Ero Copper to Release Second Quarter 2025 Operating and Financial Results on July 31, 2025
CONFERENCE CALL DETAILS
ABOUT ERO COPPER CORP
Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations, an operating gold and silver mine located in Mato Grosso State, Brazil. In July 2024, the Company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold Project, located in the Carajás Mineral Province in Pará State, Brazil. For more information on the earn-in agreement, please see the Company's press releases dated October 30, 2023 and July 22, 2024. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations, Tucumã Operation and the Furnas Copper-Gold Project, can be found on the Company's website (www.erocopper.com), on SEDAR+ (http://www.sedarplus.ca/landingpage/) and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol 'ERO'.
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Globe and Mail
35 minutes ago
- Globe and Mail
LM Funding America, Inc. Reports Second Quarter 2025 Financial Results
- Definitive asset purchase agreement for 11 MW Bitcoin mining site in Mississippi - Direct mining margin improved to 41.0% from 38.5% in Q1 2025 - $0.1 million GAAP net income and $2.6M Core EBITDA, up from sequential $5.4 million net loss and $2.8 million negative Core EBITDA in Q1 2025, respectively - Held 150.4 Bitcoin on July 31, 202 5 valued at approximately $ 18.0 million, as of August 11, 2025 TAMPA, Fla., Aug. 14, 2025 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) ('LM Funding' or the 'Company'), a Bitcoin mining and technology-based specialty finance company, today reported financial results for the three months ended June 30, 2025. Q2'25 Financial Highlights Total revenue for the quarter was $1.9 million dollars, down 18.7% sequentially from Q1 2025 and down 36.0% year-over-year. The Company mined 18.4 Bitcoins during the quarter, down 24.3% sequentially, at an average price of approximately $98,100. The sequential decline was due to higher curtailment as a result of peak summer months and downtime due to the relocation of approximately 800 miners from a third party hosting site to the Company's wholly-owned site in Oklahoma. The Company generated approximately $223,000 in curtailment and energy sales for the quarter, up 49.2% sequentially. Mining margin improved to 41.0%, compared with 38.5% in the first quarter 2025, driven by the power sales offsetting digital mining cost of revenues and increased operational efficiency from the Company's vertical integration strategy. Operating expenses, including staff costs & payroll, professional fees, SG&A and other operating costs, increased by 16.6% year-over-year and 2.5% sequentially to $2.0 million driven by increased legal and consulting costs tied to expansion initiatives and staffing costs for Oklahoma site. Net income for the quarter was $0.1 million and Core EBITDA 1 was $2.6 million, both driven by a $3.8 million gain on fair value of Bitcoin held on the balance sheet as of June 30, 2025. Cash was approximately $0.4 million and Bitcoin holdings totaled 155.5 Bitcoin, valued at $16.7 million based on Bitcoin price of approximately $107,170, as of June 30, 2025. Net book value of LM Funding stockholders' equity was approximately $31.9 million, or $6.21 per share 2, as of June 30, 2025. As of July 31, 2025 the Company held 150.4 Bitcoin, valued at approximately $18.0 million, based on a Bitcoin price of $120,000 as of August 11, 2025. Q2'25 and Recent Operational Highlights Mississippi 11 MW acquisition: On August 1, 2025 LM Funding announced it entered into a definitive asset purchase agreement to acquire a 6.4-acre Bitcoin mining site in Mississippi with an anticipated 11 MW interconnect from Greenidge Generation Holdings Inc. ('Greenidge') for $3.9 million in cash. The purchase