Mawson Finland Limited Announces Significant Progress in Permitting Process for the Rajapalot Gold-Cobalt Project, Finland
Ms. Noora Ahola, Mawson Finland CEO, states: "We are very happy to announce that we have advanced in our Environmental Impact Assessment procedure, and have now selected a suitable consultant after a rigorous selection process. Ramboll is a highly respected and very experienced international consultancy office with a wide global network of experts, including experience in developing EIAs and related studies with Finnish mining operators. We are all very pleased to start working together and further develop the Rajapalot asset on its path to production. We would like to thank our shareholders, local stakeholders and communities for all the support and encouragement to continue developing and de-risking the Rajapalot project."
Highlights:
Responsible consultant selected for preparing the EIA Report ("second phase of the EIA procedure); RambollPart of international Ramboll Group A/SWidely experienced global network of expertsDedicated team of Finnish expertsRecent clients from the Nordic mining industry includes for example Agnico Eagle (Kittilä Gold Mine), Finnish Minerals Group (Terrafame Mine), Yara Suomi (Siilinjärvi Mine), Boliden (Kylylahti Mine) and Anglo American (Sakatti Mine project)Strong local support for the progress and development of the project
EIA - Environmental Impact Assessment Procedure
In Finland and the European Union, regulatory environmental planning processes form the foundation for a structured permitting path required for sustainable mine development. The EIA procedure lays the groundwork for moving the Rajapalot project through all future mine permitting requirements (i.e., industrial zoning, extraction and operational permits etc). Throughout this procedure the Rajapalot project and future mine permitting can be further de-risked while the company continues the on-going resource expansion work.
This EIA procedure ensures not only the project's environmental responsibility but also facilitates meaningful stakeholder engagement in the development process. The EIA procedure includes two major phases: the Program phase (ie., "first phase") and the Report phase (ie., "second phase"). The "first phase", or the EIA Program, was finalized in late 2024 (see MFL news release dated December 10, 2024). This "second phase" or the EIA Report, will document and address any significant environmental impacts from mine development and continued operations. As such, Mawson has now achieved a significant milestone in this development journey by initiating the final "second phase" of the EIA procedure.
It is important to note that while this EIA procedure is not a permit, it provides the vital and underlying foundations on which any further mine permitting processes will require. It provides both the environmental baselines of the area, and any possible effects of the project which will be continuously referred to by the governing authorities during subsequent mine permitting. The EIA Report can be finalized after the Pre-Feasibility has been completed.
This same EIA procedure has been or is being presently undertaken by all the other mineral development projects in Finland, including the Ikkari project of Rupert Resources, Suhanko ("Arctic Platinum") project of CD Capital Natural Resources Fund III L.P., the Sokli project of The Finnish Minerals Group, and the Sakatti project of Anglo American.
Ramboll
Ramboll is a global engineering, architecture, and consultancy company with over 18,000 experts worldwide and 2,500 in Finland. In the mining sector, Ramboll combines international expertise with local insight to deliver responsible, technically sound solutions across the full mine life cycle. Core services include ESIAs, permitting, closure planning, and stakeholder engagement, all aligned with IFC, EBRD, and Equator Principles to ensure compliance and financing readiness. Ramboll's recent assignments include for example acting as GISTM Designer of Record for Boliden Kylylahti mine and leading the EIA for Yara Suomi's Siilinjärvi mine expansion. Ramboll has also delivered zoning and impact assessments for Anglo American Sakatti Mining, an IFC-compliant ESIA for Sydvaranger AS in Norway, and environmental permitting and risk assessments for Terrafame mine. Ramboll have provided land-use and permitting services also for Agnico Eagle's Kittilä gold Mine.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 12 granted exploration permits and one extension permit application for a total of 11,262 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE: Mawson Finland Limited
