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Newsmax Announces First Quarter 2025 Financial Results

Company Reports Revenues of $45.3 million, an 11.6% Increase Year-Over-Year, In First Earnings Report as a Public Company

Newsmax Remains the 4th Highest-Rated Cable News Channel With Over 33 Million Quarterly Viewers

BOCA RATON, FL / ACCESS Newswire / May 15, 2025 / Newsmax Inc. (NYSE:NMAX) (“Newsmax” or the “Company”) today announced its financial results for the first quarter ended March 31, 2025.

Management Commentary

“We are thrilled to share our first earnings results as a publicly traded company since we listed on the New York Stock Exchange in March,” commented Christopher Ruddy, CEO of Newsmax Inc. “This milestone marks the beginning of an exciting new chapter for us as a public company. I want to sincerely thank everyone who participated in both our private raise and IPO – your support made this achievement possible.”

Ruddy continued, “Newsmax has grown into the fourth highest-rated cable news channel reaching 60 million homes through our main Newsmax channel, our free streaming channel Newsmax2, the Newsmax App and its streaming service Newsmax+, our website Newsmax.com and our publications such as Newsmax Magazine. Newsmax now reaches 20 million combined social media followers through our various accounts, with the best per-follower engagement rate in TV news. Our growth is due in part to our continued mission of providing those Americans with balanced coverage, diverse viewpoints and open debates on the issues they care about.”

“So far in 2025, we are proud to report impressive financial performance, driven by the strength of our brand, audience engagement and our ongoing commitment to independent, values-driven journalism. Our strong relationships with distributors and advertisers, such as our recently announced multi-year agreement with Hulu + Live TV, our broadcasting agreement with the Dominican Republic’s Supercanal and our distribution agreements with Cellcom Israel and Telecom Armenia, not only reinforce our position in key international markets but also ensure that our content reaches broader audiences across platforms.”

“Looking ahead to the rest of 2025, we are well-positioned to continue growing our viewership, securing transformative distribution agreements, expanding our extensive content offerings and bringing onboard quality talent to deliver trusted news to the American people.”

First Quarter 2025 Business and Operational Highlights

The first quarter 2025 Nielsen report ranked Newsmax highly across a number of metrics:
- Newsmax hit a recent record 33.6 million viewers watching the network in the first quarter of 2025, up 50% from the same period last year.
- Newsmax was the fifth highest-rated network in all of cable TV for total day.
- Newsmax remained the fourth highest-rated cable news channel in the U.S., ranking second in engagement (length-of-tune) for all dayparts ages 35-64.
Newsmax also broke records in Q1 2025, and for all of 2024, becoming No. 1 for all U.S. news networks (broadcast and cable) for per-follower social interaction rate on Facebook, X and Instagram.
Newsmax signed a multi-year extension with veteran news anchor and broadcaster Greta Van Susteren to host “The Record with Greta Van Susteren.”

First Quarter 2025 Financial Highlights

Newsmax reported total quarterly revenues of $45.3 million for the three-month period ended March 31, 2025, representing an 11.6% year-over-year increase.
- Advertising Revenues increased 13.5% year-over-year to $28.9 million driven by higher linear cable and satellite advertising due to higher Nielsen ratings which translated to higher rates.
- Affiliate Revenues increased 12.5% year-over-year to $7.4 million driven by new contractual relationships as well as rate increases that went into effect in 2025.
- Subscription Revenues increased 10.2% year-over-year to $7.0 million driven by an increase in Newsmax + subscribers.
- Product Sales Revenues increased 9.1% year-over-year to $1.6 million driven by the new book releases of its Humanix subsidiary, including titles “Pay Zero Taxes”, “Turnaround” and “Plan Red”, offset slightly by lower nutraceutical sales.
Newsmax reported a quarterly Net Loss of $(17.2) million as compared to a Net Loss of $(50.7) million reported in the prior year quarter. While operating expenses increased this quarter, including regulatory, compliance and reporting costs associated with public company requirements, there were significant legal and settlement expenses in the prior year quarter related to the Smartmatic legal settlement.
Quarterly Adjusted EBITDA was $(1.2) million, a decrease of $4.4 million, or 136.5%, from the amount reported in the prior year quarter, primarily due to an increase in cost of revenues and general and administrative costs associated with the continued expansion of the business, costs associated with becoming a public company and costs associated with coverage of the inauguration of President Donald J. Trump on January 20, 2025.
The Company ended the quarter with $126.7 million in Cash and Cash Equivalents, an increase of 426.8% from $24.1 million in December 31, 2024.

