Vir Biotechnology to Provide Corporate Update and Report Second Quarter 2025 Financial Results on August 6, 2025
The corporate update and financial results will be provided via a press release shortly after market close and will be accessible on the News page in the Investors section of the Vir Biotechnology website. Participants may access the conference call via webcast on the Events & Presentations page of the Vir Biotechnology website or via phone by dialing the U.S. toll free number +1 (888) 800-8770 or international number +1 (646) 307-1953, Conference ID: 7568777. A recorded version of the conference call will be available approximately two hours after the completion of the event and will be archived for 30 days.
About Vir Biotechnology, Inc.
Vir Biotechnology, Inc. is a clinical-stage biopharmaceutical company focused on powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. Its clinical-stage portfolio includes programs for chronic hepatitis delta and multiple dual-masked T-cell engagers across validated targets in solid tumor indications. Vir Biotechnology also has a preclinical portfolio of programs across a range of infectious diseases and oncologic malignancies. Vir Biotechnology routinely posts information that may be important to investors on its website.
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Siebert Reports Second Quarter 2025 Financial Results
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Adjusted Operating Income** was $1.0 million, compared to operating income of $5.6 million in the second quarter of 2024, primarily due to the additional investment in new personnel related to technology initiatives and expansion into new business lines such as investment banking and servicing active trader customers. Stock borrow/stock loan revenue was $7.5 million, compared to $4.7 million in the second quarter of 2024, reflecting meaningful growth in this business line Second Quarter 2025 and Recent Business Highlights Added to the Russell 2000 Index, enhancing visibility with institutional investors Invested $2.0 million in IQvestment Holdings ('FusionIQ'), a cloud‑native digital wealth management platform Gebbia Media (a subsidiary of Siebert) acquired Big Machine Rock, expanding Siebert's presence in the music industry Launched Gebbia Media's Sports Division, providing holistic financial, tax, brand, wealth advisory services and financial literacy to elite athletes Introduced 'Tactical Wealth' podcast through Gebbia Media, featuring military and veteran financial success stories, strengthening the bond with the military and veteran community. 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Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. Gebbia Media LLC provides entertainment, media production, and sports management services and provides in-house marketing and advertising services for Siebert. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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Business Wire
23 minutes ago
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Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community
TORONTO--(BUSINESS WIRE)-- Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and six months ended June 30, 2025 ('second quarter'). 'Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan,' said Michael Cooper, Chief Responsible Officer. 'With our progress developing Alpine Park in Calgary and the commencement of two new communities, being the 1,100-acre Holmwood community in Saskatoon, as well as the 1,200-acre Coopertown community in Regina, we expect our Western Canada land business to be more profitable in the future relative to the past. In addition, the continued development of new income properties in Western Canada and the National Capital Region, along with the Distillery and other Toronto assets, has provided us with growing asset value and net operating income in this segment. With growth in our asset management business, all three major segments of the Company are advancing well. We continue to improve our public disclosures to provide a clearer understanding of our business with asset management, income properties and Western Canada representing more than 80% of our value. We provided net asset value for the business at our annual meeting, and the current results are in line with the value we disclosed. Overall, we are on track for another year of solid performance.' General Business Update Our Western Canadian land and housing business completed its best year ever in 2024. This success has carried into 2025 as we position the division for future growth with the introduction of three new communities and the expansion of our multi-family developments. Next quarter, we are breaking ground on the development of our 1,200-acre community in Regina which will provide us with growth opportunities in the city for many years. Coopertown is the first new community in Regina in nearly ten years and expected to welcome approximately 21,000 residents over its 20-year buildout. We also anticipate developing income properties in Regina, similar to what we have done in Saskatoon. In Saskatoon, we are progressing on the sale of the school site in Holmwood which will accommodate 3,400 students. In addition, we have pre-sold 27-acres to a leading retail developer to start the commercial development in Holmwood. As a result, we will be able to progress our single family, multi-family, retail and commercial development simultaneously in the community. In Calgary, our 200-acre expansion of Alpine Park is well underway with closings expected in 2025 and 2026, while we continue to make progress on sales for future periods. The introduction of Alpine Park has been very well received and with about 500 more acres to develop, the community is expected to be a significant profit contributor for many years. 