Battery X Metals Announces Commercial Revenue Share Agreement for Next-Generation Lithium-Ion Battery Rebalancing Machine Following Estimated Driving Range Increase of ~255 km of Light-Duty Electric Vehicle Model with Severe Cell Imbalance, Restoring Battery Range to ~295 km in Preliminary Trial
VANCOUVER, BC / ACCESS Newswire / July 18, 2025 / Battery X Metals Inc. (CSE:BATX)(OTCQB:BATXF)(FSE:5YW, WKN:A40X9W)('Battery X Metals' or the 'Company') an energy transition resource exploration and technology company, announces that, further to its news release dated July 4, 2025, in which the Company reported a significant driving range increase in a Class 3 light-duty electric vehicle (the 'Electric Truck') following a real-world trial using its patent-pending second-generation lithium-ion battery rebalancing hardware and software platform ('Prototype 2.0"), its wholly owned subsidiary, Battery X Rebalancing Technologies Inc. ('Battery X Rebalancing Technologies'), has entered into a Commercial Revenue Share Agreement (the 'Revenue Share Agreement') with an arm's length, independent automobile service center (the 'Automotive Service Center') based in Vancouver, BC, specializing in servicing out-of-warranty Tesla vehicles.
This collaboration marks the first commercial deployment of Battery X Rebalancing Technologies' patent-pending second-generation lithium-ion battery rebalancing hardware and software platform, Prototype 2.0, in a real-world customer environment. Further to the Company's July 4, 2025 news release, the Agreement builds on the success of a preliminary real-world performance trial, in which Prototype 2.0 restored a Class 3 Electric Truck with severe battery cell imbalance from an estimated driving range of approximately 40 kilometers to approximately 295 kilometers-representing a 255-kilometer increase and a 637.5% improvement in battery range under no-load conditions (summary of the Results, below).
This Revenue Share Agreement represents a critical step in Battery X Rebalancing Technologies' ongoing product development and commercialization roadmap. While Prototype 2.0 remains in its product development and validation phase, the successful rebalancing of the Electric Truck revealed an immediate market opportunity to service similar vehicles experiencing cell imbalance and range degradation. The validation phase includes continued field testing, refinement of the software architecture, implementation of data retention and analysis features, and the development of vehicle-specific adapters to expand compatibility across a wider range of EV platforms, including Tesla Model 3 and Model X (as disclosed in the Company's news release dated May 9, 2025 , and other electric vehicles.
Through the Revenue Share Agreement with the Automotive Service Center, Battery X Rebalancing Technologies is now positioned to generate near-term revenue by deploying Prototype 2.0 in a live commercial setting, without incurring any direct operating, labor, or overhead costs. This cost-efficient arrangement allows Battery X Rebalancing Technologies to pursue technical and product development validation while meeting emerging market demand. Insights gained through this collaboration are expected to inform the design and capabilities of future-generation rebalancing machines and support Battery X Rebalancing Technologies' longer-term commercialization strategy.
'This Revenue Share Agreement marks a meaningful milestone in our product development and validation roadmap,' said Massimo Bellini Bressi, CEO of Battery X Metals. 'It enables us to deploy Prototype 2.0 in a real-world commercial setting while continuing to refine the platform's architecture, expand multi-vehicle compatibility, and collect operational insights that will inform future product iterations. Although we remain in the product development and validation phase, this collaboration provides strong early proof-of-concept and allows us to assess market demand and customer adoption without incurring direct operational costs.'
The initial focus of the Revenue Share Agreement is on servicing Electric Trucks, where Prototype 2.0 has demonstrated successful outcomes in preliminary trials. The Revenue Share Agreement may also extend to other electric vehicle platforms, including the Nissan Leaf, which has already been successfully validated, and potentially Tesla models, subject to further compatibility validation. This phased approach enables Battery X Rebalancing Technologies to meet immediate demand for electric vehicles that have already been validated, while continuing to developing compatibility with additional electric vehicle platforms prior to expanding the scope of its rebalancing services.
