Financial Data and Key Metrics Changes - For 2025, the company expects revenue to be a little over $1.1 billion and Adjusted EBITDA to be around $150 million, with solid growth anticipated for 2026 [4] - Monthly active users in North America increased by 34% in Q3, with a notable 46% year-over-year growth in markets with online casino offerings [8][9] - The cost to acquire players has decreased, contributing to record numbers of first-time depositors in Q2 and Q3 [6][7] Business Line Data and Key Metrics Changes - The revenue mix is approximately 70% from online casino and 30% from online sports, with a focus on online casino in North America and sports betting in Latin America [3] - The company has outperformed competitors in key markets like Michigan, where revenues were up 50% in October and November [5][10] Market Data and Key Metrics Changes - North America accounts for about 85% of the company's operations, while Latin America makes up 15%, with significant growth opportunities as more states legalize online casino [3] - In Colombia, despite a challenging tax environment, the company has seen growth in player count and gross gaming revenue [17][18] - Mexico has shown over 100% year-over-year growth, benefiting from the shutdown of competitors [24] Company Strategy and Development Direction - The company adopts a customer-focused approach, prioritizing online casino over sports betting and being selective in capital investments to balance growth and profitability [3][4] - New market opportunities are being explored, including Alberta and Maine, which have recently legalized online casino [11][12] - The company is cautious about entering Brazil, waiting to assess the market dynamics before committing resources [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product and technology, highlighting the importance of customer engagement and retention [6][34] - The competitive landscape is evolving, with management viewing prediction markets as more of a distraction than a direct threat [15][16] - The company anticipates continued growth in existing markets, with all online casino markets currently in operation growing more than 20% annually [13] Other Important Information - The company has a unique technology approach that enhances user experience, contributing to higher average revenue per user compared to competitors [34] - The company has been profitable in the fourth quarter of operation in every online casino market launched in North America [40] Q&A Session Summary Question: What are the growth opportunities in new markets? - Management highlighted Alberta and Maine as potential growth catalysts, with Alberta finalizing regulations and Maine recently approving online casino [11][12] Question: How does the company assess competition from prediction markets? - Management views prediction markets as noise, primarily affecting states without legalized sports betting, and does not plan to lead in this area [15][16] Question: What is the impact of the tax situation in Colombia? - The previous 19% tax on deposits was challenging, but a new 19% VAT on revenue is seen as incrementally positive for profitability [19][20] Question: How long does it take to break even in new states? - The company has been profitable in the fourth quarter of operation in every online casino market launched, with investment recovery typically within six quarters [40]

Company Overview - Rush Street Interactive targets adult consumers seeking regulated online casino and sports betting experiences, focusing on both U.S. and Latin American markets [1] - The company generates revenue primarily from gaming operations under brands such as BetRivers.com, PlaySugarHouse.com, and RushBet.co, leveraging proprietary technology and partnerships with land-based casinos [1][6] Recent Transaction - CEO Richard Todd Schwartz reported the sale of 158,335 shares for a total transaction value of $3.0 million, following the exchange of partnership units for Class A Common Stock [5] - Post-transaction, Schwartz retains approximately 1.2 million directly held Class A shares valued at $23.0 million [2][8] Ownership Structure - After the transaction, Schwartz reported direct ownership of 1.2 million Class A common shares and 5.33 million Class V common shares, along with indirect holdings [4] - The sale of 158,335 shares represents 11.7% of pre-transaction holdings, which is above the recent median of 8.34% [3] Financial Performance - Rush Street Interactive has seen shares increase by approximately 38% over the past year, outperforming the S&P 500's 18% gain [7] - In the third quarter, the company posted record revenue of $277.9 million, a 20% year-over-year increase, alongside net income of $14.8 million and adjusted EBITDA of $36.0 million, a 54% increase from the prior year [7] - Management raised full-year guidance to approximately $1.11 billion in revenue and roughly $150 million in adjusted EBITDA at the midpoint [7] Market Position - The company leverages a multi-brand strategy and proprietary technology to capture share in regulated gaming markets, focusing on customer experience and a diversified product suite [6] - Insider monetization amid strong execution and raised guidance is not inherently bearish, as the company continues to scale profitably in regulated markets with improving margins and sustained user growth [9]

Core Viewpoint - Rogers Sugar Inc. announced a public offering of $50,000,000 aggregate principal amount of Ninth Series convertible unsecured subordinated debentures with an annual interest rate of 5.50% and a maturity date of January 31, 2033 [1][2]. Group 1: Offering Details - The offering price for the Offered Debentures is set at $1,000 per debenture [1]. - The Offered Debentures will be convertible into common shares at a conversion price of $7.91 per share [2]. - The Offered Debentures are not redeemable prior to January 31, 2029, and can be redeemed under specific conditions thereafter [2]. Group 2: Underwriters and Over-Allotment Option - The offering is being conducted through a syndicate of underwriters co-led by BMO Capital Markets and National Bank Capital Markets [2]. - An Over-Allotment Option allows underwriters to purchase up to an additional $7,500,000 of Offered Debentures within 30 days after the closing of the offering [3]. Group 3: Use of Proceeds - The net proceeds from the offering will be used to reduce outstanding amounts under the credit facility of Lantic Inc., a subsidiary of Rogers Sugar, and for general corporate purposes [4]. Group 4: Regulatory and Filing Information - The Offered Debentures will be offered in Canada pursuant to a prospectus supplement that will be filed by January 7, 2026 [6]. - The offering is expected to close on or about January 12, 2026, subject to regulatory and TSX approval [4].

