Fintech Ramp secures US$22.5 billion valuation in late-stage funding round
Ramp said on Wednesday a late-stage funding round led by investment firm ICONIQ valued the fintech at US$22.5 billion, as it aims to accelerate its AI agent rollout with the fresh capital.
The fintech sector is showing early signs of a rebound with a string of late-stage deals and exits after a years-long funding slump.
New York-based Ramp, which offers corporate cards, payment services and expense management applications, was last valued at US$16 billion after it raised US$200 million at a Series E funding round in June.
The company raised US$500 million in the latest Series E-2 round, taking its total equity financing to US$1.9 billion. The round saw participation from venture capital firms such as Founders Fund, GIC, Coatue, Thrive Capital and General Catalyst.
Founded in 2019, Ramp enables tens of billions in purchases annually. It caters to more than 40,000 companies, including commercial real estate firm CBRE and defense technology company Anduril.
Earlier this month, the company had launched its first autonomous artificial intelligence agents, which help clients in flagging fraud, updating policies as well as reviewing and approving transactions.
'We're focused on ensuring our only constraint is the scale of our ambition,' Ramp Chief Financial Officer Will Petrie said.
The company said it began generating cash flow earlier this year.
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Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar
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Globe and Mail
9 minutes ago
- Globe and Mail
Hut 8 Reports Second Quarter 2025 Results
Earnings Release Highlights Revenue of $41.3 million, net income of $137.5 million, and Adjusted EBITDA of $221.2 million. Total energy capacity under management of 1,020 megawatts ('MW') as of June 30, 2025. ~10,800 MW development pipeline with ~3,100 MW of capacity under exclusivity 1 as of June 30, 2025. Strategic Bitcoin reserve of 10,667 Bitcoin with a market value of $1.1 billion as of June 30, 2025. MIAMI, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) ('Hut 8' or the 'Company'), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the second quarter of 2025. 'In the second quarter, we delivered strong revenue and margin performance while advancing a fundamental shift in our asset commercialization profile,' said Asher Genoot, CEO of Hut 8. 'Strategic wins across our Power and Digital Infrastructure segments increased the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at quarter-end, up from less than 30% a year ago, driving a meaningful shift from merchant exposure to long-term, contracted fees.' 'These milestones build on the restructuring of our mining business with the launch of American Bitcoin. In addition to completing an oversubscribed private placement and advancing toward a Nasdaq listing, American Bitcoin is now a dedicated anchor tenant for our Power and Digital Infrastructure segments. More broadly, this shift reflects the growing depth of our institutional partnerships, with marquee counterparties such as BITMAIN, Macquarie, Coinbase, and Anchorage each playing a central role in our execution this quarter.' 'As we work to commercialize AI data center opportunities, we continue to apply the power-first, innovation-driven approach that has long defined our strategy and enabled us to build such partnerships. Initially energized during the quarter, Vega is a clear expression of that strategy: designed in-house and increasingly viewed by prospective partners as a prototype for next-generation AI infrastructure. We believe this level of innovation and execution, grounded in first principles, speed, and capital discipline, not only differentiates us but positions us to be a category-defining leader as the sector continues to evolve.' Second Quarter 2025 Highlights Power Generated $5.5 million in second quarter revenue from Power Generation and Managed Services. As American Bitcoin Corp. ('American Bitcoin') is a consolidated subsidiary, all revenue generated through its Managed Services agreement with Hut 8 are eliminated in consolidation. ~10,800 MW development pipeline with ~3,100 MW of capacity under exclusivity 1 as of June 30, 2025. Secured five-year capacity contracts with the Ontario Independent Electricity System Operator ('IESO') for 310 MW of Power