Q3 2025 Financial Performance - System-wide sales decreased by 55%[7] - Same-store sales declined by 35%[7] - Total revenue was $1400 million[7] compared to $1434 million in Q3 2024[10] - Adjusted EBITDA was $131 million[7] compared to $141 million in Q3 2024[10] - Net loss attributable to FAT Brands Inc was $(58219) thousand[21] compared to $(44755) thousand in Q3 2024[21] Store Development - 13 new stores opened in Q3 2025[7] Strategic Focus - The company aims to accelerate the build-out of a 1,000+ unit new store pipeline[13] - The company plans to grow factory production to utilize ~55% excess capacity[13] - The company intends to re-franchise Fazoli's 57 company-owned restaurants[13] Non-GAAP Measures - Adjusted net loss was $(45437) thousand[24] compared to $(38017) thousand in Q3 2024[24]

Core Insights - Albemarle Corporation reported strong third-quarter results for 2025, with adjusted EBITDA increasing year-over-year despite lower lithium prices, highlighting the company's operational strength and cost management efforts [3][6][8]. Financial Performance - Net sales for Q3 2025 were $1.3 billion, a decrease of 3% from $1.4 billion in Q3 2024, primarily due to lower pricing in Energy Storage, although volumes increased [4][6]. - Adjusted EBITDA for Q3 2025 was $226 million, up $14 million from the previous year, driven by lower input costs and ongoing cost reduction initiatives [6][8]. - The net loss attributable to Albemarle was $161 million, a significant improvement from a loss of $1.07 billion in the prior year, mainly due to restructuring charges recorded in the previous period [4][6][8]. - The diluted loss per share attributable to common shareholders was $(1.72), compared to $(9.45) in Q3 2024, reflecting an 81.8% improvement [4][8]. Segment Performance - Energy Storage segment net sales were $709 million, down 8% year-over-year, with a 16% decrease in pricing offset by an 8% increase in volumes [7][8]. - Specialties segment net sales increased slightly to $345 million, a 0.8% rise, with adjusted EBITDA rising 34.2% to $76 million due to reduced manufacturing costs [10][11]. - Ketjen segment net sales were $254 million, up 3.7% year-over-year, with adjusted EBITDA decreasing slightly to $34 million due to lower prices and higher input costs [11][12]. Cash Flow and Capital Expenditures - Cash from operations for Q3 2025 was $356 million, a 57% increase year-over-year, contributing to a year-to-date total of $894 million, up 29% [8][19]. - The company reduced its full-year 2025 capital expenditures outlook to approximately $600 million, down from $1.7 billion in 2024, reflecting a focus on sustaining existing assets [19][20]. Outlook - Albemarle is enhancing its full-year 2025 outlook, expecting results to be towards the higher end of previously published scenarios due to better-than-expected performance in Energy Storage and lithium market pricing [12][14]. - The company anticipates achieving positive free cash flow of $300 to $400 million for the full year 2025 [8][19].

Core Insights - Twin Hospitality Group Inc. reported a solid performance in Q3 2025, with a restaurant-level contribution margin of 17.0% and year-over-year sales growth in core markets despite regional challenges [2][10] - The company is focusing on a conversion strategy that has shown significant results, with Twin Peaks locations outperforming former Smokey Bones operations [3] Financial Performance - Total revenue decreased by $1.3 million, or 1.6%, to $82.3 million compared to $83.7 million in Q3 2024, primarily due to the closure of 11 underperforming Smokey Bones locations and lower same-store sales [6][10] - Twin Peaks same-store sales declined by 4.1%, while system-wide sales decreased by 1.4% [10] - The company reported a loss from operations of $13.4 million, compared to a loss of $3.6 million in the same period last year [10] Costs and Expenses - Food and beverage costs decreased by $0.5 million, or 2.3%, to $20.3 million, representing 27.4% of restaurant sales, slightly down from 27.5% in the previous year [7][10] - Labor and benefits costs decreased by $0.9 million, or 3.5%, to $23.9 million, accounting for 32.1% of restaurant sales, down from 32.8% [8][10] - General and administrative expenses surged by $12.3 million, or 172.1%, to $19.5 million, largely due to store closure costs and higher non-cash share-based compensation [9][10] Profitability Metrics - The restaurant contribution margin was reported at 9.6%, with Twin Peaks at 17.0% and Smokey Bones at (0.3%) [10][28] - Adjusted EBITDA for the quarter was $3.0 million, an increase from $2.3 million in the same period last year [10][26]

