Core Insights - The Walt Disney Company is integrating its streaming service Hulu into Disney+, while Hulu will still be a separate category within the Disney+ menu [1][2] - Disney will cease reporting subscriber numbers and average revenue per user (ARPU) for both Disney+ and Hulu, which are key metrics for investors [2][11] Financial Performance - For fiscal Q3 2025, Disney reported revenue of $23.7 billion and an adjusted per-share profit of $1.61, up from $1.39 year-over-year, exceeding earnings expectations of $1.47 per share [3] - The company's cable television revenue declined by 15%, leading to a 28% drop in operating income for the cable TV segment [4] - Disney's streaming revenue grew by 6% year-over-year to nearly $6.2 billion, resulting in an operating profit of $346 million, compared to a slight loss in the same quarter of 2024 [5] Subscriber Growth - Disney+ added 1.4 million subscribers in the last quarter, with 1 million from the U.S.-Canada region, while Hulu gained 1.3 million subscribers but lost a few hundred thousand from its live-TV service [7][8] Strategic Changes - CEO Bob Iger stated that the decision to stop reporting subscriber metrics aligns with changes in the media landscape and reflects how management evaluates business performance [11][12] - The integration of Hulu into Disney+ is expected to streamline operations and enhance the user experience, with a slight increase in subscription costs [16][18] Market Position - Combined, Hulu and Disney+ are as popular in the U.S. as Netflix and Amazon Prime, and both platforms gained U.S. viewing time in Q2 of this year [19] - Disney's direct-to-consumer business accounts for about one-fourth of its total revenue, indicating that other segments are performing well [20] Investment Outlook - The recent stock decline presents a potential buying opportunity, with analysts rating Disney stock as a strong buy and a consensus price target of $135.12, representing a 17% upside from current levels [21]

Financial Data and Key Metrics Changes - System wide sales increased to $129.6 million, up 2.6% compared to Q2 2024 [10] - Comp sales for clinics open for at least 13 months rose by 1.4% for the quarter [10] - Revenue from continuing operations grew by 5% to $13.3 million [23] - Consolidated adjusted EBITDA reached $3.2 million, a 52% increase compared to Q2 2024 [10][25] - Unrestricted cash and equivalents as of June 30, 2025, were $30 million [11] Business Line Data and Key Metrics Changes - The company refranchised 37 clinics, reducing corporate clinics from 13% to 8% of the portfolio [12] - The refranchising included the sale of 31 corporate clinics in Arizona and New Mexico for $11.1 million [12] - The company opened 7 franchise clinics and closed 6 during the quarter [22] Market Data and Key Metrics Changes - The company noted macroeconomic headwinds affecting new patient counts, impacting overall performance [14] - The focus on pain relief messaging is expected to attract more patients, as 80% of new patients cite pain as their reason for visiting [15][56] Company Strategy and Development Direction - The company aims to become a pure play franchisor and is pursuing "The Joint 2.0" strategy to enhance profitability and patient experience [9] - Initiatives include a shift in marketing focus from general wellness to pain relief, enhancing digital marketing, and optimizing pricing strategies [9][15] - The company plans to explore additional revenue streams and new markets in the future [28][80] Management's Comments on Operating Environment and Future Outlook - Management acknowledged softer sales trends and macroeconomic challenges but expressed confidence in addressing these through marketing and pricing strategies [27][39] - The company revised its 2025 guidance for system wide sales to a range of $530 million to $550 million, down from previous estimates [27] - Management emphasized the importance of brand awareness and targeted marketing to improve patient acquisition [15][56] Other Important Information - The company plans to continue its stock repurchase program, authorizing up to $5 million through June 2027 [26] - Two new directors were added to the board, enhancing governance and strategic oversight [30] Q&A Session Summary Question: Details on the lowered comp guide - Management noted recent trends showed softness mainly in new patient counts, despite improved conversion rates and consistent attrition [36][39] Question: Impact of pricing increases - Management confirmed ongoing dynamic revenue management strategies, including smaller, more frequent price increases to maintain affordability [43][73] Question: Breakdown of EBITDA guidance - Management typically does not split guidance between continuing and discontinued operations but noted ongoing efforts to manage G&A expenses [45][46] Question: Effect of recent clinic sales on back office expenses - Management indicated potential reductions in G&A expenses as clinics transition to franchise operations, with long-term savings expected [70][71] Question: Exploration of additional products and services - Management is committed to exploring incremental products and services related to pain management while maintaining operational simplicity [78][80]