includes the real property and onsite power infrastructure—including a 3,000 kVA transformer relocated to the parcel, with 7.5 MW operational. Closing is targeted on or before September 16, 2025, subject to customary due diligence and other conditions. Oklahoma 2 MW expansion: The project remains on track to be energized later this year, with immersion containers expected to be delivered in Q3 2025. This expansion positions the Company to add 2 MW of capacity and benefit from immersion cooling's improved thermal performance and operational stability in high-heat conditions. Power grid integration strategy: In the second quarter, the Company generated $223,000 in curtailment and energy sales by selling power back to the grid during peak demand periods. This amount was applied as a reduction to digital mining cost of revenue, contributing in part to the improvement in mining margins from 38.5% in the first quarter 2025 to 41.0% in the second quarter 2025. The initiative continued to gain momentum, with July 2025 curtailment and energy sales reaching approximately $66,000. This approach continues to allow the Company to maximize the value of its power sites and create a partial hedge against Bitcoin price volatility. Management Commentary 'We continue to advance our vertical integration and disciplined growth strategy,' commented Bruce Rodgers, Chairman and CEO of LM Funding. 'In the second quarter, we relocated approximately 800 hosted, next-generation miners, completing the final step of our hosting exit. In addition, our 2 MW immersion mining expansion at our Oklahoma site is on track for energization later this year. Further, on August 1st, we signed a definitive purchase agreement to acquire an 11 MW Bitcoin mining site in Mississippi from Greenidge for $3.9 million or about $355,000 per MW—giving us a clear path to as much as 26 MW of owned capacity. This purchase will be fully funded by our balance sheet.' 'Our Q2 results highlight the operational upgrades we've implemented and the benefits of our vertically integrated strategy,' commented Richard Russell, CFO of LM Funding. 'Even though Bitcoin production decreased sequentially due to peak-summer-related curtailments and the relocation of our remaining hosted miners, our increased mining efficiency and power sales strategy improved our direct mining margins sequentially to 41.0% from 38.5%. Further, we recorded $0.1 million of GAAP net income and $2.6 million of Core EBITDA for the quarter. Given our disciplined cost structure and targeted growth initiatives, we are confident in our ability to steadily grow our asset base, specifically our Bitcoin Treasury, over time, creating long-term value for our shareholders.' Investor Conference Call LM Funding will host a conference call today, August 14, 2025, at 8:00 A.M. Eastern Time to discuss the Company's financial results for the quarter ended June 30, 2025, as well as the Company's corporate progress and other developments. A copy of this earnings release and investor presentation are available on the Company's Investor Relations website at Conference Call Details About LM Funding America LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit Forward-Looking Statements This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'plan,' and 'project' and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations. For investor and media inquiries, please contact: LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets June 30, December 31, 2025 (unaudited) 2024 Assets Cash $ 353,580 $ 3,378,152 Digital assets - current (Note 2) 11,677,773 9,021,927 Finance receivables 26,120 21,051 Marketable securities (Note 5) 13,230 27,050 Receivable from sale of Symbiont assets (Note 5) - 200,000 Prepaid expenses and other assets 597,136 827,237 