NYSE : B TSX : ABX Results for Q2 2025… | $0.47  124% | y/y | $0.47  47% y/y | $1.69b  31% | y/y | | --- | --- | --- | --- | --- | | Net earnings per share | | Highest Adjusted net earnings per share7 since 2013 | Attributable EBITDA2 | | | $0.15/sh | | $268 million | $4.8 billion cash | | | Quarterly dividendi | | Share buybacks in Q2 | $73 million Net cashii | | | Fourmile poised to double mineral | | Unlocked $1 billion in value from Donlin | Tongon & Hemlo sales processes advancing | | | resource in ...

Company Overview - Sonida Senior Living's portfolio includes 96 communities with 10,150 aggregate resident capacity [11] - The company's weighted average occupancy is 86.5% as of Q2 2025 [11] - Private pay residents make up 91.5% of the resident composition in Q2 2025 [11] - The weighted average interest rate on debt is 5.39% as of June 30, 2025 [13] Financial Performance - Same-store RevPOR grew by 5.0% year-over-year in the first half of 2025 [15] - Same-store community NOI increased by $2.9 million year-over-year in the first half of 2025, with a 90 bps margin growth [15] - Total portfolio at-share RevPOR grew by 10.2% year-over-year in the first half of 2025 [15] - Q2 2025 same-store community NOI margin was 28.0% [33] Acquisitions and Capital Allocation - The company acquired the Tampa ("East Lake") community in May 2025 for $11 million, or $172,000 per unit [15] - The company acquired the Atlanta ("Alpharetta") community in June 2025 for $11 million, or $125,000 per unit [15] - A purchase and sale agreement was signed in July 2025 for a Dallas/Fort Worth community with a purchase price of $15.6 million [15]

Array Transaction and Debt - Array exchanged $17 billion of debt into T-Mobile debt[8] - TDS is expected to receive $16 billion from Array's special dividend[8] - Array is expected to have $700 million in debt[8] - The gross purchase price for the T-Mobile transaction was $44 billion[9] - A special dividend of $2300 per share, totaling $20 billion, was approved by Array's board[9] Spectrum Monetization - Agreements were reached to monetize approximately 70% of Array's total spectrum holdings, based on MHz-Pops, including the T-Mobile transaction[14] - AT&T's gross purchase price for spectrum is $1018 billion[12] - Verizon's gross purchase price for spectrum is $10 billion[12] Tower Business - Third-party tower revenue distribution shows AT&T contributing 34%, Verizon 27%, T-Mobile 25%, and other sources 14% in Q2 2025[22] - Total tower revenues increased by 7%, from $58 million in Q2 2024 to $62 million in Q2 2025[23] - Adjusted EBITDA for the Towers segment increased by 9%, from $31 million in Q2 2024 to $34 million in Q2 2025[23] TDS Telecom Fiber Expansion - TDS Telecom deployed 27000 new marketable fiber addresses in Q2 2025[24, 25] - The goal is to reach 18 million marketable fiber service addresses[26] - Fiber now serves 53% of service addresses[26]

Financial Performance - EuroDry reported net revenues of $1128 million for Q2 2025, a decrease of 353% compared to $1744 million in Q2 2024[10, 42] - The company experienced a net loss attributable to controlling shareholders of $307 million, or ($112) per share, in Q2 2025[10, 42] - Adjusted EBITDA for Q2 2025 was $187 million, a decrease of 628% from $502 million in Q2 2024[10, 42] - For the first half of 2025, net revenues were $2049 million, a decrease of 357% compared to $3186 million in the first half of 2024[42] - The adjusted net loss for the first half of 2025 was $868 million, compared to a loss of $367 million in the first half of 2024[42] Fleet and Operations - EuroDry's current fleet consists of 12 vessels with a total carrying capacity of 843k DWT and an average age of approximately 136 years[15] - The company has two Ultramax vessels under construction, scheduled for delivery in the second and third quarters of 2027, which will increase the total carrying capacity to 970k DWT[15] - Fixed rate coverage for the remaining of 2025 is about 255% through charters, excluding ships on index charters[17] - The company repurchased 334,674 shares of its common stock for $53 million since the initiation of the repurchase plan in August 2022[10] Market Outlook - The orderbook is at approximately 1094% of the fleet, which is low by historical standards[29, 34] - Dry bulk trade is projected to grow by 02% in 2025 and 06% in 2026[25]

