BXP Launches Vertical Construction of 343 Madison Avenue in Midtown Manhattan
Designed by Kohn Pedersen Fox, the 46-story tower will offer a hospitality-forward amenity program and market leading sustainability features. A dramatic double-height, client-exclusive club on the top floors will include spaces to dine, connect, and collaborate indoors and out, with striking terraces and expansive views overlooking Midtown. A robust food and beverage program including a lobby café and bicycle storage with cabanas and showers round out the amenity program.
'We are thrilled to move forward with vertical construction of 343 Madison,' said Owen Thomas, Chairman & CEO, BXP. 'At the best positioned office development site in New York, BXP will deliver a premier workplace that represents a strong and significant value creation opportunity for BXP's shareholders as well as a core long-term asset within our portfolio.'
BXP has executed a letter of intent with a prestigious, investment grade financial institution to anchor 343 Madison Avenue and occupy 30% of the building, in the lower-middle section of the tower. This commitment marks another major milestone in the project's momentum, positioning 343 Madison as the unrivaled opportunity for premier businesses in the heart of Midtown.
'The unprecedented level of client interest and the strong commitment of our anchor client underscore 343 Madison's position as New York's next iconic address,' said Hilary Spann, Executive Vice President, NY Region, BXP. 'This project represents an unparalleled opportunity for premier companies to establish a world-class workplace in the heart of Midtown Manhattan. The demand for luxurious, sustainable, and thoughtfully designed workplaces is driving the next generation of development at BXP in New York and beyond.'
The building will offer 40 premier workplace floors, ranging from 27,500 square feet in the podium to 21,500 square feet in the high-rise. Specialty floors including private terraces and elevated ceiling heights allow clients to design a multi-functional workplace that accommodates a variety of work styles and space needs.
Sustainability is a key pillar of the property, with the building designed to be fully electric with zero on-site combustion and a high efficiency direct outside air system. Climate resiliency, decarbonization, and health & wellness are at the core of the building design. Target certifications include LEED Platinum, Well Core, Energy Star 85+, Fitwel, and WiredScore Platinum.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2025, BXP's portfolio, including properties owned by unconsolidated joint ventures, totaled 53.7 million square feet and 186 properties, with ten properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words 'future,' 'will,' 'would,' 'expects,' 'intends' and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP's control. Should one or more of these known or unknown risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, BXP's ability to complete the development project within budget, on schedule or at all, the uncertainties of real estate development activity, BXP's ability to enter into a definitive lease agreement with the firm referenced above, BXP's ability to enter into other leases on favorable terms, on schedule, or at all, BXP's ability to obtain satisfactory certifications for the project, including LEED Platinum certification, and other risks and uncertainties detailed from time to time in BXP's filings with the SEC. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Cision Canada
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Charlotte's Web Reports Year-Over-Year Growth For Q2 2025
Second Consecutive Quarter of Year-over-Year Revenue Growth Supported by New Product Innovations and Omnichannel Expansion LOUISVILLE, Colo., Aug. 13, 2025 /CNW/ - (TSX: CWEB) (OTC: CWBHF), Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), a botanical wellness innovation company and the market leader in cannabidiol (CBD) hemp extract wellness products, today announced results for the quarter ended June 30, 2025, reporting its second consecutive year-over-year revenue increase since 2021, building on the sequential quarterly growth trend achieved in 2024. All amounts are expressed in U.S. dollars. "Q2 marked another step forward in our turnaround as Charlotte's Web again delivered both sequential and year-over-year growth, demonstrating continued progress in revenue and strategic execution across omnichannel, innovation, and cost structure," said Bill Morachnick, Chief Executive Officer. "We successfully commenced in-house production of our new Brightside™ gummies and extended our omnichannel reach while achieving early success with our new product categories. With operational momentum building and strong early traction across new product categories, we remain confident in our ability to execute and deliver on our 2025 outlook." Operational improvements initiated in 2024 have continued to reduce costs year-over-year. In-house gummy production expanded in Q2, with Brightside™ fully internalized and additional gummy SKUs transitioning in the second half. The Company anticipates approximately $3 million in annualized cost savings from these internalization efforts and is evaluating further transitions in topical production for 2026. Erika Lind, Chief Financial Officer, added, "Our revenue growth was accompanied by rigorous SG&A discipline that reduced second quarter expenses 31.7% year-over-year. Post-quarter, we've implemented additional measures to reduce our annualized run rate by more than $6 million in 2026. Combined with our transition to in-house manufacturing, which will benefit profit margins over time, this disciplined cost management and modest revenue growth positions us to approach positive cash flow." Second Quarter