LAS CRUCES, NEW MEXICO / ACCESS Newswire / November 13, 2025 / Electronic Caregiver, Inc. today announced outstanding clinical performance from a multi-state Medicare service test of Addison Care®, the industry’s first 3D Virtual Caregiver designed to support chronically ill older adults at home with 24/7 intelligent care, guidance, and daily engagement.
The four-clinic test spanned primary care, vascular and cardiology practices, ranging from Arkansas to Alaska, and was structured as the final validation step to ensure that chronically ill older adults could:
Receive Addison Care® in the mail
Plug it in at home
Turn it on without assistance
Successfully engage with the virtual caregiver interface
Use Addison Care® daily for personalized health support
Results demonstrated not only high usability among elderly Medicare patients but also sustained engagement far exceeding historical national averages for Remote Patient Monitoring (RPM) and virtual chronic care programs.
Breakthrough Engagement Results
Across the first 82 patients, Addison Care® achieved:
79% daily vitals compliance over a full measured month
71% daily vitals compliance in the most recent partial-month snapshot (13 days)
41,900+ patient-initiated interactive voice engagements over the study period
These levels of engagement are 2-4 times higher than traditional RPM systems, which nationally average 16-40% compliance after 60-90 days.
“This was not the industry’s 16-day engagement burst. Addison Care® maintained daily vitals measurements and interactive use across the full 30-day analysis window and continued performing for months, sustaining 71-79% compliance. This consistency – and upward trend in engagement – represents a breakthrough in remote patient behavior and long-term digital adherence,” said Anthony Dohrmann, Founder and CEO of Electronic Caregiver.
Behavioral Impact: Engagement Improves Over Time
Unlike conventional RPM, where engagement declines sharply after the first 30-90 days, Addison Care® demonstrated:
Consistent, steady, incremental improvement in patient engagement over time.
This confirms that the relational, avatar-led interface transforms the patient experience from device-based compliance into an emotionally supportive, daily health relationship.
A National Usability Success for Chronically Ill Older Adults
The test validated that:
Older adults with chronic disease could successfully self-install the system
The Addison Care® interface was immediately understandable
Early engagement was high and sustained
Clinical workflows were correctly supported
The study served as the final accelerated validation before scaling Addison Care® nationwide.
“This was not a lab test or a controlled usability trial – this was real Medicare patients across four clinical settings, from the Deep South to the most rural regions of Alaska,” said Dohrmann. “Addison Care® proved it can be shipped directly to medically fragile older adults, turned on at home, and become an indispensable part of their daily health routine.”
Clinician Efficiency: 50 Hours Reduced to Minutes
With full integration into athenahealth®, Addison Care® automates the RPM and CCM billing workload:
Billing tasks are generated automatically
Clinicians simply review and click submit
A typical 40-50 hour monthly billing workload drops to minutes
Documentation is complete, accurate, and audit-ready
This eliminates one of the biggest barriers to long-term RPM adoption: administrative burden.
Electronic Caregiver’s national deployment infrastructure demonstrated exceptional stability and reliability throughout the four-clinic Medicare service test. Spanning multiple states and clinical specialties, Addison Care® proved it can be shipped, installed, activated, and relied upon by chronically ill older adults in real-world home environments.
Key Operational Performance Indicators
Near-Perfect On-Time Delivery: Addison Care® systems consistently arrived within required delivery windows across all pilot regions – including rural and remote locations – ensuring predictable onboarding and clinician confidence.
98-99% Activation Success (Post-Guide Revision): After the patient user guide was simplified, activation success stabilized at near-perfect levels, confirming that chronically ill Medicare patients can independently plug in and begin using Addison Care® at home without technical assistance.
100% System Uptime for Patients: Over the four-month Medicare cohort window, system monitoring logs (220,375+ continuous runtime events) confirm Addison Care® stayed online and available for patients essentially 100% of the time, supporting uninterrupted engagement and vitals monitoring.
Multi-Site Consistency & Scalability: Engagement and activation results remained consistent across four organizations in four different states, validating that the platform performs the same regardless of geography, broadband variation, or clinic workflows.
High Integrity of Patient Interaction Flows: The vitals management funnel shows steady user progression through the full vitals workflow (Launched → Path Selected → Completed), with:
1,634 vitals workflow launches
1,656 path selections
1,286 completed vitals (≈79% completion rate) demonstrating both system stability and patient consistency.
Robust Event Processing Capacity: With 30,283 total logged events and 41,939 voice commands, the system demonstrated reliable cloud communication, real-time telemetry, and high-frequency interaction without failures or outages.
The Final Step Before Nationwide Scale
“These four clinics proved that Addison Care® is ready for national deployment,” Dohrmann added. “We now have the clinical validation, usability proof, operational capacity, and sustained patient engagement to scale tens of thousands of Addison Care® units to patients who need personalized, 24/7 intelligent care support at home.”
Electronic Caregiver will now move into large-scale clinic deployment and expansion through Medicare, also expanding their programs for home care agencies, senior living providers, and other partners across the continuum of care.
About Electronic Caregiver
Electronic Caregiver, Inc. develops advanced virtual care technologies that support aging in place, chronic disease management, daily safety monitoring, and high-engagement patient interaction. Its flagship platform, Addison Care®, integrates intelligent avatars, vitals monitoring, behavioral guidance, WiFi-based activity sensing, medication management, and emergency support to deliver a comprehensive, relational home-care experience. Addison Care® integrates with leading EHR systems and powers scalable virtual care across clinics, home care agencies, and senior living markets.
Near-term applications include combinations with kinase inhibitors (KIs)that achieve enhanced concentration at target sites and synergistic delivery of multiple KIs to the same location
HOUSTON, TX / ACCESS Newswire / November 14, 2025 / BrYet US, Inc. – a biotechnology innovator focused on developing curative therapies for advanced cancers – announced today that it has expanded its patent portfolio with the issuance of U.S. Patent No. 12,390,420, titled “Compositions for Targeted Delivery of Therapeutic Agents and Methods for the Synthesis and Use Thereof.” The patent covers compositions and methods intended to guide therapies to target tissues and control their release using the company’s proprietary nanoporous silicon microparticles (NSMP) and multi-component architecture.
The newly-patented technology provides the foundation for a robust pipeline of therapies, with a near-term application in BrYet’s work pairing its proprietary platform with kinase inhibitors (KIs) – targeted medicines that help switch off overactive growth signals in some cancers.
Traditionally, the therapeutic efficacy of kinase inhibitors is often limited by poor drug delivery to tumor sites and the rapid development of drug resistance. The human body has a series of biological barriers that affect drug distribution and can prevent the desired accumulation of therapeutic agents at the cancer site while inducing adverse side effects. BrYet’s patented approach aims to improve the delivery of KIs by overcoming such biological barriers with a platform that comprises three elements: nanoporous silicon microparticles (NSMP), functional groups introduced to the surface of NSMP, and therapeutic drugs bound to the chemically modified NSMP through non-covalent interaction.
By packaging more than one KI together and releasing them at the same tumor site, BrYet aims to address treatment resistance with vertical and/or horizontal pathway inhibition. Rational combinatorial targeted therapies have been shown to enhance antitumor activity and overcome resistance to the therapy. Additionally, BrYet’s delivery platform is designed to minimize adverse side effects with lung-selective delivery.
“This patent expands the applications for our targeted approach to treating cancer,” said Dr. Mauro Ferrari, President and CEO of BrYet US, Inc. “It strengthens our ability to pair our delivery science with targeted medicines such as kinase inhibitors, bringing us one step closer to our ultimate goal of delivering functional cures.”
“By coordinating how and where each agent is released, we aim to improve the odds against therapeutic resistance and help patients in the greatest need,” said Dr. Masakatsu Eguchi, Senior Scientist of BrYet US, Inc. and the patent’s inventor.
BrYet plans to continue preclinical and clinical studies of its technology – including programs that combine targeted therapies such as KIs – and to explore partnerships to accelerate development toward the clinic.
