Bybit's Ben Zhou Charts Bold New Course to Rewrite Crypto Success at Mid-Year Keynote
In the highly anticipated " Keynote with Ben: Reshaping What's Next, Bit by Bit," CEO and Co-founder Ben Zhou delivered a forward-looking vision grounded in real-world adoption, institutional-grade innovation, and deep ecosystem alignment.
Celebrating over six years of service, 74 million users, and a milestone where 1 in 8 crypto enthusiasts globally have chosen Bybit, CEO and Co-founder Ben Zhou reaffirmed the exchange's mission: Rewrite Your Success. Reshape The Standard.
"Crypto is no longer just about speculation — it's about real world application. At Bybit, we're not just trading the future; we're rewriting and reshaping what success looks like, bit by bit," said Zhou.
Compliance as a Foundation for the Future
Bybit opened the keynote with a reaffirmation of its compliance-first approach — a critical pillar as the industry matures. Now fully compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR) framework and securing FIU-India registration in the first half of 2025, Bybit emphasized compliance not as a barrier but as an enabler. Zhou emphasized that "sustainability in crypto begins with trust and transparency," and positioned compliance not as a constraint, but as a catalyst for long-term growth.
Rewriting the Industry Security Standard
Bybit has also successfully rewritten the industry standard for security following a sophisticated multi-stage attack on one of its vendors in February — the largest known hack in crypto history. While Bybit's own infrastructure remained uncompromised, the company acted swiftly in response. Within weeks, it completed nine extensive security audits — conducted by both internal and independent experts — and implemented over 50 enhanced safeguards.
The response drew industry-wide praise and global recognition for its transparency, resilience, and user-first approach. Today, Bybit's security overhaul is regarded as a new benchmark in platform integrity.
Trading Excellence Backed by Infrastructure Upgrades
Bybit continues to lead in performance and reliability. Its upgraded matching engine now handles 3.5 million transactions per second, processing nearly 200 billion daily orders — a 75% year-over-year increase in the first half of 2025.
By extending its Rapid Price Improvement (RPI) mechanism to perpetual contracts, Bybit has delivered 150% higher liquidity and up to 5x better execution across retail and VIP accounts, firmly establishing itself as the go-to destination for professional trading.
Setting a New Height in Crypto Wealth Management
As institutional and high-net-worth adoption increases, Bybit is reshaping what wealth preservation means in the digital age. Its newly launched wealth management platform has already surpassed $150 million in AUM, offering curated portfolios and strategic services tailored to sophisticated investors — all underpinned by Bybit's trading depth and robust security infrastructure.
Redefining Real-World Utility: Bybit Card and Payments
Another highlight was the new edition of the Bybit Card — now positioned as a crypto-native business card that integrates seamlessly into both corporate and consumer spending. With support for Visa and Mastercard networks, smart security features, and real-time expense tracking, the card bridges the gap between digital assets and daily transactions. Bybit Card is expected to expand into the EU region in August, with Peru and Colombia lined up for Q4.
Bybit's payments infrastructure has also made major strides. Native support for nationwide QR payments in Southeast Asia and LATAM has driven a 719% quarter-over-quarter increase in usage. With over two million users and cross-sector partnerships with local services like Rappi and Vivaticket, Bybit is moving closer to making crypto as usable as "cash".
Introducing Bybit Lite to Earn, Manage, and Trade
Zhou unveiled the upgraded Bybit App — a unified platform that streamlines both active trading and passive income generation. Bybit Lite is a new upgraded version for casual users and a reimagined Earn section, offering personalized strategies and simplified ways to activate idle capital.
A Key Partner of Mantle 2.0
A major announcement was Bybit's deepened strategic alignment with Mantle This partnership sets the stage for what Zhou called "a bold new chapter in institutional-grade on-chain finance." The launch of Mantle 2.0 comes with renewed leadership and tighter ecosystem integration — including Helen Liu, Co-CEO and Partner of Bybit and Emily Bao, Head of Spot and Web3 at Bybit stepping in as key advisors.