Company Performance - Rush Street Interactive, Inc. (RSI) has gained approximately 45.4% year-to-date, significantly outperforming the average gain of 2.7% in the Consumer Discretionary sector [4] - The Zacks Consensus Estimate for RSI's full-year earnings has increased by 37.9% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [4] Industry Comparison - RSI is part of the Gaming industry, which consists of 41 companies and has an average gain of 10.9% this year, showcasing RSI's superior performance within this industry [6] - In contrast, Sony, another Consumer Discretionary stock, has returned 22.5% year-to-date and belongs to the Audio Video Production industry, which has gained 20.3% this year [5][6] Zacks Rank - Rush Street Interactive, Inc. currently holds a Zacks Rank of 2 (Buy), suggesting it is positioned to outperform the broader market in the near term [3] - The Zacks Sector Rank for the Consumer Discretionary sector is 11 out of 16, indicating a relatively lower performance compared to other sectors [2]

Core Insights - The Zacks Gaming industry is facing challenges due to strained consumer spending, rising regulatory complexity, and compliance costs, but is benefiting from increased gaming revenues in Macau and strong demand for sports betting [1][3][4][5][6] Industry Overview - The Zacks Gaming industry encompasses companies that operate integrated casinos, hotels, and entertainment resorts, as well as those providing technology products and services in lotteries, electronic gaming, and sports betting [2] Key Themes - **Consumer Spending Pressure**: The U.S. gaming industry is experiencing reduced discretionary spending due to persistent inflation and rising costs, leading to more conservative spending habits among consumers [3] - **Regulatory Complexity**: The expansion of sports betting and iGaming is creating a fragmented regulatory environment, increasing compliance costs and compressing margins for operators [4] - **Macau Gaming Revenues**: Macau's gaming revenues rose 14.4% year-over-year to approximately MOP21.09 billion ($2.63 billion), indicating a steady recovery in the mass-market segment [5] - **Sports Betting Growth**: The legalization of sports betting across multiple states has significantly contributed to industry growth, with various digital platforms facilitating wagers [6] Industry Performance - The Zacks Gaming industry has underperformed the S&P 500 Index, rising 7.2% over the past year compared to the S&P 500's 15.7% growth [10] - The industry's current trailing EV/EBITDA ratio is 18.64, consistent with the S&P 500, with historical trading ranges between 14.16X and 28.46X over the past three years [13] Notable Companies - **Las Vegas Sands (LVS)**: Benefiting from strong travel demand and improved conditions in Macau and Singapore, with a 22% share price increase over the past year and a 10.1% rise in 2026 earnings estimates [16][17] - **Rush Street Interactive (RSI)**: Achieved record revenues with a 20% year-over-year increase, supported by a 46% surge in North American online casino monthly active users, and a 38.3% share price increase [20][21] - **Brightstar Lottery (BRSL)**: Strengthened its balance sheet post-IGT Gaming divestiture, with a 5% increase in 2026 earnings estimates despite a 19.9% decline in share price over the past year [24]

Core Insights - Rush Street Interactive, Inc. (RSI) is participating in a fireside chat at Craig-Hallum's 5th Annual Online Gaming Conference on December 2, 2025 [1] - The event will feature CEO Richard Schwartz and CFO Kyle Sauers discussing the company's strategies and market position [1] Company Overview - RSI is a leading online gaming and sports entertainment company operating in the U.S., Canada, and Latin America, with brands including BetRivers, PlaySugarHouse, and RushBet [3] - The company offers real-money mobile and online operations in fifteen U.S. states and several international markets, including Colombia, Ontario, Mexico, and Peru [3] - RSI has received multiple awards for its customer service and operational excellence, including the EGR North America Awards for Customer Services Operator of the Year from 2020 to 2024 [3] - The company was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council [3]

