Drilling Completed
British King RC Drilling
A second phase of reverse circulation (RC) drilling at the British King Project was completed during the second quarter of 2025. The program covered tenements M37/30 and M37/631, targeting both lateral and vertical extensions of the British King lode (Figure 1).
Drilling was carried out between May and June 2025, with a total of 10,262 metres completed across seventy-seven (77) drillholes. 4,694 metres were drilled over thirty (30) holes on tenement M37/30.
Assay results for the majority of the program have now been received, with final quality assurance and quality control (QAQC) checks nearing completion. Interpretation of the assay data is currently underway, after which a decision will be made regarding the need for additional infill drilling. An updated Mineral Resource Estimate (MRE), following the 2024 revision, is scheduled for release in Q3 2025.
Figure 1. RC drillholes drilled at the British King project during Q2 are indicated in dark blue. Light blue and Pink show the 2024 and historical drill collars.
QUALIFIED PERSON
Mr Andrew Bewsher is a director of BM Geological Services Pty Ltd and provides geological services to the Company. Mr Andrew Bewsher is a Member of the Australian Institute of Geoscientists and has compiled the information within this report relating to the RC drilling programme. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Qualified Person as defined in NI 43-101.
On behalf of the Board of Directors
CENTRAL IRON ORE LIMITED
'David Deitz'
____________________________
David Deitz, Director/CEO
For further information, please contact:
www.centralironorelimited.com
Investor and Media Inquiries:
Direct: +61 2 9397 7521
Email:
info@centralironorelimited.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for iron ore or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's disclosure documents for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at
www.sedar.com
.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/acfce6f9-c703-47e4-bba1-184c48fd4ec1
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ADTRAN Holdings, Inc. reports second quarter 2025 financial results
HUNTSVILLE, Ala.--(BUSINESS WIRE)--ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) ('ADTRAN Holdings' 'ADTRAN' or the 'Company') today announced its unaudited financial results for the second quarter ended June 30, 2025. Revenue: $265.1 million, higher by 17% year-over-year. Gross margin: GAAP gross margin: 37.3%; non-GAAP gross margin: 41.4%. Operating margin: GAAP operating margin (5.0)%, non-GAAP operating margin 3.0%. Net cash provided by operating activities of $32.2 million. Cash and cash equivalents of $106.3 million, an increase of $5.0 million sequentially. ADTRAN Holdings Chairman and Chief Executive Officer Tom Stanton stated, 'We delivered strong second quarter results with revenue growth that exceeded expectations, reflecting solid execution across our business and increasing demand. We experienced growth across all major revenue categories and gained market share in key areas. We also continued to strengthen our balance sheet with solid cash generation. These results underscore the impact of our strategic product investments and the trust customers are placing in Adtran to help them evolve and scale their networks to meet the demands of cloud, AI, and edge computing.' Mr. Stanton added, 'Looking forward, our bookings and pipeline reinforce our confidence in continued gains in profitability and cash flow. With a clear strategy, global reach, and investment in next-generation network architectures, Adtran remains well-positioned.' Business outlook 1 For the third quarter of 2025, the Company expects revenue to be within a range of $270.0 million to $280.0 million. Non-GAAP operating margin is expected to be within a range of 3.0% to 7.0%. 1 Non-GAAP operating margin (which is calculated as non-GAAP operating income (loss) divided by revenue) is a non-GAAP financial measure. The Company has provided third quarter 2025 guidance with regard to non-GAAP operating margin. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below. The Company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify without unreasonable effort all of the adjustments that may occur during the period due to the difficulty of predicting the timing and amounts of various items within a reasonable range. In particular, non-GAAP operating margin excludes certain items, such as acquisition related expenses, amortizations and adjustments, stock-based compensation expense, restructuring expenses, integration expenses, deferred compensation adjustments, professional fees and other expenses, and goodwill impairment, that the Company is unable to quantitatively predict. Depending on the materiality of these items, they could have a significant impact on the Company's GAAP financial results. Conference call The Company will hold a conference call to discuss its second quarter 2025 results on Tuesday, Aug. 5, 2025, at 9:30 a.m. Central Time (4:30 p.m. Central European Summer Time). The Company will webcast this conference call at the events and presentations section of ADTRAN Holdings, Inc. Investor Relations website at approximately 10 minutes before the start of the call, or you may dial 1-888-330-2391 (Toll-Free US) or 1-240-789-2702, and use Conference ID 8936454. An online replay of the Company's conference call, as well as the transcript of the call, will be