Generation assets owned and operated by Far North Power Corp. ('Far North'), an entity formed by Hut 8 and Macquarie Equipment Finance Ltd. ('Macquarie'), a subsidiary of Macquarie Group Limited, a global financial services group. The contracts will commence on May 1, 2026. Commenced Managed Services of 130+ MW of capacity under management for American Bitcoin. Advanced AI data center development opportunities comprising 430 MW of total capacity, including River Bend, a 592-acre campus in Louisiana where sitework continues. Digital Infrastructure Generated $1.5 million in second quarter revenue from ASIC Colocation and CPU Colocation services. As American Bitcoin is a consolidated subsidiary, all revenue generated through its ASIC Colocation agreement with Hut 8 are eliminated in consolidation. Completed the initial energization of Vega at quarter-end. The 205 MW facility features a new Tier I data center form factor that narrows the gap between legacy air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure with a proprietary, rack-based, direct-to-chip liquid cooling system designed in-house by Hut 8. Commercialized Vega, where upon full ramp we expect to provide up to 205 megawatts of ASIC Colocation capacity to BITMAIN, and through the execution of our purchase option, American Bitcoin. Commenced ASIC Colocation services with American Bitcoin for 130+ MW of capacity. Compute Generated $34.3 million in second quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. Announced a go-public transaction for American Bitcoin pursuant to which Gryphon Digital Mining, Inc. (Nasdaq: GRYP) will acquire American Bitcoin in a stock-for-stock merger transaction. Upon closing, the combined company is expected to operate under the American Bitcoin brand and trade on Nasdaq under the ticker symbol 'ABTC.' Following quarter-end, American Bitcoin's registration statement on Form S-4 was declared effective. Completed an oversubscribed private placement for American Bitcoin, generating aggregate gross proceeds in cash and Bitcoin of approximately $220 million. Capital Strategy and Balance Sheet Expanded strategic Bitcoin reserve to 10,667 Bitcoin held in reserve with a market value of $1.1 billion as of June 30, 2025. Amended the Company's Bitcoin-backed credit facility with Coinbase, expanding the facility from $65 million to up to $130 million, extending the maturity date to June 16, 2026, and transitioning from a floating-rate structure to a fixed interest rate of 9.0%, compared to a stated interest rate ranging from 10.5% to 11.5% between the quarter ended December 31, 2023 and the quarter ended March 31, 2025. Capacity under exclusivity represents sites where Hut 8 has secured a clear path to ownership through either: (i) an exclusivity agreement that prevents the sale of designated land and power capacity to another party or (ii) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment. Key Performance Indicators Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Energy capacity under management (1) 1,020 MW 1,117 MW 1,020 MW 1,117 MW Energy cost per MWh $ 39.82 $ 31.71 $ 44.39 $ 35.40 Number of Bitcoin in strategic reserve (2) 10,667 9,102 10,667 9,102 Energy capacity under management includes all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites. Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN. Select Second Quarter 2025 Financial Results Revenue for the three months ended June 30, 2025 was $41.3 million compared to $35.2 million in the prior year period, and consisted of $5.5 million in Power revenue, $1.5 million in Digital Infrastructure revenue, and $34.3 million in Compute revenue, and nil in Other revenue. Net income (loss) for the three months ended June 30, 2025 was $137.5 million compared to a loss of ($72.2) million for the prior year period. This included gains on digital assets of $217.6 million and losses on digital assets of $71.8 million for the three months ended June 30, 2025 and 2024, respectively. Adjusted EBITDA for the three months ended June 30, 2025 was $221.2 million compared to ($57.5) million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release. All financial results are reported in U.S. dollars. Conference Call The Hut 8 Corp. Second Quarter 2025 Conference Call will commence today, Thursday, August 7, 2025, at 8:30 a.m. ET. Investors can join the live webcast here. Supplemental Materials and Upcoming Communications The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information. Analyst Coverage A full list of Hut 8 Corp. analyst coverage can be found at About Hut 8 Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit and follow us on X at @Hut8Corp. Cautionary Note Regarding Forward–Looking Information This press release includes 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, 'forward-looking information'). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to scaling the Company's platform, commercializing and advancing the Company's data center opportunities, commencing the Company's contracts with IESO, unlocking the Company's near-term growth potential, the commercialization of the Company's Vega site through its hosting arrangement with BITMAIN and (following the execution of the Company's miner purchase option) American Bitcoin, closing the merger of American Bitcoin and Gryphon and completing the combined company's Nasdaq listing, , and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'allow', 'believe', 'estimate', 'expect', 'predict', 'can', 'might', 'potential', 'predict', 'is designed to', 'likely,' or similar expressions. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at and SEDAR+ profile at Adjusted EBITDA In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, gain or loss on derivatives, gain or loss on other financial liability, the removal of non-recurring transactions, loss from discontinued operations, (income) loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis. The Company's board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company's definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue: Power $ 5,492 $ 10,530 $ 9,872 $ 20,468 Digital Infrastructure 1,512 5,264 2,829 11,108 Compute 34,295 15,795 50,413 47,933 Other — 3,626 — 7,447 Total revenue 41,299 35,215 63,114 86,956 Cost of revenue (exclusive of depreciation and amortization shown below): Cost of revenue – Power 5,000 5,449 8,628 9,082 Cost of revenue – Digital Infrastructure 2,120 4,331 3,679 8,960 Cost of revenue – Compute 14,656 8,670 28,128 26,356 Cost of revenue – Other — 2,186 — 4,385 Total cost of revenue 21,776 20,636 40,435 48,783 Operating expenses (income): Depreciation and amortization 19,458 11,531 34,357 23,003 General and administrative expenses 30,158 17,899 51,217 37,898 (Gains) losses on digital assets (217,640) 71,842 (105,246) (202,732) (Gain) loss on sale of property and equipment (312) — 2,142 (190) Total operating (income) expenses (168,336) 101,272 (17,530) (142,021) Operating income (loss) 187,859 (86,693) 40,209 180,194 Other income (expense): Foreign exchange gain (loss) 3,114 720 3,123 (1,679) Interest expense (8,396) (6,012) (15,865) (12,293) Asset contribution costs — — (22,780) — (Loss) gain on derivatives (18,403) 17,219 2,459 17,219 (Loss) gain on other financial liability (181) — 958 — Equity in earnings of unconsolidated joint venture 1,064 2,440 2,429 6,962 Total other (expense) income (22,802) 14,367 (29,676) 10,209 Income (loss) from continuing operations before taxes 165,057 (72,326) 10,533 190,403 Income tax (provision) benefit (27,574) 1,874 (7,369) (2,522) Net income (loss) from continuing operations $ 137,483 $ (70,452) $ 3,164 $ 187,881 Loss from discontinued operations (net of income tax benefit of nil, nil, nil and nil, respectively) — (1,738) — (9,364) Net income (loss) 137,483 (72,190) 3,164 178,517 Less: Net (income) loss attributable to non-controlling interests (171) 324 259 493 Net income (loss) attributable to Hut 8 Corp. $ 137,312 $ (71,866) $ 3,423 $ 179,010 Net (loss) income per share of common stock: Basic from continuing operations attributable to Hut 8 Corp. $ 1.32 $ (0.78) $ 0.04 $ 2.10 Diluted from continuing operations attributable to Hut 8 Corp. $ 1.18 $ (0.78) $ 0.03 $ 2.00 Weighted average number of shares of common stock outstanding: Basic 104,246,041 90,192,842 103,554,237 89,671,344 Diluted 119,018,761 90,192,842 109,070,208 94,152,139 Net income (loss) $ 137,483 $ (72,190) $ 3,164 $ 178,517 Other comprehensive income (loss): Foreign currency translation adjustments 39,892 (7,362) 41,079 (18,436) Total comprehensive income (loss) 177,375 (79,552) 44,243 160,081 Less: Comprehensive (income) loss attributable to non-controlling interest (227) 423 204 557 Comprehensive income (loss) attributable to Hut 8 Corp. $ 177,148 $ (79,129) $ 44,447 $ 