Business Review Omnichannel Growth and Digital Activation Charlotte's Web's upgraded digital platform and expanded marketplace footprint – including TikTok Shop, Amazon, and Faire – continue to contribute incremental sales and brand exposure. With mushroom wellness gummies now available across all major platforms, digital revenue contribution has diversified further, balancing direct-to-consumer and omnichannel exposure. Brightside™ THC Gummies and Innovation Demand Launched during the second quarter, Brightside™, the Company's hemp-derived THC gummy line using patented TiME INFUSION ® technology, demonstrated rapid uptake and product velocity. Multiple SKUs sold out over the Memorial Day weekend, exceeding internal forecasts and requiring expedited restocking. The Company now produces Brightside gummies entirely in-house, providing improved margins, accelerated new product timelines, and enhanced quality control. Botanical Product Diversification Charlotte's Web continued to expand its botanical wellness portfolio beyond traditional CBD offerings in the second quarter, advancing into adjacent high-growth categories. Building on the success of the Company's CBN Stay Sleep Gummies—now its second-best-selling gummy product—Charlotte's Web introduced CBG Focus & Attention Gummies, addressing the growing U.S. nootropics market with a plant-based alternative to synthetic nootropics. The U.S. CBG category has posted significant year-over-year growth, reflecting rising consumer demand for natural cognitive enhancement. The Company's CBG launch demonstrates the Company's ability to leverage its botanical expertise to capture share in high-growth cannabinoid wellness segments and extend its leadership beyond traditional CBD. Extending this innovation momentum beyond cannabinoids, the Company's functional mushroom gummies portfolio—introduced in Q4 2024—features formulations for Focus, Stress Support, Energy, and Muscle Recovery. Crafted with premium botanical ingredients such as Lion's Mane, Reishi, Cordyceps, and Turkey Tail, these products are developed with the same commitment to quality and efficacy that defines Charlotte's Web's hemp portfolio. This expansion strengthens the Company's position in the high-growth functional mushroom category while further diversifying revenue streams beyond hemp wellness. Regulatory Progress Charlotte's Web continues to work closely with industry coalitions to advance comprehensive federal regulation of hemp-derived products. The Company believes the regulatory landscape is evolving more favorably with recent developments in Washington that signal renewed momentum for establishing clear regulatory pathways for CBD and other hemp extracts. With key Congressional hemp champions now in leadership positions, both House and Senate leaders have signaled their intention to introduce comprehensive legislation providing FDA authority to regulate CBD products as dietary supplements and food ingredients. The Company expects a regulated market will consolidate the industry in favor of established, quality-focused brands with proven track records. The U.S. CBD market has potential to accelerate under a clear federal framework. Charlotte's Web's history of compliance, quality standards, and brand trust positions the Company to capture disproportionate value as regulations emerge. DeFloria Clinical Progress DeFloria, Inc.—a collaboration between Charlotte's Web, Ajna BioSciences, and with initial funding from a division of British American Tobacco—has commenced FDA-cleared Phase 2 clinical trials for AJA001 Oral Solution to treat irritability associated with autism spectrum disorder ("ASD"). Charlotte's Web retains exclusive manufacturing rights for commercial supply of this botanical drug candidate, representing a potential long-term revenue opportunity in the multi-billion-dollar ASD treatment market. Second Quarter 2025 Financial Review The following table sets forth selected financial information for the periods indicated: Quarterly revenue trend: Consolidated net revenue for Q2 2025 was $12.8 million, a year-over-year increase of 4.2% from $12.3 million in Q2 2024. Growth was underpinned by consumer demand for Charlotte's Web's diversified botanical wellness innovations, including the Company's expanding functional mushroom gummies portfolio, newly launched CBG Focus & Attention Gummies targeting the growing minor cannabinoid segment, and the new Brightside™ precision low-dose hemp THC gummy collection. Gross profit was $6.0 million, or 46.8% of revenue in Q2 2025, compared to $2.6 million, or 21.0% of revenue in Q2 2024, which included a $3.8 million non-cash inventory provision related to a one-time wholesale hemp biomass transaction. Excluding inventory provisions, Q2 2024 Adjusted Gross Profit 1 was $6.4 million, or 52.2% of revenue. Current quarter margin performance reflected insourcing startup costs associated with gummy production, certain zero-margin DeFloria extract sales to support its Phase 2 clinical trials (reducing overall gross margin by approximately three percentage points) and promotional activities during the Memorial Day sales campaign. Total selling, general, and administrative ("SG&A") expenses were $10.1 million for the quarter, a 31.7% improvement from $14.7 million in Q2 2024. The 31.7% decrease was primarily attributable to a decrease in amortization expense of $1.9 million related to the termination of the MLB Promotional Rights Agreement and a decrease in personnel costs between the comparable periods. This performance demonstrates the effectiveness of the comprehensive cost optimization strategy initiated in 2024 to better align operating expenses with revenue. As part of the ongoing commitment to disciplined cost management and operational efficiency, subsequent to the close of the second quarter of 2025, the