As previously disclosed in the Company's news release dated September 27, 2024, Battery X Rebalancing Technologies paid $200,000 to Beijing Pengneng Science & Technology Ltd. for the development and production of Prototype 2.0. While no direct operating costs will be incurred by Battery X Rebalancing Technologies under the Agreement, this investment represents initial research and development (R&D) expenditures. The Company anticipates that commercial manufacturing costs for future production units will be significantly lower.
The Revenue Share Agreement will operate in parallel with the parties' existing Scope of Services Agreement (the 'Scope of Services Agreement'), as disclosed in the Company's news release dated May 9, 2025. The Scope of Services Agreement is focused on validating Battery X Rebalancing Technologies' proprietary rebalancing processes and Prototype 2.0. Under this agreement, the Automotive Service Center supports pre- and post-rebalancing diagnostics-initially centered on Tesla battery packs, while also extending validation efforts to additional EV platforms, including the Nissan Leaf, the second most common out-of-warranty electric vehicle in the United States, which was successfully validated as disclosed in the Company's news release dated May 30, 2025, and the Electric Truck.
These activities are intended to inform the development of standardized operating procedures (SOPs) and further demonstrate and enable the platform's compatibility across multiple EV brands. The parties are also collaborating on battery connector port integration, with Battery X Rebalancing Technologies granted facility access for equipment storage and controlled testing. The Scope of Services Agreement carries no financial obligation and is structured to enable dedicated technical validation in support of future commercial scale-up.
The Revenue Share Agreement is anticipated to complement ongoing technical initiatives while enabling Battery X Rebalancing Technologies to assess market demand and validate proof-of-concept in a live, revenue-generating environment. This early-stage collaboration provides valuable insights into service delivery, operator training, baseline pricing, and customer adoption dynamics-helping inform Battery X Rebalancing Technologies' broader commercialization strategy and potentially contributing to the development of a scalable business model over time.
Terms of the Agreement
Under the terms of the Revenue Share Agreement, Battery X Rebalancing Technologies will provide the Automotive Service Center with access to Prototype 2.0 at its primary service location for the purpose of offering lithium-ion battery rebalancing services to customers. Battery X Rebalancing Technologies will receive a fee equal to twenty percent (20%) of the Gross Rebalancing Service Price (defined herein) (the 'BATX Fee') for each completed rebalancing procedure, plus applicable federal and provincial sales taxes on the BATX Fee amount. Battery X Rebalancing Technologies will not incur any direct labour, overhead, or operating costs under the Revenue Share Agreement.
For purposes of the Revenue Share Agreement, the 'Gross Rebalancing Service Price' is defined as the total amount billed by the Automotive Service Center to the customer for the rebalancing service, excluding taxes and excluding any Shop-Supplied Fee (defined herein). For purposes of the Revenue Share Agreement, the 'Shop-Supplied Fee' refers to a separate charge of up to five percent (5%) of the Gross Rebalancing Service Price, which may be added by the Automotive Service Center to cover costs such as shop materials and credit card processing fees. Battery X Rebalancing Technologies is not entitled to any portion of the Shop-Supplied Fee, which shall be retained entirely by the Automotive Service Center.
Prototype 2.0 remains the exclusive property of Battery X Rebalancing Technologies and is classified as a working prototype that supports the Battery X Rebalancing Technologies' broader research, development, validation, and commercialization roadmap. Battery X Rebalancing Technologies retains all rights, title, and interest in and to any data, diagnostic results, or performance outputs generated through its use. The Revenue Share Agreement provides Battery X Rebalancing Technologies with the right to reclaim Prototype 2.0 at any time upon not less than 24 hours' written notice.
The Automotive Service Center is required to provide monthly statements detailing all completed rebalancing procedures by the third business day of each calendar month. Based on this statement, Battery X Rebalancing Technologies will issue an invoice for the applicable BATX Fees plus taxes. Payment is due no later than the fifth business day of the same month. Any undisputed amount remaining unpaid after that time will accrue interest at a rate of 2.0% per month (24% per annum), compounded monthly.