160,638 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Adjusted EBITDA Reconciliation Three Months Ended June 30 Increase (in USD thousands) 2025 2024 (Decrease) Net income (loss) $ 137,483 $ (72,190) $ 209,673 Interest expense 8,396 6,012 2,384 Income tax provision (benefit) 27,574 (1,874) 29,448 Depreciation and amortization 19,458 11,531 7,927 Share of unconsolidated joint venture depreciation and amortization (1) 5,543 7,837 (2,294) Foreign exchange gain (3,114) (720) (2,394) Gain on sale of property and equipment (312) — (312) Loss (gain) on derivatives 18,403 (17,219) 35,622 Loss on other financial liability 181 — 181 Non-recurring transactions (2) 3,739 21 3,718 Loss from discontinued operations (net of income tax benefit of nil and nil, respectively) — 1,738 (1,738) (Income) loss attributable to non-controlling interests (3,786) 324 (4,110) Stock-based compensation expense 7,640 7,010 630 Adjusted EBITDA $ 221,205 $ (57,530) $ 278,735 Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail. Non-recurring transactions for the three months ended June 30, 2025 primarily represent approximately $3.5 million of American Bitcoin related transaction costs, and $0.2 million of restructuring costs. Non-recurring transactions for the three months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $0.7 million of restructuring costs, offset by a $2.2 million tax refund. Contacts Hut 8 Investor Relations Sue Ennis ir@ Hut 8 Public Relations Gautier Lemyze-Young media@
National Post
9 minutes ago
- National Post
Euna Solutions Wins 2025 AWS Champions Award for AI Innovation in Public Sector Procurement
Article content Euna Procurement's AI project summaries & keywords feature transforms the public bidding experience for government agencies and suppliers Article content ATLANTA & TORONTO — Euna Solutions®, a leading provider of purpose-built, cloud-based solutions for the public sector, today announced it has been named a 2025 AWS Champions Award winner for its groundbreaking use of artificial intelligence to modernize the public sector bidding process. Article content Powered by AWS's secure and scalable AI/machine learning infrastructure, Euna Solutions' latest innovation — AI Project Summaries & Keywords — is transforming how public procurement professionals and suppliers interact with complex bid opportunities. Available through Euna Procurement, the feature automatically generates clear, concise project descriptions and relevant keyword metadata from lengthy and technical RFx documents. Article content 'Public procurement plays a critical role in how communities access goods and services,' said Tom Amburgey, CEO of Euna Solutions. 'By leveraging the power of AWS and generative AI, we're reducing complexity and making it easier for suppliers to engage, which helps agencies increase competition and improve outcomes for the people they serve.' Article content Streamlining Procurement for All Article content Procurement teams have long struggled with inefficient manual processes, unclear project descriptions, and mismatched bids. Euna Procurement's AI Project Summaries address these challenges by: Article content Instantly summarizing dense bid documents into digestible, actionable content Auto-tagging projects with accurate, searchable keywords to improve discoverability Saving procurement staff time by automating repetitive content creation Helping suppliers quickly determine bid relevance and respond more confidently Article content The result is a more accessible and transparent procurement process that boosts supplier participation and drives stronger competition. Article content The AWS Champions Award recognizes organizations that use AWS technologies to drive meaningful transformation. Euna's award-winning AI Project Summaries exemplify how targeted innovation can eliminate longstanding friction in the procurement cycle and deliver real-time value for agencies, suppliers, and taxpayers alike. Article content About Euna Solutions Article content Euna Solutions® is a leading provider of purpose-built, cloud-based software that helps public sector and government organizations streamline procurement, budgeting, payments, grants management, and special education administration. Designed to enhance efficiency, collaboration, and compliance, Euna Solutions supports more than 3,400 organizations across North America in building trust, enabling transparency, and driving community impact. Recognized on Government Technology's GovTech 100 list, Euna Solutions is committed to advancing public sector progress through innovative SaaS solutions. To learn more, visit Article content Article content Article content Article content Contacts