Company has implemented additional expense reduction measures. Including cost savings from in-house manufacturing, these initiatives are expected to reduce the Company's annualized costs by approximately $9 million in 2026, supporting Charlotte's Web's trajectory toward positive cash flow. Total net loss for Q2 2025 was $6.3 million, or $(0.04) per share, compared to a net loss of $11.1 million, or $(0.07) per share, in Q2 2024. Adjusted EBITDA 1 for the quarter was $(3.6) million, a 30.8% improvement versus $(5.2) million in Q2 2024, supporting continued progress toward profitability. Cash and working capital as of June 30, 2025, were $15.3 million and $29.4 million, respectively. "Q2 demonstrated continued year-over-year progress in our financial transformation," said Ms. Lind. "For the first half of 2025, we've reduced our cash burn by 52.0% year-over-year while returning to growth. Our cash and working capital has us well-positioned to complete our return to positive cash flow. The combination of our dramatically lower operating expense base, expanding gross margins as we scale in-house production, and modest revenue growth requirements creates multiple paths to positive cash flow." Consolidated Financial Statements and Management's Discussion and Analysis The Company's consolidated financial statements and accompanying s for the three and six months ended June 30, 2025, and 2024, and related management's discussion and analysis of financial condition and results of operations ("MD&A"), are reported in the Company's 10-Q filing on the Securities and Exchange Commission website at and on SEDAR+ at and will be available on the Investor Relations section of the Company's website at Analyst Conference Call Management will host a conference call to discuss the Company's 2025 second quarter results at 11:00 A.M. ET on August 13, 2025. There are three ways to join the call: Register and enter your phone number at to receive an instant automated call back, or Dial 1-646-357-8785 or 1-800-836-8184 approximately 10 minutes before the conference call, or Listen to the live webcast online. Earnings Call Replay A recording of the call will be available through August 20, 2025. To listen to a replay of the earnings call please dial 1- 646-517-4150 or 1-888-660-6345 and provide conference replay ID 22439#. A webcast of the call will also be accessible through the investor relations section of the Company's website for an extended period of time. Subscribe to Charlotte's Web investor news. About Charlotte's Web Holdings, Inc. Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Louisville, Colorado, is a botanical wellness innovation company and a market leader in hemp extract wellness that includes Charlotte's Web whole-plant full-spectrum CBD extracts as well as broad-spectrum CBD and cannabinoid isolates. The Company's hemp extracts have naturally occurring botanical compounds including cannabidiol ("CBD"), CBN, CBC, CBG, THC, terpenes, flavonoids, and other beneficial compounds. Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD gummies (sleep, calming, exercise recovery, immunity), CBN gummies, hemp-derived THC microdose gummies, functional mushroom gummies, CBD capsules, CBD topical creams, and lotions, as well as CBD pet products for dogs. Through its substantially vertically integrated business model, Charlotte's Web maintains stringent control over product quality and consistency with analytic testing from soil to shelf for quality assurance. Charlotte's Web products are distributed to retailers and healthcare practitioners throughout the U.S.A. and are available online through the Company's website at Shares of Charlotte's Web trade on the Toronto Stock Exchange (TSX) under the symbol "CWEB" and are quoted in U.S. Dollars in the United States on the OTC under the symbol "CWBHF". Forward-Looking Information Certain information provided herein constitutes forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements are typically identified by words such as "may", "will", "should", "could", "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements are not guarantees of future performance, and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking statements contained in this press release are based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions, expected future development, and other factors that it believes are appropriate and reasonable. Specifically, this press release contains forward-looking statements relating to, but not limited to: organizational changes, marketing plans and operational platform upgrades, and the impact of these initiatives on retail expansion, operational efficiencies, cash flow, revenue and e-commerce monetization; expectations relating to IT upgrades, marketing optimization and operational integrations; product expansion activities and the corresponding results thereof; sales volume and gross margin expectations; anticipated timing for, and business impact of, in-house manufacturing of topical and gummy products; the impact of the Company's product innovations on product development; regulatory developments and the impact of developments on both consumer action and the Company's opportunities and operations; activities relating to, and sponsorship of, legislation to advance regulatory framework; the impact of insourcing on operating margins, capital expenditures and R&D anticipated consumer trends and corresponding product innovation; anticipated future financial results; the Company's ability to increase online traffic and demographic exposure through new products and marketing and omni-channel expansion; the impact of certain activities on the Company's business and financial condition and anticipated trajectory; continued product placement on various product channels; anticipated development of new products; the