Company Overview - Liquidity Services operates a global commerce company powering the Circular Economy[7] - The company has over 15,000 trusted clients worldwide and has completed over 1 million transactions annually in 100+ countries[14] - Liquidity Services has completed over $10 billion in transactions[14] Financial Performance - Q3 Fiscal Year 2025 Gross Merchandise Volume (GMV) reached $413 million[63] - Q3 Fiscal Year 2025 Revenue reached $120 million[65] - Q3 Fiscal Year 2025 Non-GAAP Adjusted EBITDA reached $17 million[68] Segment Performance - GovDeals segment GMV for Q3 Fiscal Year 2025 was $252.3 million[41] - RSCG segment GMV for Q3 Fiscal Year 2025 was $102.6 million[47] - CAG segment GMV for Q3 Fiscal Year 2025 was $58.2 million[53] - Machinio segment revenue for Q3 Fiscal Year 2025 was $4.4 million[57] Marketplace Growth - AllSurplus marketplace saw an 18% increase in buyer registrations in Q3 Fiscal Year 2025[38] - GovDeals marketplace saw a 19% increase in buyer registrations, a 22% increase in auction participants, and a 15% increase in completed transactions in Q3 Fiscal Year 2025[38] - Liquidationcom marketplace saw a 2% increase in buyer registrations in Q3 Fiscal Year 2025[38]

Core Insights - Bion Environmental Technologies, Inc. is transitioning from R&D to commercialization by engaging three experienced professionals to enhance its operational capabilities [1][8] Group 1: Key Personnel - Josh Rapport, with over 20 years of experience in anaerobic digesters and renewable natural gas, will support project development and serve as an Owner's Engineer [2][3] - Lee Frankel, an expert in agriculture and organic farming, will pursue offtake agreements for Bion's organic nitrogen fertilizers in the Southwestern U.S. and Mexico [4][5] - Mike O'Brien, recently appointed Chief Marketing Officer, has a strong background in business development and will lead marketing efforts for project development and fertilizer supply [6][7] Group 2: Strategic Goals - The company aims to build a robust project portfolio and grow its business by leveraging the expertise of the new hires [3][8] - Bion is evaluating numerous biogas projects to supply its fertilizer products, aligning with global trends toward circular economy models and low-carbon agriculture [7][8] Group 3: Technology and Innovation - Bion's patented Ammonia Recovery System (ARS) produces advanced organic and low-carbon nitrogen fertilizers, addressing environmental concerns related to ammonia emissions from organic waste [8]

Core Insights - Liquidity Services reported strong financial results for the fiscal third quarter of 2025, driven by technology-enabled marketplaces and strategic investments, leading to record Gross Merchandise Volume (GMV) and double-digit earnings growth [1][5][12]. Financial Performance - GMV for Q3-FY25 was $413.0 million, a 9% increase from $380.4 million in Q3-FY24 [2][5]. - Revenue for Q3-FY25 was $119.9 million, reflecting a 28% increase from $93.6 million in Q3-FY24 [3][5]. - GAAP Net Income for Q3-FY25 was $7.4 million, or $0.23 per share, up from $6.0 million, or $0.19 per share, in the same quarter last year [4][5]. - Non-GAAP Adjusted EBITDA for Q3-FY25 was $17.0 million, a 16% increase from $14.7 million in Q3-FY24 [11][5]. Segment Performance - GMV in the RSCG segment increased by 30%, while the CAG segment saw a 12% increase, primarily from heavy equipment consignment sales [6][5]. - The GovDeals segment achieved a 1% increase in GMV, setting a new quarterly record despite lower market prices for vehicles [6][5]. - Revenue in the RSCG segment rose by 39%, driven by increased volumes from client purchase model programs [6][5]. Operational Metrics - Registered buyers reached approximately 5.9 million, a 9% increase from 5.4 million in Q3-FY24 [10]. - Auction participants totaled approximately 1,098,000, an 8% increase from 1,016,000 in Q3-FY24 [18]. - Completed transactions were approximately 286,000, a 9% increase from 263,000 in Q3-FY24 [18]. Business Outlook - The company anticipates solid double-digit annual growth across key metrics for the fiscal year 2025 [12]. - Q4-FY25 guidance includes GMV expectations between $355 million and $390 million, with GAAP Net Income projected between $5.0 million and $8.0 million [17][12]. - The RSCG segment is expected to maintain solid performance, while the CAG segment is projected to grow year-over-year, particularly in heavy equipment [14][13].

