Now Offering Veterinary Hemodialysis, Therapeutic Plasma Exchange, and Hemoperfusion
BEND, OR / ACCESS Newswire / August 12, 2025 / The Veterinary Referral Center of Central Oregon (VRCCO) is proud to announce the addition of advanced Extracorporeal Therapies, including Hemodialysis, Therapeutic Plasma Exchange, and Hemoperfusion, to its suite of specialized veterinary services. VRCCO is honored to be among the few facilities in the US to offer these cutting-edge treatments that provide new hope for pets suffering from acute kidney injuries, chronic kidney disease, immune-mediated diseases, and life-threatening toxicities.
Hemodialysis serves as an “artificial kidney” by filtering a pet’s blood to remove harmful substances such as waste, toxins, and excess fluids. While it does not directly heal the kidneys, it provides a vital window of time for recovery, while significantly improving comfort and quality of life for the pet during this critical period. Hemodialysis is most commonly used for acute kidney injuries, severe electrolyte imbalances, fluid overload, and certain toxicities.
Therapeutic Plasma Exchange (TPE) is a procedure designed to remove harmful substances from a pet’s plasma, replacing it with donor plasma. This therapy is particularly effective in managing severe immune-mediated conditions such as immune-mediated hemolytic anemia (IMHA) and myasthenia gravis, as well as certain toxicities. Pets may experience rapid improvement, particularly with immune-mediated diseases that are unresponsive to conventional treatments.
Hemoperfusion involves filtering a pet’s blood through a cartridge containing activated charcoal or similar materials to adsorb toxins. This technique is especially valuable in cases of NSAID overdoses (e.g., ibuprofen, carprofen) or exposure to other harmful substances where no antidote exists. Treatments are generally completed within 2-4 hours, and a single session is often sufficient if administered before organ damage occurs.
VRCCO utilizes the same advanced dialysis machines and materials used in human medicine, ensuring the highest standards of care. Throughout treatments, patients are continuously monitored for vital parameters including blood clotting times, fluid balance, hematocrit, electrolytes, and cardiac health, with personalized attention from their care team. Pet Parents should also be aware of the following while considering these therapies:
Comfort & Compassionate Care: Dialysis treatments are not painful. Pets rest comfortably on soft bedding under the continuous care and observation of VRCCO’s specialized team. Sedation is rarely required.
Patient Size & Suitability: Most companion animals, regardless of size, can be safely treated. VRCCO’s in-house blood bank ensures the availability of transfusions if necessary.
Prognosis & Expectations: Treatment outcomes are highly variable and depend on the severity and cause of the condition. Some pets may require only a few treatments, while others may need ongoing therapy.
Early Intervention is Critical: Starting dialysis before severe complications arise, such as fluid overload or organ dysfunction, dramatically improves the likelihood of a positive outcome.
The Veterinary Referral Center’s board-certified specialists encourage pet parents and referring veterinarians to consult with them to determine whether these therapies are appropriate for individual cases. In many situations, time is a critical factor and early intervention can be life-saving. To learn more about Extracorporeal Therapies or VRCCO’s comprehensive specialty services, please contact the Veterinary Referral Center of Central Oregon at 541-209-6960 or info@vrcvet.com.
RICHARDSON, TX / ACCESS Newswire / August 12, 2025 / Optex Systems Holdings, Inc. (Nasdaq:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial results for the three and nine months ended June 29, 2025.
Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, “We are proud to announce another record-breaking quarter for revenue, a testament to our unwavering commitment to excellence, reliability, and customer support. This milestone reflects not only our strong operational performance but also the momentum we are building across the business.
“In addition to surpassing previous revenue records, we are excited to report several significant new program wins that expand our footprint in both domestic and international markets. These new awards are the result of our consistent delivery of high-quality products and the trust we have earned as a dependable defense manufacturing partner.
“Our factory performance continues to highlight the strength of our team and the efficiency of our processes. As we celebrate this achievement, we remain focused on sustaining this growth trajectory, investing in innovation, and delivering superior value to our customers and shareholders.
“We thank our employees, customers, and investors for their ongoing support in making this success possible.”
Backlog as of June 29, 2025 was $38.3 million, compared to a backlog of $45.6 million as of June 30, 2024, representing a decrease of $7.3 million, or 16.0% from the prior year June period. Subsequent to the period ended June 29, 2025, the Company announced several new awards including a $2.8 million order for the XM30 program, a $10.2 million five-year requirement-type contract award for optical sighting systems, and a $1.6 million order for laser filters, bringing our total backlog to $45.0 million as of August 5, 2025.
For the three months ended June 29, 2025, our total revenue increased by $2.1 million, or 22.6%, compared to the prior year period. For the nine months ended June 29, 2025, our total revenue increased by $5.5 million, or 22.3%, compared to the prior year period. The increase in revenue was primarily driven by higher periscope production levels at the Optex Richardson segment, combined with increased customer demand across both the Optex Richardson and the Applied Optics operating segments.
Consolidated gross profit for the three months ended June 29, 2025 increased by $0.3 million, or 10.0%, compared to the prior year period. Consolidated gross profit for the nine months ended June 29, 2025 increased by $1.5 million, or 21.6%, compared to the prior year period. The increase in the most recent three and nine-month period gross profit was primarily attributable to increased revenue and changes in product mix.
Our operating income for the three months ended June 29, 2025 increased by $0.3 million, or 18.3%, compared to the prior year period. Our operating income for the nine months ended June 29, 2025 increased by $1.5 million, or 43.8%, compared to the prior year period. The increase in operating income was primarily driven by higher revenue and gross profit.
As of June 29, 2025, Optex Systems Holdings had working capital of $19.4 million, as compared to $15.1 million as of September 29, 2024. During the nine months ended June 29, 2025, we generated operating cash of $5.4 million, primarily driven by increased net income, reductions in inventory and increased accounts payable. During the nine months ended June 29, 2025, we paid $1.0 million against the credit facility and purchased capital assets of $0.5 million.
At June 29, 2025, the Company had approximately $4.9 million in cash and no draws against its revolving credit line. As of June 29, 2025, our outstanding accounts receivable balance was $4.1 million to be collected during the fourth quarter of fiscal 2025.
Our key performance measures for the three and nine months ended June 29, 2025 and June 30, 2024 are summarized below.
(Thousands)
Three months ended
Nine months ended
Metric
Jun 29, 2025
Jun 30, 2024
% Change
Jun 29, 2025
Jun 30, 2024
% Change
Revenue
$
11,110
$
9,060
22.6
%
$
30,038
$
24,552
22.3
%
Gross Profit
$
3,168
$
2,881
10.0
%
$
8,658
$
7,122
21.6
%
Gross Margin %
28.5
%
31.8
%
(10.4
)%
28.8
%
29.0
%
(0.7
)%
Operating Income
$
1,911
$
1,615
18.3
%
$
5,065
$
3,523
43.8
%
Net Income
$
1,510
$
1,261
19.7
%
$
4,122
$
2,754
49.7
%
Adjusted EBITDA (non-GAAP)
$
2,125
$
1,837
15.7
%
$
5,698
$
4,224
34.9
%
The table below summarizes our three- and nine-month operating results for the periods ended June 29, 2025 and June 30, 2024, in terms of both the GAAP net income measure and the non-GAAP Adjusted EBITDA measure. We believe that including both measures allows the reader better to evaluate our overall performance.