Income tax receivable 31,187 31,187 Current assets 12,699,026 13,506,604 Fixed assets, net (Note 3) 14,517,943 18,376,948 Intangible assets, net (Note 3) 5,369,012 5,478,958 Deposits on mining equipment (Note 4) 483,592 467,172 Long-term investments - equity securities (Note 5) 4,111 4,255 Investment in Seastar Medical Holding Corporation (Note 5) 44,060 200,790 Digital assets - long-term (Note 2) 5,000,000 5,000,000 Right of use assets (Note 7) 842,268 938,641 Other assets 73,857 73,857 Long-term assets 26,334,843 30,540,621 Total assets $ 39,033,869 $ 44,047,225 Liabilities and stockholders' equity Accounts payable and accrued expenses 1,530,077 989,563 Note payable - short-term (Note 6) 1,643,759 386,312 Due to related parties (Note 9) 21,393 15,944 Current portion of lease liability (Note 7) 187,139 170,967 Total current liabilities 3,382,368 1,562,786 Note payable - long-term (Note 6) 4,907,873 6,365,345 Lease liability - net of current portion (Note 7) 619,442 776,535 Long-term liabilities 5,527,315 7,141,880 Total liabilities 8,909,683 8,704,666 Stockholders' equity (Note 8) Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 - - Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of June 30, 2025 and December 31, 2024 4,602 4,602 Additional paid-in capital 102,814,611 102,685,470 Accumulated deficit (70,960,851) (65,662,731) Total LM Funding America stockholders' equity 31,858,362 37,027,341 Non-controlling interest (1,734,176) (1,684,782) Total stockholders' equity 30,124,186 35,342,559 Total liabilities and stockholders' equity $ 39,033,869 $ 44,047,225 LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues: Digital mining revenues $ 1,806,364 $ 2,893,073 $ 4,080,304 $ 7,490,981 Specialty finance revenue 94,945 89,036 162,334 205,664 Rental revenue 27,015 29,238 57,023 62,306 Total revenues 1,928,324 3,011,347 4,299,661 7,758,951 Operating costs and expenses: Digital mining cost of revenues (exclusive of depreciation and amortization shown below) 1,288,399 2,357,111 2,836,694 5,012,057 Curtailment and energy sales (223,269) - (372,955) - Staff costs and payroll 1,087,627 837,888 2,138,104 2,080,914 Depreciation and amortization 2,039,343 1,875,359 4,076,921 3,851,555 Loss (gain) on fair value of Bitcoin, net (3,761,139) 1,265,485 (1,951,163) (2,992,030) Impairment loss on mining equipment - - - 1,188,058 Professional fees 308,829 484,335 673,314 994,228 Selling, general and administrative 375,420 195,681 685,384 373,587 Real estate management and disposal 22,420 31,097 58,734 58,286 Collection costs 8,589 20,416 25,941 21,342 Settlement costs with associations - - 3,693 - Loss on disposal of assets 99,578 33,887 286,359 42,057 Other operating costs 259,012 223,112 514,960 437,617 Total operating costs and expenses 1,504,809 7,324,371 8,975,986 11,067,671 Operating income (loss) 423,515 (4,313,024) (4,676,325) (3,308,720) Unrealized gain (loss) on marketable securities (5,110) 6,440 (13,820) 4,280 Unrealized loss on investment and equity securities (130,890) (1,856,737) (156,874) (505,758) Gain (loss) on fair value of purchased Bitcoin, net - - (52,704) 57,926 Other income - coupon sales - - - 4,490 Interest expense (227,546) (36,893) (448,452) (107,719) Interest income 531 17,228 1,676 26,353 Income (loss) before income taxes 60,500 (6,182,986) (5,346,499) (3,829,148) Income tax expense - - - - Net income (loss) $ 60,500 $ (6,182,986) $ (5,346,499) $ (3,829,148) Less: loss attributable to non-controlling interest 40,054 574,474 48,379 160,253 Net income (loss) attributable to LM Funding America Inc. $ 100,554 $ (5,608,512) $ (5,298,120) $ (3,668,895) Basic income (loss) per common share (Note 1) $ 0.02 $ (2.26) $ (1.03) $ (1.49) Diluted income (loss) per common share (Note 1) $ 0.02 $ (2.26) $ (1.03) $ (1.49) Weighted average