Core Insights - Rush Street Interactive, Inc. (RSI) has been awarded Operator of the Year – North LatAm at the inaugural EGR LatAm Awards, recognizing its leadership in the Colombian and Peruvian markets [1][2] Company Performance - RSI has demonstrated exceptional growth and commercial success in the Latin American market, setting high standards and driving innovation across its business [2][4] - The company has expanded its RushBet brand and proprietary platform into Peru in 2024, reinforcing its leadership in the region's digital gaming market [3] Strategic Focus - The CEO of RSI emphasized the company's commitment to delivering innovative gaming experiences and exceptional customer service, which are central to its performance in the rapidly developing Latin American market [3] - RSI aims to introduce localized and customized gaming products and services to cater to varying regional player preferences [3] Industry Recognition - The EGR LatAm Awards celebrate the best in the betting and gaming sector in South America, recognizing operators that excel in innovation, sustainability, customer experience, and product development [4]

Core Viewpoint - Rush Street Interactive, Inc. (RSI) shows a significantly improving earnings outlook, making it a solid investment choice as analysts continue to raise earnings estimates for the company [1][2] Earnings Estimate Revisions - Analysts' optimism regarding RSI's earnings prospects is leading to higher estimates, which is expected to positively impact the stock price [2] - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and stock price movements, with RSI benefiting from this trend [2][3] Current Quarter and Year Estimates - For the current quarter, RSI is expected to earn $0.10 per share, reflecting a year-over-year increase of +42.9%, with a 7.69% rise in the Zacks Consensus Estimate over the last 30 days [6] - For the full year, the expected earnings are $0.41 per share, representing a year-over-year change of +115.8%, with a 23.91% increase in the consensus estimate during the same period [7][8] Zacks Rank and Investment Potential - RSI currently holds a Zacks Rank 2 (Buy), indicating strong agreement among analysts in revising earnings estimates upward, which historically leads to outperformance compared to the S&P 500 [9] - The stock has increased by 5.5% over the past four weeks due to favorable estimate revisions, suggesting further upside potential [10]

Core Viewpoint - Rush Street Interactive, Inc. (RSI) shows potential for significant upside, with a mean price target of $23 indicating a 28.5% increase from its current price of $17.9 [1] Price Targets and Analyst Estimates - The mean estimate consists of eight short-term price targets with a standard deviation of $2.56, indicating variability among analysts [2] - The lowest estimate is $18.00, suggesting a 0.6% increase, while the highest estimate is $27.00, indicating a potential surge of 50.8% [2] - Analysts' price targets can be misleading, as they often set overly optimistic targets influenced by business relationships [7][8] Earnings Estimates and Analyst Agreement - Strong agreement among analysts regarding RSI's earnings prospects supports the expectation of an upside [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 23.9%, with two estimates moving higher and no negative revisions [12] - RSI holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Conclusion on Price Movement - While consensus price targets may not reliably indicate the extent of potential gains, they can provide a directional guide for price movement [14]

Core Insights - Rogers Sugar Inc. reported strong fourth quarter and full-year results, demonstrating resilience in a challenging market, with consolidated adjusted EBITDA of $39.5 million for Q4 2025 and $150.4 million for the fiscal year [1][2] Financial Performance - Q4 2025 revenues were $322.7 million, down from $333.0 million in Q4 2024, while year-to-date revenues increased to $1.31 billion from $1.23 billion [2] - Gross margin for Q4 2025 was $44.0 million, compared to $49.7 million in Q4 2024, with adjusted gross margin rising to $51.9 million from $50.1 million [2][3] - Net earnings for Q4 2025 were $13.7 million, down from $18.6 million in Q4 2024, while adjusted net earnings increased to $19.8 million from $18.8 million [2][3] Segment Performance Sugar Segment - Sugar segment adjusted EBITDA for Q4 2025 was $35.1 million, up from $34.2 million in Q4 2024, driven by higher adjusted gross margin per metric tonne despite lower sales volume [2][3] - Sales volume in the Sugar segment for fiscal 2025 was 781,500 metric tonnes, an increase of 28,100 metric tonnes compared to fiscal 2024 [2][3] - Revenues for the Sugar segment in Q4 2025 were $259.0 million, down from $272.8 million in Q4 2024, primarily due to lower average prices and sales volume [3][4] Maple Segment - Maple segment adjusted EBITDA for Q4 2025 was $4.4 million, an increase from $4.1 million in Q4 2024, attributed to higher sales volume [2][9] - Revenues for the Maple segment in Q4 2025 were $63.7 million, up from $60.2 million in Q4 2024, driven by increased sales volume [9][10] LEAP Project - The LEAP Project aims to expand refining and logistics capacity in Eastern Canada, with total costs expected between $280 million and $300 million, and anticipated in-service by mid-2027 [5][14] - As of September 27, 2025, $128.4 million had been capitalized for the LEAP Project, including $3.7 million in interest costs [20][19] Outlook - The company expects continued strong financial results in 2026, with stable underlying demand for sugar and anticipated pricing increases [21][23] - For fiscal 2026, the Sugar segment is projected to have sales volumes between 750,000 and 770,000 metric tonnes, reflecting a slight reduction compared to 2025 [23][24] - The Maple segment anticipates sales volume growth of approximately 3% over 2025, with global demand for maple syrup expected to continue growing [31][32]