(Thousands)
Three months ended
Nine months ended
June 29, 2025
June 30, 2024
June 29, 2025
June 30, 2024
Net Income (GAAP)
$
1,510
$
1,261
$
4,122
$
2,754
Add:
Federal Income Tax Expense
401
337
931
737
Depreciation and Amortization
131
132
386
341
Stock Compensation
83
90
247
360
Interest (Income) Expense
–
17
12
32
Adjusted EBITDA – Non GAAP
$
2,125
$
1,837
$
5,698
$
4,224
Adjusted EBITDA has limitations and should not be considered in isolation or a substitute for performance measures calculated under GAAP. This non-GAAP measure excludes certain cash expenses that we are obligated to make. In addition, other companies in our industry may calculate Adjusted EBITDA differently than we do or may not calculate it at all, which limits the usefulness of Adjusted EBITDA as a comparative measure.
Our net income increased by $0.2 million to $1.5 million for the three months ended June 29, 2025, as compared to net income of $1.3 million for the prior year period. Our adjusted EBITDA increased by $0.3 million to $2.1 million for the three months ended June 29, 2025, as compared to adjusted EBITDA of $1.8 million for the prior year period.
Our net income increased by $1.3 million to $4.1 million for the nine months ended June 29, 2025, as compared to net income of $2.8 million for the prior year period. Our adjusted EBITDA increased by $1.5 million to $5.7 million for the nine months ended June 29, 2025, as compared to adjusted EBITDA of $4.2 million for the prior year period.
The increase in net income and adjusted EBITDA for the most recent three and nine-month periods compared to the prior year periods is primarily driven by increased revenue and gross profit.
We currently do not anticipate any significant material risks as a result of the recent tariff uncertainties or China’s stranglehold on rare earths. Our defense products are primarily sourced domestically, but those which are imported are generally not subject to tariff or duties. We produce some commercial optical assemblies with selective components sourced from Taiwan; however, our current customer backlog is covered with existing material in inventory. We anticipate any future orders for these commercial products will be subject to revised pricing inclusive of any potential tariff impact.
Highlights of the Consolidated and Segment Results of Operations have been prepared in accordance with GAAP. These financial highlights do not include all information and disclosures required in the consolidated financial statements and footnotes and should be read in conjunction with our Quarterly Report on Form 10Q for the three and nine months ended June 29, 2025 filed with the SEC on August 12, 2025.
Optex Systems Holdings, Inc. Condensed Consolidated Balance Sheets
(Thousands, except share and per share data)
June 29, 2025
September 29, 2024
(Unaudited)
ASSETS
Cash and Cash Equivalents
$
4,871
$
1,009
Accounts Receivable, Net
4,140
3,764
Inventory, Net
14,514
14,863
Contract Asset
155
219
Prepaid Expenses
469
217
Current Assets
24,149
20,072
Property and Equipment, Net
1,475
1,292
Other Assets
Deferred Tax Asset
852
947
Intangible Assets, Net
845
951
Right-of-use Asset
1,836
2,233
Security Deposits
23
23
Other Assets
3,556
4,154
Total Assets
$
29,180
$
25,518
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable
$
1,778
$
1,177
Credit Facility
–
1,000
Operating Lease Liability
645
638
Federal Income Taxes Payable
–
74
Accrued Expenses
1,227
1,258
Accrued Selling Expense
169
237
Accrued Warranty Costs
173
52
Contract Loss Reserves
423
259
Customer Advance Deposits
285
255
Current Liabilities
4,700
4,950
Other Liabilities
Operating Lease Liability, net of current portion
1,346
1,760
Other Liabilities
1,346
1,760
Total Liabilities
6,046
6,710
Commitments and Contingencies
–
–
Stockholders’ Equity
Common Stock – ($0.001 par, 2,000,000,000 authorized, 6,912,919 and 6,873,938 shares issued and outstanding, respectively)
7
7
Additional Paid in Capital
21,669
21,465
Retained Earnings (Accumulated Deficit)
1,458
(2,664
)
Stockholders’ Equity
23,134
18,808
Total Liabilities and Stockholders’ Equity
$
29,180
$
25,518
The accompanying notes in our Quarterly Report on Form 10Q for the three and nine months ended June 29, 2025 filed with the SEC on August 12, 2025 are an integral part of these financial statements.
Optex Systems Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited)
(Thousands, except share and per share data)
Three months ended
Nine months ended
June 29, 2025
June 30, 2024
June 29, 2025
June 30, 2024
Revenue
$
11,110
$
9,060
$
30,038
$
24,552
Cost of Sales
7,942
6,179
21,380
17,430
Gross Profit
3,168
2,881
8,658
7,122
General and Administrative Expense
1,257
1,266
3,593
3,599
Operating Income
1,911
1,615
5,065
3,523
Interest Expense
–
17
12
32
Income Before Taxes
1,911
1,598
5,053
3,491
Income Tax Expense, net
401
337
931
737
Net Income
$
1,510
$
1,261
$
4,122
$
2,754
Basic income per share
$
0.22
$
0.19
$
0.60
$
0.41
Weighted Average Common Shares Outstanding – basic
6,884,429
6,799,807
6,856,776
6,744,997
Diluted income per share
$
0.22
$
0.18
$
0.60
$
0.40
Weighted Average Common Shares Outstanding – diluted
6,929,625
6,888,208
6,911,817
6,812,431
The accompanying notes in our Quarterly Report on Form 10Q for the three and nine months ended June 29, 2025 filed with the SEC on August 12, 2025 are an integral part of these financial statements.
ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2015 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company’s website at www.optexsys.com.
Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products and services described herein. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” and similar expressions.
These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events, including, but not limited to, any statements regarding growth strategy; product and development programs; financial performance and financial condition (including revenue, net income, profit margins and working capital); customer demand; orders and backlog; expected timing of contract deliveries to customers and corresponding revenue recognition; increases in the cost of materials and labor; costs remaining to fulfill contracts; contract loss reserves; labor shortages; follow-on orders; supply chain challenges; the continuation of historical trends; the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes in accounting policies on our results of operations, financial condition or cash flows; anticipated problems and our plans for future operations; and the economy in general or the future of the defense industry.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs and military spending, the timing of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in the U.S. Government’s interpretation of federal procurement rules and regulations, changes in spending due to policy changes in any new federal presidential administration, market acceptance of the Company’s products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, changes to export regulations, increases in tax rates, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, changes in the market for microcap stocks regardless of growth and value and various other factors beyond our control.
You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company’s forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company’s filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.
Manuscript accepted for publication in Frontiers in Pharmacology, “Oral Administration of Ketamir-2, a Novel Ketamine Analog, Attenuates Neuropathic Pain in Rodent Models via Selective NMDA Antagonism” details Ketamir-2’s superior performance in two validated neuropathic pain models and supports advancement to Phase 2a clinical trials by year-end 2025.