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Processing revenue increased for the fiscal three months ended June 30, 2025, primarily driven by growth in card revenue of 6.7%, higher transaction and digital revenue of 16.4%, and an increase in payment processing revenues of 10.0%. Services and support revenue increased for the fiscal year ended June 30, 2025, primarily driven by growth in data processing and hosting revenue within cloud of 12.0%, higher deconversion revenue by $17,351, and increased consulting, work order, and release revenues of 9.6% partially offset by a decrease in license and hardware revenues of 25.2%. Processing revenue increased for the fiscal year ended June 30, 2025, primarily driven by growth in card revenue of 6.6%, higher transaction and digital revenue of 13.0%, and an increase in payment processing revenues of 9.4%. 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For the fiscal year ended June 30, 2025, core segment non-GAAP adjusted revenue increased 6.0%, payments segment non-GAAP adjusted revenue increased 6.2%, complementary segment non-GAAP adjusted revenue increased 8.5%, and corporate and other non-GAAP adjusted segment revenue decreased 1.9% (see revenue lines of segment break-out tables on pages 7 and 8 below for a reconciliation of GAAP segment revenue to non-GAAP adjusted segment revenue). Operating Expenses and Operating Income(Unaudited, dollars in thousands) Three Months Ended June 30,%ChangeYear Ended June 30,% Change 2025202420252024Cost of Revenue $ 343,879$ 327,2725.1 %$ 1,360,747$ 1,299,4774.7 %Percentage of Total Revenue6 55.9 %58.5 %57.3 %58.7 %Research and Development 42,58039,8926.7 %162,771148,2569.8 %Percentage of Total Revenue6 6.9 %7.1 %6.9 %6.7 %Selling, General, and Administrative 73,21667,1229.1 %283,055278,4191.7 %Percentage of Total Revenue6 11.9 %12.0 %11.9 %12.6 %OPERATING EXPENSES 459,675434,2865.8 %1,806,5731,726,1524.7 % OPERATING INCOME $ 155,697$ 125,62623.9 %$ 568,715$ 489,39116.2 %Operating Margin6 25.3 %22.4 %23.9 %22.1 %Cost of revenue increased for the fiscal three months and fiscal year ended June 30, 2025, primarily due to higher direct costs generally consistent with increases in related lines of revenue and higher personnel costs, including compensation increases in the trailing twelve months. Research and development expense increased for the fiscal three months and fiscal year ended June 30, 2025, primarily due to higher personnel costs (net of capitalization), including compensation increases and employee headcount additions in the trailing twelve months. Selling, general, and administrative expense increased for the fiscal three months ended June 30, 2025, primarily due to higher personnel costs, including compensation increases and employee headcount additions in the trailing twelve months, and increased professional services, partially offset by the gain on sale of assets in the current fiscal year quarter compared to the loss on sale of assets in the prior fiscal year quarter. Selling, general, and administrative expense increased for the fiscal year ended June 30, 2025, primarily due to higher personnel costs, excluding severance, including compensation increases and employee headcount additions in the trailing twelve months, and increased professional services, partially offset by the decrease in severance this fiscal year compared to last fiscal year. Net Income (Unaudited, in thousands, except per share data) Three Months Ended June 30,% ChangeYear Ended June 30,% Change2025202420252024 Income Before Income Taxes $ 159,949$ 130,38422.7 %$ 586,036$ 498,01917.7 % Provision for Income Taxes 32,34529,31110.4 %130,288116,20312.1 % NET INCOME $ 127,604$ 101,07326.2 %$ 455,748$ 381,81619.4 % Diluted earnings per share $ 1.75$ 1.3826.4 %$ 6.24$ 5.2319.3 % Effective tax rates for the fiscal three months ended June 30, 2025, and 2024, were 20.2% and 22.5%, respectively. 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Impact of Non-GAAP Adjustments The tables below show our revenue, operating income, and net income for the fiscal three months and fiscal year ended June 30, 2025, compared to the fiscal three months and fiscal year ended June 30, 2024, excluding the impacts of deconversions and the VEDIP program expense.