Together, Bybit, as one of Mantle's ecosystem partners, will accelerate the development of decentralized finance by aligning infrastructure, liquidity, and governance. The collaboration aims to set new standards for scalability and compliance, while tapping into the growing demand for trust-driven DeFi solutions.
Reshaping the Standard
With this keynote, Bybit signaled more than just platform growth — it marked a shift in how the industry defines success. Zhou's message was clear: The next era of crypto will be shaped by platforms that offer trust, usability, and true innovation.
"We believe crypto should be usable, secure, and powerful enough to serve everyone — from first-time users to institutional investors," Zhou said. "Together with our community, we are rewriting the rules and reshaping the space for good."
Watch the full keynote replay here.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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Cision Canada
15 minutes ago
- Cision Canada
McCOY GLOBAL ANNOUNCES SECOND QUARTER 2025 RESULTS AND DECLARATION OF QUARTERLY DIVIDEND
EDMONTON, AB, Aug. 8, 2025 /CNW/ - McCoy Global Inc. ("McCoy," "McCoy Global" or "the Corporation") (TSX: MCB) today announced its operational and financial results for the three months ended June 30, 2025. The Corporation also announced that its Board of Directors has declared a quarterly cash dividend of $0.025 per common share payable on October 15, 2025, to shareholders of record as of close of business on September 30, 2025. The dividend per common share is a regular dividend and is an "eligible" dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation. Second Quarter Highlights: Revenue increased 21% to $24.1 million, compared to $19.9 million in Q2 2024. smartProduct revenue 5 of $13.9 million accounted for 58% of total revenue (three months ended June 30, 2024 – 32%), an increase of 117% or $7.5 million from the comparative period; Net earnings decreased 56% to $1.4 million compared to the second quarter of 2024 of $3.1 millions a result of higher stock-based compensation expense ($1.4 million), reflecting the mark-to-market impact of the Corporation's share price appreciation on cash-settled awards, a significant portion of which relates to a previous non-recurring issuance of director performance share units vesting in December of 2025 (Q2 2024 - $0.1 million); Adjusted EBITDA 1 of $4.8 million, or 20% of revenue, compared with $4.7 million, or 24% of revenue, in 2024. The percentage of revenue decline from the comparative period was primarily attributable to provisions for bad debts of $0.5 million (Q2 2024 – recovery of $0.4 million); Since January 1, 2025, advanced its Digital Technology Roadmap: McCoy successfully concluded in-field trials for its innovative smarTR™ system for land and shelf applications. Confidence in the system from our US field-trial partners led to $11.0 million of contract awards for hardware. In addition to the equipment award, the contract includes utilization-based software-as-a-service (SaaS) revenue enabled by our integrated software platform for remote control, automation, and data-driven operational intelligence. The deployment of several systems into the North America land market by late June 2025 is accelerating product optimization and reinforcing the value of our offering through real-world performance and customer feedback. McCoy's smarTR™ system integrates McCoy's proprietary hydraulic smart casing running tool (smartCRT ™), McCoy's proprietary connected flush mount spider (smartFMS ™), and related tubular running accessories, into a first-to-market technology that significantly enhances both safety and efficiency and currently targets up to a 67% reduction in labor costs associated with TRS. McCoy delivered multiple hydraulic smartCRT ™ s destined for the Middle East market and secured additional orders for the US land market. The McCoy hydraulic smartCRT ™ was first commercialized in Q4, 2024, and the tool has successfully executed multiple operations with remarkable efficiency, demonstrating exceptional performance and proven reliability in demanding field conditions. Our unique, patented solution is a hydraulic option to our smartCRT ™ and is designed to integrate into our smarTR ™ system. This technology mitigates risks inherent in conventional, mechanical CRT technology, while providing actionable insights that optimize future performance. McCoy delivered a deep-water offshore integrated casing running system destined for Latin America. Delivering this technology completes the first step on a roadmap to a comprehensive smarTR™ system tailored for offshore and deep-water markets. This integrated deep-water system differs from our smarTR ™ solution designed for land and shelf that is centered around CRT technology, as deep-water casing installation requires hydraulic power tongs to meet technical specifications for the well profile. The Latin America