MIAMI, FL / ACCESS Newswire / August 12, 2025 / MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) (“MIRA” or the “Company”), a clinical-stage pharmaceutical company developing novel oral therapeutics for neurologic, neuropsychiatric, and metabolic disorders, today announced the acceptance of a second peer-reviewed manuscript describing its lead oral drug candidate, Ketamir-2, in Frontiers in Pharmacology.
The newly accepted publication reports that Ketamir-2 outperformed ketamine, pregabalin, or gabapentin-depending on the comparator used-in restoring sensory function and reversing pain behaviors across two gold-standard rodent models of neuropathic pain. The findings build on MIRA’s first publication characterizing Ketamir-2’s clean pharmacology and favorable safety profile and align with the Company’s plan to initiate a Phase 2a trial in neuropathic pain by year-end 2025.
Market Opportunity
Neuropathic pain represents a significant and underserved market across North America. Epidemiology suggests approximately 7-10% of the population experiences neuropathic pain; in North America, this equates to approximately 36-51 million people across the U.S., Canada, and Mexico. According to Precedence Research, the global neuropathic pain market is valued at approximately $7.97 billion in 2024 and is projected to reach $16.79 billion by 2034, growing at a compound annual growth rate (CAGR) of 7.73%. North America accounts for a significant share of this market, representing an estimated $3.7-3.9 billion annually today. The U.S. neuropathic pain market is estimated at $2.79 billion in 2024 and is projected to reach $5.92 billion by 2034, growing at a CAGR of 7.80% over the same period. Growth is expected to be driven by rising prevalence of diabetes, cancer survivorship, and aging-related nerve damage, underscoring the large and expanding commercial potential for novel treatments such as Ketamir-2.
Ketamir-2’s differentiated mechanism, oral bioavailability, and superior performance in gold-standard preclinical models position it as a potential next-generation, non-opioid treatment option in this multi-billion-dollar and rapidly growing market.
Key Findings from the Publication
Chung Model (sciatic nerve ligation in rats)
Male rats: Ketamir-2 restored sensory thresholds toward baseline, while ketamine-tested as the comparator-showed no measurable benefit.
Female rats: Ketamir-2 outperformed both pregabalin and gabapentin, delivering greater and more consistent restoration of normal sensory responses.
Paclitaxel (PTX)-Induced Neuropathy in Mice
Gabapentin was the sole comparator in this chemotherapy-induced neuropathy model. Ketamir-2 produced more complete normalization of pain sensitivity in both male and female cohorts, while gabapentin provided only partial or inconsistent relief.
Efficacy Across Genders and Species Despite differences in baseline pain sensitivity between male and female animals, Ketamir-2 demonstrated clear and significant therapeutic benefit in every cohort tested.
Mechanistic Differentiation
Ketamir-2 is a new molecular entity that selectively binds to the PCP site of the NMDA receptor with low affinity and shows no significant interaction with over 40 other receptor systems, including serotonin, dopamine, and opioid receptors. This combination of selectivity, oral bioavailability, and demonstrated efficacy in gold-standard models suggests the potential for a differentiated, next-generation therapeutic option in neuropathic pain.
“The acceptance of this second peer-reviewed publication is another important milestone for our Ketamir-2 program,” said Erez Aminov, CEO of MIRA. “The data clearly demonstrate superior and more consistent pain relief compared to leading neuropathic pain drugs, within the specific models tested. This provides additional confidence as we advance Ketamir-2 toward Phase 2a clinical evaluation and continue to explore its potential in broader CNS applications.”
“The robust reversal of pain sensitivity observed in these well-validated preclinical models-whether compared to ketamine, pregabalin, or gabapentin-further supports Ketamir-2’s potential as a differentiated, orally administered treatment for neuropathic pain,” added Dr. Itzchak Angel, Chief Scientific Advisor. “Given the limited number of effective oral treatments for this indication, Ketamir-2’s profile is especially compelling.”
Clinical Development Update
Phase 1 Trial Progressing: The ongoing Phase 1 trial of Ketamir-2 in Israel is on schedule, with no safety concerns reported to date and the single ascending dose portion nearing completion.
Phase 2a by Year-End: MIRA plans to submit a Phase 2a clinical trial protocol to the U.S. Food and Drug Administration (FDA) in Q4 2025 as an advanced development version to its active IND, with the goal of initiating the study in neuropathic pain by year-end.
Potential Beyond Neuropathic Pain: With its clean pharmacology and oral bioavailability, Ketamir-2 is also being explored for potential applications in depression, anxiety, post-traumatic stress disorder (PTSD), and as a topical formulation for localized pain conditions.
MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) is a clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics for neurologic, neuropsychiatric, and metabolic disorders. The Company’s pipeline includes oral drug candidates designed to address significant unmet medical needs in areas such as neuropathic pain, inflammatory pain, obesity, addiction, anxiety, and cognitive decline.
This press release and the statements of MIRA’s management related thereto contain “forward-looking statements,” which are statements other than historical facts made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words or similar expressions that are intended to identify forward-looking statements. Any statements in this press release that are not historical facts may be deemed forward-looking. Any forward-looking statements in this press release are based on MIRA’s current expectations, estimates, and projections only as of the date of this release and are subject to a number of risks and uncertainties (many of which are beyond MIRA’s control) that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including related to MIRA’s potential merger with SKNY Pharmaceuticals, Inc. These and other risks concerning MIRA’s programs and operations are described in additional detail in the Annual Report on Form 10-K for the year ended December 31, 2024, and the Form 14A filed by MIRA on June 18, 2025, and other SEC filings, which are on file with the SEC at www.sec.gov and on MIRA’s website at https://www.mirapharmaceuticals.com/investors/sec-filings. MIRA explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
MONTREAL, QC / ACCESS Newswire / August 12, 2025 / Vision Marine Technologies Inc. (NASDAQ:VMAR) (“Vision Marine” or the “Company”), a leader in electric marine propulsion and multi-brand boat retail, today announced a significant increase in sales performance-highlighted by accelerated boat sales revenue, a significant reduction in floor plan liabilities, and stronger inventory turnover-following the recent acquisition of Nautical Ventures Group Inc. (“Nautical Ventures”).
From June 20, 2025 to August 8, 2025, the newly acquired Nautical Ventures division generated approximately US$8.2 million in gross revenue through boat sales-compared to Vision Marine’s total boat sales of $1.4 million for its entire fiscal year ended August 31, 2024. This short-term performance reflects a 504% increase relative to the Company’s prior full-year sales and highlights the transformational impact of the acquisition, expanded retail footprint and integrated sales infrastructure.
This top-line expansion was accompanied by a 44% reduction in floor plan financing, declining from approximately US$56.1 million as of December 31, 2024, to US$31.3 million as of August 8, 2025. This reduction underscores Vision Marine’s focus on financial discipline, operational streamlining, and enhanced sales execution.
Inventory turnover has also accelerated. Between June 20, 2025 and August 8, 2025, the Company reduced its product inventory by approximately US$4.9 million, driven by increased demand across both internal combustion engine (“ICE”) and electric boat categories.
Vision Marine is also expanding into the tender boat segment. As announced in July, the Company is leveraging Nautical Ventures’ role as a leading U.S. distributor of Highfield Boats, which sold more than 600 tenders from 2022 to 2024 and generated over $14 million in related revenue. A new dedicated Fort Lauderdale facility now serves as a high-volume hub for tender sales and service.
