Core Insights - The Securities and Exchange Board of India (SEBI) has approved the Raajmarg Infra Investment Trust (RIIT), which aims to unlock the monetization potential of National Highway assets and create a long-term investment vehicle for retail and domestic investors [8] - The first issuance of InvIT units for retail and public investors is expected to be launched in February 2026 [1][8] - Over the next three to five years, approximately 1,500 km of completed and operational national highways will be introduced into the public InvIT, providing significant investment opportunities for the public [2][8] Investment Vehicle Details - A public InvIT allows retail investors to directly invest in and earn income from a pool of operational infrastructure projects [2][8] - Units of public InvITs will be listed and traded on stock exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), similar to mutual funds or equities [4][8] Financial Background - The National Highways Authority of India (NHAI) has monetized assets worth Rs 48,995 crore through the Toll-Operate-Transfer (TOT) model and raised around Rs 43,638 crore across four rounds of private InvITs, attracting significant domestic and international investors [5][8] - Raajmarg Infra Investment Managers (RIIMPL) has been established as the investment manager for RIIT, with equity participation from leading banks and financial institutions [6][8] Strategic Importance - The approval of RIIT is seen as a significant milestone in enhancing public participation in India's National Highway infrastructure development [8] - The initiative is expected to deepen public involvement and accelerate the development of a robust National Highway network across the country [7][8]

Financial Data and Key Metrics Changes - For Q4 FY2025, total net revenue was $42.8 million, a decrease from $43.9 million in Q4 FY2024 [15] - Agribusiness revenue was $41.3 million compared to $42.5 million in the same quarter last year [15] - Operating loss for Q4 FY2025 was $11.1 million, compared to an operating loss of $2.8 million in Q4 FY2024 [18] - Net loss applicable to common stock for Q4 FY2025 was $8.8 million, compared to a net loss of $2 million in Q4 FY2024 [18] - For FY2025, total net revenue was $159.7 million, down from $191.5 million in FY2024 [20] - Adjusted EBITDA for FY2025 was a loss of $6.5 million compared to income of $26.7 million in FY2024 [22] Business Line Data and Key Metrics Changes - Fresh packed lemon sales in Q4 FY2025 were $19.2 million, up from $8.4 million in Q4 FY2024, with 821,000 cartons sold at an average price of $23.33 per carton [15] - Avocado revenue in Q4 FY2025 was $300,000, down from $8.9 million in Q4 FY2024, with 396,000 pounds sold at an average price of $0.79 per pound [16] - Orange revenue in Q4 FY2025 was $2.9 million, compared to $1.7 million in Q4 FY2024 [17] - Specialty citrus and other revenues were $2.9 million in Q4 FY2025, down from $3.5 million in Q4 FY2024 [17] Market Data and Key Metrics Changes - The California avocado crop typically experiences alternate years of high and low production, impacting revenue [16] - The company expects fresh lemon volumes of 4-4.5 million cartons and avocado volumes of 5-6 million pounds for FY2026 [24] Company Strategy and Development Direction - The company is transforming its business model by reducing exposure to volatile lemon pricing and expanding into avocados and organic recycling [5][10] - A partnership with Sunkist is expected to generate $10 million in cost savings for FY2026 [6][24] - The company is also focusing on real estate development projects, expecting $155 million in distributions over the next five fiscal years [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted a significant transformation in the business model, moving from a commodity lemon producer to a diversified agricultural and real estate company [11] - The company anticipates improved financial performance in FY2026 due to cost savings and enhanced customer access through the Sunkist partnership [11][24] Other Important Information - The company completed the sale of its Chilean assets for $15 million and is advancing the monetization of other non-strategic assets [9] - Long-term debt as of October 31, 2025, was $72.5 million, up from $40 million at the end of FY2024 [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings from the Sunkist partnership? - Management explained that the savings come from reduced sales and marketing costs and improved operational efficiencies, including renegotiated storage contracts [29][30] Question: How does the company plan to monetize its water rights? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetization through conservation and fallowing programs [39][40] Question: What is the outlook for lemon pricing? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [76][77] Question: What is the company's strategy regarding debt management? - Management emphasized the goal of reducing debt while increasing EBITDA through core operations and asset monetization [80][81]