outcomes from DeFloria's clinical trials, including commercial opportunities for Charlotte's Web. The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to: expectations around cost reduction, run rate, revenue growth and cash flow for 2025 and 2026; regulatory regime changes; anticipated product development and sales; the success of sales and marketing activities; product development and production expectations; outcomes from R&D activities; the Company's ability to deal with adverse growing conditions in a timely and cost-effective manner; the availability of qualified and cost-effective human resources; compliance with contractual and regulatory obligations and requirements; availability of adequate liquidity and capital to support operations and business plans; and expectations around consumer product demand. In addition, the forward-looking statements are subject to risks and uncertainties pertaining to, among other things: supply and distribution chains; the market for the Company's products; revenue fluctuations; regulatory changes; loss of customers and retail partners; retention and availability of talent; competing products; share price volatility; loss of proprietary information; product acceptance; internet and system infrastructure functionality; information technology security; available capital to fund operations and business plans; crop risk; economic and political considerations; and including but not limited to those risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ending December 31, 2024, and other risk factors contained in other filings with the Securities and Exchange Commission available on and filings with Canadian securities regulatory authorities available The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty, as these are interdependent, and the Company's future course of action depends on management's assessment of all information available at the relevant time. Any forward-looking statement in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. Except as required by applicable law, the Company assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. All forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements. CHARLOTTE'S WEB HOLDINGS, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in thousands of U.S. dollars, except share amounts) Common Shares Additional Paid-in Capital Accumulated Deficit Total Shareholders' Equity Shares Amount Balance—December 31, 2024 158,009,541 $ 1 $ 328,655 $ (301,569) $ 27,087 Common shares issued upon vesting of restricted share units, net of withholding — — — — — Share-based compensation — — 187 — 187 Net loss — (6,212) (6,212) Balance— March 31, 2025 158,009,541 $ 1 $ 328,842 $ (307,781) $ 21,062 Common shares issued upon vesting of restricted share units, net of withholding 608,226 — (25) — (25) Share-based compensation — — 180 — 180 Net loss — — — (6,288) (6,288) Balance—June 30, 2025 158,617,767 $ 1 $ 328,997 $ (314,069) $ 14,929 Balance—December 31, 2023 154,332,366 $ 1 $ 327,280 $ (271,723) $ 55,558 Common shares issued upon vesting of restricted share units, net of withholding 2,895,489 — (98) — (98) Share-based compensation — 842 — 842 Net loss — (9,634) (9,634) Balance—March 31, 2024 157,227,855 $ 1 $ 328,024 $ (281,357) $ 46,668 Common shares issued upon vesting of restricted share units, net of withholding 267,187 — (20) — (20) Share-based compensation — — 237 — 237 Net loss — — — (11,057) (11,057) Balance—June 30, 2024 157,495,042 $ 1 $ 328,241 $ (292,414) $ 35,828 (1) Non-GAAP Measures – Adjusted Gross Profit, EBITDA and Adjusted EBITDA Earnings before interest, taxes, depreciation, and amortization ("EBITDA") is not a recognized performance measure under U.S. GAAP. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA also excludes other non-cash items such as changes in fair value of financial instruments (Mark-to-Market), Share-based compensation, and impairment of assets. The term Adjusted Gross Profit consists of gross profit before inventory provision, adjusted for inventory provision, net. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The non-GAAP financial measures do not have a standardized meaning prescribed under U.S. GAAP and therefore may not be comparable to similar measures presented by other issuers. The primary purpose of using non-GAAP financial measures is to provide supplemental information that we believe may be useful to investors and to enable investors to evaluate our results in the same way we do. We also present the non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis, as well as comparing our results against the results of other companies, by excluding items that we do not believe are indicative of our core operating performance. Specifically, we use these non-GAAP measures as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communications with our board of directors concerning our financial performance. Investors should be aware, however, that not all companies define these non-GAAP measures consistently. Adjusted Gross Profit for the three and six months ended June 30, 2025, and 2024 is as follows: Adjusted EBITDA for the three months ended June 30, 2025, and 2024 is as follows: Charlotte's Web Holdings, Inc. Statement of Adjusted EBITDA (In Thousands) Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) U.S. $ Thousands 2025 2024 2025 2024 Net income (loss) $ (6,288) $ (11,057) $ (12,500) $ (20,691) Depreciation of property and equipment and amortization of intangibles 512 2,489 2,961 4,982 Interest expense 450 493 1,135 980 Income tax expense 2 (46) 2 (62) EBITDA (5,324) (8,121) (8,406) (14,791) Stock Comp 180 237 367 1,079 Mark-to-market financial instruments 1,543 (1,140) 1,669 720 Inventory Provision (17) 3,830 (4) 3,926 Adjusted EBITDA $ (3,618) $ (5,194) $ (6,374) $ (9,066) SOURCE Charlotte's Web Holdings, Inc.
