FICO Drives Financial Empowerment at Professional Golf Tournaments Across North America
FICO pairs Score A Better Future™ Fundamentals workshops with golf tournaments to inspire and motivate teen golf fans to learn how to take control of their financial futures.
FICO partners with First Tee—Ontario, First Tee — Central Carolina, and Drew Charter School to give teens valuable financial education.
The FICO Score A Better Future™ Fundamentals program is designed to help students make more informed credit decisions for a brighter financial future.
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BOZEMAN, Mont. — Global analytics software company FICO will be showcasing Score A Better Future™ Fundamentals (Fundamentals), a free credit education program for high-school-aged students, through a series of golf events this summer. As a part of its successful, nation-wide Score A Better Future (SABF) financial education program, FICO designed Fundamentals to empower teens to be better prepared for their financial futures with the knowledge and tools to help them make more responsible credit decisions.
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'Financial literacy is one of the most powerful tools we can give teens today. The upcoming Fundamentals events held in conjunction with various golf tournaments this summer will be a great opportunity to showcase the importance of financial literacy. When young people understand how personal finance and credit can impact their futures, they are better equipped to make smart decisions,' said Jenelle Dito, vice president of Consumer Empowerment Programs and Partnerships at FICO.
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A recent FICO-sponsored Harris poll on financial literacy found that more than one in four members of Gen Z do not consider themselves financially literate even though 99% of Gen Z adults believe financial literacy is important for achieving financial stability. The goal of the Fundamentals program is to help bridge that gap by expanding access to financial literacy education through workshops focused on credit and personal finance. FICO has paired Fundamentals workshops with thrilling sports events to inspire and motivate students to learn how to take control of their financial futures.
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FICO will be sponsoring a number of golf tournaments in North America in the coming months, including:
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The 2025 RBC Canadian Open, June 4-8 in Toronto, Canada
The Wyndham Championship, July 30-August 3 in Greensboro, North Carolina
The TOUR Championship, August 20-24 in Atlanta, Georgia.
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As part of FICO's goal to broaden financial literacy and empower teens to be better prepared for their financial futures, FICO will work with the First Tee chapters in Ontario and Central Carolina, as well as with the Drew Charter School in Atlanta to host Fundamentals events for teen golf fans in conjunction with these tournaments. Through these partnerships, FICO will provide a fun way for teens to learn about personal finance and credit through the sport they love.
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The First Tee is a nonprofit, youth-development organization that focuses on integrating the game of golf with a life skills curriculum, creating active learning experiences that build inner strength, self- confidence, and resilience in kids and teens worldwide.
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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
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Globe and Mail
31 minutes ago
- Globe and Mail
Biofrontera Inc. Reports Second Quarter 2025 Financial Results and Provides a Business Update
Woburn, MA, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Biofrontera Inc. (NASDAQ:BFRI) (the "Company"), a biopharmaceutical company specializing in the development and commercialization of photodynamic therapy in dermatology, today reported financial results for the three and six months ended June 30, 2025 and provided a business update. Highlights from the first six months of 2025 included the following: Total revenues for the second quarter of 2025 were $9.0 million, a 15% increase from the same period of the prior year For the first six months of 2025, revenue was $17.7 million, a 12% increase from the comparable period in 2024 Cash and cash equivalents were $7.2 million as of June 30, 2025, compared with $5.9 million at December 31, 2024 Agreed to major restructuring of relationship with Biofrontera AG, including acquisition of United States Intellectual Property (IP) and New Drug Applications (NDA) and control of manufacturing, supported by an addition $11 million in funding for the company US patent on revised formulation of Ameluz® granted, extending patent protection through to December 2043 Announced last patient completing 1 year follow-up in superficial basal cell carcinoma (sBCC) Phase 3 study Completed patient enrollment in Phase 3 study with Ameluz® for mild to moderate actinic keratosis (AK) on the entire body and in Phase 2b study for the treatment of moderate to severe acne vulgaris Hermann Luebbert, Chief Executive Officer and Chairman of the Company, stated, "We have changed our approach to our business in 2025 by transforming our customer segmentation, focusing our strategy and using extended data analysis to support our sales team effectiveness. This led to two very gratifying quarters for us driven by customer growth and disciplined execution resulting in increased sales volume and higher revenues. In addition to Ameluz® treating pre-cancerous skin lesions on the face and scalp, we are very encouraged about the potential for Ameluz® to be used more broadly to treat AK on the entire body, and the potential label extension to basal cell carcinoma and acne vulgaris.' 