Core Insights - MDxHealth reported a 20% year-over-year increase in Q2 revenues, reaching $26.6 million, marking the 17th consecutive quarter of 20% or greater revenue growth [1][3][8] - The company achieved positive adjusted EBITDA of $1.4 million for Q2, a significant improvement of $6.2 million compared to the same period last year [1][12] - MDxHealth announced the acquisition of Exosome Diagnostics from Bio-Techne for $15 million, which is expected to enhance revenue growth and be accretive to adjusted EBITDA [1][4][6] Financial Performance - Q2 revenue of $26.6 million represents a 20% increase from $22.2 million in the prior year [9][10] - Gross profit increased by 32% to $17.6 million, with gross margins improving to 66% from 60% [10][12] - Operating loss decreased by 74% to $1.9 million, while net loss improved by 36% to $7.4 million compared to the prior year [8][11][12] Acquisition Details - The acquisition of Exosome Diagnostics includes the ExoDx Prostate test and is structured as $15 million total consideration, with $5 million in stock at closing and $2.5 million annually over the next four years [6][4] - The ExoDx business is anticipated to contribute over $20 million in revenue in 2026 and accelerate MDxHealth's revenue growth rate to approximately 30% [6][4] - The transaction is expected to close in September 2025, subject to customary closing conditions [6] Market Position and Strategy - MDxHealth's growth is driven by strong demand for its tissue-based tests, including GPS and Confirm mdx [3][4] - The acquisition is seen as a strategic move to expand MDxHealth's capabilities in liquid-based diagnostics for prostate cancer, enhancing its leadership in this high-growth market [4][6] - The company reaffirmed its 2025 revenue guidance of $108-110 million following the acquisition announcement [4]

Core Insights - Jushi Holdings Inc. reported a revenue of $65.0 million for Q2 2025, showing a year-over-year increase of 0.7% compared to Q2 2024 and a sequential increase of 1.9% from Q1 2025 [1][7] - The company experienced a net loss of $12.3 million in Q2 2025, an improvement from a net loss of $17.0 million in Q1 2025 [1][14] - Adjusted EBITDA rose by 39.6% quarter-over-quarter to $13.7 million, with an adjusted EBITDA margin of 21.1% [1][15] Financial Performance - Total revenue for Q2 2025 was $65.0 million, slightly up from $64.6 million in Q2 2024 [7] - Gross profit decreased to $28.9 million, with a gross profit margin of 44.5%, down from 50.4% in Q2 2024 [11] - Operating expenses increased to $25.3 million from $24.2 million in Q2 2024, primarily due to amortization of business licenses and expenses related to new dispensary openings [13] - Other expenses included a significant interest expense of $10.2 million, contributing to the net loss [14] Retail Expansion - Jushi's retail strategy is on track, with 40 operating dispensaries across seven states, an increase from 35 dispensaries at the end of Q2 2024 [8] - The company plans to open four additional stores by the end of 2025 or early 2026, including its first dispensary in New Jersey [5][6] - Retail revenue increased by $2.4 million compared to Q2 2024, driven by strong performance in Virginia and Ohio [8] Product Development - The company launched 602 new unique SKUs during the quarter, enhancing its product offerings across various categories [5] - Jushi-branded products accounted for 56% of total retail revenue in Q2 2025, consistent with previous quarters, indicating strong brand equity [12] Balance Sheet and Liquidity - As of June 30, 2025, Jushi had approximately $25.2 million in cash and cash equivalents, with total gross debt of $205.6 million [16] - The company received approximately $4.0 million in Employee Retention Credit claims, which bolstered its balance sheet [5][14]

Core Insights - Fox Corporation reported fourth-quarter fiscal 2025 adjusted earnings per share of $1.27, exceeding the Zacks Consensus Estimate by 25.7% and reflecting a year-over-year increase of 41.1% [1][8] - Total revenues rose 6.3% year over year to $3.28 billion, surpassing the consensus mark by 5.8% [1][8] - Adjusted EBITDA surged 21.5% year over year to $939 million, with an expanded margin of 360 basis points [5][8] Revenue Breakdown - Affiliate fees, accounting for 58% of total revenues, increased 2.6% year over year to $1.9 billion, driven by 4% growth in the Television segment and 2% growth in Cable Network Programming [1] - Advertising revenues, making up 32.8% of total revenues, grew 7.1% year over year to $1.07 billion, primarily due to digital growth from the Tubi AVOD service and stronger news ratings [2] - Other revenues surged 33.2% year over year to $301 million, representing 9.2% of total revenues [2] Segment Performance - Cable Network Programming revenues, which constitute 46.6% of total revenues, increased 6.5% year over year to $1.53 billion, with advertising revenues growing 15.2% [3] - Television revenues rose 5.7% year over year to $1.70 billion, with advertising revenues increasing 3.1% and affiliate fees growing 3.6% [4] Operating Expenses and Profitability - Operating expenses decreased 1.4% year over year to $1.75 billion, with operating expenses as a percentage of revenues contracting 420 basis points to 53.5% [5] - Selling, general & administrative (SG&A) expenses rose 9.5% year over year to $590 million, expanding as a percentage of revenues by 50 basis points to 17.9% [5] Balance Sheet Highlights - As of June 30, 2025, Fox had $5.35 billion in cash and cash equivalents, up from $4.81 billion as of March 31, 2025 [7] - Total borrowings included $599 million in current borrowings and $6.598 billion in non-current borrowings [7]

