Core Insights - The RealReal is the largest online marketplace for authenticated, resale luxury goods, boasting over 40 million members [2] - The company emphasizes a rigorous authentication process managed by experts, ensuring a safe platform for buying and selling luxury items [2] - The RealReal supports the circular economy by giving new life to luxury items across various categories, including fashion, jewelry, art, and home goods [2] Company Overview - The RealReal employs hundreds of in-house gemologists, horologists, and brand authenticators who inspect thousands of items daily [2] - The company offers a seamless selling experience with services such as free virtual appointments, in-home pickup, drop-off, and direct shipping [2] - The RealReal utilizes AI and machine learning to determine optimal pricing for items, handling all aspects of the consignment process, including authentication, photography, listing, shipping, and customer service [2] Investor Engagement - The RealReal will participate in the B. Riley 8th Annual Consumer & TMT Conference on September 10, 2025, and the Wells Fargo 8th Annual Consumer Conference on September 16-17, 2025 [3]

Core Viewpoint - Cielo Waste Solutions Corp. has successfully closed the second and final tranche of its non-brokered private placement offering, raising a total of C $1,121,250 through the issuance of 22,425,000 units [1][2][4]. Group 1: Offering Details - The final tranche involved the issuance of 4,700,000 units at a price of $0.05 per unit, generating gross proceeds of C $235,000 [2]. - Each unit consists of one common share and one warrant, with each warrant allowing the purchase of one common share at a price of $0.07 for two years [2]. - The offering received conditional approval from the TSX Venture Exchange, and no finder fees were paid, nor did insiders participate in the final tranche [3]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for the development and early-stage engineering of the proposed waste-to-hydrogen facility in British Columbia, including regulatory and incentive application work, as well as general working capital [4]. Group 3: Company Overview - Cielo Waste Solutions Corp. focuses on transforming waste materials into high-value products, addressing global waste challenges while contributing to the circular economy and reducing carbon emissions [6]. - The company aims to be a leader in the wood by-product-to-fuels industry by utilizing environmentally friendly and economically sustainable technologies [6].

Core Viewpoint - Ecolomondo Corporation has entered a joint venture with ARESOL to establish four TDP facilities in the European Union, leveraging its proprietary Thermal Decomposition Process technology for sustainable tire recycling [1][2][4]. Company Developments - The joint venture agreement follows a non-binding letter of intent signed in December 2024, with the first facility to be located in Valencia, Spain, capable of processing 20,000 metric tons of end-of-life tires annually [2][4]. - Ecolomondo and ARESOL will own 51% and 49% of the joint venture, respectively, with a board comprising representatives from both companies and an independent director [4]. - The company has recently begun shipments of recovered Carbon Black to a major customer, indicating the quality of products from its Hawkesbury facility [5][6]. Industry Context - ARESOL brings over 40 years of experience in renewable energy, focusing on developing pyrolysis projects for end-of-life tires in Europe [3]. - The TDP facilities will generate revenue from the sale of end-products such as recovered carbon black, oil, gas, fiber, and steel, as well as from tipping fees for tire processing [12]. - Ecolomondo aims to be a leading player in the cleantech sector, contributing to the circular economy by producing reusable resources from scrap tires [11][17]. Environmental Impact - The TDP process is designed to significantly reduce greenhouse gas emissions, with expected reductions of 15,000 tons of CO2 per year from the Hawkesbury facility and 45,000 tons from the Shamrock facility [23].

Core Insights - Cabka N.V. has reported its unaudited results for the first half of 2025, indicating a slight decline in total sales but early signs of improved commercial momentum, particularly in the US market [1][4][26] Financial Performance - Total sales for H1 2025 amounted to €90.0 million, a decrease of 2% compared to H1 2024 [7][10] - Gross operating margin improved to 51.7%, up 220 basis points from 49.5% in H1 2024 [7][8] - Operational EBITDA decreased to €9.1 million, down 13% year-on-year, primarily due to a deliberate reduction in inventory [7][16] - The net result for H1 2025 was a loss of €4.7 million, compared to a loss of €1.9 million in H1 2024, reflecting a 147% decline [7][30] Sales Breakdown - Sales in Europe were €57.7 million, an 8% decrease from €62.8 million in H1 2024, attributed to market volatility and customer hesitance [11] - US sales increased by 9% to €12.0 million, supported by a new commercial strategy and improved capacity utilization [12] - Customized solutions sales remained steady, while contract manufacturing saw a significant rebound, increasing by 24% [11] Cost Management - The company achieved a €5.8 million inventory reduction as part of its Shift program, which also contributed to improved cash flow from operations [5][13] - Operating expenses decreased by €0.5 million year-on-year, with notable savings in personnel expenses [14] Cash Flow and Debt Management - Cash from operating activities improved to €0.2 million, a significant recovery from a cash outflow of €4.4 million in H1 2024 [17] - Total cash balance as of June 30, 2025, was €3.0 million, down from €4.7 million at the end of 2024 [20] Capital Expenditures - CAPEX for H1 2025 was €5.4 million, a 42% decrease from €9.3 million in H1 2024, reflecting a disciplined approach to capital expenditures [9][24] - Investments were split between replacement & maintenance and expansion & automation initiatives [25] Strategic Outlook - The company remains confident in its guidance for 2025, expecting sales and EBITDA to be at least in line with 2024, bolstered by a strengthening order book [26][28] - The Shift program is yielding tangible results, contributing to a leaner cost base and improved operational efficiency [27] Environmental, Social, and Governance (ESG) - Cabka's commitment to circularity is evident, with 87% of raw material intake sourced from recycled materials [32] - The company received a Platinum Medal from EcoVadis, reflecting its leadership in sustainability management [33][34]