number of common shares outstanding Basic 5,133,412 2,485,822 5,133,412 2,457,012 Diluted 5,133,412 2,485,822 5,133,412 2,457,012 LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows Six months ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (5,346,499) $ (3,829,148) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 4,076,921 3,851,555 Noncash lease expense 96,373 52,579 Amortization of debt issue costs 42,528 - Stock compensation - 76,322 Stock option expense 135,426 221,609 Accrued investment income - (25,265) Accrued interest expense on finance lease 30,553 - Digital assets other income - (4,490) Gain on fair value of Bitcoin, net (1,898,459) (3,049,956) Impairment loss on mining machines - 1,188,058 Unrealized loss (gain) on marketable securities 13,820 (4,280) Unrealized loss (gain) on investment and equity securities 156,874 505,758 Loss on disposal of fixed assets 286,359 42,057 Change in operating assets and liabilities: Prepaid expenses and other assets 398,424 3,218,789 Repayments to related party 5,449 30,730 Accounts payable and accrued expenses 540,514 (718,557) Mining of digital assets (4,080,304) (7,490,981) Lease liability payments (171,474) (53,044) Net cash used in operating activities (5,713,495) (5,988,264) CASH FLOWS FROM INVESTING ACTIVITIES: Net collections of finance receivables - original product (2,434) (14,443) Net collections of finance receivables - special product (2,635) (631) Capital expenditures (377,212) (1,226,602) Proceeds from sale of fixed assets 953,153 78,806 Investment in notes receivable - (2,094,351) Collection of note receivable 200,000 1,449,066 Investment in digital assets - tether (30,315) - Proceeds from sale of Bitcoin 3,323,773 4,543,685 Proceeds from the sale of tether 29,460 - Deposits for mining equipment (986,690) - Distribution to members (1,015) (19,616) Net cash provided by investing activities 3,106,085 2,715,914 CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings - 1,500,000 Insurance financing repayments (410,877) (483,833) Issuance costs (6,285) - Net cash provided by (used in) financing activities (417,162) 1,016,167 NET DECREASE IN CASH (3,024,572) (2,256,182) CASH - BEGINNING OF PERIOD 3,378,152 2,401,831 CASH - END OF PERIOD $ 353,580 $ 145,648 SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES Insurance financing $ 168,324 $ - Change in accounting principle (see Note 1) $ - $ 614,106 SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION Cash paid for taxes $ - $ - Cash paid for interest $ 337,850 $ 134,751 NON-GAAP CORE EBITDA RECONCILIATION Our reported results are presented in accordance with U.S. generally accepted accounting principles ('GAAP'). We also disclose Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA") and Core Earnings before Interest, Tax, Depreciation and Amortization ("Core EBITDA") which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners. The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (loss) $ 60,500 $ (6,182,985) $ (5,346,499) $ (3,829,148) Income tax expense - - - - Interest expense 227,546 36,893 448,452 107,719 Depreciation and amortization 2,039,343 1,875,359 4,076,921 3,851,555 Income (loss) before interest, taxes & depreciation $ 2,327,389 $ (4,270,734) $ (821,126) $ 130,126 Unrealized loss on investment and equity securities 130,890 1,856,737 156,874 505,758 Loss on disposal of mining equipment 99,578 33,887 286,359 42,057 Impairment loss on mining equipment - - - 1,188,058 Stock compensation and option expense 24,621 116,080 135,426 297,931 Core income (loss) before interest, taxes & depreciation $ 2,582,478 $ (2,264,030) $ (242,467) $ 2,163,930 _______________________ 1 Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below. 2 Calculated using 5,133,412 shares outstanding as of June 30,2025.