Financial Data and Key Metrics Changes - For the fourth quarter of fiscal year 2025, total net revenue was $42.8 million, a decrease from $43.9 million in the same quarter of the previous year [15] - Agribusiness revenue was $41.3 million compared to $42.5 million in the fourth quarter last year, while other operations revenue increased slightly to $1.5 million from $1.4 million [15] - The operating loss for the fourth quarter of fiscal year 2025 was $11.1 million, compared to an operating loss of $2.8 million in the fourth quarter of fiscal year 2024 [18] - Net loss applicable to common stock after preferred dividends was $8.8 million for the fourth quarter of fiscal year 2025, compared to a net loss of $2 million in the same period of fiscal year 2024 [18] - For the fiscal year ended October 31, 2025, total net revenue was $159.7 million, down from $191.5 million the previous year, primarily due to decreased agribusiness revenues [20] Business Line Data and Key Metrics Changes - Agribusiness revenue for the fourth quarter included $19.2 million in fresh packed lemon sales, significantly up from $8.4 million during the same period of fiscal year 2024 [15] - Brokered lemons and other lemon sales were $12.5 million in the fourth quarter of fiscal year 2025, down from $14.7 million in the previous year [16] - Avocado revenue dropped to $300,000 in the fourth quarter of fiscal year 2025 from $8.9 million in the same period of fiscal year 2024, attributed to lower production [16] - Orange revenue increased to $2.9 million in the fourth quarter of fiscal year 2025 from $1.7 million in the same period of fiscal year 2024 [17] Market Data and Key Metrics Changes - The California avocado crop typically experiences alternate years of high and low production, which impacted the volume sold in fiscal year 2025 [16] - The average price per carton for U.S. packed fresh lemons was $23.33 in the fourth quarter of fiscal year 2025, compared to $17.95 in the same period of fiscal year 2024 [15] Company Strategy and Development Direction - The company is transforming its business model by reducing exposure to volatile lemon pricing and expanding into avocados, with a goal of generating $10 million in cost savings in fiscal year 2026 [5][6] - The return to Sunkist is expected to enhance customer access and improve packing margins, while the avocado production capacity is set to increase significantly over the next few years [7][10] - The company is also pursuing a 50/50 organic recycling joint venture and real estate development projects, with expected distributions totaling $155 million over the next five fiscal years [8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence that fiscal year 2026 will mark the beginning of the financial impact from the transformation, with expectations for improved financial performance [11] - The company anticipates a 50% reduction in SG&A expenses, approximately $10 million in savings, and expects avocado production to contribute meaningfully starting in fiscal year 2027 [10][24] - Management highlighted the importance of diversifying revenue streams and optimizing the asset base to create a more resilient business model [10] Other Important Information - The company successfully completed the sale of its Chilean assets for $15 million and is advancing the monetization of its Windfall Farms vineyard and other agricultural assets valued at approximately $40 million [9] - Long-term debt as of October 31, 2025, was $72.5 million, up from $40 million at the end of fiscal year 2024, with a net debt position of $71 million [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings and customer relationships? - Management explained that the cost savings come from transitioning to Sunkist and renegotiating storage contracts, with a significant reduction in sales and marketing costs per carton [29][32] Question: What is the outlook for lemon pricing? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [75] Question: Can you elaborate on the water rights strategy? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetizing conserved water rights, particularly in California and Arizona [39][40] Question: What is the development strategy for Limco Del Mar? - Management outlined the entitlement process for the Limco Del Mar project, emphasizing community engagement and the potential increase in land value upon successful entitlement [55][60]