Core Insights - Epsilon Energy Ltd. reported its third quarter 2025 financial and operational results, highlighting a decrease in production and revenues compared to the previous quarter, but an increase year-over-year in certain metrics [1][2]. Financial Performance - NRI production for gas was 2,136 MMcf, down 22% quarter-over-quarter (QoQ) but up 64% year-over-year (YoY) [2]. - Oil production decreased to 39 Mbbl, an 11% decline QoQ and a 26% drop YoY [2]. - Total revenues for Q3 2025 were $8.98 million, a 23% decrease QoQ but a 23% increase YoY [2][12]. - Adjusted EBITDA was reported at $4.37 million, down 41% QoQ but up 17% YoY [2][19]. Production and Operational Updates - Capital expenditures for the quarter were $2.9 million, primarily for the completion of one well in Texas, which is performing as expected with a 30-day gross initial production rate of over 870 Boe/d [3][4]. - The company experienced shut-ins in the Marcellus region due to lower gas prices, impacting production by approximately 110 MMcf [4]. - Epsilon announced the acquisition of an operated business in the Powder River Basin, which is expected to close in November 2025, enhancing its operational scale and inventory [6]. Market and Pricing - Realized gas prices were $2.23 per Mcf, down 11% QoQ but up 53% YoY [2]. - Oil prices realized were $63.73 per Bbl, a 3% increase QoQ but a 14% decrease YoY [2]. - The company noted a strong increase in net wellhead pricing in the Marcellus as it exits the shoulder season, indicating potential for improved cash flows in upcoming quarters [5]. Shareholder Returns - The company maintained its dividend at $1.38 million for the quarter, consistent with the previous quarter [2]. - No share buybacks were reported during the quarter, contrasting with $628,000 in buybacks in Q3 2024 [2]. Cash Position - Cash and short-term investments totaled $13.24 million, a 28% increase from the previous quarter and a 51% increase YoY [2].

Core Insights - Greif, Inc. reported significant financial results for the two-month fourth quarter and eleven-month fiscal year 2025, highlighting a substantial decrease in net income and changes in operational performance due to the divestment of its Containerboard Business [1][2][3]. Financial Performance - For the two-month fiscal fourth quarter of 2025, net income decreased by 227.4% to $(43.3) million, or $(0.73) per diluted Class A share, compared to $34.0 million, or $0.58 per diluted Class A share in the same period of 2024 [6]. - Adjusted EBITDA for the fourth quarter increased by 7.4% to $98.9 million, while combined Adjusted EBITDA decreased by 3.7% to $122.7 million [6]. - For the eleven-month fiscal year, net income decreased by 93.2% to $15.1 million, or $0.28 per diluted Class A share, compared to $220.5 million, or $3.81 per diluted Class A share in the previous year [6]. - Adjusted EBITDA for the eleven-month period increased by 3.1% to $511.3 million, while combined Adjusted EBITDA rose by 10.9% to $702.6 million [6]. Operational Changes - The company divested its Containerboard Business for $1.8 billion, which is now classified as discontinued operations starting in Q3 2025 [2][3]. - The fiscal year-end was changed to September 30, resulting in an 11-month fiscal year for 2025 [3]. Debt and Cash Flow - Total debt decreased by $1,538.1 million to $1,202.5 million, and net debt decreased by $1,597.1 million to $945.8 million, leading to a leverage ratio reduction to 1.63x from 3.48x [7]. - Net cash provided by operating activities decreased by $376.5 million to a use of $244.7 million for the fourth quarter, while adjusted free cash flow increased by $24.0 million to $122.6 million [6]. Strategic Actions - The company achieved cost optimization run-rate savings of approximately $50 million by the end of fiscal year 2025 and increased its anticipated cost optimization commitment to $120 million [15]. - Plans for share repurchases in 2026 reflect confidence in the company's earnings power and operational leverage [9]. Market Outlook - The company noted a multi-year period of industrial contraction with no compelling demand inflection identified, leading to conservative guidance for fiscal 2026 [31][32]. - The low-end guidance for fiscal 2026 includes an estimated Adjusted EBITDA of $630 million and Adjusted Free Cash Flow of $315 million [32].

