Bitcoin miner MARA's adjusted EBITDA jumps over 1,000% in record quarter https://t.co/lRD3Mx7k7v ...

Core Viewpoint - Starcore International Mines Ltd. reported strong financial results for the year ending April 30, 2025, with significant income from mining operations and positive outlook for the upcoming fiscal year [2][4]. Financial Highlights - The company reported revenues of $32.2 million for the year, an increase from $28.3 million in the previous year, representing a growth of approximately 10% [3]. - Income from mining operations for the year was $6.3 million, compared to $2.4 million in the previous year, indicating a substantial increase [3][4]. - The total income for the fourth quarter was $1.6 million, or $0.02 per share, while the total income for the year was $0.2 million, or $0.00 per share [4]. - Administrative expenses rose to $7.5 million for the year from $4.1 million in the previous year [3]. - The company reported total assets of $56.0 million, up from $52.0 million in the previous year [3]. Production Highlights - Gold production for the year was 8.3 thousand ounces, down from 9.4 thousand ounces the previous year, while silver production decreased to 49.3 thousand ounces from 58.0 thousand ounces [7]. - The mine operating cash cost per equivalent ounce was $1,936 for the year, compared to $1,686 the previous year [10]. - The EBITDA for the year was reported at $2.8 million, with an EBITDA margin of 8.6% [4][3]. Operational Insights - The company completed carbon circuit testing and announced recent acquisitions, which are expected to enhance operations in the coming fiscal year [2]. - The mine's gold recovery rate was 83.1% for the year, while the silver recovery rate was 53.0% [7]. Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and is involved in exploration and development projects across North America and Côte d'Ivoire [8]. - The company emphasizes corporate social responsibility and aims to increase long-term shareholder value [8].

Group 1 - The core viewpoint of the articles indicates that the company's second-quarter performance for 2025 met expectations, with a net income of $1.79 billion, reflecting a year-on-year growth of 2.3% and a quarter-on-quarter growth of 5.3% [1] - The VIP business saw a decline of 13.3% year-on-year and 4.9% quarter-on-quarter, recovering to 28% of the levels seen in the same period of 2019 [1] - Retail business revenue and operating profit increased by 7.8% and 4.8% year-on-year, respectively, while luxury goods performance remained weak [1] Group 2 - The adjusted EBITDA for the quarter grew by 0.9% year-on-year and 5.8% quarter-on-quarter, reaching $566 million, which is 74% of the level seen in the same period of 2019 [1] - The hotel occupancy rate was 96.2%, with an average price of $226 [1] - The company holds approximately $985 million in cash, with net debt reduced by $90 million to $5.94 billion [1] Group 3 - The performance of various entertainment venues includes revenue figures of $663 million for Venetian Macao, $642 million for Londoner, and $194 million each for Parisian and Four Seasons, with adjusted EBITDA recovery rates ranging from 21% to 124% compared to 2019 [2] - The recent positive industry performance is attributed to increased foot traffic, new project launches, and popular non-gaming products, with high-end mass gaming being a key growth driver [2] - The company has initiated a change in strategy regarding customer promotion expenses, leading to improved performance in May and June [2] Group 4 - The company maintains a buy rating with a target price of HKD 25.31, reflecting confidence in revenue and profit growth due to the second phase of the Londoner and new promotional activities [3] - The company is recognized as the largest integrated resort operator in Macau, holding a leading position in mass gaming and non-gaming sectors [3] - The company has repurchased $179 million worth of shares, increasing its ownership stake to 73.4% [2]