Most recently, BrYet received Australian approval to begin its first-in-human clinical study of ML-016, the company’s lead therapeutic. ML-016 targets cancer-specific phenotypes in lung and liver cancers using the same vascular-targeting NSMP technology that will be used for the KI line.
About BrYet US, Inc. BrYet is a privately held biotechnology company developing potentially first-in-class therapies for patients suffering from cancers for which there is no current curative treatment. BrYet’s lead asset, ML-016, is being developed for cancers of the lungs and liver, including advanced primary malignancies and metastatic spread from primary cancer that originates in other organs or tissue of the body. The company’s fundamental belief is that upon localization in the lungs and liver, these cancers acquire molecular transport phenotypes that are conserved regardless of site of origin and are largely independent of molecular mutations and their continued evolution. BrYet designs multi-component new chemical entities and formulations, which are directed against the fundamental aspects of these cancer-associated, organ-specific transport phenotypes. The company’s proprietary platforms include the mesoporous silicon components, and the mathematical formalism for designing the multi-component drugs, termed Transport Oncophysics. BrYet believes that similar approaches may provide advances against other forms of presently incurable cancers, as well as other pathologies of the lungs and liver. For more information about BrYet, please visit the company’s website: https://bryetpharma.com/
Safe-Harbor Statement
This press release contains forward-looking statements concerning BrYet and its business. These statements are based on the beliefs of, assumptions made by, and information currently available to the company’s management. When used in this document, the words “expects,” “anticipates,” “estimates,” “intends,” “believes,” “plans,” “predicts,” “should,” “could,” “will,” and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from expectations. Factors that could contribute to these differences include the results of studies and clinical trials, regulatory approvals, challenges in clinical trials, the ability to retain employees, research and development expenses, reliance on third parties, intellectual property issues, competition, future funding needs, economic conditions, and other industry-specific risks. You should not place undue reliance on these statements, which are current as of the date of this press release. BrYet does not plan to update these statements unless legally required.
Media & Investor Contact BrYet US, Inc. 2450 Holcombe Blvd., Suite 1520, Houston, TX 77021, USA info@bryetpharma.com
NEW YORK, NY / ACCESS Newswire / November 14, 2025 / For decades, global supply chains have operated like disconnected islands. Each country, each industry, each regulatory body ran its own version of oversight. Data lived in silos. Transparency came from paperwork. And risk was absorbed as a cost of doing business.
A new architecture is emerging, and SMX (NASDAQ:SMX) is wiring the world into what can only be described as a verification supergrid. Its molecular marking system, already deployed across plastics, textiles, metals, and trade goods, is bridging continents and industries with one unifying feature: proof at the material level. The world is starting to notice.
When Rolling Stone highlighted that the era of slogans is collapsing under its own weight, the message was not about culture. It was about supply chains. Proof, not positioning, is becoming the benchmark. Weeks later, USA Today outlined how traceability technologies are reshaping border inspections and tariff policy by turning raw materials into self-identifying assets. Morning Honey added a lifestyle lens to the same trend, noting how brands can finally confirm what they have been claiming for years.
And in an extensive conversation with OPIS, SMX revealed how this system is already operating across Asia-Pacific, tagging recycled plastics at the molecular level and preparing for a future where every kilo of resin has a secure, auditable identity.
The media is not echoing hype. They are documenting a shift.
A System Designed to Replace Guesswork With Autonomous Truth
Carbon markets taught the world a hard lesson. Good intentions are not the same as measurable outcomes. Credits depended on extrapolation, modeling, and unverifiable reporting. As loopholes expanded, confidence shrank.
SMX is not fixing carbon markets. It is solving the underlying problem: the absence of objective material-level truth.
In the OPIS recap of Singapore’s strategy, SMX’s pilot with A*STAR clearly lays out the stakes. Nation-scale recycling programs can only scale when proof is native to the material. Singapore is pursuing measurable increases in recycling rates and sharp reductions in incineration because it is building its system on certified material identity rather than on administrative trust.
That is the quiet brilliance of SMX’s model. Instead of certifying the process, it certifies the material. Instead of hoping compliance occurs, it verifies that it did. And, instead of rewarding claims, it rewards confirmation.
This is how supply chains evolve from narratives to networks.
Where Verification Becomes Leverage
What makes the supergrid concept powerful is how it intersects with economics. In a global marketplace, identity creates advantage. Verified plastics clear customs faster. Verified textiles qualify for sustainability-linked financing. Verified metals bypass origin disputes that often trigger tariffs.
Morning Honey underscored how SMX’s markers enable customs authorities to scan goods in seconds, reducing mislabeling, fraud, and accelerating clearance for companies that operate cleanly. It is transparency as propulsion, not punishment.
And SMX’s reach is widening.
In the United States, its collaboration with Tradepro will turn verified rPET into a premium-grade commodity. In Spain, CARTIF is testing SMX technology in real industrial environments to help Europe meet its circular-economy benchmarks. In France, CETI is embedding molecular identity into textiles, enabling fashion and luxury houses to authenticate fibers and blends immediately.
In Singapore, Goldstrom is adopting SMX’s technology for precious metals, giving gold and silver a permanent origin signature that persists from mine to mint to retail. And in Austria, REDWAVE is integrating SMX into automated sorting systems so factories can verify materials as they move along the belt.
Each node strengthens the larger network. Each adoption raises the global standard. And, each integration expands the surface area of truth.
Proof as the New Global Language
At a certain point, momentum becomes infrastructure. The acceleration of coverage from sources as varied as Rolling Stone, USA Today, consumer outlets, and commodity analysts is no coincidence. It is convergence. Different sectors are discovering the same solution from different angles.
SMX’s platform gives plastics, textiles, metals, and electronics a persistent identity that does not wash off, wear out, or disappear under pressure. Paired with the Plastic Cycle Token, recycled content can be defined, valued, and traded across borders with the precision of a financial instrument.
Audits without accuracy and pledges without proof have tested the world’s patience. SMX answers with something solid: a foundation supply chains can trust. The difference between intent and impact has always been the weak point. SMX is strengthening it.
About SMX
As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.
Forward-Looking Statements
This information contains 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. Forward looking statements reflect current expectations, projections, and assumptions regarding future events that involve risks and uncertainties. These statements relate to SMX (NASDAQ: SMX), its molecular marker systems, its partnerships, its expansion into new sectors and geographies, and its technology’s potential role in transforming global supply chains, recycling markets, and material authentication frameworks.
Forward looking statements in this editorial include, but are not limited to, expectations concerning the adoption, scalability, and commercial deployment of SMX technologies across plastics, textiles, metals, electronics, and other materials; the potential impact of SMX’s systems on regulatory compliance, tariff enforcement, sustainability reporting, and cross-border trade; anticipated performance of SMX initiatives in the United States, Europe, and the Asia-Pacific region; expectations regarding the effectiveness and continued development of SMX-integrated identity layers, automated sorting systems, textile authentication, and precious-metals traceability; and the potential economic or market benefits associated with digital verification instruments such as the Plastic Cycle Token.
These statements also reflect assumptions about regulatory developments, market demand for authenticated recycled content, corporate adoption of traceability technologies, global sustainability mandates, geopolitical influences on trade, technological performance under commercial conditions, and the ability of SMX to integrate its systems into diverse industrial workflows. Forward looking statements are subject to significant risks and uncertainties that could cause actual outcomes to differ materially. These risks include, but are not limited to, changes in environmental or trade regulations; shifts in consumer or corporate behavior; competitive pressures from alternative traceability systems; scientific or technical challenges in molecular-level deployment; operational disruptions within SMX or its partners; macroeconomic volatility; supply chain changes; and conditions described in SMX’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on forward looking statements. These statements speak only as of the date of publication. SMX undertakes no obligation to update or revise forward looking statements to reflect future events, changes in circumstances, or newly available information, except as required by applicable law.