Financial Performance - The Joint Corp's Q2 2025 consolidated Adjusted EBITDA increased by 52% compared to Q2 2024[30, 34] - Q2 2025 comp sales increased by 14%[30] - Q2 2025 system-wide sales increased by 26%[30] - The company reported revenue of $133 million for the three months ended June 30, 2025, a 5% increase compared to $126 million for the same period in 2024[34] - Net loss from continuing operations decreased by 42%, from $17 million in Q2 2024 to $10 million in Q2 2025[34] - Consolidated net income was $01 million, a significant improvement from a net loss of $36 million in the same period last year[34] Clinic Network - Franchised clinics now represent 92% of the company's portfolio[32] - The company refranchised 37 clinics[15] - Total clinics open increased from 842 in 2024 to 885 in Q2 2025[33] 2025 Guidance - System-wide sales are projected to be between $530 million and $550 million[40] - Consolidated Adjusted EBITDA is expected to be between $108 million and $118 million[40] - The company anticipates opening 30 to 35 new franchised clinics, excluding the impact of refranchised clinics[40] Liquidity - The company's unrestricted cash balance as of June 30, 2025, was $298 million[36] - The company has access to a $20 million line of credit with JP Morgan Chase, available through February 2027[36, 38]

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) The Joint Corp. issued a press release on July 30, 2025, detailing anticipated financial results related to upcoming restatements, with the information furnished but not filed under the Exchange Act - A press release was issued on July 30, 2025, with anticipated financial results connected to the financial restatements described in Item 4.02[5](index=5&type=chunk) - The information provided in the press release (Exhibit 99.1) is not considered "filed" for the purposes of Section 18 of the Exchange Act, nor is it subject to the liabilities of that section[6](index=6&type=chunk) [Item 4.02 Non-Reliance on Previously Issued Financial Statements](index=2&type=section&id=Item%204.02.%20Non-Reliance%20on%20Previously%20Issued%20Financial%20Statements%20or%20a%20Related%20Audit%20Report%20or%20Completed%20Interim%20Review.) The company determined its FY2024 and Q1 2025 financial statements contain material errors due to misapplied accounting principles for assets held for sale, requiring restatement and leading to a material weakness in internal controls - The company concluded that its audited financial statements for the year ended December 31, 2024, and unaudited statements for the quarter ended March 31, 2025, contained material errors and must be restated[7](index=7&type=chunk) - Investors are formally advised not to rely on the previously issued financial statements, earnings releases, or investor presentations for these periods[7](index=7&type=chunk) - The company expects to report a material weakness in its internal control over financial reporting and ineffective disclosure controls for the affected periods[16](index=16&type=chunk) [Background and Nature of Errors](index=2&type=section&id=Background) Accounting errors stem from an incorrect GAAP-non-compliant valuation methodology for company-owned clinics classified as assets held for sale within discontinued operations - The errors are linked to the impairment calculation on the carrying values of clinics classified as held for sale and part of discontinued operations[8](index=8&type=chunk) - The company misapplied GAAP, specifically regarding the valuation methodology for the fair value measurement of these assets[8](index=8&type=chunk) [Preliminary Estimated Impact of Restatement](index=2&type=section&id=Preliminary%20Estimated%20Impact) Restatement is expected to reduce FY2024 net loss by approximately **$2.2 million** and increase Q1 2025 net income by **$0.5 million**, without impacting Adjusted EBITDA or cash Estimated Impact of Restatement on Financial Statements | Period | Estimated Impact on Pre-Tax Income/Loss from Discontinued Operations (USD) | Estimated Impact on Net Income/Loss (USD) | | :--- | :--- | :--- | | Year Ended Dec 31, 2024 | ~$2.2 million reduction in loss | ~$2.2 million decrease in net loss | | Quarter Ended Mar 31, 2025 | ~$0.5 million increase in income | ~$0.5 million increase in net income | - The carrying value of assets held for sale is expected to increase by an estimated **$2.2 million** as of Dec 31, 2024, and by a cumulative **$2.7 million** as of March 31, 2025[11](index=11&type=chunk)[13](index=13&type=chunk) - The restatement is not expected to have any impact on Adjusted EBITDA, cash, cash equivalents, or restricted cash for the affected periods[12](index=12&type=chunk)[14](index=14&type=chunk) [Remediation and Future Filings](index=3&type=section&id=Remediation%20and%20Future%20Filings) The Joint Corp. plans to file amended reports with restated financials, expects to identify a material weakness in internal controls, and is implementing remedial actions - The company will file an amended Annual Report on Form 10-K/A and an amended Quarterly Report on Form 10-Q/A to reflect the restated financials[15](index=15&type=chunk) - An evaluation of internal controls is underway and is expected to result in the identification of a material weakness and a conclusion that disclosure controls were ineffective[16](index=16&type=chunk) [Forward Looking Statements](index=3&type=section&id=Forward%20Looking%20Statements) The report contains forward-looking statements regarding restatement timing and financial impact, subject to risks including labor shortages, inflation, operational profitability, and internal control remediation - The report contains forward-looking statements regarding the timing of restatement filings and the anticipated effects of the accounting errors[18](index=18&type=chunk) - Identified risks that could affect future results include: inability to recruit qualified personnel, inflation, failure to profitably operate company-owned clinics, and failure to remediate material weaknesses in internal controls[19](index=19&type=chunk) - The company states it has no obligation to update or revise any forward-looking statements[19](index=19&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=4&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) This section lists exhibits filed with the Form 8-K, primarily Exhibit 99.1, the press release detailing the financial restatement, and Exhibit 104, the Cover Page Interactive Data File Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release, dated July 30, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Core Insights - The Joint Corp. is transitioning to a pure play franchisor model, with 92% of its clinics now franchised, and has acquired rights to the Northwest regional developer territory [4][6]. Financial Highlights - Revenue for Q2 2025 increased by 5% to $13.3 million compared to $12.6 million in Q2 2024 [6][8]. - System-wide sales rose by 2.6% to $129.6 million, with comparable sales reporting a growth of 1.4% [8]. - Consolidated net income was $93,000, a significant improvement from a net loss of $3.6 million in Q2 2024 [8][9]. - Adjusted EBITDA for consolidated operations increased by 52% to $3.2 million, while Adjusted EBITDA from continuing operations improved to $88,000 from a loss of $380,000 in Q2 2024 [8][9]. Operating Highlights - The company refranchised 37 clinics for $11.2 million and sold 13 franchise licenses in Q2 2025, compared to seven sold in Q2 2024 [8]. - The clinic count reached 967 as of June 30, 2025, with 885 franchised and 82 corporate clinics [8]. Cost Management - Selling and marketing expenses increased by 1% to $3.5 million, driven by digital marketing transformation efforts [7]. - General and administrative expenses decreased by 1% to $7.7 million due to cost reduction efforts related to refranchising [7]. Balance Sheet and Cash Flow - Unrestricted cash was $29.8 million at June 30, 2025, up from $25.1 million at the end of 2024 [10]. 2025 Guidance - The company revised its guidance for system-wide sales to range from $530 million to $550 million, down from $550 million to $570 million [16]. - Expected comp sales for clinics open 13 months or more are now projected to be in the low-single digit range [16]. - Consolidated Adjusted EBITDA guidance has been increased to a range of $10.8 million to $11.8 million [16].