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $130 million, up from $107 million in Q2 2024, indicating a year-over-year increase of approximately 21.5% [6] - Net income for Q2 2025 reached $91 million, compared to $71 million in Q2 2024, reflecting a year-over-year increase of about 28.2% [7] - Cash position at the end of Q2 2025 was $589 million, with total debt of $860 million, resulting in a leverage ratio of 0.56 times [9] Business Line Data and Key Metrics Changes - Silver production in Q2 2025 was 3.6 million ounces, down 11% from 4 million ounces in Q2 2024, primarily due to lower production at Jumpac, Tambomayo, and Huican [7] - Copper production increased by 28% year-over-year, attributed to halted operations at El Brocal in 2024 affecting copper ore processing [7] - Gold production decreased to 27,345 ounces from 33,119 ounces in Q2 2024, mainly due to reduced output at Tambomayo and Orcopampa, partially offset by increases at La Sanja and El Brocal [8] Market Data and Key Metrics Changes - The company initiated the sale of part of the Cerro Verde copper concentrate, selling approximately 20,000 metric tons by the end of Q2 2025, with a total of 40,000 metric tons expected for the full year [8] - Cerro Verde announced a new dividend distribution of $59 million on July 24, corresponding to Buenaventura's equity share, contributing to a total of $108 million in dividends [9] Company Strategy and Development Direction - The company is committed to stable and continuous production of flagship assets, with ongoing optimization efforts to increase throughput [14] - Continuous exploration is emphasized as part of the company's strategy to extend the life of its mining assets [15] - The San Gabriel project achieved 88% overall completion by Q2 2025, with expectations to commence ramp-up in Q3 2025 and produce the first gold bar in Q4 2025, subject to timely permit approvals [12][15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining necessary permits for the San Gabriel project, with no anticipated risks regarding the permit for production commencement [20] - The company plans to maintain financial stability and has redeemed the remaining 2026 notes, indicating a focus on managing debt levels [15] - The ramp-up of production at San Gabriel is expected to take all of 2026, with stabilization projected between 100,000 and 120,000 ounces [22] Other Important Information - Total CapEx for Q2 2025 was $107 million, with $82 million allocated to the San Gabriel project [9] - The all-in sustaining costs for copper increased by 63% year-over-year, primarily driven by lower byproduct credits [10] Q&A Session Summary Question: Can you provide more details on the pending permits for San Gabriel? - Management indicated that they have invited authorities to visit the plant in September and do not foresee risks in obtaining the necessary permits [20] Question: What is the expected CapEx for the second half of 2025? - Total CapEx for San Gabriel is expected to remain between $720 million and $750 million, with approximately $130 million to $160 million disbursed in the second half of 2025 [22][23] Question: What is the status of silver production at Uchucchacua? - Management noted a decrease in silver grades due to a shift towards polymetallic stops, with plans to monitor and potentially resume mining in the bottom part of the mine by Q4 2025 [36][37] Question: How is the commercialization of Cerro Verde concentrate impacting overall costs? - The company has started selling 40,000 tons of copper concentrates from Cerro Verde, which is expected to improve terms and overall margins [42][43] Question: What is the timeline for the Trepiche project? - The environmental impact study is on track for approval by the end of the year, with the feasibility study expected to be completed by mid-2026 [55][57] Question: What is the definition of commercial production for San Gabriel? - Commercial production is defined as producing two gold bars over 20 continuous days at 65% capacity [64][70]

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $130 million, up from $107 million in Q2 2024, reflecting a strong performance [7] - Net income increased to $91 million in Q2 2025 from $71 million in Q2 2024 [8] - Total CapEx for the quarter was $107 million, with $82 million allocated to the San Gabriel project [9] - Cash position at the end of the quarter was $589 million, with total debt of $860 million, resulting in a leverage ratio of 0.56 times [9] Business Line Data and Key Metrics Changes - Silver production decreased by 11% year-over-year to 3.6 million ounces, primarily due to lower output at Jumpac, Tambomayo, and Huican [8] - Copper production increased by 28% year-over-year, attributed to halted operations at El Brocal in 2024 [8] - Gold production fell to 27,345 ounces from 33,119 ounces in the same quarter last year, mainly due to decreased output at Tambomayo and Orcopampa [8] Market Data and Key Metrics Changes - The company initiated the sale of part of the Cerro Verde copper concentrate, selling approximately 20,000 metric tons by the end of the quarter, with a total of 40,000 metric tons expected for the full year 2025 [8] - Cerro Verde announced a new dividend distribution of $59 million, corresponding to Buenaventura's equity share, to be distributed in August [9] Company Strategy and Development Direction - The company is committed to stable and continuous production of flagship assets and is focused on optimizing throughput [15] - Continuous exploration efforts are emphasized to extend the life of mining assets [15] - The San Gabriel project is on track with 88% overall completion, with expectations to produce the first gold bar in Q4 2025, subject to timely permit approvals [13][16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining necessary permits for the San Gabriel project, indicating no significant risks [19] - The company plans to maintain financial stability and has redeemed the remaining 2026 notes [16] - The ramp-up of production at San Gabriel is expected to take all of 2026, with stabilization anticipated thereafter [21] Other Important Information - The all-in sustaining costs for copper increased by 63% year-over-year, primarily due to lower byproduct credits [11] - The company received $49 million in dividends from Cerro Verde, which contributed to operating cash flow [12] Q&A Session Summary Question: Can you provide more details on the pending permits for San Gabriel? - Management indicated that they have invited authorities to visit the plant in September and do not foresee risks in obtaining the necessary permits [19] Question: What is the expected CapEx for the second half of 2025? - Total CapEx for San Gabriel is expected to remain between $720 million and $750 million, with approximately $130 million to $160 million disbursed in the second half of 2025 [20][22] Question: When do you expect to reach full production capacity at San Gabriel? - The ramp-up will take all of 2026, with expectations to stabilize production between 100,000 and 120,000 ounces [21] Question: How is Uchucchacua performing regarding silver grades and costs? - Management noted a decrease in silver grades due to a shift towards polymetallic stops, with expectations to stabilize in Q3 [32][35] Question: What is the strategy for El Brocal moving forward? - The company plans to prioritize mining blocks with higher gold and silver content while maintaining a target copper production of 1.45% [38] Question: Can you clarify the commercialization of Cerro Verde concentrate? - The company has sold 20,000 tons of copper concentrate in the first half and plans to sell another 20,000 tons in the second half, with margins expected around $1.2 million for each 10,000 tons [48][50] Question: What is the status of the Trepiche project? - The environmental impact study is on track for approval by the end of the year, with the feasibility study expected to be completed in Q3 2026 [55] Question: What is the definition of commercial production for San Gabriel? - Commercial production is defined as producing two gold bars over 20 continuous days at 65% capacity [64][68]

