Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2][3] - It emphasizes the importance of conducting individual research before making investment decisions [2]

Company Announcement No. 10/2025 Copenhagen, 16 May 2025 Treasury shares below 5% of share capital In accordance with Section 31 of the Danish Capital Markets Act, it is hereby announced that Scandinavian Tobacco Group A/S as of 15 May 2025 owns a total of 1,265,625 treasury shares of nominally DKK 1 (in total nominally DKK 1,265,625) after the cancellation of 6,000,000 shares, as announced in Company Announcement no. 9/2025. The Company´s holding of treasury shares represents 1.58% of the share capital ...

Core Insights - Ispire Technology Inc. has appointed Jie "Jay" Yu as the new Chief Financial Officer, effective immediately, following the departure of the former CFO Jim McCormick [1][3] - The company is implementing significant cost-cutting measures, including a reduction of $3.6 million in annual payroll and an additional $6.6 million in operating expenses, totaling an estimated annualized expense reduction of $10.2 million for fiscal year 2025 [1][3] Company Overview - Ispire is engaged in the research, development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products, owning or licensing over 400 patents globally [4] - The company's tobacco products are marketed under the Aspire brand and sold worldwide, while cannabis products are marketed under the Ispire brand primarily on an ODM basis [4] Leadership and Strategy - Michael Wang, Co-CEO, expressed confidence in Jay Yu's capabilities, highlighting his strong track record and knowledge of the company's financial structure [3] - The company aims to become a global provider of precision dosing vaping technology, focusing on trimming expenses, increasing margins, and achieving profitability [3]

| | ANNUAL MEETING OF SHAREHOLDERS | | | --- | --- | --- | | UAL MEETING OF SHAREHOLDERS | | lease limit | | | | possible, a | | Thursday, May 15, 2025 | Thursday, May 15, 2025 | al meeting | | 9:00 a.m. (Eastern Time) | 9:00 a.m. (Eastern Time) | | | AGENDA | RULES OF CONDUCT | d otherwise | | | | id to those | | | Welcome to Altria Group, Inc.'s 2025 Annual Meeting of Shareholders ("Annual Meeting"). It is | nformation | | | our goal to conduct a fair and informative Annual Meeting, and we ask that you ob ...

Financial Data and Key Metrics Changes - Altria reported that 80.28% of its common stock was represented at the annual meeting, indicating a quorum was present [8] - The preliminary voting results showed that over 96% of shares voted in favor of the election of directors and the selection of PricewaterhouseCoopers as the independent registered public accounting firm for 2025 [22][23] - Shareholders approved the compensation of named executive officers and the 2025 performance incentive plan with more than 95% of shares voting in favor [22][23] Business Line Data and Key Metrics Changes - The company emphasized its commitment to transitioning adult smokers to smoke-free products, aligning with societal demand and creating shareholder value [24] - Altria is focusing on a portfolio approach to meet consumer needs, with plans to enhance its product offerings in the smoke-free category [40][41] Market Data and Key Metrics Changes - The company noted that nicotine use among underage consumers is declining, and menthol cigarette use is at generational lows for 2024 [53] - Altria is monitoring the impact of tariffs on consumer behavior, indicating that current effects on cost inputs are immaterial [61] Company Strategy and Development Direction - Altria's vision is to responsibly lead the transition of adult smokers to a smoke-free future, which is seen as a significant opportunity for harm reduction [24][28] - The company is advocating for the FDA to expedite the authorization of new products to enhance its portfolio and meet consumer demands [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the FDA's ability to function as a regulatory body and the potential for a marketplace filled with authorized products [64] - The company remains committed to its vision despite challenges, emphasizing the importance of harm reduction and consumer transition to smoke-free alternatives [64] Other Important Information - Altria's corporate responsibility reporting highlights progress towards its vision of a smoke-free future [24] - The company has resources available for consumers who wish to quit using tobacco products [32] Q&A Session Summary Question: Do you ever feel sorry for all the lives lost and illnesses caused through the use of your tobacco products? - Management emphasized the importance of harm reduction and the transition to smoke-free products as a way to reduce risks associated with nicotine [27][28] Question: Shouldn't your focus be working on alternatives to addiction? - Management reiterated the commitment to transitioning adult smokers to smoke-free products while acknowledging the potential for harm reduction [29][30] Question: Were past statements about nicotine's addictiveness incorrect? - Management acknowledged nicotine's addictive nature and highlighted resources available for consumers wishing to quit [31][32] Question: How many families have to bury their loved ones before you admit profit matters above human life? - Management reiterated the belief in harm reduction and the potential benefits of transitioning to smoke-free products [33][34] Question: Why support someone already addicted to tobacco to start using more products that they could get addicted to? - Management pointed out the importance of providing options for consumers who wish to transition to less harmful products [35][36] Question: Are flavored tobacco products attractive to teens? - Management stated that they believe kids should not use tobacco products and highlighted efforts to prevent youth access [37][38] Question: What is the timeframe for harm reduction products to outsell traditional cigarettes? - Management indicated that it is difficult to pinpoint an exact date but emphasized the need to evolve with consumer preferences [40][42] Question: Will the company consider apologizing for past marketing practices? - Management stated that all marketing practices are committed to responsible marketing to adult consumers [43][44] Question: What will the dividend policy be going forward? - Management described a progressive dividend policy aiming for annual increases in the mid-single digits [48][49] Question: How are tariffs affecting Altria's business? - Management noted that tariffs currently have an immaterial impact on cost inputs but will continue to monitor consumer behavior [61] Question: Will Altria continue its efforts to create a smoke-free future despite FDA and CDC cuts? - Management affirmed the company's commitment to its vision and the importance of regulatory authorization for new products [64]

