Visa Expands Stablecoin Settlement Support
Visa plans to support more stablecoins, more chains and more use cases within its settlement platform.
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SAN FRANCISCO — The stablecoin ecosystem is expanding, and Visa is at the forefront of its development. As global interest in stablecoins takes center stage, Visa is building on its leadership in the space and enabling support for more stablecoins and more blockchains to facilitate settlement transactions for issuers and acquirers.
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Visa's settlement platform is adding support for two additional USD-backed stablecoins, two blockchains and the euro-backed EURC.
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What's new
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More stablecoins: Through a new partnership with Paxos, Visa will be able to support two additional dollar-backed stablecoins, Global Dollar (USDG) and PayPal USD (PYUSD), bringing the transformative power of two more trusted stablecoins to our partners
More chains: Visa has added support for two blockchains, Stellar and Avalanche, in addition to already supported chains, Ethereum and Solana
More currencies: Visa has integrated Circle's euro-backed stablecoin, EURC
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'Visa is building a multi-coin and multi-chain foundation to help meet the needs of our partners worldwide,' said Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships, Visa. 'We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world.'
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Visa continues to build on years of real-world pilots and live stablecoin settlement activity. With these additions, the Visa network is enabled to support four stablecoins and four unique blockchains.
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Enabling EURC settlement
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With EURC integrated into the Visa Network, select pilot participating Visa partners can now access settlement in both USD- and EUR-backed stablecoins. This extends Visa's crypto and treasury infrastructure capabilities which already facilitates settlement in more than 25 fiat currencies worldwide.
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A leading network for stablecoin acceptance
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Earlier this year, Visa announced the expansion of its stablecoin-linked card partners. For stablecoin-linked cards to scale, they require a network that:
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Meets stablecoin wallets where they are – enabling interoperability across multiple blockchains
Enables flexible settlement options by directly accepting for settlement stablecoins in connection with cards operating across multiple blockchains
Addresses growing market demand, meeting interest from banks, merchants, developers, and fintechs while helping to reduce friction and increase speed for cross- border and onchain transactions
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As new stablecoins and blockchains continue to emerge and show promise of true utility, Visa's mission remains clear: build the interoperable layer designed to make stablecoin payments work at scale just as our traditional payments have worked – securely, reliably and globally.
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About Visa
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Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
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National Post
2 minutes ago
- National Post
SunOpta Announces Second Quarter Fiscal 2025 Financial Results
Article content Article content Adjusted EBITDA from continuing operations increased 14% to $22.7 million Article content Adjusted EPS of $0.04 compared to $0.02 in the prior year Article content Reaffirms 2025 Adjusted EBITDA Outlook Article content MINNEAPOLIS — SunOpta Inc. ('SunOpta' or the 'Company') (Nasdaq: STKL) (TSX:SOY), a company that delivers customized supply chain solutions and innovation for top brands, retailers and foodservice providers across a broad portfolio of beverages, broths and better-for-you snacks today announced financial results for the second quarter ended June 28, 2025. Article content All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted. Article content Second Quarter 2025 highlights: Article content Revenues of $191.5 million increased 12.9% compared to $169.5 million in the prior year period, driven by 14.4% volume growth partially offset by a 1.4% price reduction for pass-through pricing for certain raw material cost savings Earnings from continuing operations of $4.4 million compared to a loss of $4.4 million in the prior year period Adjusted earnings¹ from continuing operations of $4.4 million compared to $2.2 million in the prior year period Adjusted earnings per share¹ from continuing operations of $0.04 compared to $0.02 in the prior year period Adjusted EBITDA¹ from continuing operations increased 13.9% to $22.7 million, or 11.9% of revenues, compared to $20.0 million, or 11.8% of revenues, in the prior year period Article content 'Second quarter results were outstanding, reflecting the strength of our competitive position and sharp execution by our team,' said Brian Kocher, Chief Executive Officer of SunOpta. 