In parallel, the Company saw a 900% year-over-year increase in inbound boat leads through the addition of Nautical Ventures’ sales channels, attributed to the availability of new product lines and a performance-driven marketing strategy. This demand directly supports Vision Marine’s growth across both electric and ICE segments.
“We want to be clear with investors: this is a materially different Vision Marine than it was last year,” said Alexandre Mongeon, CEO of Vision Marine. “Through the acquisition of Nautical Ventures, we’ve added real sales volume, operational scale, and a platform capable of accelerating both electric and traditional boat sales.”
Vision Marine will provide additional updates on its financial results and strategic milestones in its Q4 2025 release in November.
Preliminary and Unaudited Financial Information
The financial information presented in this release is preliminary, unaudited, and subject to change. These results have not been reviewed by the Company’s independent registered public accounting firm and may differ materially from results to be included in the Company’s upcoming filings with the U.S. Securities and Exchange Commission (“SEC”).
Use of Non-GAAP Financial Measures
This press release includes references to “gross revenue,” which may be considered a non-GAAP financial measure. Management uses this metric internally to evaluate performance; however, it should not be viewed as a substitute for, or superior to, measures calculated in accordance with IFRS. A reconciliation to GAAP financial measures will be provided, as necessary, in future filings with the SEC.
This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect current expectations and projections about future events and are not guarantees of future performance. Actual results may differ materially from those expressed or implied due to various risks and uncertainties, including, but not limited to, integration risks related to the acquisition of Nautical Ventures, market demand, and operational execution. Vision Marine undertakes no obligation to update or revise any forward-looking statements except as required by law.
Investor and Company Contact: Bruce Nurse Investor Relations (303) 919‑2913 bn@v‑mti.com
Operational Efficiencies Improve, Increasing EBITDA and Cash Flow
Revenue increased 3% to $5.6M compared to $5.5M in Q1 2025 and decreased 7% from $6.0M in Q2 2024
Adjusted EBITDA increased $308,000 to $836,000 compared to $528,000 in Q2 2024
The Company was cash flow positive for the quarter, with cash flow from operations increasing $325,000 from Q2 2024
Subscriptions increased to 971 at the end of Q2 2025 from 955 at the end of Q1 2025 and 867 in Q2 2024
RALEIGH, NC / ACCESS Newswire / August 12, 2025 / ACCESS Newswire Inc. (NYSE American:ACCS) (the “Company”), a leading communications company, today reported its operating results for the three and six months ended June 30, 2025.
“We’re pleased to report another quarter of sequential growth, highlighting the continued momentum of our business as we execute on our long-term strategy,” said Brian R. Balbirnie, ACCESS Newswire’s Founder and Chief Executive Officer. “We continue to transition the business to a subscription-based model and remain confident this shift is delivering greater value to our customers while building a sustainable, predictable business that will be best for all stakeholders. We continue to see strong gross margins, an increase in the number of subscription customers and a return of adjusted EBITDA to mid-teen percentages of revenue, at 15% for the quarter. Along with increasing revenue, all of these remain key areas of focus through the remainder of the year.”
Mr. Balbirnie added, “Based on the breadth of our product functionality and our subscription-based approach, we are in a unique position to capture growth in the communications market and are excited about the upcoming product enhancements we will release as we approach the end of the year. Alongside our focus on continued operational efficiencies, we believe our initiatives will further strengthen our performance and drive improved results in both the near and long term.”
Second Quarter 2025 Highlights:
Revenue – Total revenue was $5,621,000, a 7% decrease from $6,020,000 in Q2 2024 and a 3% increase from $5,476,000 in Q1 2025. The decrease in revenue year-over-year is due to slight declines across all our various product lines, including revenue from our core press release business, which decreased 4% from the prior year due to lower revenue per release as a result of product mix, despite an increase in volume. Press release revenue increased 5% from Q1 2025.
Gross Margin – Gross margin for Q2 2025 was $4,285,000, or 76% of revenue, compared to $4,647,000, or 77% of revenue, during Q2 2024 and $4,273,000, or 78% of revenue in Q1 2025. The decrease from the prior year is primarily due to lower revenue, as costs of revenue remained consistent. The decrease from Q1 2025 is due to increased distribution costs with the addition of new distribution partners.
Operating Loss – Operating loss was $249,000 for Q2 2025, as compared to $531,000 during Q2 2024. Operating expenses decreased $644,000, or 12%, to $4.5 million. The decrease was primarily due to a reduction in headcount throughout the organization along with other initiatives to generate operational efficiencies.
Loss from continuing operations – On a GAAP basis, net loss from continuing operations was $239,000, or $0.06 per diluted share, for the three months ended June 30, 2025, compared to $683,000, or $0.18 per diluted share, for the three months ended June 30, 2024.
Net loss from discontinued operations, net of tax – On a GAAP basis, net loss from discontinued operations was $236,000, or $0.06 per diluted share during Q2 2025, compared net income from discontinued operations of $690,000, or $0.18 per diluted share during Q2 2024. The net loss from discontinued operations during Q2 2025 was primarily related to additional reserves on remaining accounts receivable.
Operating Cash Flows – Cash flows from operations for Q2 2025 were $135,000 compared to $(190,000) in Q2 2024.
Non-GAAP Measures – Q2 2025 EBITDA was $480,000, or 9%, compared to $211,000, or 4%, during Q2 2024. Adjusted EBITDA was $836,000, or 15% of revenue, for Q2 2025 compared to $528,000, or 9% of revenue, for Q2 2024. Non-GAAP net income for Q2 2025 was $556,000, or $0.14 per diluted share, compared to $101,000, or $0.03 per diluted share, during Q2 2024. Adjusted free-cash flow was $250,000 for Q2 2025 compared to $(292,000) for Q2 2024. The improvement to Non-GAAP measures is largely due to the cost improvements and operational efficiencies made in the business.
First Half 2025 Highlights:
Revenue – Total revenue was $11,097,000, a 4% decrease from $11,592,000 during the first half of 2024. Similar to the results for the quarter, the decrease was primarily due to declines in revenue across all of our product lines. Specifically, press release revenue decreased approximately 2% due to lower revenue per release as a result of product mix, on increased volumes.
Gross Margin – Gross margin for the first half of 2025 was $8,557,000, or 77% of revenue, compared to $8,831,000, or 76% of revenue, during the first half of 2024. The increase in gross margin percentage is due to the optimization of our operations team partially offset by increased distribution costs related to the addition of new partners.
Operating Loss – Operating loss was $926,000 for the first half of 2025, as compared to $1,393,000 during the first half of 2024. Operating expenses decreased $740,000, or 7%, to $9.5 million. As with the quarter, the decrease was primarily due to a reduction in headcount and operational efficiencies throughout the organization.
Loss from continuing operations – On a GAAP basis, net loss from continuing operations was $1,004,000, or $0.26 per diluted share during the first half of 2025, compared to $1,466000, or $0.38 per diluted share during the first half of 2024.
