - CEO Adam Mendelsohn will present on "Addressing Patient Adherence: Advances in Drug Delivery" at the AAPS workshop on May 14, 2025 [2] - A panel discussion featuring Dr. Mendelsohn will address key hurdles and trends in GLP-1 drug development on the same day [3] Market Context - Medication non-adherence affects approximately 50% of patients, contributing to over $500 billion in annual avoidable healthcare costs and 125,000 preventable deaths in the U.S. [5] - The current GLP-1 landscape includes over 50 new molecular entities in clinical development, positioning Vivani's differentiated portfolio as a potential attractive option for patients and healthcare providers [5]

Core Viewpoint - Cencora (COR) is expected to report second-quarter fiscal 2025 results on May 7, with anticipated revenue of $74.82 billion, reflecting a 9.4% year-over-year increase, and earnings per share of $4.08, indicating a 7.4% improvement from the prior year [1][2] Group 1: Financial Performance - Cencora's U.S. Healthcare Solutions segment is projected to have achieved 14% revenue growth to $74 billion and a 10% increase in segment operating income, driven by strong demand for specialty distribution and GLP-1 drugs [2][3] - The company is expected to report revenues of $66.61 billion for the GLP-1 drug segment, with adjusted operating income estimated at $901.9 million [4][7] - The international Healthcare Solutions segment is anticipated to show 5.5% revenue growth, but a 3% decrease in reported operating income, primarily due to a stronger U.S. dollar affecting reported growth [5] Group 2: Market Dynamics - Cencora's strong distribution execution and the growing adoption of biosimilars position the company for consistent revenue performance [3] - The company faces challenges from declining COVID-19 vaccine contributions, which may negatively impact segment sales and margins [4] - A continuation of softer performance in specialty logistics, particularly World Courier, is expected due to muted activity in clinical trials and cell and gene therapies [6] Group 3: Earnings Expectations - The model predicts an earnings beat for Cencora, supported by a positive Earnings ESP of +0.82% and a Zacks Rank of 2 (Buy) [8][9]

Core Insights - iBio, Inc. announced promising preclinical data for its Activin E antibody, showing a 26% reduction in fat mass in diet-induced obese mice while preserving muscle mass [1][6] - The study demonstrated significant reductions in specific fat depots, with a 31% reduction in subcutaneous fat and reductions of 34% and 37% in epididymal and retroperitoneal fat, respectively [3][6] - When combined with a GLP-1 receptor agonist, the Activin E antibody resulted in a total fat mass reduction of 77%, indicating strong synergistic effects [3][6] Company Overview - iBio, Inc. is a biotech company focused on developing biopharmaceuticals for cardiometabolic diseases, obesity, and cancer using AI and advanced computational biology [4] - The company aims to transform drug discovery and accelerate development timelines through innovative drug discovery platforms and proprietary 3D modeling [4]

Novo Nordisk A/S NVO announced that CVS Health Inc’s CVS CVS Caremark, a Pharmacy Benefit Manager (PBM), has decided that Wegovy (semaglutide) injection 2.4 mg will soon be the preferred GLP-1 medicine on its largest commercial template formularies.This change will take effect on July 1, 2025. “We believe in the unique benefits of Wegovy and the difference this medicine can make for patients seeking treatment,” said Dave Moore, executive vice president of U.S. Operations and president of Novo Nordisk Inc.In ...

Core Viewpoint - The article discusses the potential for investing in undervalued stocks that are mispriced by the market, particularly focusing on the company HIMS and its stock performance. Group 1: Investment Opportunities - The article suggests that there may be beneficial long positions available in HIMS through stock purchases or call options within the next 72 hours [2]. - It emphasizes the importance of conducting personal research before making investment decisions, highlighting that past performance does not guarantee future results [4]. Group 2: Market Positioning - The article encourages investors to consider joining platforms like Out Fox The Street for insights on positioning in undervalued stocks [1]. - It notes that the opinions expressed are those of the author and may not reflect broader market views, indicating a level of independence in the analysis [4].

For companies that had been undergoing fundamental challenges before the tariff volatility set in, the darkening global macroeconomy has served only to complicate matters further. And while it's understandable that investors want to shy away from risk at times likeWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. ...