Trade Policy - Canada will tighten rules on steel imports [1] - Canada will offer more financial help for lumber producers [1] Industry Impact - Aims to stem losses in steel and lumber industries [1] - Industries are targeted by US tariffs [1]

Core Insights - MDWerks, Inc. reported a significant revenue increase of 85% sequentially from $421,000 in Q2 2025 to $780,000 in Q3 2025, primarily driven by Whiskey-as-a-Service (WaaS) revenue at Two Trees Beverage Company and increased product revenue at RF Specialties, LLC [2][3] - The company is focused on long-term sustainable growth and profitability, with positive year-over-year revenue comparisons when excluding non-recurring service revenue from the previous year [3] Two Trees Beverage Company - Two Trees' revenue increased by 92% sequentially from $250,000 in Q2 2025 to $480,000 in Q3 2025, attributed to new customer contracts for white-label aging services [4] - The company anticipates continued growth as it builds and deploys Spirits Rapid Aging Systems (SRAS) for new customers, including a major U.S. distillery, which is expected to enhance recurring revenue [5][6] - Two Trees is actively pursuing additional SRAS deployments with major U.S. distilleries and exploring international markets, highlighting the efficiency and sustainability of its proprietary aging technology [6] - A new larger SRAS unit is set to increase production capacity fivefold, expected to be operational by December 2025, further expanding white-label aging services [7] - Two Trees has received multiple industry awards, including a Gold Medal at the 2025 New York World Spirits Competition, enhancing its brand recognition [8] RF Specialties, LLC - RF Specialties' revenue increased by 75% sequentially from $171,000 in Q2 2025 to $300,000 in Q3 2025, driven by the installation of a Molecular Sawdust Drying System for a leading lumber company [11] - The company expects follow-on orders as the customer expands the system's throughput, indicating potential for growth in the lumber market [12] - RF Specialties anticipates a smoother revenue stream as initial systems lead to additional orders, reflecting the scalability of its technology [13] Technology and Innovation - MDWerks positions itself as a technology company, leveraging patented molecular targeting technology to enhance traditional processes and promote sustainability [14] - The company aims to explore new applications of its technology across various industries, indicating a commitment to innovation and growth [14] Future Outlook - MDWerks is optimistic about its growth trajectory in 2026, with a strong foundation being built for future opportunities [15]

Core Insights - Conifex Timber Inc. reported a net loss of $16.6 million or $0.41 per share for Q3 2025, worsening from a net loss of $8.3 million or $0.20 per share in Q2 2025 and a net loss of $3.8 million or $0.09 per share in Q3 2024 [1][6][10] Financial Performance - EBITDA for Q3 2025 was negative $16.6 million, compared to negative $3.2 million in Q2 2025 and negative $3.9 million in Q3 2024 [1][10] - Total sales for Q3 2025 were $38.2 million, a decrease of 4% from Q2 2025 but an increase of 38% from Q3 2024 [3][10] - Cost of goods sold increased by 19% from Q2 2025 but decreased by 36% from Q3 2024 [11] Production and Shipments - Lumber production in Q3 2025 was approximately 38.5 million board feet, a 9% increase from Q2 2025 and a 22% increase from Q3 2024 [4][8] - Shipments of Conifex-produced lumber totaled 40.1 million board feet in Q3 2025, up 3% from Q2 2025 and up 37% from Q3 2024 [9] Bioenergy Operations - The power plant sold 47.6 GWh of electricity in Q3 2025, representing approximately 88% of targeted operating rates, an increase from 29.6 GWh in Q2 2025 and 25.9 GWh in Q3 2024 [15][16] Duty and Tariff Impacts - The company expensed countervailing and anti-dumping duty deposits of $15.3 million in Q3 2025, significantly higher than $2.0 million in Q2 2025 and $0.2 million in Q3 2024 [14] - Cumulative duties paid by the company since April 2017 amount to US$44.1 million, impacting future cash flows [28] Financial Position and Liquidity - Overall debt increased to $82.6 million as of September 30, 2025, compared to $81.6 million at June 30, 2025 [26] - Available liquidity decreased to $1.7 million from $3.0 million at June 30, 2025, primarily due to higher softwood lumber duty rates [27] Outlook - North American lumber markets are expected to face continued demand and price volatility throughout the remainder of 2025, with significant challenges from duty deposit rate increases and additional tariffs [36]

Malaysian Media, Lumber Tycoon Tiong Hiew King Dies At 91 https://t.co/MXIgmeF3cA ...

