ZURICH--(BUSINESS WIRE)--Swiss performance sportswear brand On (NYSE: ONON) announced today that the Company will participate in the 2026 ICR Conference. CEO and CFO Martin Hoffmann will participate in a fireside chat on Monday, January 12, 2026 at 11:30 am US Eastern Time (05:30 pm Central European Time on January 12, 2026). A live webcast of the fireside chat will be available on the Company's investor relations website and under the following Link. On was born in the Swiss Alps in 2010 with the mission t ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a GMV of $404.5 million, up 12% year-over-year, and revenue of $118.1 million, up 10% year-over-year, resulting in a revenue to GMV ratio of 29% for the quarter [18] - For the full fiscal year 2025, the company achieved a record GMV of $1.57 billion, surpassing the $1.5 billion milestone for the first time, and revenues of nearly $477 million, up 31% year-over-year [6][14] - Adjusted EBITDA for fiscal 2025 was $60.8 million, up 25% year-over-year, marking the highest EBITDA in 11 years [6][17] Business Line Data and Key Metrics Changes - The GovDeals segment achieved a record GMV of $903 million, up 8% year-over-year, driven by growth in new and active sellers [8] - The CAG segment's GMV grew 35% organically during the year, reflecting strong buyer relationships and recurring sales volumes [9] - The retail segment grew GMV by 30% year-over-year, leveraging new recurring program flows from clients [9] Market Data and Key Metrics Changes - The company surpassed 6 million registered buyers for the first time, with 4.1 million auction participants on its platform [8] - The company reported a strong buyer base and liquidity as competitive advantages, contributing to its growth in various market segments [8] Company Strategy and Development Direction - The company is focused on enhancing its capabilities through technology, including the integration of a new payment solution to improve buyer experience and operational efficiency [4][5] - The strategy prioritizes low-touch consignment services and software solutions with recurring revenue characteristics, targeting a $100 billion-plus GMV market opportunity [6] - The company aims for midterm goals of $2 billion in annual GMV and $100 million of annual adjusted EBITDA [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable long-term growth in the circular economy market, emphasizing the importance of innovation and technology [12][13] - The outlook for Q1 2026 includes expectations for double-digit year-over-year growth in profitability metrics, despite anticipated lower inventory purchases in the retail segment [21][22] Other Important Information - The company ended the quarter with $185.8 million in cash and cash equivalents, maintaining zero debt and a strong cash flow performance [19] - The company has received authorization for an additional $15 million in share repurchases, reflecting confidence in its financial position [19] Q&A Session Summary Question: Can you elaborate on the new payment solution and its impact on adjusted EBITDA margins? - Management highlighted operational leverage and the integration of AI-assisted technologies as key factors improving margins, along with enhanced payment processing capabilities [26][27] Question: What is the goal with GovDeals and the concept of government-adjacent markets? - Management explained that GovDeals aims to service public sector agencies and adjacent markets, providing a platform for lessors and service providers to sell assets [36][38] Question: What is the focus on consignment versus purchase in the retail segment? - Management indicated a shift towards consignment sales, emphasizing the benefits of higher margins and improved recovery rates for sellers [39][40]

Core Insights - Liquidity Services reported strong financial results for Q4 and fiscal year 2025, driven by market share expansion and operational efficiency, with annual GMV surpassing $1.5 billion [1][5][6] Fourth Quarter Results - GMV for Q4 FY2025 was $404.5 million, a 12% increase from $361.0 million in Q4 FY2024 [6] - Revenue for Q4 FY2025 was $118.1 million, up 10% from $106.9 million in Q4 FY2024 [9] - GAAP Net Income for Q4 FY2025 was $7.8 million, a 23% increase from $6.4 million in the same quarter last year [7] - Non-GAAP Adjusted EBITDA for Q4 FY2025 was $18.5 million, reflecting a 28% increase from $14.5 million in Q4 FY2024 [15] Fiscal Year 2025 Results - Annual GMV reached $1.57 billion, a 15% increase from $1.37 billion in FY2024 [7] - Total revenue for FY2025 was $476.7 million, up 31% from $363.3 million in FY2024 [7] - GAAP Net Income for FY2025 was $28.1 million, a 41% increase from $19.99 million in FY2024 [7] Segment Performance - GMV in the CAG segment increased by 18%, driven by growth in recurring sellers and international sales [8] - GMV in the GovDeals segment rose by 12%, supported by new seller acquisitions and service expansions [8] - GMV in the RSCG segment increased by 8%, aided by improved inventory turnover and multi-channel buyer development [8] Operational Metrics - The number of registered buyers reached approximately 6.0 million, a 10% increase from 5.5 million at the end of Q4 FY2024 [20] - Auction participants totaled approximately 1.01 million in Q4 FY2025, remaining relatively flat compared to 1.02 million in Q4 FY2024 [20] - Completed transactions were approximately 269,000 in Q4 FY2025, a 4% decrease from 279,000 in Q4 FY2024 [20] Business Outlook - The company anticipates double-digit growth in profitability metrics for Q1 FY2026, driven by a higher-margin business mix [18] - The fiscal second half of the year is expected to show higher GMV and profitability compared to the first half of FY2026 [19] - Guidance for Q1 FY2026 includes GMV expectations between $370 million and $405 million [21]

