Core Viewpoint - SuperCom Ltd. is conducting its Q2 2025 earnings conference call, highlighting its financial results and corporate updates for the quarter [1]. Group 1: Company Leadership - Ordan Trabelsi, the President and CEO of SuperCom, is leading the conference call [2]. Group 2: Financial Reporting - The conference call includes discussions on EBITDA, a non-GAAP financial measure that SuperCom believes is useful for evaluating its performance [4]. - Participants are reminded that the information shared is time-sensitive and accurate only as of August 14, 2025 [5].

Financial Data and Key Metrics Changes - Record silver production of 3,700,000 ounces, up 76% year over year [11] - Silver equivalent production reached 7,900,000 ounces, a 48% increase year over year [12] - Record quarterly revenue of $268 million, up 94% year over year, with a target of $1 billion in revenue for 2025 [12] - Record EBITDA of $120 million and cash flows of approximately $115 million [13] - Strong cash position with $510 million in the bank, indicating financial stability [13][39] Business Line Data and Key Metrics Changes - Exploration spending is at a record level with 255,000 meters expected to be drilled this year [15] - The company remains the purest silver producer with 55% silver content in its production [17] - Production guidance is on track to meet expectations of 31,000 to 32 million silver equivalent ounces for the year [18][22] Market Data and Key Metrics Changes - The company is experiencing volatility in silver and gold prices, impacting market perception [7] - The integration of Cerro Los Gatos is noted to be smooth, contributing positively to operational efficiency [36] Company Strategy and Development Direction - The company is focused on increasing exploration and development budgets to support growth [24] - Plans to enhance production capacity at Santa Elena and Navidad, with ongoing engineering work to optimize ore body access [26][57] - Emphasis on maintaining a strong balance sheet while exploring potential investments for 2026 [40] Management's Comments on Operating Environment and Future Outlook - Management acknowledges inflationary pressures affecting costs but expects normalization in the coming quarters [20][21] - Positive comments on the integration of Gatos and the operational improvements across the portfolio [36] - Continuous improvement in ESG scores reflects the company's commitment to sustainability [35] Other Important Information - The company is paying dividends at 1% of revenue, which will increase as revenues grow [14] - The integration of SAP at Cerro Los Gatos is expected to enhance operational controls [38] Q&A Session Summary Question: Can you walk through some of the synergies from the Gatos integration? - The integration has identified synergies such as improved reconciliation processes and lean business improvement practices [47][48] Question: What improvements are needed to sustain 4,000 tonnes per day at Cerro Los Gatos? - The plan involves accelerating mining rates and ramp development to match plant capacity [45] Question: Is First Mint up to full capacity? - Currently not at full capacity, but there are plans to increase production through additional shifts [66]

Core Insights - Reading International, Inc. reported a total revenue of $60.4 million for Q2 2025, marking a 29% increase from $46.8 million in Q2 2024, driven by strong performance in both cinema and real estate divisions [7][25] - The company achieved an operating income of $2.9 million in Q2 2025, a significant improvement of 138% compared to a loss of $7.7 million in Q2 2024, reflecting the highest operating income since Q2 2019 [7][25] - The cinema segment saw a revenue increase of 32% to $56.8 million in Q2 2025, with operating income rising by 218% to $5.5 million from an operating loss of $4.6 million in Q2 2024 [11][25] Financial Performance - For the first six months of 2025, total revenues reached $100.5 million, a 9% increase from $91.9 million in the same period of 2024 [7][25] - The company reported a net loss attributable to Reading of $2.7 million in Q2 2025, an improvement of 79% compared to a loss of $12.8 million in Q2 2024 [7][25] - Basic loss per share improved by 79% to $0.12 in Q2 2025 from $0.57 in Q2 2024 [7][25] Real Estate Division - The global real estate division reported an operating income increase of 56% quarter-over-quarter and 67% year-over-year, with a notable sale of real property assets in Cannon Park, Australia for AU$32.0 million [6][8] - The U.S. real estate revenues increased by 15% to $1.7 million in Q2 2025, attributed to improved performance of live theatre assets in New York City [11][25] Currency Impact - The average exchange rates for the Australian and New Zealand dollars weakened against the U.S. dollar by 2.7% and 1.9% respectively in Q2 2025, impacting reported operating results as 47% of total revenues are generated from these regions [5][25] Strategic Focus - The company emphasized its commitment to operational efficiency and strategic priorities across its cinema and real estate teams, which contributed to the improved financial performance [8][6] - Upcoming movie releases are expected to bolster cinema revenues, with a robust lineup including titles like TRON: Ares and Zootopia 2 [6][8]