“We are pleased to report strong quarterly results, highlighted by increased viewer engagement across both linear and digital platforms, growth in advertising partnerships and the successful launch of new programming,” commented Darryle Burnham, Chief Financial Officer. “With enhanced access to capital from our pre-IPO and IPO raises, we are well-positioned to sustain our momentum. As we execute on our financial and strategic priorities, we remain focused on delivering long-term value to our shareholders.”

¹ The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA on page 12.

About Newsmax

Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation’s leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major cable and satellite systems. Newsmax’s media properties reach more than 40 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches 20 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax “a news powerhouse.”

For more information, please visit Investor Relations | Newsmax Media, Inc.

Investor Contacts

Newsmax Investor Relations
ir@newsmax.com

FORWARD-LOOKING STATEMENTS:

This communication contains forward-looking statements. From time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements can be identified by those that are not historical in nature. The forward-looking statements discussed in this communication and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. The Company does not guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this communication to conform our prior statements to actual results or revised expectations, and we do not intend to do so. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to changes in domestic and global general economic and macro-economic conditions and the volatility of the price of Common Stock that may result from, among other things, comments by securities analysts or other third parties, including blogs, articles, message boards and social and other media, large shareholders exiting their position in our Common Stock, any negative public perception of us, sales of shares by Yorkville or other shares we previously registered for resale and/or uncertainties and factors set forth in the sections entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the twelve months ended December 31, 2024, the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Undue reliance should not be placed on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.

USE AND DEFINITION OF NON-GAAP FINANCIAL MEASURES

This press release contains a financial measure that has not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). This financial measure is Adjusted EBITDA.

Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA¹ is defined as revenues less cost of revenues and general and administrative expenses and does not include depreciation and amortization, interest expense, net, impairment charges, unrealized gains (losses) on marketable securities, other corporate matters (consisting primarily of certain litigation expenses, and related fees, for specific legal proceedings that the Company has determined are infrequent and unusual in terms of their magnitude), other, net, and income tax expense.

NEWSMAX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	126,718,693		$	24,052,887
Investments		89,801,763			58,310,955
Accounts receivable, net		28,924,345			28,265,721
Inventories, net		1,883,028			1,792,697
Prepaid expenses and other current assets		4,790,037			5,868,534
Total current assets		252,117,866			118,290,794

Property and equipment, net		5,725,250			6,225,617
Right of use asset, operating lease		6,330,521			7,191,606
Other asset		13,489,980			13,755,420
Security deposits		543,699			609,426
Total assets	$	278,207,316		$	146,072,863

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$	15,781,198		$	14,670,846
Accrued expenses		13,191,197			9,882,720
Accrued payroll		2,889,593			2,220,872
Accrued distribution		1,097,223			1,068,366
Deferred revenue		13,376,709			13,652,699
Lease liability, operating lease		3,678,084			3,894,102
Lease liability, finance lease		194,831			199,237
Settlement liability		20,470,000			29,099,265
Warrant liability		–			6,499,821
Derivative liability		–			41,459,418
Total current liabilities		70,678,835			122,647,346

Long-term liabilities:
Deferred revenue, net of current portion		2,992,697			2,835,218
Lease liability, operating lease, net of current portion		3,287,889			4,049,256
Lease liability finance lease, net of current portion		82,575			129,930
Settlement liability, net of current portion		23,784,963			25,477,941
Total liabilities		100,826,959			155,139,691

Commitments and contingencies (Note 11)
Convertible and redeemable preferred stock, $0.001 par value; 11,034 shares authorized; and 0 and 5,575 shares issued and outstanding as of March 31, 2025 and December 31, 2024		–			128,576,901

Stockholders’ equity (deficit)
Convertible and redeemable preferred stock, $0.001 par value; 60,000 shares authorized; and 0 and 45,014 shares issued and outstanding as of March 31, 2025 and December 31, 2024		–			86,742,045
Class A common stock, $0.001 par value; 50,000,000 shares authorized; 39,239,297 shares issued and outstanding; Class B common stock, $0.001 par value; 940,000,000 shares authorized 88,943,084 shares issued and outstanding at March 31, 2025. Class A common stock, $0.001 par value; 20,000 Class A shares authorized; 68,127,538 Class A shares issued and outstanding at December 31, 2024; 60,000 Class B shares authorized; 0 Class B shares issued and outstanding at December 31, 2024 ⁽¹⁾		128,182			10
Treasury stock, 0 and 27,061,584 shares at cost, respectively		–			(14,622,222	)
Additional paid-in capital		422,430,811			18,056,702
Accumulated other comprehensive income (loss)		429,542			(52,849	)
Accumulated deficit		(245,608,178	)		(227,767,415	)
Total stockholders’ equity (deficit)		177,380,357			(137,643,729	)
Total liabilities, convertible and redeemable preferred stock and stockholders’ equity (deficit)	$	278,207,316		$	146,072,863

⁽¹⁾ On March 28, 2025, the Company announced a 6,765.396 for 1 stock split, effective March 31, 2025. This stock split is reflected retroactively in all periods presented for the common shares issued and outstanding.