Core Viewpoint - CICC maintains the adjusted EBITDA forecast for Sands China (01928) for 2025 and 2026, with a target price raised by 19% to HKD 23.80, reflecting a 29% upside potential from the current stock price [1] Group 1: Financial Performance - Sands China reported 2Q25 net revenue of USD 1.797 billion, recovering to 84% of 2Q19 levels (up 2% year-on-year and 5% quarter-on-quarter) [2] - Adjusted property EBITDA for 2Q25 was USD 566 million, recovering to 74% of 2Q19 levels (up 1% year-on-year and 6% quarter-on-quarter), aligning with institutional expectations of USD 562 million [2] - The performance is attributed to more aggressive marketing rebate activities, improved VIP win rates, and increased market share from 22.4% in 1Q25 to 22.6% in 2Q25 due to the opening of Londoner [2] Group 2: Management Insights - Management disclosed a short-term EBITDA target of approximately USD 2.7 billion annually (USD 675 million quarterly), with contributions expected from Venetian and Londoner (USD 2 billion), Four Seasons (USD 400 million), Parisian (USD 200 million), and Sands Macao (USD 100 million) [3] - Management acknowledged previous conservatism in customer rebate reinvestment rates, which negatively impacted performance in Macau, but noted improvements in May and June 2025 following a shift in rebate strategy [3] - The new rebate strategy aims to increase rebate spending to drive traffic to Parisian and Sands Macao, while strong natural traffic is expected to support performance at Venetian and Londoner under limited rebate spending [3] - Management believes Macau has become a regional entertainment hub, hosting numerous global and regional events, which will continue to drive visitor traffic [3] - Continued high visitor numbers are supported by day-trip travelers, with mass market recovery at 93% of 2Q19 levels (up 10% quarter-on-quarter) and premium mass market recovery at 106% of 2Q19 levels (up 5% quarter-on-quarter) [3]