Core Viewpoint - Lassila & Tikanoja plc is initiating a written procedure to solicit consents, waivers, and decisions to amend the terms of its EUR 75 million sustainability-linked notes due in 2028, in relation to a planned partial demerger of the company [2][4]. Group 1: Demerger Details - The demerger will transfer all assets, debts, and liabilities related to the Circular Economy business area to a new independent company named Lassila & Tikanoja Plc [2]. - The new company will assume all obligations and liabilities under the sustainability-linked notes, effectively becoming the new issuer of these notes [3]. Group 2: Consent Solicitation Process - The demerger plan constitutes a put option event, allowing noteholders to demand early redemption of the notes regardless of the proposal's approval [4]. - A consent fee of 0.20% will be offered to noteholders who vote in favor or abstain from voting, with an additional early bird consent fee of 0.10% for those voting in favor by a specified deadline [6]. Group 3: Voting and Approval - A quorum for the written procedure requires participation from noteholders holding at least 50% of the principal amount of the notes [7]. - The proposal will be approved if more than 50% of the votes cast are in favor, and if less than 50% respond, the response period may be extended [7]. Group 4: Implementation Timeline - The proposal is subject to approval and the completion of the demerger by March 31, 2026, with the effective date expected around December 31, 2025 [6][9]. - If the proposal is not approved or the demerger does not occur by the backstop date, the terms of the notes will remain unchanged [9].

Core Viewpoint - The Board of Directors of Lassila & Tikanoja plc has approved a demerger plan to separate its Circular Economy business into a new independent listed company, enhancing shareholder value and operational focus [1][3][4]. Demerger Overview - The demerger will transfer all assets, debts, and liabilities related to the Circular Economy business to a new company named New Lassila & Tikanoja, while the existing company will retain its Facility Services business and be renamed Luotea [1][7]. - The demerger is subject to approval by the Extraordinary General Meeting (EGM) scheduled for 4 December 2025, with a planned completion date of 31 December 2025 [7][11]. Strategic Rationale - The separation is expected to increase shareholder value by allowing each business area to execute focused strategies and growth opportunities more effectively [3][4]. - Improved agility, independent decision-making, and stronger management focus are anticipated to enhance the performance of both New Lassila & Tikanoja and Luotea [4][5]. Market Position and Growth Potential - The New Lassila & Tikanoja is positioned in a growing circular economy market valued at approximately EUR 8.7 billion across Finland and Sweden, with an expected annual growth rate of 3% [9]. - Luotea operates in a stable property services market with a target size of approximately EUR 12.2 billion, expected to grow at about 4% annually [9]. Financial Information - For the period from 1 July 2024 to 30 June 2025, the Circular Economy business reported net sales of EUR 415.2 million and an adjusted EBITDA margin of 20.7% [15]. - The New Lassila & Tikanoja aims for an average annual net sales growth of over 6% and an adjusted EBITA margin of 11% in the mid-term [21]. Shareholder Support - Major shareholders, holding approximately 27.59% of the shares, have committed to vote in favor of the demerger at the upcoming EGM [29]. Management Structure - The intended management for the New Lassila & Tikanoja includes Jukka Leinonen as Chairman and Eero Hautaniemi as President and CEO, while Johan Mild is proposed as Chairman and Antti Niitynpää as President and CEO for Luotea [7][24][26].

Financial Performance - Net sales for the first half of 2025 totaled EUR 371.8 million, a decrease of 3.2% compared to EUR 384.2 million in the same period last year [3][6][13] - Adjusted operating profit for January–June was EUR 17.6 million, up 38.5% from EUR 12.7 million in the previous year [3][6][13] - Net cash flow from operating activities after investments improved to EUR 2.4 million from a negative EUR 3.7 million in the comparison period [3][6][29] Business Segments - In the Circular Economy Business, net sales for January–June were EUR 199.4 million, down from EUR 208.2 million, with adjusted operating profit slightly declining to EUR 16.0 million [18][19] - Facility Services Finland saw a decrease in net sales to EUR 115.3 million from EUR 121.8 million, but operating profit improved significantly to EUR 6.3 million from EUR 1.9 million [24][25] - Facility Services Sweden's net sales increased to EUR 58.2 million from EUR 55.7 million, with adjusted operating loss decreasing to EUR -3.1 million from EUR -4.6 million [27][28] Strategic Developments - The company is progressing with a partial demerger plan to separate its Circular Economy business into a new publicly listed company, with the Board of Directors approving the demerger plan on August 7, 2025 [9][70] - The acquisition of Stena Recycling's pallet business, completed on June 2, 2025, is expected to enhance the service offering and support growth in the Circular Economy Business [21] - A two-year environmental construction project for Boliden Harjavalta was launched in May 2025, involving the expansion of a landfill site [5][20] Sustainability and Efficiency - The company's carbon footprint decreased by 22% compared to the previous year, driven by the use of renewable fuels and investments in a low-emission fleet [8][40] - The efficiency program initiated in 2025 aims for an annual performance improvement of at least EUR 8 million by the end of 2026, with fixed costs decreasing by approximately EUR 2 million in the first half of 2025 [37] - The recycling rate of material flows managed by the company rose to 61.7%, up from 58.9% in the previous year [40][41] Financial Position - Interest-bearing liabilities at the end of the review period amounted to EUR 195.3 million, down from EUR 214.5 million [30] - The average interest rate on long-term loans decreased to 3.2% from 4.0% [30] - The equity ratio was 34.0%, slightly down from 34.5% in the previous year [36]