The Revenue Share Agreement will remain in effect until terminated by either party upon thirty days' written notice. Upon termination, the Automotive Service Center will be required to return Prototype 2.0 in good working condition and remit any outstanding BATX Fees, if applicable.
Electric Truck Real World Rebalancing Trial Results
Further to the Company's news release dated July 4, 2025, Battery X Rebalancing successfully completed a real-world driving trial demonstrating a significant increase in estimated driving range for a fully electric, Class 3 commercial electric vehicle, or light-duty electric vehicle (the 'Electric Truck'), following a full battery rebalancing process using Prototype 2.0.
As part of its ongoing performance validation program for Prototype 2.0, Battery X Rebalancing Technologies recently conducted a series of real-world road tests on a rebalanced Electric Truck to evaluate post-rebalancing driving range and battery efficiency. The Electric Truck was supplied by an authorized Canadian distributor of the Electric Truck (the 'Electric Truck Authorized Distributor') and, as represented by the Electric Truck Authorized Distributor, had previously demonstrated a significantly degraded driving range of approximately 40 kilometers per full charge caused by significant natural cell imbalance caused by real-world conditions.
In response to this battery capacity performance deficiency, Battery X Rebalancing Technologies performed a battery rebalancing procedure on the Electric Truck utilizing Prototype 2.0, as initially disclosed in the Company's news release dated June 6, 2025. During the associated rebalancing trial (the 'Rebalancing Trial'), Battery X Rebalancing Technologies successfully completed a full rebalancing process on a 144-cell lithium-ion battery pack composed of lithium nickel manganese cobalt oxide (NMC) chemistry, which had exhibited substantial imbalance attributable to real-world operating conditions. The Rebalancing Trial demonstrated complete (100%) recovery of imbalance-related capacity loss and yielded a 37.7% increase in the Rated Capacity (as defined in the June 6, 2025 news release ) of the Electric Truck's battery pack.
The Results
Following completion of the rebalancing procedure, Battery X Rebalancing Technologies conducted a series of controlled real-world performance evaluations (each, a 'Trial' and collectively, the 'Battery Range Performance Trials') on the Electric Truck for the purpose of assessing post-rebalancing improvements in battery range and overall energy efficiency under actual operating conditions. In the first Trial, the Electric Truck traveled a total distance of 41 kilometers, utilizing approximately 14% of its available battery capacity, while operating across a combination of highway and city driving environments. In the second Trial, the vehicle completed a distance of 107.3 kilometers while consuming approximately 35% of its battery capacity, under similarly mixed driving conditions. The third Trial, conducted exclusively under city driving conditions, demonstrated that the vehicle traveled 58.2 kilometers while utilizing approximately 21% of its available battery charge (collectively, the 'Results').
The Results demonstrate a material improvement in the estimated driving range and effective battery capacity of the Electric Truck. Specifically, post-rebalancing performance testing indicates an estimated driving range of approximately 295 kilometers per full charge under no-load conditions. These figures represent an increase of up to 255 kilometers in driving range under no-load conditions, corresponding to an approximately 637.5% improvement of battery driving range, as compared to the pre-rebalancing range of approximately 40 kilometers. The Results affirm the technical efficacy and commercial relevance of Battery X Rebalancing Technologies' proprietary rebalancing process and support its broader applicability within light-duty electric vehicle fleets and other commercial electric transportation use cases.
The Electric Truck parent company has represented that the Electric Truck's expected driving range under maximum payload conditions is approximately 290 kilometers. Battery X Rebalancing Technologies' Battery Range Performance Trials yielded an estimated range of approximately 295 kilometers under no-load conditions following rebalancing. Although these figures were obtained under different load scenarios, the close alignment between the Electric Truck Authorized Distributor's reported range and the post-rebalancing estimate supports the reliability of Battery X Rebalancing Technologies' testing methodology. Furthermore, the Results underscore the potential of Battery X Rebalancing Technologies' rebalancing process to restore battery performance to levels consistent with the high end of manufacturer-reported specifications.