Core Insights - Grand Canyon Education, Inc. reported a service revenue of $261.1 million for Q3 2025, reflecting a 9.6% increase from $238.3 million in Q3 2024, primarily driven by a 7.9% rise in partner enrollments to 138,073 [2][4] - The company experienced a significant decrease in operating income, which fell to $18.0 million, a 62.6% decline compared to $48.2 million in the same quarter of the previous year, largely due to a $35.0 million reserve for litigation settlement [2][5] - Net income for Q3 2025 was $16.3 million, down 60.8% from $41.5 million in Q3 2024, with diluted net income per share decreasing to $0.58 from $1.42 [5][22] Financial Performance - For the nine months ended September 30, 2025, service revenue reached $798.0 million, a 7.8% increase from $740.4 million in the same period of 2024, attributed to a 7.9% rise in partner enrollments [10][21] - Operating income for the nine months was $157.8 million, down 10.0% from $175.4 million in 2024, with an operating margin of 19.8% compared to 23.7% in the prior year [10][21] - Adjusted EBITDA for Q3 2025 increased by 14.4% to $75.9 million from $66.3 million in Q3 2024, while for the nine months, it rose 9.8% to $245.3 million from $223.4 million [5][10] Enrollment and Operational Metrics - GCU enrollments increased to 132,486, a 7.7% rise from 2024, while off-campus classroom and laboratory site enrollments grew by 17.4% to 6,912 [2][4] - The company opened five new off-campus sites in 2025, bringing the total to 47, contributing positively to enrollment growth [2][4] - Revenue per student saw a slight decline due to contract modifications and a shift in student demographics towards those with lower net tuition rates [2][4] Tax and Income Details - Income tax expense for Q3 2025 was $5.4 million, a 50.4% decrease from $10.9 million in Q3 2024, with an effective tax rate of 24.9% compared to 20.8% in the previous year [5][10] - For the nine months ended September 30, 2025, net income was $129.4 million, down 10.3% from $144.4 million in 2024, with diluted net income per share at $4.60 compared to $4.91 [10][22] Liquidity and Capital Resources - The company's liquidity position decreased by $47.6 million from December 31, 2024, to September 30, 2025, primarily due to cash used for investing activities and share repurchases [7] - As of September 30, 2025, unrestricted cash and cash equivalents were $277.0 million, down from $324.6 million at the end of 2024 [7][23] Outlook - The company provided guidance for Q4 2025, projecting diluted EPS between $3.07 and $3.18, and for the full year 2025, diluted EPS is expected to be between $7.66 and $7.77 [8][11]

Core Insights - Talen Energy Corporation reported third quarter 2025 results with Adjusted EBITDA of $363 million and Adjusted Free Cash Flow of $223 million, while narrowing its 2025 guidance and reaffirming 2026 guidance [3][8][10] Financial Performance - For Q3 2025, GAAP Net Income attributable to stockholders was $207 million, an increase from $168 million in Q3 2024 [6][9] - Adjusted EBITDA increased by $133 million year-over-year, driven by higher capacity revenues and energy revenues, net of fuel and energy purchases [9][36] - Adjusted Free Cash Flow rose by $126 million compared to the same quarter last year, primarily due to increased revenues, despite higher capital expenditures [9][36] Guidance and Acquisitions - The company has narrowed its 2025 guidance for Adjusted EBITDA to a range of $975 million to $1 billion and for Adjusted Free Cash Flow to $470 million to $490 million [10][38] - Talen is set to acquire Freedom and Guernsey, two combined-cycle gas-fired plants totaling approximately 3 GW, with expected closure in Q1 2026 [10][13] Capital Structure and Financing - Talen successfully raised $3.9 billion to fund the acquisitions, including a $1.2 billion senior secured term loan B and $2.7 billion in senior unsecured notes [4][12] - The share repurchase program was increased to $2 billion, with the expiration extended to December 31, 2028 [14] Operational Metrics - Total generation for Q3 2025 was 11.1 TWh, with carbon-free generation at 42%, slightly down from 43% in Q3 2024 [8][9] - The company maintained a net leverage target below 3.5x net debt-to-Adjusted EBITDA, with a projected ratio of approximately 2.6x as of October 31, 2025 [16] Index Inclusion - Talen was added to the S&P 400 Index during Q3 2025, enhancing its visibility and credibility in the market [15]