Core Viewpoint - ReGen III Corp. has appointed Brad Kotush as Chief Financial Officer to drive the company's next phase of growth in the clean technology sector, specifically in upcycling used motor oil into high-value base oils [1][5][6]. Company Overview - ReGen III Corp. specializes in transforming used motor oil (UMO) into premium Group II and III base oils, utilizing patented ReGen™ technology [13][14]. - The company's process is designed to achieve up to 82% lower CO₂e emissions compared to virgin crude-derived oils, promoting sustainability in the lubricants market [13]. Leadership Transition - Brad Kotush brings over 17 years of experience as a CFO, having previously served at Home Capital Group Inc. and Canaccord Genuity Group Inc., where he significantly contributed to capital market growth and strategic acquisitions [2][3][4]. - Rick Low has stepped down as CFO but will remain in an advisory role for six months to ensure a smooth transition [11]. - Mark Redcliffe will also step away as EVP and Chief Strategy Officer, continuing to support the company in a consulting capacity [12]. Strategic Goals - ReGen III aims to become the world's largest producer of sustainable, re-refined Group III base oils, setting new standards for performance and responsibility in the lubricants market [15]. - The company is evaluating opportunities to deploy its patented technology across various strategic markets, in addition to its flagship facility in Texas City, Texas, which is designed to process 5,600 barrels per day [14].

Core Viewpoint - Ecolomondo Corporation has received multiple purchase orders for its recovered carbon black (rCB), indicating strong demand and validation of product quality from its Hawkesbury TDP facility [1][2][3] Group 1: Purchase Orders and Production - The main offtake customer issued a repeat order for a second commercial truckload of 23 metric tons of rCB, followed by additional orders of 24 metric tons each for the third and fourth shipments [2] - The third purchase order has been shipped, while the fourth is in production and expected to ship by August 8, 2025 [2] - The Hawkesbury TDP facility is projected to process approximately 1 million scrap tires annually, producing around 4,000 metric tons of rCB, 5,000 metric tons of pyrolysis oil, 2,000 metric tons of steel, and 1,200 metric tons of process gas [9][14] Group 2: Quality and Efficiency - The repeat orders from the main rCB offtake customer validate the quality of rCB produced at the Hawkesbury facility, suggesting integration into the customer's regular production [3] - The company is focusing on improving process efficiencies while maintaining high-quality standards for its end products [4] - Quality approval for rCB from another major U.S. offtake customer is anticipated soon [5] Group 3: Company Strategy and Future Outlook - Ecolomondo aims to be a leading player in the cleantech space, contributing to the global circular economy through its proprietary Thermal Decomposition technology [12][16] - The company plans to expand aggressively in North America and Europe, leveraging its modular technology for faster and better deployment of TDP facilities [17] - The Shamrock facility is projected to process 5 million end-of-life tires per year, significantly increasing production capacity compared to the Hawkesbury facility [15] Group 4: Environmental Impact - The TDP process is expected to reduce greenhouse gas emissions by 90% compared to the production of virgin carbon black, with annual CO2 reductions of 15,000 tons from the Hawkesbury facility and 45,000 tons from the Shamrock facility [23]

Financial Performance - Q2 2025 revenue reached $78 million, showing a year-over-year growth of 16%[8] - Q2 2025 gross profit was $62 million, resulting in a gross profit margin of 79%[8] - Q2 2025 Adjusted EBITDA was $3 million, representing 4% of revenue[8] - The company had $56 million in cash and $20 million in debt at the end of Q2 2025[8] User Engagement - ThredUp had 1.5 million active buyers in Q2 2025, a 17% increase year-over-year[8] - Total orders in Q2 2025 amounted to 1.5 million, reflecting a 21% year-over-year growth[8] Sustainability Impact - ThredUp's operations have saved 666 million pounds of carbon emissions[8] - The company has also contributed to saving 1.3 billion kWh of energy[8] - Water savings attributed to ThredUp's efforts amount to 7 billion gallons[8] Market Position and Strategy - The U S secondhand apparel market grew 14% in 2024, which is 5 times faster than the broader retail clothing market[38] - The U S throws away approximately 17 billion pounds of apparel that could be recycled and reused[39]

Core Insights - Houston American Energy Corp. has appointed Martha J. Crawford to its Board of Directors, effective immediately, where she will serve on the Audit Committee and as Chairperson of the Nominating & Governance Committee [1][2] - The CEO of HUSA, Ed Gillespie, emphasized that Crawford's extensive experience in corporate governance and her background in chemical and environmental engineering align with the company's strategic goals, particularly in low-carbon initiatives [2] - Crawford expressed enthusiasm about joining HUSA as it develops low-carbon technologies, highlighting the company's vision to innovate in renewable energy and materials, which presents opportunities in the circular economy [2] Company Overview - Houston American Energy Corp. is an independent energy company with a diversified portfolio in both conventional and renewable energy sectors, historically focused on oil and natural gas exploration and production [3] - In July 2025, HUSA acquired Abundia Global Impact Group, a platform specializing in converting waste plastics into low-carbon fuels and chemical feedstocks, reflecting its commitment to sustainable energy solutions [3] - This acquisition positions HUSA to capitalize on emerging opportunities in sustainable fuels and energy transition technologies, aligning with global energy demands [3]