Financial Data and Key Metrics Changes - Total rental revenue grew by 4.5% year over year to $3.9 billion, with rental revenue increasing by 6.2% to $3.4 billion, both setting second quarter records [7][17] - Adjusted EBITDA reached a second quarter record of $1.8 billion, translating to a margin of nearly 46% [7][19] - Adjusted EPS was reported at $10.47 [21] Business Line Data and Key Metrics Changes - Specialty rental revenue grew by 14% year over year, with 21 cold starts opened in the second quarter [8] - Rental gross profit increased by $86 million, while used gross profit saw a decline of $36 million due to market normalization [19] - Ancillary and re-rent revenue grew by approximately 10% year on year, contributing an additional $59 million [18] Market Data and Key Metrics Changes - The construction end market experienced significant growth, particularly in infrastructure and non-residential construction [8] - The industrial end market showed strength in power, metals and minerals, and chemical processes [8] - The company sold $600 million of used equipment, maintaining healthy demand in the used market [9] Company Strategy and Development Direction - The company aims to drive profitable growth by partnering with customers and enhancing productivity through technology [12] - The utility vertical has become a significant revenue contributor, now accounting for over 10% of total revenue, up from 4% a decade ago [13] - The company continues to focus on M&A as a core strategy, seeking opportunities for attractive returns [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the remainder of the year, supported by strong customer demand and a positive Customer Confidence Index [5][6] - The updated guidance for total revenue growth is projected at 4% to 5% for the year, with EBITDA margins expected to remain above 46% [11][24] - Management noted that the inflationary environment and ongoing investments in technology and specialty services are expected to support future growth [21] Other Important Information - The company generated free cash flow of $1.2 billion year to date, with expectations to reach between $2.4 billion and $2.6 billion for the full year [9][25] - A total of $534 million was returned to shareholders through share buybacks and dividends in the quarter, with a full-year expectation of nearly $2.4 billion [10][22] Q&A Session Summary Question: Utilization and Price-Cost Dynamics - Management acknowledged that while utilization has improved, the price-cost dynamics and ancillary growth have been somewhat disappointing, with expectations for improvement in the second half of the year [27][30] Question: Free Cash Flow Outlook - Management confirmed that the new baseline for free cash flow is expected to be around $2.4 billion, influenced by recent tax reforms [43][45] Question: Equipment Recovery and Market Dynamics - Management indicated that used equipment recovery has stabilized, with a sequential improvement in recovery rates, reflecting a balanced supply-demand dynamic [86] Question: CapEx Guidance and Market Conditions - Management reiterated that CapEx guidance remains unchanged, with no expected price increases, and expressed confidence in maintaining the same number of units planned for the year [95][96] Question: M&A Pipeline and Growth Drivers - Management highlighted a robust M&A pipeline and indicated that multiple paths to growth, including large projects and market conditions, are being pursued [68][99]

Financial Data and Key Metrics Changes - Total rental revenue grew by 4.5% year over year to $3.9 billion, with rental revenue increasing by 6.2% to $3.4 billion, both setting second quarter records [6][16] - Adjusted EBITDA reached a second quarter record of $1.81 billion, translating to a margin of 45.9%, reflecting a 100 basis points compression [18][19] - Adjusted EPS was reported at $10.47 [20] Business Line Data and Key Metrics Changes - Specialty rental revenue grew by 14% year over year, with 21 cold starts opened in the second quarter [7] - Rental ancillary and re-rent revenue grew by approximately 10% year on year, contributing an additional $59 million [17] - The used equipment sales generated $600 million, with an adjusted margin of 48.3% and a recovery rate of 53% [17][18] Market Data and Key Metrics Changes - The construction end market saw significant growth in both infrastructure and non-residential construction, while the industrial end market showed strength in power, metals, minerals, and chemical processes [7] - The company expects to sell approximately $2.8 billion of fleet this year, with healthy demand for used equipment [8] Company Strategy and Development Direction - The company aims to drive profitable growth by partnering with customers and enhancing productivity through technology [12] - The utility vertical now accounts for over 10% of revenue, up from 4% less than ten years ago, indicating a strategic focus on this area [13] - The company continues to prioritize M&A as a core element of its strategy, seeking opportunities for attractive returns [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the remainder of the year, supported by strong customer demand and a positive Customer Confidence Index [5][6] - The updated guidance for total revenue growth is set at 4% to 5% for the year, with EBITDA margins expected to remain above 46% [11][22] - Management noted that the inflationary environment and investments in specialty and technology are expected to support future growth despite some margin compression [20][31] Other Important Information - The company generated free cash flow of $1.2 billion year to date, with expectations to reach between $2.4 billion and $2.6 billion for the full year [9][23] - The balance sheet remains strong with a net leverage of 1.8 times and total liquidity of $3 billion [21] Q&A Session Summary Question: Thoughts on price-cost dynamics and ancillary growth - Management indicated that ancillary growth has outpaced owned equipment revenue growth, impacting margins, but expects this to normalize in the second half of the year [26][34] Question: Free cash flow outlook and moving pieces for 2026 - Management confirmed that the new baseline for free cash flow is around $2.4 billion, influenced by tax reforms and operational efficiencies [42][44] Question: Used equipment recovery and market dynamics - Management noted that used equipment recovery has stabilized, with a recovery rate improving sequentially, indicating a balanced supply-demand dynamic [85][86] Question: CapEx guidance and market conditions - Management affirmed that CapEx guidance remains unchanged, with no expected price increases, and expressed confidence in the current market environment [93][94] Question: Visibility on growth drivers for 2026 - Management highlighted multiple growth paths, including large projects and M&A opportunities, while maintaining a positive outlook on market conditions [96][100]