Net income from continuing operations of $5.9 million in Q3 2025
Gross margin increased 20.0% sequentially to 49.4%
Balance sheet at September 30, 2025, strongest in the Company’s history with $81.5 million in DAT assets and cash, no debt and shareholders’ equity of $78.7 million
Management expects continued positive momentum in Q4 2025
FRISCO, TEXAS / ACCESS Newswire / November 13, 2025 / GameSquare Holdings, Inc. (NASDAQ:GAME), (“GameSquare”, or the “Company”), today announced financial results for the three- and nine-months ended September 30, 2025.
“2025 is a defining year for GameSquare and our third quarter results confirm that our strategy is working,” stated Justin Kenna, CEO of GameSquare. “We are sharper, stronger, and more focused than ever as the actions we have taken over the past year have improved profitability, strengthened our balance sheet and positioned us with a differentiated, end-to-end platform built for scale.”
“During the third quarter, we wound down Frankly Media, consolidated our technology businesses under Stream Hatchet, and acquired Click Management (“Click”). These actions have expanded GameSquare’s profitability and strengthened our go forward operating platform. Click is already demonstrating its strategic and financial value by deepening our reach into creator-led brand partnerships, accelerating growth across our media and agency ecosystems, and unlocking new expansion opportunities. Combined with Zoned, Stream Hatchet, GameSquare Experiences, FaZe Clan Esports, and global media partnerships, we now operate one of the most comprehensive and integrated platforms in the industry.”
“This quarter also marked a milestone with the launch of our digital asset treasury strategy. With the support of established onchain advisors and partners, we have built an institutional-grade, yield-generating asset strategy that enhances our balance sheet, introduces a compounding return engine, and creates strategic optionality that complements our core operating business. Importantly, this also enabled us to fund our initial share repurchase program, reflecting our commitment to driving shareholder value.”
“GameSquare has never been in a stronger strategic, operational, or financial position. We have proactively streamlined our business, invested in high-growth areas, strengthened margins, and expanded our total addressable market. As we enter the next chapter of growth, we are doing so with momentum, a fortified balance sheet, and a scalable platform built to win in media, creators, gaming, and Web3. The progress we are making today sets the stage for durable growth, expanding profitability, and long-term value creation for our shareholders,” concluded Mr. Kenna.
GameSquare’s Treasury Management Assets at September 30, 2025:
Ethereum (“ETH”) Assets: The Company held 15,618 ETH, with an original cost basis of $55.5 million, almost all of which was in its onchain yield strategy with Dialectic, with an unrealized gain on ETH of $9.3 million in the third quarter.
NFT Holdings: The Company owned eight CryptoPunks for a total value of $6.9 million, which the Company expects will begin contributing to its yield strategy in the fourth quarter.
Altcoin Assets: The Company had $3.8 million of altcoins on its balance sheet at September 30, 2025, primarily in $Anime and $Rekt Coin.
Yield Strategy: GameSquare’s onchain yield strategy with Dialectic commenced August 1, 2025, and achieved a yield of $0.6 million for the last two months of the quarter.
Total DAT + Cash: The Company had $81.5 million in ETH, NFT, Altcoin investments, interests in the Dialectic onchain yield strategy and cash, or $0.83 per share and no debt outstanding as of September 30, 2025.
Stock Repurchase: On October 3, 2025, GameSquare announced its initial stock repurchase under its previously announced $5 million authorization. The Company repurchased 833,124 shares of its common stock for $599,148, representing an average price of approximately $0.72.
Reported results for the three months ended September 30, 2025, compared to September 30, 2024
Revenue of $11.3 million, compared to $9.3 million
Gross profit of $5.6 million, compared to $4.2 million
Gross margin of 49.4%, compared to 45.3%
Net income from continuing operations of $5.9 million, compared to a net loss from continuing operations of $3.9 million
Net loss attributable to GameSquare of $0.8 million, compared to a net loss of $5.5 million
Net loss attributable to GameSquare was 7.1% of revenue, versus 58.9% of revenue
Adjusted EBITDA loss of $0.6 million, compared to a loss of $0.9 million
Adjusted EBITDA loss was 5.3% of revenue, versus 9.5% of revenue
Proforma* results for the three months ended September 30, 2025
Revenue of $15.5 million
Gross profit of $6.7 million
Adjusted EBITDA loss of $0.2 million
* Proforma financial results includes the results of Click for the full 2025 third quarter
Reported results for the nine months ended September 30, 2025, compared to September 30, 2024
Revenue of $26.5 million, compared to $19.9 million
Gross profit of $11.0 million, compared to $7.5 million
Gross margin of 41.6%, compared to 37.6%
Net loss from continuing operations of $1.8 million, compared to a net loss from continuing operations of $15.3 million
Net loss attributable to GameSquare of $9.0 million, compared to a net loss of $22.4 million
Net loss attributable to GameSquare was 33.8% of revenue, versus 112.2% of revenue
Adjusted EBITDA loss of $6.3 million, compared to a loss of $8.8 million
Adjusted EBITDA loss was 23.9% of revenue, versus 44.3% of revenue
Use of Non-GAAP Financial Measures
This release includes measures that are not in accordance with U.S. generally accepted accounting principles (“Non-GAAP measures”). These Non-GAAP measures should be viewed in addition to, and not as a substitute for, the Company’s reported GAAP results, and may be different from Non-GAAP measures used by other companies. In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. GameSquare’s management uses these Non-GAAP measures for internal budgeting and forecasting purposes and to evaluate GameSquare’s financial performance. GameSquare’s management believes the presentation of these Non-GAAP measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. For further information regarding these Non-GAAP measures, please refer to the tables presenting reconciliations of our Non-GAAP results to our U.S. GAAP results and the “Management’s use of Non-GAAP Measures” that accompany this press release.
Updated 2025 Outlook
The Company believes its operating and financial trajectory in the second half of 2025 will be significantly stronger, supported by the Company’s digital asset treasury strategy, sales pipeline, the contribution of the September 11, 2025, Click Management acquisition, and the benefit of ongoing restructuring initiatives.
On a proforma basis, GameSquare continues to expect second half revenue of $36.8 million and adjusted EBITDA of $2.9 million.
Conference Call Details
Justin Kenna, CEO, Lou Schwartz, President, and Mike Munoz CFO are scheduled to host a conference call with the investment community. Analysts and interested investors can join the call via the details below:
Corporate Contact Lou Schwartz, President Phone: (216) 464-6400 Email: ir@gamesquare.com
Investor Relations Andrew Berger Phone: (216) 464-6400 Email: ir@gamesquare.com
Media Relations Chelsey Northern / The Untold Phone: (254) 855-4028 Email: pr@gamesquare.com
About GameSquare Holdings, Inc.