* (Unaudited, dollars in thousands) Three Months Ended June 30,% ChangeYear Ended June 30,% Change2025202420252024 GAAP Revenue** $ 615,372$ 559,9129.9 %$ 2,375,288$ 2,215,5437.2 % Adjustments:Deconversion revenue (20,495)(6,693)(33,905)(16,554) NON-GAAP ADJUSTED REVENUE** $ 594,877$ 553,2197.5 %$ 2,341,383$ 2,198,9896.5 % GAAP Operating Income $ 155,697$ 125,62623.9 %$ 568,715$ 489,39116.2 % Adjustments:Operating (income) loss fromdeconversions (17,938)(5,594)(27,663)(13,146) VEDIP program expense* ———16,443 NON-GAAP ADJUSTEDOPERATING INCOME $ 137,759$ 120,03214.8 %$ 541,052$ 492,6889.8 % Non-GAAP Adjusted Operating Margin*** 23.2 %21.7 %23.1 %22.4 % GAAP Net Income $ 127,604$ 101,07326.2 %$ 455,748$ 381,81619.4 % Adjustments:Net (income) loss from deconversions (17,938)(5,594)(27,663)(13,146) VEDIP program expense* ———16,443 Tax impact of adjustments**** 4,3051,3436,640(790) NON-GAAP ADJUSTED NETINCOME $ 113,971$ 96,82217.7 %$ 434,725$ 384,32313.1 % *The VEDIP program expense for the fiscal year ended June 30, 2024, was related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023. **GAAP revenue is comprised of services and support and processing revenues (see page 2). Reducing services and support revenue by deconversion revenue for the three months ended June 30, 2025, and 2024 which was $20,495 for the current fiscal year quarter and $6,693 for the prior fiscal year quarter, results in non-GAAP adjusted services and support revenue growth of 6.7% quarter over quarter. There were no non-GAAP adjustments to processing revenue for the fiscal three months ended June 30, 2025, or 2024. Reducing services and support revenue by deconversion revenue for the fiscal year ended June 30, 2025, and 2024, which was $33,905 for the current fiscal year and $16,554 for the prior fiscal year, results in non-GAAP adjusted services and support revenue growth of 5.4% year over year. There were no non-GAAP adjustments to processing revenue for the fiscal year ended June 30, 2025, or 2024. ***Non-GAAP adjusted operating margin is calculated by dividing non-GAAP adjusted operating income by non-GAAP adjusted revenue. ****The tax impact of adjustments is calculated using a tax rate of 24% for the fiscal three months and fiscal year ended June 30, 2025, and 2024. The tax rate for non-GAAP adjustment items takes a broad look at the Company's recurring tax adjustments and applies them to non-GAAP revenue that does not have its own specific tax impacts. The tables below show the segment break-out of revenue and cost of revenue for each period presented, as adjusted for the items above, and include a reconciliation to non-GAAP adjusted operating income presented Months Ended June 30, 2025 (Unaudited, dollars in thousands) CorePaymentsComplementaryCorporateand OtherTotal GAAP REVENUE $ 189,754$ 229,292$ 175,128$ 21,198$ 615,372 Non-GAAP adjustments* (8,661)(6,818)(4,852)(164)(20,495) NON-GAAP ADJUSTED REVENUE 181,093222,474170,27621,034594,877 GAAP COST OF REVENUE 69,954116,12867,63590,162343,879 Non-GAAP adjustments* (731)(109)(440)(9)(1,289) NON-GAAP ADJUSTED COST OF REVENUE 69,223116,01967,19590,153342,590 GAAP SEGMENT INCOME $ 119,800$ 113,164$ 107,493$ (68,964) Segment Income Margin** 63.1 %49.4 %61.4 %(325.3) % NON-GAAP ADJUSTED SEGMENT INCOME $ 111,870$ 106,455$ 103,081$ (69,119) Non-GAAP Adjusted Segment Income Margin** 61.8 %47.9 %60.5 %(328.6) % Research and Development 42,580 Selling, General, and Administrative 73,216 Non-GAAP adjustments unassigned to a segment***(1,268) NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES457,118 NON-GAAP ADJUSTED OPERATING INCOME$ 137,759 *Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. **Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. ***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs. Three Months Ended June 30, 2024 (Unaudited, dollars in thousands) CorePaymentsComplementaryCorporate and OtherTotal GAAP REVENUE $ 172,040$ 212,593$ 155,149$ 20,130$ 559,912 Non-GAAP adjustments* (2,407)(2,367)(1,777)(142)(6,693) NON-GAAP ADJUSTED REVENUE 169,633210,226153,37219,988553,219 GAAP COST OF REVENUE 69,900111,78763,08382,502327,272 Non-GAAP adjustments* (415)(66)(188)—(669) NON-GAAP ADJUSTED COST OF REVENUE 69,485111,72162,89582,502326,603 GAAP SEGMENT INCOME $ 102,140$ 100,806$ 92,066$ (62,372) Segment Income Margin** 59.4 %47.4 %59.3 %(309.8) % NON-GAAP ADJUSTED SEGMENT INCOME $ 100,148$ 98,505$ 90,477$ (62,514) Non-GAAP Adjusted Segment Income Margin 59.0 %46.9 %59.0 %(312.8) % Research and Development 39,892 Selling, General, and Administrative 67,122 Non-GAAP adjustments unassigned to a segment***(430) NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES433,187 NON-GAAP ADJUSTED OPERATING INCOME$ 120,032 *Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. **Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. ***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs. Year Ended June 30, 2025 (Unaudited, dollars in