Core Insights - Fluor Corporation reported its financial results for Q3 2025, highlighting a commitment to disciplined project delivery and value creation for clients and shareholders [2][6]. Financial Performance - Revenue for Q3 2025 was $3.4 billion, down 18% year-over-year, primarily due to a $653 million reversal related to the Santos ruling [7]. - The company recorded a GAAP net loss of $697 million, which includes a $653 million charge for the Santos ruling and a $401 million reduction in NuScale's share price [7]. - Adjusted EBITDA was $161 million, reflecting a 29% increase year-over-year, while adjusted EPS was $0.68, up 33% year-over-year [7][22]. - General and administrative expenses increased by 16% year-over-year to $43 million, which included $12 million in restructuring costs [7]. Guidance and Outlook - The company revised its adjusted EBITDA guidance to $510 to $540 million and adjusted EPS guidance to $2.10 to $2.25 per share [5]. - Fluor's backlog stood at $28.2 billion, with 82% being reimbursable, down 10% year-over-year [6][21]. Segment Performance - Urban Solutions reported a profit of $61 million with revenue increasing to $2.3 billion, up from $1.9 billion a year ago [9]. - Energy Solutions experienced a loss of $533 million, with revenue decreasing to $262 million from $1.4 billion due to the Santos litigation [10]. - Mission Solutions reported a profit of $34 million, with revenue increasing to $761 million from $635 million a year ago [11]. Shareholder Returns - The company repurchased $70 million in shares during Q3 and is targeting an additional $800 million through February 2026 [6]. - Fluor announced a comprehensive agreement for the conversion and monetization of its remaining stake in NuScale, expecting full monetization by the end of Q2 2026 [2][6].

Core Insights - Ziff Davis reported its fifth consecutive quarter of revenue growth, with Q3 2025 revenues increasing by 2.9% to $363.7 million compared to $353.6 million in Q3 2024 [3][7] - The company is exploring value-creating opportunities, including potential sales of entire divisions, while continuing its share repurchase program [2][3] Financial Performance - Income from operations rose significantly by 197.0% to $28.4 million in Q3 2025, compared to a loss of $(29.3) million in Q3 2024 [7] - Net loss decreased to $(3.6) million in Q3 2025 from $(48.6) million in Q3 2024, with net loss per diluted share improving to $(0.09) from $(1.11) [7] - Adjusted EBITDA for Q3 2025 was $124.1 million, slightly down from $124.7 million in Q3 2024 [7] - Free cash flow increased to $108.2 million in Q3 2025 from $80.1 million in Q3 2024 [7] Shareholder Value Initiatives - Ziff Davis engaged outside advisors to evaluate potential sales of certain business divisions, indicating a strategic focus on maximizing shareholder value [2][3] - The company deployed approximately $44.4 million for share repurchases in Q3 2025 [7]

Financial Data and Key Metrics Changes - For Q3 2025, Tejon Ranch reported net income of $1.7 million, or $0.06 per share, compared to a net loss of $1.8 million, or $0.07 per share, in the same period last year [8] - Total revenues increased by 10% year-over-year to $12 million, while total costs and expenses declined by nearly 5% [8][12] - Adjusted EBITDA for the year-to-date period was $13.9 million, up 7.3% from the same period last year [12] Business Line Data and Key Metrics Changes - Farming operations saw revenues improve by more than 50% year-over-year, with GAAP operating losses reduced by 40% [10] - Real estate, commercial, and industrial revenues increased by 4% to $3.1 million, with operating income rising 7% to $976,000 [9] - Mineral resources produced operating income of $1.1 million on revenues of $3.2 million, stable year-over-year [10] Market Data and Key Metrics Changes - The industrial portfolio at Tejon Ranch Commerce Center remains 100% leased, while the commercial portfolio is 95% leased, and the Outlets at Tejon maintain a 90% occupancy [6] - The TA Petro joint venture remains the highest-performing profit center, generating $1.9 million in the quarter despite reduced traffic impacting sales [7][10] Company Strategy and Development Direction - The company aims to enhance transparency and communication with shareholders, marking the first quarterly earnings call as part of this initiative [4][5] - Tejon Ranch is focused on developing master plan communities, with the Grapevine Master Plan community currently advancing through design [7] - The company is exploring additional residential developments around TRCC, including multifamily housing [55] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that while the quarter showed positive results, there is still significant work to be done to improve operational efficiency and profitability [14] - The company is committed to cost discipline, having recently completed a workforce reduction that will save over $2 million annually [15] - Management believes that the combination of resilient operating assets and growing rental income positions Tejon Ranch well for future growth [13] Other Important Information - Total assets increased to $630 million from $608 million at year-end, with total debt standing at $91.9 million, resulting in a debt-to-total capitalization ratio of approximately 16% [12] - Year-to-date capital investment was $49.9 million, primarily tied to the construction of Terra Vista and infrastructure at TRCC East [12] Q&A Session Summary Question: Should the company sell land and buy back stock? - Management emphasized the goal of creating long-term shareholder value through master plan communities, while remaining open to monetizing land holdings if compelling opportunities arise [16] Question: What is the policy on disclosing detailed cost information? - The company provides information on material cash requirements and estimated costs in SEC filings, but specific capital cost estimates for initial development phases have not yet been disclosed [18][20] Question: Will the company disclose accounting policies for community development? - Accounting for construction costs is done in accordance with GAAP, with costs capitalized while activities are in progress [22] Question: What is the expected absorption level for the first phases of development? - Absorption is considered when proceeding with development, with expectations for a joint venture partner to drive market rate returns [23] Question: Will the sale of land in phase one result in a profit or loss? - Initial phases of development are likely to incur significant upfront infrastructure costs, making it unlikely to include a book profit [24] Question: What is the company's plan for Mountain Village and Centennial? - Management plans to seek joint venture partners for both projects to avoid shareholder dilution and expects a timeline of 18 to 24 months for Mountain Village to start generating revenue [30][31] Question: Why not focus on TRCC instead of MPCs? - Management stated that TRCC remains the focus, with significant capital deployed there over the past five years, and the casino expected to enhance traffic and growth [37] Question: When will shareholders see returns? - Management aims to implement a plan to create shareholder value, including potential dividends or share repurchases in the future [40][41] Question: What is the company's stance on governance and board size? - Management plans to address governance issues in a future meeting, emphasizing a commitment to shareholder value [42] Question: What caused the decrease in equity and earnings from joint ventures? - Reduced traffic on Interstate 5 impacted sales at the TA Petro joint venture, leading to decreased earnings [48]