'In addition, we recently announced a fundamental change in our agreement with Biofrontera AG which includes acquiring all the rights, approvals and patents to Ameluz® and RhodoLED® in the United States. This has been a long process that began June 1, 2024 when we assumed control of all clinical studies relating to Ameluz® in the United States, a move that has given us direct oversight of trial efficiency and more effective cost management. We are now in the process of transferring the US IP, NDA, and manufacturing capabilities for Ameluz® and the RhodoLED® lamps. We will pay a monthly Ameluz® royalty of 12% in years where Ameluz® revenue in the US is less than $65 million, and 15% in years when revenue exceeds that threshold. The royalty replaces the former transfer pricing model — which required payment of 25% to 35% of the net sales price per tube depending on timing and indication. This will give us further savings on our cost of goods above those already generated by the earlier renegotiation of the transfer pricing model.' Prof. Luebbert concluded by saying 'The $11 million investment we secured, the fundamental restructuring in our agreement with Biofrontera AG and the improvements we have made this year in our promotional strategy and sales effectiveness have led to significant increases in volume and revenue in the first half of 2025 and have positioned us strongly for the rest of the year and beyond'. Second Quarter Financial Results Total revenues for the second quarter of 2025 were $9.0 million compared with $7.8 million for the second quarter of 2024. This increase was driven by both a 5% higher unit sales price and a 9.5% increase in sales volume of Ameluz® in the second quarter of 2025. The higher sales volume of Ameluz® was due to improvements in direct sales team effectiveness. Total operating expenses were $14.1 million for the second quarter of 2025 compared with $12.9 million for the second quarter of 2024. Cost of revenues decreased by $1.7 million, or 41.8% as compared to the three months ended June 30, 2024. This was primarily due to the reduced Ameluz® cost agreed upon with Biofrontera AG in relation to taking over clinical trial costs. Selling, general and administrative expenses were $10.5 million for the second quarter of 2025 compared with $7.9 million for the second quarter of 2024. The increase was primarily driven by a $3.4 million increase in legal costs, partially offset by $0.5 million in personnel savings within both the direct sales team and general and administrative staff and a $0.3 million decrease in miscellaneous general and administrative expenses. The net loss for the second quarter of 2025 was $5.3 million, compared with a net loss of $0.3 million for the prior-year quarter. The increase in the net loss is attributed to the $5.4 million non-cash fluctuation in the change in fair value of warrants of in 2024. Adjusted EBITDA for the second quarter of 2025 was negative $5.1 million compared with negative $4.7 million for the second quarter of 2024, driven by higher legal costs offset by lower cost of goods sold. We look at Adjusted EBITDA, a non-GAAP financial measure, as a better indication of ongoing operations and this measurement is defined as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, and certain other non-recurring or non-cash items. Please refer to the table below which presents a GAAP to non- GAAP reconciliation of Adjusted EBITDA for the second quarters of 2025 and 2024. Six Month Financial Results Total revenues were $17.6 million for the first half of 2025 compared with $15.8 million for the first half of 2024. This 12% increase was driven by a higher unit sales price contributing $0.6 million and increased sales volume of Ameluz ® contributing $1.0 million, as well as a $0.3 million increase in sales of the RhodoLED ® Lamps. The higher sales volume of Ameluz ® was due to improvements in direct sales team effectiveness. Total operating expenses were $27.2 million for the first half of 2025 compared with $26.3 million for the first half of 2024. Increased legal expense was offset by reduced operational cost. Cost of revenues decreased from the prior year to $5.5 million for the first six months of 2025 compared to $8.0 million for the first half of 2024 due to the reduced transfer price agreed upon with Biofrontera AG in February 2024 in relation to taking over clinical development costs. Selling, general and administrative expenses increased to $19.2 million compared to $17.2 million in the prior year. The increase was primarily attributable to a $4.4 million increase in legal expenses. The increased legal expenses were partially offset by savings in personnel expenses of $0.9 million due to headcount fluctuations in our direct sales and administrative teams, as well as a decrease of $0.5 million in expenses relating to sales support functions and a decrease of $0.4 million in issuance costs. Adjusted EBITDA was negative $9.5 million for the first half of 2024 compared with negative $9.3 million for the first half of 2024. Conference Call Details Conference call: Thursday, August 14, 2025 at 10:00 AM ET Toll Free: 1-877-877-1275 (U.S. toll-free) International: 1-412-858-5202 Webcast: About Biofrontera Inc. Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (PDT) and topical antibiotics. The Company's licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions.. For more information, visit and follow Biofrontera on LinkedIn and Twitter. Contacts Investor Relations Andrew Barwicki 1-516-662-9461 ir@ Forward-Looking Statements Certain statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the Company's revenue guidance, business and marketing strategy, revenue growth, sales force productivity, growth strategy, liquidity and cash flow, potential to expand the label of Ameluz®, available market opportunities for Ameluz®, ongoing clinical trials, and other statements that are not historical facts. The words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential", "target", "goal", "assume", "would", "could" or similar words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations and projections about future events; nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, include, but are not limited to, our reliance on sales of products we currently license from other companies as our sole source of revenue; the success of our competitors in developing generic topical dermatological products that successfully compete with our licensed products; the success of our principal licensed product, Ameluz®; the ability of the Company's licensors to establish and maintain relationships with contract manufacturers that are able to supply the Company with enough of our products to meet our demand; the ability of our licensors or their manufacturing partners to supply the licensed products that we market in sufficient quantities and at acceptable quality and cost levels, and to fully comply with current good manufacturing practice or other applicable manufacturing regulations; the ability of our licensors to successfully defend or enforce patents related to our licensed products; the availability of insurance coverage and medical expense reimbursement for our licensed products; the impact of legislative and regulatory changes; competition from other pharmaceutical and medical device companies and existing treatments, such as simple curettage and cryotherapy; the Company's ability to achieve and sustain profitability; the Company's ability to obtain additional financing as needed to implement its growth strategy; the Company's ability to retain and hire key personnel; and other factors that may be disclosed in the Company's filings with the Securities and Exchange Commission ("SEC"), which can be obtained on the SEC website at Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. The Company does not undertake to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release, except as required by law. (Tables follow) June 30, 2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 7,239 $ 5,905 Investment, related party 9 7 Accounts receivable, net 3,955 5,315 Inventories, net 4,028 6,646 Prepaid expenses and other current assets 331 527 Asset held for sale 2,300 2,300 Other assets, related party 953 - Total current assets 18,815 20,700 Property and equipment, net 37 80 Operating lease right-of-use assets 729 903 Intangible assets, net 26 35 Other assets 535 383 Total assets $ 20,142 $ 22,101 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 4,268 1,856 Accounts payable, related parties, net 670 5,344 Operating lease liabilities 443 548 Advance from Stockholders 8,500 - Accrued expenses and other current liabilities 5,806 4,273 Total current liabilities 19,687 12,021 Long-term liabilities: Convertible notes payable, net 4,338 4,098 Warrant liabilities 548 1,250 Operating lease liabilities, non-current 223 276 Other liabilities 14 23 Total liabilities 24,810 17,668 Commitments and contingencies Stockholders' (deficit) equity: Preferred Stock $0.001 par value; 20,000,000 shares authorized; no Series B-1 issued; 2,641 and 3,366 Series B-2; 6,593 and 6,763 Series B-3 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively - - Common Stock $0.001 par value; 70,000,000 shares authorized; 10,138,567 and 8,873,932 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 9 9 Additional paid-in capital 122,259 121,833 Accumulated deficit (126,936) (117,409) Total stockholders' (deficit) equity (4,668) 4,433 Total liabilities and stockholders' equity $ 20,142 $ 22,101 BIOFRONTERA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts and number of shares) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Product revenues, net $ 9,030 $ 7,831 $ 17,617 $ 15,732 Revenues, related party - 8 - 18 Total revenues, net 9,030 7,839 17,617 15,750 Operating expenses Cost of revenues, related party 2,380 4,092 5,455 8,038 Cost of revenues, other 262 250 455 421 Selling, general and administrative 10,528 7,915 19,183 17,163 Selling, general and administrative, related party 69 32 76 29 Research and development 870 621 2,077 637 Total