thousands) CorePaymentsComplementaryCorporate and OtherTotal GAAP REVENUE $ 739,277$ 873,498$ 675,209$ 87,304$ 2,375,288 Non-GAAP adjustments* (14,765)(11,159)(7,709)(272)(33,905) NON-GAAP ADJUSTED REVENUE 724,512862,339667,50087,0322,341,383 GAAP COST OF REVENUE 297,372460,151264,823338,4011,360,747 Non-GAAP adjustments* (2,096)(288)(1,119)(14)(3,517) NON-GAAP ADJUSTED COST OF REVENUE 295,276459,863263,704338,3871,357,230 GAAP SEGMENT INCOME $ 441,905$ 413,347$ 410,386$ (251,097) Segment Income Margin** 59.8 %47.3 %60.8 %(287.6) % NON-GAAP ADJUSTED SEGMENT INCOME $ 429,236$ 402,476$ 403,796$ (251,355) Non-GAAP Adjusted Segment Income Margin 59.2 %46.7 %60.5 %(288.8) % Research and Development 162,771 Selling, General, and Administrative 283,055 Non-GAAP adjustments unassigned to a segment***(2,725) NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES1,800,331 NON-GAAP ADJUSTED OPERATING INCOME$ 541,052 *Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. **Segment income margin is calculated ...by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. ***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs. Year Ended June 30, 2024 (Unaudited, dollars in thousands) CorePaymentsComplementaryCorporateand OtherTotal GAAP REVENUE $ 690,738$ 817,708$ 618,211$ 88,886$ 2,215,543 Non-GAAP adjustments* (7,292)(5,836)(3,217)(209)(16,554) NON-GAAP ADJUSTED REVENUE 683,446811,872614,99488,6772,198,989 GAAP COST OF REVENUE 287,349442,084251,085318,9591,299,477 Non-GAAP adjustments* (1,065)(259)(903)(4)(2,231) NON-GAAP ADJUSTED COST OF REVENUE 286,284441,825250,182318,9551,297,246 GAAP SEGMENT INCOME $ 403,389$ 375,624$ 367,126$ (230,073) Segment Income Margin** 58.4 %45.9 %59.4 %(258.8) % NON-GAAP ADJUSTED SEGMENT INCOME $ 397,162$ 370,047$ 364,812$ (230,278) Non-GAAP Adjusted Segment Income Margin 58.1 %45.6 %59.3 %(259.7) % Research and Development 148,256 Selling, General, and Administrative 278,419 Non-GAAP adjustments unassigned to a segment***(17,620) NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES1,706,301 NON-GAAP ADJUSTED OPERATING INCOME$ 492,688 *Revenue non-GAAP adjustments for all segments were deconversion revenues. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. **Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. ***Non-GAAP adjustments unassigned to a segment were VEDIP expenses of $16,443 and selling, general, and administrative deconversion costs of $1,177. The VEDIP program expense for the fiscal year ended June 30, 2024, was related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023. The table below shows our GAAP to non-GAAP guidance for the fiscal year ending June 30, 2026. Fiscal year 2026 non-GAAP guidance excludes the impacts of deconversion revenue and related operating expenses, the gain on sale of assets, and assumes no acquisitions or dispositions will be made during the fiscal to Non-GAAP GUIDANCE (Dollars in millions, except per share data)Annual FY'26LowHighGAAP REVENUE$ 2,475$ 2,504 Growth4.2 %5.4 %Deconversions*$ 16$ 16NON-GAAP ADJUSTED REVENUE**$ 2,459$ 2,488 Non-GAAP Adjusted Growth5.8 %7.0 %GAAP OPERATING EXPENSES$ 1,882$ 1,899 Growth4.2 %5.1 %Deconversion costs*$ 4$ 4Gain on sale of assets(7)(7)NON-GAAP ADJUSTED OPERATING EXPENSES**$ 1,885$ 1,902 Non-GAAP Adjusted Growth5.5 %6.4 %GAAP OPERATING INCOME$ 594$ 605 Growth4.4 %6.4 %GAAP OPERATING MARGIN24.0 %24.2 %NON-GAAP ADJUSTED OPERATING INCOME**$ 575$ 586 Non-GAAP Adjusted Growth6.7 %8.8 %NON-GAAP ADJUSTED OPERATING MARGIN23.4 %23.6 %GAAP EPS$ 6.32$ 6.44 Growth1.3 %3.3 %*Deconversion revenue and related operating expenses for fiscal year 2026 are based on the lowest actual recent historical results. See the Company's Form 8-K filed with the Securities and Exchange Commission on August 3, 2023. **GAAP to Non-GAAP revenue, operating expenses, and operating income may not foot due to rounding. Balance Sheet and Cash Flow Review Cash and cash equivalents were $102 million at June 30, 2025, and $38 million at June 30, 2024. Trade receivables were $318 million at June 30, 2025, compared to $333 million at June 30, 2024. The Company had no borrowings at June 30, 2025 compared to $150 million of borrowings at June 30, 2024. Deferred revenue was $363 million at June 30, 2025, and $389 million at June 30, 2024. Stockholders' equity increased to $2,131 million at June 30, 2025, compared to $1,842 million at June 30, 2024. *See table below for Net Cash Provided by Operating Activities and on page 14 for Return on Average Shareholders' Equity. Tables reconciling the non-GAAP measures Free Cash Flow and Return on Invested Capital (ROIC) to GAAP measures are on pages 14 and 