NEWSMAX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Unaudited)

	For the three months ended
	March 31,
	2025			2024
Revenues:
Service revenue	$	43,735,340		$	39,163,377
Product revenue		1,566,367			1,436,268
Total revenues		45,301,707			40,599,645

Cost of services		22,443,522			19,112,737
Cost of products sold		1,191,106			1,191,280
Gross profit		21,667,079			20,295,628

General and administrative expenses:
Personnel costs		10,218,359			7,182,377
Advertising costs		4,418,454			4,492,600
Professional fees		2,624,464			1,338,750
Rent and utilities		1,449,791			1,497,064
Depreciation		736,875			805,049
Other corporate matters		9,667,603			53,236,120
Other		4,124,313			2,587,012
Total general and administrative expenses		33,239,859			71,138,972

Loss from operations		(11,572,780	)		(50,843,344	)

Other (expense) income, net
Interest and dividend income		1,054,286			27,293
Interest expense		(6,055	)		(25,785	)
Unrealized gain on marketable securities		1,585,580			163,346
Other, net		(8,288,556	)		(3,225	)
Total other (expense) income, net		(5,654,745	)		161,629

Net loss before income taxes		(17,227,525	)		(50,681,715	)

Income tax expense		5,000			1,972
Net loss	$	(17,232,525	)	$	(50,683,687	)

Other comprehensive income:
Unrealized gain on available for sale debt investments, net of income tax		482,391			–
Comprehensive loss	$	(16,750,134	)	$	(50,683,687	)

Weighted average common stock outstanding, basic and diluted ⁽¹⁾		44,895,546			41,065,954
Net loss per share attributable to common stockholders, basic and diluted		(0.49	)		(1.27	)

NEWSMAX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	For the three months ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$	(17,232,525	)	$	(50,683,687	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,540,440			1,569,239
Stock-based compensation		1,577,109
Change in fair value of warrant liability		1,824,179			–
Change in fair value of derivative liability		6,104,230			–
(Recovery of) provision for credit losses		(118,266	)		(31,025	)
Unrealized gain on marketable securities		(1,585,580	)		(163,346	)
Non-cash lease expense		889,411			848,007
Changes in operating assets and liabilities:
(Increase) decrease in assets:
Accounts receivable		(540,358	)		(899,890	)
Inventory		(90,331	)		541,788
Prepaid expenses and other current assets		(758,633	)		(704,998	)
Other asset		(538,125	)		–
Security deposits		65,727			(29,519	)
Increase (decrease) in liabilities:
Accounts payable		577,173			(3,114,787	)
Accrued expenses		4,006,055			10,651,609
Lease liabilities		(1,005,711	)		(820,112	)
Settlement liability		(10,322,243	)		40,000,000
Deferred revenue		(118,511	)		(471,103	)
Net cash used in operating activities		(15,725,959	)		(3,307,824	)

Cash flows from investing activities:
Purchase of investments		(36,672,837	)		–
Proceeds from maturity of investments		7,250,000			–
Sale of investments		–			314,039
Purchase of property and equipment		(73,077	)		(85,121	)
Net cash (used in) provided by investing activities		(29,495,914	)		228,919

Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock		87,073,000			–
Payments of issuance costs on convertible preferred stock		(6,330,778	)		–
Proceeds from issuance of common stock IPO		74,250,000			–
Payments of issuance costs on common stock IPO		(6,780,143	)		–
Payment of dividend		(304,930	)		–
Principal payment under finance lease obligation		(19,470	)		(17,486	)
Net cash provided by (used in) financing activities		147,887,679			(17,486	)

Net change in cash		102,665,806			(3,096,391	)
Cash and cash equivalents – beginning		24,052,887			6,037,211
Cash and cash equivalents – ending	$	126,718,693		$	2,940,820

Supplemental disclosures of cash flow information:
Operating lease assets obtained in exchange for operating lease liabilities	$	28,391		$	–
Interest paid	$	586		$	9,795