GameSquare (NASDAQ:GAME) is a cutting-edge media, entertainment, and technology company transforming how brands and publishers connect with Gen Z, Gen Alpha, and Millennial audiences. With a platform that spans award-winning creative services, advanced analytics, and FaZe Clan Esports, one of the most iconic gaming organizations, we operate one of the largest gaming media networks in North America. As a digital-native business, GameSquare provides brands with unparalleled access to world-class creators and talent, delivering authentic connections across gaming, esports, and youth culture. Complementing our operating strategy, GameSquare has developed an innovative treasury management program designed to generate yield and enhance capital efficiency, reinforcing our commitment to building a dynamic, high-performing media company at the intersection of culture, technology, and next-generation financial innovation.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company’s future performance, revenue, growth and profitability; and the Company’s ability to execute on its current and future business plans. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company’s ability to grow its business and being able to execute on its business plans, the success of Company’s vendors and partners in their provision of services to the Company, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to support its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company’s ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company’s portfolio across entertainment and media platforms, dependence on the Company’s key personnel and general business, economic, competitive, political and social uncertainties. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company’s most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
GameSquare Holdings, Inc. Consolidated Balance Sheets (Unaudited)
September 30 2025
December 31, 2024
Assets
Cash
$
6,012,219
$
12,094,950
Restricted cash
1,475,593
1,054,030
Accounts receivable, net
13,268,734
21,330,847
Digital assets
4,020,415
–
Government remittances
286,973
119,721
Promissory note receivable, current
202,507
379,405
Prepaid expenses and other current assets
954,885
1,493,619
Total current assets
26,221,326
36,472,572
Investment
2,332,071
2,199,909
Investment in ETH
64,539,714
–
Promissory note receivable, non-current
8,581,770
9,212,785
Property and equipment, net
137,269
303,950
Goodwill
4,220,754
12,704,979
Intangible assets, definite lived, net
6,678,804
15,265,736
Intangible assets, indefinite lived
6,906,820
–
Right-of-use assets
1,500,731
2,570,516
Total assets
$
121,119,259
$
78,730,447
Liabilities and Shareholders’ Equity
Accounts payable
$
18,445,123
$
27,349,372
Accrued expenses and other current liabilities
12,089,146
13,694,179
Players liability account
47,535
47,535
Deferred revenue
5,239,322
2,726,121
Current portion of operating lease liability
433,390
748,916
Line of credit
(118,945
)
3,501,457
Convertible debt carried at fair value, current
–
6,481,704
Warrant liability
7,045
14,314
Deferred purchase consideration
3,996,548
–
Arbitration reserve
164,091
199,374
Total current liabilities
40,303,255
54,762,972
Convertible debt carried at fair value, non-current
–
9,908,784
Contingent purchase consideration, non-current
807,000
–
Operating lease liability
1,265,332
2,054,443
Total liabilities
42,375,587
66,726,199
Commitments and contingencies (Note 14)
Preferred stock ($0.0001 par value, 50,000,000 authorized, 3,433 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)
–
–
Common stock ($0.0001 par value, 100,000,000 shares authorized, 98,380,767 and 32,635,995 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)
9,838
3,264
Additional paid-in capital
210,411,286
119,438,370
Accumulated other comprehensive loss
(524,003
)
(208,617
)
Non-controlling interest
–
14,942,287
Accumulated deficit
(131,153,449
)
(122,171,056
)
Total shareholders’ equity
78,743,672
12,004,248
Total liabilities and shareholders’ equity
$
121,119,259
$
78,730,447
GameSquare Holdings, Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenue
$
11,315,003
$
9,306,777
$
26,542,646
$
19,930,359
Cost of revenue
5,722,273
5,091,393
15,500,495
12,439,479
Gross profit
5,592,730
4,215,384
11,042,151
7,490,880
Operating expenses:
General and administrative
6,170,930
3,744,312
13,766,667
11,806,277
Selling and marketing
1,464,040
1,196,593
4,188,399
4,116,694
Research and development
519,275
450,637
1,550,378
1,447,954
Depreciation and amortization
271,484
350,324
727,789
1,025,004
Restructuring charges
(1,535,097
)
330,167
(814,377
)
330,167
Other operating expenses
1,095,258
1,287,223
2,387,823
3,417,687
Total operating expenses
7,985,890
7,359,256
21,806,679
22,143,783
Loss from continuing operations
(2,393,160
)
(3,143,872
)
(10,764,528
)
(14,652,903
)
Other income (expense), net:
Interest income (expense)
166,831
178,008
309,733
(17,072
)
Loss on debt extinguishment
–
(1,032,070
)
–
(1,032,070
)
Change in fair value of convertible debt carried at fair value
(38,033
)
(98,937
)
289,883
357,822
Change in fair value of warrant liability
19,659
26,482
7,275
79,382
Arbitration settlement reserve
45,917
113,583
35,283
252,208
Other income (expense), net
8,145,567
21,267
8,276,426
(246,066
)
Total other income (expense), net
8,339,941
(791,667
)
8,918,600
(605,796
)
Loss from continuing operations before income taxes
5,946,781
(3,935,539
)
(1,845,928
)
(15,258,699
)
Income tax benefit
–
–
–
–
Net income (loss) from continuing operations
5,946,781
(3,935,539
)
(1,845,928
)
(15,258,699
)
Net income (loss) from discontinued operations
(6,755,224
)
(3,528,876
)
(9,154,597
)
(9,469,805
)
Net loss
(808,443
)
(7,464,415
)
(11,000,525
)
(24,728,504
)
Net loss attributable to non-controlling interest
–
1,979,943
2,018,132
2,369,533
Net loss attributable to attributable to GameSquare Holdings, Inc.
$
(808,443
)
$
(5,484,472
)
$
(8,982,393
)
$
(22,358,971
)
Comprehensive loss, net of tax:
Net loss
$
(808,443
)
$
(7,464,415
)
$
(11,000,525
)
$
(24,728,504
)
Change in foreign currency translation adjustment
70,071
360,004
(315,386
)
373,187
Comprehensive loss
(738,372
)
(7,104,411
)
(11,315,911
)
(24,355,317
)
Comprehensive loss attributable to non-controlling interest
–
1,979,943
2,018,132
2,369,533
Comprehensive loss
$
(738,372
)
$
(5,124,468
)
$
(9,297,779
)
$
(21,985,784
)
Income (loss) per common share attributable to GameSquare Holdings, Inc. – basic and assuming dilution:
From continuing operations
$
0.07
$
(0.13
)
$
(0.03
)
$
(0.58
)
From discontinued operations
(0.08
)
(0.05
)
(0.13
)
(0.27
)
Loss per common share attributable to GameSquare Holdings, Inc. – basic and assuming dilution
$
(0.01
)
$
(0.18
)
$
(0.16
)
$
(0.85
)
Weighted average common shares outstanding – basic and diluted
87,949,202
31,270,253
54,733,322
26,378,453
Management’s use of Non-GAAP Measures
This release contains certain financial performance measures, including “EBITDA” and “Adjusted EBITDA,” that are not recognized under accounting principles generally accepted in the United States of America (“GAAP”) and do not have a standardized meaning prescribed by GAAP. As a result, these measures may not be comparable to similar measures presented by other companies. For a reconciliation of these measures to the most directly comparable financial information presented in the Financial Statements in accordance with GAAP, see the section entitled “Reconciliation of Non-GAAP Measures” below.
We believe EBITDA is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance and other one-time or non-recurring expenses. We define “EBITDA” as net income (loss) before (i) depreciation and amortization; (ii) income taxes; and (iii) interest expense.
Adjusted EBITDA
We believe Adjusted EBITDA is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance and other one-time or non-recurring expenses. We define “Adjusted EBITDA” as EBITDA adjusted to exclude extraordinary items, non-recurring items and other non-cash items, including, but not limited to (i) share based compensation expense, (ii) transaction costs related to merger and acquisition activities, (iii) arbitration settlement reserves and other non-recurring legal settlement expenses, (iv) restructuring costs, primarily comprised of employee severance resulting from integration of acquired businesses, (v) impairment of goodwill and intangible assets, (vi) gains and losses on extinguishment of debt, (vii) change in fair value of assets and liabilities adjusted to fair value on a quarterly basis, (viii) gains and losses from discontinued operations, and (ix) net income (loss) attributable to non-controlling interest.
Reconciliation of Non-GAAP Measures
A reconciliation of Adjusted EBITDA to the most directly comparable measure determined under US GAAP is set out below. (Unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net loss
$
(808,443
)
$
(7,464,415
)
$
(11,000,525
)
$
(24,728,504
)
Interest expense
(166,831
)
(178,008
)
(309,733
)
17,072
Income tax benefit
–
–
–
–
Amortization and depreciation
271,484
350,324
727,789
1,025,004
Share-based payments
1,871,720
267,117
1,906,334
1,288,484
(Gain) loss on digital assets
(8,060,149
)
–
(8,060,149
)
–
Transaction costs
1,095,258
1,287,223
2,387,823
3,417,687
Arbitration settlement reserve
(45,917
)
(113,583
)
(35,283
)
(252,208
)
Restructuring costs
(1,535,097
)
330,167
(814,377
)
330,167
Loss on extinguishment of debt
–
1,032,070
–
1,032,070
Change in fair value of warrant liability
(19,659
)
(26,482
)
(7,275
)
(79,382
)
Change in fair value of convertible debt carried at fair value
ORLANDO, FL / ACCESS Newswire / November 14, 2025 / RedChip Companies will air interviews with Connect Biopharma Holdings Limited (Nasdaq:CNTB) and Bimergen Energy Corp. (OCTQB:BESS) on the RedChip Small Stocks, Big Money™ show, a sponsored program on Bloomberg TV this Saturday, November 15, at 7 p.m. Eastern Time (ET). Bloomberg TV is available in an estimated 73 million homes across the U.S.