Market Overview - Wall Street has experienced significant volatility over the past two months due to sticky inflation, weak economic data, and the imposition of reciprocal tariffs by the Trump administration, raising concerns about a potential near-term recession in the U.S. economy. All three major stock indexes are currently in negative territory year to date [1]. Investment Opportunities - Three U.S. corporate giants with a market capitalization of nearly $100 billion or more and a favorable Zacks Rank have provided positive returns in the past month. These companies are Amphenol Corp. (APH), AppLovin Corp. (APP), and Philip Morris International Inc. (PM), all holding a Zacks Rank 1 (Strong Buy) [2]. Amphenol Corp. (APH) - Amphenol provides connectivity solutions utilizing AI and machine learning technologies, offering high-density, high-speed connectors and cables optimized for signal integrity and thermal performance [4]. - The company benefits from a diversified business model, with strong demand across Commercial Air, Industrial, and Mobile devices, alongside defense technologies driving top-line growth [5]. - Amphenol's expected revenue and earnings growth rates for the current year are 30% and 38.6%, respectively, with the Zacks Consensus Estimate for current-year earnings improving by 12.9% in the last 30 days [6]. AppLovin Corp. (APP) - AppLovin operates a software-based platform for mobile app developers, enhancing marketing and monetization capabilities both domestically and internationally [7]. - The introduction of AI-powered AXON 2.0 technology and strategic expansion in gaming studios have significantly boosted revenue growth, while the Ai-enabled Audience+ marketing platform enhances reach into direct-to-consumer and e-commerce sectors [8]. - AppLovin's expected revenue and earnings growth rates for the current year are 24.3% and 70.6%, respectively, with the Zacks Consensus Estimate for current-year earnings improving by 13.7% in the last seven days [10]. Philip Morris International Inc. (PM) - Philip Morris has shown strong pricing power and an expanding smoke-free product portfolio, making significant progress in its smoke-free transition with products like IQOS and ZYN [11]. - The company anticipates robust growth in 2025, driven by increasing demand across all product categories, with an expected volume growth of 2% and smoke-free products projected to expand by 12-14% [12]. - Philip Morris's expected revenue and earnings growth rates for the current year are 8.1% and 13.7%, respectively, with the Zacks Consensus Estimate for current-year earnings improving by 4.2% over the last 30 days [13].