The Battery Range Performance Trials were performed under no-load conditions; it is relevant to note that payload can have an effect on energy consumption and overall driving range. This consideration is consistent with widely recognized industry dynamics and is disclosed to provide a complete and transparent understanding of factors that may influence real-world vehicle performance. Range may vary based on payload, terrain, driving behavior, and other operational conditions.
These performance outcomes further validate the effectiveness and market relevance of Battery X Rebalancing Technologies' proprietary rebalancing solution in restoring degraded battery capacity and materially extending the remaining useful life of commercial electric vehicle batteries. The Company believes these results provide compelling technical validation in support of Prototype 2.0's broader commercial deployment, particularly in fleet environments where range reliability, battery lifespan longevity, and total cost of ownership are mission-critical considerations.
Significance of Results & Market Opportunity for the Electric Truck
The Results of the Rebalancing Trial and the Battery Range Performance Trials collectively demonstrate that Prototype 2.0 is capable of effectively rebalancing lithium-ion battery packs exhibiting significant, naturally occurring cell imbalance. This successful outcome builds upon previously disclosed validation milestones achieved by Battery X Rebalancing Technologies, including third-party technical validation conducted by the National Research Council of Canada (as referenced below), as well as the Company's news release dated May 30, 2025, announcing the successful rebalancing of a naturally imbalanced Nissan Leaf battery pack-the second most common out-of-warranty electric vehicle platform in the United States.
Importantly, the Results not only validate the technical efficacy of Prototype 2.0 in an Electric Truck application, but also demonstrate its potential to recover substantial lost battery capacity resulting from cell imbalance. This performance reinforces the relevance of the Company's patent-pending technology in practical, real-world scenarios and highlights the broader need for scalable, cost-effective battery recovery solutions. The Battery Range Performance Trials further substantiates the commercial viability of Prototype 2.0 as a solution to extend the remaining useful life of aging battery packs in commercial electric vehicle fleets.
The Electric Truck and associated Electric Truck battery pack were supplied to Battery X Rebalancing Technologies at no cost for testing and evaluation by the Electric Truck Authorized Distributor, who advised that it owns and operates a fleet of approximately 20 Electric Trucks (the 'Electric Truck Fleet'). According to the Electric Truck Authorized Distributor, multiple vehicles within the Electric Truck Fleet have exhibited material battery degradation and capacity loss attributable to cell imbalance. The Rebalancing Trial and the Battery Range Performance Trials were undertaken in response to the Electric Truck Authorized Distributor's request for a viable alternative to full battery replacement, which it advised may be financially prohibitive on a fleet-wide basis.
The objective of the Rebalancing Trial and the Battery Range Performance Trials was to determine whether Prototype 2.0 could effectively restore functional battery performance in a degraded battery unit sourced from the Electric Truck Fleet. Upon successful rebalancing, the Battery Range Performance Trials further aimed to quantify the extent of recovered battery capacity in terms of estimated driving range. The positive Results are expected to inform and support ongoing discussions with the Electric Truck Authorized Distributor regarding the potential deployment of the rebalancing solution across its broader fleet, with the goal of extending battery life and mitigating the operational and financial impact of premature battery replacements.
Battery X Rebalancing Technologies has been informed by the Electric Truck Authorized Distributor that a substantial number of similar electric trucks are currently in operation across various markets, including those held by the Electric Truck's parent company, authorized distributors, commercial fleet operators, and private owners. Many of these vehicles are reportedly experiencing battery degradation symptoms consistent with cell imbalance. This feedback underscores a broader market opportunity for Battery X Rebalancing Technologies to provide a scalable, cost-effective rebalancing solution aimed at extending battery life and reducing total cost of ownership for commercial EV stakeholders.