Financial Performance - GAAP net income was $77.1 million for the quarter, a decrease of 12% compared to the three months ended June 30, 2024[8] - Net income attributable to Hamilton Lane Incorporated was $53.7 million for the quarter, a decrease of 9% compared to the three months ended June 30, 2024[8] - Management and advisory fees were $133.7 million, a decrease of 4% year-over-year[14, 29] - Incentive fees decreased by 26% year-over-year to $42 million[9, 37] - Fee Related Earnings increased 31% compared to the three months ended June 30, 2024, reaching $83.7 million[10, 16] - Adjusted EBITDA was $95.8 million, remaining flat year-over-year[14, 45] Assets Under Management - Assets under management reached $141 billion as of June 30, 2025, an increase of 9% compared to June 30, 2024[16] - Fee-earning assets under management were $74 billion as of June 30, 2025, an increase of 10% compared to June 30, 2024[16] Unrealized Carried Interest - Unrealized carried interest was $1.309 billion as of June 30, 2025[38, 40] - 52% of the unrealized carry is from vehicles aged 5-8 years[41] Other - The company declared a quarterly dividend of $0.54 per share of Class A common stock[15]

Vitesse Asset & Strategy - Vitesse's asset base is heavily weighted towards undeveloped locations, comprising over 80% of its total assets[6,22] - The company focuses on non-operated working and mineral interests, primarily in the Bakken oil field in North Dakota[8] - Vitesse aims to maintain a Net Debt / Adjusted EBITDA ratio of less than 10x, demonstrating prudent risk management[7,23] - Vitesse has interests in 7,507 productive wells (223 net wells) with an average working interest of 3.6% per working interest well[11] Financial Performance & Capital Allocation - Vitesse estimates 2025 net production to be between 15000 and 17000 MBoe/d, with oil weighting between 64% and 68%[10] - The company's 1P PV-10 is valued at $806 million, while the PDP PV-10 is $609 million[10] - Vitesse offers a fixed dividend of $0.5625 per share quarterly[7,22] - The company has an approved $60 million share repurchase program[7] Operational Efficiency & Data Management - Vitesse estimates there are >200 remaining net undeveloped locations across its asset, of which 38.4 were Proved Undeveloped as of December 31, 2024[11] - Vitesse utilizes a proprietary data system called Luminis for data modeling and asset management[15,16,18]

Financial Performance - Revenue for Q1 FY26 increased by $55 million, or 11%, reaching $555 million[11, 18] - Gross profit for Q1 FY26 increased by $24 million, or 19%, with gross margin expanding by 170 bps to 265%[11, 24] - Adjusted EBITDA for Q1 FY26 increased by 33% to $68 million, resulting in an Adjusted EBITDA margin of 123%[11, 26] - Net income for Q1 FY26 increased by 55% to $46 million[11] Orders and Backlog - Q1 FY26 orders totaled $1259 million, leading to a book-to-bill ratio of 23x[11] - Record backlog reached $4829 million[11] - Defense sector accounts for 87% of the backlog, while Energy & Process represents 11%, and Space comprises 3%[39] Financial Outlook for FY26 - Net sales are projected to be between $225 million and $235 million[44] - Adjusted EBITDA is expected to be in the range of $22 million to $28 million[44] - Capital expenditures are estimated at $15 million to $18 million[44]