Net income from discontinued operations, net of tax – On a GAAP basis, net income from discontinued operations was $5,916,000, or $1.54 per diluted share during the first half of 2025, compared to $1,334,000, or $0.35 per diluted share during the first half of 2024. The increase was primarily due to the gain recorded on the sale of the compliance business of approximately $6.0M, net of taxes.
Operating Cash Flows – Cash flows from operations for the first half of 2025 were $882,000 compared to $796,000 during the first half of 2024.
Non-GAAP Measures – EBITDA for the first half of 2025 was $476,000, or 4%, compared to $282,000, or 2% of revenue, during the first half of 2024. Adjusted EBITDA was $1,400,000, or 13% of revenue, for the first half of 2025 compared to $415,000, or 4% of revenue, for the first half of 2024. Non-GAAP net income for the first half of 2025 was $762,000, or $0.20 per diluted share, compared to $(265,000), or $(0.07) per diluted share, during the first half of 2024. Adjusted free-cash flow was $1,217,000 for the first half of 2025 compared to $491,000 for first half of 2024. The improvement to Non-GAAP measures is largely due to the cost improvements and operational efficiencies made in the business.
Key Performance Indicators:
As of June 30, 2025, we had 11,770 customers who had an active contract during the past twelve months, compared to 12,112 as of June 30, 2024.
Subscription customers increased year-over-year by 104 to 971
Average ARR for subscriptions per customer at the end of the quarter was $11,039, up from $10,068 as of June 30, 2024.
Non-GAAP Financial Measures
The non-GAAP adjustments referenced below and herein relate to the exclusion of stock-based compensation, amortization of acquisition-related intangible assets. and other expenses the Company believes to be non-recurring. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in the tables at the end of this press release.
Management believes that the use of EBITDA from continuing operations, Adjusted EBITDA from continuing operations, non-GAAP net income (loss) from continuing operations, non-GAAP net income (loss) from continuing operations per share, free cash flow and adjusted free cash flow is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Our management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating our own operating results over different periods of time.
EBITDA from continuing operations is calculated by excluding depreciation and amortization, interest expense, net, and income taxes from the loss from continuing operations. Adjusted EBITDA also excludes certain other expenses which the Company believes to be non-recurring as well as the gain or loss on the change in fair value of our interest rate swap. Non-GAAP net income (loss) from continuing operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from continuing operations and certain other adjustments noted in the tables below. Non-GAAP net income (loss) from continuing operations per share is calculated by dividing non-GAAP net income (loss) from continuing operations by the weighted-average diluted shares outstanding as presented in the calculation of GAAP net income (loss) from continuing operations per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, management believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, management generally allocates a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus management does not believe they are reflective of ongoing operations.
Free cash flow, a non-GAAP measure, represents cash flow from operating activities less purchase of property and equipment and capitalized software. Adjusted free cash flow also deducts certain cash payments which the Company believe to be non-recurring in nature. Management considers free cash flow and adjusted free cash flow to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on our reported financial results.
The presentation of non-GAAP financial information below and herein are not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below and not rely on any single financial measure to evaluate our business.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES ($ in ‘000’s, except per share amounts) CALCULATION OF EBITDA & ADJUSTED EBITDA
Three Months Ended June 30,
2025
2024
Amount
Amount
Net loss from continuing operations:
$
(239
)
$
(683
)
Adjustments:
Depreciation and amortization
739
728
Interest (income) expense, net
(11
)
303
Income tax benefit
(9
)
(137
)
EBITDA from continuing operations
480
211
Acquisition and/or integration costs (1)
72
42
Other non-recurring expenses (2)
95
38
Stock-based compensation expense (3)
189
237
Adjusted EBITDA from continuing operations:
$
836
$
528
Six Months Ended June 30,
2025
2024
Amount
Amount
Net loss from continuing operations:
$
(1,004
)
$
(1,466
)
Adjustments:
Depreciation and amortization
1,481
1,456
Interest expense, net
193
587
Income tax benefit
(194
)
(295
)
EBITDA from continuing operations
476
282
Acquisition and/or integration costs (1)
201
107
Other non-recurring expenses (2)
331
(132
)
Stock-based compensation expense (3)
392
158
Adjusted EBITDA from continuing operations:
$
1,400
$
415
(1)
This adjustment gives effect to one-time corporate projects, including acquisition, divestiture and integration related expenses, incurred during the periods.
(2)
For the three months ended June 30, 2025, this adjustment gives effect to the loss on the change in fair value of our interest rate swap of $10,000 and non-recurring fees of $85,000. For the six months ended June 30, 2025, this adjustment gives effect to the loss on the change in fair value of our interest rate swap of $79,000, as well as corporate re-brand costs of $132,000 and non-recurring fees of $120,000. For the three and six months ended June 30, 2024, this adjustment gives effect to a gain recorded on the change in fair value of our interest rate swap of $14,000 and $219,000, respectively, partially offset by one-time accounting fees, termination benefits and other non-recurring or unusual expenses of $52,000 and $87,000, respectively.
(3)
The adjustments represent stock-based compensation expense from continuing operations related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. For the six months ended June 30, 2024, this amount includes a benefit as a result of the resignation of an executive officer.
CALCULATION OF NON-GAAP NET INCOME (LOSS)
Three Months Ended June 30,
2025
2024
Amount
Per diluted
share
Amount
Per diluted
share
Net loss from continuing operations:
$
(239
)
$
(0.06
)
$
(683
)
$
(0.18
)
Adjustments:
Amortization of intangible assets(1)
630
0.16
637
0.17
Stock-based compensation expense(2)
189
0.05
237
0.06
Other unusual items(3)
167
0.04
80
0.02
Discrete items impacting income tax expense(4)
16
–
30
0.01
Tax impact of adjustments(5)
(207
)
(0.05
)
(200
)
(0.05
)
Non-GAAP net income (loss) from continuing operations:
$
556
0.14
$
101
$
0.03
Weighted average number of common shares outstanding – diluted
3,857
3,823
Six Months Ended June 30,
2025
2024
Amount
Per diluted
share
Amount
Per diluted
share
Net loss from continuing operations:
$
(1,004
)
$
(0.26
)
$
(1,466
)
$
(0.38
)
Adjustments:
Amortization of intangible assets(1)
1,260
0.33
1,280
0.33
Stock-based compensation expense(2)
392
0.10
158
0.04
Other unusual items(3)
532
0.14
(25
)
0.00
Discrete items impacting income tax expense(4)
41
0.01
85
0.02
Tax impact of adjustments(5)
(459
)
(0.12
)
(297
)
(0.08
)
Non-GAAP net income (loss) from continuing operations:
$
762
0.20
$
(265
)
$
(0.07
)
Weighted average number of common shares outstanding – diluted
3,850
3,821
(1)
The adjustments represent the amortization of intangible assets related to acquired assets and companies.
(2)
The adjustments represent stock-based compensation expense from continuing operations related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. For the six months ended June 30, 2024, this amount includes a benefit as a result of the resignation of an executive officer.