In an exclusive interview, Barry Quart, PharmD, CEO of Connect Biopharma, will appear on the RedChip Small Stocks Big Money™ show on Bloomberg TV to discuss how the company is advancing next-generation biologic therapies designed to transform treatment for severe respiratory diseases. Connect Biopharma’s lead candidate, rademikibart, is a differentiated, next-generation monoclonal antibody targeting IL-4Rα with the potential to set a new standard in the treatment of acute and chronic asthma and COPD. Backed by strong global Phase 2 data showing rapid improvement in lung function and a favorable safety profile, rademikibart is now being advanced through Phase 2 “Seabreeze STAT” studies in acute exacerbations of asthma and COPD, with topline data expected in the first half of 2026. Dr. Quart also provides insight into the company’s regulatory path to Phase 3 trials, robust financial position with cash runway into 2027, and large commercial opportunity exceeding $5 billion in combined peak sales potential across asthma and COPD.
Robert J. Brilon, co-CEO of Bimergen, appears on the RedChip Small Stocks Big Money™ show on Bloomberg TV to discuss Bimergen’s expanding portfolio of utility-scale battery energy storage system (BESS) projects designed to meet surging U.S. electricity demand. The Company currently controls 23 development-stage projects totaling approximately 2.0 GW of planned capacity across key power markets, including ERCOT, PJM, WECC, and MISO. Brilon will outline Bimergen’s strategy of advancing its flagship 100 MW Redbird project in Texas, securing long-term offtake agreements with institutional counterparties, and monetizing up to 50% of project CapEx through federal investment tax credits. With expected revenues of up to $400 million from its development pipeline and strong industry tailwinds from electrification, renewable integration, and AI-driven data center growth, Bimergen is positioned as a next-generation independent power producer driving the future of grid reliability.
Connect Biopharma is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and COPD. Headquartered in San Diego, California, the Company is advancing rademikibart, a next-generation, potentially best-in-class antibody designed to target IL-4Rα. The Company is currently conducting global clinical studies of rademikibart for the treatment of acute exacerbations of asthma and COPD, areas with significant unmet need. Connect has granted an exclusive license to Simcere Pharmaceutical Co., Ltd., for rademikibart in Greater China. Under the exclusive license and collaboration agreement, Connect is eligible to receive remaining milestone payments up to an aggregate amount of approximately $110 million upon the achievement of certain development, regulatory and commercial milestones. Connect is also eligible to receive royalties at tiered percentage rates up to low double-digit percentages on net sales in Greater China.
Bimergen Energy Corporation [OTCQB: BESS] is a utility-scale Battery Energy Storage System (BESS) asset owner, project developer, and independent power provider focused on capitalizing on the demand for grid reliability and reducing energy price volatility. Bimergen partners with institutional investors to finance, construct, and operate energy storage facilities under long-term offtake agreements that ensure stable, contract-backed revenue. For more information, visit www.bimergen.com.
About RedChip Companies
RedChip Companies, an Inc. 5000 company, is an international investor relations, media, and research firm focused on microcap and small-cap companies. Founded in 1992 as a small-cap research firm, RedChip gained early recognition for initiating coverage on emerging blue chip companies such as Apple, Starbucks, Daktronics, Winnebago, and Nike. Over the past 33 years, RedChip has evolved into a full-service investor relations and media firm, delivering concrete, measurable results for its clients, which have included U.S. Steel, Perfumania, and Celsius Holdings, among others. Our newsletter, Small Stocks, Big Money™, is delivered online weekly to 60,000 investors. RedChip has developed the most comprehensive service platform in the industry for microcap and small-cap companies. These services include the following: a worldwide distribution network for its stock research; retail and institutional roadshows in major U.S. cities; outbound marketing to stock brokers, RIAs, institutions, and family offices; a digital media investor relations platform that has generated millions of unique investor views; investor webinars and group calls; a television show, Small Stocks, Big Money™, which airs weekly on Bloomberg US; TV commercials in local and national markets; corporate and product videos; website design; and traditional investor relation services, which include press release writing, development of investor presentations, quarterly conference call script writing, strategic consulting, capital raising, and more. RedChip also offers RedChat™, a proprietary AI-powered chatbot that analyzes SEC filings and corporate disclosures for all Nasdaq and NYSE-listed companies, giving investors instant, on-demand insights.
To learn more about RedChip’s products and services, please visit:
HESPERIA, CA / ACCESS Newswire / November 14, 2025 / 5E Advanced Materials, Inc. (“5E” or the “Company”) (Nasdaq:FEAM)(ASX:5EA), a development stage company focused on becoming a vertically integrated global leader and supplier of refined borates and advanced boron derivative materials, today announced key takeaways from its fiscal first-quarter conference call.
Chief Executive Officer Paul Weibel outlined momentum across policy, customers, engineering, and financing that supports 5E’s path to a Final Investment Decision (FID) in 2026.
Highlights from the call included:
Boron designated a U.S. Critical Mineral (Nov 7, 2025) – The U.S. Geological Survey and Department of the Interior formally added boron to the Final 2025 Critical Minerals List, validating boron’s role in U.S. energy, defense, and advanced manufacturing supply chains strengthening Fort Cady’s strategic position.
Expanded access to U.S. federal programs – With the critical-mineral designation, 5E believes Fort Cady is eligible for multiple federal funding and financing channels, including EXIM Bank (building on a previously received US$285M Letter of Interest under “Make More in America”) and an EXIM Engineering Multiplier application for US$10M to support FEED; additional pools of capital discussed include DOE’s LPO, the Office of Strategic Capital, and the U.S. International Development Finance Corporation.
Customer validation advancing – Full-scale product testing is underway with Tier-1 specialty glass manufacturers. A 20-ton shipment of high-purity boric acid arrived in Taiwan for furnace trials; additional LCD-glass producers are queued for shipments. 5E also supplied 1,000 lbs. of boric acid to a U.S. boron-carbide manufacturer supporting domestic re-shoring.
Resource Statement Upgrade – The Company has secured and recorded the remaining federal lode claims for the colemanite deposit. A workstream has commenced to upgrade its mineral resource statement.
Intellectual Property Portfolio – The Company expects to file a portfolio of preliminary patents to secure intellectual property for its proprietary mining techniques and processing solutions.
Engineering and economics – The Company is nearing completion of FEED-ready deliverables. Previously disclosed economics for Phase 1 of Fort Cady continue to anchor planning (approximately 39.5-year mine life, ~16% after-tax IRR, and ~US$469M after-tax NPV), supporting a disciplined, de-risked approach toward construction readiness.
Track to 2026 FID – Priorities include (1) securing non-dilutive U.S. capital support, (2) converting customer progress into commercial offtake agreements, and (3) executing FEED and pre-FID workstreams to ensure construction readiness.
“This quarter represents an inflection point with federal recognition, growing customer traction, and steady execution, placing 5E on a clear path to become America’s trusted domestic supplier of advanced boron materials,” said Paul Weibel, Chief Executive Officer. “We are progressing methodically, de-risking each stage, and aligning our capital structure to support long-term value creation.”
A replay of the First Quarter Fiscal Year 2026 shareholder call is now available HERE.
About 5E Advanced Materials, Inc.
5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX:5EA) is focused on becoming a vertically integrated global leader and supplier of refined borates and advanced boron materials, complemented by calcium-based co-products, and potentially other by-products such as lithium carbonate. The Company’s mission is to become a supplier of these critical materials to industries addressing global decarbonization, energy independence, food, national security, and the defense sector. The Company believes factors such as government regulation and incentives focused on domestic manufacturing and supply chains and capital investments across industries will drive demand for end-use applications like solar and wind energy infrastructure, neodymium-ferro-boron magnets, defense applications, lithium-ion batteries, and other critical material applications. The business is based on the Company’s large domestic boron resource, a mineral which was added to the U.S. Department of the Interior’s 2025 Critical Minerals List. The project is located in Southern California and designated as Critical Infrastructure by the U.S. Department of Homeland Security.