National Post
an hour ago
- National Post
Realbotix Reports Financial Results for Q3-2025
Article content LAS VEGAS — Realbotix Corp. (TSX-V: XBOT) (Frankfurt Stock Exchange: 76M0.F) (OTC: XBOTF) (' Realbotix ' or the 'Company'), a leading in AI-powered humanoid robots, reports its interim financial results for the three and nine months ended June 30, 2025 (' Q3-2025 '). All dollar figures are reported in United States dollars (' USD '), unless otherwise stated. Article content Q2-2025 Financial and Operating Highlights Article content Article content 97% increase in revenue to $615k (CAD$850k), for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. 173% increase in revenue to $2.2 million (CAD$3.1 million), for the nine months ended June 30, 2025, compared to the nine months ended June 30, 2024. As at August 11, 2025, Realbotix held cash and cash equivalents of $6.0 million (CAD$8.3 million) with an estimated budgeted monthly cash burn of $385k, excluding unforeseen unique expenses that may arise. On May 13, 2025, Realbotix announced a collaboration with Tix4 to deploy an AI powered customer service humanoid robot, running concierge and ticketing AI, as a Tix4 sales representative. This robotic customer service representative was showcased live at The Venetian Resort, Las Vegas, from May 27 to 29, 2025. On May 27, 2025, Realbotix robot 'Melody' was launched and acted as a greeter at the Bitcoin 2025 conference in Las Vegas at the Venetian Expo offering conference attendees directions, speaker schedule, and booth locations. On July 7, 2025, Realbotix announced a new AI development with its robot able to communicate fluently in 15 major languages, with access to more than 147 additional languages and dialects through cloud-based support. On August 5, 2025 Realbotix launched a public activation of its robot 'Melody', who acted as a customer service representative at the Tix4 kiosk in a high traffic tourist location offering information and ticket sales to popular Las Vegas shows and attractions. On August 7, 2025, Realbotix collaborated with Radium to power real-time AI companions on serverless infrastructure, and deliver lightning-fast conversations for its next-generation robotic companions. Article content 'While we are pleased to see gaining traction on robot sales, our focus in 2025 is on building the business, showcasing our robots and AI, establishing partnerships for the future, and having meaningful acceleration of sales into 2026 and beyond,' said Andrew Kiguel, CEO of Realbotix. 'Realbotix has established meaningful relationships and is laying the groundwork for more collaborations as we roll out our updated robot and AI technology. With a healthy fiat cash balance in-hand, the funding of the near-term future growth of the business is budgeted.' Article content Corporate Treasury and Cryptocurrency Update Article content As previously disclosed, Realbotix has been systematically disposing of its liquid cryptocurrency holdings to fund working capital and to reserve sufficient fiat capital for its ongoing operations. As a result, the Company has sold all of its liquid digital assets as of August 11, 2025. In addition, as at August 11, Realbotix holds cash and cash equivalents of $6.0 million (CAD$8.3 million). Article content The Company currently has a monthly cash burn rate of approximately $385,000, assuming current overheads and excluding any unforeseen unique items that may arise. At current operating budget, Realbotix has in excess of 12 months of capital to meet its business requirements. While management prudently manages company expenses, the Company may look to expand its monthly burn if there is a visible return on the use of that capital. The Company does not undertake to update this forward-looking information except as required by law. Article content While the Company had utilized cryptocurrencies as a treasury asset in the past, the volatility inherent in digital assets made it difficult for management to accurately budget for future growth that is capital intensive. Management believes this is the most prudent way to successfully finance the building of its robotics and AI business. In the future, the Company may seek to re-establish a crypto treasury strategy. Article content The Company still has approximately 65 ETH and 9,100 SOL still under receivership with Genesis Global Trading (' Genesis '), with an approximate value, as of August 11, 2025, of $1.9 million and 1,111,111,111 Blaze token with approximate value of $31k. As a result of the uncertainty in collecting the value of these digital assets, they are carried at zero value on the Company's balance sheet. Genesis is undergoing a restructuring and there can be no assurances that Realbotix will be able to realize any value on those digital assets. Article content A complete financial reporting package, including the Interim Financial Statements and Management's Discussion & Analysis, is available on the SEDAR+ website ( Article content An investor call has been scheduled to discuss the Company's Q3-2025 financial results, hosted by CEO Andrew Kiguel, starting at 1:00 pm ET on August 14, 2025. Date: August 14, 2025 Article content Zoom Webinar Registration: Article content Article content To join the