Non-cash transactions:
Property and equipment acquired through accounts payable:	$	195,722		$	171,356
Non-cash financing activities:
Common stock issuance costs reclassified from prepaid expenses	$	(1,798,989	)	$	–
Common stock issuance costs acquired through accounts payable	$	(337,458	)	$	–
Preferred stock cancellations to be refunded	$	(115,000	)	$	–
Accrued dividends payable	$	610,139		$	–
IPO funds receivable in escrow	$	750,000		$	–

NEWSMAX INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Unaudited)

	For the three months ended March 31,
	2025			2024
Net loss	$	(17,232,525	)	$	(50,683,687	)
Add
Depreciation		736,875			805,049
Interest, net		(1,048,231	)		(1,508	)
Unrealized (gain) loss on marketable securities		(1,585,580	)		(163,346	)
Other corporate matters		9,667,603			53,236,120
Other, net		8,288,556			3,225
Income tax expense		5,000			1,972
Adjusted EBITDA	$	(1,168,302	)	$	3,197,825

SOURCE: Newsmax Inc.

View the original press release on ACCESS Newswire

May 15, 2025

Metro Junk Solutions Expands to Forest Grove, Bringing Top-Notch Junk Removal Services Closer to Home

Metro Junk Solutions Forest Grove is expanding. They’re opening a new spot in Forest Grove, Oregon, which will let them offer better services to the people there. This new location comes just five months after they added a new office to their main one in Portland. With this expansion, they’re sticking to their goal of providing reliable and efficient junk removal services across the region, bringing Junk removal Forest Grove to more people.

Metro Junk Solutions provides a comprehensive suite of services, tailored to meet diverse client needs. Their offerings extend from construction site cleanup to the removal of residential junk, effectively addressing both small household jobs and expansive commercial or industrial projects. Their team of trained professionals prioritizes responsible and efficient service delivery. Moreover, the company is environmentally conscious, ensuring that discarded items are recycled or donated to local charities, reflecting their commitment to sustainability.

At the new Forest Grove location, customers can access special services tailored for various needs. Whether one is a homeowner needing help getting rid of old furniture or appliances, or run a business that requires a big cleanout, Metro Junk Solutions can handle it. Services include residential junk removal, commercial and industrial cleanouts, and complete construction site cleanups.

Simon Irvin, a representative from Metro Junk Solutions Forest Grove, shared his thoughts on the expansion: “We’re excited to bring our services closer to residents and businesses in Forest Grove. Opening this new location is a significant step in our mission to deliver accessible and comprehensive junk removal solutions. We understand the importance of timely and efficient service, and our local presence allows us to respond more promptly to our customers’ needs.”

The Forest Grove location is open Monday through Friday from 7 AM to 7 PM and on weekends from 8 AM to 6 PM. Customers are encouraged to get in touch for a free quote, showing the company’s dedication to affordable and clear pricing. They’ve already built a strong reputation, boasting a perfect 5.0 rating based on 30 reviews, which speaks to their professionalism and quality service.

The new Forest Grove spot also aims to be the answer for those searching “junk removal near me.” By being centrally located, it hopes to cover service gaps and reach larger areas so more people can easily access their services.

Metro Junk Solutions Forest Grove also focuses on getting involved in community activities. Their environmental-friendly methods, like recycling and donating, help improve the community’s sustainable practices. This not only helps clean up spaces but also shows they understand their role in maintaining both community standards and eco-balance, as outlined clearly on their website.

Simon Irvin adds: “We are not just about collecting junk; we see ourselves as key contributors to maintaining cleaner, healthier communities. Our efforts in recycling and donating items are driven by our responsibility towards the environment and those in need. Our Forest Grove location allows us to extend this ethos to a wider audience, ensuring we make a tangible difference.”

As they continue to expand, Metro Junk Solutions Forest Grove is committed to keeping high-quality services while finding new ways to support the community. They plan to create jobs and build partnerships with local organizations, staying as a vital part of the community’s fabric.

Residents and businesses can learn more about Metro Junk Solutions Forest Grove’s services on their website or by visiting their office. They’ve got a solid presence on platforms like Google Maps and Facebook, making it easy for people searching for “junk removal near me” to find them. This expansion is a chance for Metro Junk Solutions Forest Grove to connect with the community in positive ways, paving the path for many successful cleanups in the future. It’s clear they are dedicated to being the top choice for Junk removal Forest Grove and areas beyond. For more information, visit the Metro Junk Solutions Forest Grove website.