In conjunction with the Rebalancing Trial and the Battery Range Performance Trials, Battery X Rebalancing Technologies is currently advancing the development of standardized operating procedures ('SOPs') tailored to the Electric Truck Battery Pack, in addition to refining user interface and workflow enhancements within Prototype 2.0. The Company is also actively pursuing a commercial manufacturing agreement to support scalable production and deployment of its rebalancing platform. These activities are intended to further the Company's broader commercialization strategy, which is not limited to any single third-party opportunity. The Electric Truck-specific SOPs, however, are being developed in direct response to the successful Battery Range Performance Trials and the interest expressed by the Electric Truck Authorized Distributor.
While the execution of the Revenue Share Agreement with the Automotive Service Center represents the first potential revenue-generating arrangement for Battery X Rebalancing Technologies, there can be no assurance that additional commercial agreements with the Electric Truck Authorized Distributor or other third parties will be entered into at this time. Although the Company remains encouraged by the results of the Rebalancing Trial and Battery Range Performance Trials, any future commercial arrangements will be subject to further technical validation, the negotiation of mutually acceptable terms, and completion of operational readiness milestones.
The Problem: Rising EV Adoption Presents New Battery Lifecycle Challenges
In 2024, global EV sales reached approximately 17.1 million units, representing a 25% increase from 20231. With cumulative global EV sales from 2015 to 2023 totaling an estimated over 40 million units2, a significant share of the global EV fleet is expected to exit warranty coverage over the coming years.
By 2031, nearly 40 million electric, plug-in hybrid, and hybrid vehicles worldwide are anticipated to fall outside of their original warranty coverage3,4. This projection is based on current EV adoption figures and standard industry warranty terms, and underscores a growing risk for EV owners facing battery degradation, reduced capacity, and costly replacement requirements5. As the global EV fleet continues to expand, the demand for technologies that extend battery life, reduce long-term ownership costs, and support a sustainable transition to electric mobility is increasing.
The Solution: Next-Generation Technologies to Support Lithium-Ion Battery Longevity
Battery X Rebalancing Technologies' proprietary software and hardware technology aims to address this challenge by extending the lifespan of EV batteries. This innovation is being developed with the aim to enhance the sustainability of electric transportation and the goal to provide EV owners with a more cost-effective, environmentally friendly ownership experience by reducing the need for costly battery replacements.
Battery X Rebalancing Technologies' rebalancing technology, validated by the National Research Council of Canada ('NRC'), focuses on battery cell rebalancing. The NRC validation demonstrated the technology's ability to effectively correct cell imbalances in lithium-ion battery packs, recovering nearly all lost capacity due to cell imbalance. The validation was conducted on battery modules composed of fifteen 72Ah LiFePO₄ cells connected in series. The cells were initially balanced to a uniform state of charge (SOC), with a measured discharge capacity of 71.10Ah. In the validation test, three of the fifteen cells were then artificially imbalanced-one cell was charged to a 20% higher SOC, and two cells were discharged to a 20% lower SOC-resulting in a reduced discharge capacity of 46.24Ah, following rebalancing using Battery X Rebalancing Technologies' rebalancing technology.
These advancements establish Battery X Rebalancing Technologies as a participant in lithium-ion and EV battery solutions, aiming to tackle the critical challenges of capacity degradation of battery packs and expensive replacements. By extending the lifecycle of battery materials within the supply chain, Battery X Rebalancing Technologies aims to support the energy transition and promote a more sustainable future.
1 Rho Motion - Global EV Sales 2024, 2 IEA Global EV Outlook 2024, 3 IEA, 4 U.S. News, 5 Recurrent Auto
About Battery X Metals Inc.
Battery X Metals (CSE:BATX)(OTCQB:BATXF)(FSE:5YW, WKN:A40X9W) is an energy transition resource exploration and technology company committed to advancing domestic and critical battery metal resource exploration and developing next-generation proprietary technologies. Taking a diversified, 360° approach to the battery metals industry, the Company focuses on exploration, lifespan extension, and recycling of lithium-ion batteries and battery materials. For more information, visit batteryxmetals.com.
