Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with a total of over $58 million in revenue for the nine months ending December 31, 2025 [4][14] - Adjusted EBITDA for Q3 was $2.6 million, contributing to a total of over $3.7 million for the audio division in the nine-month period [5][14] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 fiscal 2026 [14] Business Line Data and Key Metrics Changes - The audio division generated $52.2 million in revenue over nine months, with Q3 revenue of $18.6 million [5][14] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million in Q3 [14][15] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [14] Market Data and Key Metrics Changes - The company is trading at 60% of revenues, while the industry is trading over 3x revenues, indicating a significant undervaluation [6] - The B2B pipeline has grown over 30% in the last 120 days, with over 100 active enterprise opportunities [6][7] Company Strategy and Development Direction - The company is focused on expanding partnerships with major players like Amazon, Apple, and Tesla, aiming to launch three significant Fortune 500 partnerships [7][8] - A strategic shift towards owning intellectual properties and original content is underway, with over 15 original projects in the pipeline [8][9] - The company is evolving its leadership structure to enhance focus on B2B partnerships and AI initiatives [11][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for transformational growth, citing a strong B2B pipeline and improving industry dynamics [15][40] - The company anticipates reaching profitability by the end of the fiscal year, leveraging over $125 million in net operating loss carryforwards for tax efficiencies [5][6] - Management highlighted the importance of AI in enhancing personalization and optimizing monetization, driving B2B demand [10][73] Other Important Information - The company has reduced operating expenses by over 52% year-over-year and streamlined its workforce from 350 to 88 employees [4][5] - A share repurchase program is being expanded, reflecting confidence in the company's undervaluation [12] Q&A Session Summary Question: On the B2B business, can you elaborate on customization and options for customers? - Management noted that the company is uniquely positioned in the B2B space, leveraging AI for customization and offering competitive pricing [18][20] Question: What is the competitive landscape for content provision? - Management indicated that while some competition exists, the company's unique service offerings and flexibility provide a significant advantage [31][32] Question: How is the advertising revenue for Slacker's non-subscription customers progressing? - Management highlighted a robust advertising business across audio platforms and noted a partnership with DAX to enhance advertising offerings [25][26] Question: What is the timing for the 30 million subscriber deal? - Management stated that the deal is signed and expected to ramp up in the following year, with some revenue potentially starting this quarter [59][61] Question: What is the expected impact of Tesla user conversions on revenue? - Management confirmed that the conversion from ad-supported to paid subscriptions is expected to contribute significantly to revenue growth [67][68]

Core Viewpoint - Bimini Capital Management, Inc. has amended its Rights Agreement to extend its expiration date and adjust the purchase price, aiming to preserve stockholder value and protect its net operating loss carryforwards [1][2][3]. Group 1: Rights Plan Amendment - The Board of Directors adopted the First Amendment to the existing Rights Agreement, extending the expiration date from December 21, 2025, to December 21, 2030, and increasing the purchase price from $4.76 to $10.20 [1]. - The Rights Plan is intended to safeguard stockholder value and the value of tax assets, specifically net operating loss carryforwards (NOLs), which amounted to approximately $253.9 million as of September 30, 2025 [2]. - The increase in the purchase price is designed to enhance potential dilution for stockholders triggering rights under the plan, thereby reducing the likelihood of an "ownership change" as defined by Section 382 of the Internal Revenue Code [3]. Group 2: Stockholder Approval and Future Actions - The First Amendment will be submitted for stockholder approval at the 2026 annual meeting, with automatic termination of the amendment set for June 30, 2026, if approval is not obtained [4]. - A detailed summary of the First Amendment will be included in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission [5]. Group 3: Company Overview - Bimini Capital Management, Inc. primarily invests in residential mortgage-related securities issued by government-sponsored entities such as Fannie Mae, Freddie Mac, and Ginnie Mae [6]. - The company also manages Orchid Island Capital, Inc., a publicly-traded real estate investment trust, and Royal Palm Capital, LLC, both with similar investment strategies [7][8].

Core Viewpoint - Heron Therapeutics has adopted a Section 382 rights plan to protect its net operating loss carryforwards (NOLs) and other tax attributes, which are crucial for offsetting future taxable income [1][2][3] Group 1: Rights Plan Details - The Board of Directors unanimously approved the Rights Plan, which is effective from August 14, 2025, and will expire one year later unless terminated or extended [1][2] - The Rights Plan aims to deter any single investor or group from acquiring 4.99% or more of Heron's outstanding common stock, thereby reducing the risk of an "ownership change" that could limit the use of NOLs [2][3] Group 2: Financial Context - As of December 31, 2024, Heron had approximately $1.37 billion in U.S. federal NOLs available to offset future taxable income, which can enhance cash flow as the company pursues its growth strategy [2] - The adoption of the Rights Plan is intended to protect the potential value of these NOLs as the company executes its growth plans [3] Group 3: Company Overview - Heron Therapeutics is a commercial-stage biotechnology company focused on developing and commercializing therapeutic innovations to improve patient care, particularly in acute care and oncology [4]