'Both revenue and Adjusted EBITDA growth continued their double-digits trajectory, driven by robust volume gains across the breadth of our diverse portfolio. Earnings growth was equally strong. We also made significant progress advancing our operational initiatives to improve margins, including unlocking capacity and improving yields, which we expect to gain additional traction over the balance of 2025.' Article content Kocher continued, 'Our new business pipeline has never been stronger and we are exceptionally well positioned to capitalize on these opportunities to drive sustainable growth and profitability. Across beverages and fruit snacks we can meet our growth requirements through 2026 with existing assets. Especially in the better-for-you fruit snack category, powerful tailwinds have significantly increased customer demand. Accordingly, we are announcing a new fruit snack manufacturing line at our Omak, Washington facility, that is already over-subscribed and is anticipated to come online in late 2026 to meet this demand for 2027 and beyond.' Article content Second Quarter 2025 Results Article content Revenues increased 12.9% to $191.5 million for the second quarter of 2025. The increase was driven by 14.4% volume growth partially offset by a 1.4% price reduction for pass-through pricing for certain raw material cost savings. Growth in volume/mix reflected volume growth for plant-based beverages, broth and fruit snacks as well as new product launches. Article content Gross profit increased $7.2 million, or 34.0%, to $28.4 million for the quarter ended June 28, 2025, compared with $21.2 million for the quarter ended June 29, 2024. Gross margin was 14.8% for the quarter ended June 28, 2025, compared with 12.5% for the quarter ended June 29, 2024, an increase of 230 basis points. Adjusted gross margin¹, was 15.2% for the quarter ended June 28, 2025, compared with 16.0% for the quarter ended June 29, 2024. The 80-basis point decrease in adjusted gross margin reflects the timing lag on the pass-through of incremental tariff costs, investments in labor and infrastructure to improve long-term margins and incremental depreciation related to assets recently placed in service. These factors were partially offset by higher sales and production volumes for beverages, broths and fruit snacks driving improved plant utilization. Article content Operating income increased by $8.5 million, to $10.5 million, compared to $2.0 million in the second quarter of 2024, reflecting higher gross profit and a favorable foreign exchange impact. Article content Earnings from continuing operations increased 198% to $4.4 million for the second quarter of 2025 compared with a loss of $4.4 million in the prior year period. Diluted earnings per share from continuing operations attributable to common shareholders (after dividends and accretion on preferred stock) was $0.03 for the second quarter compared with diluted loss per share of $0.04 in the prior year period. Article content Adjusted earnings¹ from continuing operations were $4.4 million or $0.04 per diluted share in the second quarter of 2025 compared to adjusted earnings from continuing operations of $2.2 million or $0.02 per diluted share in the second quarter of 2024. Article content Adjusted EBITDA¹ from continuing operations was $22.7 million in the second quarter of 2025 compared to $20.0 million in the second quarter of 2024 driven by strong volume growth. Article content Please refer to the discussion and table below under 'Non-GAAP Measures'. Article content Balance Sheet and Cash Flow Article content As of June 28, 2025, SunOpta had total assets of $704.9 million and total debt of $273.4 million compared to total assets of $668.5 million and total debt of $265.2 million at year end fiscal 2024. During the first two quarters of fiscal 2025, cash provided by operating activities of continuing operations was $17.8 million compared to $2.0 million during the first two quarters of fiscal 2024. The increase mainly reflected improved working capital efficiency, together with increased operating income, driven by revenue growth. Investing activities of continuing operations consumed $18.6 million of cash during the first two quarters of fiscal 2025 compared to $13.9 million in the first two quarters of fiscal 2024, reflecting higher capital expenditures together with non-recurring proceeds from the sale of the smoothie bowl product line. Net leverage 1 was 2.9x, compared to 3.0x at the end of fiscal 2024 and we continue to expect to achieve our 2.5x net leverage target by the end of this fiscal year. Article content During the second quarter, the Company repurchased 163,227 common shares at an average price per share of $6.04, for total consideration of $1.0 million. As at June 28, 2025, there was $24.0 million of the authorized amount remained available under the Share Repurchase Program. Article content Tariffs Article content Tariffs continue to be an evolving situation that we continue to monitor. While our employees, production facilities, and customers are predominately located in the U.S. (in 2024, 98% of revenue was to U.S.