Financial Data and Key Metrics Changes - For Q4 FY 2025, total net revenue was $42.8 million, a decrease from $43.9 million in Q4 FY 2024. Agribusiness revenue was $41.3 million compared to $42.5 million in the previous year [13][19] - The operating loss for Q4 FY 2025 was $11.1 million, compared to a loss of $2.8 million in Q4 FY 2024. The net loss applicable to common stock was $8.8 million, compared to a loss of $2 million in the same period last year [17][20] - For FY 2025, total net revenue was $159.7 million, down from $191.5 million in FY 2024, primarily due to decreased agribusiness revenues [19][20] Business Line Data and Key Metrics Changes - Agribusiness revenue for Q4 FY 2025 included $19.2 million in fresh packed lemon sales, significantly up from $8.4 million in Q4 FY 2024. Approximately 821,000 cartons of U.S. packed fresh lemons were sold at an average price of $23.33 per carton [13][14] - Avocado revenue was $300,000 in Q4 FY 2025, down from $8.9 million in Q4 FY 2024, with approximately 396,000 pounds sold at an average price of $0.79 per pound [15] - Orange revenue increased to $2.9 million in Q4 FY 2025 from $1.7 million in Q4 FY 2024, with 148,000 cartons sold at an average price of $19.67 per carton [16] Market Data and Key Metrics Changes - The company expects fresh lemon volumes of 4-4.5 million cartons and avocado volumes of 5-6 million pounds for FY 2026, indicating a strategic shift towards higher-demand products [24] - The transition to Sunkist is anticipated to enhance customer access and pricing stability, with a focus on contracted sales rather than open market sales [32] Company Strategy and Development Direction - The company is transforming its business model by reducing reliance on volatile lemon pricing and expanding into avocados and real estate development [5][9] - A planned organic recycling joint venture is expected to generate $4-$5 million in additional EBITDA starting in FY 2027 [7] - The company aims to achieve $10 million in cost savings in FY 2026, driven by operational restructuring and the Sunkist partnership [5][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the Sunkist partnership in improving cost structure and customer relationships, which is expected to yield financial benefits in FY 2026 [24] - The company anticipates a significant increase in avocado production capacity over the next few years, contributing to revenue growth [6][24] - Management expressed confidence in the long-term value of water rights and the potential for monetization through fallowing programs [39][46] Other Important Information - The company completed the sale of its Chilean assets for $15 million and is advancing the monetization of other non-strategic assets valued at approximately $40 million [8] - Long-term debt increased to $72.5 million as of October 31, 2025, compared to $40 million at the end of FY 2024 [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings from the Sunkist partnership? - Management explained that the savings come from reduced sales and marketing costs and improved operational efficiencies, including renegotiated storage contracts [28][29] Question: How does the company plan to monetize its water rights? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetization through conservation and fallowing programs [36][39] Question: What is the outlook for lemon pricing in the near term? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [72]

Core Viewpoint - Mirasol Resources Ltd. has successfully completed the sale of its 100% owned Sascha Project to Andara Mining for approximately US$1.5 million, which will enhance its financial position and support ongoing exploration programs [1][2][6] Group 1: Sale Details - The Sascha Project is located in Santa Cruz province, Argentina, and the sale also includes the assignment of the Option to Purchase Agreement for the Marcelina Project to Andara Mining [1] - Mirasol retains a 1.5% Net Smelter Return (NSR) royalty on the Sascha-Marcelina Projects, with options for Pursuit Minerals to buy back portions of this royalty after commercial production begins [6] Group 2: Financial Implications - The US$1.5 million payment from the sale strengthens Mirasol's financial position and allows for the advancement of exploration programs [2] - Proceeds from the sale were used to repay CAD$2 million towards an outstanding shareholder loan [2][6] Group 3: Company Background - Mirasol Resources Ltd. is an exploration company with over 20 years of experience in operating, permitting, and community relations in Chile and Argentina [3] - The company is currently self-funding exploration at its flagship Sobek Copper-Gold Project while advancing a pipeline of early and mid-stage projects [3]

A Public Units of public InvITs are listed and traded on stock exchanges such as the National Stock Exchange (NSE) and BSE, similar to mutual funds or equities. As part of this initiative, NHAI has incorporated Raajmarg Infra Investment Managers Pvt Ltd ( RIIMPL is a collaborative venture with equity participation from leading banks and financial institutions, including ICICI Bank, IDBI Bank, Live Events This partnership aims to unlock the monetization potential of the National Highway assets while creati ...