Core Viewpoint - Flux Power Holdings, Inc. is collaborating with Delta-Q Technologies to host a webinar aimed at guiding OEMs and fleet operators in transitioning to lithium-ion energy solutions for warehouse and ground support equipment operations [1][2]. Group 1: Webinar Details - The webinar titled "Electrifying Warehouse & GSE Operations: A Guide to Lithium-Ion Transition" is scheduled for August 27, 2025, at 8:00 AM PT / 11:00 AM ET [1]. - The session will focus on the integration of smart battery and charging technologies, which are essential for the electrification and automation of material handling and GSE industries [2]. Group 2: Key Topics and Insights - Key topics include evaluating readiness for lithium-ion adoption, maximizing efficiency through space reclamation and energy reduction, and innovations in charging solutions [7]. - Flux Power aims to simplify the electrification process for OEMs and fleet operators, providing a technical roadmap for efficient transitions [3]. - Delta-Q emphasizes the importance of system-level thinking in electrification, highlighting the need for engineered battery systems and charging solutions to unlock the full potential of lithium power [4]. Group 3: Company Backgrounds - Delta-Q Technologies specializes in electrification solutions for various vehicles, offering battery chargers ranging from 350 W to 36 kW [5]. - Flux Power designs and manufactures advanced lithium-ion energy storage solutions, focusing on sectors such as material handling and airport ground support equipment [6][8].

Core Viewpoint - Quadro Resources Ltd. maintains a 49% interest in the Staghorn Property following TRU Precious Metals Corp.'s decision not to proceed with an additional option, and both parties are moving towards a Joint Venture Agreement to define their rights and obligations regarding the property [1][2]. Group 1: Company Overview - Quadro Resources Ltd. is a publicly traded mineral exploration company with approximately 28.5 million shares outstanding, listed on the TSX Venture Exchange under the ticker symbol "QRO" [4]. - The company is focused on advancing gold exploration projects across North America and holds a 49% interest in the Staghorn property, which is optioned to TRU Precious Metals Corp., as well as a 100% interest in the Long Lake property [4]. Group 2: Joint Venture and Future Plans - TRU has completed its earn-in of a 51% interest in the Staghorn Property, while Quadro retains a 49% interest, and both parties are negotiating a Joint Venture Agreement [2]. - Quadro's President and CEO, T. Barry Coughlan, expressed optimism about TRU's continued involvement and the potential for long-term exploration and development of the gold and copper system [3]. - The company is awaiting assay results from TRU's 2025 drill program, which are expected to influence future exploration strategies [3]. - Quadro is also exploring funding opportunities, including potential flow-through and hard-dollar financings, to support its exploration activities and preserve shareholder value [3].