Core Viewpoint - Altria Group Inc. experienced a 2.1% decline in share price following the release of its first-quarter 2025 results, contrasting with slight gains in the broader market and its industry peers [1][6]. Financial Performance - Altria reported first-quarter adjusted earnings per share (EPS) of $1.23, exceeding the Zacks Consensus Estimate of $1.17, reflecting a 6% year-over-year growth [6]. - Net revenues fell by 5.7% to $5.26 billion, primarily due to weaker cigarette shipment volumes [6][9]. - The Zacks Consensus Estimate for Altria's EPS for 2025 and 2026 has increased by 0.8% and 1.1%, respectively, indicating a positive outlook [12]. Market Comparison - Among tobacco peers, Turning Point Brands, Inc. outperformed with a 17.9% return, while Philip Morris International and British American Tobacco saw declines of 2.5% and 3.3%, respectively [2]. - Altria's forward 12-month price-to-earnings (P/E) ratio is 10.51x, significantly lower than the industry average of 14.55x and the S&P 500's average of 20.70x, suggesting it is undervalued [15][16]. Business Segments - Altria's Smokeable Products segment faced revenue softness due to declining shipment volumes, but robust pricing strategies helped mitigate margin erosion [8][9]. - The oral nicotine pouch brand on! saw an 18% increase in shipment volumes, reaching over 39 million cans, and expanded its market share in the nicotine pouch segment to 17.9% [10]. - The e-vapor segment faced challenges with the discontinuation of NJOY ACE, resulting in a non-cash impairment charge of $873 million, but the company remains committed to innovation in this space [11]. Investor Sentiment - The divergence between solid earnings performance and stock price weakness raises questions about whether the pullback is a short-term overreaction or a long-term buying opportunity [7]. - Altria's defensive business model and attractive valuation make it a stable investment option, especially for value-focused investors [19].

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was $6 million, a 50% increase sequentially from $4 million in Q4 2024 [28] - Gross margin showed a loss of $600,000, which is an improvement of 50% from the prior quarter [28] - Net loss from continuing operations improved to $3.3 million from $4.2 million in the preceding quarter [31] - Adjusted EBITDA loss improved to $2.3 million from $3.9 million in Q4 2024 [31] Business Line Data and Key Metrics Changes - Total cartons sold were 476,000, an increase of 41% compared to 338,000 in Q4 2024 [29] - The company is focusing on two main segments: reduced nicotine premium products and value-focused CMO brands [10][12] Market Data and Key Metrics Changes - The combustible cigarette market is valued at $85 billion, facing increasing price pressures and regulatory challenges [6] - The company aims to serve the Tier four market, which is approximately two-thirds the price of Tier one brands [10] Company Strategy and Development Direction - The company is transitioning into a growth model, focusing on expanding distribution and launching targeted marketing campaigns [12][20] - New product introductions include Smoker Friendly Black Label and VLN branded products, aimed at capturing market share in the natural cigarette and low nicotine segments [14][15] - The company is not waiting for FDA regulations to finalize its strategy and has developed technology for low nicotine tobacco products [22][23] Management's Comments on Operating Environment and Future Outlook - Management believes the current market dynamics present opportunities for high-quality branded products due to price pressures from big tobacco [21] - The company is on track to achieve breakeven EBITDA by Q4 2025, with expectations of revenue growth and margin improvement [25][35] Other Important Information - The company reduced its outstanding debt to $3.9 million, with debt-for-equity conversions of $3.1 million during the quarter [31] - A capital raise through warrant inducement raised approximately $5.4 million, providing cash runway for growth initiatives [32] Q&A Session Summary Question: Do you still foresee a breakeven of EBITDA for the fourth quarter of this year? - Yes, the company is on track to achieve breakeven in the latter half of the year [35] Question: Will CMO continue to grow from its first quarter level and will VLN kick in over the course of the year? - Yes, both Smoker Friendly and Pinnacle franchises are on a growth path, and state approvals for VLN will enhance distribution [36][37] Question: Does the increase in accounts receivable indicate a need for additional financial capital? - The company is comfortable with its cash runway after recent financing and the increase in receivables is due to new customer agreements [38][39] Question: What is the expected collection period for the accounts receivable balance? - The collection terms are typical for shipments, generally collected upon product delivery [40] Question: What has been the share issuance dilution from the warrants? - Current shares outstanding include approximately 7 million shares issued under the recent warrant inducement offering [42] Question: Are there any implications for twenty second Century Group from competitors' earnings results? - The company sees opportunities in the value segment due to price increases in the market and is anticipating the launch of partner VLNs [46][47] Question: Have we seen the worst of it in 2024, and are we now on a growth trajectory? - Yes, the company is now on a growth trajectory in terms of cartons, price, and revenue [48]