On Behalf of the Board of Directors
Massimo Bellini Bressi, Director
For further information, please contact:
Massimo Bellini Bressi
Chief Executive Officer
Email: [email protected]
Tel: (604) 741-0444
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements in this release relate to, among other things: the commercial deployment and performance of Prototype 2.0; the terms and benefits of the Commercial Revenue Share Agreement with the Automotive Service Center; the expected generation of revenue without direct operating costs; the implications of the real-world Electric Truck rebalancing trial and its reported driving range improvements; the broader technical capabilities and commercial potential of Prototype 2.0; ongoing software, workflow, and compatibility validation across additional EV platforms including Nissan Leaf and Tesla models; the potential to expand deployment across the Electric Truck Authorized Distributor's fleet; anticipated market demand for the Company's battery rebalancing services; the continued development and implementation of standardized operating procedures (SOPs); the pursuit and execution of a commercial manufacturing agreement; and the Company's ability to offer scalable, cost-effective rebalancing solutions for aging EV batteries and out-of-warranty vehicles globally. These forward-looking statements reflect management's current beliefs, expectations, and assumptions as of the date of this news release, and are based on a number of factors and assumptions believed to be reasonable at the time such statements are made, including but not limited to: assumptions regarding lithium-ion battery performance and chemistry; the repeatability of Prototype 2.0 results across different EV platforms and use cases; the operational readiness of partners and service providers; the Company's ongoing contractual relationships with partners and service providers; the availability of vehicles requiring rebalancing services; and the Company's ability to refine and scale its rebalancing platform for commercial production and deployment. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to: delays in product validation or commercialization; variability in real-world vehicle performance; inability to replicate initial results; failure to secure additional commercial agreements or customers; market adoption risk; evolving regulatory conditions; manufacturing or supply chain limitations; intellectual property challenges; and general business, economic, competitive, political, or social uncertainties. There can be no assurance that the Company will achieve commercial adoption of Prototype 2.0, secure additional deployments or fleet partnerships, or generate revenue as anticipated. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, Battery X Metals Inc. undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. Additional risk factors may be found in the Company's continuous disclosure filings available under its profile at www.sedarplus.ca.
SOURCE: Battery X Metals
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To date, the Company has purchased a total of approximately 13.5 million Subordinate Voting Shares for $108 million, with an average purchase price of $7.96 per share. The Company's remaining authority to repurchase Shares is $15.6 million through September 22, 2025. Non-GAAP Financial Information This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP. Definitions EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization. Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs. Conference Call and Webcast Green Thumb will host a conference call on Wednesday, August 6, 2025, at 5:00 pm Eastern Time to discuss its results for the quarter ended June 30, 2025. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb's website at and will be archived for replay. About Green Thumb Industries Green Thumb Industries Inc. ('Green Thumb') is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon's and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people. More information is available at Cautionary Note Regarding Forward-Looking Information This press release contains statements that we believe are, or may be considered to be, 'forward-looking statements.' All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as 'may,' 'will,' 'expect,' 'intend,' 'estimate,' 'foresee,' 'opportunity,' 'project,' 'potential,' 'risk,' 'anticipate,' 'believe,' 'plan,' 'forecast,' 'continue,' 'suggests' or 'could' or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the 