available on the Investor Relations site shortly following the call and will remain available for at least 12 months. For more information, visit or email Upcoming conference schedule August 19, 2025: Rosenblatt Age of AI Tech Conference (Virtual) August 26, 2025: Evercore ISI Semiconductor, IT Hardware, & Networking Investor Conference September 10, 2025: Wolfe Research TMT Conference About Adtran ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) is the parent company of Adtran, Inc., a leading global provider of open, disaggregated networking and communications solutions that enable voice, data, video and internet communications across any network infrastructure. From the cloud edge to the subscriber edge, Adtran empowers communications service providers around the world to manage and scale services that connect people, places and things. Adtran solutions are used by service providers, private enterprises, government organizations and millions of individual users worldwide. ADTRAN Holdings, Inc. is also the majority shareholder of Adtran Networks SE, formerly ADVA Optical Networking SE ('Adtran Networks'). Find more at LinkedIn and X. Cautionary note regarding forward-looking statements Statements contained in this press release and the accompanying earnings call which are not historical facts, such as those relating to future market conditions, customer demand, and ADTRAN Holdings' strategy, outlook and financial guidance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also generally be identified by the use of words such as 'believe,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'will,' 'may,' 'could' and similar expressions. In addition, ADTRAN Holdings, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such projections and other forward-looking information speak only as of the date hereof, and ADTRAN Holdings undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise, except to the extent as may be required by law. All such forward-looking statements are necessarily estimates and reflect management's best judgment based upon current information. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which have caused and may in the future cause actual events or results to differ materially from those estimated by ADTRAN Holdings include, but are not limited to: (i) risks and uncertainties relating to our ability to comply with the covenants set forth in our credit agreement, to satisfy our payment obligations to Adtran Networks' minority shareholders under the Domination and Profit and Loss Transfer Agreement between us and Adtran Networks (the 'DPLTA'), and to make payments to Adtran Networks in order to absorb its annual net loss pursuant to the DPLTA; (ii) the risk of fluctuations in revenue due to lengthy sales and approval processes required by major and other service providers for new products, as well as shifting customer spending patterns; (iii) risks and uncertainties related to our inventory practices and ability to match customer demand; (iv) risks and uncertainties relating to our level of indebtedness and our ability to generate cash; (v) risks and uncertainties relating to ongoing material weaknesses in our internal control over financial reporting; (vi) risks posed by changes in general economic conditions and monetary, fiscal and trade policies, including tariffs; (vii) risks posed by potential breaches of information systems and cyber-attacks; (viii) the risk that we may not be able to effectively compete, including through product improvements and development; and (ix) other risks set forth in our public filings made with the SEC, including our most recent Annual Report on Form 10-K for the year ended December 31, 2024, as amended, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed with the SEC. Explanation of use of non-GAAP financial measures Set forth in the tables below are reconciliations of gross profit, gross margin, operating expenses, operating loss, operating margin, other expense, net loss inclusive of the non-controlling interest, net loss attributable to the Company, and loss per share - basic and diluted, attributable to the Company, and net cash provided by operating activities, in each case as reported based on generally accepted accounting principles in the United States ('GAAP'), to non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP other expense, non-GAAP net income (loss) inclusive of the non-controlling interest, non-GAAP net income (loss) attributable to the Company, non-GAAP net earnings (loss) per share - basic and diluted, attributable to the Company, and free cash flow, respectively. Such non-GAAP measures exclude acquisition-related expenses, amortization and adjustments (consisting of intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations), stock-based compensation expense, restructuring expenses, integration expenses, deferred compensation adjustments, goodwill impairments, professional fees and other expenses, amortization of pension actuarial losses, the tax effect of these adjustments to net loss and purchases of property, plant and equipment. These measures are used by management in our ongoing planning and annual budgeting processes. Additionally, we believe the presentation of these non-GAAP measures, when combined with the presentation of the most directly comparable GAAP financial measure, is beneficial to the overall understanding of ongoing operating performance of the Company. These non-GAAP