Tariff Policy and Market Reactions - President Trump proposed a $2,000 "tariff dividend" for low-income Americans, funded by tariffs, aimed at providing financial relief and reducing national debt, though details remain unclear [2][3] - The proposal could potentially increase U.S. debt by $600 billion, which is double the projected tariff revenue for 2025, raising concerns about inflation [3] - The administration announced a rollback of 40% tariffs on Brazilian agricultural products to combat rising U.S. food prices, creating a contradiction in tariff policy [4] China Trade Relations - A looming 155% tariff on Chinese imports previously caused significant declines in major U.S. indices, but a deal was reached to lower tariffs on certain imports related to fentanyl by 10 percentage points [5] - The market reacted swiftly to these tariff changes, reflecting the volatility and unpredictability of trade relations under the current administration [5] Pharmaceutical Industry Developments - President Trump announced deals with Eli Lilly and Novo Nordisk to reduce prices of weight loss drugs from $500-$1,000 to $149-$350 per month for government programs and cash payers [6] - Eli Lilly's stock rose after reaching a $1 trillion market value, while Novo Nordisk experienced initial stock declines but later showed recovery due to FDA approval news [7][9] - Analysts predict a low single-digit negative impact on Novo Nordisk's global sales growth due to price cuts, but potential volume increases in the mid- to long-term [9] Offshore Drilling Initiatives - The Trump administration announced plans for new offshore oil drilling off Florida's Gulf Coast and California, reversing previous policies to enhance U.S. energy security [10] - This initiative has drawn bipartisan criticism from environmental groups and local politicians, indicating potential political and regulatory challenges ahead [11] Market Indices Performance - Major U.S. stock indices have shown significant volatility in response to tariff announcements and other policy changes, with notable sell-offs following threats of high tariffs on China [12] - The market's reaction to policy changes is characterized by rapid movements, often leading to a "buy the rumor, sell the news" phenomenon [12] Conclusion on Market Dynamics - The impact of President Trump's policies on the stock market remains dynamic and unpredictable, with swift market reactions to announcements across various sectors [13] - Investors are navigating a landscape marked by constant change, where a single statement can lead to significant sector movements [13]

Ah, the markets. A bastion of rational thought, predictable trends, and calm, measured responses to global events. Or, at least, that’s what the textbooks tell us. In the era of Donald J. Trump, however, Wall Street often resembles a teenager’s mood swings, lurching from exuberant highs to dramatic lows, often at the whim of a single social media post or a sudden policy pronouncement. The past few weeks have been no exception, offering a masterclass in market volatility driven by presidential pronouncements ...

Production and Sales - U.S. Energy reported total hydrocarbon production of approximately 35,326 BOE in Q3 2025, with oil production accounting for 75% of total production[15] - Total oil and gas sales for Q3 2025 were approximately $1.7 million, a decrease from $5.0 million in Q3 2024, primarily due to the company's divestiture program[15] - Total revenue for Q3 2025 was $1,738,000, compared to $4,957,000 in Q3 2024, representing a decrease of 65%[27] Financial Performance - The company's adjusted EBITDA was ($1.3) million in Q3 2025, compared to $1.9 million in Q3 2024, with a net loss of $3.3 million or $0.10 per diluted share[18] - Adjusted EBITDA for Q3 2025 was $(1,334,000), compared to $1,846,000 in Q3 2024, indicating a decline in operational performance[31] - Operating loss for Q3 2025 was $(3,379,000), compared to $(4,152,000) in Q3 2024, reflecting a 19% improvement[27] - Net loss for the nine months ended September 30, 2025, was $12,510,000, compared to a net loss of $13,758,000 for the same period in 2024, showing an improvement of 9%[28] Assets and Liabilities - Total assets as of September 30, 2025, were $46,497,000, down from $49,667,000 at December 31, 2024, a decrease of 4%[25] - Total current liabilities decreased to $8,468,000 as of September 30, 2025, from $12,348,000 at December 31, 2024, a reduction of 31%[27] - Proved oil and natural gas properties decreased to $135,552,000 as of September 30, 2025, from $142,029,000 at December 31, 2024, a decline of 5%[25] Liquidity and Cash Flow - U.S. Energy ended Q3 2025 with approximately $11.4 million in available liquidity, providing flexibility for growth initiatives[12] - Cash and equivalents decreased to $1,415,000 as of September 30, 2025, from $7,723,000 at the beginning of the period[28] Resource Development - The company achieved a combined peak rate of 12.2 MMcf/d from three industrial gas wells, with flows restricted to ~8.0 MMcf/d to preserve reservoir value[9] - The current industrial gas resource report indicates 1.28 BCF of net helium resources and 443.8 BCF of net CO2 resources contingent upon future development[10] - The company plans to drill one additional industrial gas well in Spring 2026 and has finalized the design for an initial gas processing facility[9] Regulatory and Environmental Initiatives - The EPA Monitoring, Reporting, and Verification plan was submitted in October 2025, with approval expected by Spring-Summer 2026, enabling the capture of federal carbon credits[9] Shareholder Information - The company reported a total of 32,793,272 basic and diluted weighted average shares outstanding for Q3 2025, compared to 28,052,356 for Q3 2024[27] Impairment - The company incurred impairment of oil and natural gas properties amounting to $3,628,000 for the nine months ended September 30, 2025, compared to $6,843,000 for the same period in 2024[28]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________________ Commission File Number 000-06814 (Exact Name of Registrant as Specified in its Charter) | Delawar ...