May 15, 2025

GameSquare Holdings Reports 2025 First Quarter Results

First quarter 2025 gross margin, excluding FaZe Media of 22.8%

Significant year-over-year improvement in first quarter 2025 adjusted EBITDA

Completed remaining divestiture of FaZe Media on April 1, 2025, which is expected to expand gross margin and eliminate approximately $2.5 million in quarterly cash burn going forward

Improved first quarter profitability in line with expectations and supports GameSquare’s strategic focus on achieving positive cash flow and adjusted EBITDA in 2025

FRISCO, TEXAS / ACCESS Newswire / May 15, 2025 / GameSquare Holdings, Inc. (NASDAQ:GAME), (“GameSquare”, or the “Company”), today announced financial results for the three-months ended March 31, 2025.

Justin Kenna, CEO of GameSquare, stated, “Our first quarter financial results were in line with expectations and reflect both the final quarter of FaZe Media’s impact on profitability and typical seasonal trends within our agency and programmatic advertising businesses. With the April 1, 2025 divestiture of our remaining 25.5% stake in FaZe Media, we eliminated $10 million in convertible debt from our balance sheet and anticipate an improvement in gross margin and reduction of over $2 million in quarterly operating expenses beginning in the second quarter of 2025. We continue to own 100% of FaZe Clan Esports, which contributed to revenue and was accretive to gross margin in the first quarter of 2025. As one of the top global esports teams, we are excited to capitalize on FaZe Clan Esports success and leverage the brand to drive profitable revenue opportunities.”

“Our SaaS business segment is well positioned for strong growth in 2025, driven by an expanded managed services offering and the integrated capabilities of the broader GameSquare platform. We are also seeing strong momentum in our creative agency business, particularly from successful world-building campaigns and in-person activations,” Mr. Kenna continued.

“As we continue to optimize our operating structure, achieving profitability remains a core objective of our 2025 strategy. In the first quarter, we significantly improved proforma, adjusted EBITDA from the same period a year ago reflecting a significant reduction in operating expenses. We expect to benefit from higher gross margin and additional cost-saving measures throughout the year. Based on the progress made in the first quarter, we believe we are on track to organically grow sales, and improve profitability in 2025 and beyond,” concluded Mr. Kenna.

Three months ended March 31, 2025, compared to March 31, 2024

Revenue of $21.1 million, compared to $17.7 million
Gross profit of $3.3 million, compared to $3.4 million
Net loss attributable to GameSquare of $5.2 million, compared to a net loss of $5.3 million
Adjusted EBITDA loss of $3.4 million, compared to a loss of $4.1 million
Adjusted EBITDA loss was 16.1% of revenue, versus 23.3% of revenue last year

Reported results for the three months ended March 31, 2025, compared to proforma* results for the three months ended March 31, 2024

Revenue of $21.1 million, compared to $23.5 million
Gross profit of $3.3 million, compared to $3.7 million
Operating expenses of $8.6 million, or 40.7% of revenue, compared to $11.6 million or 49.3% of revenue last year
Adjusted EBITDA loss of $3.4 million, compared to a loss of $7.9 million last year
Adjusted EBITDA loss was 16.1% of revenue, versus 33.7% of revenue last year

* Proforma financial results for the three months ended March 31, 2024, removes Complexity from GameSquare’s financial statements and includes a full quarter contribution of FaZe Clan

2025 Annual Guidance

Annual proforma revenue in 2025 between $100 million to $105 million
Annual gross margin of approximately 20% to 25% benefiting from a more profitable mix of revenue and the April 1, 2025, FaZe Media divestiture
GameSquare expects annual cash operating expenses in 2025 to improve by approximately $15 million from cash operating expenses in 2024 of $35 million, as a result the FaZe Media divestiture and a continual focus on reducing operating expenses and driving efficiencies
EBITDA and cash flow to improve throughout 2025 with positive EBITDA and cash flow in the second half of 2025

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:

Date: May 15, 2025
Time: 5:00 pm ET
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=BU7rSscH

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’s (NASDAQ:GAME) mission is to revolutionize the way brands and game publishers connect with hard-to-reach Gen Z, Gen Alpha, and Millennial audiences. Our next generation media, entertainment, and technology capabilities drive compelling outcomes for creators and maximize our brand partners’ return on investment. Through our purpose-built platform, we provide award winning marketing and creative services, offer leading data and analytics solutions, and amplify awareness through FaZe Clan Esports, one of the most prominent and influential gaming organizations in the world. With one of the largest gaming media networks in North America, as verified by Comscore, we are reshaping the landscape of digital media and immersive entertainment. GameSquare’s largest investors are Dallas Cowboys owner Jerry Jones and the Goff family.

To learn more, visit www.gamesquare.com.

Forward-Looking Information

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’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.