-based customers), we source a portion of our raw material ingredients and packaging globally, and a portion of our fruit snack products are imported into the U.S. from our Niagara, Ontario, facility that are not exempt under USMCA. In response to these tariffs, at the beginning of the year we started communications with our customers regarding our intention to pass-through substantially all the incremental costs to our customers, similar to our pass-through pricing of raw material cost increases. By the middle of July, we successfully implemented new pricing arrangements with all of our customers to mitigate the full amount of known tariff exposure at that time. Due to the timing lag in passing through the tariff pricing adjustments, gross profit was negatively impacted by $1.6 million, reducing gross margin by 90 basis points in the second quarter. We expect to have a similar fiscal third quarter timing lag impact as we recover the recently announced tariff changes on August 1, 2025. While our pass-through mechanisms may have a timing lag, we continue to expect to recover substantially all additional costs of tariffs. Article content 2025 Outlook 2 Article content For fiscal 2025, the Company is raising its revenue outlook reflecting both the strong performance in Q2 and the expected impact of pass-through tariff pricing, and is reaffirming its adjusted EBITDA outlook: Article content The revised outlook includes an increase of approximately $8 million in revenue and $10 million in cost of goods sold in the second half of 2025 simply due to the expected tariff expense, related pass-through pricing to our customers, and timing lag on implementing the pricing. Article content Conference Call Article content SunOpta plans to host a conference call at 5:30 P.M. Eastern time on Wednesday, August 6, 2025, to discuss the second quarter financial results. After prepared remarks, there will be a question and answer period. Investors interested in listening to the live webcast can access a link on SunOpta's website at under the 'Investor Relations' section or directly. A replay of the webcast will be archived and can be accessed for approximately 90 days on the Company's website. Article content This call may be accessed with the toll free dial-in number (800) 715-9871 or international dial-in number (646) 307-1963 using Conference ID: 8323651. Article content The quarterly earnings presentation, including the long-term grow algorithm and capital allocation priorities, can be accessed through the live webcast referenced above, and on SunOpta's website at under the 'Investor Relations' section or directly. Article content 2 Article content The Company has included certain forward-looking statements about the future financial performance that include non-GAAP financial measures, including Adjusted EBITDA. These non–GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures. Historically, management has excluded the following items from certain of these non-GAAP measures, and such items may also be excluded in future periods and could be significant amounts. Article content Expenses related to the acquisition or divestiture of a business, including business development costs, impairment of assets, integration costs, severance, retention costs and transaction costs; Charges associated with restructuring and cost saving initiatives, including but not limited to asset impairments, accelerated depreciation, severance costs and lease abandonment charges; Asset impairment charges and facility closure costs; Legal settlements or awards; and The tax effect of the above items. Article content About SunOpta Article content SunOpta (Nasdaq: STKL) (TSX: SOY) delivers customized supply chain solutions and innovation for top brands, retailers and foodservice providers across a broad portfolio of beverages, broths and better-for-you snacks. With over 50 years of expertise, SunOpta fuels customers' growth with high-quality, sustainability-forward solutions distributed through retail, club, foodservice and e-commerce channels across North America. For more information, visit or follow us on LinkedIn. Article content Forward-Looking Statements Article content Certain statements included in this press release may be considered 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our intention to maintain our disciplined financial approach to deliver sustainable gross margin improvement and continue to generate significant free cash flow, our expectation to continue de-levering our balance sheet, achieve net leverage targets and drive increasing returns on invested capital, share repurchases, our expectations to recover tariff impacts through pass-through pricing, and our anticipated Revenue, Adjusted EBITDA, Revenue growth and Adjusted EBITDA growth for fiscal 2025. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as 'potential', 'expect', 'believe', 'anticipate', 'estimates', 'can', 'will', 'target', 'should', 'would', 'plans', 'continue', 'becoming', 'intend', 'confident', 'may', 'project', 'intention', 'might', 'predict', 'budget', 'forecast' or other similar terms and phrases intended to identify these forward-looking statements. Forward-looking statements are based on information available to the Company on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments including, but not limited to, the Company's actual financial results; uninterrupted operations and service levels to our customers; current customer demand for the Company's products; general economic conditions; continued consumer interest in health and wellness; the Company's ability to maintain product pricing levels; planned facility and operational expansions, closures and divestitures; cost rationalization and product development initiatives; alternative potential uses for the Company's capital resources; portfolio optimization and productivity efforts; the sustainability of the Company's sales pipeline; the Company's expectations regarding commodity pricing, margins and hedging results; procurement and logistics savings; freight lane cost reductions; yield and throughput enhancements; labor cost reductions; and the terms of our insurance policies. Whether actual timing and results will agree with expectations and predictions of the Company is subject to many risks and uncertainties including, but not limited to, potential loss of suppliers and customers as well as the possibility of supply chain, logistics and other disruptions; unexpected issues or delays with the Company's structural improvements and automation investments; failure or inability to implement portfolio changes, process improvements, go-to-market improvements and process sustainability strategies in a timely manner; changes in the level of capital investment; local and global political and economic conditions; consumer spending patterns and changes in market trends; decreases in customer demand; delayed or unsuccessful product development efforts; potential product recalls; working capital management; availability and pricing of raw materials and supplies; potential covenant breaches under the Company's credit facilities; the impact of the imposition of tariffs, including increases in food prices and inflation, and any resulting negative impacts on the macro-economic environment; and other risks described from time to time under 'Risk Factors' in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized. The Company undertakes no obligation to publicly correct or update the forward-looking statements in this document, in other documents, or on its website to reflect future events or circumstances, except as may be required under applicable securities laws. Article content SunOpta Inc. Consolidated Statements of Operations For the quarters and two quarters ended June 28, 2025 and June 29, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars, except per share amounts) Quarter ended Two quarters ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 $ $ $ $ Revenues 191,489 169,541 393,117 353,963 Cost of goods sold 163,082 148,349 334,391 301,719 Gross profit 28,407 21,192 58,726 52,244 Selling, general and administrative expenses 17,727 17,784 36,923 40,118 Intangible asset amortization 526 446 972 892 Other income, net (131 ) (304 ) (56 ) (2,104 ) Foreign exchange loss (gain) (248 ) 1,310 (133 ) 1,259 Operating income 10,533 1,956 21,020 12,079 Interest expense, net 5,301 6,410 10,408 12,460 Other non-operating expense 537 – 959 – Earnings (loss) from continuing operations before income taxes 4,695 (4,454 ) 9,653 (381 ) Income tax expense (benefit) 344 (17 ) 491 260 Earnings (loss) from continuing operations 4,351 (4,437 ) 9,162 (641 ) Net loss from discontinued operations – (897 ) – (1,814 ) Net earnings (loss) 4,351 (5,334 ) 9,162 (2,455 ) Dividends and accretion on preferred stock (35 ) 169 (175 ) (264 ) Earnings (loss) attributable to common shareholders 4,316 (5,165 ) 8,987 (2,719 ) Basic earnings (loss) per share Earnings (loss) from continuing operations attributable to common shareholders 0.04 (0.04 ) 0.08 (0.01 ) Loss from discontinued operations – (0.01 ) – (0.02 ) Earnings (loss) attributable to common shareholders (1) 0.04 (0.04 ) 0.08 (0.02 ) Diluted earnings (loss) per share Earnings (loss) from continuing operations attributable to common shareholders 0.03 (0.04 ) 0.07 (0.01 ) Loss from discontinued operations – (0.01 ) – (0.02 ) Earnings (loss) attributable to common shareholders (1) 0.03 (0.04 ) 0.07 (0.02 ) Weighted-average common shares outstanding (000s) Basic 118,168 116,640 117,685 116,336 Diluted 124,676 116,640 124,700 116,336 (1) The sum of individual per share amounts may not add due to rounding. Article content SunOpta Inc. Consolidated Balance Sheets As at June 28, 2025 and December 28, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars) June 28, 2025 December 28, 2024 $ $ ASSETS Current assets Cash and cash equivalents 2,161 1,552 Accounts receivable 58,851 46,314 Inventories 109,945 92,798 Prepaid expenses and other current assets 12,346 14,680 Income taxes recoverable 780 4,114 Total current assets 184,083 159,458 Restricted cash 8,003 7,460 Property, plant and equipment, net 345,968 343,618 Operating lease right-of-use assets 112,138 105,692 Intangible