Group 1 - Cielo Waste Solutions Corp. has announced the extension of its non-brokered private placement offering of up to 60,000,000 units at a price of $0.05 per unit, with the closing date extended to August 15, 2025 [1] - The first tranche of the offering was previously announced on July 28, 2025, indicating ongoing investor interest and capital raising efforts [1] - Cielo is focused on transforming waste materials into high-value products, contributing to the circular economy and reducing carbon emissions [3] Group 2 - The company aims to be a leader in the wood by-product-to-fuels industry by utilizing environmentally friendly and economically sustainable technologies [3] - Cielo's shares are publicly traded on the TSX Venture Exchange under the symbol "CMC" and on the OTC Pink Market under "CWSFF" [3] - The company is committed to providing environmental waste solutions that are expected to generate positive returns for shareholders [3]

Financial Data and Key Metrics Changes - The company reported a record GMV of $5.04 billion and record revenue of $165 million, both up 14% year over year [8][20] - Adjusted EBITDA was $6.8 million, representing a 4.1% margin, which was a substantial beat versus expectations [9][23] - Gross profit for Q2 was $123 million, with a gross margin of 74.3%, an increase of 20 basis points year over year [21][22] - Operating expenses were $133 million, improved by 690 basis points year over year as a percentage of revenue [22][23] - The company ended the quarter with $109 million in cash and cash equivalents, and reduced total debt by $27 million [24][25] Business Line Data and Key Metrics Changes - Consignment revenue grew 14%, while direct revenue increased 23% compared to the previous year, representing 12% of total revenue [20][21] - The consignment gross margin was 89.3%, an improvement of 93 basis points year over year [21][22] - Direct gross margin was 16.2%, fluctuating based on the category mix of products sold [21] Market Data and Key Metrics Changes - The active buyer base increased by 6% on a trailing twelve-month basis, exceeding 1 million active buyers [20] - The company noted that 53% of its customers are millennials and Gen Z, indicating a strong generational appeal [7] Company Strategy and Development Direction - The company is focused on a growth playbook centered on sales, marketing, and stores, with a new sales team compensation plan emphasizing retail value [10] - The strategy includes leveraging AI for operational efficiency and enhancing customer engagement through innovative features [13][16] - The company is expanding its dropship initiative to include jewelry, aiming to partner with larger luxury good aggregators [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business, with expectations for continued growth in Q3 and Q4 [32][30] - The company raised its full-year guidance, expecting GMV in the range of $2.03 billion to $2.045 billion, and revenue between $667 million and $674 million [26][27] - Management highlighted the favorable cash dynamics of the business model, anticipating strong positive free cash flows in the second half of the year [25][29] Other Important Information - The company is actively addressing counterfeiting issues in luxury goods through collaboration with law enforcement and proprietary technology [14] - The introduction of the reconsigned program has strengthened supply and created a circular loop for luxury assets [11] Q&A Session Summary Question: Can you comment on the cadence seen over the past couple of months? - Management noted that momentum has kept pace in Q3, with double-digit new seller growth continuing [32] Question: How should we think about the take rate and gross margin going forward? - Management explained that the take rate is influenced by the average order value, which was up 8%, and that consignment gross margins remain strong [36][37] Question: Can you elaborate on the expansion to luxury vendors and international consignors? - Management indicated that the dropship channel is still in early stages but has potential for growth, especially with international partners [42] Question: What drove the increase in new consignors? - Management attributed the growth to marketing reinvestment and the effectiveness of the growth playbook, including the reconsign feature [51][52] Question: How is Athena impacting operational efficiency? - Management stated that Athena is currently processing 20% of items, with plans to increase to 30-40% by year-end, aiming to reduce costs per unit [55][88]