(3)
For the three months ended June 30, 2025, this adjustment gives effect to the loss on the change in fair value of our interest rate swap of $10,000 and non-recurring fees, including acquisition, integration and divestiture costs of $157,000. For the six months ended June 30, 2025, this adjustment gives effect to the loss on the change in fair value of our interest rate swap of $79,000, as well as corporate re-brand costs of $132,000 and non-recurring fees, including acquisition, integration and divestiture costs of $321,000. For the three and six months ended June 30, 2024, this adjustment gives effect to a gain recorded on the change in fair value of our interest rate swap of $14,000 and $219,000, respectively, partially offset by one-time accounting fees, termination benefits and other non-recurring or unusual expenses, including acquisition and integration expenses of $94,000 and $194,000, respectively.
(4)
This adjustment gives effect to discrete items that impact income tax expense. For the three and six months ended June 30, 2025 and 2024, this relates to additional expense associated with vesting of stock-based compensation awards.
(5)
This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal tax rate of 21%.
CALCULATION OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
Three Months Ended June 30,
2025
2024
Net cash provided by operating activities (GAAP)
$
135
$
(190
)
Payments for purchase of fixed assets and capitalized software
–
(155
)
Free cash flow (Non-GAAP)
135
(345
)
Cash paid for acquisition and integration related items (1)
31
–
Cash paid for other unusual items (2)
84
53
Adjusted free cash flow (Non-GAAP)
$
250
$
(292
)
Six Months Ended June 30,
2025
2024
Net cash provided by operating activities (GAAP)
$
882
$
796
Payments for purchase of fixed assets and capitalized software
(35
)
(416
)
Free cash flow (Non-GAAP)
847
380
Cash paid for acquisition and integration related items (1)
118
23
Cash paid for other unusual items (2)
252
88
Adjusted free cash flow (Non-GAAP)
$
1,217
$
491
(1)
This adjustment gives effect to one-time corporate projects, including acquisition, divestiture and integration related expenses, paid during the periods.
(2)
For the three and six months ended June 30, 2025, this relates to payments related to our corporate re-brand and other non-recurring fees. For the three and six months ended June 30, 2024, this adjustment gives effect to one-time accounting fees , termination benefits and other non-recurring or unusual expenses.
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We are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more visit www.accessnewswire.com.
Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “commit,” “estimate,” “predict,” “potential,” “outlook,” “guidance,” “target,” “goal,” “project,” “continue to,” “confident,” or the negative of those terms or other comparable terminology. The forward-looking statements in this press release include, among other things, our confidence that our shift from pay-as-you-go to a subscription-based model is building the sustainable, predictable business we have been working toward and our belief that our various initiatives will further strengthen our performance and drive improved results in both the near and long-term.
Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission at www.sec.gov, including the Company’s Annual Reports filed on Form 10-K, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For Further Information: ACCESS Newswire Inc. Brian R. Balbirnie (919)-481-4000 brianb@accessnewswire.com
ACCESS NEWSWIRE INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
June 30,
December 31,
2025
2024
ASSETS
(unaudited)
Current assets:
Cash and cash equivalents
$
4,111
$
4,103
Accounts receivable (net of allowance for doubtful accounts of $1,600 and $1,059,
respectively)
3,731
3,351
Other current assets
1,716
1,234
Current assets held for sale
116
1,338
Total current assets
9,674
10,026
Capitalized software (net of accumulated amortization of $3,789 and $3,644, respectively)
811
934
Fixed assets (net of accumulated depreciation of $813 and $914, respectively)
302
365
Right-of-use asset – leases
639
766
Other long-term assets
88
158
Goodwill
19,043
19,043
Intangible assets (net of accumulated amortization of $8,284 and $7,024, respectively)
10,716
11,976
Deferred tax asset
4,280
3,793
Non-current assets held for sale
–
3,577
Total assets
$
45,553
$
50,638
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,478
$
1,423
Accrued expenses
2,394
1,699
Income taxes payable
2,684
56
Current portion of long-term debt
870
4,000
Deferred revenue
4,741
4,743
Current liabilities held for sale
–
893
Total current liabilities
12,167
12,814
Long-term debt (net of debt discount of $61 and $70, respectively)
2,112
11,930
Lease liabilities – long-term
495
668
Deferred Tax Liability
73
–
Other long-term liabilities
18
–
Total liabilities
14,865
25,412
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.
–
–
Common stock $0.001 par value, 20,000,000 shares authorized, 3,868,826 and 3,838,743 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.
4
4
Additional paid-in capital
24,728
24,259
Other accumulated comprehensive loss
(97
)
(178
)
Retained earnings
6,053
1,141
Total stockholders’ equity
30,688
25,226
Total liabilities and stockholders’ equity
$
45,553
$
50,638
ACCESS NEWSWIRE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share amounts)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
2025
2024
2025
2024
Revenues
$
5,621
$
6,020
$
11,097
$
11,592
Cost of revenues
1,336
1,373
2,539
2,761
Gross profit
4,285
4,647
8,558
8,831
Operating costs and expenses:
General and administrative
1,752
1,842
3,705
3,481
Sales and marketing expenses
1,462
1,943
3,056
4,014
Product development
655
719
1,388
1,373
Depreciation and amortization
665
674
1,335
1,356
Total operating costs and expenses
4,534
5,178
9,484
10,224
Operating loss
(249
)
(531
)
(926
)
(1,393
)
Interest income (expense), net
11
(303
)
(193
)
(587
)
Other income (loss), net
(10
)
14
(79
)
219
Loss before taxes
(248
)
(820
)
(1,198
)
(1,761
)
Income tax benefit
(9
)
(137
)
(194
)
(295
)
Net loss from continuing operations
(239
)
(683
)
(1,004
)
(1,466
)
Net income (loss) from discontinued operations, net of tax
(236
)
690
5,916
1,334
Net income (loss)
$
(475
)
$
7
$
4,912
$
(132
)
Loss from continuing operations per share – basic
$
(0.06
)
$
(0.18
)
$
(0.26
)
$
(0.38
)
Loss from continuing operations per share – fully diluted
$
(0.06
)
$
(0.18
)
$
(0.26
)
$
(0.38
)
Income (loss) from discontinued operations per share – basic
$
(0.06
)
$
0.18
$
1.54
$
0.35
Income (loss) from discontinued operations per share – fully diluted
$
(0.06
)
$
0.18
$
1.54
$
0.35
Income (loss) per share – basic
$
(0.12
)
$
0.00
$
1.28
$
(0.03
)
Income (loss) per share – fully diluted
$
(0.12
)
$
0.00
$
1.28
$
(0.03
)
Weighted average number of common shares outstanding – basic
3,856
3,821
3,849
3,818
Weighted average number of common shares outstanding – fully diluted
3,857
3,823
3,850
3,821
ACCESS NEWSWIRE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
For the Six Months Ended
June 30,
June 30,
2025
2024
Cash flows from operating activities:
Net income (loss)
$
4,912
$
(132
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on disposal of business
(8,974
)
–
Depreciation and amortization
1,509
1,540
Provision for credit losses
976
595
Deferred income taxes
(415
)
(72
)
Stock-based compensation expense
469
200
Non-cash interest adjustment on note payable
9
8
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable
(680
)
(928
)
Decrease (increase) in other assets
226
52
Increase (decrease) in accounts payable
131
(230
)
Increase (decrease) in income tax payable
2,626
12
Increase (decrease) in accrued expenses
419
(341
)
Increase (decrease) in deferred revenue
(326
)
92
Net cash provided by operating activities
882
796
Cash flows from investing activities:
Proceeds from Sale of Compliance Business
12,000
–
Capitalized software
(23
)
(400
)
Purchase of fixed assets
(12
)
(16
)
Net cash provided by (used in) investing activities
Stream Hatchet Partners with Ubisoft to Power Influencer Strategy for Tom Clancy’s Rainbow Six Siege X Launch
FRISCO, TEXAS / ACCESS Newswire / August 12, 2025 / Stream Hatchet an influencer marketing company and live streaming analytics platform and wholly-owned subsidiary of GameSquare Holdings (NASDAQ:GAME), (“GameSquare”, or the “Company”), today announced a strategic collaboration with Ubisoft to support the launch of Tom Clancy’s Rainbow Six Siege X.