Cision Canada
9 minutes ago
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CIBC Asset Management Inc. announces risk rating change and fund terminations Français
TORONTO, Aug. 13, 2025 /CNW/ - August 13, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) -- CIBC Asset Management Inc. (CAM) today announced a risk rating change and that it intends to terminate the CIBC Multi-Asset Global Balanced Private Pool, CIBC Multi-Asset Global Balanced Income Private Pool, and Renaissance Optimal Inflation Opportunities Portfolio (the "Funds") on or about November 28, 2025 (the "Termination Date"). The decision to terminate the Funds was made due to their relatively small asset size. Effective immediately, no further purchases for units of the Funds will be accepted. Redemption requests for the Funds will be accepted until the close of business on Termination Date. Any units still held by unitholders as of the Termination Date will be subject to a mandatory redemption. Prior to the Termination Date, CAM will, to the extent reasonably possible, sell or convert the assets of each Fund to cash and, after paying or making adequate provision for all of the Funds' liabilities, as soon as practicable following the Termination Date, distribute the net assets of each Fund pro rata among unitholders of record of the applicable Fund based on the class net asset value per unit. In accordance with securities legislation, further details of the terminations will be sent to unitholders of the Funds no less than 60 days prior to the Termination Date. CAM encourages all unitholders to consult with their advisors to discuss the financial and tax implications of the terminations and to determine the solution that best suits their investment needs and personal situation. Risk rating change CAM is changing the risk rating for Renaissance Diversified Income Fund. The change will be reflected in the renewal of the Renaissance Investments family of funds, Axiom Portfolios, CIBC Private Pools, CIBC Fixed Income Pools, CIBC Fixed Income Funds and CIBC Alternative Mutual Funds Simplified Prospectus, effective on or about August 13, 2025. The new risk rating was determined in accordance with the standardized risk classification methodology mandated by the Canadian Securities Administrators. No changes have been made to the investment objectives, investment strategies or management of the affected mutual fund. CAM reviews the risk rating for each fund at least annually and adjusts whenever the existing investment risk level is no longer appropriate. About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at About CIBC Asset Management CIBC Asset Management Inc. (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $227 billion in assets under administration as of June 2025.
Cision Canada
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Alithya reports year over year continued improvement Français
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Adjusted Net Earnings (b) increased by $1.6 million, or 31.8%, to $6.5 million, from $4.9 million for the same quarter last year. This translated into Adjusted Net Earnings per Share (b) of $0.07, compared to $0.05 for the same quarter last year. Adjusted EBITDA (b) increased by $1.5 million, or 15.6%, to $11.6 million, for an Adjusted EBITDA Margin (b) of 9.4% of revenues, compared to $10.1 million, for an Adjusted EBITDA Margin (b) of 8.3% of revenues, for the same quarter last year. Net cash used in operating activities was $4.2 million, representing a decrease of $20.9 million, from $16.7 million of cash generated for the same quarter last year. Q1 Bookings (a) reached $118.1 million, which translated into a Book-to-Bill Ratio (a) of 0.95 for the quarter. The Book-to-Bill Ratio would have been 1.06 if revenues from the two long-term contracts signed as part of an acquisition in the first quarter of fiscal year 2022 were excluded. Backlog (a) represented approximately 15 months of trailing twelve-month revenues as at June 30, 2025. Signed 20 new clients. Acquired eVerge Interests, Inc. and its subsidiaries (the "eVerge Acquisition", "eVerge"), on May 31, 2025, specializing in enterprise application and transformation services. Subsequent to June 30, 2025, Pierre Blanchette joined Alithya as Chief Financial Officer and the Company extended the maturity of the subordinated unsecured loans to October 2027. MONTREAL, Aug. 13, 2025 /CNW/ - Alithya Group inc. (TSX: ALYA) ("Alithya" or the "Company") reported today its results for the first quarter of fiscal 2026 ended June 30, 2025. All amounts are in Canadian dollars unless otherwise stated. Summary of the financial results for the first quarter: (a) These are other financial measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. See "Non-IFRS and Other Financial Measures" below. (b) These are non-IFRS financial measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. More information and quantitative reconciliations of Adjusted Net Earnings and Adjusted EBITDA to the most directly comparable IFRS measures are presented below under the caption "Non-IFRS and Other Financial Measures". "Adjusted EBITDA Margin" refers to the percentage of total revenue that Adjusted EBITDA represents for a given period. Quote by Paul Raymond, President and CEO, Alithya: "The Alithya team has delivered another quarter of year over year improvements in many areas of the business. We achieved double digit organic growth in our US operations, as clients seek to roll out the latest mission critical cloud enterprise systems to better leverage data and AI capabilities. This is a clear indication of our position as a trusted advisor. We have