Core Insights - Maxim Power Corp. reported its financial and operating results for Q3 2025, showing a revenue increase compared to Q3 2024, primarily due to higher realized power prices despite lower generation volumes [1][3] - The company experienced a decrease in adjusted EBITDA and net income for the first nine months of 2025 compared to the same period in 2024, attributed to lower realized power prices and lower generation volumes [4] Financial Highlights - Q3 2025 revenue was CAD 27,228,000, up from CAD 25,659,000 in Q3 2024, while revenue for the first nine months of 2025 was CAD 68,907,000, down from CAD 77,434,000 in 2024 [2] - Net income for Q3 2025 was CAD 10,620,000, slightly down from CAD 10,744,000 in Q3 2024, and for the first nine months, it decreased to CAD 14,272,000 from CAD 22,287,000 in 2024 [2][4] - Adjusted EBITDA for Q3 2025 was CAD 11,387,000, down from CAD 12,675,000 in Q3 2024, and for the first nine months, it decreased to CAD 22,806,000 from CAD 32,884,000 in 2024 [2][4] Operating Results - The increase in revenue for Q3 2025 was primarily due to higher realized power prices, which averaged CAD 59.94 per MWh compared to CAD 55.11 per MWh in Q3 2024, while total generation decreased to 454,253 MWh from 465,584 MWh [2][3] - For the first nine months of 2025, the average realized power price was CAD 53.68 per MWh, down from CAD 59.21 per MWh in 2024, contributing to the overall revenue decline [2][4] Non-GAAP Financial Measures - Adjusted EBITDA is used by management to evaluate the company's operating cash flows before finance expenses, income taxes, depreciation, and amortization, providing insights into performance trends [5][6] - Free cash flow for Q3 2025 was CAD 6,609,000, down from CAD 15,062,000 in Q3 2024, indicating a decrease in cash available for growth initiatives and shareholder returns [10] Company Overview - Maxim Power Corp. is one of Canada's largest independent power producers, focusing on power projects in Alberta, with its core asset being the 300 MW H.R. Milner Plant [12]

Core Insights - VitalHub Corp. reported a significant increase in Annual Recurring Revenue (ARR), which rose 75% year-over-year to $93.7 million, and total revenue increased 94% year-over-year to $32.0 million [1][4][9] - The company achieved an adjusted EBITDA of $7.2 million, reflecting a 58% year-over-year increase [1][9] Financial Performance - For the third quarter of 2025, ARR was $93,693,789, up from $79,589,081 in the previous quarter, marking an 18% increase [4] - Total revenue for Q3 2025 was $32,044,030, compared to $16,509,135 in Q3 2024, representing a 94% increase [6][7] - Gross profit as a percentage of revenue remained stable at 81% for both Q3 2025 and Q3 2024 [7][8] - Net income before income taxes for Q3 2025 was $1,586,383, down 33% from $2,360,258 in the prior year [7][9] Growth Drivers - The company reported organic growth of $1,711,335 or 2% in Q3 2025, while acquisition growth contributed $12,000,000 or 15% [7] - For the nine months ended September 30, 2025, total revenue was $77,576,544, a 62% increase from $48,003,531 in the same period of 2024 [6][9] - Cash on hand as of September 30, 2025, was $123,684,500, significantly up from $56,574,904 at the end of 2024 [9] Strategic Focus - The CEO emphasized the importance of integrating recent acquisitions and optimizing commercial and operational alignment [3] - VitalHub is pursuing both organic growth opportunities and an aggressive M&A strategy to enhance its market position [10]

