Group 1 - Gladstone Land stock (NASDAQ: LAND) is considered a moderate investment choice, particularly for dividend income portfolios, but is viewed as lacking compared to better alternatives [1] - The article emphasizes the author's professional background, including experience in risk management and financial market analysis, which informs the investment perspective presented [1] - The author has successfully navigated major financial crises, including the COVID-19 pandemic, indicating a robust understanding of market dynamics [1] Group 2 - The author holds multiple advanced degrees and certifications in finance, law, and economics, enhancing credibility in investment analysis [1] - The article aims to engage with a community of investors and market enthusiasts, fostering knowledge sharing and growth [1]

Core Insights - SEALSQ's Public Key Infrastructure (PKI) tool, INeS, has been selected by Landis+Gyr to provide 30 million digital certificates for smart meters in the Asia Pacific region, starting this summer [2][3][4] - The INeS PKI solution offers FIPS-certified digital certificates, ensuring security and integrity for a large smart meter network, which is crucial for device authentication and protection against cyber threats [4][5] - This partnership highlights SEALSQ's capability to deliver scalable and cost-effective security solutions for extensive IoT deployments [4] Company Overview - SEALSQ focuses on developing and selling semiconductors, PKI, and Post-Quantum technology hardware and software products [2][8] - The company is pioneering Post-Quantum Semiconductors that provide robust protection for sensitive data across various applications, including smart energy and healthcare systems [9] - SEALSQ emphasizes the integration of Quantum Resistant Cryptography into its semiconductor solutions to address security challenges posed by advancing quantum computing [8][9] Industry Context - Landis+Gyr is a global leader in integrated energy management solutions, enabling utilities and consumers to reduce energy consumption [6][7] - The company has achieved significant CO2 savings, managing to save 9 million tons in FY 2024 through its product offerings [7] - Landis+Gyr's security offerings include both on-premises and hosted solutions, ensuring compliance with local regulations and providing end-to-end security for smart metering solutions [5]

Group 1 - The stock of Gladstone Land Corporation (LAND) is experiencing significant attention due to high implied volatility in the options market, particularly for the Aug 15, 2025 $2.50 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a substantial price change or an upcoming event that could trigger a rally or sell-off [2] - Gladstone Land currently holds a Zacks Rank 3 (Hold) in the REIT and Equity Trust - Other industry, which is in the top 36% of the Zacks Industry Rank, but analysts have not increased earnings estimates for the current quarter, with a consensus estimate dropping from 7 cents to 5 cents per share [3] Group 2 - The high implied volatility for Gladstone Land may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4]

Core Insights - Landsvirkjun has experienced a recovery in operations following a temporary downturn in revenues due to challenging reservoir levels, with improved water levels resulting from heavy winter precipitation in Iceland [1] Financial Performance - First quarter revenues reached USD 162 million, reflecting a 13% increase compared to the same period last year [2] - Profit before unrealised financial items for the quarter rose by 18% year-on-year to USD 91 million, with an equity ratio of 67%, marking an all-time high for the company [3] - Cash flow from operations for the first quarter was USD 104 million, indicating strong operational performance [5] Financial Position - The company's financial position is robust, with a net debt to EBITDA ratio of 1.4 times, and net debt continues to decrease [3][5] - The company is well-positioned for upcoming construction projects, including the Vaðölduver wind farm and the expansion of hydropower stations [3]

Core Viewpoint - Landsvirkjun successfully issued green bonds totaling USD 150 million, exceeding the original target of USD 125 million due to strong investor interest [1] Group 1: Bond Issuance Details - The bonds have maturities of 6 and 8 years and were issued in three tranches, with two tranches having fixed interest rates of 5.17% and 5.37%, reflecting spreads of 115–125 basis points over U.S. Treasury bonds [2] - The third tranche features a floating interest rate indexed to SOFR with a spread of 144 basis points, and the issuance is covenant-free, indicating investor confidence in the company's financial position [2] Group 2: Role of Placement Agents - Barclays Capital Inc. and ING Financial Markets LLC served as joint placement agents for the bond issuance [3] Group 3: Use of Proceeds - Proceeds from the bond issuance will finance Landsvirkjun's power projects, including the Vaðalda Wind Farm, which will be Iceland's first wind power plant, and the Hvammur Hydropower Station, the eighth hydroelectric power plant in the Þjórsá and Tungnaá region [4] Group 4: Green Financing Framework - The bonds are issued under Landsvirkjun's Green Financing Framework, which ensures that proceeds are exclusively used for projects with positive environmental and climate impacts [5]

Gladstone Land Corporation (NASDAQ:LAND) Q1 2025 Earnings Conference Call May 13, 2025 8:30 AM ET Company Participants David Gladstone - CEO & President Michael LiCalsi - General Counsel Lewis Parrish - CFO Conference Call Participants Gaurav Mehta - Alliance Global Partners Rob Stevenson - Janney Montgomery Scott John Massocca - B. Riley Securities Operator Greetings and welcome to the Gladstone Land Corporation’s First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A ques ...