contract award also marked the first offshore commercial SaaS purchase commitment for its Virtual Thread-Rep ™ technology. McCoy's Virtual Thread-Rep ™ technology enables customers to remotely monitor and control premium connection make-up. It also facilitates the autonomous evaluation and confirmation of premium connection make-up on location. Declared a quarterly cash dividend of $0.025 per common share payable on October 15, 2025, to shareholders of record as of close of business on September 30, 2025. "Our second quarter performance highlights the growing momentum behind McCoy's smartProduct portfolio and the advancements of our Technology Roadmap. With smartProduct revenue now representing 58% of total revenue, it is clear our customers are increasingly prioritizing automation, safety, and efficiency, in spite of challenging market conditions. The commercialization of our smarTR™ system, and its deployment into the North America land market by late June 2025 has allowed us to validate its performance in real-world environments, optimize the offering, and gather valuable customer feedback," said Jim Rakievich, President & CEO. "While our results for the quarter were impacted by certain non-recurring compensation expenses and working capital investments to support future demand, we remain confident in our long-term trajectory. As we continue to scale our smartProduct portfolio, we are positioning McCoy to generate stable, technology-driven revenue streams that are less reflective of the cyclicality often associated with the oil & gas industry. Our focus remains on delivering differentiated value to our customers, driving operational excellence, and executing with discipline to create sustainable growth and returns for our shareholders." "While Q3 may reflect tempered sequential revenue and earnings growth due to timing of NOC contract announcements and continued weakness in the North American land market, our $24.6 million backlog and growing smartProduct adoption provide a solid foundation for the remainder of 2025," said Lindsay McGill, Vice President & CFO. "We continue to invest in strategic initiatives that support long-term value creation. Our disciplined approach to capital allocation and operational efficiency ensures we remain well-positioned to deliver on our long-term financial objectives, even amid ongoing market uncertainty." Second Quarter Financial Highlights: Total revenue of $24.1 million, compared with $19.9 million in Q2 2024; Net earnings of $1.4 million, compared to $3.1 million in Q2 2024; Adjusted EBITDA 1 of $4.8 million, or 20% of revenue, compared with $4.7 million, or 24% of revenue, in 2024; Booked backlog 2 of $24.6 million at June 30, 2025, compared to $22.3 million in the second quarter of 2024; Book-to-bill ratio 3 was 0.93 for the three months ended June 30, 2025, compared with 0.83 in the second quarter of 2024. Financial Summary Revenue of $24.1 million for the three months ended June 30, 2025, increased 21% from the comparative period. For the six months ended June 30, 2025, revenue increased by 19% to $43.4 million. Second quarter revenue benefited from the successful commercialization of McCoy's smarTR™ technology platform, and the delivery of multiple systems to a leading US TRS provider. For the three months ended June 30, 2025, smartProduct revenue of $13.9 million accounted for 58% of total revenue (three months ended June 30, 2024 – 32%), an increase of $7.5 million or 119% from the comparative period. Gross profit, as a percentage of revenue, for the three and six months June 30, 2025, was 36% and 35% respectively, an increase of 2 percentage points from comparative periods in 2024. This improvement was the result of stronger operating leverage from higher production throughput, as well as a favourable shift in product mix toward McCoy's smartProduct offerings, including the smarTR ™ system. This was partially offset by investments in production and technical service capacity, including expanded staffing and facility-related costs, as well as support for new product deployment, customer training, and product commissioning activities. For the three and six months ended June 30, 2025, general and administrative expenses (G&A) totaled $4.3 million and $7.6 million, respectively, an increase from the comparative periods primarily driven by higher stock-based compensation expense, reflecting the mark-to-market impact of the Corporation's share price appreciation on cash-settled awards, a significant portion of which relates to a previous non-recurring issuance of director performance share units vesting in December of 2025. This resulted in an expense of $1.4 million for the three months ended June 30, 2025 (2024 – $0.1 million), and $2.2 million for the six months ended June 30, 2025 (2024 – $0.1 million). G&A also included $0.5 million of bad debts provision in the quarter (2024 – recovery of $0.4 million), and $0.8 million year-to-date (2024 – recovery