Under the agreement, Stream Hatchet will drive influencer strategy and execution, leveraging its proprietary technology and data-driven talent discovery platform to activate creators at scale. The partnership is expected to contribute to GameSquare’s 2025 revenue, underscoring the growing demand for managed influencer services in high-impact game launches.
“We’re proud to partner with Ubisoft on one of the most anticipated releases in tactical gaming,” stated Justin Kenna, GameSquare’s CEO. “This collaboration reflects the strength of our platform and Stream Hatchet’s evolution from analytics to a full-service marketing engine capable of delivering value to customers on a global scale.”
Tom Clancy’s Rainbow Six Siege, one of the most iconic competitive shooter franchises, has attracted over tens of millions of registered players since its original launch in 2015. With Rainbow Six Siege X, Ubisoft is introducing the next evolution in the franchise-aimed at re-engaging loyal players while captivating a new generation of gaming audiences.
“Our team is excited to help bring Rainbow Six Siege X to life through cutting-edge influencer activations,” added Justin Smith, Chief Commercial Officer of Stream Hatchet. “Our platform provides the tools and insight needed to identify the right voices and maximize impact across streaming and social channels. It’s a natural fit for a launch of this scale.”
This partnership highlights Stream Hatchet’s ongoing expansion into managed services and campaign execution, laying the groundwork for future long-term SaaS and marketing engagements with top-tier publishers.
For more information about Stream Hatchet or to explore partnership opportunities, visit www.streamhatchet.com.
About Stream Hatchet
Stream Hatchet is the leading provider of data analytics for the live streaming industry. With a suite of services encompassing a user-friendly SaaS platform, custom reports, and strategic agency consulting, Stream Hatchet is a trusted guide for those navigating the dynamic landscape of live streaming. The company has up to 7 years of historical data with minute-level granularity from 20 platforms, Stream Hatchet provides stakeholders in the live-streaming industry with powerful insights to drive innovation and growth. Stream Hatchet partners with a diverse clientele – from video game publishers and marketing agencies to esports organizers and teams – who rely on the company’s cutting-edge data analytics to optimize their marketing strategies, secure lucrative sponsorships, enhance esports performance, and build successful tournaments.
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, one of the most iconic gaming organizations, we operate one of the largest gaming media networks in North America. Complementing our operating strategy, GameSquare operates a blockchain-native Ethereum treasury management program designed to generate onchain 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 and FaZe Media Inc.’s future performance, revenue, growth and profitability; and the Company’s and FaZe Media’s ability to execute their 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 and FaZe Media’s ability to grow their business and being able to execute on their business plans, the Company being able to complete and successfully integrate acquisitions, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports 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.
Corporate Contact
Lou Schwartz, President Phone: (216) 464-6400 Email: ir@gamesquare.com
FreeFlyer® modeling confirms feasibility of new orbit families offering persistent lunar access for surveillance, navigation and communication.
LANHAM, MD / ACCESS Newswire / August 12, 2025 / a.i. solutions, a leading provider of mission-critical aerospace engineering services and software, and Coorbital Inc., an emerging startup specializing in cislunar astrodynamics, announced the successful modeling and validation of a newly discovered family of “tulip-shaped” orbits, a first in the field of cislunar astrodynamics. This innovative research, originally developed by Dr. Darin Koblick in collaboration with Texas A&M University, was modeled and verified using a.i. solutions’ FreeFlyer® astrodynamics software.
Recently published in the Journal of Astronautical Sciences, these orbit families, characterized by their distinctive multi-lobed, flower-like geometry, were introduced as “tulip-shaped orbits.” They leverage the gravitational interplay between Earth and the Moon to enable mission profiles previously considered infeasible. Unlike traditional NRHOs or Distant Retrograde Orbits, tulip-shaped orbits enable sidereal resonant coverage with more flexible geometry and lower ΔV demands, offering broad utility for lunar surveillance, communications, navigation and space domain awareness.
“Working with Coorbital Inc., we used FreeFlyer to validate the performance and station-keeping feasibility of tulip-shaped orbits,” said Dr. Brian McCarthy, senior astrodynamicist at a.i. solutions supporting the NASA Gateway Program. “These orbits offer persistent lunar coverage with minimal ΔV and have real potential to support both commercial and government cislunar operations.”
This work aligns with key national priorities to advance lunar exploration and space surveillance capabilities. It supports efforts such as the U.S. Air Force Research Laboratory’s Oracle family, the U.S. Space Force’s Golden Dome, and NASA’s LunaNet architecture. “We have a great deal to learn when it comes to operating, navigating and communicating from cislunar space,” said Col. Jeremy Raley, Director of the AFRL Space Vehicles Directorate.
Employing a novel station-keeping control strategy, Koblick and McCarthy successfully maintained all fourteen families of sidereal resonant tulip-shaped orbits with mean annual ΔV costs between 6-15 m/s, well within operational feasibility for current and future spacecraft.
“This represents a major advancement in astrodynamics research and underscores the value of industry collaboration in advancing both government and commercial space exploration and security missions,” said Koblick. The successful validation of tulip-shaped orbits sets the stage for a near-term demonstration mission, an opportunity to test and confirm their operational advantages. With continued collaboration and real-world testing, tulip-shaped orbits could soon play a foundational role in building secure, scalable infrastructure across the Earth-Moon system.
About a.i. solutions Inc. a.i. solutions is a leading aerospace engineering firm providing mission-critical software, engineering services, and operational support to civilian, commercial, and national security space missions. With a history spanning over two decades, the company is committed to delivering reliable solutions that ensure mission success. Learn more at http://www.ai-solutions.com.
About Coorbital Inc. Coorbital Inc. is a Los Angeles based aerospace startup pioneering next-generation space and missile defense technologies. The company develops advanced solutions for ISR, SDA, hypersonic threats, and interplanetary missions. With a focus on innovation and national security, Coorbital is helping shape the future of defense and space exploration. Learn more at http://www.coorbital.com.
Contact Information
Doug Stewart Vice President of Strategic Marketing, Appleton doug@appletoncreative.com 407-246-0092 ext. 1
BELLEVUE, WA / ACCESS Newswire / August 12, 2025 / CoreStack, a leading global multi-cloud governance provider, today announced it has been named to the prestigious Inc. 5000 list of the fastest-growing private companies in America for the third consecutive year. This recognition reaffirms CoreStack’s continued momentum in delivering AI-powered cloud governance that drives business outcomes for enterprises worldwide.