GameSquare Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)

	March 31 2025			December 31, 2024
Assets
Cash	$	4,675,226		$	12,094,950
Restricted cash		1,137,735			1,054,030
Accounts receivable, net		18,305,786			21,330,847
Government remittances		150,529			119,721
Promissory note receivable, current		475,994			379,405
Prepaid expenses and other current assets		1,060,982			1,493,619
Total current assets		25,806,252			36,472,572
Investment		2,199,909			2,199,909
Promissory note receivable		9,307,979			9,212,785
Property and equipment, net		266,548			303,950
Goodwill		12,704,979			12,704,979
Intangible assets, net		15,099,765			15,265,736
Right-of-use assets		2,394,432			2,570,516
Total assets	$	67,779,864		$	78,730,447
Liabilities and Shareholders’ Equity
Accounts payable	$	23,559,503		$	27,349,372
Accrued expenses and other current liabilities		10,647,154			13,694,179
Players liability account		47,535			47,535
Deferred revenue		2,734,063			2,726,121
Current portion of operating lease liability		756,524			748,916
Line of credit		2,851,175			3,501,457
Promissory note payable, current		2,786,083			–
Convertible debt carried at fair value		1,641,954			6,481,704
Warrant liability		8,991			14,314
Arbitration reserve		143,791			199,374
Total current liabilities		45,176,773			54,762,972
Convertible debt carried at fair value		10,217,808			9,908,784
Operating lease liability		1,871,009			2,054,443
Total liabilities		57,265,590			66,726,199
Commitments and contingencies (Note 14)
Preferred stock (no par value, unlimited shares authorized, zero shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)		–			–
Common stock (no par value, unlimited shares authorized, 38,825,619 and 32,635,995 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)		–			–
Additional paid-in capital		124,962,870			119,441,634
Accumulated other comprehensive loss		(46,091	)		(208,617	)
Non-controlling interest		12,924,155			14,942,287
Accumulated deficit		(127,326,660	)		(122,171,056	)
Total shareholders’ equity		10,514,274			12,004,248
Total liabilities and shareholders’ equity	$	67,779,864		$	78,730,447

GameSquare Holdings, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

	Three months ended March 31,
	2025			2024
Revenue	$	21,109,659		$	17,728,224
Cost of revenue		17,776,605			14,335,067
Gross profit		3,333,054			3,393,157
Operating expenses:
General and administrative		5,757,613			4,918,630
Selling and marketing		2,023,375			2,221,653
Research and development		768,966			685,153
Depreciation and amortization		581,795			755,449
Restructuring charges		577,871			–
Impairment expense		–			–
Other operating expenses		745,377			1,093,420
Total operating expenses		10,454,997			9,674,305
Loss from continuing operations		(7,121,943	)		(6,281,148	)
Other income (expense), net:
Interest expense		(49,558	)		(435,128	)
Loss on debt extinguishment		–			–
Change in fair value of convertible debt carried at fair value		333,477			(106,601	)
Change in fair value of investment		–			–
Change in fair value of warrant liability		5,347			37,257
Arbitration settlement reserve		55,583			95,125
Other income (expense), net		(73,780	)		(117,270	)
Total other income (expense), net		271,069			(526,617	)
Loss from continuing operations before income taxes		(6,850,874	)		(6,807,765	)
Income tax benefit		–			–
Net loss from continuing operations		(6,850,874	)		(6,807,765	)
Net income (loss) from discontinued operations		(322,862	)		1,546,817
Net loss		(7,173,736	)		(5,260,948	)
Net loss attributable to non-controlling interest		2,018,132			–
Net loss attributable to attributable to GameSquare Holdings, Inc.	$	(5,155,604	)	$	(5,260,948	)

Comprehensive loss, net of tax:
Net loss	$	(7,173,736	)	$	(5,260,948	)
Change in foreign currency translation adjustment		162,526			553,996
Comprehensive loss		(7,011,210	)		(4,706,952	)
Comprehensive income attributable to non-controlling interest		2,018,132			–
Comprehensive loss	$	(4,993,078	)	$	(4,706,952	)

Income (loss) per common share attributable to GameSquare Holdings, Inc. – basic and assuming dilution:
From continuing operations	$	(0.13	)	$	(0.39	)
From discontinued operations		(0.01	)		0.09
Loss per common share attributable to GameSquare Holdings, Inc. – basic and assuming dilution	$	(0.14	)	$	(0.30	)
Weighted average common shares outstanding – basic and diluted		36,719,712			17,368,512