15. See the Use of Non-GAAP Financial Information section below for the definitions of Free Cash Flow and ROIC. **Free cash flow for fiscal year 2025 was higher than the expected range due to the timing of certain contractual payments and income tax amounts being made after the end of fiscal year 2025. The following table summarizes net cash from operating activities: (Unaudited, in thousands) Year Ended June 30,20252024 Net income $ 455,748$ 381,816 Depreciation 43,70046,342 Amortization 161,051153,562 Change in deferred income taxes (3,496)(909) Other non-cash expenses 30,35832,714 Change in receivables 15,05628,219 Change in deferred revenue (25,559)(10,797) Change in other assets and liabilities* (35,354)(62,906) NET CASH FROM OPERATING ACTIVITIES $ 641,504$ 568,041*For the fiscal year ended June 30, 2025, the change in other assets and liabilities includes the change in prepaid cost of product and other of $(50,933), accrued expenses of $(3,115), and income taxes of $16,048. For the year ended June 30, 2024, the change in other assets and liabilities includes the change in prepaid cost of product and other of $(115,558), the change in accrued expenses of $37,292, and income taxes of $9,925. The following table summarizes net cash from investing activities: (Unaudited, in thousands) Year Ended June 30,20252024 Capital expenditures (53,358)(58,118) Proceeds from dispositions 3904 Purchased software (5,363)(7,130) Computer software developed (172,445)(167,175) Purchase of investments (2,000)(8,646) Proceeds from investments 1,000— NET CASH FROM INVESTING ACTIVITIES $ (232,163)$ (240,165) The following table summarizes net cash from financing activities: (Unaudited, in thousands) Year Ended June 30,20252024 Borrowings on credit facilities $ 350,000$ 475,000 Repayments on credit facilities (500,000)(600,000) Purchase of treasury stock (35,051)(28,055) Dividends paid (164,644)(155,877) Net cash from issuance of stock and tax related to stock-based compensation 4,0237,097 NET CASH FROM FINANCING ACTIVITIES $ (345,672)$ (301,835) Use of Non-GAAP Financial Information Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, we have provided certain non-GAAP financial measures, including adjusted revenue, adjusted operating income, adjusted segment income, adjusted cost of revenue, adjusted operating expenses, adjusted operating margin, adjusted segment income margin, non-GAAP earnings before interest, taxes, depreciation, and amortization (non-GAAP EBITDA), free cash flow, return on invested capital (ROIC), and non-GAAP adjusted net income. We believe non-GAAP financial measures help investors better understand the underlying fundamentals and true operations of our business. Adjusted revenue, adjusted operating income, adjusted operating margin, adjusted segment income, adjusted segment income margin, adjusted cost of revenue, adjusted operating expenses, and adjusted net income eliminate one-time deconversion revenue and associated costs and the effects of the VEDIP program expense related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023, which management believes are not indicative of the Company's operating performance. Such adjustments give investors further insight into our performance. Non-GAAP EBITDA is defined as net income attributable to the Company before the effect of interest expense, taxes, depreciation, and amortization, adjusted for net income before the effect of interest expense, taxes, depreciation, and amortization attributable to eliminated one-time deconversions and the VEDIP program expense. Free cash flow is defined as net cash from operating activities, less capitalized expenditures, internal use software, and capitalized software, plus proceeds from the sale of assets. ROIC is defined as net income divided by average invested capital, which is the average of beginning and ending long-term debt and stockholders' equity for a given period. Management believes that non-GAAP EBITDA is an important measure of the Company's overall operating performance and excludes certain costs and other transactions that management deems one time or non-operational in nature; free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions; and ROIC is a measure of the Company's allocation efficiency and effectiveness of its invested capital. For these reasons, management also uses these non-GAAP financial measures in its assessment and management of the Company's performance. Non-GAAP financial measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and therefore, are unlikely to be comparable with calculations of similar measures for other companies. Any non-GAAP financial measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Reconciliations of the non-GAAP financial measures to related GAAP measures are included. About Jack Henry & Associates, Inc.® Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity — offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For nearly 50 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,400 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at Statements made in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company's Securities and Exchange Commission filings, including the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading Risk Factors. Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise. Quarterly Conference Call The Company will hold a conference call on August 20, 2025, at 7:45 a.m. Central Time, and investors are invited to listen at A webcast replay will be available approximately one hour after the event at and will remain available for one year. Condensed Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data) Three Months Ended June 30,% ChangeYear Ended June 30,% Change2025202420252024 REVENUE $ 615,372$ 559,9129.9 %$ 2,375,288$ 2,215,5437.2 % Cost of Revenue 343,879327,2725.1 %1,360,7471,299,4774.7 % Research and Development 42,58039,8926.7 %162,771148,2569.8 % Selling, General, and Administrative 73,21667,1229.1 %283,055278,4191.7 % EXPENSES 459,675434,2865.8 %1,806,5731,726,1524.7 % OPERATING INCOME 155,697125,62623.9 %568,715489,39116.2 % Interest income 6,3548,647(26.5) %27,75925,01211.0 % Interest expense (2,102)(3,889)(46.0) %(10,438)(16,384)(36.3) % Interest Income (Expense), net 4,2524,758(10.6) %17,3218,628100.8 % INCOME BEFORE INCOME TAXES 159,949130,38422.7 %586,036498,01917.7 % Provision for Income Taxes 32,34529,31110.4 %130,288116,20312.1 % NET INCOME $ 127,604$ 101,07326.2 %$ 455,748$ 381,81619.4 % Diluted net income per share $ 1.75$ 1.38$ 6.24$ 5.23 Diluted weighted average shares outstanding 73,00573,06973,04573,025 Consolidated Balance Sheet Highlights (Unaudited) (In thousands) June 30,% Change20252024 Cash and cash equivalents $ 101,953$ 38,284166.3 % Receivables 317,977333,033(4.5) % Total assets 3,043,9702,924,4814.1 % Accounts payable and accrued expenses$ 245,299$ 226,0848.5 % Current and long-term debt —150,000(100.0) % Deferred revenue 363,374388,932(6.6) % Stockholders' equity 2,130,8321,842,36415.7 % Calculation of Non-GAAP Earnings Before Income Taxes, Depreciation and Amortization (Non-GAAP EBITDA)Three Months Ended June 30,% ChangeYear Ended June 30,% Change (Dollars in thousands) 2025202420252024 Net income $ 127,604$ 101,073$ 455,748$ 381,816 Net interest (4,252)(4,758)(17,321)(8,628) Taxes 32,34529,310130,288116,203 Depreciation and amortization 51,49050,690204,751199,904 Less: Net income before interest expense, taxes, depreciation and amortization attributable to eliminated one-time adjustments* (17,938)(5,594)(27,663)3,297 NON-GAAP EBITDA $ 189,249$ 170,72110.9 %$ 745,803$ 692,5927.7 % *The fiscal fourth quarter 2025 and 2024 adjustments for net income before interest expense, taxes, depreciation and amortization were for deconversions. The fiscal year 2025 and 2024 adjustments were for deconversions only in 2025 and deconversions and the VEDIP program expense in 2024 of $(13,146) and $16,443, respectively. The VEDIP program expense for the fiscal year ended June 30, 2024, was related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023. Calculation of Free Cash Flow (Non-GAAP)Year Ended June 30, (In thousands) 20252024 Net cash from operating activities$ 641,504$ 568,041 Capitalized expenditures (53,358)(58,118) Internal use software (5,363)(7,130) Proceeds from sale of assets 3904 Capitalized software (172,445)(167,175) FREE CASH FLOW $ 410,341$ 336,522 Net income $ 455,748$ 381,816 Operating cash conversion* 1.411.49 Free cash flow conversion (excluding proceeds from sale of assets)*90.0 %87.9 % *Operating cash conversion is net cash from operating activities divided by net income. Free cash flow conversion is free cash flow less proceeds from sale of assets of $3 for fiscal 2025 and $904 for fiscal 2024 divided by net income. Calculation of the Return on Average Shareholders' EquityJune 30, (In thousands) 20252024 Net income (trailing four quarters)$ 455,748$ 381,816 Average stockholder's equity (period beginning and ending balances)1,986,5981,725,437 RETURN ON AVERAGE SHAREHOLDERS' EQUITY22.9 %22.1 % Calculation of Return on Invested Capital (ROIC) (Non-GAAP) June 30, (In thousands) 20252024 Net income (trailing four quarters)$ 455,748$ 381,816 Average stockholder's equity (period beginning and