Globe and Mail
9 minutes ago
- Globe and Mail
ALLETE, Inc. Reports Second Quarter 2025 Earnings
ALLETE, Inc. (NYSE: ALE) today reported second quarter 2025 earnings of 55 cents per share on net income of $31.9 million. Last year's second quarter results were 57 cents per share on net income of $33.0 million. Net income in the second quarter of 2025 includes transaction expenses of $3.4 million after-tax, or 6 cents per share, related to the announced merger. Net income in the second quarter of 2024 included transaction expenses of $14.5 million after-tax, or 25 cents per share. 'Our entire ALLETE team continues to work diligently to execute our Sustainability-in-Action strategy. On July 11, 2025, we were pleased to announce a settlement agreement reached between the Minnesota Department of Commerce, Minnesota Power and its transaction partners Canada Pension Plan Investment Board ('CPP Investments') and Global Infrastructure Partners ('GIP') that will deliver enhanced benefits for our customers, our employees and the communities we serve,' said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. 'The settlement agreement is a strong, positive step forward in ALLETE's planned partnership with experienced infrastructure investors, CPP Investments and GIP and demonstrates our commitment to listening and working collaboratively with our stakeholders.' ALLETE continues to expect the proposed transaction to close in 2025, subject to approval by the Minnesota Public Utilities Commission and other customary closing conditions. Required approvals have been received from all other parties. ALLETE also announced Superior Water, Light and Power's ('SWLP') leadership advanced legislation to help their customers replace lead service lines by working with state and local leaders to support a change in Wisconsin law that will allow SWLP to access federal grants to help offset costs for SWLP customers. The change has been passed by the legislature and signed into law by Governor Evers. ALLETE's Regulated Operations segment, which includes Minnesota Power, SWLP and the Company's investment in the American Transmission Company, recorded second quarter 2025 net income of $23.0 million, compared to $33.7 million in the second quarter a year ago. Net income at Minnesota Power was lower than 2024 reflecting lower margins from industrial customers, higher operating and maintenance expense, higher depreciation expense due to the impact of estimated compliance costs related to an EPA Rule finalized in May 2024 and lower transmission margins. Net income at SWLP was higher than 2024 reflecting new rates implemented in 2025. After-tax equity earnings in the American Transmission Company were higher than 2024 primarily due to additional equity investments. ALLETE Clean Energy recorded second quarter 2025 net income of $900 thousand compared to $2.4 million in 2024. Net income in 2025 reflects lower production and unfavorable pricing at most wind sites, partially offset by higher production at ALLETE Clean Energy's Caddo wind energy facility. Earnings in 2024 reflected negative impacts from a forced network outage near its Caddo wind energy facility. New Energy Equity recorded 2025 second quarter net income of $4.7 million, compared to net income of $7.7 million for the same period in 2024. Net income in 2025 includes lower sales of renewable energy projects due to timing of project closings. These decreases were partially offset by higher earnings from tax equity financed solar energy facilities. Corporate and Other businesses, which include BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of $3.3 million in the second quarter of 2025, compared to a net loss of $10.8 million in 2024. Net income in 2025 reflects lower merger-related expenses compared to 2024, and lower income tax expense. Merger-related expenses were $3.4 million after-tax in 2025 compared to $14.5 million in 2024. 'Results for the second quarter of 2025 were impacted primarily by lower industrial margins as a result of lower sales to taconite customers at Minnesota Power which are expected to continue through 2025," said ALLETE Vice President – Chief Financial Officer and Corporate Treasurer Jeff Scissons. 