of $0.1 million). To a lesser extent, G&A was also impacted by increased investment in corporate support including information technology, human resources and administrative support – aligned with the Corporation's continued revenue growth. As a percentage of revenue, G&A increased by 10 and 7 percentage points, respectively, in comparison to 2024. For the three and six months ended June 30, 2025, sales and marketing expenses were $0.9 million and $1.6 million, respectively. The increase was primarily attributable to expansion of the Corporation's technical salesforce and enhanced marketing efforts to support the accelerated adoption of the Corporation's smartProducts portfolio. As a percentage of revenue, Sales & Marketing increased 1% from the comparative periods. With total product development and support expenditures of $1.8 million and $3.4 million during the three and six months ended June 30, 2025, respectively, the Corporation further advanced its 'Technology Roadmap' through the design and development of additional smart product enhancements and complementary product accessories for McCoy's smartProduct portfolio. For the remainder of 2025, the Corporation has committed US$1.5 million of capital toward the development of these enhancements and additional product offerings. Product development and support expenses increased over the comparative periods, primarily due to investment in engineering and technical personnel, as well as increased travel related to new product deployment and customer support activities. Higher intellectual property expenditures also contributed to the increase. For the three and six months ended June 30, 2025, as well as the comparative period, other losses (gains), net is comprised mainly of foreign exchange losses or gains. Net earnings for the three months ended June 30, 2025, was $1.4 million or $0.05 per basic share, compared with net earnings of $3.1 million or $0.12 per basic share in the second quarter of 2024. Adjusted EBITDA 1 for the three months ended June 30, 2025, was $4.8 million compared with $4.7 million for the second quarter of 2024. As at June 30, 2025, the Corporation had $6.6 million in net cash 4, along with an additional $12.1 million available under undrawn credit facilities. Selected Quarterly Information Summary of Quarterly Results ($000 except per share amounts) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Revenue 24,051 19,346 25,222 15,842 19,910 16,542 19,699 16,878 Net earnings 1,367 946 4,255 516 3,125 975 2,674 1,900 as a % of revenue 6 % 5 % 17 % 3 % 16 % 6 % 14 % 11 % per share – basic 0.05 0.03 0.16 0.02 0.12 0.04 0.10 0.07 per share – diluted 0.05 0.03 0.15 0.02 0.11 0.04 0.10 0.07 EBITDA 1 2,978 2,296 5,598 1,826 4,638 2,191 3,001 3,641 as a % of revenue 12 % 12 % 22 % 12 % 23 % 13 % 15 % 22 % Adjusted EBITDA 1 4,817 3,479 6,534 2,668 4,728 2,273 3,987 3,856 as a % of revenue 20 % 18 % 26 % 17 % 24 % 14 % 20 % 23 % Outlook and Forward-Looking Information As 2025 has progressed, there has been a notable decline in market conditions across several global regions, driven by persistent macroeconomic uncertainty, a sharp increase in oil supply following the lifting of OPEC+ production quotas, global trade disruptions, and geopolitical tensions. These factors have contributed to increased customer prudence, particularly in capital equipment procurement, resulting in deferred investment decisions, subdued activity levels across key regions, and a shift in focus toward cash flow preservation and operational efficiency. Despite near-term stagnation in drilling activity and the deferral of certain National Oil Company (NOC) contract tender announcements, medium-term fundamentals for oil & gas markets are expected to remain stable, particularly in the Middle East and North Africa (MENA). Recent TRS contract tenders awarded in one of our largest markets have been favourable for McCoy; however, customer capital constraints have introduced challenges and have led to increased demand for rental tools or alternative financing arrangements. Over the next twelve months, several additional TRS contract award announcements are anticipated across key Eastern Hemisphere markets, representing a cumulative total of upwards of 100rigs - all requiring the use of casing running tools. Though the timing of these announcements is uncertain, we expect these awards will positively impact the conversion of many of our smartProduct technology quotes into confirmed orders. McCoy is well positioned to capitalize on these trends with market leading technologies and product enhancements that provide superior safety, efficiency, and simplified operating procedures, as well as expert technical support with local presence and the broadest portfolio of TRS equipment on the market. In the North American land market, recent market volatility and broader recessionary pressures have contributed to a continued decline in rig count and drilling with