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For segment details, refer to the financial statements and the management's discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2025, dated August 12, 2025 (the 'MD&A for the second quarter of 2025'). A summary of our consolidated results for the second quarter is included in the table below. Losses before income taxes for the second quarter were $28.5 million, a decrease from the comparative period. Prior period results included significant earnings from two parcels of land sold in Edmonton, performance fees related to the Dream U.S. Industrial Fund and operational results from Arapahoe Basin, which was sold at the end of 2024. The Company's consolidated results include non-cash fair value adjustments relating to Dream Impact Trust and Dream Impact Fund units held by third parties, the magnitude of which differed in each reporting period. 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Results Highlights (Asset management, Western Canada development, Income properties): In the second quarter, our asset management business generated revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the comparative period. The comparative figures included performance fees of $15.7 million related to the Dream U.S. Industrial Fund, with no similar activity in the current period. Transactional and performance-related fees are expected to fluctuate period to period. In the second quarter, we achieved 44 lot sales and 19 housing occupancies in Western Canada, generating net margin of $1.1 million, compared to $31.3 million in the comparative period. Prior year results included the sale of two parcels of land sold in Edmonton totalling 146 acres, generating revenue of $39.5 million and net margin of $28.1 million. Excluding these transactions, net margin for the division was relatively in line with prior year as lots sold in 2025 generated a higher margin due to the specific product mix sold. We continue to make progress on our land pre-sales commitments. As of August 8, 2025, we have a total of $155.0 million in sales commitments to be recognized between 2025 and 2026 (in addition to the $21.2 million recognized in 2025 to date) and another $27.5 million from acre sales secured in 2027. Our income properties generated revenue and net operating income of $12.2 million and $6.8 million, respectively, in 2025, up slightly from prior year. Growth in the segment was largely driven by the lease-up of our purpose-built rentals in Brighton (Saskatoon). Other items: Our other investments segment generated $14.8 million in revenue and $4.5 million of negative margin in the second quarter, compared to $41.2 million in revenue and $6.2 million of negative margin in the prior period. Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Conference call Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Other Information Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. Non-GAAP Measures and Other Disclosures In addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. Non-GAAP Ratios and Financial Measures " Dream Impact Trust and consolidation and fair value adjustments" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements. Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes. ' Net operating income" is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: 'Standalone Figures by Division' is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Direct ownership refers to Dream Unlimited Corp.'s interest in subsidiaries and partnerships and excludes any non-controlling interest in the noted entities based on units held as of the end of the reporting period. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust. (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Expand For the six months ended June 30, 2024 Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Expand Forward-Looking Information This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectations regarding the performance of Western Canada division, including future profitability; our growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; our expectations regarding our asset management division, including expected growth; our expectations regarding the 49 Ontario St. and Quayside projects, including development timelines; our expected debt maturities in future periods and our ability to refinance indebtedness in the normal course; our expectations regarding future sales of homes and land; our ability to ultimately consummate future land commitments, and the timing thereof; our ability to maintain strong liquidity and our expectation that we will be well positioned for new investments as they arise; the contribution of our Other Investment segment to earnings in future periods. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of August 12, 2025. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ ( Endnotes:
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Anaergia Reports Second Quarter 2025 Financial Results