'SEC'), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it conducts business; the Company faces intense competition; the Company faces competition from the illicit market as well as hemp products that are actually or purportedly compliant with the Agricultural Improvement Act of 2018 (the Farm Bill); the Company is dependent upon the popularity and consumer acceptance of its brand portfolio; the Company has limited trademark protections; as a cannabis business, the Company is subject to unfavorable tax treatment and may incur significant tax liability; as a cannabis business, the Company may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company's business is subject to the risks inherent in agricultural operations; the Company faces an inherent risk of product liability and similar claims; the Company's products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company may be adversely impacted by rising or volatile energy costs and availability; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company relies on the expertise of its management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect its business; the Company's voting control is concentrated; the Company's capital structure and voting control may cause unpredictability; and sales of substantial amounts Subordinate Voting Shares by the Company's shareholders in the public market may have an adverse effect on the market price of the Company's Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company's business and financial condition and the results of operations are included in the 'Risk Factors' section of the Company's most recent Annual Report on Form 10-K and elsewhere in the Company's filings with the SEC, which are available on the SEC's website or at Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. Investor Contacts: Mathew FaulknerChief Financial OfficerInvestorRelations@ Andy GrossmanEVP, Capital Markets & Investor RelationsInvestorRelations@ 310-622-8257 Media Contact:GTI Communicationsmedia@ Green Thumb Industries Inc. Highlights from Unaudited Interim Condensed Consolidated Statements of OperationsFor the Three Months Ended June 30, 2025, March 31, 2025 and June 30, 2024 Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (Unaudited) (Unaudited) (Unaudited) Revenues, Net of Discounts $ 293,257 $ 279,540 $ 280,147 Cost of Goods Sold (147,001 ) (136,265 ) (129,627 ) Gross Profit 146,256 143,275 150,520 Expenses: Total Expenses 106,823 100,793 96,500 Income From Operations 39,433 42,482 54,020 Other Income (Expense): Other Income (Expense), Net (13,989 ) (24 ) 2,464 Interest Income 1,910 2,123 2,314 Interest Expense, Net (5,046 ) (4,865 ) (5,981 ) Total Other Expense (17,125 ) (2,766 ) (1,203 ) Income Before Provision for Income Taxes And Non-Controlling Interest 22,308 39,716 52,817 Provision For Income Taxes 21,576 31,315 31,899 Net Income Before Non-Controlling Interest 732 8,401 20,918 Net Income Attributable To Non-Controlling Interest 1,377 95 206 Net (Loss) Income Attributable To Green Thumb Industries Inc. $ (645 ) $ 8,306 $ 20,712 Net (Loss) Income Per Share - Basic $ (0.01 ) $ 0.04 $ 0.09 Net (Loss) Income Per Share - Diluted $ (0.01 ) $ 0.04 $ 0.09 Weighted Average Number of Shares Outstanding - Basic 235,842,313 236,120,511 237,416,373 Weighted Average Number of Shares Outstanding - Diluted 235,842,313 236,822,468 240,137,922 Green Thumb Industries from the Unaudited Interim Condensed Consolidated Balance Sheet(Amounts Expressed in Thousands of United States Dollars) June 30, 2025 (Unaudited) Cash and Cash Equivalents $ 176,923 Other Current Assets 228,514 Property and Equipment, Net 722,991 Right of Use Assets, Net 240,886 Intangible Assets, Net 462,407 Goodwill 595,619 Other Long-term Assets 120,882 Total Assets $ 2,548,222 Total Current Liabilities $ 179,326 Notes Payable, Net of Current Portion and Debt Discount 234,069 Lease Liabilities, Net of Current Portion 256,807 Other Long-Term Liabilities 78,621 Total Equity 1,799,399 Total Liabilities and Equity $ 2,548,222 Green Thumb Industries Inc. Supplemental Information (Unaudited) Regarding Non-GAAP Financial MeasuresFor the For the Three Months Ended June 30, 2025, March 31, 2025 and June 30, 2024(Amounts Expressed in Thousands of United States Dollars) EBITDA, and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows: (1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. Three Months Ended Adjusted EBITDA June 30, 2025 March 31, 2025 June 30, 2024 (Unaudited) (Unaudited) (Unaudited) Net Income Before Noncontrolling Interest (GAAP) $ 732 $ 8,401 $ 20,918 Interest Income (1,910 ) (2,123 ) (2,314 ) Interest Expense, Net 5,046 4,865 5,981 Provision For Income Taxes 21,576 31,315 31,899 Other Expense (Income), Net 13,989 24 (2,464 ) Depreciation and Amortization 29,671 29,411 27,985 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) $ 69,104 $ 71,893 $ 82,005 Share-based Compensation, Non-Cash 11,966 10,309 8,866 Acquisition, Transaction, and Other Non-Operating (Income) Costs 1,670 3,045 2,925 Adjusted EBITDA (non-GAAP measure) $ 82,740 $ 85,247 $ 93,796 This press release was published by a CLEAR® Verified in to access your portfolio