Core Insights - Binah Capital Group reported a 2% year-over-year increase in total revenue, reaching $42 million for the quarter ended June 30, 2025 [1][8] - The company's assets under management (AuM) grew by 11% year-over-year to $28 billion [1][8] - Binah experienced a net loss of $0.7 million, which is comparable to the prior year [1][8] - EBITDA increased to $1.0 million from $0.6 million in the prior year [1][8] Financial Performance - Total revenue for the second quarter increased by 2% year-over-year to $42 million [1][8] - Gross profit rose by 21% to $8.8 million, compared to $7.3 million in the prior-year period [8] - Total operating expenses remained consistent at $42 million compared to the prior-year period [8] - The company had cash and cash equivalents of $8.2 million and long-term debt of $18.6 million as of June 30, 2025 [5] Management Commentary - The CEO of Binah Capital expressed satisfaction with the company's performance, highlighting the advisor-centric platform and disciplined execution of strategy [2] - The management believes that their differentiated business model positions them well to capture future growth opportunities and create long-term shareholder value [2] Company Overview - Binah Capital Group operates a network of firms that empower independent financial advisors, specializing in brokerage, advisory, and insurance solutions [7] - The company aims to provide innovative solutions and resources to support advisors in navigating the complex financial landscape [7]

Core Insights - Wesdome Gold Mines Ltd. reported strong financial results for Q2 2025, with significant increases in revenue, net income, and cash flow, despite challenges in production at Kiena due to equipment constraints [1][6][50]. Financial Performance - Consolidated revenue for Q2 2025 was CAD 208.5 million, a 63% increase from CAD 127.8 million in Q2 2024 [8]. - Gross profit rose by 146% year-over-year to CAD 132.2 million, with a cash margin growing by 96% to CAD 149.4 million [6][8]. - Net income for Q2 2025 reached CAD 82.7 million, or CAD 0.55 per share, nearly tripling from CAD 29.1 million in Q2 2024 [6][8]. - EBITDA increased by 104% to CAD 138.4 million compared to Q2 2024 [6][8]. - As of June 30, 2025, liquidity stood at CAD 530 million, including CAD 187.6 million in cash [6][8]. Production Highlights - Consolidated gold production was 42,781 ounces, a 3% decrease compared to Q2 2024 [6][8]. - At Eagle River, gold production increased to 25,612 ounces, up from 19,272 ounces in Q2 2024, driven by a 44% increase in average grade [12][16]. - Kiena's production decreased by 31% to 17,169 ounces due to equipment constraints and lower average grades [33][38]. Cost Metrics - Cost of sales per ounce sold decreased by 1% to USD 932, while all-in sustaining costs (AISC) per ounce sold increased by 6% to USD 1,528 [6][8]. - Cash costs per ounce sold declined to USD 872 in Q2 2025 from USD 1,239 in Q2 2024 [18][40]. - AISC per ounce sold decreased by 24% to USD 1,394 compared to Q2 2024 [20][41]. Operational Developments - Eagle River's mill throughput was impacted by an 18-day maintenance shutdown, but overall throughput for H1 2025 increased by 4% compared to the same period in 2024 [14][15]. - Kiena is focusing on developing additional mining horizons to improve production flexibility and reliability [4][54]. Strategic Initiatives - The acquisition of Angus Gold has expanded Eagle River's land package and is expected to increase exploration spending by approximately CAD 5 million in 2025 [6][7]. - The company is investing in infrastructure and technical studies to enhance operational efficiency and support future growth [5][56]. 2025 Guidance Update - Eagle River's production guidance has been raised to 105,000 to 115,000 ounces, while Kiena's guidance has been updated to 80,000 to 90,000 ounces due to production challenges [52][54]. - AISC expectations for Kiena have been revised to USD 1,400 to USD 1,575, reflecting increased costs associated with maintenance and operational optimization [55].