Core Viewpoint - Nova Leap Health Corp. reported record financial results for Q3 2025, achieving significant growth in revenues and Adjusted EBITDA, reflecting strong operational performance and strategic execution [2][4][7]. Financial Performance - Q3 2025 revenues reached $8,264,326, marking a 3% increase from Q2 2025 and a 29% increase from Q3 2024 [2]. - Adjusted EBITDA for Q3 2025 was $670,706, up 16.1% from Q2 2025 and 76.9% from Q3 2024 [4]. - The gross profit margin was 39.6% in Q3 2025, compared to 40.2% in Q2 2025 and 38.0% in Q3 2024 [10]. Record Achievements - The company set nine financial records in Q3 2025, including consolidated revenues, gross margin, and Adjusted EBITDA [5][7]. - Canadian and U.S. operating segments also achieved record revenues, gross margins, and Adjusted EBITDA [5]. Operational Insights - The company has established a new performance benchmark with Adjusted EBITDA averaging over $400,000 quarterly from Q2 2023 to Q1 2025, now reset to higher levels [8]. - The company generated income from operating activities of $418,553 in Q3 2025, an increase from previous quarters [10]. Financial Position - As of September 30, 2025, the company had available cash of $1,571,716 and access to an unutilized revolving credit facility of $1,077,509 [10]. - Total demand loans and promissory notes outstanding were $2,300,800, resulting in a leverage ratio of 1.18 times to trailing twelve-month Adjusted EBITDA [10]. Strategic Focus - The company emphasizes disciplined growth, profitability, and long-term value creation, supported by a strong balance sheet and positive operating cash flow [9][10].

Core Insights - Pembina Pipeline Corporation reported its financial and operational results for the third quarter of 2025, highlighting a decrease in earnings and net revenue compared to the previous year, while adjusted EBITDA showed a slight increase [2][4][28]. Financial and Operational Overview - Revenue for Q3 2025 was CAD 1,791 million, a decrease of CAD 53 million from CAD 1,844 million in Q3 2024 [4]. - Net revenue for Q3 2025 was CAD 1,211 million, down CAD 48 million from CAD 1,259 million in Q3 2024 [4]. - Operating expenses decreased by CAD 18 million to CAD 259 million in Q3 2025 [4]. - Gross profit for Q3 2025 was CAD 658 million, a decrease of CAD 89 million from CAD 747 million in Q3 2024 [4]. - Adjusted EBITDA for Q3 2025 was CAD 1,034 million, reflecting a CAD 15 million increase from CAD 1,019 million in Q3 2024 [4][24]. - Earnings for Q3 2025 were CAD 286 million, a decrease of CAD 99 million or 26% from CAD 385 million in Q3 2024 [4][28]. - Cash flow from operating activities was CAD 810 million, down CAD 112 million from CAD 922 million in Q3 2024 [4]. - Capital expenditures for Q3 2025 were CAD 178 million, a decrease of CAD 84 million from CAD 262 million in Q3 2024 [4]. Business Update - Pembina updated its 2025 adjusted EBITDA guidance to a range of CAD 4.25 billion to CAD 4.35 billion, previously set at CAD 4.225 billion to CAD 4.425 billion [5][7]. - New transportation agreements were signed on the Peace Pipeline, adding approximately 50,000 barrels per day with an average term of about 10 years [5][15]. - The Alliance Pipeline's long-term contractual profile was strengthened, with shippers opting for a new 10-year toll on approximately 96% of the available firm capacity [5][15]. - Pembina is advancing over CAD 1 billion in proposed pipeline expansions to meet rising transportation demand [5][11]. - A 20-year agreement with PETRONAS for 1.0 million tonnes per annum of capacity at the Cedar LNG facility was confirmed [5][14]. - Progress towards the commercialization of the Greenlight Electricity Centre is ongoing, with a final investment decision anticipated in the first half of 2026 [5][21]. Financial Highlights by Division - Pipelines division reported adjusted EBITDA of CAD 630 million for Q3 2025, a CAD 37 million increase from the previous year [24]. - Facilities division reported adjusted EBITDA of CAD 354 million for Q3 2025, a CAD 30 million increase from the previous year [24]. - Marketing & New Ventures division reported adjusted EBITDA of CAD 99 million for Q3 2025, a CAD 60 million decrease from the previous year [24][31]. - Corporate division reported adjusted EBITDA of negative CAD 49 million for Q3 2025, reflecting a CAD 8 million increase from the previous year [24][27].