Financial Data and Key Metrics Changes - For the first quarter, the company reported net income of approximately $15.1 million and net income to common shareholders of $9.1 million, or $0.25 per share [26] - Adjusted FFO was about $2 million or $0.06 per share, compared to $5.1 million or $0.14 per share in the same quarter last year, indicating a year-over-year decrease [26][27] - Dividends declared per common share remained at $0.14 for both quarters [26] Business Line Data and Key Metrics Changes - Fixed base cash rents decreased by about $5.7 million compared to the prior year quarter due to vacancies and structural changes in leases [27] - The company expects a total year-over-year decline of about $17 million in fixed base rents for fiscal year 2025 compared to 2024, primarily due to lease adjustments [29] - Participation rents recorded during the current quarter amounted to approximately $465,000, primarily from cash collected on wine grape sales [28] Market Data and Key Metrics Changes - The company has about 103,000 acres of farmland across 15 states, with 29 different growing regions, and holds approximately 55,000 acre-feet of water assets [7][8] - The nut sector is vulnerable to tariffs, with 78% of U.S. grown almonds and pistachios exported annually, and the company is monitoring the impact of tariffs on pricing [21][22] - The weakening of the U.S. dollar may help mitigate some negative impacts from tariffs, as it could stabilize prices for U.S. nuts [24] Company Strategy and Development Direction - The company is cautious with new investments due to high interest rates and costs of capital, leading to a slow acquisition activity [9][35] - The current strategy includes adjusting lease structures to minimize fixed costs for tenants while allowing the company to participate in crop revenues [11][12] - The company plans to maintain liquidity and evaluate its dividend based on the 2025 harvest outcomes [33][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about high interest rates affecting farming operations and the ability to borrow for planting and harvesting crops [35][80] - The company anticipates inflation in the food sector to continue increasing, which may positively impact the value of underlying farmland over time [38] - Management remains optimistic about the potential for strong crop production in the upcoming year, particularly for almonds and pistachios [14][37] Other Important Information - The company has access to over $180 million of capital, including about $40 million in cash, and nearly $150 million of unpledged properties [31] - The company is currently evaluating options for vacant farms and considering potential new crops to plant [51] - The company has no immediate plans for share repurchases, prioritizing liquidity to manage potential future obligations [55][57] Q&A Session Summary Question: Clarification on $17 million lower revenues in '25 versus '24 - Management confirmed that an additional farm was added to the participation rent structure, contributing to the increased revenue loss estimate for '25 [40] Question: Total participation rents expected in 2025 - Management indicated that the expected participation rents would include the $17 million plus additional amounts based on last year's run rate, but some participation rent would be lower due to lease adjustments [41][43] Question: Details on the $2.4 million termination fee - The termination fee was related to three almond farms that are now vacant, and management is exploring options to generate income from these properties [44] Question: Future asset sales and vacant properties - Management stated that they have listed some farms for sale but do not have contracts in place yet, and they are evaluating options for the vacant properties [49][50] Question: Thoughts on repurchasing shares given cash on hand - Management emphasized the importance of maintaining liquidity and being prepared for future obligations rather than repurchasing shares at this time [55][57] Question: Financing for upcoming preferred stock maturity - Management is considering options for financing the preferred stock due in January 2026, including potential asset sales and refinancing discussions with banks [67][71]