assets, net 22,041 20,077 Goodwill 3,998 3,998 Other long-term assets 28,709 28,224 Total assets 704,940 668,527 LIABILITIES Current liabilities Accounts payable 109,560 93,362 Accrued liabilities 15,189 17,876 Income taxes payable 70 638 Notes payable 8,211 11,110 Short-term debt 10,115 – Current portion of long-term debt 30,176 29,393 Current portion of operating lease liabilities 17,491 17,055 Total current liabilities 190,812 169,434 Long-term debt 233,080 235,798 Operating lease liabilities 105,684 99,328 Deferred income taxes 325 325 Total liabilities 529,901 504,885 Series B-1 Preferred Stock 15,223 15,048 SHAREHOLDERS' EQUITY Common shares 478,064 471,792 Additional paid-in capital 27,070 30,775 Accumulated deficit (347,327 ) (355,982 ) Accumulated other comprehensive income 2,009 2,009 Total shareholders' equity 159,816 148,594 Total liabilities and shareholders' equity 704,940 668,527 Article content SunOpta Inc. Consolidated Statements of Cash Flows For the two quarters ended June 28, 2025 and June 29, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars) Two quarters ended June 28, 2025 June 29, 2024 $ $ CASH PROVIDED BY (USED IN) Operating activities Net earnings (loss) 9,162 (2,455 ) Net loss from discontinued operations – (1,814 ) Earnings (loss) from continuing operations 9,162 (641 ) Items not affecting cash: Depreciation and amortization 19,686 17,686 Amortization of debt issuance costs 477 457 Deferred income taxes – (368 ) Stock-based compensation 3,735 7,088 Gain on sale of smoothie bowls product line – (1,800 ) Gain on sale of property, plant and equipment (244 ) – Other (194 ) (193 ) Changes in operating assets and liabilities, net of divestitures (14,844 ) (20,216 ) Net cash provided by operating activities of continuing operations 17,778 2,013 Net cash used in operating activities of discontinued operations – (2,310 ) Net cash provided by (used in) operating activities 17,778 (297 ) Investing activities Additions to property, plant and equipment (17,438 ) (17,259 ) Proceeds from sale of property, plant and equipment 1,284 – Addition to intangible assets (2,419 ) – Proceeds from sale of smoothie bowls product line – 3,336 Net cash used in investing activities of continuing operations (18,573 ) (13,923 ) Net cash provided by investing activities of discontinued operations – 6,300 Net cash used in investing activities (18,573 ) (7,623 ) Financing activities Proceeds from notes payable 80,070 70,477 Repayment of notes payable (82,969 ) (71,709 ) Net increase in borrowings under revolving credit facilities 6,762 26,350 Borrowings of short-term and long-term debt 18,600 – Repayment of long-term debt (19,016 ) (12,320 ) Proceeds from the exercise of stock options and employee share purchases 1,880 749 Payment of withholding taxes on stock-based awards (2,389 ) (2,659 ) Repurchase of common shares (991 ) – Payment of cash dividends on preferred stock – (305 ) Net cash provided by financing activities of continuing operations 1,947 10,583 Increase in cash, cash equivalents and restricted cash in the period 1,152 2,663 Cash, cash equivalents and restricted cash, beginning of the period 9,012 8,754 Cash, cash equivalents and restricted cash, end of the period 10,164 11,417 Article content Non-GAAP Measures Article content Adjusted Gross Margin Article content Gross margin is a measure of gross profit (equal to revenues less cost of goods sold) as a percentage of revenues. The Company uses a measure of adjusted gross margin that excludes unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of our normal business on a regular basis. The Company uses the measure of adjusted gross margin to evaluate the underlying profitability of our revenue-generating activities within each reporting period. The Company believes that disclosing this non-GAAP measure provides users with a meaningful, consistent comparison of its profitability measure for the periods presented. However, the non-GAAP measure of adjusted gross margin should not be considered in isolation or as a substitute for gross margin calculated based on gross profit determined in accordance with U.S. GAAP. The following tables present a reconciliation of adjusted gross margin from reported gross margin calculated in accordance with U.S. GAAP (all dollar amounts expressed in thousands of U.S. dollars). Article content Second Quarter Ended Revenues Cost of Goods Sold Gross Profit June 28, 2025 $ $ $ As reported 191,489 163,082 28,407 Adjusted for: Wastewater haul-off charges (a) – (752 ) 752 As adjusted 191,489 162,330 29,159 Reported gross margin 14.8 % Adjusted gross margin 15.2 % Second Quarter Ended Revenues Cost of Goods Sold Gross Profit June 29, 2024 $ $ $ As reported 169,541 148,349 21,192 Adjusted for: Wastewater haul-off charges (a) – (1,426 ) 1,426 Start-up costs (b) 61 (2,287 ) 2,348 Product withdrawal costs (c) – (2,145 ) 2,145 As adjusted 169,602 142,491 27,111 Reported gross margin 12.5 % Adjusted gross margin 16.0 % Article content First Two Quarters Ended Revenues Cost of Goods Sold Gross Profit June 28, 2025 $ $ $ As reported 393,117 334,391 58,726 Adjusted for: Wastewater haul-off charges (a) – (1,295 ) 1,295 As adjusted 393,117 333,096 