Forward Looking Statements
Statements in this press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, and include, but are not limited to, statements regarding the Company’s ability to progress, full-scale product testing, advance customer qualifications, enter into offtake agreements, achieve key milestones on the path toward a potential Final Investment Decision, and become a vertically integrated global leader in borates and advanced boron materials. Any forward-looking statements are based on 5E’s current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties that could cause actual outcomes and results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, statements regarding the Company’s ability to progress to full-scale product testing, enter into long-term supply agreements, achieve key milestones on the path toward a potential Final Investment Decision, and become a vertically integrated global leader in borates and advanced boron materials. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled ‘Risk Factors’ in 5E’s most recent Annual Report on Form 10-K and its other reports filed with the SEC. Forward-looking statements contained in this announcement are based on information available to 5E as of the date hereof and are made only as of the date of this release. 5E undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing 5E’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of 5E.
NEW YORK, NY / ACCESS Newswire / November 14, 2025 / Recycling has always carried the right intentions, but it has never had the right architecture. For decades, governments, corporations, and global coalitions promised transformation while relying on a patchwork system that could not support the weight of their ambitions. The structure buckled not because of a lack of commitment, but because the foundation was never strong enough to meet the world’s demands.
That is why Singapore’s decision to move forward with the construction of a national plastics passport, powered by SMX’s (NASDAQ:SMX) molecular identification technology, marks such a fundamental turning point. It signals a shift from circularity as aspiration to circularity as infrastructure – a step that transforms plastics from an ungoverned commodity into a governed resource with identity, accountability, and economic value.
This isn’t a re-announcement. It is the stage where the vision becomes the system.
A System Finally Designed to Work The reason recycling struggled was never mysterious. Every region wrote its own definitions. Every audit relied on subjective interpretation. Every claim existed only on labels and spreadsheets. Plastics moved across borders without consistent rules, and companies had no way to prove that the materials they sourced truly met the standards they were required to uphold.
Singapore is correcting that flaw at the structural level. By embedding SMX’s molecular identity into the polymers themselves, the country is engineering a reality in which plastics report their own truth. Every item moving through collection, sorting, and recycling carries an immutable passport that confirms its composition and its history. Oversight no longer depends on documentation. Enforcement no longer waits for audits. Compliance no longer hinges on trust.
For the first time, the system is built for accuracy instead of approximation.
A Blueprint Designed for ASEAN, Not Just Singapore Singapore has a long history of shaping international standards, from finance to digital governance. Its approach to plastics is following the same trajectory. By deploying a plastics passport as a national layer, the country is creating a framework that surrounding markets can adopt without reinventing their own systems.
The opportunity is enormous. As ASEAN economies build new recycling mandates and push for certified recycled materials, they can plug into a model already proven at the national level. Analysts estimate that the new infrastructure could support billions in annual value across verified materials, authenticated supply chains, and digital circular-economy incentives. The momentum is regional because the standard is universal.
What works in Singapore can work anywhere that materials must move with traceable identities – across borders, across sectors, across regulators.
A Shift From Narrative to Measurable Reality Governments want evidence that environmental policy delivers measurable returns. Brands want protection from greenwashing scrutiny. Investors want compliance they can price. And, consumers want sustainability they can trust.
As it stands, all of them struggle without verification at the material level.
SMX solves that by giving plastics a memory – not metaphorically, but chemically. The polymer itself becomes the point of truth. When recycled content is claimed, it can be confirmed instantly. When safety standards are required, they can be validated at the product level. When recycled feedstock enters manufacturing, its identity is authenticated without argument.
This transforms circularity from a communications strategy into a functioning economic layer. Recycling stops being a plea. It becomes a governed system with defined value, defined identity, and defined enforcement.
The Transition From Goodwill to Governance This moment is not about punishing the past. It is about replacing a fragile architecture with one capable of delivering the circular future policymakers, brands, and communities have been demanding for years. Singapore’s deployment of a plastics passport marks the point when the world stops relying on declarations and starts relying on design.
SMX is at the heart of that shift. Its molecular technology embeds verification into the physical reality of plastics, turning the material itself into the recordkeeper. It is not a promise. It is not a projection. It is a national system in motion – one that ASEAN markets are already preparing to replicate.
Circularity finally has its operating manual. Plastics finally have an identity. And sustainability finally has a system grounded in truth rather than trust.
Shunpoly.com. “How Much Plastic Is Wasted Each Year in Singapore?” Accessed 5 August 2025.
National Environment Agency (NEA). Waste-Statistics & Overall Recycling (interactive dashboard). Updated 2024; accessed 5 August 2025.
National Environment Agency (NEA). Mandatory Packaging Reporting portal. Accessed 5 August 2025.
Singapore Statutes Online. Environmental Public Health (Public Cleansing) Regulations – Incineration gate-fee schedule; revised 2024.
National Environment Agency (NEA). “New Licensing Regime for General Waste Disposal Facilities.” Technical brief & dialogue-session slides; 2024.
Nasdaq.com. “SMX Announces Planned Launch of World’s First Plastic Cycle Token.” Press release; 2024.
Yahoo! Finance. “SMX Plastic Cycle Token Is a Functional Market-Driven Solution…” News article; 2024.
Los Angeles Tribune. “Carbon Credits Had Their Day… Now the SMX Plastic Cycle Token…” Feature article; 2025.
National Environment Agency (NEA). Refuse Collection Fees for Households. Revised 2024; accessed 5 August 2025.
About SMX As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.
Forward-Looking Statements This editorial contains 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. These statements reflect current expectations, assumptions, and projections regarding future events involving SMX (NASDAQ:SMX), its molecular identification technologies, and their potential application within national and regional circular-economy systems. Forward looking statements are not historical facts. They involve risks, uncertainties, and variables that may cause actual results to differ materially from those expressed or implied.
Forward looking statements in this editorial include, without limitation, statements regarding the development, scaling, integration, and performance of SMX’s molecular-marker technology; the potential success and implementation timeline of Singapore’s national plastics passport; expectations related to the replication or expansion of plastics-passport models across ASEAN or other global markets; the potential economic value of verified recycled materials and authenticated circular-economy assets; and assumptions concerning regulatory adoption, sustainability mandates, compliance frameworks, industrial integration, and market acceptance of material-level verification solutions.
These statements also involve assumptions about the readiness of government agencies, industrial partners, waste-management systems, and manufacturers to integrate molecular identity into plastics; expectations about the behavior of global supply chains and recycling markets; projected demand for authenticated recycled content and traceable materials; and the potential development and adoption of digital incentives or trading mechanisms linked to verified recycling activity. In addition, forward looking statements may relate to broader geopolitical, economic, and regulatory environments that influence sustainability policy, waste-management mandates, cross-border material flows, and investments in circular-economy infrastructure.
Risks and uncertainties that could cause actual results to differ materially include changes in legislation, regulatory approaches, and national or regional policy priorities; delays or challenges in partner implementation; variations in technological performance when deployed at industrial scale; competitive solutions or emerging technologies; supply-chain instability; fluctuations in market demand for recycled content; capital-availability constraints; macroeconomic pressures; and the risk factors outlined in SMX’s public filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on forward looking statements. These statements speak only as of the date of publication. SMX undertakes no obligation to update, revise, or supplement forward looking statements to reflect future events or changes in circumstances, except as required by law.
NEW YORK, NY / ACCESS Newswire / November 13, 2025 / There is a point in every technological shift when the idea stops sounding bold and starts sounding obvious. SMX (NASDAQ:SMX) just crossed that line. For years, the company worked quietly at the molecular level, embedding memory, identity, and traceability into the world’s raw materials. Now those materials are waking up. The next internet is not digital. It is molecular. SMX is building its backbone, and the world is finally connecting.