also harnessed synergies from our latest acquisitions to bolster our client offerings, enabling us to better support our clients. Our team remains focused on executing our long-term plan of profitable growth and value creation." First Quarter Results Revenues Revenues amounted to $124.2 million for the three months ended June 30, 2025, representing an increase of $3.3 million, or 2.7%, from $120.9 million for the three months ended June 30, 2024. Revenues in Canada decreased by $5.5 million, or 8.5%, to $59.6 million for the three months ended June 30, 2025, from $65.1 million for the three months ended June 30, 2024. The decrease in revenues was due primarily to reduced revenues from government contracts, certain client projects reaching maturity, and one less billable day compared to the same quarter last year, partially offset by revenues from the acquisition of XRM Vision Inc. and its subsidiaries on December 1, 2024 (the "XRM Acquisition", "XRM Vision"), and a continued recovery in the banking sector. U.S. revenues increased by $8.8 million, or 17.3%, to $59.5 million for the three months ended June 30, 2025, from $50.7 million for the three months ended June 30, 2024, due primarily to organic growth in enterprise transformation services, higher billing rates, revenues from eVerge since its acquisition, and a favorable US$ exchange rate impact of $0.7 million between the two periods. International revenues increased by $0.1 million, or 0.7%, to $5.1 million for the three months ended June 30, 2025, from $5.0 million for the three months ended June 30, 2024. Gross Margin Gross margin increased by $1.3 million, or 3.3%, to $39.8 million for the three months ended June 30, 2025, from $38.5 million for the three months ended June 30, 2024. Gross margin as a percentage of revenues increased to 32.1% for the three months ended June 30, 2025, from 31.9% for the three months ended June 30, 2024. In Canada, gross margin as a percentage of revenues decreased compared to the same quarter last year, mainly due to decreases in utilization rates and tax credits, and salary increases that came into effect at the beginning of this fiscal year, partially offset by a positive margin contribution from XRM Vision since its acquisition. In the U.S., gross margin as a percentage of revenues increased compared to the same quarter last year, primarily due to increased efficiencies, higher billing rates, and the increased use of our smart shoring capabilities. International gross margin as a percentage of revenues decreased compared to the same quarter last year, mainly due to lower utilization. Selling, General and Administrative Expenses Selling, general and administrative expenses totaled $30.6 million for the three months ended June 30, 2025, representing a decrease of $1.1 million, or 3.4%, from $31.7 million for the three months ended June 30, 2024, despite the addition of expenses from XRM Vision and eVerge since their acquisitions. Selling, general and administrative expenses as a percentage of revenues amounted to 24.6% for the three months ended June 30, 2025, compared to 26.2% for the same period last year. The decrease in selling, general and administrative expenses was mainly due to decreased employee compensation costs, stemming from variable compensation and $1.5 million in severance consisting of termination and benefit costs for key management personnel in the same quarter last year, and decreases in business development costs, training costs, and insurance costs, partially offset by increases in share-based compensation, professional fees, and recruiting fees. Net Earnings Net earnings for the three months ended June 30, 2025 were $0.2 million, representing an increase of $3.0 million, from a net loss of $2.8 million for the three months ended June 30, 2024. The increase was due primarily to the increased gross margin, driven by higher revenues and positive contributions from the acquisitions of XRM Vision and eVerge, decreased selling, general and administrative expenses, and increased income tax recovery, partially offset by increased business acquisition, integration and reorganization costs, due primarily to the eVerge Acquisition, increased amortization of intangibles, increased foreign exchange loss, and increased net financial expenses for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. On a per share basis, this translated into basic and diluted earnings per share of nil for the three months ended June 30, 2025, compared to a loss of $0.03 per share for the three months ended June 30, 2024. Adjusted Net Earnings Adjusted Net Earnings amounted to $6.5 million for the three months ended June 30, 2025, representing an increase of $1.6 million, or 31.8%, from $4.9 million for the three months ended June 30, 2024. As explained above, increased gross margin, driven by higher revenues and positive contributions from the acquisitions of XRM Vision and eVerge, decreased selling, general and administrative expenses, and increased income tax recovery were partially offset by increased foreign exchange loss and increased net financial expenses. This translated into Adjusted Net Earnings per Share of $0.07 for the three months ended June 30, 2025, compared to $0.05 for the three months ended June 30, 2024. Adjusted EBITDA Adjusted EBITDA amounted to $11.6 million for the three months ended June 30, 2025, representing an increase of $1.5 million, or 15.6%, from $10.1 million for the three months ended June 30, 2024. As explained above, the increase was due primarily to increased gross margin, driven by higher revenues and positive contributions from the acquisitions of XRM Vision and