Core Insights - The Consumer Products-Discretionary industry is facing challenges due to inflation and tariff-driven cost pressures, but consumer spending is expected to remain resilient albeit at a slower pace compared to last year [1][4] - Companies with strong brand loyalty, pricing power, and diversified channels are better positioned to navigate the current economic landscape [2] - The industry's earnings outlook has declined significantly, with a 21.8% drop in earnings estimates since the beginning of 2025 [9] Industry Overview - The Consumer Products-Discretionary industry is cyclical and closely tied to economic conditions, targeting middle-to-higher-income consumers with high-priced discretionary products [3] - The industry includes various product categories such as fashion, jewelry, home goods, and personal care products, sold through specialty retailers, mass-market retailers, and e-commerce platforms [3] Key Trends - Consumer sentiment is under pressure, leading to cautious spending behavior, with a projected increase in U.S. holiday retail sales of 2.9% to 3.4%, slower than the previous year's 4.2% [4] - Companies are investing in digital ecosystems and optimizing supply chains to mitigate cost pressures and enhance margins [5] - Brand enhancement and capital discipline are critical, with companies focusing on consumer engagement, product innovation, and operational efficiency [6] Market Performance - The Zacks Consumer Products-Discretionary industry ranks 165, placing it in the bottom 32% of over 250 Zacks industries, indicating bleak near-term prospects [7][8] - The industry has underperformed the broader market, declining 16.7% over the past year compared to the S&P 500's rise of 18.4% [11] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-sales (P/S) ratio of 2.98X, lower than the S&P 500's 5.40X and the sector's 2.20X [14] Notable Companies - **The Honest Company**: Positioned for growth in the sensitive skin market, with a projected sales growth of 4.7% and EPS growth of 283.3% [17][18] - **Central Garden & Pet Company**: Focused on innovation and market share expansion, with an EPS growth estimate of 22% [21][22] - **Interparfums**: Maintains a strong market position with a diversified brand portfolio, expecting sales growth of 2.4% [25][26] - **The RealReal**: A leader in the luxury resale market, with projected sales growth of 12.3% and EPS growth of 87.9% [29][31]

Core Insights - Cabot Corporation has enhanced its manufacturing capabilities in North America for circular reinforcing carbons, joining its sites in Brazil and the Czech Republic as certified production locations [1][3] - The company has expanded its global network of ISCC PLUS certified sites to 14, supporting its commitment to sustainable solutions and a circular economy [1][3] Company Developments - The new manufacturing site in Ville Platte, Louisiana, utilizes tire pyrolysis oil (TPO) from end-of-life tires, employing an ISCC PLUS mass balance approach [1][2] - Cabot's circular reinforcing carbons serve as a drop-in replacement for traditional carbon black, allowing tire manufacturers to increase sustainable material usage without sacrificing performance [2][3] Industry Context - Tire manufacturers globally aim for 40% sustainable material usage by 2030 and 100% by 2050, driving demand for circular solutions like Cabot's TPO-based products [2] - Cabot's "make-in-region, sell-in-region" strategy enhances supply chain efficiency and reduces transportation-related emissions, aligning with industry sustainability goals [2][3] Certification and Sustainability - The ISCC certification system ensures compliance with ecological and social requirements, greenhouse gas emissions savings, and traceability, facilitating the use of recycled materials [4] - Cabot's commitment to circularity and traceability is reflected in its expansion of ISCC PLUS certified sites, which now include 12 supporting its reinforcing carbon portfolio across multiple regions [3][4]

Core Insights - Finnish materials technology company Betolar and limestone company Nordkalk have initiated a joint research project to explore new applications for circular calcite, a byproduct from flotation tailings at Nordkalk's Lappeenranta site in Finland [1][2] - The collaboration aims to establish a long-term partnership focused on commercializing circular calcite for construction or mining applications, contingent on technical validation and market evaluation [1][3] Project Phases - The project will unfold in two phases, starting with a pre-commercial phase where Betolar will utilize its SidePrime analysis service to evaluate the binder properties of circular calcite [2][3] - The pre-commercial phase is expected to conclude by the end of 2025, after which both companies will assess the results to determine the feasibility of moving forward with commercialization [3] Strategic Goals - Nordkalk aims to utilize 100% of its mined minerals, and the collaboration with Betolar is seen as a crucial step towards achieving this goal at the Lappeenranta site [4] - The partnership intends to develop innovative products and raw materials for the local construction industry, leveraging mining industry tailings as valuable future mineral sources [4]