Published annually by Inc. magazine, the Inc. 5000 list honors the most successful independent companies in the U.S. based on revenue growth over a three-year period. Past honorees have included household names such as Microsoft, Intuit, Zappos, and Patagonia.
“This achievement is a testament to the hard work, innovation, and customer obsession of our team,” said Ezhilarasan Natarajan, CEO of CoreStack. “We are proud to help organizations confidently embrace the cloud and unlock its full potential. Being recognized again on the Inc. 5000 list underscores our ability to deliver measurable value to our customers while scaling our business globally.”
CoreStack’s AI-powered NextGen Cloud Governance and Security platform enables enterprises to achieve continuous and autonomous cloud governance at scale across FinOps, SecOps, and CloudOps. Trusted by 750+ global enterprises and governing over $2B in annual cloud consumption, CoreStack empowers customers to achieve compliance, optimize costs, and accelerate innovation in multi-cloud environments.
About the Inc. 5000
The Inc. 5000 is a list of the fastest-growing private companies in America, ranked according to percentage revenue growth over a three-year period. The 2025 Inc. 5000 list recognizes the most dynamic businesses in the U.S. that have demonstrated resilience, innovation, and growth in a competitive market. Learn more at https://www.inc.com/inc5000
About CoreStack
CoreStack is an AI-powered NextGen Cloud Governance and Security platform that enables enterprises to embrace the cloud with confidence, rapidly achieving continuous and autonomous governance at scale. CoreStack helps 750+ global enterprises govern more than $2B in annual cloud consumption. The company is a Microsoft Azure (Legacy) Gold Partner, Amazon AWS Technology Partner with Cloud Operations Competency, Oracle Cloud Build Partner, and Google Cloud Build Partner. For more information, visit https://www.corestack.io/.
MAHWAH, NEW JERSEY / ACCESS Newswire / August 12, 2025 / Core Development Group, a nationally ranked, independent, trusted clean energy provider, today announced its sponsorship and attendance at RE+ 2025 in Las Vegas from September 8-11, 2025. The event will feature exhibits and presentations on renewable energy and is expected to attract over 40,000 industry experts, innovators, and thought leaders in the clean energy sector.
RE+ 25 is more than just the largest clean energy event; it brings the modern energy industry together to foster a cleaner future. What began as Solar Power International (SPI) has evolved into RE+, bringing together renewable energy leaders for four days of educational and networking opportunities. Today’s RE+25 brings together industry leaders from across the clean energy industry, including solar, energy storage, hydrogen, microgrids, EV charging and infrastructure, wind energy, and now geothermal energy.
“The RE+25 Las Vegas conference unites the global clean energy community and provides business networking and educational opportunities that give attendees the insights and strategies needed to position themselves for 2026 and beyond,” said Henry Cortes, CEO and Founder of Core Development Group “We are grateful to the commitment of RE+ and other sponsors who have consistently pledged to support sustainability and clean energy in making the RE+ conference a continued success.”
Core Development Group designs and builds solutions to lead the way forward to net zero. Collaborating with the right partners is crucial to success in the clean energy sector. RE+ serves as a common ground for innovators and industry leaders to connect and learn from one another. Sharing ideas, challenges, and solutions makes for a stronger market that can grow and adapt more quickly, ensuring a future powered by clean energy.
Every year, Core Development Group hosts vendor and partner gatherings at RE+. Conference days can be long, so Core Development Group meets with key partners in casual, face-to-face settings to unwind, share ideas, and review accomplishments in the company’s increasingly complex and challenging projects.
RE+25 also enables new partners and customers to connect and speak with Core Development Group experts to discuss how to address critical clean energy challenges.
About Core Development Group
Core Development Group is a trusted and agile independent U.S. renewable energy developer, contractor and consultant. The company helps organizations transition to clean, renewable energy and provides solar energy systems, battery storage, microgrids, and EV charging infrastructure to companies in the U.S. and abroad. Core Development Group also provides world-class engineering, design, construction, quality assurance, and construction management consulting services for renewable energy projects. Founded in 2012, Core Development Group is headquartered in Mahwah, New Jersey. Learn more at coredevusa.com.
About RE+ Events
RE+ Events is the global event and association management organization specializing in the clean energy industry. Our flagship event, RE+ (formerly SPI), is the largest renewable energy event in North America. The RE+ Events portfolio also includes events within the U.S. focusing on trends and policies in specific states/regions, and international events that bring together clean energy leaders in up-and-coming markets across the world. Visit re-plus.events.
New agreement reinforces Formerra’s strategy to support high-performance applications with advanced polymer solutions across multiple markets.
ROMEOVILLE, IL / ACCESS Newswire / August 12, 2025 / Formerra, a leader in performance materials distribution, has signed an agreement with Syensqo to distribute its Solef® Polyvinylidene Fluoride (PVDF) materials in North America. The agreement expands access to this critical material known for its combination of chemical resistance and flexibility. Solef® PVDF joins a growing list of high-performance materials in Formerra’s portfolio designed to advance product development and innovation.
“With this new agreement, Formerra will be able to support customers across multiple markets with the materials they need to meet demanding application requirements,” said Bob Long, Business Development Manager at Formerra. “In addition, this reinforces our commitment to delivering unmatched access, application support, and advanced materials for customers navigating complex performance and regulatory challenges.”
PVDF is positioned near the top of the performance pyramid for its outstanding chemical and heat resistance. Its inherent flexibility further enhances its suitability for demanding applications in chemical processing, healthcare, and automotive industries. Key properties* include:
Heat resistance: Continuous use temperatures up to 150 °C (302 °F), bursting pressures of up to 139 bar (2,017 psi) at room temperature
Chemical purity: Ultra-pure water resistivity, meeting SEMI F-57 specifications for the semiconductor industry
Balance of strength and flexibility: Tensile yield strength up to 55 MPa (8,000 psi) with elongation at break up to 100%
“We chose Formerra as our distribution partner for Solef® PVDF in North America because of their technical and commercial reach,” said Rose Catherin, Sales Director Americas, Channel partners, Distribution and Digital Sales at Syensqo Specialty Polymers. “Their commitment to excellence and long-standing presence in critical markets make them an ideal fit to help expand the availability and use of Solef® PVDF.”
*As measured by TDS
Key Details:
Formerra is an authorized distributor of Solef® PVDF from Syensqo in North America.
The agreement includes support for high-performance applications across a broad spectrum of industries.
PVDF offers excellent chemical resistance, thermal stability, and flexibility.
Formerra provides technical guidance and supply chain expertise to support material selection and application development.
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About Formerra Formerra is a preeminent distributor of engineered materials, connecting the world’s leading polymer producers with thousands of OEMs and brand owners across healthcare, consumer, industrial, and mobility markets. Powered by technical and commercial expertise, it brings a distinctive combination of portfolio depth, supply chain strength, industry knowledge, service, leading e-commerce capabilities, and ingenuity. The experienced Formerra team helps customers across multiple industries to design, select, process, and develop products in new and better ways – driving improved performance, productivity, reliability, and sustainability. To learn more, visit www.formerra.com.