Core Viewpoint - The Committee of Creditors (CoC) of Jaiprakash Associates Ltd (JAL) is reviewing financing details from bidders, including Vedanta and Adani, for the acquisition of the debt-laden company, with resolution plans to be voted on in November [1][5]. Group 1: Bidders and Acquisition Process - Five bidders are competing for Jaiprakash Associates, including Vedanta Ltd, Adani Enterprises, Jindal Power Ltd, Dalmia Bharat, and PNC Infratech Ltd [2]. - The CoC has requested signed, non-conditional resolution plans from the bidders, which will be evaluated over the next two to four weeks before a vote [5]. - Bidders must provide proof of funds or a letter of comfort to demonstrate their financial capability once a resolution plan is approved [3][4]. Group 2: Financial Situation and Assets - Jaiprakash Associates is estimated to owe ₹55,371.21 crore (approximately $6.7 billion) as of September 2025, with most debt transferred to the National Asset Reconstruction Company Ltd [10][11]. - The company has a diversified portfolio in infrastructure, cement, real estate, power, and hospitality, with significant projects in Noida and near the upcoming Jewar airport [11][12]. - The cement division operates with a combined capacity of about 8 million tonnes per annum, and the company holds a stake in Jaiprakash Power Ventures, which remains profitable [12]. Group 3: Challenges and Considerations - Several land parcels and real estate assets of Jaiprakash Associates are involved in litigation, which may complicate asset monetization and valuation [12][15]. - The CoC has approved fees for Grant Thornton Bharat LLP to determine the liquidation value for financial creditors, a necessary step before voting on any resolution plan [13]. - Previous attempts to sell the cement arm to Dalmia Bharat failed, and current resolution plans must consider the company as a single business unit [14].

Summary of Hudson Global Conference Call - September 17, 2025 Company Overview - **Company**: Hudson Global (NasdaqGS:HSON) - **Recent Merger**: Hudson Global merged with Star Equity Holdings, completed on August 21, 2025, with Hudson as the surviving entity due to its $240 million net operating loss (NOL) [4][3] Core Business Strategy - **Vision**: Aim to be the "Berkshire Hathaway of microcaps" by focusing on excellent businesses, management, and capital allocation [3] - **Revenue Projections for 2026**: Expected revenue of $250 million, adjusted EBITDA of $15 million, and adjusted earnings per share of approximately $1.50 [5][11] - **Long-term EBITDA Goal**: Anticipate reaching $40 million in EBITDA by the end of the decade, driven by organic growth and market share increase in growing industries [6] Acquisition Strategy - **Focus on Bolt-on Acquisitions**: Targeting acquisitions that enhance existing businesses, aiming for each to generate at least $10 million in EBITDA [6][20] - **Capital Allocation**: Plans to use cash, debt, and preferred stock for acquisitions, avoiding stock issuance due to perceived undervaluation [8][9] - **Asset Monetization**: Over $20 million in non-EBITDA generating assets expected to be monetized, which could significantly impact market cap [9] Financial Metrics and Valuation - **Current Valuation**: Stock is considered undervalued with a PE ratio of 6 and EV/EBITDA of 3 based on 2026 estimates [12][11] - **Preferred Stock**: Approximately $27 million in preferred stock, viewed as a flexible acquisition currency [12][30] - **Free Cash Flow Yield**: High free cash flow yield available for shareholder value creation through acquisitions or stock buybacks [34] Industry Dynamics - **Staffing Business Outlook**: Experienced a peak in 2022, followed by a decline, but is seeing a gradual return to normal hiring levels, particularly among Fortune 500 clients [31][33] - **Attrition Rates**: Noted a significant drop in attrition rates post-COVID, indicating a stabilization in the workforce [32] Key Business Segments - **Building Solutions**: Expected to grow at an average of 10% revenue growth over the next five years, with a focus on engineered wood products [22] - **Business Services**: Largest division, aiming to return to 2022 profitability levels with a focus on long-term contracts with Fortune 500 companies [23] - **Energy Services**: Looking for acquisitions in non-capital intensive, mission-critical products and services [24] Management and Team Structure - **Management Team**: Comprised of experienced individuals from both Hudson and Star, with a focus on operational efficiency and strategic growth [36] Conclusion - **Future Outlook**: Hudson Global is positioned for long-term value creation through strategic acquisitions, organic growth, and effective capital allocation, with a strong focus on enhancing shareholder value [5][9][34]