Financial Data and Key Metrics Changes - Targa Resources reported adjusted EBITDA for Q3 2025 at $1.275 billion, representing a 19% increase year-over-year and a 10% sequential increase [18] - The company expects full-year 2025 adjusted EBITDA to be around the top end of the guidance range of $4.65 billion to $4.85 billion [18] - Available liquidity at the end of Q3 was $2.3 billion, with a pro forma consolidated leverage ratio of approximately 3.6x, within the long-term target range of 3x-4x [18] Business Line Data and Key Metrics Changes - Permian natural gas inlet volumes averaged a record 6.6 billion cubic feet per day in Q3, an 11% increase year-over-year [11] - NGL volumes increased by about 180,000 barrels per day compared to the previous year, driven by growth in the Permian [6] - NGL pipeline transportation volumes averaged a record 1.02 million barrels per day, and fractionation volumes averaged 1.13 million barrels per day in Q3 [14][15] Market Data and Key Metrics Changes - The company noted that October volumes were impacted by producer shut-ins due to low commodity prices and storms, but these volumes have largely returned [11] - The outlook for NGL supply growth remains strong, supported by ongoing projects and expansions in the Permian [15] Company Strategy and Development Direction - Targa Resources is focused on executing large capital projects while investing in high-return projects to transform into a large investment-grade integrated NGL infrastructure company [9] - The company announced several new growth projects, including the Speedway NGL transportation expansion and the Yeti gas processing plant, to accommodate continued volume growth [7] - The strategy emphasizes maintaining a strong investment-grade balance sheet while increasing common dividends and reducing share count [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued Permian volume growth, supported by customer success and a favorable industry trend of rising gas-to-oil ratios [8] - The company anticipates a durable increase in free cash flow, even in a strong growth environment [9] - Management acknowledged some conservatism in Q4 guidance due to potential headwinds from maintenance and commodity price fluctuations [51] Other Important Information - Targa plans to recommend an increase in the annual common dividend to $5 per share, a 25% increase from the previous level, effective Q1 2026 [19] - The company repurchased $156 million in common shares during Q3, bringing year-to-date repurchases to $642 million [18] Q&A Session Summary Question: How have things unfolded versus original expectations? - Management noted that volumes have largely materialized consistent with or better than initial forecasts, driven by producer performance and some volatility providing additional marketing opportunities [24] Question: What is the outlook for growth in the Permian? - Management expressed confidence in continued growth, supported by bottom-up forecasts from producers and a strong commercial position [27] Question: Can you discuss operational leverage and future expansions? - Management indicated that downstream spending will be modest post-2027, focusing on rateable fracs as projects come online [34] Question: What is the rationale behind recent project announcements? - Management emphasized a capital-efficient approach, leveraging existing volumes and ensuring operational reliability for producers [42] Question: How do you view the competitive landscape in the Permian? - Management acknowledged ongoing competition but highlighted Targa's unique capabilities and strong commercial relationships as key advantages [105]

Financial Highlights - Q3 2025 net income attributable to IEP was $287 million, or $049 per depositary unit, compared to $22 million, or $005 per depositary unit, for Q3 2024[6] - Q3 2025 Adjusted EBITDA attributable to IEP was $383 million compared to $183 million for Q3 2024[6] - Indicative net asset value as of September 30, 2025, was approximately $38 billion, an increase of $567 million compared to June 30, 2025[6] - IEP declares third quarter distribution of $050 per depositary unit[6] Segment Performance - Energy segment net income was $258 million in Q3 2025, compared to a loss of $88 million in Q3 2024[9] - Energy segment Adjusted EBITDA was $409 million in Q3 2025, compared to a loss of $38 million in Q3 2024[9] - Investment segment returns were negative 05% for Q3 2025[13, 15] - Automotive Services revenue was $366 million, up $11 million when compared to Q3 2024[25] - Food Packaging Q3 2025 Adjusted EBITDA attributable to IEP decreased by $8 million compared to prior year quarter[32]

Core Insights - Western Forest Products Inc. reported a significant decline in financial performance for Q3 2025, with Adjusted EBITDA of negative $65.9 million, largely due to a non-cash export duty expense of $59.5 million [1][2] - The company experienced a net loss of $61.3 million in Q3 2025, compared to a net loss of $19.6 million in Q3 2024 and $17.4 million in Q2 2025 [2][3] - Revenue for Q3 2025 was $233.0 million, a decrease from $241.7 million in Q3 2024 and $289.1 million in Q2 2025 [2][3] Financial Performance - Adjusted EBITDA margin for Q3 2025 was negative 28%, compared to negative 4% in Q3 2024 and 0% in Q2 2025 [2][3] - Operating loss prior to restructuring and other items was $78.0 million in Q3 2025, up from $24.4 million in Q3 2024 and $12.3 million in Q2 2025 [2][3] - The company reduced net debt by $15.7 million compared to the end of Q2 2025, resulting in a net debt to capitalization ratio of 2% [6][2] Production and Sales - Lumber production was 107 million board feet in Q3 2025, down from 127 million board feet in Q3 2024 [6] - Lumber shipments totaled 129 million board feet in Q3 2025, compared to 138 million board feet in Q3 2024 [6] - The average lumber selling price increased to $1,409 per thousand board feet in Q3 2025, up from $1,378 per thousand board feet in Q3 2024 [6] Market Conditions - The North American lumber market is expected to remain weak due to high interest rates and low consumer confidence, compounded by elevated inventory levels [9] - An incremental 10% tariff on imported lumber products, effective October 14, 2025, is expected to further complicate market dynamics [8][9] - In international markets like Japan and China, housing demand is declining, but low lumber inventories are stabilizing prices [10] Strategic Developments - The company is focusing on transitioning to higher value products and has ongoing construction of two continuous dry kilns, with completion expected in early to mid-2026 [6][4] - Planned capital expenditures for 2025 have been reduced to approximately $30 to $35 million, including $16 million for the continuous dry kilns [6][4] - The company recorded $5.0 million in other income as an initial insurance recovery related to the Columbia Vista sawmill [14]