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 March 31,
	2025			2024
Net loss	$	(7,173,736	)	$	(5,260,948	)
Interest expense		49,558			435,128
Amortization and depreciation		581,795			755,449
Share-based payments		28,998			419,228
Transaction costs		745,377			1,093,420
Arbitration settlement reserve		(55,583	)		(95,125	)
Restructuring costs		577,871			–
Change in fair value of warrant liability		(5,347	)		(37,257	)
Change in fair value of convertible debt carried at fair value		(333,477	)		106,601
Gain on disposition of subsidiary		298,382			(3,009,891	)
Loss from discontinued operations		24,480			1,463,074
Net loss attributable to non-controlling interest		2,018,132			–
Net loss attributable to non-controlling interest (adjustment for NCI share of add backs to Adjusted EBITDA)		(164,561	)		–
Adjusted EBITDA	$	(3,408,111	)	$	(4,130,321	)

SOURCE: GameSquare Holdings, Inc.

View the original press release on ACCESS Newswire

May 15, 2025

Applied DNA Reports Second Quarter Fiscal 2025 Financial Results

– Therapeutic DNA Production Services Segment (LineaRx) Revenues Up 44% Y/Y, Contributing to a 6% Increase in Total Revenues –

– Intra-Quarter Investor Conference Call and Webcast Scheduled for
June 3, 2025, at 4:30 PM ET –

STONY BROOK, NY / ACCESS Newswire / May 15, 2025 / Applied DNA Sciences, Inc. (NASDAQ:APDN) (“Applied DNA” or the “Company”), a leader in PCR-based DNA technologies, today reported financial results for its second quarter of fiscal 2025 ended March 31, 2025.

The Company’s Form 10-Q for its fiscal second quarter can be viewed on the SEC Filings page of its Investor Relations website. To align with the Company’s Annual Meeting of Stockholders on May 22 and ensure a comprehensive post-meeting update, the quarterly investor call will be held on June 3, on which management will update investors on the Company’s strategic priorities.

Management Commentary

“Amidst a challenging macro environment with regulatory headwinds and volatile equity markets, we concluded a strategic reset and have emerged more focused, leaner, and positioned to meet biopharma’s emergent demand for enzymatic DNA with our LineaRx subsidiary positioned as what we believe to be North America’s largest, PCR-based producer of cell-free DNA,” stated Dr. James A. Hayward, chairman and CEO of Applied DNA. “Our strategic priority going forward is to elevate the execution of LineaRx and Applied DNA Clinical Labs in a way that drives consistent and recurring revenues to support higher gross margins and build shareholder value.

“Looking ahead, we believe industry tailwinds are accelerating,” Dr. Hayward concluded. “The biopharma industry is announcing substantial, planned investments in U.S. manufacturing; AI drug design is shortening genetic medicine development timelines, but persistent manufacturing bottlenecks tied to plasmid DNA’s technical constraints remain; and limitations regarding the scalability, efficiency, and cost constraints of competing enzymatic DNA technologies we believe offer market opportunities. With initial capital investments for our now operational Site 1 GMP facility complete, we believe our rapid DNA production and domestic sourcing capabilities are key differentiators to drive new customer acquisition.”

Recent Corporate and Operational Updates

Corporate:

With the completion of its strategic restructuring, the Company expects quarterly cash burn to begin to decline beginning in the quarter ending June 30, 2025.

LineaRx (Therapeutic DNA Production and Services subsidiary):

Validated GMP Site 1 manufacturing operations in January with production capabilities sufficient to support anticipated near-term manufacturing needs. Site 1 can support an annual revenue capacity between $10 million and $30 million, contingent on product mix and pricing.
New customers added:
- A quantity of Research Use Only (RUO)-grade LineaDNA™ IVT templates and associated LineaRNAP™ for a U.S.-based mRNA contract development and manufacturing organization (CDMO).
- RUO-grade quantities of LineaDNA for in vitro studies to support four animal health vaccine candidates, with one LineaDNA construct proceeding to an in vivo study.
Received follow-on orders from existing customers, notably:
- A quantity of RUO-grade LineaDNA IVT templates to an APAC-based CDMO of mRNA vaccines and therapeutics.
- A quantity of LineaDNA to a U.S.-based CRISPR and mRNA therapeutics developer.
- Continued large-scale manufacturing and delivery of LineaDNA under supply agreements with global manufacturers of in vitro diagnostics (IVDs).
Engagement with a U.S.-based therapeutics developer on a challenging self-amplifying mRNA therapy did not result in a first GMP order, though our dialogue remains active for subsequent projects.
Nearing completion of a proprietary enzyme and buffer system designed to enhance LinearDNA’s performance by boosting yields, lowering costs, and enabling production of longer, more complex DNA sequences, such as sa-mRNA. Large-scale manufacturing of the enzyme and buffer by a U.S.-based CDMO is expected to begin in June 2025.
Expected to launch in Q4’25, LineaPCR™ is an offering to enable customers to self-manufacture LineaDNA with an easy, end-to-end process to simplify existing multi-week, multi-vendor, PCR-based drug discovery workflows.
Launching LineaDNA IVT Evaluation Kits – three 25μg templates and associated LineaRNAP aimed at driving adoption of the LineaIVT platform by showcasing its advantages over plasmid-based systems and accelerating customer engagement in mRNA manufacturing. Kits will be offered at industry conferences and on LineaRxDNA.com.