The attempts that came before were only surface-level. Barcodes, QR codes, spreadsheets, recycling pledges, and sustainability reports. None of them ever touched the material itself, which meant none of them could be trusted. SMX changed that by teaching matter how to store information the way servers store code. The result is the first real Internet of Materials, a global network where every physical object can identify itself, verify its history, and interact with the systems around it.
The shift from idea to infrastructure is happening through SMX’s partnerships. Each one brings an entire sector online and gives this new network a shape that the world can start to see.
Singapore Connects a Nation
The story begins where the digital world usually begins. Policy. Singapore’s collaboration with SMX and A*STAR is not a testbed. It is a national platform built to give every piece of plastic a digital identity. When a country known for setting global standards decides that molecular traceability belongs inside its public infrastructure, it signals a turning point. Verification is becoming as fundamental as data storage, power, and connectivity.
This is the first phase of a genuine material internet. A country uploads its plastics economy and sets a template for everyone else. As other nations in Southeast Asia begin to follow, Singapore ceases to be a regional leader and becomes the origin point. SMX is writing the source code.
Recycling Joins the Network
In industry, SMX’s partnership with REDWAVE is the connection that brings recycling online. REDWAVE’s sorters can now read SMX’s molecular signatures in real time. What used to be a guessing game becomes machine-readable truth. Every flake of plastic becomes a data point. Every bale becomes a verified record. Every shipment becomes a transparent transaction.
Tradepro, a Miami plastics and resin dealer, closes the loop by pushing these authenticated materials back into U.S. supply chains where brands are under pressure to raise recycled content levels. This is where the Internet of Materials becomes a marketplace. Proof becomes margin. Waste becomes inventory. Verification becomes tradeable value.
Europe Logs On
Across the Atlantic, SMX’s partnership with CARTIF provides Europe with a gateway to the next generation of regulatory compliance. CARTIF’s facilities allow SMX to integrate molecular traceability directly into manufacturing lines, recycling plants, and material testing programs. This is Europe’s access point to the network. As the EU tightens circular-economy rules, industries need real-time verification to comply. SMX provides the capability, and CARTIF accelerates its adoption.
This is not validation from a distance. It is integration into a region that shapes environmental policy for much of the world. Once SMX’s system is woven into European operations, the rest of the continent follows.
Metals Become Digital Assets
Goldstrom pulls the Internet of Materials into one of humanity’s oldest storehouses of value. Precious metals have always depended on trust. Stamps, engravings, paper records. All of it can be forged. SMX embeds a molecular identity that cannot be removed or rewritten. Gold becomes more than a commodity. It becomes a digital asset with lineage, memory, and certainty.
This transforms how refiners price recycled metal. It changes how inventories are audited. It gives institutional buyers a new way to quantify risk. In the Internet of Materials, even gold has a login credential.
Textiles Enter the Network
CETI brings textiles into the system. Fashion is heavy on sustainability promises but light on proof. SMX’s markers enter the fiber stage, where they become inseparable from the fabric itself. Brands can verify content, sourcing, and durability without relying on marketing language. Investors see transparency. Regulators see compliance. Consumers see truth. Once textiles carry memory, they stop being disposable. They become certifiable. CETI and SMX are turning the fashion world into a verified supply ecosystem.
The Network Becomes Unstoppable
What SMX is building does not expand in a line. It expands like a network, one connection at a time, until the structure becomes impossible to overlook. Singapore forms the national layer and proves that verification can function as public infrastructure. REDWAVE and Tradepro activate the industrial layer by turning recycling plants into authentication hubs. CARTIF builds the regulatory layer across Europe where traceability becomes the foundation of compliance. Goldstrom adds the financial layer by giving metals identities that cannot be disputed. CETI completes the consumer layer by weaving memory into everyday materials.
Once these layers connect, the network gains its own momentum. It stops depending on any one region or sector and spreads because the logic of verification is stronger than the inertia of the old system. Proof shifts from optional to expected. The Internet of Materials shifts from concept to standard.
SMX spent years creating the molecular language that makes this world possible. Now the world is learning to speak it. The Internet of Materials is no longer an idea. It is infrastructure. It is forming in real time and, for the first time in history, every material can participate in the economy with a verified identity.
SMX did not just create a product. It created a network. The world is finally logging in.
About SMX
As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.
Forward-Looking Statements
This editorial contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not historical facts and reflect current expectations, hopes, beliefs, intentions, or strategies regarding future events. Words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying terms.
Forward-looking statements in this editorial include, for example, statements regarding SMX’s partnership activities in Singapore, Europe, and the United States, the development and expansion of its molecular marking technology, the potential creation and growth of an Internet of Materials, expected benefits from collaborations with A*STAR, REDWAVE, Tradepro, CARTIF, Goldstrom, and CETI, the potential for national and industrial-scale implementation of SMX systems, the anticipated role of molecular traceability in global supply chains, and expectations relating to SMX’s future products, services, growth strategy, commercial adoption, and technology roadmap.
These forward-looking statements are based on information available as of the date of publication and reflect current expectations, forecasts, assumptions, and judgments. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and factors that could cause actual results to differ materially from those expressed or implied.
Factors that may cause actual results to differ include changes in applicable laws or regulations, the ability of SMX and its partners to successfully develop, deploy, and commercialize molecular verification technologies, the timing and success of integration into manufacturing and recycling systems, market acceptance of SMX’s solutions, industry adoption rates for traceability and digital passport systems, the ability to protect and enforce intellectual property rights, the availability of financing to support future growth, competitive pressures within the verification and materials technology sectors, and economic or supply chain disruptions that could impact the industries SMX serves.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. SMX undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this editorial except as required by applicable securities laws.
A nostalgic, neon-lit series of holiday parties featuring chef-driven collabs with Cracker Barrel, Sonic Drive-In, Red Robin, Pepsi, Dutch Bros, Kraft Heinz, Kahlua, and more.
LOS ANGELES, CA / ACCESS Newswire / November 13, 2025 / This December, Chain invites Los Angeles inside Holiday House, an immersive celebration of pop-cuisine, nostalgia, and holiday cheer. Transforming its Virgil Village headquarters into a festive fever dream, Chain and Medium Rare have created a holiday experience where every room reveals a new dish, drink, and delight, inspired by America’s most iconic brands. Running from December 3rd thru 7th, with additional weekends to be announced, guests are invited on a two-hour tasting tour of chef-driven holiday dishes and custom mixology.
“It’s cozy, it’s kitschy, it’s chaotic in the best possible way.” said Nicholas Kraft, Chain’s Chief Creative Officer, “Chain has always been about celebrating shared nostalgia and a little healthy indulgence, which is what the holidays are all about.”
Building off of the success of ChainFEST, the pop-cuisine festival that attracted a who’s who of talent from Kim Kardashian to Addison Rae, Chain and Medium Rare have brought the wild brand collabs and all-inclusive ticketing to this new format. Every Holiday House ticket grants guests access to an intimate two-hour tasting tour through America’s most iconic brands and includes:
A chef-driven collaborative meal with Cracker Barrel, Sonic Drive-In & TABASCO® Salsa Picante, or Red Robin, paired with a collection of seasonally spiced Arby’s curly fries
A Heinz Flavor Workshop potato pancake bar featuring never-before-released Heinz sauces
A Holidays Deserve Pepsi experience with holiday cocktails, mocktails, and complimentary cans of iconic Pepsi® flavors
A Friendly’s x Chain “Sundae Claus” – a nostalgic twist on the Conehead Sundae
A Kahlúa x Dunkin’®Frozen Espresso Martini paired with a Kahlua-infused MUNCHKINS® Donut Hole Treat garnish (21+ only)
A delicious, soon-to-be-announced Panda Express sweet treat collab
A flight pairing of mini holiday pies and Skrewball Peanut Butter Whiskey shots at the Black Sheep Speakeasy (21+ only)
Dutch Bros Holiday House exclusive beverages
Two craft cocktails (21+ only) or mocktails developed by Chain and Thunderbolt, featuring Absolut, JamesonBlack Barrel, Malibu, and Altos
Tickets to this all-inclusive tasting tour are $75 with each two-hour session designed to feel intimate and electric with games, music, and entertainment throughout. Happy Hour sessions are scheduled from 5-7pm and Night Sessions are scheduled from 8-10pm. It’s the ultimate holiday party for pop-cuisine lovers.