some regions reaching levels not seen since 2021. Despite these headwinds, industry confidence in McCoy's smartProduct technologies, particularly our smarTR ™ system, remains positive. However, we anticipate the current market environment may temper the rate of technology adoption and near-term revenue growth. As we advance through the commercialization and adoption phases of our Technology Roadmap initiative, we anticipate future revenue streams will become progressively less tied to the cyclicality of drilling activity and increasingly driven by technology adoption. McCoy's smartProduct portfolio offers meaningful improvements in safety, operational efficiency, and, often, cost reduction, positioning the Corporation to deliver enhanced value to customers even in challenged market conditions. As customers look to differentiate in a competitive market and drive greater efficiency at lower cost, McCoy's smart solutions are increasingly aligned with their priorities. With a reported backlog of $24.6 million as at June 30, 2025, and continued momentum in the adoption of our smartProduct technologies, we are well positioned to pursue our strategic and financial objectives in 2025 with discipline and flexibility. While the pace of market penetration may be moderated by current macroeconomic conditions, we continue to observe encouraging trends that are expected to facilitate adoption across key markets over the long-term. Q3 2025 may reflect tempered revenue and earnings growth amid ongoing market dynamics, largely influenced by the timing of National Oil Company (NOC) contract announcements and North America land market conditions. Looking ahead, uncertainty may persist into the latter half of 2025 and early 2026, as customers align capital commitments with TRS award announcements timelines. While quarterly performance may exhibit variability, this is largely reflective of the inherent lumpiness in capital equipment markets, where customer purchase decisions and shipment schedules can shift between periods. To navigate this environment, we are proactively implementing cost control measures and deferring select capital expenditures, while continuing to invest in strategic initiatives. These include continued product development, deployment and support activities, scaling our global technical support capabilities to enhance customer experience with particular focus on McCoy's smartProduct lines, and expanding our rental fleet in regions where customer capital constraints are creating opportunities for high-return rental solutions. Supported by a proven track record of operational efficiency and cash flow generation, McCoy is well positioned to navigate current market dynamics and capitalize on emerging opportunities. For 2025 and beyond, we continue to focus on our key strategic initiatives to deliver value to all our stakeholders: Accelerating market adoption of new and recently developed 'smart' portfolio products; and Focusing on capital allocation priorities. We believe this strategy, together with our committed and agile team, McCoy's global brand recognition, application expertise, strong balance sheet, and global footprint will further advance McCoy's competitive position and generate strong returns on invested capital. About McCoy Global Inc. McCoy Global is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Corporation has offices in Canada, the United States of America, and the United Arab Emirates and operates internationally in more than 50 countries through a combination of direct sales and key distributors. Throughout McCoy's 100-year history, it has proudly called Edmonton, Alberta, Canada its corporate headquarters. The Corporation's shares are listed on the Toronto Stock Exchange and trade under the symbol "MCB". 1 EBITDA is calculated under IFRS and is reported as an additional subtotal in the Corporation's consolidated statements of cash flows. EBITDA is defined as net earnings (loss), before depreciation of property, plant and equipment; amortization of intangible assets; income tax expense (recovery); and finance charges, net. Adjusted EBITDA is a non-GAAP measure defined as net earnings (loss), before: depreciation of property, plant and equipment; amortization of intangible assets; income tax expense (recovery); finance charges, net; provisions for excess and obsolete inventory; other (gains) losses, net; restructuring charges; share-based compensation; and impairment losses. The Corporation reports on EBITDA and adjusted EBITDA because they are key measures used by management to evaluate performance. The Corporation believes adjusted EBITDA assists investors in assessing McCoy Global's current operating performance on a consistent basis without regard to non-cash, unusual (i.e. infrequent and not considered part of ongoing operations), or non-recurring items that can vary significantly depending on accounting methods or non-operating factors. Adjusted EBITDA is not considered an alternative to net earnings (loss) in measuring McCoy Global's performance. Adjusted EBITDA does not have a standardized meaning and is therefore not likely to be comparable to similar measures used by other issuers. For comparative purposes, in previous financial disclosures 'adjusted EBITDA' was defined as "net earnings (loss) before finance charges, net, income tax expense (recovery), depreciation, amortization, impairment losses, restructuring charges, non-cash changes in fair value related to derivative financial instruments and share-based compensation. 