Core Insights - U.S. Energy Corporation reported operational progress in Q3 2025, particularly in advancing its Montana industrial gas project, with a focus on upstream development, infrastructure, and carbon management [2][3] - The company aims to unlock new revenue streams through the construction of a gas processing facility and carbon initiatives, enhancing oil recovery and maximizing value realization [2][3] Upstream Development - The company drilled two additional industrial gas wells in Q3 2025, totaling three high-deliverability wells in the Duperow Formation, achieving a combined peak rate of 12.2 million cubic feet per day (MMcf/d) [7] - The wells have a composition of approximately 0.5% helium and 85% CO₂, with flows restricted to preserve reservoir value until infrastructure is operational [7] Infrastructure Development - The design for the initial gas processing facility is complete, with construction expected to begin in early 2026 [7] - The company acquired 80 acres in Toole County, MT for $240,000 to serve as the facility site, with construction of the infill gathering system scheduled for early 2026 [7] Carbon Management Initiatives - The company submitted an EPA Monitoring, Reporting, and Verification (MRV) plan in October 2025, with approval anticipated by Spring-Summer 2026, enabling the capture of federal carbon credits [7] - The company is progressing with near-term enhanced oil recovery (EOR) projects using recycled CO₂ on legacy oil assets [7] Financial Results - U.S. Energy reported total hydrocarbon production of approximately 35,326 barrels of oil equivalent (BOE) in Q3 2025, with total oil and gas sales of approximately $1.7 million, down from $5.0 million in Q3 2024 [13] - Lease operating expenses (LOE) for Q3 2025 were approximately $1.0 million, or $29.36 per BOE, compared to $3.1 million, or $28.95 per BOE, in the prior year [14] - The company reported a net loss of $3.3 million, or a loss of $0.10 per diluted share, in Q3 2025, compared to an adjusted EBITDA of ($1.3) million [16][24] Resource Report - An industrial gas resource report indicated 1.28 billion cubic feet (BCF) of net helium resources and 443.8 BCF of net CO₂ resources in the Kevin Dome asset [8] - The report reflects gas concentrations of 0.4% - 0.5% helium and 84% - 85% CO₂, consistent with the company's recent development activities [8] Balance Sheet and Liquidity - As of September 30, 2025, U.S. Energy had approximately $11.4 million in available liquidity, providing flexibility for growth initiatives [10] - The company ended the third quarter with a cash balance of $1.4 million and no outstanding debt [10][11]

Market Overview - Analysts expect markets to remain firm, driven by positive global cues, macro-economic data, and domestic Q2 earnings [1][13] - GIFT Nifty traded higher by 55 points, or 0.21%, at 26,145, indicating a positive start for Dalal Street [2][13] U.S. Market Performance - All three major U.S. stock indexes reached record closing highs, with Nvidia shares rising due to its announcement of building AI supercomputers for the U.S. Department of Energy [3][13] - Nvidia has $500 billion in bookings for its AI chips, reflecting strong demand in the technology sector [3][13] Asian Market Trends - Asian stocks opened higher, supported by Wall Street's optimism regarding AI's impact on technology profits and expectations of a Federal Reserve interest-rate cut [7][13] Currency and Economic Indicators - The U.S. dollar is near a one-week low against major peers ahead of a widely anticipated interest rate cut from the Federal Reserve [8][13] - The Indian rupee depreciated by 8 paise to close at 88.27 against the U.S. dollar, influenced by weak domestic stock markets and foreign fund outflows [12][13]

Core Insights - Fermi Ord Shs (NASDAQ:FRMI) experienced a significant price increase following its Nasdaq debut, closing at $35.50 after-hours, a 9.14% rise from the previous day [1] - The company debuted at $25, reflecting a 19% increase from its initial public offering (IPO) price of $21, resulting in a valuation of $14.8 billion [2] Company Overview - Fermi, a data center real estate investment trust (REIT), sold 32.5 million shares at $21 each, after initially pricing them between $18 and $22 [3] - Founded in January 2025, Fermi achieved a $12.5 billion IPO valuation shortly after issuing convertible bonds at a $3 billion valuation, marking it as a rare pre-revenue company with a valuation exceeding $10 billion [4] Project and Future Plans - Co-founded by Rick Perry, Fermi aims to build an energy and data complex powered by nuclear, natural gas, and solar energy, with Project Matador expected to deliver 1.1 gigawatts by the end of 2026 and plans to scale up to 11 gigawatts [5] - The company has entered a non-binding 20-year letter of intent with its first tenant, with revenue anticipated to start in 2027 [5] Market Sentiment - Despite the positive debut, Benzinga's Edge Stock Rankings indicate that FRMI has a negative price trend across all time frames [6]