financial measures are not prepared in accordance with, or an alternative for, GAAP and therefore should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Additionally, our calculation of non-GAAP measures may not be comparable to similar measures calculated by other companies. Condensed Consolidated Statements of Loss (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (Restated) (Restated) Revenue Network Solutions $ 219,498 $ 179,194 $ 421,715 $ 360,467 Services & Support 45,570 46,797 91,097 91,697 Total Revenue 265,068 225,991 512,812 452,164 Cost of Revenue Network Solutions 147,321 124,773 281,562 253,039 Network Solutions - charges and inventory write-down — 143 — 8,925 Services & Support 18,823 19,816 37,150 38,626 Total Cost of Revenue 166,144 144,732 318,712 300,590 Gross Profit 98,924 81,259 194,100 151,574 Selling, general and administrative expenses 60,347 59,364 110,632 118,355 Research and development expenses 51,895 60,352 100,754 120,567 Goodwill impairment — — — 297,353 Operating Loss (13,318 ) (38,457 ) (17,286 ) (384,701 ) Interest and dividend income 201 366 327 763 Interest expense (4,564 ) (6,906 ) (9,325 ) (11,504 ) Net investment gain 3,075 872 1,389 3,125 Other (expense) income, net (2,636 ) (901 ) (1,692 ) 409 Loss Before Income Taxes (17,242 ) (45,026 ) (26,587 ) (391,908 ) Income tax (expense) benefit (1,016 ) (2,136 ) (619 ) 16,511 Net Loss $ (18,258 ) $ (47,162 ) $ (27,206 ) $ (375,397 ) Less: Net Income attributable to non-controlling interest (1) 2,273 2,505 4,592 5,035 Net Loss attributable to ADTRAN Holdings, Inc. $ (20,531 ) $ (49,667 ) $ (31,798 ) $ (380,432 ) Weighted average shares outstanding – basic 79,748 78,852 79,642 78,803 Weighted average shares outstanding – diluted 79,748 78,852 79,642 78,803 Loss per common share attributable to ADTRAN Holdings, Inc. – basic $ (0.24 ) (2) $ (0.63 ) $ (0.38 ) (2) $ (4.83 ) Loss per common share attributable to ADTRAN Holdings, Inc. – diluted $ (0.24 ) (2) $ (0.63 ) $ (0.38 ) (2) $ (4.83 ) (1) For the three and six months ended June 30, 2025 we accrued $2.4 million and $4.8 million, respectively, net income attributable to non-controlling interest, representing the recurring cash compensation earned by non-controlling interest shareholders post-DPLTA. For the three and six months ended June 30, 2024, we accrued $2.5 million and $5.0 million, respectively, representing the recurring cash compensation earned by non-controlling interest shareholders post-DPLTA. (2) Loss per common share attributable to ADTRAN Holdings, Inc. - basic and diluted - reflects a $1.5 million effect of redemption of RNCI for the three and six months ended June 30, 2025 Expand Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) June 30, 2025 2024 (Restated) Cash flows from operating activities: Net loss $ (27,206 ) $ (375,397 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 44,990 44,843 Goodwill impairment — 297,353 Amortization of debt issuance cost 639 1,013 Gain on investments, net (1,506 ) (2,867 ) Net loss on disposal of property, plant and equipment 24 185 Stock-based compensation expense 5,888 7,787 Deferred income taxes 1,189 (13,684 ) Other, net — (126 ) Inventory write down - business efficiency program — 4,135 Inventory reserves 9,176 3,722 Changes in operating assets and liabilities: Accounts receivable, net 25,754 23,415 Other receivables 1,416 6,279 Income taxes receivable, net (2,349 ) (918 ) Inventory 29,594 64,407 Prepaid expenses, other current assets and other assets 6,095 (18,139 ) Accounts payable (6,242 ) (3,966 ) Accrued expenses and other liabilities (11,305 ) 22,645 Income taxes payable, net (816 ) (2,878 ) Net cash provided by operating activities 75,341 57,809 Cash flows from investing activities: Purchases of property, plant and equipment (12,084 ) (24,971 ) Purchases of intangibles - developed technology (20,444 ) (5,725 ) Proceeds from sales and maturities of available-for-sale investments 727 956 Purchases of available-for-sale investments (243 ) (121 ) Payments for beneficial interests in securitized accounts receivable (49 ) — Net cash used in investing activities (32,093 ) (29,861 ) Cash flows from financing activities: Tax withholdings related to stock-based compensation settlements (1,223 ) (189 ) Proceeds from stock option exercises 1,163 219 Proceeds from receivables purchase agreement — 68,556 Repayments on receivables purchase agreement — (66,399 ) Proceeds from draw on revolving credit agreements 24,000 — Repayment of revolving credit agreements (24,000 ) (5,000 ) Payment of debt issuance cost (64 ) (1,994 ) Payment for redemption of redeemable non-controlling interest (19,363 ) (25 ) Net cash used in financing activities (19,487 ) (4,832 ) Net increase in cash and cash equivalents 23,761 23,116 Effect of exchange rate changes 6,489 902 Cash and cash equivalents, beginning of period 76,021 87,167 Cash and cash equivalents, end of period $ 106,271 $ 111,185 Supplemental disclosure of cash financing activities: Cash paid for interest $ 8,049 $ 6,554 Cash paid for income taxes, net of refunds $ 4,155 $ 7,433 Cash used in operating activities related to operating leases $ 5,236 $ 4,780 Supplemental disclosure of non-cash investing activities: Redemption of redeemable non-controlling interest $ 1,491 $ — Right-of-use assets obtained in exchange for lease obligations $ 3,538 $ 1,999 Purchases of property, plant and equipment included in accounts payable $ 1,450 $ 1,059 Expand Supplemental