operating expenses 14,109 12,910 27,246 26,288 Loss from operations (5,079) (5,071) (9,629) (10,538) Other income (expense) Change in fair value of warrants 153 5,438 702 2,009 Change in fair value of investment, related party 2 (14) 2 (11) Loss on debt extinguishment - - - (316) Interest expense, net (115) (596) (220) (2,003) Other income, net (264) 6 (363) 186 Total other income (expense) (224) 4,834 121 (135) Loss before income taxes (5,303) (237) (9,508) (10,673) Income tax expense 21 20 19 21 Net loss $ (5,324) $ (257) $ (9,527) $ (10,694) Loss per common share: Basic and diluted $ (0.57) $ (0.05) $ (1.05) $ (2.45) Weighted-average common shares outstanding: Basic and diluted 9,351,557 5,091,353 9,108,091 4,357,474 BIOFRONTERA INC. GAAP TO NON-GAAP ADJUSTED EBITDA RECONCILIATION (In thousands, except per share amounts and number of shares) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (5,324) $ (257) $ (9,527) $ (10,694) Interest expense, net 115 596 220 2,003 Income tax expenses 21 20 19 21 Depreciation and amortization 22 130 46 258 EBITDA (5,166) 489 (9,242) (8,412) Loss on debt extinguishment - - - 316 Change in fair value of warrant liabilities (153) (5,438) (702) (2,009) Change in fair value of investment, related party (2) 14 (2) 11 Stock based compensation 187 204 426 432 Expensed issuance costs - - - 354 Adjusted EBITDA $ (5,135) $ (4,731) $ (9,520) $ (9,308) Adjusted EBITDA margin -56.9 % -60.3 % -54.0 % -59.1 %
Globe and Mail
an hour ago
- Globe and Mail
Mobix Labs Posts Record Margin, Strong Gross Profit Growth, and Major Operating Gains in Third Quarter 2025
~ Record Adjusted Gross Margin – 60.6%, up from 42.7% last quarter ~ ~ Strong Adjusted Gross Profit Growth – up 32.7% from last quarter and 71.6% Y/Y ~ ~ Year-over-Year Revenue Growth – $2.35M up 14.2% from Q3 2024 ~ IRVINE, Calif., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Mobix Labs, Inc. (Nasdaq: MOBX) ('Mobix Labs' or the 'Company'), a leading provider of advanced connectivity solutions, today announced financial results for its third fiscal quarter and nine months ended June 30, 2025. 'Mobix Labs delivered one of its strongest quarters ever, achieving record adjusted gross margins, substantial gross profit growth, and a sharp improvement in operating results,' said Phil Sansone, CEO of Mobix Labs. 'These results demonstrate the power of our focus on high-margin products, operational discipline, and deep customer relationships in driving sustained performance and long-term shareholder value.' Financial Highlights for Q3 2025 Record Adjusted Gross Margin – Adjusted gross margin increased to 60.6% in Q3 2025, up from 42.7% in the prior quarter and 40.3% in the same quarter last year, reflecting a significant shift toward higher-margin products and operational efficiency. Substantial Growth in Adjusted Gross Profit – Adjusted gross profit rose to $1.42 million in Q3 2025, a 32.7% increase from $1.07 million in the prior quarter and a 71.1% increase from $0.83 million in the same quarter last year. Year-over-Year Revenue Growth – Revenue increased 14.2% year-over-year to $2.35 million compared to $2.06 million in Q3 2024, reflecting strong demand despite expected quarterly shipment timing variances. Sharp Improvement in Operating Results – Adjusted loss from operations improved to $1.17 million, a 64.2% reduction from the $3.27 million loss reported in the prior quarter. Sustained Nine-Month Momentum – For the first nine months of fiscal 2025, adjusted gross profit increased to $4.21 million, up 239.5% from $1.24 million in the same period last year, with adjusted gross margin expanding to 52.4% from 35.6%. Recent Business Highlights Leveraging RaGE Systems to Accelerate High-Value Programs – Continued integration of RaGE Systems, a Lowell, Massachusetts-based engineering firm specializing in wireless systems and aerospace and defense product development, is enabling Mobix Labs to deliver faster, turnkey solutions from concept through production, strengthening our position in aerospace and defense markets. Deepened Aerospace & Defense Relationships – Expanded adoption of Mobix Labs' EMI and connectivity solutions by top-tier defense contractors, positioning the Company for multi-year program opportunities. Accelerating M&A Strategy – Mobix Labs accelerated its M&A strategy by announcing an unsolicited, non-binding proposal to acquire Peraso, Inc. at a 20% premium to its 30-day average share price, signaling the Company's strategic commitment to expanding its market presence, accelerating revenue growth, and delivering enhanced value to shareholders through consolidation within the mmWave wireless sector Investing in the Future of Connectivity – Ongoing focus in expanding product offering in RF/mmWave, EMI filtering, and next-generation connectivity products is creating a robust pipeline of high-margin solutions for emerging 5G, aerospace, and defense applications. Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP measures of financial performance, including: Adjusted Gross Profit, which is defined as GAAP Gross Profit excluding amortization of acquisition-related intangible assets, inventory write-offs and stock-based compensation expense; Adjusted Loss from Operations, which is defined as GAAP Loss from Operations excluding depreciation, amortization of acquisition-related intangible assets, merger and acquisition-related expenses, inventory write-offs and stock-based compensation expense. The Company's management believes it is useful to consider these non-GAAP financial measures, together with the corresponding GAAP financial measures, as they provide more transparency into current business trends, exclusive of the effects of certain non-cash expenses, acquisition-related charges, and items that may not be present in comparative fiscal periods. Management believes that, when considered together with reported GAAP financial measures, these non-GAAP financial measures are useful to investors and management in understanding the Company's ongoing operations and operating trends and in analyzing the Company's underlying financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or superior to, the comparable GAAP measures. These non-GAAP financial measures may be different from similarly titled measures used by other companies. In the future, Mobix may consider whether other items should also be excluded in calculating the non-GAAP financial measures it uses. Management believes that the presentation of these non-GAAP financial measures provides investors with additional useful information to measure Mobix Labs' financial and operating performance. In particular, these measures facilitate comparison of our operating performance between periods and may help investors to understand better our operating results. Internally, management uses these non-GAAP financial measures in assessing the Company's operating results and in planning and forecasting. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is contained in the financial tables to this press release. About Mobix Labs, Inc. Mobix Labs, Inc. (Nasdaq: MOBX) is a high-growth provider of advanced connectivity solutions for wireless, defense, and aerospace applications. The Company designs and delivers leading-edge technologies in RF, EMI filtering, and next-generation connectivity that enable faster, more reliable communications and higher performance for mission-critical systems. Mobix Labs serves a diverse customer base that includes top-tier defense contractors and aerospace innovators. Mobix Labs is building a robust platform for sustainable growth and long-term shareholder value. Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the federal securities laws. Forward-looking statements are generally identified by words such as 'anticipate,' 'believe,' 'expect,' 'intend,' 'plan,' 'project,' 'will,' 'may,' 'should,' 'could,' 'would,' 'continue,' and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding the Company's expectations, intentions, strategies, and beliefs concerning future events, including anticipated growth in aerospace, defense, and high-margin product markets; continued operational improvements; expansion of customer relationships; product development pipelines; market opportunities; profitability; and shareholder value creation. These statements are based on the Company's current expectations and beliefs and are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, including, without limitation, risks associated with: customer adoption and demand in targeted industries; timing and success of product development and commercialization; competitive pressures; supply chain constraints; geopolitical and defense spending trends; and those factors described in the 'Risk Factors' section of the Company's most recent filings with the Securities and Exchange Commission ('SEC'), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Actual results could differ materially from those expressed or implied in the forward-looking statements due to these and other factors. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this release, whether as a result of new information, future events, or otherwise. Contacts Mobix Labs, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited, in thousands, except share and per share amounts) Three months ended June 30, Nine months ended June 30, 2025 2024 2025 2024 Net revenue $ 2,350 $ 2,058 $ 8,030 $ 3,488 Cost of revenue 1,001 1,327 3,974 2,608 Gross profit 1,349 731 4,056 880 Research and development 486 1,369 1,816 4,328 Selling, general and administrative 8,208 8,710 32,043 31,731 Impairment of long-lived assets 725 - 725 - Loss from operations (8,070) (9,348) (30,528) (35,179) Interest expense 547 127 1,032 1,232 Change in fair value of earnout liability (210) (661) (490) (30,599) Change in fair value of warrants (612) 58 (1,237) 12 Change in fair value of PIPE make-whole liability - 310 - (122) Merger-related transaction costs expensed - - - 4,009 Private placement costs expensed 443 - 443 - Other non-operating losses, net 36 2 135 1,587 Loss before income taxes (8,274) (9,184) (30,411) (11,298) Provision (benefit) for income taxes (2) (1,505) (9) (2,801) Net income (loss) and comprehensive income (loss) $ (8,272) $ (7,679) $ (30,402) $ (8,497) Net income (loss) per share of Class A and Class B Common Stock: Basic $ (0.17) $ (0.25) $ (0.72) $ (0.35) Diluted $ (0.17) $ (0.25) $ (0.72) $ (0.36) Weighted-average common shares outstanding: Basic 48,785,295 30,552,063 42,474,411 26,350,138 Diluted 48,785,295 30,552,063 42,474,411 26,411,020 Mobix Labs, Inc. (unaudited, in thousands) Three months ended June 30, Nine months ended June 30, 2025 2024 2025 2024 