Core Insights - Northborne Partners acted as the financial advisor for Tumac Lumber Company in the sale of its subsidiary, Disdero Lumber Company, to BlueLinx Holdings [1][3]. Company Overview - Disdero Lumber Company, founded in 1953 and headquartered in Clackamas, Oregon, is a leading value-added wholesale distributor of premium specialty forest products and building materials, primarily for custom single-family homes and high-end multi-family residential projects [2][5]. - Disdero offers a curated product portfolio sourced from top-tier domestic and international suppliers, ensuring exceptional quality and reliability for lumber yards and professional dealers [2][5]. Transaction Details - Ryan Kline, CEO of Disdero, expressed that BlueLinx is an ideal partner, emphasizing that their scale and resources will accelerate Disdero's growth while maintaining the company's core values [3]. - Paul Jevnick, Managing Director at Northborne, highlighted the successful positioning of Disdero despite challenging market conditions in the lumber industry [3]. - Brad McMurchie, Chairman of Tumac, acknowledged Northborne's expertise in the lumber and building materials marketplace, which was crucial for achieving a successful transaction outcome [3]. BlueLinx Holdings Overview - BlueLinx Holdings Inc. is a prominent U.S. wholesale distributor of residential and commercial building products, offering a wide range of branded and private-label SKUs across various product categories [6]. - The company has a strong market position with broad geographic coverage across fifty states, servicing a diverse customer base that includes national home centers, pro dealers, and industrial manufacturers [6].

Financial Data and Key Metrics Changes - The company reported an EBITDA of negative $28 million for Q3 2025, a decrease from negative EBITDA of $21 million in Q2 2025, primarily due to lower pulp pricing and demand [3][9] - The consolidated net loss for Q3 was $81 million, or $1.21 per share, compared to a net loss of $86 million, or $1.29 per share, in Q2 [9] - Cash consumption increased to $48 million in Q3 from $35 million in Q2, driven by lower EBITDA [10] Business Segment Data and Key Metrics Changes - The pulp segment had a negative EBITDA of $13 million, while the solid wood segment reported a negative EBITDA of $9 million [3][23] - Pulp sales volumes increased by 26,000 tons to 453,000 tons, while pulp production remained flat at 459,000 tons [5][20] - Lumber production decreased by about 4% to 150 million board feet, and lumber sales volumes decreased by about 9% to 110 million board feet [6][23] Market Data and Key Metrics Changes - Average published prices for MBSK and MBHK pulp decreased across all markets compared to Q2, with the MBSK net price in China at $690 per ton, down $44, and the European average at $1,497 per ton, down $56 [4][5] - Lumber pricing in the U.S. remained stable, with the benchmark price for Western SPF No. 2 Stud averaging $477 per 1,000 board feet, a modest increase from $472 [6] - Electricity sales totaled 204 gigawatt hours, a 6% decrease from Q2, while pricing increased to about $106 per megawatt hour [7][8] Company Strategy and Development Direction - The company is focused on its "One Goal 100" program, targeting $100 million in cost savings and operational efficiencies by the end of 2026, with an expected $30 million in savings by the end of 2025 [9][12] - The company aims to transform its pulp mills into biorefineries, enhancing resilience during commodity downturns [30][31] - The mass timber business is expected to grow, with a backlog of projects valued at about $80 million and increasing interest in sustainable construction [27][50] Management's Comments on Operating Environment and Future Outlook - Management highlighted significant industry headwinds due to trade uncertainty, impacting demand for both paper and lumber [11][29] - The company expects modest NBSK price improvements late in Q4 2025 and into Q1 2026, driven by curtailments and market dynamics [20][29] - Management remains optimistic about the long-term value of its products and the potential for market recovery as economic conditions improve [29][30] Other Important Information - The company plans to reduce capital expenditures in 2026, focusing on maintenance and essential projects [28][45] - The company is actively engaging in discussions with banks regarding liquidity and financing options [41][56] Q&A Session Summary Question: Potential asset sales to expedite deleveraging - Management is considering asset sales but acknowledges that current market conditions are not ideal for divestitures [32] Question: Industry supply-demand balance and capacity adjustments - Management indicated that closures of pulp mills may be necessary to right-size the industry, especially in Canada and Finland [33] Question: Substitution issues in the pulp market - Substitution has been ongoing, with a recent increase attributed to a significant price differential between hardwood and softwood pulp [35][38] Question: Liquidity-enhancing actions - Management is exploring various liquidity-enhancing actions, including discussions with banks and potential asset divestitures [41][43] Question: Industry supply pressures from sawmill closures - Management noted that the situation regarding chip access is already tight, and closures of sawmills could further impact pulp mills [54]