Core Viewpoint - Denarius Metals Corp. has decided not to proceed with a 50/50 joint venture with Quimbaya Gold Inc. after completing due diligence, citing unfavorable conditions for small-scale mining operations in the Segovia Gold District of Colombia [1][2]. Company Overview - Denarius Metals is a Canadian junior mining company focused on the acquisition, exploration, development, and operation of precious metals and polymetallic mining projects in high-grade districts in Colombia and Spain [3]. - The company is listed on Cboe Canada under the symbol "DMET" and also trades on the OTCQX Market in the United States under "DNRSF" [3]. Current Operations - In Colombia, Denarius Metals began mining operations in Q2 2025 at its 100%-owned Zancudo Project, which is a high-grade gold-silver deposit located about 30 km southwest of Medellin [4]. - In Spain, the company has interests in three projects focused on critical minerals, including a 21% interest in Rio Narcea Recursos, S.L. and operates the Aguablanca Project, recognized by the EU as a Strategic Project [5]. - The Aguablanca Project includes a 5,000 tonnes per day processing plant and the rights to exploit the historic Aguablanca nickel-copper mine [5]. - Denarius Metals also owns a 100% interest in the Lomero Project, a polymetallic deposit in the Iberian Pyrite Belt, and a 100% interest in the Toral Project, a high-grade zinc-lead-silver deposit in Northern Spain [5].

Core Viewpoint - The Joint Corp. plans to restate its previously issued financial statements for 2024 and the first quarter of 2025 due to errors related to the impairment of assets held for sale, which will affect the reported net loss and carrying value of these assets [1][2][4][6]. Financial Impact - For the year ended December 31, 2024, the correction is expected to reduce the previously reported loss from discontinued operations by approximately $2.2 million, leading to a decrease in net loss and an increase in the carrying value of assets held for sale by the same amount [4]. - For the quarter ended March 31, 2025, the correction is anticipated to increase previously reported income from discontinued operations by approximately $0.5 million, resulting in a cumulative increase in the carrying value of assets held for sale by approximately $2.7 million [6]. Adjusted EBITDA - The adjustments for both the year ended December 31, 2024, and the quarter ended March 31, 2025, are not expected to impact Adjusted EBITDA or cash positions [5][7]. Internal Controls - The company is evaluating the impact of the identified errors on its internal control over financial reporting, expecting to conclude that there will be a material weakness in these controls during the applicable periods [8]. Company Overview - The Joint Corp. is the largest franchisor of chiropractic care in the U.S., operating over 950 locations and facilitating more than 14 million patient visits annually [10]. - The company has been recognized in various industry rankings, including Franchise Times' "Top 400" and Entrepreneur's "Franchise 500" [10]. Business Structure - The Joint Corp. operates as a franchisor and manages clinics in several states, providing management services to affiliated chiropractic practices [11].

Core Insights - Homerun Resources Inc. has received a joint support plan from BNDES and FINEP, indicating financial instruments available to support its business plan [1][2] - The support plan is part of a strategic minerals transformation initiative worth USD $815 million, aimed at accelerating high-impact mineral-transformation projects [2] Financial Instruments - The joint support plan includes various financial instruments such as long-term credit lines, equity investments, non-reimbursable funds, and economic subsidies [2] - Specific programs available include: - Climate Fund with a maximum value of R$ 500 million per economic group, offering a term of up to 16 years [3] - Innovation Investments in R&D&I with a maximum value of R$ 300 million per economic group per calendar year [3] - FINEM for Productive Capacity with funding up to 80% of project value, capped at 100% of fundable items [3] Company Developments - The CEO of Homerun Resources expressed satisfaction with the support plan, emphasizing its role in advancing solar glass production and silica processing capabilities [4] - The R$5 billion funding program is part of the New Industry Brazil initiative, focusing on R&D&I and expected to leverage additional private investment [4] - Homerun is positioned to capitalize on high-growth global energy transition markets through its vertically integrated strategy [9] Strategic Initiatives - The company is developing a 120,000 tpy processing plant and building Latin America's first dedicated high-efficiency solar glass manufacturing facility [11] - Partnerships with the U.S. Department of Energy/NREL are underway for developing long-duration energy storage systems utilizing high-purity silica sand [11] - The company maintains a commitment to ESG principles, focusing on sustainable production technologies [10]