Computation of Adjusted Loss from Operations: GAAP loss from operations $ (8,070) $ (9,348) $ (30,528) $ (35,179) Depreciation 60 127 306 357 Amortization of aquisiton related intangible assets 407 481 1,285 1,117 Merger & acquisiton- related expenses (1,396) 976 823 3,491 Inventory write-off - - - 125 Stock-based compensation expense 7,102 3,622 20,256 17,768 Impairment of long-lived assets 725 - 725 - Adjusted loss from operations $ (1,172) $ (4,142) $ (7,133) $ (12,321) Three months ended June 30, Nine months ended June 30, 2025 2024 2025 2024 Computation of Adjusted Gross Profit: GAAP gross profit $ 1,349 $ 731 $ 4,056 $ 880 GAAP gross margin % 57.4 % 35.5 % 50.5 % 25.2 % Amortization of acquisition-related intangible assets 11 72 33 208 Inventory write-off - - - 125 Stock-based compensation expense 64 27 122 27 Adjusted Gross Profit $ 1,424 $ 830 $ 4,211 $ 1,240 Adjusted Gross Margin % 60.6 % 40.3 % 52.4 % 35.6 %
Globe and Mail
an hour ago
- Globe and Mail
Stardust Power Announces Q2 2025 Financial Results
GREENWICH, Conn., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. ('Stardust Power' or the 'Company') (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the second quarter ended June 30, 2025. Second Quarter 2025 Business Updates and Subsequent Events Operational highlights for the second quarter of 2025 include: Successfully closed an underwritten public offering on June 18, 2025, resulting in gross proceeds of approximately $4.52 million which included the closing of the underwriters' partial exercise of their over-allotment option on June 25. Made significant progress on the FEL-3 definitive engineering study which is currently undergoing third-party validation and internal review. Formed a strategic partnership with Ohio University to advance lithium extraction and refining technologies, to accelerate research on producing lithium and refined lithium products from brine sources. Roshan Pujari, Founder and CEO of Stardust Power commented, 'This quarter marks steady progress across engineering, permitting, and infrastructure aspects of our project as well as commencement of third-party validation of our FEL-3 study, which we believe will further reduce the project's risk. With policy tailwinds strengthening and lithium markets showing early signs of recovery, the need for U.S.-based refining capacity has never been more urgent. Stardust Power is well positioned to meet that need with a scalable platform, near-term readiness, and a clear path to Final Investment Decision. We remain focused on execution and delivering long-term value for our investors.' Second Quarter Financial Highlights As of June 30, 2025, we had cash and cash equivalents of approximately $2.6 million. As of June 30, 2025, we had no long term debt. Other financial highlights include: Net Loss of $3.7 million for the second quarter of 2025, compared to $2.7 million for the prior year quarter ended June 30, 2024. Loss per share improved to $(0.06) for the second quarter of 2025, compared to $(0.07) for the prior year quarter. Net cash used in operating activities increased to $4.5 million for the six months ended June 30, 2025, compared to $2.1 million for the prior year period. The increase primarily reflects our continued investment in operations, hiring of key talent and increase in legal and administrative expenses. Net cash used in investing activities was $2.2 million for the six months ended June 30, 2025, compared to $0.5 million for the prior year period, driven by our initial capital investments made in the anticipated building of the refinery. Net cash provided by financing activities was $8.4 million for the six months ended June 30, 2025, compared to $2.0 million for the prior year period. The increase was driven primarily by $12.0 million in cash received from public offerings and warrant inducements, net of offering costs, offset partially by the repayment of $3.8 million of short-term loans. Conference Call Details Stardust Power will host a conference call to discuss the results today, August 13, 2025, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions: Upon registering at the link you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in: The earnings call will be available on the Company website following the event. About Stardust Power Stardust Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol 'SDST.' For more information, visit Cautionary Statement Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as 'anticipate,' 'appears,' 'approximately,' 'believe,' 'continue,' 'could,' 'designed,' 'effect,' 'estimate,' 'evaluate,' 'expect,' 'forecast,' 'goal,' 'initiative,' 'intend,' 'may,' 'objective,' 'outlook,' 'plan,' 'potential,' 'priorities,' 'project,' 'pursue,' 'seek,' 'should,' 'target,' 'when,' 'will,' 'would,' or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power's securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power's business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power's need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company's ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company's ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company's operations; the Company's continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. Stardust Power Contacts For Investors: Johanna Gonzalez For Media: Michael Thompson