Information Reconciliation of Gross Profit and Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin (Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 (Restated) (Restated) Total Revenue $ 265,068 $ 247,744 $ 225,991 $ 512,812 $ 452,164 Cost of Revenue 166,144 152,568 144,732 $ 318,712 $ 300,590 Acquisition-related expenses, amortizations and adjustments (1) (10,599 ) (9,831 ) (10,064 ) (20,430 ) (20,241 ) Stock-based compensation expense (222 ) (267 ) (280 ) (489 ) (555 ) Restructuring expenses (2) — — (2,788 ) — (14,035 ) Integration expenses (3) — — (35 ) — (70 ) Non-GAAP Cost of Revenue $ 155,323 $ 142,470 $ 131,565 $ 297,793 $ 265,689 Gross Profit $ 98,924 $ 95,176 $ 81,259 $ 194,100 $ 151,574 Non-GAAP Gross Profit $ 109,745 $ 105,274 $ 94,426 $ 215,019 $ 186,475 Gross Margin 37.3 % 38.4 % 36.0 % 37.9 % 33.5 % Non-GAAP Gross Margin 41.4 % 42.5 % 41.8 % 41.9 % 41.2 % (1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations. We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating our non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude these charges for the purpose of calculating our non-GAAP measures, primarily because they are noncash expenses and our internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding intangible asset amortization. Although this does not directly affect our cash position, the loss in value of intangible assets over time can have a material impact on the equivalent GAAP earnings measure. (2) Includes expenses for a Business Efficiency Program designed to optimize the assets and business processes following the business combination with Adtran Networks. The Business Efficiency Program was completed as of December 31, 2024. (3) Includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks which was completed as of December 31, 2024. Expand Supplemental Information Reconciliation of Operating Expenses to Non-GAAP Operating Expenses (Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 (Restated) (Restated) Operating Expenses $ 112,242 $ 99,144 $ 119,716 $ 211,386 $ 536,275 Acquisition-related expenses, amortizations and adjustments (1) (2,175 ) (2) (2,249 ) (8) (7,233 ) (11) (4,424 ) (14) (12,114 ) (16) Stock-based compensation expense (2,451 ) (3) (2,943 ) (9) (3,317 ) (12) (5,394 ) (15) (6,759 ) (17) Restructuring expenses 284 (4) — (10) (14,742 ) (13) 284 (4) (20,604 ) (18) Integration expenses (5) — — (531 ) — (1,011 ) Deferred compensation adjustments (6) (3,034 ) 1,547 (848 ) (1,487 ) (2,788 ) Goodwill impairment — — — — (297,353 ) (19) Professional fees and other expenses (3,153 ) (7) — — (3,153 ) (7) — Non-GAAP Operating Expenses $ 101,713 $ 95,499 $ 93,045 $ 197,212 $ 195,646 (1) We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating our non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude these charges for the purpose of calculating our non-GAAP measures, primarily because they are noncash expenses and our internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding intangible asset amortization. Although this does not directly affect our cash position, the loss in value of intangible assets over time can have a material impact on the equivalent GAAP earnings measure. (2) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $1.7 million is included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of loss. (3) $1.8 million is included in selling, general and administrative expenses and $0.7 million is included in research and development expenses on the condensed consolidated statements of loss. (4) Includes true-up of expenses on the condensed consolidated statements of loss for a Business Efficiency Program designed to optimize the assets and business processes following the business combination with Adtran Networks. The Business Efficiency Program was completed as of December 31, 2024. (5) Includes expenses on the condensed consolidated statements of loss related to the Company's one-time integration bonus program in connection with synergy targets as a result of the business combination with Adtran Networks and which was completed as of December 31, 2024. (6) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for certain employees, all of which is included in selling, general and administrative expenses on the condensed consolidated statement of loss. (7) $3.2 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss. Includes professional fees related to an internal investigation and related employee exit costs, fees relating to other one-time professional fees and business expenses. (8) Includes $2.2 million of intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations on the condensed consolidated statements of loss. (9) $2.0 million is included in selling, general and administrative expenses and $0.9 million is included in research and development expenses on the condensed consolidated statements of loss. (10) The Business Efficiency Program was completed as of December 31, 2024. (11) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $6.7 million is included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the condensed consolidated statements of loss. (12) $2.4 million is included in selling, general and administrative expenses and $0.9 million is included in research and development expenses on the condensed consolidated statements of loss. (13) $3.5 million is included in selling, general and administrative expenses and $11.3 million is included in research and development expenses on