Eater
11 minutes ago
- Eater
Just Two Weeks In, Tesla Diner Already Axed Most of Its Menu
is the Lead Editor of the Southern California/Southwest region, and has covered dining, restaurants, food culture, and nightlife in Los Angeles since 2008. As of August 5, only five sandwiches, two sides, two flavors of pie, shakes, and some soft drinks were available to order from the in-car Tesla infotainment system. Even the Epic Bacon has been taken off the menu, with non-epic bacon available as an add-on to burgers and grilled cheese sandwiches, but no longer as a standalone item. Tesla Diner chef Eric Greenspan told Eater over text that the menu would be 'forever evolving,' and that the 'unprecedented demand' led to the team scaling down the menu for efficiency. Greenspan also said Easter eggs and specials would be added here and there. Dishes that were originally on the menu but were removed include the market salad, chicken and waffles, club sandwich, hash brown bites, biscuits and red gravy, and chocolate chip cookies. The veggie patty option for the burger is also no longer available. Breakfast items like waffles that were once listed as 'all-day breakfast' implying they were available all the time, are only served in the mornings. Greenspan said soft serve ice cream would return later this week, so the farm could meet the increased demand, while the biscuits would return as a special 'sooner rather than later.' The reimagined classic fountain drinks, including Shirley Temples and Creamsicles, are gone. While the Tesla Diner marketed itself as a 24-hour restaurant, reports from some drivers say non-Tesla vehicles are not allowed to charge on the premises, while its hours of operation are limited to 6 a.m. to midnight, except for those charging and ordering through their Teslas. The vaunted screen-ordering system with the geofence alert wasn't working off-premises as of August 5, but Tesla drivers were able to order from their cars once they parked and began charging. Chef Eric Greenspan said that the menu would be 'forever evolving.' Grilled cheese sandwich with non-epic bacon, with the cheese not fully melted and the bread burned at Tesla Diner on August 5, 2025. Matthew Kang In March 2025, the New York Times reported that Greenspan (Greenspan's Grilled Cheese, MrBeast Burger) would lead the kitchen at Tesla Diner. Operations are managed by LA restaurateur Bill Chait, who is behind the openings of Republique, Bestia, and Firstborn, and continues to be involved in Tartine both in the U.S. and abroad. Los Angeles-based New York Times restaurant critic Tejal Rao offered an early review of the diner on August 5, noting the lack of menu items from the opening. Rao called the chicken tenders 'agreeable,' while the all-beef hot dog had 'withered' by the time she ate it on the second-floor balcony. The burger, whose patty gets smashed by a Tesla-designed device, 'didn't stand out in any meaningful way,' wrote Rao. And Optimus, the second-floor popcorn robot, was nowhere to be found. Tesla's product rollouts are often accompanied by long delays (Cybertruck, the second generation Roadster, full self-driving capabilities, RoboTaxi, etc.) and significant quality issues. Now that the car company has ventured into the restaurant business, it's becoming clear that operating a diner is fraught with its own set of challenges, including service, labor, and food costs. Whether Tesla Diner manages to bring back much of its menu or runs out of range (still) remains to be seen. LOS ANGELES, CA - JULY 21: Tesla electric vehicles charge as people wait in line outside the Tesla Diner and Drive-In restaurant and Supercharger on July 21, 2025 in Los Angeles, California. The futuristic Tesla Diner and supercharger station boasting a drive-in experience for drivers opened in Hollywood this Monday. (Photo by I RYU/VCG via Getty Images) VCG via Getty Images Eater LA All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