Core Insights - RealReal reported Q2 2025 earnings with GAAP revenue of $165 million, exceeding analyst expectations of $159.7 million, and showing a 14% year-over-year increase from $144.9 million in Q2 2024 [1][5] - Adjusted EPS (Non-GAAP) improved to $(0.06), better than the $(0.09) consensus estimate and the $(0.13) in Q2 2024, reflecting operational progress [1][2] - The company raised its full-year guidance, projecting GMV of $2.030–$2.045 billion and GAAP revenue of $667–$674 million, indicating strong momentum [11] Financial Performance - Q2 2025 GAAP revenue was $165 million, a 14% increase from Q2 2024's $144.9 million [2][5] - Non-GAAP EPS improved by 53.8% year-over-year from $(0.13) to $(0.06) [2] - Adjusted EBITDA reached $6.8 million, a significant turnaround from a loss of $(1.8) million in Q2 2024 [2][6] Operational Highlights - Active buyers increased by 6% year-over-year to 1,001,000, with total orders reaching 868,000 [2][5] - Gross margin improved to 74.3%, up 0.2 percentage points from Q2 2024, attributed to automation and AI tools [2][6] - Consignment revenue grew by 14% to $128.6 million, while direct revenue rose 23% to $20.5 million [5] Business Model and Strategy - RealReal operates an online marketplace for luxury goods, focusing on authentication to build trust and combat counterfeits [3][4] - The company's network effect encourages more consignors and buyers, creating a virtuous cycle [4] - Key initiatives like "Get Paid Now" and referral programs have contributed to supply growth and operational efficiency [7][8] Future Outlook - Management raised guidance for Q3 2025, projecting GMV between $495 and $502 million and adjusted EBITDA of $6.1–$7.1 million [11] - For the full fiscal year, the updated outlook calls for adjusted EBITDA of $29.0–$32.0 million, a significant increase from prior guidance [11] - Investors are advised to monitor cash flow trends, as free cash flow remained negative at $(15) million [12]

Growth & Capacity Expansion - The company aims to reach 1 billion pounds of installed polypropylene recycling capacity by the end of 2029[6,9] - Thailand plant is expected to be operational in Q3 2027 with 130 million pounds capacity[9,11] - Antwerp plant is expected to be operational in Q3 2028 with 130 million pounds capacity[9,11] - Augusta Gen 2 Line 1 is expected to have 300 million+ pounds capacity and be operational in 2029[11] - A second Gen 2 line is planned for an unconfirmed location, also with 300 million+ pounds capacity, expected in 2029[11] Commercial Progress - A commercial agreement is in place with Emerald Carpets for approximately 5 million pounds of fiber sales[6,20] - The company is engaged in 17 post-trial negotiations representing approximately 80 million pounds of potential annual production volume[6] - The company has a strong pipeline with 26 active trials and 70 pending trials[6] Operational Achievements - Ironton facility achieved 87% onstream time in April/May and produced pellets for 65 consecutive days in Q2[6] - A rate test was successfully completed at 14,000 lbs/hr on August 1, nearing nameplate capacity[6] - The company is initiating a project to add approximately 100 million pounds of annual compounding capacity to Ironton[6,26] Financial Update - Approximately $300 million was raised from a perpetual preferred security in June[6] - Unrestricted cash increased from $22.5 million on March 31, 2025, to $284.1 million on June 30, 2025, a change of $261.6 million[30]