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was $6 million, a 50% increase sequentially from $4 million in Q4 2024 [28] - Gross margin loss improved by 50% to a loss of $600,000 from the previous quarter [28] - Net loss from continuing operations improved to $3.3 million from $4.2 million in the preceding quarter [31] - Adjusted EBITDA loss significantly improved to $2.3 million from $3.9 million in Q4 2024 [31] Business Line Data and Key Metrics Changes - Total cartons sold were 476,000, an increase of 41% compared to 338,000 in Q4 2024 [29] - The company is focusing on two main segments: reduced nicotine premium products and value-focused CMO brands [9][10] Market Data and Key Metrics Changes - The combustible cigarette market is valued at $85 billion, facing increasing price pressures and regulatory scrutiny [6] - The company aims to serve consumers transitioning from high nicotine products to lower nicotine options, capitalizing on market dynamics [21] Company Strategy and Development Direction - The company is transitioning into a growth phase, focusing on expanding distribution and launching targeted marketing campaigns [12][20] - New product introductions include Smoker Friendly Black Label and additional SKUs for existing brands, aimed at increasing market share [14][15] - The company is not waiting for FDA regulations to finalize its strategy and has developed technology for low nicotine products already approved by the FDA [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving breakeven EBITDA by Q4 2025, supported by improved pricing structures and volume growth [34][36] - The company is focused on restoring fiscal responsibility and improving balance sheet ratios through debt reduction and working capital improvements [27] Other Important Information - The company has reduced its outstanding debt to $3.9 million and executed a capital raise of approximately $5.4 million [31][32] - A lawsuit against Dorchester Insurance Company for $9 million in business interruption insurance is ongoing, with a trial date set for November 2025 [32] Q&A Session Summary Question: Do you still foresee a breakeven of EBITDA for the fourth quarter of this year? - Management confirmed they are on track to achieve breakeven in the latter half of the year [34] Question: Will CMO continue to grow from its first quarter level and will VLN kick in over the course of the year? - Management indicated that both Smoker Friendly and Pinnacle franchises are on a growth path, with state approvals expected to drive distribution [36] Question: Does the increase in accounts receivable indicate a need for additional financial capital? - Management stated they are comfortable with their cash runway following recent financing and attributed the increase in receivables to new customer agreements [38][39] Question: What is the expected timeline for collecting the accounts receivable balance? - Management noted that collections occur upon product delivery, following typical shipment terms [40] Question: What has been the share issuance dilution from the warrants? - Current shares outstanding include approximately 7 million shares issued under the recent warrant inducement offering, with additional warrants expected to be exercised [42] Question: Are there any implications for twenty second Century Group from competitors' earnings results? - Management highlighted that trends in the market, particularly the migration from Tier one to Tier four brands, present opportunities for the company [46][48] Question: Have we seen the worst of it in 2024 past, and are we now on a growth trajectory? - Management confirmed that they are now on a growth trajectory in terms of cartons, price, and revenue [49]

Core Insights - 22nd Century Group, Inc. reported a significant sequential sales increase of approximately 50% in Q1 2025, driven by its growth strategy and new sales activities across various product categories [1][3][6] - The company is preparing for the launch of its first VLN partner brand shipments and has made regulatory filings for new products in all 50 states [1][6] - The financial results indicate a reduction in operating loss and net loss compared to the previous quarter, reflecting improved operational efficiency [6][10] Financial Performance - Net revenues for Q1 2025 reached $6.0 million, up from $4.0 million in Q4 2024, marking a 50% increase [6][10] - Gross profit improved to a loss of $(0.6) million from $(1.3) million, while operating expenses decreased to $2.0 million from $2.8 million [6][10] - The operating loss decreased to $(2.6) million from $(4.1) million, and net loss decreased to $(3.3) million from $(4.2) million [6][10] Product Developments - The company launched VLN Red, expanding its reduced nicotine content product line, which already includes VLN Gold and Green [6][12] - New partner branded VLN products are set to be launched, supported by marketing campaigns to enhance sales volumes [3][6] - Shipments of conventional products under a new agreement with Smoker Friendly have commenced, including the launch of Smoker Friendly Black Label cigarettes [6][12] Debt and Liquidity - As of the end of Q1 2025, the company reported net debt of $3.4 million, down from $4.6 million at the end of the previous quarter [6][12] - The company has successfully reduced its total debt by $3.7 million year-to-date while managing working capital needs [12][33]