Q2 2025 Performance - Revenue increased by 10% from $58 million in Q1 2025 to $64 million in Q2 2025[18] - Production volumes increased by 18% from 7,200 tonnes in Q1 2025 to 8,500 tonnes in Q2 2025[18] - Cash costs per tonne sold decreased by 8% from $6,634 in Q1 2025 to $6,098 in Q2 2025[18] - Sales price decreased by 8% from $8,085 per tonne in Q1 2025 to $7,400 per tonne in Q2 2025[18] - The company is on track to reach 2025 production guidance of 30,000-35,000 tonnes[17,22] Cost Optimization - Q2 operating costs reached $6,100 per tonne, below Feasibility Study estimates[25] - Prices have climbed 14.7% in past month[27,28] Growth Strategy - Targeting +200 ktpa LCE capacity combining Stage 2 and regional assets[29] - Targeting additional 40ktpa for Stage 2[31] - Targeting 150k for Regional Growth[31] - Significant progress toward formalizing a new joint venture to develop PPG, targeting 150,000 tpa capacity[17]

Array Transaction and Debt - The T-Mobile transaction closed on August 1, 2025 [15] - $1.7 billion of Array debt was exchanged into T-Mobile debt [8] - TDS is expected to receive $1.6 billion from Array special dividend [8] - Array is expected to have $700 million debt [8] - Array's board approved a special dividend of $23.00 per Common Share and Series A Common Share, totaling $2.0 billion [9] Spectrum Monetization - Agreements reached to monetize approximately 70% of Array's total spectrum holdings, based on MHz-Pops, including the T-Mobile transaction [14] - AT&T spectrum sale gross purchase price is $1.018 billion [12] - Verizon spectrum sale gross purchase price is $1.0 billion [12] Tower Business - The company owns 4,418 towers in the U S [18, 22] - Third-party tower revenue distribution: AT&T 34%, Verizon 27%, T-Mobile 25%, Other 14% in Q2 2025 [22] - Tower tenancy rate was 1.57, with 2,527 colocations as of June 30, 2025 [22] - Third-party revenues for the towers segment were $28 million in Q2 2025, a 12% increase year-over-year [23] TDS Telecom Fiber Expansion - Deployed 27,000 new marketable fiber addresses in Q2 2025 [24, 25] - The company is on track for 150,000 marketable fiber addresses in 2025 [24] - Residential fiber connections have grown 1.9x from Q2 2022 to Q2 2025 [34] TDS Telecom Financials - Total operating revenues for TDS Telecom were $265 million in Q2 2025, a 1% decrease year-over-year [44] - Capital expenditures for TDS Telecom were $90 million in Q2 2025, a 16% increase year-over-year [44] - Adjusted EBITDA for TDS Telecom was $89 million in Q2 2025, a 3% decrease year-over-year [44]

Financial Performance - Revenue increased by 42% from $260.1 million in Q2 2024 to $369.4 million in Q2 2025[16, 17] - Adjusted EBITDA increased by 64.8% from $221.9 million in Q2 2024 to $365.7 million in Q2 2025[16, 17] - Adjusted EBITDA per share increased by 65.2% from $1.15 in Q2 2024 to $1.90 in Q2 2025[17] - Net income increased significantly by 210.8% from $79.5 million in Q2 2024 to $247.1 million in Q2 2025[17] - Adjusted net income increased by 64.6% from $144.9 million to $238.5 million[17] - Adjusted net income per share increased by 65.3% from $0.75 to $1.24[17] - Adjusted EBITDA margin increased from 85.3% to 99.0%, a 16.1% increase[17] Production and Pricing - Gold equivalent ounces (GEOs) sold increased by 1.7% from 110,264 in Q2 2024 to 112,093 in Q2 2025[17] - Average gold price increased by 40.2% from $2,338/oz in Q2 2024 to $3,279/oz in Q2 2025[11, 17, 32] Capital and Liquidity - Available capital as of June 30, 2025, is approximately $1.61 billion[25]