ending balances)1,986,5981,725,437 Average current maturities of long-term debt and financing leases (period beginning and ending balances)45,00045,000 Average long-term debt (period beginning and ending balances)30,000167,500 Average invested capital $ 2,061,598$ 1,937,937 ROIC 22.1 %19.7 % FAQ for Analysts / Investors 1.) What are the opportunities and headwinds included in fiscal year 2026 non-GAAP revenue guidance? Recent industry consolidation continues to pressure short-term revenue growth, with deconversion outweighing new convert/merge activity. Several convert/merges are Jack Henry to Jack Henry thus limiting uplift in short-term revenue but securing long-term revenue opportunities. As previously discussed, in the first half of fiscal year 2025 we had several key large customer contracts that renewed with price compression that is contributing to the revenue headwinds in the short term but signifying long-term confidence in our solutions and technology direction. The industry has seen a slight slowing in the growth in the number of accounts for both banks and credit unions which impacts our contracts with account pricing. The Payments segment is under pressure from lower growth in risk management and third-party revenue. The restructure of a third-party agreement has resulted in a $16 million fiscal year-over-year revenue headwind, with $12 million of that coming in the first quarter. This restructuring has also resulted in a decrease of the related costs and the impact to margins is expected to be minimal. This has been adjusted for a consistent fiscal year-over-year comparison and is already contemplated in our fiscal year 2026 guidance (see page 9). We continue to gain market share in the industry through 51 new core wins in fiscal year 2025. We are also securing larger customers as they recognize the value of our technology roadmap along with the strategic partnerships and insight we provide. 2.) What is the expected quarterly cadence for non-GAAP revenue for Fiscal Year 2026? We expect the first quarter to be above the full year revenue guidance midpoint by approximately 100 bps. We expect the second quarter to be below the full year revenue guidance midpoint by approximately 100 bps. Our largest client event, Connect, along with its revenue and expense is moving from the second quarter in fiscal year 2025 to the first quarter in fiscal year 2026. Without this move the quarterly revenue cadence for the first half of fiscal year 2026 would be relatively consistent across the quarters. Connect will revert to the second quarter of fiscal year 2027 and thereafter. The third quarter of fiscal year 2026 is expected to be slightly weaker, followed by a slightly stronger fourth quarter. 3.) What is the impact of recent federal tax legislation on free cash flow? Full expensing of research and development costs (IRC 174) and 100% "bonus" tax depreciation will have a meaningful favorable impact on free cash flow. We will be making an election in the coming months on how we will implement the tax law changes and depending upon that election there are two scenarios: We could see a more significant impact in fiscal year 2026 with limited non-recurring impact in the future or, We could elect to take the benefit spread across fiscal years 2026 and 2027. Overall this legislation will allow Jack Henry to produce historical levels of free cash flow conversion of approximately 85% to 100% in future years. 4.) What is impacting GAAP EPS growth for fiscal year 2026? Starting in fiscal year 2024, we altered our methodology for deconversion guidance, starting the year with conservative guidance for deconversion revenue and adjusting the guidance throughout the year based on contracted volume. Decreased industry consolidation through the third quarter of fiscal year 2025 resulted in lower deconversion revenue, somewhat masking the effect of this change. Industry consolidation increased during fourth quarter fiscal year 2025 continuing into fiscal year 2026. We will continue to guide deconversion revenue conservatively at the beginning of each fiscal year and adjust the guidance quarterly, as necessary. This approach is the primary driver of the lower fiscal year-over-year growth in EPS. If deconversion revenue for fiscal year 2026 was flat compared to fiscal year 2025, it would add approximately $.16 to fiscal year 2026 GAAP EPS. View original content to download multimedia: SOURCE Jack Henry & Associates, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
an hour ago
- Business Wire
Sun Valley Investments AG Announces Acquisition of Securities of Canagold Resources Inc.