2 McCoy Global defines backlog as orders that have a high certainty of being delivered and is measured on the basis of a firm customer commitment, such as the receipt of a purchase order. Customers may default on or cancel such commitments but may be secured by a deposit and/or require reimbursement by the customer upon default or cancellation. Backlog reflects likely future revenues; however, cancellations or reductions may occur and there can be no assurance that backlog amounts will ultimately be realized as revenue, or that the Corporation will earn a profit on backlog once fulfilled. Expected delivery dates for orders recorded in backlog historically spanned from one to six months. 3 The book-to-bill ratio is a measure of the amount of net sales orders received to revenues recognized and billed in a set period of time. The ratio is an indicator of customer demand and sales order processing times. The book-to-bill ratio is not a GAAP measure and therefore the definition and calculation of the ratio will vary among other issuers reporting the book-to-bill ratio. McCoy Global calculates the book-to-bill ratio as net sales orders taken in the reporting period divided by the revenues reported for the same reporting period. 4 Net cash is a non-GAAP measure defined as cash and cash equivalents, plus: restricted cash, less: borrowings. 5 smartProduct revenue is a non-GAAP measure and includes sales, rental and services revenues from those products and technologies developed under the Corporation's technology roadmap initiative. The metric includes revenues from flush mount spiders (FMS), casing running tools (CRTs), smartTONGs and related software and accessories. The Corporation believes smartProduct revenue is a key metric that can assist investors in assessing how McCoy Global has executed on its technology roadmap strategy. Forward-Looking Information This News Release contains forward looking statements and forward-looking information (collectively referred to herein as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward looking information is often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "expect", "objective", "ongoing", "believe", "will", "may", "projected", "plan", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words suggesting future outcomes. This New Release contains forward looking statements respecting the business opportunities for the Corporation that are based on the views of management of the Corporation and current and anticipated market conditions; and the perceived benefits of the growth strategy and operating strategy of the Corporation are based upon the financial and operating attributes of the Corporation as at the date hereof, as well as the anticipated operating and financial results. Forward-looking statements regarding the Corporation are based on certain key expectations and assumptions of the Corporation concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, which are subject to change based on market conditions and potential timing delays. Although management of the Corporation consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in the forward looking statements, including inability to meet current and future obligations; inability to complete or effectively integrate strategic acquisitions; inability to implement the Corporation's business strategy effectively; access to capital markets; fluctuations in oil and gas prices; fluctuations in capital expenditures of the Corporation's target market; competition for, among other things, labour, capital, materials and customers; interest and currency exchange rates; technological developments; global political and economic conditions; global natural disasters or disease; and inability to attract and retain key personnel. Readers are cautioned that the foregoing list is not exhaustive. The reader is further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These judgments and estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes. The information contained in this News Release identifies additional factors that could affect the operating results and performance of the Corporation. We urge you to carefully consider those factors. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this New Release and the Corporation does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
Cision Canada
15 minutes ago
- Cision Canada