AI Investment & Market Concerns - The discussion revolves around the potential formation of a circular economy within the AI sector, questioning whether companies are simply investing in each other rather than creating genuinely new markets [1][2][3] - There are concerns about over-investment in AI infrastructure, with approximately $450 billion being deployed, raising the possibility of a bubble [6] - The industry needs independent third-party analysis to assess whether the demand will justify the massive investments being made in AI [9] - The current enthusiasm for AI may not be fully warranted based on actual unit economics and possibilities, but rather driven by incentivized experts whose net worth benefits from inflated valuations [7][8] Regulatory Landscape & Investment Strategy - Tusk Ventures focuses on investing in companies at the intersection of regulation and technology, particularly those regulated at the municipal or state level, where outcomes are more achievable [16][17] - Investing in companies requiring federal-level regulatory changes can be problematic due to potential indefinite delays, citing the example of autonomous vehicle regulation [18][19] - The firm is cautious about areas like autonomous vehicles due to the uncertainty of Congress's willingness to make significant changes to interstate commerce [16] AI Applications & Profitability - Tusk Ventures prioritizes AI investments in companies with current, profitable applications of AI, rather than relying on future hype [13][15] - Kodiak, an autonomous trucking company desbacked by Tusk Ventures, is highlighted as an example of a company using AI profitably, with the US military as a major customer [14]

Overview - Bitcoin circular economies can spark social and economic renewal [1] Resource Link - Further information available at https://t.co/8QUUBqkRt1 https://t.co/DnXirrSIju [1]

Core Insights - The partnership between Wang & Lee Group, Inc. and Linko Smart Technology Limited aims to integrate blockchain rewards, renewable energy, and media monetization to enhance ESG innovation [1] Group 1: Strategic Collaboration Highlights - W&L will integrate its blockchain technology and solar energy systems into Linko's AI smart home devices, optimizing energy savings and generating blockchain rewards for users [2] - Users can redeem W&L-issued tokens for device upgrades, premium subscriptions, or cash through Linko's ecosystem [3] - W&L will act as the exclusive agent for integrating third-party media content into Linko devices, allowing users to earn blockchain tokens based on their engagement with the content [3] Group 2: Revenue Sharing and Token Distribution - Revenue sharing model allocates 70% of ad/content revenue to W&L and 30% to Linko, with token rewards funded by W&L's crypto reward pool [4] - Weekly token distribution is facilitated through Linko's APIs, ensuring seamless rewards for users [4] Group 3: ESG Impact and Market Differentiation - The collaboration aims to reduce household energy waste through AI-driven automation and expand access to renewable energy, aligning with global net-zero targets [4] - The integration of AI smart homes, blockchain rewards, and media monetization positions W&L and Linko as first-to-market in this innovative space [7] Group 4: Leadership Commentary - The CEO of W&L emphasized the partnership as a significant step towards a circular economy, merging sustainability with shareholder value [5] - Linko's representative highlighted the transformative potential of W&L's expertise in blockchain and solar energy for smart home devices [5] Group 5: Key Benefits of the Collaboration - The collaboration is expected to drive demand for W&L tokens and Linko devices, enhancing shareholder value [6] - Users are incentivized to earn tokens through energy savings and media engagement, which can be redeemed for upgrades or cash [6]

Core Insights - The partnership between Wang & Lee Group, Inc. and Linko Smart Technology Limited aims to integrate blockchain rewards, renewable energy, and media monetization to enhance ESG innovation [1] Group 1: Strategic Collaboration Highlights - W&L will integrate its blockchain technology and solar energy systems into Linko's AI smart home devices, optimizing energy savings and generating blockchain rewards for users [2] - Users can redeem W&L-issued tokens for device upgrades, premium subscriptions, or cash through Linko's ecosystem [3] - W&L will act as the exclusive agent for integrating third-party media content into Linko devices, allowing users to earn blockchain tokens based on their engagement with the content [3] Group 2: Revenue Sharing and Token Distribution - Revenue sharing model allocates 70% of ad/content revenue to W&L and 30% to Linko, with token rewards funded by W&L's crypto reward pool [4] - Weekly token distribution is facilitated through Linko's APIs, ensuring seamless rewards for users [4] Group 3: ESG Impact and Market Differentiation - The collaboration aims to reduce household energy waste through AI-driven automation and expand access to renewable energy, aligning with global net-zero targets [4] - This partnership represents a first-to-market integration of AI smart homes, blockchain rewards, and media monetization, providing a competitive edge [7] Group 4: Leadership Commentary - The CEO of W&L emphasized the partnership's role in promoting a circular economy where sustainability and shareholder value coexist [5] - Linko's representative highlighted the transformative potential of combining W&L's blockchain and solar energy expertise with smart home technology [5] Group 5: Key Benefits - The collaboration is expected to drive demand for W&L tokens and Linko devices, enhancing shareholder value [6] - Users are incentivized to earn tokens through energy savings and media engagement, which can be redeemed for upgrades or cash [6]