60,021 Reported gross margin 14.9 % Adjusted gross margin 15.3 % First Two Quarters Ended Revenues Cost of Goods Sold Gross Profit June 29, 2024 $ $ $ As reported 353,963 301,719 52,244 Adjusted for: Wastewater haul-off charges (a) – (1,426 ) 1,426 Start-up costs (b) 61 (2,614 ) 2,675 Product withdrawal costs (c) – (2,145 ) 2,145 As adjusted 354,024 295,534 58,490 Reported gross margin 14.8 % Adjusted gross margin 16.5 % Article content Adjusted Earnings Article content When assessing financial performance, the Company uses an internal measure of adjusted earnings that excludes specific items recognized in other income or expense, and other unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of its normal business on a regular basis. The Company believes that the identification of these excluded items enhances the analysis of the financial performance of its business when comparing those operating results between periods, as the Company does not consider these items to be reflective of normal business operations. The following tables present a reconciliation of adjusted earnings from earnings (loss) from continuing operations, which the Company considers to be the most directly comparable U.S. GAAP financial measure (all dollar amounts expressed in thousands of U.S. dollars, except per share amounts). Article content Second Quarter Ended June 28, 2025 June 29, 2024 Per Share Per Share $ $ $ $ Earnings (loss) from continuing operations 4,351 (4,437 ) Dividends and accretion on preferred stock (35 ) 169 Earnings (loss) from continuing operations attributable to common shareholders 4,316 0.03 (4,268 ) (0.04 ) Adjusted for: Wastewater haul-off charges (a) 752 1,426 Start-up costs (b) – 2,348 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (562 ) 838 Other (e) (131 ) (304 ) Adjusted earnings from continuing operations 4,375 0.04 2,185 0.02 Article content First Two Quarters Ended June 28, 2025 June 29, 2024 Per Share Per Share $ $ $ $ Earnings (loss) from continuing operations 9,162 (641 ) Accretion on preferred stock (175 ) (264 ) Earnings (loss) from continuing operations attributable to common shareholders 8,987 0.07 (905 ) (0.01 ) Adjusted for: Wastewater haul-off charges (a) 1,295 1,426 Start-up costs (b) – 2,675 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (543 ) 838 Other (e) (56 ) (304 ) Gain on sale of smoothie bowls product line (f) – (1,800 ) Adjusted earnings from continuing operations 9,683 0.08 4,075 0.03 Article content Adjusted EBITDA Article content The Company uses a measure of adjusted EBITDA from continuing operations when assessing the performance of its operations, which the Company believes is useful to users' understanding of the Company's operating profitability because it excludes non-operating expenses, such as interest, loss on sale of receivables, and income taxes, as well as non-cash expenses, such as depreciation, amortization, and stock-based compensation. In addition, the Company's measure of adjusted EBITDA excludes other unusual items that affect the comparability of its operating performance, as identified in the preceding determination of adjusted earnings from continuing operations. The Company also uses this measure of adjusted EBITDA to assess operating performance in connection with its employee incentive programs. The following tables present a reconciliation of adjusted EBITDA from continuing operations from earnings (loss) from continuing operations, which the Company considers to be the most directly comparable U.S. GAAP financial measure (all dollar amounts expressed in thousands of U.S. dollars). Article content Second Quarter Ended June 28, 2025 June 29, 2024 $ $ Earnings (loss) from continuing operations 4,351 (4,437 ) Interest expense, net 5,301 6,410 Loss on sale of receivables* 537 – Income tax expense (benefit) 344 (17 ) Depreciation and amortization 9,960 9,110 Stock-based compensation 2,192 2,443 Adjusted for: Wastewater haul-off charges (a) 752 1,426 Start-up costs (b) – 2,348 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (562 ) 838 Other (e) (131 ) (304 ) Adjusted EBITDA from continuing operations 22,744 19,962 * Included in other non-operating expense. Article content First Two Quarters Ended June 28, 2025 June 29, 2024 $ $ Earnings (loss) from continuing operations 9,162 (641 ) Interest expense, net 10,408 12,460 Loss on sale of receivables* 959 – Income tax expense 491 260 Depreciation and amortization 19,686 17,686 Stock-based compensation 3,735 7,088 Adjusted for: Wastewater haul-off charges (a) 1,295 1,426 Start-up costs (b) – 2,675 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (543 ) 838 Other (e) (56 ) (304 ) Gain on sale of smoothie bowls product line (f) – (1,800 ) Adjusted EBITDA from continuing operations 45,137 41,833 * Included in other non-operating expense. Article content Footnotes (a) Reflects temporary third-party haul-off charges for excess wastewater produced at our Midlothian, Texas, facility due to volume constraints within our current treatment system. (b) Start-up costs mainly reflect the scale-up of production over the course of fiscal 2024 at our plant-based beverage facility in Midlothian, Texas. (c) Reflects