Core Insights - Fermi America, a real estate investment trust focused on data centers, went public on Nasdaq, creating at least three new billionaires, including CEO Toby Neugebauer, with the stock closing 55% higher at $32.53, valuing the company at $19 billion despite no sales yet [3][4][5] Company Overview - Fermi was founded in January and has reported a loss of $6.4 million in its first six months, with no customers yet [6] - The company is targeting potential clients in the AI sector, citing Musk's xAI, OpenAI, and Anthropic as potential tenants [6] - Fermi aims to deliver up to 11 gigawatts of energy from its 5,236-acre site in Amarillo, Texas, with plans to bring 1.1 gigawatts online by the end of 2026 [8][9] Business Model - The firm has signed a letter of intent for its first gigawatt of power with an unnamed investment-grade tenant, estimating potential revenues of $1.5 billion from a lease for 1 gigawatt of capacity [6] - Fermi's business plan includes a mix of natural gas, nuclear, and solar energy, with initial reliance on natural gas [10][11] Competitive Landscape - Fermi will compete with established data center operators like Coreweave, which has seen significant stock growth and has a valuation of $60 billion [7] Leadership and Stakeholders - Toby Neugebauer holds a 28% stake worth $6 billion, while Griffin Perry and Steven Meisel hold stakes worth $2.3 billion and $1.8 billion, respectively [4][5][17] - Rick Perry, a cofounder, has a stake valued at approximately $540 million [5][18]

Economic Data and Market Reaction - ADP private sector payrolls fell by 32,000 in September, contrary to expectations of a 50,000 gain, with August revised down to a 3,000 loss from a 54,000 gain [3] - The market reacted swiftly, with stocks cutting losses and long-term Treasury yields falling, while the odds of two quarter-point Fed rate cuts this year rose about 10 percentage points to nearly 90% [4] Company Updates - Nike's stock rose post-earnings as investors viewed the report as an early sign of a turnaround, despite a forecast for another quarter of negative growth, with wholesale revenue being a bright spot [7] - AES is experiencing a rally following reports that BlackRock's Global Infrastructure Partners is set to acquire the utility company for about $38 billion, including $29 billion in debt [9] - Fermi, a data center REIT co-founded by former U.S. Energy Secretary Rick Perry, priced 32.5 million shares at $21 each in its IPO, raising approximately $683 million and valuing the company at $10 billion [10] Consumer Sector Insights - The Golden Week in China, running from October 1-7, is expected to see 2.4 billion journeys, a 3.2% increase from last year, which is significant for domestic tourism and retail spending [10][11] - Analysts predict double-digit growth in sales for various companies during this period, including JD.com, Alibaba, Trip.com, H World Group, LVMH, Disney, Yum China, Starbucks, and Chow Tai Fook Jewellery Group [11][12]

Energy Markets - The global oil market is experiencing significant challenges, with Brent crude prices struggling to remain above $70 per barrel due to a persistent supply glut and subdued global demand [2][8] - The U.S. Energy Information Administration (EIA) forecasts Brent crude prices to decline to an average of $59 per barrel in Q4 2025 and around $51 per barrel in early 2026, driven by large oil inventory builds as OPEC+ increases production by approximately 547,000 barrels per day starting September 2025 [2] - China's liquefied natural gas (LNG) imports are expected to decline for the eleventh consecutive month, with a year-to-date drop of 22% in 2025 and a 30% decrease in the first four months compared to 2024, primarily due to weak industrial demand and increased domestic gas production [3] Currency Movements and Central Bank Actions - The USD/JPY exchange rate has seen a significant drop of 0.6% to 148.61, with the Japanese Yen weakening 1.26% over the past month and 3.64% over the last year, driven by divergent economic performances between the US and Japan [4][8] - The Riksbank in Sweden has cut its policy rate by 0.25 percentage points to 1.75% to stimulate the weak economy, marking the eighth rate reduction since spring last year [5] Corporate Strategies - Verisure, a Switzerland-based security services company, is targeting a valuation of up to €13.9 billion (approximately $16.29 billion) in its planned IPO on Nasdaq Stockholm, aiming to raise €3.1 billion (around $3.7 billion) by selling new shares [6][8] - AstraZeneca plans a direct listing of its ordinary shares on the New York Stock Exchange, maintaining its primary listing in London, to attract a broader global investor base while investing $50 billion in the US over the next five years [7][8] Global Developments - Russia and Vietnam are strengthening energy ties, with new projects expected to begin in January 2026 and a memorandum of understanding signed for cooperation on Vietnam's first nuclear power plant [9] - China's Communist Party will hold its fourth plenary session from October 20 to 23 to deliberate on the 15th Five-Year Plan for National Economic and Social Development, which is closely monitored for its implications on China's economic rebalancing and geopolitical strategy [10]