Summary of ReGen III Conference Call - August 07, 2025 Company Overview - **Company Name**: ReGen III - **Ticker Symbols**: ISRJF (OTCQB), GIII (TSXV) - **Industry**: Cleantech, specifically focusing on the production of lubricating base oils from used motor oil Core Points and Arguments 1. **Business Model**: ReGen III transforms used motor oil into premium Group II+ and Group III base oils, addressing a growing supply-constrained global market [4][6][11] 2. **Market Demand**: There is a rising demand for Group III base oils, which are considered the gold standard in performance lubricants, while supply remains limited and heavily reliant on imports [5][18] 3. **Cost Efficiency**: The company claims to produce Group III base oils at significantly lower costs than virgin producers, providing exceptional margins and a sustainable competitive edge [6][10][33] 4. **Environmental Impact**: ReGen III's process is positioned as a circular economy solution, converting hazardous waste into high-value products, thus reducing environmental harm [11][22][46] 5. **Market Opportunity**: The global demand for Group III base oils is expected to double by 2050, with only 1-2% of current supply coming from re-refined sources, indicating a significant market gap [26][47] 6. **Strategic Partnerships**: The company is in advanced discussions with major oil companies and global blenders for strategic partnerships and offtake agreements, indicating strong market interest [16][36] 7. **Texas City Project**: The flagship project in Texas City aims to be the largest re-refined Group III facility in North America, with a capacity of 5,600 barrels per day [39][42] 8. **Feedstock Supply**: ReGen III has secured letters of intent for over half of the required feedstock for its Texas City facility, ensuring supply stability [57] 9. **Regulatory Alignment**: The company’s operations align with the push for clean energy and domestic manufacturing in both the US and Canada [37][48] Additional Important Content 1. **Leadership Experience**: CEO Tony Weatherill has over 35 years of experience in the oil and petrochemical industry, enhancing the company's credibility [12][13] 2. **Technological Edge**: The company holds 32 global patents for its proprietary process, providing a defensible position in a market demanding change [15] 3. **Market Positioning**: ReGen III is not just competing on cost but is focused on delivering a premium product that commands a price premium of 40-50% over Group II and Group I oils [18][29] 4. **Future Expansion Plans**: The company plans to target multiple follow-on projects across the US, Europe, Asia Pacific, and the Middle East, indicating a roadmap for global expansion [47][54] 5. **Investor Opportunity**: The current market cap of $30 million Canadian is viewed as a disconnect from the company's potential, presenting an opportunity for early investors [49][51] This summary encapsulates the key insights from the ReGen III conference call, highlighting the company's innovative approach, market potential, and strategic initiatives.

Financial Data and Key Metrics Changes - The company achieved a record Gross Merchandise Volume (GMV) of $413 million, representing a 9% year-over-year growth [16] - Revenue increased by 28% to $119.9 million, consistent with the guidance provided for the revenue to GMV ratio [16] - GAAP earnings per share rose by 21% to $0.23, while non-GAAP adjusted earnings per share increased by 13% to $0.34 [17] - Adjusted EBITDA for the fiscal third quarter was $17 million, a 16% increase year-over-year, with a 31% adjusted EBITDA margin on total segment direct profit [17] Business Line Data and Key Metrics Changes - The GovDeals segment recorded GMV of $252 million, with revenue up 8% and direct profit margin up 7%, setting new quarterly records [17] - The retail segment saw a 30% increase in GMV and a 39% increase in revenue year-over-year, with direct profit growing by 12% [18] - The Capital Asset Group (CAG) segment experienced a 12% increase in GMV, 6% in revenue, and 14% in direct profit, driven by a more than doubling of heavy equipment asset sales [19] - The Machinio and Software Solutions segments increased revenue by 27% and direct profit by 23% [19] Market Data and Key Metrics Changes - The company noted tempered activity in certain industrial categories within the CAG segment due to economic and tariff-related supply chain uncertainties [19] - The GovDeals segment continues to expand in new geographies, including notable new account wins in California and Florida [9] Company Strategy and Development Direction - The company is focused on capturing greater market share through strategic investments in software, platform innovation, and marketing [7] - A new consumer auction experience is being piloted in Columbus, Ohio, aimed at leveraging auction software technology to create a direct-to-consumer channel [29][42] - The company is transitioning away from selected purchase model programs to focus on higher-margin consignment relationships [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable long-term growth despite economic uncertainties related to tariffs and interest rates [6] - The company anticipates double-digit growth in adjusted EBITDA for the full year of 2025, with a strong financial foundation and zero debt [15][20] - Management highlighted the importance of adapting to changing market conditions and optimizing resource allocation to higher-margin activities [35] Other Important Information - The company ended the quarter with $167 million in cash and cash equivalents, with zero financial debt [15] - The company is establishing online B2C auctions to enhance market recovery and expand market share [12] Q&A Session Summary Question: Discussion on tariff impacts - Management noted that international activity is affected by evolving negotiations, causing delays in asset trading, but domestic used equipment is moving normally [26][27] Question: Details on the e-commerce program in Columbus - The company is piloting a consumer auction experience in Columbus, leveraging auction software for a direct-to-consumer channel [29][30] Question: Process of turning off certain purchase flows - Management explained that they periodically review business commitments and reallocate resources to higher-margin activities when necessary [33][35] Question: Timing of new business development impacts - New business wins may take a few months to impact financial results, depending on the client and the breadth of services [39] Question: Consumer auction software deployment - This is the first deployment of consumer auction software, aimed at creating a vibrant direct-to-consumer channel [42][43]