VANCOUVER, British Columbia--(BUSINESS WIRE)--This news release is related to the common shares of Canagold Resources Ltd. (' Canagold ' or the ' Company ') (TSX: CCM). Sun Valley Investments AG, a Private Investment Firm (the ' Acquiror '), and a related party, Goldlogic Corp. (' Goldlogic '), announce the acquisition of 2,325,581 flow-through shares of the Company (each a ' FT Share ') that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of CAD$0.43 per FT Share, and 2,564,103 regular common shares (each an ' NFT Share ') at a price of CAD$0.39 per NFT Share. A total of 4,889,684 common shares were acquired for a total subscription price of approximately CAD$2,000,000 as part of the private placement. The private placement closed on August 18, 2025. Immediately prior to the Private Placement, the Acquiror owned and/or had control over an aggregate of 88,638,133 Common Shares, representing approximately 48.16% of the issued and outstanding Common Shares of the Company on an undiluted basis. Following completion of the Private Placement, the Acquiror owns and/or has control over an aggregate of 93,527,817 Common Shares, representing approximately 48.25% of the issued and outstanding Common Shares on an undiluted basis. 76,050,880 of the Shares are held directly by the Acquiror, representing 39.23% of the issued and outstanding and 17,476,937 Shares are held indirectly through Goldlogic, representing 9.02% of the issued and outstanding. The Acquiror has acquired the Shares for investment purposes under an exemption provided under National Instrument 45-106 – Prospectus Exemptions. In the future, the Acquiror may, depending on market and other conditions, increase or decrease its ownership of the Company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. Canagold's head office is located at Suite 1250, 625 Howe Street, Vancouver, BC, Canada V6C 2T6. The Acquiror's head office is located in Bahnhofplatz 6300, Zug, Switzerland. About Sun Valley Sun Valley is a private investment firm focused on the metals and mining industry with portfolio companies and branch offices in the Americas, Europe and Asia. Sun Valley's senior leadership team has several decades of experience in mining and investment companies and combines investment skills across diverse asset classes with hands-on experience at both senior and junior companies in the precious metals mining and refining industry. The firm finances the entire precious metals supply chain: mineral exploration, mine construction, production, processing and refining.
Associated Press
an hour ago
- Associated Press
CannaPharmaRX Expands Cannabis Exports, Projects $1M+ Q3 Revenue
CREMONA, AB / ACCESS Newswire / August 19, 2025 / CannaPharmaRX, Inc. (OTC PINK:CPMD), an emerging leader in global cannabis cultivation and exports, announces a series of strategic developments. The goal is to strengthen its international footprint and production capacity. The company continues to make significant steps in its mission to supply premium cannabis products to high-demand international markets, including Germany, Portugal, and Israel. Here's an overview of their recent shipments along with the Q3 revenue estimate. Major Cannabis Shipments to Europe Building on its successful export operations, CannaPharmaRX has completed its second shipment to Germany in July by delivering 139.6 kilograms. Demand remains strong in Germany for our product, and we continue to take new orders for our strains. In August, the company plans to execute two additional shipments to Germany and Portugal totaling 300 kilograms: ● 180.2 kg of high-THC products marking continued interest in our premium products. ● 119.8 kg of low-THC products for the more economical strains that we are producing. Expanding Presence in Israel In addition to its European exports, CannaPharmaRX is also preparing a shipment of approximately 142 kg of medium-quality cannabis buds to Israel. This is another step in the company's strategy to diversify its customer base and strengthen trade relationships in international markets. We are deliberately growing strains that cater to different consumers and different pricing needs so that we are scaling across all sectors. Scaling Up Production with a New Growing Room To meet increasing demand, CannaPharmaRX plans to open its sixth growing room in September, bringing it closer to its total capacity of ten potential grow rooms. The expansion will also allow the company to cultivate new, recently tested cannabis varieties that have delivered promising results during trials. Strong Q3 Revenue Forecast The company projects third-quarter revenues of approximately $1,050,000 CAD, with the anticipation of additional shipments before the end of September. This forecast may vary slightly depending on fluctuations in the Euro-to-Canadian Dollar exchange rate. CTO Update CannaPharmaRX continues to address regulatory matters in Canada with the BCSC. The company will submit a detailed response to the latest communication received in May by the end of August, with legal guidance from Fasken Law Firm. Contact: Company: CannapharmaRx Name: Constantine Nkafu Website: Phone: 403-637-0420 Mail: [email protected] SOURCE: CannaPharmaRx press release