the condensed consolidated statements of loss. Includes expenses of $13.5 million of wage related and other charges due to the Greifswald facility closure in connection with the Business Efficiency Program, of which $2.6 million is included in selling, general and administrative and $10.9 million is included in research and development expenses on the condensed consolidated statements of loss. The Business Efficiency Program was completed as of December 31, 2024. (14) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $3.5 million is included in selling, general and administrative expenses and $0.9 million is included in research and development expenses on the condensed consolidated statements of loss. (15) $3.8 million is included in selling, general and administrative expenses and $1.6 million is included in research and development expenses on the condensed consolidated statements of loss. (16) Includes intangible amortization of developed technology, customer relationships, and trade names acquired in connection with business combinations, of which $11.2 million is included in selling, general and administrative expenses and $0.9 million is included in research and development expenses on the condensed consolidated statements of loss. (17) $4.9 million is included in selling, general and administrative expenses and $1.9 million is included in research and development expenses on the condensed consolidated statements of loss. (18) $5.3 million is included in selling, general and administrative expenses and $15.3 million is included in research and development expenses on the condensed consolidated statements of loss. Includes expenses of $13.5 million of wage related and other charges due to the Greifswald facility closure in connection with the Business Efficiency Program, of which $2.6 million is included in selling, general and administrative and $10.9 million is included in research and development expenses on the condensed consolidated statements of loss. The Business Efficiency Program was completed as of December 31, 2024. (19) Includes non-cash goodwill impairment charge related to our Services and Support reporting unit. The impairment primarily resulted from a decrease in projected revenue growth rates and EBITDA margins. Expand Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 (Restated) (Restated) Total Revenue $ 265,068 $ 247,744 $ 225,991 $ 512,812 $ 452,164 Operating Loss $ (13,318 ) $ (3,968 ) $ (38,457 ) $ (17,286 ) $ (384,701 ) Acquisition related expenses, amortizations and adjustments (1) 12,774 12,080 17,297 24,854 32,355 Stock-based compensation expense 2,673 3,210 3,597 5,883 7,314 Restructuring expenses (2) (284 ) — 17,530 (284 ) 34,640 Integration expenses (3) — — 566 — 1,080 Deferred compensation adjustments (4) 3,034 (1,547 ) 848 1,487 2,788 Goodwill impairment (5) — — — — 297,353 Professional fees and other expenses 3,153 (6) — — 3,153 (6) — Non-GAAP Operating Income (Loss) $ 8,032 $ 9,775 $ 1,381 $ 17,807 $ (9,171 ) Operating Margin -5.0 % -1.6 % -17.0 % -3.4 % -85.1 % Non-GAAP Operating Margin 3.0 % 3.9 % 0.6 % 3.5 % -2.0 % (1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations. We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating our non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude these charges for the purpose of calculating our non-GAAP measures, primarily because they are noncash expenses and our internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding intangible asset amortization. Although this does not directly affect our cash position, the loss in value of intangible assets over time can have a material impact on the equivalent GAAP earnings measure. (2) Includes expenses for the Company's Business Efficiency Program, which was designed to optimize the assets and business processes following the business combination with Adtran Networks. The Business Efficiency Program was completed as of December 31, 2024. (3) Includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a results of the business combination with Adtran Networks, which was completed as of December 31, 2024. (4) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for certain employees, all of which is included in selling, general and administrative expenses on the condensed consolidated statement of loss. (5) Non-cash impairment of goodwill in our Network Solutions reporting unit, necessitated by factors such as a decrease in the Company's market capitalization, cautious service provider spending due to economic uncertainty and continued elevated customer inventory adjustments. (6) $3.2 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss. Includes professional fees related to an internal investigation and related employee exit costs, fees relating to other one-time professional fees and business expenses. Expand Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 (Restated) (Restated) Interest and dividend income $ 201 $ 126 $ 366 $ 327 $ 763 Interest expense (4,564 ) (4,761 ) (6,906 ) (9,325 ) (11,504 ) Net investment gain (loss) 3,075 (1,686 ) 872 1,389 3,125 Other (expense) income, net (2,636 ) 944 (901 ) (1,692 ) 409 Total Other Expense $ (3,924 ) $ (5,377 ) $ (6,569 ) $ (9,301 ) $ (7,207 ) Deferred compensation adjustments (1) (2,968 ) 1,649 (896 ) (1,319 ) (3,335 ) Pension expense (2) 11 11 7 22 14 Non-GAAP Other Expense $ (6,881 ) $ (3,717 ) $ (7,458 ) $ (10,598 ) $ (10,528 ) (1) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees. (2) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign countries. Expand Supplemental Information Reconciliation of Net Loss inclusive of Non-Controlling Interest to Non-GAAP Net (Loss) Income inclusive of Non-Controlling Interest (Unaudited) and Reconciliation of Net Loss attributable to ADTRAN Holdings, Inc. and Loss per Common Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted to Non-GAAP Net (Loss) Income attributable to ADTRAN Holdings, Inc. and Non-GAAP (Loss) Earnings per Common Share attributable to ADTRAN Holdings, Inc. – Basic and Diluted (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended (Restated) (Restated) Net Loss attributable to ADTRAN Holdings, Inc. common stockholders $ (19,037 ) $ (11,270 ) $ (49,667 ) $ (30,307 ) $ (380,432 ) Effect of redemption of RNCI (1) (1,494 ) 3 — (1,491 ) — Net Loss attributable to ADTRAN Holdings, Inc. $ (20,531 ) $ (11,267 ) $ (49,667 ) $ (31,798 ) $ (380,432 ) Net Income attributable to non-controlling interest (2) 2,273 2,319 2,505 4,592 5,035 Net Loss inclusive of non-controlling interest $ (18,258 ) $ (8,948 ) $ (47,162 ) $ (27,206 ) $ (375,397 ) Acquisition related expenses, amortizations and adjustments (3) 12,774 12,080 17,297 24,854 32,355 Stock-based compensation expense 2,673 3,210 3,597 5,883 7,314 Deferred compensation adjustments (4) 66 102 (48 ) 168 (547 ) Pension adjustments (5) 11 11 7 22 14 Restructuring expenses (6) (284 ) — 17,530 (284 ) 34,640 Integration expenses (7) — — 566 — 1,080 Goodwill impairment — — — — 297,353 Professional fees and other expenses 3,153 (8) — — 3,153 (8) — Tax effect of adjustments to net loss (9) 388 (1,980 ) 780 (1,592 ) (17,746 ) Non-GAAP Net Income (Loss) inclusive of non-controlling interest $ 523 $ 4,475 $ (7,433 ) $ 4,998 $ (20,934 ) Net Income attributable to non-controlling interest (2) 2,273 2,319 2,505 4,592 5,035 Non-GAAP Net (Loss) Income attributable to ADTRAN Holdings, Inc. $ (1,750 ) $ 2,156 $ (9,938 ) $ 406 $ (25,969 ) Effect of redemption of RNCI (1) 1,494 (3 ) — 1,491 — Non-GAAP Net (Loss) Income attributable to ADTRAN Holdings, Inc. common stockholders $ (256 ) $ 2,153 $ (9,938 ) $ 1,897 $ (25,969 ) Weighted average shares outstanding – basic 79,748 79,534 78,852 79,642 78,803 Loss per common share attributable to ADTRAN Holdings, Inc. – basic $ (0.24 ) $ (0.14 ) $ (0.63 ) $ (0.38 ) $ (4.83 ) Loss per common share attributable to ADTRAN Holdings, Inc. – diluted $ (0.24 ) $ (0.14 ) $ (0.63 ) $ (0.38 ) $ (4.83 ) Non-GAAP (Loss) Earnings per common share attributable to ADTRAN – basic $ (0.00 ) $ 0.03 $ (0.13 ) $ 0.02 $ (0.33 ) Non-GAAP (Loss) Earnings per common share attributable to ADTRAN – basic $ (0.00 ) $ 0.03 $ (0.13 ) $ 0.02 $ (0.33 ) (1) Loss per common share attributable to ADTRAN Holdings, Inc. - basic and diluted - reflects a $1.5 million effect of redemption of RNCI for the three and six months ended June 30, 2025. (2) Represents the non-controlling interest portion of the Company's ownership of Adtran Networks pre-DPLTA and the annual recurring compensation earned by redeemable non-controlling interests and accrued by the Company post-DPLTA. (3) We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating our non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude these charges for the purpose of calculating our non-GAAP measures, primarily because they are noncash expenses and our internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding intangible asset amortization. Although this does not directly affect our cash position, the loss in value of intangible assets over time can have a material impact on the equivalent GAAP earnings measure. (4) Includes non-cash change in fair value of equity investments held in deferred compensation plans offered to certain employees. (5) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign countries. (6) Includes expenses for a Business Efficiency Program designed to optimize the assets and business processes following the business combination with Adtran Networks. The Business Efficiency Program was completed as of December 31, 2024. (7) Includes expenses related to the Company's one-time integration bonus program in connection with synergy targets as a results of the business combination with Adtran Networks. Includes fees incurred for the expansion of internal controls at Adtran Networks and the implementation of the DPTLA which was completed as of December 31, 2024. (8) $3.2 million is included in selling, general and administrative expenses on the condensed consolidated statements of loss. Includes professional fees related to an internal investigation and related employee exit costs, fees relating to other one-time professional fees and business expenses. (9) Represents the tax effect of non-GAAP adjustments. Beginning in the period ended September 30, 2024, the Company changed its method of calculating non-GAAP income taxes by applying blended statutory tax rates to non-GAAP losses before income taxes in order to include current and deferred income tax expenses that are commensurate with the non-GAAP measure of profitability. The blended statutory tax rate is calculated using 0%, resulting in no tax benefits net of impact of valuation allowance, for the loss jurisdiction's non-GAAP losses before income taxes and 30% for all remaining jurisdictions' non-GAAP income before income taxes. Prior periods have been adjusted to reflect the application of blended statutory tax rates, net of impact of valuation allowance, to non-GAAP losses before income taxes as opposed to the previous application of blended statutory and effective tax rates to separate non-GAAP adjustments. We previously reported the tax effect of the adjustment to non-GAAP net loss under the prior method of $7.9 million and $13.5 million for the three months ended June 30, 2024 and six months ended June 30, 2024, respectively. Expand