Financial Performance - In Q2 2025, the company generated revenue of $24,042, comprising $18,000 in dividend income from Music Royalties Inc. and $6,042 in music royalty income [3] - Operating expenses totaled $68,625, resulting in an operating loss of $44,583, compared to a loss of $39,027 in the prior year [3] - A non-cash foreign exchange gain of $156,357 led to a net income of $111,774 for the quarter, contrasting with a net loss of $46,642 in Q2 2024 [3] - For the six-month period, the company reported a net income of $78,176, compared to a loss of $87,308 in the previous year [3] Asset and Investment Update - As of June 30, 2025, total assets increased to $1.8 million from $1.25 million at the end of 2024, reflecting a $500,000 investment in Music Royalties Inc. [4] - The company completed an additional equity swap post-quarter, raising its holdings in Music Royalties Inc. to 4,000,000 shares valued at $2 million, which is expected to generate $144,000 in annual dividends [4] Legal Developments - The company achieved a significant legal victory on June 16, 2025, with a court judgment confirming its entitlement to a 2% net smelter royalty on concessions at Capstone Copper's Cozamin Mine [5] - Capstone has appealed this decision to the Supreme Court of Zacatecas, delaying the resolution [5] - The company estimates that the disputed 2% NSR could represent approximately $1.5 million per year based on production since 2019 [8][9] Strategic Focus - The company maintains a 100% interest in the Bilbao silver-zinc-lead project while exploring opportunities to monetize this project for cash-flowing royalties [10] - The chairman and CEO emphasized the importance of the legal victory and strategic investment in driving the company towards profitability and unlocking shareholder value [11]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 12.4% year on year and an adjusted EBITDA increase of 11.2% year on year for Q2 2025 [8][17] - The adjusted EBITDA margin for Q2 2025 was 47.3%, slightly down from 47.8% in Q2 2024 [18] - The net debt to LQA adjusted EBITDA ratio decreased from 6.6 times at the end of Q1 2025 to 6.1 times at the end of Q2 2025 [23][24] Business Line Data and Key Metrics Changes - Gross new bookings in Q2 2025 were 23,000 square meters, primarily from traditional internet and cloud businesses [10] - The gross moving during Q2 2025 was around 20,000 square meters, consistent with the previous five quarters, with a utilization rate reaching 77.5% [9] Market Data and Key Metrics Changes - The company achieved a significant milestone with the successful completion of its C REITs IPO, with units trading on the Shanghai Stock Exchange at an implied cap rate of below 5% [8] - The company noted that AI demand was relatively quiet due to uncertainties in chip supply in China, affecting customer decisions [11] Company Strategy and Development Direction - The company is focusing on asset monetization strategies, having completed the first data center ABS transaction and the first data center REITs IPO in China [14][20] - The company has around 900 megawatts of power land held for future development in Tier one markets, anticipating a wave of AI demand primarily for inference [12][13] - The company aims to maintain a flexible approach to asset monetization, targeting a net debt to EBITDA ratio of around five times while exploring new investment opportunities [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AI-driven demand over the medium to long term, despite current uncertainties [11] - The company expects to deliver 35% of its total current backlog in 2025, indicating solid operational performance [10] - Management acknowledged that the market price for services has been stable since mid-last year, which is satisfactory given the broader economic context [43] Other Important Information - The company raised net proceeds of $676 million through the issuance of convertible bonds and equity, strengthening its balance sheet [8] - DayOne, the company's equity investment, added 246 megawatts of new commitments in Q2 2025, bringing its total power committed to over 780 megawatts [15][27] Q&A Session Summary Question: Future strategy regarding asset monetization in China - Management indicated that asset monetization remains highly accretive for shareholders, with attractive new investment opportunities on the horizon [30][31] Question: Development targets for DayOne - Management targets adding at least 500 megawatts annually, with a commitment to the market of at least 300 megawatts [34][35] Question: Customer profile and workloads for new orders - The customer profile includes traditional internet companies and cloud service providers, with a mix of GPU and CPU workloads [41] Question: Impact of deconsolidation on guidance - Management maintained FY 2025 revenue and adjusted EBITDA guidance unchanged despite the deconsolidation of C REIT assets [26][62] Question: Growth expectations for the second half of the year - Management expects a reacceleration in revenue and EBITDA growth in Q2 and Q3 of next year, driven by significant capacity deliveries [70]