“Flavor. Nostalgia. Community – Holiday House brings it all. Chains are more than just a place to eat – they’re a part of culture. We’re here to up our flavor game and introduce this community to our unreleased Heinz sauces.” – Melanie Hellenga CMO AFH Kraft Heinz
Beyond the tasting tour, the Holiday House Gift Shop will feature exclusive collaborative merch with Dave & Buster’s, Arby’s, Panda Express, Pizza Hut and more, alongside a curated selection of vintage memorabilia and artifacts from chain-restaurant history: a collector’s dream for pop-culture dining fans.
“The holiday season evokes so many of our most emotional memories. And for many of us, that nostalgia is tied to the chains of our childhoods.” said B.J. Novak, Founder of Chain, “This is our way of celebrating that, with a modern, in-the-moment spin on those great feelings.”
Chain sits at the intersection of Pop-Culture and Pop-Cuisine, collaborating with beloved brands to create immersive events, new pop-cuisine dishes, and bold collectibles that transform nostalgia into unforgettable experiences.
Every Chain project is designed to spark connection through nostalgia, storytelling, and culinary creativity, celebrating the cultural touchstones that bring people together and redefining how the world experiences pop cuisine.
ABOUT MEDIUM RARE
Medium Rare is an award-winning live event production company behind culture-defining experiences such as Shaq’s Fun House, Guy Fieri’s Flavortown Tailgate, and Dave Portnoy’s One Bite Pizza Festival. The team specializes in creating large-scale, immersive moments that fuse entertainment, food, and culture.
PRESS
A limited number of press tickets will be issued. Please contact press@eatatchain.com
Quarterly Results Reflect First Full Quarter Including Wattbike (Acquisition Closed July 1)
Company Reports Record Quarterly Revenue of $4.8 Million; Net Loss and Loss per Diluted Share of $5.2 Million and $3.11; Quarterly Adjusted EBITDA Loss of $2.9 million, Due to Low Inventory Availability
Sportstech Acquisition Expected to Close in 2025 Based on Key Closing Milestone Achievements
Reiterates 2025 Pro Forma Revenue Guidance of more than $80 million and Fourth Quarter Profitability Guidance
AUSTIN, TEXAS / ACCESS Newswire / November 14, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) (“TRNR” or the “Company”), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, and pending acquirer of Sportstech, today announced financial results for its third quarter ended September 30, 2025.
Quarterly Financial Highlights
For the quarter, TRNR reported record revenue of $4.8 million, representing 139% YoY growth, a net loss of $5.2 million – or $3.11 per diluted share – and an adjusted EBITDA loss of $2.9 million (non-GAAP). Results this quarter include Wattbike (closed July 1), but not Sportstech, which is still in the closing process. However, if Sportstech had been included in the third quarter, TRNR revenue would have been approximately $18 million.
Outlook
TRNR is reiterating its full‑year 2025 pro forma revenue guidance of more than $80 million, driven by the stronger-than-expected-performance at Sportstech year-to-date and the expectation that the acquisition will close this year. TRNR is also reiterating its guidance that it expects to achieve pro forma Adjusted EBITDA profitability in the fourth quarter. TRNR’s new CFO, Caleb Morgret, will succeed Mike Madigan as of the filing of the Company’s 10-Q after market close today.
Sportstech Performance and Acquisition
Based on achieving certain key closing milestones this month, TRNR expects that the Sportstech acquisition will successfully close this year. Further details will be shared with investors over the next few weeks as both Companies work towards completing this transformational combination.
Sportstech previously announced third quarter revenue of approximately $13 million and a third-quarter EBITDA margin increase of more than 200bps YoY, leading to an LTM EBITDA margin of more than 10%.
Trent Ward, Co-Founder and CEO stated: “Q3 revenue growth of 139% is starting to demonstrate the potential of our platform as we progress towards greater scale, thanks to closing Wattbike. We have kicked off cost savings initiatives to harvest group synergies and we remain excited to see that work start to come through in reported financials.”
“Most importantly, we have made tremendous progress on closing the Sportstech acquisition, and we expect that we will complete the transaction in 2025,” Mr. Ward continued. “The addition of our new CFO, Caleb, who is based in Europe and German-speaking, has been a key factor in the acceleration of progress on the closing procedures. Despite the delay, Sportstech has continued to perform above expectations, and we are very excited to complete this transformational acquisition very soon.”
Mr. Ward continued: “We are confident that, on a pro forma basis, the group will have more than $80 million in 2025 revenue as well as turn profitable in the fourth quarter. Lastly, we want to express our utmost appreciation for the efforts of Mike Madigan over the past three years – he has done an incredible job and is leaving us in a strong position.”
For more commentary, information and details of TRNR’s strategy, as well as to sign up for direct updates, see the Company’s investor website, latest FAQs and required filings with the US Securities & Exchange Commission (SEC). TRNR expects to issue a shareholder letter within the next week or two.
Interactive Strength Inc. (Nasdaq: TRNR) has established a leading portfolio of premium fitness brands-Wattbike, CLMBR, and FORME-that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use.
Wattbike offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world.
CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that’s both efficient and effective.
FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training-ideal for high-performance environments and sport-specific development.
From elite performance to everyday wellness, our ecosystem of performance-focused solutions delivers data-driven outcomes for athletes, fitness enthusiasts, and commercial operators.
Channels for Disclosure of Information In compliance with disclosure obligations under Regulation FD, we announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via our investor relations website. Any updates to the list of disclosure channels through which we may announce information will be posted on the investor relations page on our website. The inclusion of our website address or the address of any third-party sites in this press release are intended as inactive textual references only.
Non-GAAP Financial Measures In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance.
The Company’s non-GAAP financial measure in this press release consist of Adjusted EBITDA, which we define as net (loss) income, adjusted to exclude: other expense (income), net; income tax expense (benefit); depreciation and amortization expense; stock-based compensation expense; (gain) loss on debt extinguishment; vendor settlements; and transaction related expenses.
The Company believes the above adjusted financial measures help facilitate analysis of operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, other expense (income), net, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired;
Our management uses Adjusted EBITDA in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance; and
Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitate period-to-period comparisons of our core operating results, and may also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Our use of Adjusted EBITDA, or any other non-GAAP financial measures we may use in the future, is presented for supplemental informational purposes only and should not be considered as a substitute for, or in isolation from, our financial results presented in accordance with GAAP. Further, these non-GAAP financial measures have limitations as analytical tools. Some of these limitations are, or may in the future be, as follows:
Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy;
Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (3) tax payments that may represent a reduction in cash available to us;
Adjusted EBITDA does not reflect impairment charges for fixed assets and capitalized content, and gains (losses) on disposals for fixed assets;
Adjusted EBITDA does not reflect (gains) losses associated with debt extinguishments.
Adjusted EBITDA does not reflect losses associated with vendor settlements.
Adjusted EBITDA does not reflect transaction related expenses for CLMBR and Wattbike acquisitions and pending acquisition of Sportstech.
Adjusted EBITDA does not reflect noncash fair value gains (losses) on convertible notes, derivatives, warrants and unrealized currency gains (losses).
Further, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. For example, the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results. Because companies in our industry may calculate such measures differently than we do, their usefulness as comparative measures is limited. Because of these limitations, Adjusted EBITDA should be considered along with other operating and financial performance measures presented in accordance with GAAP.
Forward Looking Statements:
This press release includes certain statements that are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”, “may”, “should”, “will”, “would”, “will be”, “will continue”, “will likely result” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding, the possibility of acquiring future businesses or completing the referenced pending transaction in 2025, a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability in Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile, or that the Company’s 10-Q will be filed today or that the business is in a strong position with the departure of the CFO. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products and the products of the acquisition targets if the acquisitions are completed (collectively, the “Products”); competition, including technological advances made by and new products released by our competitors and the competitors of the acquisition targets; our ability to accurately forecast consumer demand for our Products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our Products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.