Evolent Health (EVH) FY Conference Summary Company Overview - **Company**: Evolent Health (EVH) - **Date of Conference**: August 13, 2025 - **Key Speakers**: CFO John Johnson, Richard Close from Canaccord Key Points and Arguments Financial Performance - **EBITDA Outperformance**: Evolent Health reported a strong performance in EBITDA, achieving a second consecutive beat for the year, leading to an increase in the lower end of their EBITDA guidance [5][12] - **Revenue Decline**: Despite the positive EBITDA performance, revenue guidance was lowered due to timing issues with performance suites and risk-based contracts [12][14] - **Claims Development**: Favorable claims development was noted, with trends below the 12% forecast for oncology costs, which were projected at a 10.5% trend for the year [5][6][26] Revenue Guidance Changes - **Partnership with Aetna**: A significant new partnership with Aetna for their Medicare Advantage population in Florida was announced, with a delay in the go-live date to Q1 of the following year due to data exchange preparations [14][16] - **Regulatory Delays**: A performance suite contract was delayed due to regulatory issues but is now set to go live on September 1 [16][17] - **Guidance Philosophy Shift**: The company adjusted its guidance philosophy, moving the fully contracted revenue point to the midpoint of the range to allow for potential faster deterioration in exchange membership [17][18] Cost Trends and Oncology - **Oncology Cost Trends**: The company is forecasting a 12% trend in oncology costs but is currently experiencing a trend of about 10.5%. The stability in authorization data is noted as a positive sign compared to the previous year's volatility [23][25][26][27] - **Pandemic Impact**: The spikes in cancer cases last year were attributed to pandemic-related factors, with expectations of a return to normal trends moving forward [27] Market Dynamics and Partnerships - **Vendor Consolidation Trend**: Evolent Health aims to be the enterprise partner of choice for managed care organizations, capitalizing on a trend of vendor consolidation in the industry [29][30] - **Regulatory Pressures**: Increasing regulatory requirements are driving managed care organizations to seek external partners like Evolent to meet commitments on turnaround times and data integration [36][38] Future Outlook - **Revenue Projections**: Evolent Health anticipates generating approximately $2.5 billion in revenue for the next year, supported by a robust pipeline of over $1 billion [41][33] - **EBITDA Growth**: The company aims for a 20% year-over-year growth in adjusted EBITDA, driven by both organic growth and margin expansion initiatives [43][41] - **AI Integration**: Evolent is on track to achieve a $20 million net improvement in unit costs through AI initiatives, with a long-term goal of $50 million in net EBITDA benefits [45][46] Cash Flow and Capital Allocation - **Cash Flow Expectations**: The company expects to generate about $65 million in cash from operations for the remainder of the year, following a one-time cash usage of $85 million in the first half [49][50] - **Deleveraging Strategy**: Evolent plans to deleverage by approximately one turn per year, focusing on capital allocation priorities [50] Additional Important Insights - **Data Connectivity Investments**: Evolent is investing in data connectivity and interoperability, which is expected to become an industry standard by 2027, enhancing their competitive position [39][40] - **Engagement with Regulatory Bodies**: The company is actively involved in discussions with AHIP and HHS to influence value-based care directions [40]

Core Viewpoint - The company anticipates a significant increase in losses for the six months ending June 30, 2025, projecting a loss attributable to equity shareholders of not more than HKD 120 million, compared to a loss of approximately HKD 21.35 million in the same period last year [1] Group 1: Financial Performance - The expected increase in losses is primarily due to the financial impact of acquiring 54.44% of the issued shares of Hoi Tat Transportation Holdings Limited, which operates Citybus [1] - Despite the overall increase in losses, the company expects to record a strong EBITDA of not less than HKD 380 million for the period, compared to approximately HKD 21 million in the same period last year, driven by core business profitability since the acquisition [1] - The board believes that the company is generating sufficient operating cash flow to support its ongoing activities and future growth [1]

Core Viewpoint - Goldman Sachs has adjusted its EBITDA forecast for Galaxy Entertainment (00027) for 2025 to 2027 by 0% to 1%, raising the target price from HKD 49.6 to HKD 50.1, reaffirming it as an industry favorite and maintaining a "Buy" rating [1] Group 1: Financial Performance - The company reported a second-quarter adjusted EBITDA of HKD 3.6 billion, an 8% quarter-on-quarter increase, aligning with Goldman Sachs' expectations, primarily benefiting from an increase in VIP net win rate [1] - Excluding the impact of the VIP net win rate and increased contributions from the construction business, the gaming EBITDA rose 5% quarter-on-quarter to HKD 2.9 billion [1] - The EBITDA margin is expected to remain around 28.1%, with growth in gaming volume offset by an increase in average daily operating expenses [1] Group 2: Market Share and Dividends - The company's total gaming gross revenue (GGR) market share increased by 0.7 percentage points quarter-on-quarter to 20.5% [1] - The interim dividend increased by 40% year-on-year to HKD 0.7 per share, with a payout ratio of 58%, higher than last year's 50% and the historical average of 30%, as well as exceeding some peers' payout ratios of 40% to 50% [1] - Management expressed confidence in the outlook for Macau and the company's long-term prospects, indicating that future dividends could be sustainable, projecting an annual dividend of HKD 1.58 based on a 60% payout ratio, resulting in a dividend yield of 3.9% at the current price [1]