Financial Data and Key Metrics Changes - Total company service revenue increased by 11% to $40.8 million compared to the second quarter of last year [7] - Adjusted EBITDA grew by 23% to $5.4 million, driven by service revenue growth and cost discipline [7] - Net income attributable to Altisource improved to $16.6 million from a net loss of $8.3 million in the same quarter of 2024 [8] - Income before tax improved to $200,000 from a loss of $7.6 million in the second quarter of 2024 [8] - The corporate segment's adjusted EBITDA loss was $7.5 million, slightly higher than the previous year [14] Business Line Data and Key Metrics Changes - The servicer and real estate segment reported service revenue of $32 million, a 10% increase year-over-year [9] - Adjusted EBITDA for the servicer and real estate segment was $12 million, up 8% from the previous year, with a slight decline in margins due to revenue mix [10] - The origination segment's service revenue increased by 13% to $8.8 million, with adjusted EBITDA improving by 81% to $900,000 [11][12] Market Data and Key Metrics Changes - The residential mortgage delinquency rate remained low at 1.2% in May, with foreclosure starts increasing by 15% in April 2025 compared to the same period in 2024 [15] - Industry-wide origination unit volume increased by 27% in the second quarter compared to the same quarter last year [15] Company Strategy and Development Direction - The company is focusing on businesses with growth potential, including renovation, Granite Construction Risk Management, Lenders One, Hubzu Marketplace, and Foreclosure Trustee [13] - The success of these initiatives is not dependent on an increase in foreclosure starts or a growing residential loan origination market [14] - The company aims to maintain cost discipline while leveraging a strong sales pipeline to drive future growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance in a low delinquency environment and highlighted the potential for accelerated growth if loan delinquencies and foreclosure activities increase [17] - The company is well-positioned to benefit from stronger revenue and adjusted EBITDA growth in its countercyclical businesses [17] Other Important Information - The company ended the quarter with $30 million in unrestricted cash [8] - The estimated total weighted average sales pipeline for the real estate segment was $25.3 million [11] Q&A Session Summary Question: Inquiry about working capital build - Management indicated that the working capital activities were normal and there was nothing unusual in the quarter [20][21]

Core Viewpoint - Genomma Lab Internacional reported a modest sales growth of 0.5% in Q2 2025, with a notable increase in profitability metrics despite macroeconomic challenges, particularly in Argentina and Mexico [2][5][6]. Financial Performance - Net sales reached 4,676.4 million pesos, reflecting a 0.5% increase compared to Q2 2024, or a 5.5% increase when excluding Argentina [5]. - Like-for-like sales showed a growth of 0.3% [5]. - Gross profit was 2,969.4 million pesos, representing 63.5% of net sales, a slight decrease of 0.3% from the previous year [5]. - Operating income increased by 4.8% to 1,030.6 million pesos, accounting for 22.0% of net sales [5]. - EBITDA grew by 4.4% to 1,112.9 million pesos, with a margin of 23.8%, an increase of 89 basis points [5][6]. - Net income decreased by 43.8% to 355.0 million pesos, primarily due to significant non-cash foreign exchange losses [5][6]. - Proforma net income, excluding non-cash FX effects, increased by 16.6% to 667.8 million pesos [7]. Profitability Metrics - The EBITDA margin expanded to 23.8%, driven by manufacturing cost efficiencies and a favorable sales mix [6]. - Proforma EPS increased by 16.6% to 0.67 pesos per share, reflecting improved operating income and lower net interest expenses [7]. Cash Flow and Operational Efficiency - Free cash flow increased by 64.6% over the trailing twelve months, supported by a 7-day improvement in the cash conversion cycle [2]. Market Context - The company faced challenges from an 18.3% depreciation of the Argentine peso and a weak beverage season in Mexico, but experienced robust growth in the US, Brazil, Central America, and the Andean region [5]. Company Overview - Genomma Lab is a leading pharmaceutical and personal care products company in Mexico, with a growing international presence and a focus on premium branded products [10].