eVerge, and decreased selling, general and administrative expenses. Adjusted EBITDA Margin was 9.4% for the three months ended June 30, 2025, compared to 8.3% for the three months ended June 30, 2024. Bookings Bookings amounted to $118.1 million, which translated into a Book-to-Bill Ratio of 0.95 for the quarter, compared to $98.2 million, which translated into a Book-to-Bill Ratio of 0.81, for the same quarter last year. Bookings for the trailing twelve months amounted to $440.6 million as at June 30, 2025, which translated into a Book-to-Bill ratio of 0.92. If revenues from the two long-term contracts signed as part of an acquisition in the first quarter of fiscal year 2022 were excluded, the Book-to-Bill ratio would be 1.06, compared to 0.92 for the same quarter last year. For the trailing twelve months as at June 30, 2025, the Book-to-Bill ratio, excluding revenues from the two long-term contracts, would be 1.03. Liquidity and Capital Resources For the three months ended June 30, 2025, net cash used in operating activities was $4.2 million, representing a decrease of $20.9 million, from $16.7 million of cash generated for the three months ended June 30, 2024. The decrease in net cash from operating activities compared to the same quarter last year was mainly driven by unfavorable changes in non-cash working capital items. Unfavorable changes in non-cash working capital items of $12.9 million during the three months ended June 30, 2025 were due mainly to the timing of payments, collections, and invoicing and consisted primarily of a $9.1 million decrease in accounts payable and accrued liabilities, an $8.0 million increase in unbilled revenues, a $6.5 million decrease in deferred revenues, and a $1.2 million increase in tax credits receivable, partially offset by an $11.5 million decrease in accounts receivable and other receivables and a $0.3 million decrease in prepaids. For the three months ended June 30, 2024, favorable changes in non-cash working capital items of $9.4 million were due mainly to the timing of payments, collections, and invoicing and consisted primarily of a $15.1 million decrease in accounts receivable and other receivables and a $7.9 million decrease in tax credits receivable, partially offset by a $7.5 million increase in unbilled revenues, a $3.7 million decrease in accounts payable and accrued liabilities, a $1.5 million decrease in deferred revenues, and a $0.9 million increase in prepaids. As at June 30, 2025, drawings on the Credit Facility amounted to $96.1 million, after the impact of the eVerge acquisition during the quarter, and the availability of additional capital resources of Alithya amounted to $115.7 million, consisting of cash and availability under its credit facilities, including the accordion provision. Management believes that the Company is well positioned to sustain its operations while maintaining adequate levels of liquidity. eVerge Acquisition On May 31, 2025, Alithya acquired eVerge for a purchase price of US$23.5 million, payable in cash, including a potential earn-out of US$4.7 million. eVerge specializes in enterprise applications and transformation services with expertise in Salesforce Customer Relationship Management (CRM), and Oracle Human Capital Management (HCM) and Customer Experience (CX) and other complementary technologies. With a team of approximately 160 professionals, eVerge operates from locations across the U.S. and India. Forward-Looking Statements This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities laws and the U.S. Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbours (collectively "forward-looking statements"). Statements that do not exclusively relate to historical facts, as well as statements relating to management's expectations regarding the future growth, results of operations, performance and business prospects of Alithya, and other information related to Alithya's business strategy and future plans or which refer to the characterizations of future events or circumstances represent forward-looking statements. Such statements often contain the words "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "could," "would," "will," "may," "can," "continue," "potential," "should," "project," "target," and similar expressions and variations thereof, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include, among other things, information or statements about: (i) our ability to generate sufficient earnings to support our operations; (ii) our ability to take advantage of business opportunities and meet our goals set in our three-year strategic plan; (iii) our ability to maintain and develop our business, including by broadening the scope of our service offerings, by leveraging artificial intelligence ("AI"), our geographic presence and our smart shore capabilities, our expertise, and our integrated offerings, and by entering into new contracts and penetrating new markets; (iv) our strategy, future operations, and prospects, including our expectations regarding future revenue resulting from bookings and backlog and providing stakeholders with long-term growing return on investment; (v) our ability to service our debt and raise additional capital; (vi) our estimates regarding our financial performance, including our revenues, profitability, costs and expenses, gross margins, liquidity, capital resources, and capital expenditures; (vii) our ability to identify suitable acquisition targets and realize the expected synergies or cost savings relating to the integration of acquired entities, and (viii) our ability to balance, meet and exceed the needs of our stakeholders. Forward-looking statements are