webinar, register using the link provided above. Upon registration, a Zoom link will be emailed to the registered email address. The webinar will be available via computer, tablet, and smartphone devices. In addition, a dial-in phone number will be provided in the email upon registration. Callers dialing in using a telephone will automatically be placed in a listen-only mode. The question period will not be available to dial-in callers. Article content Realbotix designs and manufactures AI powered humanoid robots that improve the human experience through connection, companionship and intelligent interaction. Article content Manufactured in the United States, Realbotix specializes in realistic, customizable robots built for entertainment, customer service, and personal well-being. Our patented AI and robotics technologies enable lifelike expression, motion, and social engagement, making us a category leader in the rapidly evolving field of human-centric robotics. Article content : Product site. Article content Article content : Corporate and Investor site. Article content Forward-Looking Statements Article content This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in our securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Article content Article content Article content Article content Contacts Article content Contact@ Article content Article content Article content
National Post
an hour ago
- National Post
NEUPATH HEALTH REPORTS SECOND QUARTER 2025 RESULTS
Article content TORONTO — NeuPath Health Inc. (TSXV:NPTH), ('NeuPath' or the 'Company'), owner and operator of a network of clinics delivering category-leading chronic pain treatment, today announced its financial and operating results for the three and six months ended June 30, 2025 and information regarding the Company's investor webinar on Thursday, August 21, 2025. All figures are in Canadian dollars, unless otherwise noted. Article content 'Our core business continues to perform well, supported by improved capacity utilization, strong early demand for Arthrosamid ®, and the continued focus by the entire NeuPath team on the patient journey and outcomes,' said Joe Walewicz, NeuPath's Chief Executive Officer. 'Adjusting for the benefit of a one-time retroactive payment, we delivered strong growth and improved cash flows that reflect the work of our team to mitigate cost pressures and optimize our clinic footprint. We expect further investments in the second half of the year to enhance our clinic network, and with the addition of Stephen Lemieux as President, we are accelerating our focus on strategic opportunities. We believe we are well-positioned for continued growth in the second half of 2025 and beyond.' Article content Financial and Operational Highlights Article content Record total revenue of $23.6 million and $43.0 million for the three and six months ended June 30, 2025, up 25% and 18% year-over-year; Adjusted EBITDA was $2.2 million and $3.5 million for the three and six months ended June 30, 2025, up 69% and 61% year-over-year; For the six months ended June 30, 2025, capacity utilization improved to 79%, up from 75% for the six months ended June 30, 2024; As at June 30, 2025, the Company had $3.8 million in cash and cash equivalents and interest-bearing long-term debt of $6.5 million; and Following the launch of Arthrosamid (2.5% iPAAG) in March, there was substantial uptake in Q2, with continued patient interest in this novel procedure. Article content Q2 2025 Financial Results Article content Total Revenue Article content Total revenue is comprised of clinic revenue and non-clinic revenue. Total revenue was $23.6 million and $43.0 million for the three and six months ended June 30, 2025 compared to $18.9 million and $36.4 million for the three and six months ended June 30, 2024. Article content Clinic Revenue Article content Clinic revenue is generated through the provision of medical services to patients. Clinic revenue was $22.2 million and $40.3 million for the three and six months ended June 30, 2025 compared to $17.3 million and $33.4 million for the three and six months ended June 30, 2024. The increase in clinic revenue for the three and six months ended June 30, 2025 was primarily due to positive adjustments to physician reimbursement rates including a material one-time payment in the quarter related to prior period physician reimbursements and stronger revenues from fluoroscopy. Capacity utilization was 84% and 79% for the three and six months ended June 30, 2025 compared to 77% and 75% in the three and six months ended June 30, 2024. The improvement in capacity utilization was primarily driven by stronger revenues and the continued optimization of clinic space. Article content Non-clinic Revenue Article content Non-clinic revenue was $1.4 million and $2.7 million for the three and six months ended June 30, 2025 compared to $1.6 million and $2.9 million for the three and six months ended June 30, 2024. Non-clinic revenue is earned from physician staffing allocation services where the Company provides physicians for provincial and federal correctional institutions across Canada, and from contract research services provided to pharmaceutical companies and clinical research organizations. This revenue fluctuates