Financial Data and Key Metrics Changes - For the first quarter, the company reported net income of approximately $15.1 million and net income to common shareholders of $9.1 million, or $0.25 per share [25] - Adjusted FFO was about $2 million or $0.06 per share, down from $5.1 million or $0.14 per share in the same quarter last year [25] - Fixed base cash rents decreased by about $5.7 million compared to the prior year quarter due to vacancies and structural changes in leases [26] Business Line Data and Key Metrics Changes - The company executed seven new leases or amended existing leases, primarily on permanent crops [8] - The year-over-year decline in fixed base rents is expected to total about $17 million for fiscal year 2025 compared to 2024 [27] - The company anticipates a total year-over-year decline of about $17 million in fixed base rents for fiscal year 2025 compared to 2024, with a reduction of approximately $4 million to $5 million per quarter [27] Market Data and Key Metrics Changes - The nut sector is vulnerable to tariffs, with 78% of U.S. grown almonds and pistachios exported annually, and the company is monitoring the impact of tariffs on pricing [20][21] - The company noted that almond prices have risen significantly year over year, while pistachios remained stable or slightly increased [21] - The weakening of the U.S. dollar may help mitigate some negative impacts from tariffs, as it makes U.S. exports cheaper for foreign buyers [23] Company Strategy and Development Direction - The company remains cautious with new investments due to high interest rates and costs of capital, leading to a slow acquisition activity [8][34] - The company plans to continue with the current lease structure for 2025 and may revert to traditional lease structures next year or consider selling some properties [14] - The company believes investing in farmland growing healthy crops aligns with market trends and expects inflation in the food sector to continue to rise [35][37] Management's Comments on Operating Environment and Future Outlook - Management expressed hope for a strong production year, particularly for almonds and pistachios, but acknowledged uncertainty until the fourth quarter [13][14] - The company is focused on maintaining liquidity and ensuring it can meet financial obligations without compromising cash reserves [56][58] - Management indicated that the current farming environment is challenging due to high borrowing costs, which could impact future operations [34][81] Other Important Information - The company has access to over $180 million of capital, including about $40 million in cash on hand [30] - The company declared a monthly dividend of $0.0467 per share for the second quarter of 2025, equating to an annualized yield of 5.8% [32] - The company is evaluating options for vacant farms, including potential new crops and leasing water rights [50] Q&A Session Summary Question: Clarification on $17 million lower revenues in '25 versus '24 - Management confirmed that an additional farm was added to the participation rent structure, contributing to the increased revenue loss estimate for 2025 [39] Question: Total participation rents expected in 2025 - Management expects to recover the $17 million loss and anticipates that insurance should cover that amount plus a small profit [40] Question: Details on the $2.4 million termination fee - The fee was related to three almond farms that are now vacant, and management is exploring options to generate income from those properties [42] Question: Additional sales in the second quarter and beyond - Management indicated that while some farms are listed for sale, there are currently no contracts to execute [48] Question: Status of vacant assets - Two of the vacant farms are open ground with low maintenance costs, while the three almond farms are at the end of their productive life [49] Question: Thoughts on share repurchase given cash balance - Management is prioritizing liquidity and is cautious about using cash for share repurchases, focusing instead on maintaining operational flexibility [56] Question: Financing for upcoming preferred stock maturity - Management is considering options including asset sales and refinancing, but is cautious due to high interest rates [71]

Core Viewpoint - Gladstone Land (LAND) reported quarterly funds from operations (FFO) of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.03 per share, but down from $0.14 per share a year ago [1][2] Financial Performance - The FFO surprise for the quarter was 86.67%, while the previous quarter saw an FFO of $0.09 against an expectation of $0.11, resulting in a surprise of -18.18% [2] - Revenues for the quarter ended March 2025 were $16.8 million, surpassing the Zacks Consensus Estimate by 3.79%, but down from $20.25 million year-over-year [3] Market Performance - Gladstone shares have declined approximately 11.3% since the beginning of the year, compared to a decline of 3.8% for the S&P 500 [4] - The current Zacks Rank for Gladstone is 4 (Sell), indicating expected underperformance in the near future [7] Future Outlook - The consensus FFO estimate for the upcoming quarter is $0.07 on revenues of $17.56 million, and for the current fiscal year, it is $0.48 on revenues of $81.63 million [8] - The estimate revisions trend for Gladstone is currently unfavorable, which could impact future stock performance [6][7] Industry Context - The REIT and Equity Trust - Other industry is ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [9]

EXHIBIT 99.1 Gladstone Land Announces First Quarter 2025 Results Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision. McLean, VA, May 12, 2025: Gladstone Land Corporation (Nasdaq: LAND) ("Gladstone Land" or the "Company") today reported financial results for the first quarter and year ended March 31, 2025. A description of funds from operations ("FFO"), core FFO ("CFFO"), and adjusted FFO ("AFFO"), all non-GA ...