presented for the sole purpose of assisting investors and others in understanding Alithya's objectives, strategies and business outlook as well as its anticipated operating environment and may not be appropriate for other purposes. Although management believes the expectations reflected in Alithya's forward-looking statements were reasonable as at the date they were made, forward-looking statements are based on the opinions, assumptions and estimates of management and, as such, are subject to a variety of risks and uncertainties and other factors, many of which are beyond Alithya's control, and which could cause actual events or results to differ materially from those expressed or implied in such statements. Such risks and uncertainties include but are not limited to those discussed in the section titled "Risks and Uncertainties" of Alithya's Management Discussion and Analysis ("MD&A") for the year ended March 31, 2025, as well as in Alithya's other materials made public, including documents filed with Canadian and U.S. securities regulatory authorities from time to time and which are available on SEDAR+ at and EDGAR at Additional risks and uncertainties not currently known to Alithya or that Alithya currently deems to be immaterial could also have a material adverse effect on its financial position, financial performance, cash flows, business or reputation. Forward-looking statements contained in this press release are qualified by these cautionary statements and are made only as of the date of this press release. Alithya expressly disclaims any obligation to update or alter any forward-looking statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on forward-looking statements since actual results may vary materially from them. Non-IFRS and Other Financial Measures This press release includes certain measures which have not been prepared in accordance with IFRS and other financial measures. Adjusted Net Earnings, Adjusted Net Earnings per Share, EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS measures and Bookings, Book-to-Bill Ratio, Backlog, Gross Margin as a Percentage of Revenues and Selling, General and Administrative Expenses as a Percentage of Revenues are other financial measures used in this press release. These measures are provided as additional information to complement IFRS measures by providing further understanding of Alithya's results of operations from management's perspective. They do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. They should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. They are used to provide investors with additional insight into Alithya's operating performance and thus highlight trends in Alithya's business that may not otherwise be apparent when relying solely on IFRS measures. Additional details for these non-IFRS and other financial measures can be found in section 5, "Non-IFRS and Other Financial Measures", of Alithya's MD&A for the quarter ended June 30, 2025, filed on SEDAR+ at and on EDGAR at which includes explanations of the composition and usefulness of these non-IFRS financial measures and non-IFRS ratios and is incorporated by reference in this press release. The following table reconciles net earnings to Adjusted Net Earnings: For the three months ended June 30, (in $ thousands) 2025 2024 $ $ Net earnings (loss) 185 (2,762) Business acquisition, integration and reorganization costs 2,047 783 Amortization of intangibles 4,955 4,644 Share-based compensation 2,372 1,685 Impairment of property and equipment and right-of-use assets and loss on lease termination 37 — Severance — 1,502 Income tax related to deferred tax asset recognized on purchase price allocation (1,948) — Effect of income tax related to above items (1,129) (908) Adjusted Net Earnings (a) 6,519 4,944 Basic and diluted earnings (loss) per share 0.00 (0.03) Adjusted Net Earnings per Share (a) 0.07 0.05 (a) Non-IFRS measure. See section 5 titled "Non-IFRS and Other Financial Measures" of Alithya's MD&A for the three months ended June 30, 2025, filed on SEDAR+ at and on EDGAR at The following table reconciles net earnings (loss) to EBITDA and Adjusted EBITDA: (a) Non-IFRS measure. See section 5 titled "Non-IFRS and Other Financial Measures" of Alithya's MD&A for the three months ended June 30, 2025, filed on SEDAR+ at and on EDGAR at First Quarter Conference Call Alithya will hold a conference call to discuss these results on August 13, 2025, at 9:00 a.m. Eastern Time. Interested parties can join the call by dialing 1-800-990-4777, or via webcast at A replay will be made available until August 20, 2025 (conference replay information: 1-888-660-6345, 86138#). About Alithya We are trusted advisors who leverage AI and the latest technologies in our strategic consulting and digital transformation services. We help solve business challenges that enable our clients to unlock new opportunities, modernize processes and gain efficiencies. We leverage a world-class team of passionate industry experts, AI-based IP solutions, the latest digital technologies, a solid understanding of mission critical business applications and a partner ecosystem to accelerate results. We've built a foundation of success that includes a specialized global delivery network to provide end-to-end solutions. We strive to make a difference. We are Alithya. Note to readers: Management's Discussion and Analysis and the interim consolidated financial statements and notes for the three months ended June 30, 2025 are available on SEDAR+ at on EDGAR at and on the Company's website at Shareholders may, upon request, receive a hard copy of these documents free of charge. SOURCE Alithya Group inc.