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The Company's shift to a capital-light strategy was the primary driver behind our strong quarterly results led by significantly higher revenue, higher gross profit margin, and an increase in Revenue Backlog. Anaergia is uniquely positioned to benefit from the growing demand for sustainable waste solutions, underpinned by a robust market, and regulatory and environmental tailwinds. The Company provides complete, integrated resource recovery solutions globally. Anaergia's products and services respond to regulatory and customer demand for sustainable waste management services that are superior to landfills and composting while producing carbon negative fuel, thereby reducing greenhouse gas emissions. Anaergia is focused on providing cost effective and sustainable solutions that leverage our experience with project development, execution and our network of owned infrastructure. "Reflecting on my first year as CEO at Anaergia, I am excited to highlight the transformative progress we've made. We have strategically redefined Anaergia as a leading technology company in the RNG sector, delivering complete solutions though our capital sales business, and we are well positioned to capture expanding opportunities. Our second-quarter financial results demonstrate significant advancements enabled by our transition to a capital-light business model, clearly showcasing Anaergia's positive trajectory," stated Assaf Onn, Chief Executive Officer of Anaergia. "Additionally, our Revenue Backlog surged to $244 million at the end of the quarter, increasing from $200 million in the previous quarter and $104 million at the start of the year. This growing backlog, along with $43.8 million in new contracts announced since the end of the second quarter, enhances our visibility and optimism for the future. 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Three months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars, except %) Revenue 32.3 23.6 +36.8% Gross profit 10.5 4.1 +152.9% Gross profit % 32.5% 17.6% +14.9 percentage points Loss from operations (4.1) (11.7) +64.6% Net loss (9.5) (13.4) +29.0% Adjusted EBITDA1 (2.2) (8.0) +72.1% Six months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars except %) Revenue 57.1 48.6 +17.7% Gross profit 15.9 10.6 +49.6% Gross profit % 27.8% 21.9% +5.9 percentage points Loss from operations (9.8) (21.9) +55.2% Net loss (15.4) (24.8) +38.1% Adjusted EBITDA1 (6.2) (14.1) +56.2% Statement of Financial Position 30-Jun-23 31-Dec-24 (In millions of Canadian dollars) Total Assets 226.1 233.3 Total Liabilities 185.5 180.1 Equity 40.6 53.2 For a more detailed discussion of Anaergia's results for Q2 2025, please see the Company's financial statements for Q2 2025 and related MD&A, which are available at the Company's SEDAR+ page at ___________________________ 1 Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS Measures" Non-IFRS® Measures This press release makes reference to certain non-International Financial Reporting Standards ("IFRS") measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies. Definitions of non-IFRS measures and industry metrics used in this press release are provided below. "Adjusted EBITDA" is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our Build-Own-Operate assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning ("ERP") customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs. "EBITDA" is defined as net income before finance costs, taxes and depreciation and amortization. "Revenue Backlog" is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our Capital Sales and O&M Services segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See "Reconciliation of Non-IFRS Measures" below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00 a.m. (EDT) on Wednesday August 13, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To listen to the webcast live: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the renewable natural gas ("RNG") sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases ("GHGs") through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions. For further information please see: Forward-Looking Statements This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "may", "will", "would", "should", "could", "expects", "plans", "intends", "estimate", "believes", "likely", "potential", "continue", or "future" or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. The purpose of the forward-looking statements in this press release is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Reconciliation of Non-IFRS Measures Three months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (9,488) (13,356) Finance costs (income), net 1,266 1,614 Depreciation and amortization 1,394 1,628 Income tax recovery 2,058 (486) EBITDA1 (4,770) (10,600) Share based compensation expense 515 594 Losses related to equity-accounted investees - 2,431 Asset Impairment loss - 1,083 Other (gains) losses, net 402 (1,597) RIBF income tax credit transaction cost - - Foreign exchange (gain) loss 1,629 (271) Severance Costs - 376 Adjusted EBITDA1 (2,224) (7,984) Six months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (15,385) (24,837) Finance costs (income), net 2,282 2,649 Depreciation and amortization 2,874 2,729 Income tax recovery 172 (503) EBITDA1 (10,057) (19,962) Share based compensation expense 765 1,183 Losses related to equity-accounted investees - 2,909 Asset Impairment loss - 1,083 Other (gains) losses, net 1,211 (1,277) RIBF income tax credit transaction cost - 2,416 Foreign exchange (gain) loss 1,917 (816) Severance Costs - 376 Adjusted EBITDA1 (6,164) (14,088) 1 "Adjusted EBITDA" is a non-IFRS measure. 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