Financial Performance - Q2 2025 - Revenue reached $36.0 million, exceeding guidance of $32.5 million to $34.5 million[9, 11] - Year-over-year revenue growth was 26%[9, 11] - GAAP Gross Margin was 33.2%, surpassing the guidance of approximately 32% to 33.5%[9, 11] - Cash Gross Margin was 38.4%, within the guidance range[9, 11] - Cash Flow from Operations was $7.0 million, with Free Cash Flow at $4.6 million[9] Segment Performance - Security Solutions (SS) revenue increased by 82% year-over-year[11] - Secure Networks (SN) revenue decreased by 67% year-over-year[11] - Security Solutions accounted for 90% of total revenue[11] H1 2025 Performance - Revenue increased by 15% to $66.6 million compared to $58.1 million in the first half of 2024[16] - Adjusted EBITDA increased by $6.0 million to $0.7 million compared to -$5.3 million in the first half of 2024[16] - Free Cash Flow increased by $23.4 million to $8.4 million compared to -$15.0 million in the first half of 2024[16] Q3 2025 Outlook - Revenue is forecasted to be between $44 million and $47 million, representing a year-over-year growth of 85% to 98%[21] - Adjusted EBITDA is projected to be between $4.0 million and $5.7 million, with margins of 9.1% to 12.1%[21]

Financial Performance - Q2 2025 net sales were $311.6 million, a decrease of 0.6% year-over-year[6, 22] - Gross profit margin was 26.6%, a decrease of 950 bps year-over-year[6] - Non-GAAP adjusted EBITDA was $46.6 million, with a margin of 14.9%, a decrease of 43.1% year-over-year[6, 22] - Non-GAAP adjusted diluted EPS was $0.22, a decrease of 64.5% year-over-year[6, 22] Segment Performance - AAON Oklahoma net sales declined by 18.0% to $185.1 million, with a gross margin of 27.5%[23, 29] - AAON Coil Products net sales increased by 86.4% to $58.5 million, with a gross margin of 22.0%[23, 32, 33] - BASX net sales increased by 20.4% to $68.0 million, with a gross margin of 27.9%[23, 36, 37] Backlog and Orders - Adjusted backlog was $1.12 billion[6] - AAON-branded backlog increased by 93.4% year-over-year and 22.4% quarter-over-quarter[14] - BASX-branded backlog increased by 58.0% year-over-year to $623.4 million[43] Balance Sheet - The company closed on a new $500.0 million credit facility in Q2[42] - The company repurchased $30.0 million of shares[42] - Expect capital expenditures of approximately $220.0 million in 2025[42] Revised Outlook - The company revised its 2025 sales growth outlook to low-teens[45] - The company revised its 2025 gross margin outlook to 28%-29%[45] - The company revised its 2025 adjusted SG&A as a percentage of sales outlook to 16.5%-17.0%[45]

Financial Performance - Green Plains reported a net loss attributable to the company of $(72.2) million, or EPS of $(1.09) per diluted share for the second quarter of 2025[8, 13] - Adjusted EBITDA was $16.4 million for the second quarter of 2025[8] compared to $5.0 million for the same period in 2024[20] - The company had cash and cash equivalents, and restricted cash of $152.7 million and $258.5 million available under a committed credit facility[8] - Consolidated ethanol crush margin was $26.3 million, inclusive of margins from a one-time sale of accumulated RINs of $22.6 million[8] compared to $22.7 million for the same period in 2024[11] - Revenues were $552.8 million compared to $618.8 million for the same period in 2024[13] Operational Highlights - Ethanol production reached 193.6 million gallons, operating at 99% of capacity (excluding Fairmont)[8] compared to 208.483 million gallons for the same period in 2024[10] - The company produced 413 thousand tons of distillers grains (dry equivalent)[8] compared to 463 thousand tons for the same period in 2024[10] - Renewable corn oil production was 65.2 million pounds[8] compared to 73.630 million pounds for the same period in 2024[10] - The company processed 65.3 million bushels of corn[8] compared to 71.819 million bushels for the same period in 2024[10] Strategic Initiatives - The carbon capture infrastructure project is progressing on track for start-up early in the fourth quarter of 2025, with an expected removal of ~1.7 million metric tons of CO2 from the atmosphere by 2027[9, 22] - The company completed the sale of its 50% investment in GP Turnkey Tharaldson LLC as of June 30, 2025, for $25 million[9] - An amendment was executed to extend the maturity of its $127.5 million Mezzanine note facility to September 15, 2026[9]