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GENIUS Act: The Catalyst for Trillions in Real-World Asset Tokenization with Deal Box and OroBit
San Diego, CA , Aug. 04, 2025 (GLOBE NEWSWIRE) — The passage of the landmark GENIUS Act marks a defining moment for the digital asset industry, further opening the door for mainstream adoption of real-world asset (RWA) tokenization, an industry expected to surpass $16 trillion this decade. Positioned at the heart of this financial evolution are fintech pioneer Thomas Carter's Deal Box and blockchain infrastructure innovator OroBit—two firms uniquely prepared to harness these converging opportunities. The GENIUS Act provides explicit regulatory guidelines for stablecoins and digital assets, clarifying critical elements such as reserve requirements (mandating 100% reserves in USD or short-term Treasuries), monthly audits, AML compliance, and dual federal and state licensing oversight. These clear guidelines remove major uncertainties that have long constrained institutional participation, signaling an era of greater investor confidence and market stability. This regulatory clarity arrives during an unprecedented uptick in institutional interest in cryptocurrency markets, notably driven by recent Bitcoin ETF approvals and increasing investment from banks and asset managers. The crypto market capitalization has surged past $4 trillion, reflecting robust, ongoing confidence from institutional treasuries. Thomas Carter, CEO and founder of Deal Box, emphasized the strategic importance of this regulatory development: 'The GENIUS Act couldn't be better timed. The clarity and legitimacy it provides aligns perfectly with growing institutional confidence in digital assets. This convergence creates precisely the environment we've anticipated, enabling Deal Box and our partners at OroBit to rapidly scale tokenization solutions, especially in private equity and traditionally illiquid markets.' Since its inception in 2016, Deal Box has actively championed the tokenization of private equity and alternative assets, offering investors unprecedented access, transparency, and liquidity. Deal Box is also at the forefront of AI technology, partnering with Wild Mouse, an Australian enterprise software company, which has developed a globally unique platform designed to ingest, analyze, and act on unstructured data at scale, offering transformative potential for companies like OroBit. OroBit complements this vision with their sophisticated Smart Contract Layer (SCL), a robust blockchain protocol built on Bitcoin, securely automating tokenization, ownership management, and compliance processes, providing infrastructure for mainstream adoption. By leveraging Bitcoin—the largest and most secure blockchain—OroBit is strategically positioned to capture substantial value as the Bitcoin network itself experiences historic growth and adoption. Warwick Powell, Chairman of OroBit, highlighted the transformative impact of this legislation and strategic alignment: 'The GENIUS Act directly validates the infrastructure we've developed, clearing the path for institutional-grade adoption at a scale previously unimaginable. Alongside Deal Box, we're positioned to become the new standard-bearer for secure, compliant, and efficient tokenized financial products.' The unified ecosystem they have crafted, powered by an enterprise-grade AI platform, is redefining how private equity, real estate, art, and other high-value assets are owned, traded, and managed globally. The long-anticipated tokenization revolution is now underway. About Deal Box Deal Box is venture capital that fits your life. We bring institutional clarity to tokenized and traditional assets through credible AI structuring, Bitcoin-first token design, and packaging built for investor diligence. Structured for issuer-led offerings under Rule 506(c), Deal Box does not act as a broker-dealer or placement agent and receives no compensation tied to capital raised. contact: [email protected] About OroBit OroBit delivers secure, scalable Bitcoin Layer-2 solutions, enabling sophisticated smart-contract capabilities specifically tailored to institutional and private market asset tokenization. See for more information contact [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
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CYCLACEL PHARMACEUTICALS HIGHLIGHTS PRECLINICAL DATA SHOWING THAT CANCER OF THE BILIARY TRACT IS SENSITIVE TO PLOGOSERTIB