depending on the need for physicians in certain institutions and the timing and enrolment of clinical studies that the Company is working on. Article content Gross margin % was 19.8% and 19.4% for the three and six months ended June 30, 2025 compared to 20.0% and 19.3% for the three and six months ended June 30, 2024. The increase in gross margin during the current three and six-month periods was primarily driven by positive adjustments to physician reimbursement rates including a material one-time payment in the quarter related to prior period physician reimbursements and stronger revenues from fluoroscopy (see Non-IFRS Financial Measures – Gross Margin and Gross Margin %). Article content Adjusted EBITDA was $2.2 million and $3.5 million for the three and six months ended June 30, 2025 compared to $1.3 million and $2.2 million for the three and six months ended June 30, 2024. Article content Liquidity and Capital Resources Article content As at June 30, 2025, the Company's net debt was $2.7 million, an improvement from $3.1 million as at June 30, 2024. The Company's net debt as at June 30, 2025 consisted of $3.8 million of cash and cash equivalents and long-term debt of $6.5 million compared to $2.9 million of cash and cash equivalents and long-term debt of $6.0 million as at June 30, 2024. Article content For more information see Note 5, Long-Term Debt in the Company's Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025, and Note 6, Long-Term Debt in the Company's Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2024. Article content Non-IFRS Financial and Other Measures Article content The Company discloses non-IFRS measures (such as EBITDA, Adjusted EBITDA, and gross margin) and non-IFRS ratios (such as gross margin %) that do not have standardized meanings prescribed by International Financial Reporting Standards ('IFRS'). The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company's financial performance. Non-IFRS financial measures and other measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures and other measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. Article content EBITDA and Adjusted EBITDA Article content EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines Adjusted EBITDA, as EBITDA, excluding stock-based compensation expense, executive long-term performance and retention bonus, restructuring costs, gain on derecognition of other obligations, fair value adjustments, transaction costs, impairment charges, gain on sale of building, government loans forgiveness, finance income and loss or gain on sale of property, plant and equipment. Management believes EBITDA and Adjusted EBITDA are useful supplemental non-GAAP measures to determine the Company's ability to generate cash available for operations, working capital, capital expenditures, debt repayments, interest expense and income taxes. Article content Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 $ $ $ $ Net and comprehensive income 342 362 15 18 Add back: Depreciation and amortization 574 553 1,171 1,134 Interest cost 189 240 485 479 Income tax expense 148 66 281 123 EBITDA 1,253 1,221 1,952 1,754 Add back: Stock-based compensation 52 30 95 64 Transaction costs 406 70 759 354 Executive long-term performance and retention bonus 525 – 700 – Adjusted EBITDA 2,236 1,321 3,506 2,172 Attributed to: Shareholders of NeuPath Health Inc. 2,102 1,235 3,235 2,032 Non-controlling interest 134 86 271 140 2,236 1,321 3,506 2,172 Article content Gross Margin and Gross Margin % Article content Management believes gross margin and gross margin % are important supplemental non-GAAP measures for evaluating operating performance and to allow for operating performance comparability from period-to-period. Gross margin is calculated as total revenue minus cost of medical services ('COMS'). Gross margin % is calculated as gross margin divided by total revenue. Article content The following table provides a reconciliation of total revenue to gross margin: Article content (1) Gross margin and gross margin % are non-IFRS measures. Please refer to Non-IFRS Financial Measures above. Article content For further details on the results, please refer to NeuPath's Management, Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025, which are available on the Company's website ( and under the Company's profile on SEDAR+ ( Article content Event: Article content Article content Presentation Date & Time: Article content Thursday, August 21, 2025 at 10:00 AM ET / 7:00 AM PT Article content Article content Webcast Registration Link: Article content About NeuPath Article content NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to patients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual to live their best life. For additional information, please visit Article content Forward-Looking Statements Article content This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company's expectation of continued operational improvements in 2025 and the execution of the Company's growth opportunities are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company's Annual Information Form dated March 26, 2025 filed on SEDAR Article content + Article content . Article content Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