BIG ROCK BREWERY INC. ANNOUNCES SECOND QUARTER 2025 RESULTS AND A 45% INCREASE IN SECOND QUARTER SALES VOLUMES
Trailing twelve month sales volume growth of 39% CALGARY, AB, Aug. 8, 2025 /CNW/ - Big Rock Brewery Inc. (TSX: BR) (" Big Rock" or the " Corporation") today announces its financial results for the three and six months ended June 30, 2025. Financial Summary For the three months ended June 30, 2025, compared to the three months ended June 30, 2024, the Corporation reported: total sales volumes up 45.3% to 84,116 hl compared to 57,908 hl, driven by contract sales volumes that more than doubled and an increase of 20.2% in wholesale volumes; net revenue increased by 34.2% to $16.6 million from $12.3 million on increased sales volumes; gross margin increased to $5.2 million compared to $4.1 million; operating income increased to $0.4 million, compared to an operating loss of $(0.7) million; net income increased by $0.1 million to $0.3 million; and Adjusted EBITDA increased by $0.8 million to $1.0 million. Adjusted EBITDA is a non-GAAP financial measure, see " Non-GAAP Measures". For the six months ended June 30, 2025, compared to the six months ended June 30, 2024, the Corporation reported: total sales volumes up 47.9% to 152,460 hl compared to 103,112 hl, driven by contract sales volumes that more than doubled and an increase of 10.6% in wholesale volumes; net revenue increased by 32.7% to $27.8 million from $20.9 million because of increased co-packing sales volumes; gross margin increased to $8.9 million compared to $5.9 million, an increase of 51%; operating income increased to $0.5 million, compared to an operating loss of $(3.0) million; net income increased to $0.2 million from a loss of $(2.9) million, an increase of $3.1 million; and Adjusted EBITDA increased by $3.0 million to $1.7 million. Adjusted EBITDA is a non-GAAP financial measure, see " Non-GAAP Measures". Summary of Results $000, except hl and per share amounts Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Sales volumes - wholesale (hl) 48,698 40,519 80,590 72,871 Sales volumes – contract (hl) 35,418 17,389 71,870 30,241 Total sales volumes (hl) 84,116 57,908 152,460 103,112 Gross product revenue $ 20,470 $ 15,792 $ 34,673 $ 27,080 Net revenue 16,567 12,344 27,767 20,926 Cost of sales 11,402 8,218 18,893 15,063 Adjusted EBITDA (1) 967 165 1,655 (1,308) Operating income (loss) 395 (667) 495 (2,966) Net income (loss) 281 220 232 (2,853) Net income (loss) per share (basic and diluted) $ 0.01 $ 0.03 $ 0.01 $ (0.41) (1) Non-GAAP financial measure. See " Non-GAAP Measures". Sales volumes increased by 45.3% compared the second quarter of 2024 and a 23.1% increase compared to the first quarter of 2025. More importantly, Adjusted EBITDA was a positive $1.0 million, which represents a $0.8 million improvement from the second quarter of 2024. David Kinder, Big Rock's President and Chief Executive Officer noted, "In an economically challenging and uncertain time, I am delighted to release our second quarter 2025 results. Directionally, we are building on 4 consecutive quarters of year-over-year quarterly sales volume growth. This momentum contributed to a significant improvement in Adjusted EBITDA of $0.8 million for the quarter and $3.0 million on a year-to-date basis. Key metrics are directionally positive, and more importantly we are fundamentally profitable from an earnings and cash flow perspective. The management team continues to focus on mitigating the negative effects of tariffs, the Alberta Markup increases and a general increase in costs. In 2025 we are incredibly proud to be celebrating our 40-year anniversary and to have successfully launched our new branding and updated product portfolio, which no doubt have contributed to our success so far this year". Additional Information The unaudited condensed interim consolidated financial statements of the Corporation and the Corporation's Management Discussion and Analysis for the three and six months ended June 30, 2025 dated August 7, 2025, can be viewed on Big Rock's website at and on SEDAR+ at under Big Rock Brewery Inc. NON-GAAP MEASURES The Corporation uses certain financial measures referred to in this press release to quantify its results that are not prescribed by Generally Accepted Accounting Principles (" GAAP"). Such financial measures do not have a standardized meaning under GAAP and therefore may not be comparable to similar measures presented by other issuers. The non-GAAP financial measures should not be considered in isolation, as an alternative to or more meaningful than the most directly comparable GAAP measures which are prepared in accordance with IFRS Accounting Standards. " Adjusted EBITDA" is a non-GAAP financial measure that the Corporation uses to measure operating performance and borrowing capacity. The most directly comparable GAAP measure to adjusted EBITDA is net income, or net loss, as applicable. The following table details the