'Absent the closing of the transaction and the rate case stay-out provision in the settlement agreement with the Minnesota Department of Commerce, Minnesota Power would be filing a rate case to account for reduced revenue, increased depreciation from capital investments and inflationary pressures. The rate case stay-out provision in the settlement agreement provides immediate customer savings on top of numerous other commitments that benefit ALLETE stakeholders, customers and communities.' ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy Equity in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at ALE-CORP The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements. Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented. June 30, June 30, 2025 2024 2025 2024 Operating Revenue Contracts with Customers – Utility $305.1 $279.8 $637.9 $618.1 Contracts with Customers – Non-utility 53.8 73.5 119.7 137.2 Other – Non-utility 1.4 1.2 2.9 2.5 Total Operating Revenue 360.3 354.5 760.5 757.8 Operating Expenses Fuel, Purchased Power and Gas – Utility 113.3 107.3 236.3 240.8 Transmission Services – Utility 19.3 1.6 38.3 24.3 Cost of Sales – Non-utility 24.3 31.8 49.2 56.2 Operating and Maintenance 96.6 102.1 189.6 193.8 Depreciation and Amortization 73.2 66.0 142.9 131.0 Taxes Other than Income Taxes 15.6 16.3 33.2 35.0 Total Operating Expenses 342.3 325.1 689.5 681.1 Operating Income 18.0 29.4 71.0 76.7 Other Income (Expense) Interest Expense (23.1) (20.1) (44.5) (40.5) Equity Earnings 5.9 5.9 11.9 11.4 Other 5.2 5.9 9.8 14.5 Total Other Expense (12.0) (8.3) (22.8) (14.6) Income Before Income Taxes 6.0 21.1 48.2 62.1 Income Tax Expense (Benefit) (0.6) 1.4 6.9 5.4 Net Income 6.6 19.7 41.3 56.7 Net Loss Attributable to Non-Controlling Interest (25.3) (13.3) (46.7) (27.0) Net Income Attributable to ALLETE $31.9 $33.0 $88.0 $83.7 Average Shares of Common Stock Basic 58.0 57.7 58.0 57.7 Diluted 58.1 57.8 58.0 57.7 Basic Earnings Per Share of Common Stock $0.55 $0.57 $1.52 $1.45 Diluted Earnings Per Share of Common Stock $0.55 $0.57 $1.52 $1.45 Dividends Per Share of Common Stock $0.73 $0.705 $1.46 $1.41 Consolidated Balance Sheet Millions - Unaudited Jun. 30, Dec. 31, Jun. 30, Dec. 31, 2025 2024 2025 2024 Assets Liabilities and Equity Cash and Cash Equivalents $55.4 $32.8 Current Liabilities $337.9 $404.2 Other Current Assets 397.5 402.4 Long-Term Debt 1,931.8 1,704.7 Property, Plant and Equipment – Net 5,324.0 5,181.5 Deferred Income Taxes 278.9 253.4 Regulatory Assets 363.0 371.7 Regulatory Liabilities 586.7 570.5 Equity Investments 350.5 340.1 Defined Benefit Pension and Other Postretirement Benefit Plans 99.4 118.2 Goodwill and Intangibles – Net 155.3 155.3 Other Non-Current Liabilities 311.4 312.8 Other Non-Current Assets 267.5 270.5 Redeemable Non-Controlling Interest 0.8 0.4 Equity 3,366.3 3,390.1 Total Assets $6,913.2 $6,754.3 Total Liabilities, Redeemable Non-Controlling Interest and Equity $6,913.2 $6,754.3 Quarter Ended Six Months Ended ALLETE, Inc. June 30, June 30, Income (Loss) 2025 2024 2025 2024 Millions Regulated Operations $23.0 $33.7 $61.4 $77.9 ALLETE Clean Energy 0.9 2.4 8.3 6.2 New Energy 4.7 7.7 13.9 11.7 Corporate and Other 3.3 (10.8) 4.4 (12.1) Net Income Attributable to ALLETE $31.9 $33.0 $88.0 $83.7 Diluted Earnings Per Share $0.55 $0.57 $1.52 $1.45 Statistical Data Corporate Common Stock High $66.40 $65.86 $66.40 $65.86 Low $63.27 $56.66 $63.27 $55.86 Close $64.07 $62.35 $64.07 $62.35 Book Value $49.31 $48.86 $49.31 $48.86 Kilowatt-hours Sold Millions Regulated Utility Retail and Municipal Residential 231 225 563 531 Commercial 304 307 658 645 Industrial 1,530 1,729 3,104 3,527 Municipal 108 105 240 230 Total Retail and Municipal 2,173 2,366 4,565 4,933 Other Power Suppliers 981 579 1,907 1,336 Total Regulated Utility Kilowatt-hours Sold 3,154 2,945 6,472 6,269 Regulated Utility Revenue Millions Regulated Utility Revenue Retail and Municipal Electric Revenue Residential $36.9 $34.4 $86.2 $81.1 Commercial 44.1 42.9 92.4 90.3 Industrial 136.5 146.3 274.9 304.8 Municipal 8.2 7.4 17.8 16.4 Total Retail and Municipal Electric Revenue 225.7 231.0 471.3 492.6 Other Power Suppliers 47.3 30.4 94.4 70.4 Other (Includes Water and Gas Revenue) 32.1 18.4 72.2 55.1 Total Regulated Utility Revenue $305.1 $279.8 $637.9 $618.1