Core Viewpoint - Dawson Geophysical Company reported a significant increase in demand for high-resolution seismic surveys, leading to a capital investment in new equipment to enhance operational efficiency and competitiveness in the market [2][3][7]. Financial Performance - For Q2 2025, the company reported fee revenues of $8.7 million, a 5% increase from $8.3 million in Q2 2024. Total revenue for the quarter was $9.9 million, down from $12.5 million in the same quarter last year [3][13]. - Gross margin improved to 13% in Q2 2025 from 1% in Q2 2024, attributed to enhanced operational efficiencies [3]. - The company incurred a net loss of $2.3 million or $0.08 per share in Q2 2025, compared to a net loss of $3.5 million or $0.12 per share in Q2 2024 [4][13]. - Year-to-date, the company reported a net loss of $1.4 million or $0.04 per share, a decline from a net income of $2.3 million or $0.07 per share in the same period of 2024 [5][13]. Operational Update - A large channel crew was deployed in April 2025, expected to maintain high utilization through the end of the year. The company is also improving its backlog with multiple jobs contracted for quick deployment of new equipment [3][5]. - The company anticipates that the new equipment will enhance both top-line and bottom-line results as it is deployed [3]. Capital Investment - On August 8, 2025, the company entered into an Equipment Purchase Agreement to acquire single point node channels for approximately $24.2 million, with deliveries scheduled from August 2025 to January 2026 [6][7]. - The payment structure includes an initial cash payment of $4.8 million, followed by additional payments upon delivery, with the remainder financed through promissory notes at an interest rate of 8.75% [7]. Liquidity Position - As of June 30, 2025, the company increased its cash position to $16.2 million and improved its working capital to $4.9 million, compared to $1.4 million and $4.6 million at the end of 2024 [8][16].

Core Insights - Smart Sand, Inc. reported strong sales volumes and improved profitability in Q2 2025, with sales volumes increasing by 33% sequentially and Adjusted EBITDA growing by $6.3 million compared to Q1 2025 [2][3][10] - The company is focused on returning capital to shareholders while optimizing its Northern White sand assets, having repurchased approximately 1 million shares and declared a $0.10 per share dividend [2][15][14] - Long-term fundamentals for Northern White sand remain strong, driven by natural gas development, LNG investments, and increasing demand for data centers supporting AI [2][10] Sales and Revenue - In Q2 2025, tons sold totaled approximately 1,424,000, reflecting a 33% sequential increase and a 12% year-over-year increase [3] - Revenues for Q2 2025 were $85.8 million, up from $65.6 million in Q1 2025 and $73.8 million in Q2 2024, primarily driven by higher sales volumes [4][8] - The increase in revenues year-over-year was attributed to higher sales volumes and higher average selling prices [4] Cost and Profitability - Cost of goods sold increased to $76.8 million in Q2 2025, up from $62.8 million in Q1 2025 and $60.7 million in Q2 2024, primarily due to increased sales volumes [5] - Gross profit for Q2 2025 was $9.0 million, compared to $2.8 million in Q1 2025 and $13.1 million in Q2 2024, with the sequential increase attributed to higher sales volumes [6][11] - Contribution margin in Q2 2025 was $15.8 million, or $11.08 per ton sold, compared to $9.6 million, or $8.96 per ton sold, in Q1 2025 [10][32] Net Income and Cash Flow - The company recorded a net income of $21.4 million in Q2 2025, a significant improvement from a net loss of $(24.2) million in Q1 2025 [9][35] - Free cash flow for Q2 2025 was $(7.8) million, with net cash used in operating activities at $(5.1) million [13][40] - The company anticipates being free cash flow positive for the year 2025 [13] Shareholder Returns and Liquidity - Smart Sand has returned a total of $6.4 million to shareholders through share repurchases and special dividends in 2025 [15] - As of June 30, 2025, the company had cash on hand of $4.3 million and $21.0 million in undrawn availability on its credit facility [16]