certain direct costs, net of expected insurance recoveries, related to the voluntary withdrawal from customers in the second quarter of 2024 of certain batches of aseptically-packaged products. (d) Reflects unrealized foreign exchange (gains) or losses associated with peso-denominated restricted cash held in Mexico. (e) For the second quarter and first two quarters of 2025, other mainly reflects a gain on sale of property, plant and equipment, partially offset by a legal settlement loss. For the second quarter and first two quarters of 2024, other mainly reflects legal settlement gains. These other amounts are recorded in other income or expense. (f) Reflects the pre-tax gain on sale of the smoothie bowls product line in the first quarter of 2024, which is recorded in other income. Article content Net Leverage Article content Net leverage is a non-GAAP financial measure that is calculated by dividing net debt (non-GAAP) by trailing four quarters adjusted EBITDA (non-GAAP). Net debt is defined by the Company as short-term debt plus current portion of long-term debt plus long-term debt less cash and cash equivalents. The Company uses net leverage as an assessment of its operating performance relative to its debt levels. The following tables present reconciliations of trailing four quarters adjusted EBITDA from continuing operations from loss from continuing operations and total debt to net debt, and the calculation of net leverage (all dollar amounts expressed in thousands of U.S. dollars). Article content Trailing Four Quarters Ended June 28, 2025 December 28, 2024 $ $ Loss from continuing operations (1,671 ) (11,474 ) Interest expense, net 22,856 24,908 Loss on sale of receivables* 1,645 686 Income tax expense 1,701 1,470 Depreciation and amortization 38,497 36,497 Stock-based compensation 7,837 11,190 Adjusted for: Wastewater haul-off charges 4,230 4,361 Start-up costs 16,474 19,149 Product withdrawal costs – 2,145 Unrealized foreign exchange loss on restricted cash 226 1,607 Other 215 (33 ) Gain on sale of smoothie bowls product line – (1,800 ) Adjusted EBITDA from continuing operations 92,010 88,706 * Included in other non-operating expense. Article content $ As at June 28, 2025 Short-term debt 10,115 Current portion of long-term debt 30,176 Long-term debt 233,080 Total debt 273,371 Cash and cash equivalents (2,161 ) Net debt 271,210 For the trailing four quarters ended June 28, 2025 Adjusted EBITDA 92,010 Net leverage 2.9x As at December 28, 2024 Current portion of long-term debt 29,393 Long-term debt 235,798 Total debt 265,191 Cash and cash equivalents (1,552 ) Net debt 263,639 For the trailing four quarters ended December 28, 2024 Adjusted EBITDA 88,706 Net leverage 3.0x Article content Article content Article content Article content Article content Contacts Article content
Globe and Mail
2 minutes ago
- Globe and Mail
XPLR Infrastructure, LP f/k/a Nextera Energy Partners, LP (XIFR) Class Action Lawsuit: Levi & Korsinsky Reminds Investors of September 8, 2025 Deadline
New York, New York--(Newsfile Corp. - August 6, 2025) - If you suffered a loss on your XPLR Infrastructure, LP f/k/a Nextera Energy Partners, LP (NYSE: XIFR) investment and want to learn about a potential recovery under the federal securities laws, follow the link below for more information: or contact Joseph E. Levi, Esq. via email at jlevi@ or call (212) 363-7500 to speak to our team of experienced shareholder advocates. THE LAWSUIT: A class action securities lawsuit was filed against XPLR Infrastructure, LP f/k/a Nextera Energy Partners, LP that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between September 27, 2023 and January 27, 2025. CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) XPLR was struggling to maintain its operations as a yieldco; (ii) defendants temporarily relieved this issue by entering into certain financing arrangements, described herein, while downplaying the attendant risks; (iii) XPLR could not resolve those financings before their maturity date without risking significant unitholder dilution; (iv) as a result, defendants planned to halt cash distributions to investors and instead redirect those funds to, inter alia, resolve those financings; (v) as a result of all the foregoing, XPLR's yieldco business model and distribution growth rate was unsustainable; and (vi) as a result, defendants' public statements were materially false and misleading at all relevant times. WHAT'S NEXT? If you suffered a loss in XPLR Infrastructure, LP f/k/a Nextera Energy Partners, LP stock during the relevant time frame - even if you still hold your shares - go to to learn about your rights to seek a recovery. There is no cost or obligation to participate. WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
Globe and Mail
2 minutes ago
- Globe and Mail
Intuitive Machines Expands Deep Space Navigation Services with Agreement to Acquire KinetX, Positioning Itself for Constellation Management and Moon-to-Mars Data Relay