composition of adjusted EBITDA and its reconciliation to net income, or net loss: ($000, except where indicated) Three months ended June 30 Six months ended June 30 2025 2024 Change 2025 2024 Change Net income (loss) $ 281 $ 220 $ 61 $ 232 $ (2,853) $ 3,085 Addback: Interest 213 587 (374) 377 1,361 (984) Depreciation and amortization 529 827 (298) 1,069 1,654 (585) Share based payments (56) 5 (61) (23) 4 (27) Gain on dispositions – net — (1,474) 1,474 — (1,474) 1,474 Adjusted EBITDA $ 967 $ 165 $ 802 $ 1,655 $ (1,308) $ 2,963 Forward-Looking Information Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. These statements relate to expectations regarding future events or Big Rock's future performance based on certain assumptions made by Big Rock. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are not facts, but only predictions based on information presently available and generally can be identified by the use of statements that include words or phrases such as, "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "likely", "may", "project", "predict", "propose", "potential", "might", "plan", "seek", "should", "targeting", "will", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon by readers, as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. This press release contains forward-looking statements pertaining to: Big Rock's continued focus on mitigating the negative effects of tariffs, changes to, and the subsequent revision of the Alberta Markup Share and general cost increases; and other similar statements. With respect to the forward-looking statements listed above and contained in this press release, management has made assumptions regarding, among other things: the duration and impact of tariffs currently in effect and that such tariffs will remain in effect unchanged; markup rates applied by the Alberta Gaming, Liquor and Cannabis Commission ("AGLC"); anticipated cost increases in Big Rock's production and supply chain; volumes in the current fiscal year will remain constant or continue to increase; there will be no material change to the regulatory environment in which Big Rock operates; there will be no material supply issues with Big Rock's vendors; seasonal fluctuations in demand; and Big Rock can and will execute it business plans and strategies. Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the risk factors set out in the Corporation's annual information form for the year ended December 30, 2024 which is available on SEDAR+ at and also include, but are not limited to: risks related to Big Rock's credit facility with ATB; the inability to grow demand for Big Rock's products; the inability to execute its product innovation strategy and to introduce such products in the volumes necessary to fulfil its expectations; changes to the duration and/or impact of tariffs currently in place, including any impacts on general market demand; risks related to unanticipated changes to AGLC's mark-up rates; the risk that Big Rock may not have an increase in market demand or market share; the risk that Big Rock may lose co-packing contract volumes or the anticipated benefits of co-packing production; the risk that continued attention to streamlining production and maximizing return on sales and marketing initiatives for Big Rock's branded, white-label and co-packing businesses, won't help the Corporation continue to improve its financial results and strengthen its balance sheet; the risk that Big Rock may not realize operational efficiencies or margin growth; the risk that Big Rock may not have sufficient cash flows to cover forecasted expenses or return to profitability; and the risk that Big Rock may not be in compliance with its financial covenants for the next 12 months. Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking statements contained herein speak only as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws. About Big Rock Brewery Inc. In 1985, Ed McNally founded Big Rock to contest the time's beer trends. Three bold, European-inspired offerings – Bitter, Porter and Traditional Ale – forged an industry at a time heavy on easy drinking lagers and light on flavour. Today, our extensive portfolio of signature beers, ongoing seasonal offerings, six ciders (Rock Creek Cider ® series), custom-crafted private label products and other notable, licensed alcoholic beverages keeps us at the forefront of the craft beer revolution and still proudly contesting the beer and alcoholic beverage trends of today. Big Rock has brewing operations in Calgary, Alberta, Vancouver, British Columbia, and Toronto, Ontario. Big Rock trades on the TSX under the symbol "BR". For more information on Big Rock visit SOURCE Big Rock Brewery Inc.
CTV News
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Price of gas down in P.E.I., up in N.S. and N.B.
Atlantic Watch The price of gas decreased overnight on Prince Edward Island, while prices increased slightly in Nova Scotia and New Brunswick.