Core Insights - SBA Communications Corporation (SBAC) reported second-quarter 2025 adjusted funds from operations (AFFO) per share of $3.17, exceeding the Zacks Consensus Estimate of $3.12, but down 3.6% from the prior year [1] - The company raised its 2025 outlook despite facing higher costs and interest expenses [1] Financial Performance - Total quarterly revenues increased by 5.8% year over year to $699 million, although it fell short of the Zacks Consensus Estimate of $670.1 million [2] - Site-leasing revenues rose slightly to $631.8 million, with domestic revenues at $469.8 million and international revenues at $162 million [3] - Site development revenues surged by 97.5% year over year to $67.2 million [4] - Adjusted EBITDA totaled $475.5 million, up 1.8%, while the adjusted EBITDA margin decreased to 68.1% from 71.3% in the prior year [4] Cost and Expenses - The cost of site development increased significantly to $53.5 million, and interest expenses rose by 22.7% year over year to $119.7 million [5] Portfolio Activity - SBAC acquired 4,329 communication sites for a total cash consideration of $562.9 million and built 94 towers during the quarter [6] - The company owned or operated 44,065 communication sites as of June 30, 2025 [6] Cash Flow and Liquidity - As of June 30, 2025, SBAC had $0.3 billion in cash and cash equivalents, down from $0.7 billion as of March 31, 2025 [9] - The company ended the quarter with $12.3 billion in net debt and a net debt-to-annualized adjusted EBITDA ratio of 6.5X [9] Share Repurchase and Dividends - During the second quarter, SBAC repurchased 618,000 shares for $130.7 million and an additional 182,000 shares for $41.4 million after the quarter [10] - The company announced a cash dividend of $1.11 per share for the third quarter, payable on September 18, 2025 [12] Guidance Revision - SBAC revised its 2025 AFFO per share guidance to a range of $12.65-$13.02, up from the previous range of $12.53-$12.90 [13] - Adjusted EBITDA guidance was also revised upward to a range of $1,908-$1,928 million [13]

Q2 2025 Performance - Total revenue grew by 3.6% reaching $188.5 million[9, 10] - Operating income was $17.5 million[13] - Restaurant-Level Adjusted EBITDA was $44.5 million[13] - Net income reached $10.0 million[13] - Adjusted EBITDA was $30.1 million[13] Q2 YTD 2025 Performance - Total revenue grew by 4.9% reaching $364.9 million[16, 17] - Operating income was $27.9 million[17] - Adjusted EBITDA was $51.3 million[17] - Restaurant-Level Adjusted EBITDA was $81.1 million[17] - Net income reached $14.0 million[17] Fiscal 2025 Financial Targets - The company plans to open 12 new restaurants[20, 22] - Same-restaurant sales are expected to grow by 1% to 3%[22] - Revenue growth is targeted at 5% to 7%[22]

Financial & Operational Highlights - Atlas Energy Solutions reported Q2'25 Revenue of $289 million[16] - The company's Q2'25 Adjusted EBITDA was $71 million[16] - Net Cash from Operating Activities for Q2'25 reached $89 million[16] - Q2'25 Adjusted Free Cash Flow was $49 million[16] - The company returned $314 million to shareholders since inception[16] - $229 million has been returned to shareholders since IPO[16] Market Position & Logistics - Atlas Energy Solutions is the largest Permian Basin Frac Sand Provider[21] - The company directs over 80% of its volumes to large-cap companies (defined as $10B+ market capitalization)[21] - The Dune Express is expected to reduce trucking miles by approximately 60-70%[33] - Atlas deliveries are expected to reduce emissions by approximately 60 to 70% relative to traditional deliveries[37] Distributed Power Solutions - The company has a generator fleet of over 900 natural-gas powered units, generating over 225 MW of power[25] - In-house remanufacturing costs are approximately 50%+ lower than third-party costs, providing a competitive advantage[27] Market Data - The company's market capitalization is $1.5 billion and enterprise value is $2.0 billion as of August 1, 2025[11]

Financial Performance - Q2 2025 - Marketplace Gross Order Value (GOV) reached $685 million[6] - Revenues totaled $144 million[6] - Adjusted EBITDA was $14 million[6] - Net loss was $263327 thousand[7, 15] Trends and Changes - Marketplace revenues decreased by 33% year-over-year, from $170046 thousand in Q2 2024 to $114478 thousand in Q2 2025[26] - Concert revenues decreased by 37%, from $80803 thousand to $50586 thousand[26] - Sports revenues decreased by 30%, from $51457 thousand to $35818 thousand[26] - Theater revenues decreased by 23%, from $30932 thousand to $23744 thousand[26] Strategic Initiatives - Implemented a cost reduction program targeting $25 million in annualized savings by the end of 2025[8, 17] Capital Structure - 2066 million shares outstanding as of June 30, 2025[19]