Core Insights - Saputo Inc. reported solid financial results for Q2 of fiscal 2026, highlighting strong execution across its global network and effective commercial strategies [2][3][72] Financial Performance - Revenues for Q2 2026 reached $4.721 billion, a slight increase of $13 million or 0.3% compared to Q2 2025, driven by higher sales volumes and prices in North America [3][11] - Adjusted EBITDA for Q2 2026 was $450 million, up $61 million or 15.7%, with an adjusted EBITDA margin of 9.5%, an increase from 8.3% [3][11] - Net earnings totaled $185 million or $0.45 per share, reflecting an increase of $59 million or $0.15 per share compared to the same quarter last year [3][4][11] - Adjusted net earnings were $198 million or $0.48 per share, up $41 million or $0.11 per share from Q2 2025 [11][81] Sector Analysis Canada Sector - Revenues for Q2 2026 were $1.373 billion, up $79 million or 6.1% from Q2 2025, attributed to higher sales volumes in retail, foodservice, and industrial segments [23][24] - Adjusted EBITDA for Q2 2026 was $179 million, an increase of $17 million or 10.5%, with an adjusted EBITDA margin of 13.0% [27][28] USA Sector - Revenues for Q2 2026 were $2.153 billion, down $72 million or 3.2% from Q2 2025, primarily due to lower US dairy commodity market pricing [33][34] - Adjusted EBITDA for Q2 2026 was $167 million, up $22 million or 15.2%, with an adjusted EBITDA margin of 7.8% [37][39] International Sector - Revenues for Q2 2026 were $871 million, down $41 million or 4.5% from Q2 2025, with stable sales volumes but impacted by hyperinflation accounting in Argentina [47][49] - Adjusted EBITDA for Q2 2026 was $79 million, up $25 million or 46.3%, with an adjusted EBITDA margin of 9.1% [52][55] Europe Sector - Revenues for Q2 2026 were $324 million, an increase of $47 million or 17.0% from Q2 2025, driven by higher selling prices and sales volumes [62][63] - Adjusted EBITDA for Q2 2026 was $25 million, down $3 million or 10.7%, with an adjusted EBITDA margin of 7.7% [65][68] Strategic Outlook - The company remains confident in its long-term outlook, anticipating organic sales growth, particularly in the USA Sector, supported by sustained growth in key retail categories and ongoing innovation [72] - Continued focus on cost optimization and operational efficiencies is expected to enhance margins across all sectors [72][79]

WM Technology, Inc. Q2 2025 Results August 7, 2025 Financial Information; Non-GAAP Financial Measures Our financial statements, including net income, are prepared in accordance with principles generally accepted in the United States of America ("GAAP"). To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net income before interest, taxes and depreciation and amortiza ...

Core Insights - NFI Group Inc. reported significant improvements in deliveries, revenue, free cash flow, adjusted EBITDA, and liquidity, with a total backlog of $13.2 billion [1][5][15]. Financial Performance - Deliveries reached 1,114 equivalent units (EUs), a 12.1% increase from 994 EUs in Q3 2024 [3][5]. - Revenue for Q3 2025 was $879.9 million, representing a 23.7% year-over-year increase from $711.3 million in Q3 2024 [3][5]. - The company recorded a net loss of $140.9 million, compared to a net loss of $15.0 million in Q3 2024, primarily due to warranty provisions related to a battery recall [3][5]. - Adjusted EBITDA increased by 52.1% year-over-year to $80.9 million [3][5]. - Free cash flow was $14.8 million, up from $2.0 million in Q3 2024 [3][5]. Operational Highlights - The backlog increased by 7.0% year-over-year, with 5,774 firm EUs and 9,832 EUs as options, indicating strong future demand [5][15]. - The company’s liquidity improved significantly to $386.0 million, a 169.0% increase from Q3 2024 [5][15]. - Return on Invested Capital (ROIC) rose to 9.1%, up from 5.3% in Q3 2024 [5][15]. Market and Strategic Outlook - NFI's strategy focuses on providing a broad range of propulsion-agnostic buses and coaches, positioning the company well to meet diverse customer needs [15][16]. - The company anticipates continued revenue and margin growth, expecting to achieve its highest quarterly adjusted EBITDA performance in Q4 2025 [15][21]. - Management has narrowed its 2025 guidance, reflecting year-to-date performance and expected fourth-quarter results [19][20]. Challenges and Risks - The company initiated a voluntary recall affecting approximately 700 battery-electric buses, leading to a warranty provision of $229.9 million for full battery replacements [7][8]. - Tariff impacts on imports of steel and aluminum are being actively managed, with a new 10% tariff on buses and coaches expected to affect pricing [24][25].