Core Insights - Interfor Corporation reported a net loss of $215.8 million in Q3 2025, a significant decline from net earnings of $11.1 million in Q2 2025 and a net loss of $105.7 million in Q3 2024 [1][2][21] - The adjusted EBITDA loss was $183.8 million on sales of $689.3 million, compared to an adjusted EBITDA of $17.2 million on sales of $780.5 million in Q2 2025 [2][8] - The company is facing ongoing challenges in the lumber market, leading to production curtailments and a decrease in average selling prices [2][3][4] Financial Performance - Total sales for Q3 2025 were $689.3 million, down from $692.7 million in Q3 2024 and $780.5 million in Q2 2025 [8][21] - Lumber production decreased to 912 million board feet, down from 935 million board feet in Q2 2025 [2][8] - The average selling price of lumber fell to $618 per thousand board feet, a decrease of $66 from Q2 2025 [2][8] Production and Market Conditions - Interfor announced plans to reduce lumber production by approximately 250 million board feet, or 26%, in Q4 2025 due to weak market conditions [2][3] - The company recorded a $147.4 million net duties expense related to U.S. tariffs, significantly impacting earnings [2][4][6] - The North American lumber market is expected to remain volatile due to economic adjustments, tariffs, and geopolitical uncertainties [3][4] Capital and Liquidity - Net debt increased to $893.3 million, representing 41.6% of invested capital, up from $798.0 million in Q2 2025 [2][9][11] - The company completed a bought deal offering generating gross proceeds of $143.8 million, which was used to pay down existing debt [10][12] - Interfor has available liquidity of $247.9 million based on its credit facilities [9][16] Strategic Outlook - The company maintains a diversified portfolio to mitigate risks and maximize returns, with approximately 60% of its lumber produced and sold in the U.S. [4][5][6] - Canadian lumber is expected to remain a key supply source for the U.S. market despite production constraints [5][6] - Interfor's capital expenditures for 2025 are projected to be between $90 million and $95 million, with a focus on strategic investments [6][17]

Core Insights - Interfor Corporation reported a net loss of $215.8 million in Q3 2025, a significant decline from a net profit of $11.1 million in Q2 2025 and a loss of $105.7 million in Q3 2024 [1][2][9] - The adjusted EBITDA loss was $183.8 million on sales of $689.3 million, compared to an adjusted EBITDA of $17.2 million on sales of $780.5 million in Q2 2025 [2][9] - The company is facing ongoing challenges in the lumber market, leading to production curtailments and a decrease in average selling prices [2][3][4] Financial Performance - The adjusted EBITDA loss of $183.8 million includes a $147.4 million net duties expense related to U.S. tariffs [2][8] - Lumber production decreased to 912 million board feet, down from 935 million board feet in Q2 2025, reflecting a 23 million board feet reduction [2][9] - The average selling price of lumber fell to $618 per thousand board feet, a decrease of $66 from Q2 2025 [2][9] Market Conditions - North American lumber markets are expected to remain volatile due to economic adjustments, tariffs, and labor shortages [3][4] - The company anticipates that Canadian lumber will continue to be a key supply source for the U.S. market despite challenges [5][6] - Interfor's diversified operations across Canada and the U.S. position it to navigate market volatility effectively [4][6] Capital and Liquidity - Net debt increased to $893.3 million, representing 41.6% of invested capital, up from $798.0 million in Q2 2025 [2][12] - The company completed a bought deal equity offering generating gross proceeds of $143.8 million, which was used to reduce existing debt [2][13] - Total capital expenditures for 2025 are projected to be between $90 million and $95 million [8] Strategic Initiatives - Interfor sold Coastal B.C. forest tenures for gross proceeds of $3.4 million, indicating a focus on monetizing assets [2][8] - The company has plans to reduce lumber production by approximately 250 million board feet in Q4 2025 due to weak market conditions [2][3] - An early renewal of the Revolving Term Line was completed, enhancing financial flexibility with a commitment of $562.5 million [2][20]

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]

Group 1 - Weyerhaeuser's shares have declined by 26% over the past year, indicating poor performance [1] - The decline in housing construction activity has significantly impacted lumber demand and pricing, posing challenges for Weyerhaeuser [1] Group 2 - The article reflects a contrarian investment approach based on macro views and stock-specific turnaround stories [1]