HOUSTON, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) ('Intuitive Machines' or the 'Company'), a leading space technology, infrastructure, and services company, today announced it has signed a definitive agreement to acquire KinetX, Inc. ('KinetX'), a privately held Arizona-based aerospace company with more than 30 years of experience delivering flight-proven deep space navigation, systems engineering, ground software, and constellation mission design to the U.S. government and international customers. The acquisition strengthens Intuitive Machines' position as a vertically integrated provider of end-to-end systems for the Moon, Mars, and beyond, marking the Company's formal expansion into the precision navigation and flight dynamics segment of deep space operations. The acquisition is expected to close prior to the end of 2025, subject to customary closing conditions. With a heritage of supporting NASA and National Security Space missions, and as the only commercial company certified by NASA for deep space navigation, KinetX provides flight dynamics capabilities for both lunar and interplanetary missions. Its proprietary navigation software stack has supported both of Intuitive Machines' lunar missions to date. 'We know our objective, becoming an indispensable infrastructure services layer for space exploration, and achieving it requires intelligent systems and exceptional talent,' said Intuitive Machines CEO Steve Altemus. 'Bringing KinetX in-house gives us both: flight-proven deep space navigation expertise and the proprietary software behind some of the most ambitious missions in the solar system. These capabilities accelerate our ability to deliver secure, autonomous data relay and constellation services at scale, reinforcing our position as a trusted provider for NASA, National Security Space, and future Mars operations.' KinetX also brings deep and broad systems engineering capabilities along with a suite of ground software and analysis tools supporting the IRIDIUM constellation, Mobile User Objective System, and other key U.S. defense programs. Its simulation environment enables advanced orbit modeling, trade studies, and secure constellation operations—core services for the next generation of proliferated space architectures and U.S. cislunar strategy. The acquisition reinforces the Company's flight dynamics and navigation business line within Intuitive Machines' Data Transmission Services segment. Intuitive Machines plans to pair KinetX software and talent with its lunar-proven flight systems, positioning the Company to lead in emerging opportunities like NASA's Near Space Network Services, the potential for Tracking and Data Relay Satellite System replacement, Mars data relay missions, and commercial operations of legacy Deep Space Network infrastructure. 'For over 30 years, KinetX has supported deep space missions that redefine humanity's place in the solar system, navigating to Mercury, beyond Pluto, asteroids, and the Moon,' said KinetX CEO Christopher Bryan. 'Joining Intuitive Machines gives our team a broader operational canvas and shared commitment to precision, autonomy, and engineering excellence. We're excited to help shape the next generation of space infrastructure with a partner that understands the demands of real flight and values the people and tools required to meet them.' About Intuitive Machines Intuitive Machines is a diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully soft-landed the Company's Nova-C class lunar lander, on the Moon, returning the United States to the lunar surface for the first time since 1972. In 2025, Intuitive Machines returned to the lunar south pole with a second lander. The Company's products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'strive,' 'would,' 'strategy,' 'outlook,' the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: regarding the proposed business combination transaction between the Company and KinetX, future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined company's business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, the anticipated closing date for the proposed transaction and other aspects of the proposed transaction. These forward-looking statements reflect the Company's predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: The Company's ability to successfully integrate KinetX's businesses and technologies, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the expected benefits and synergies of the proposed transaction may not be fully achieved in a timely manner, or at all; the risk that the Company will be unable to retain and hire key personnel; the risk with closing, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms; our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions (including as a result of a failure to raise the 'debt ceiling') and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any securities litigation or stockholder activism; our public securities' potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 'SEC'), the section titled Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. 'Risk Factors' in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at and the Investors section of our website at Contacts For investor inquiries: investors@ For media inquiries: press@ A photo accompanying this announcement is available at This press release was published by a CLEAR® Verified individual.