– Biliary tract cancer (BTC) or cholangiocarcinoma is an aggressive tumor with poor prognosis – KUALA LUMPUR, Malaysia, Aug. 04, 2025 (GLOBE NEWSWIRE) — Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; 'Cyclacel' or the 'Company'), a biopharmaceutical company developing innovative cancer medicines, highlighted a preclinical study from independent investigators titled, ' Evaluation of antitumor effects of plogosertib, PLK1 inhibitor in biliary tract cancer with BUBR1 as a potential biomarker ' in the journal, Cancer Research, previously reported in a poster at the American Association of Cancer Research 2025 annual meeting.1 The investigators found that several BTC cancer cell lines were sensitive to plogosertib both as monotherapy and in combinations. Consistently with its antimitotic mechanism of action, plogosertib promoted mitotic checkpoint complex (MCC) formation in prometaphase, which induced mitotic arrest resulting in apoptosis of BTC cells. The authors have also found that BUBR1, a critical mitotic checkpoint protein, may be useful as a biomarker to assess plogosertib's effectiveness. BTC cells with high BUBR1 expression were found to be more sensitive to plogosertib compared to those with low expression. The study concluded that BTC cells with high BUBR1 expression are sensitive to the PLK1 inhibitor plogosertib that demonstrate synergistic effects when combined with an ATR inhibitor, which suggest that targeting PLK1 could be an effective strategy for BTC treatment, especially with BUBR1 expression as a potential biomarker to inform optimal combination therapies. About Biliary Tract Cancer (BTC) BTC, also called cholangiocarcinoma, is a rare but aggressive cancer occurring in the biliary tract, a network of small tubes, or ducts, connecting the liver, gallbladder and small intestine. According to estimates from the National Cancer Institute's SEER database annual US incidence of BTC is 4.4 per 100,000. Prognosis for BTC patients is poor with 5-year overall survival of approximately 10–40% even after surgical tumor resection. BTC treatment strategies include chemotherapy, surgery, radiation and targeted medicines depending on location and stage. As these approaches are not curative, there is an urgent, unmet medical need to treat patients with relapsed, refractory and/or unresectable BTC. About Polo-like Kinase and Plogosertib Polo-like kinase 1 (PLK1) is a serine/threonine kinase that plays a central role in cell division or mitosis. PLK1 is an important regulator of the DNA damage cell cycle checkpoint, mitotic entry and exit, spindle formation and cytokinesis, or cell separation into daughter cells. In general, cancer cells, and in particular KRAS mutated and p53(-) cells, are very sensitive to PLK1 depletion. In contrast normal cells with intact cell cycle checkpoints are less sensitive. Pharmacological inhibition of PLK1 in cancer cells blocks proliferation by prolonged mitotic arrest and induces onset of apoptotic death of such cells. Plogosertib (formerly CYC140) is a novel, small molecule, selective and potent PLK1 inhibitor. It has demonstrated impressive efficacy in human tumor xenografts at nontoxic doses. Cyclacel's translational biology program supports the development of plogosertib in solid tumors and leukemias. Preclinical data from independent groups have shown that certain ARID1A- and/or SMARCA-mutated cancers, and cancers associated with DNAJ-PKAc fusions, may benefit from treatment with plogosertib. Additionally, recent data suggest that PLK1 inhibition may be effective in KRAS-mutated metastatic colorectal cancer. PLK1 overexpression correlates with poor patient prognosis in several tumors, including biliary tract, esophageal, fibrolamellar liver, gastric, leukemia, lung, ovarian, and squamous cell cancers, as well as MYC-amplified cancers. Initial dose escalation data from a Phase 1 clinical study of oral plogosertib suggest that the compound is well tolerated with no dose limiting toxicity observed in five dosing schedules. Clinical benefit was observed in patients with adenoid cystic, biliary tract, ovarian, and squamous cell sinus cancers. About Cyclacel Pharmaceuticals, Inc. Cyclacel is a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle and mitosis biology. The anti-mitotic program is evaluating plogosertib, a PLK1 inhibitor, in patients with both solid tumors and hematological malignancies. Cyclacel's strategy is to build a diversified biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. For additional information, please visit Forward-looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in this press release. These forward-looking statements can be identified by terminology such as 'may,' 'could,' 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'targets,' 'likely to', 'understands' and similar statements. These forward-looking statements are based on management's current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Cyclacel's actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Cyclacel's business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2024 annual report on Form 10-K, and in particular the 'Risk Factors' section, as well as the other documents filed with or furnished to the SEC by Cyclacel from time to time. Copies of these filings are available online from the SEC at or on the SEC Filings section of our Investor Relations website at These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing Cyclacel's views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to Cyclacel, and Cyclacel and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Contact Cyclacel Pharmaceuticals, Inc. Email: [email protected] © Copyright 2025 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc. SOURCE: Cyclacel Pharmaceuticals, Inc. 1 Yoojin Jeong, Yoojin Jeong, et al, Abstract 5406: Evaluation of antitumor effects of plogosertib, PLK1 inhibitor in biliary tract cancer with BUBR1 as a potential biomarker, Cancer Res (2025) 85 (8 Supplement 1): 5406. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