Applied DNA Clinical Labs (MDx Testing Services subsidiary):

Submitted a validation package to the New York State Department of Health (NYSDOH) for a PCR-based H5N1 diagnostic as a laboratory-developed test for the detection and subtyping of H5 bird flu, which is currently under review by NYSDOH.
Introduced TR8™ PGx pharmacogenomic sub-panels for indication-specific use, complementing full-panel testing. The sub-panels are designed to lower adoption barriers for institutions, clinicians, and patients. The first sub-panel launched is TR8 PGx for Pre-emptive Oncology Care relating to fluoropyrimidine-based cancer therapeutics.

Second Quarter Fiscal 2025 Financial Highlights

Total revenues: $983 thousand, compared to $930 thousand for the second quarter of fiscal 2024. Segment information is detailed in the ‘Note H – Segment Information’ section of the Form 10-Q for the period reported:
- Therapeutic DNA Production (LineaRx) segment revenues increased 44% compared to the same period of fiscal 2024. The increase in segment revenues was driven by a large shipment to a large-scale DNA manufacturing customer, as well as the timing of shipments for a second large-scale DNA manufacturing customer.
- MDx Testing Services (Applied DNA Clinical Labs) segment revenues decreased 33% compared to the same period of fiscal 2024 due to a decrease from COVID-19 surveillance testing.
Operating loss: $3.5 million, compared to an operating loss of $3.6 million for the second quarter of fiscal 2024.
Net loss: $3.3 million, compared to a net loss of $4.5 million for the second quarter of fiscal 2024. The improvement in net loss primarily reflects a loss on the issuance of warrants in the prior period that was not repeated in the reported quarter.
Adjusted EBITDA: Negative $3.3 million, compared to negative $3.3 million for the second quarter of fiscal 2024.
Cash and cash equivalents as of March 31, 2025: $6.8 million, which includes $1.0 million of proceeds from the exercise of Series A warrants.

June 3 Intra-Quarter Investor Conference Call Information

Management will hold a conference call to review the Company’s strategic priorities on June 3, 2025, at 4:30 p.m. Eastern Time. To participate in the conference call, please follow the instructions below. While every attempt will be made to answer investors’ questions on the Q&A portion of the call, not all questions may be answered.

An accompanying slide presentation will be embedded in the webcast (live and replay) that can also be accessed via the ‘Company Presentations‘ page of the Applied DNA investor relations website.

To participate, please ask to be joined to the ‘Applied DNA Sciences’ call:

Domestic callers (toll free): 844-887-9402
International callers: 412-317-6798
Canadian callers (toll free): 866-605-3852
Live and replay of webcast: link

Telephonic replay (available 1 hour following the conclusion of the live call through June 10, 2025):

Domestic callers (toll free): 1-877-344-7529
Canadian callers (toll free): 1-855-669-9658
Replay access code: 3446494

Information about Non-GAAP Financial Measures

As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our condensed consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information presented in accordance with GAAP. We use this non-GAAP financial measure for internal financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core businesses. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our businesses by excluding non-cash expenses that may not be indicative of our recurring operating results. We believe this non-GAAP financial measure is useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

“EBITDA”- is defined as earnings (loss) before interest expense, income tax expense and depreciation and amortization expense.

“Adjusted EBITDA”- is defined as EBITDA adjusted to exclude (i) stock-based compensation and (ii) other non-cash expenses and non-cash gains/income.

About the LineaDNA™ and Linea IVT™ Platforms

The Linea DNA platform is an entirely cell-free DNA production platform founded on Applied DNA’s long-standing expertise in the large-scale enzymatic production of DNA. Capable of producing DNA in quantities ranging from milligrams to grams, the Linea DNA platform can produce high-fidelity DNA constructs ranging from 100bp to 20kb in size. The DNA produced via the Linea DNA platform is free of the adventitious DNA sequences found in other sources of DNA, is rapidly scalable, and provides for simple chemical modification of DNA constructs. The Linea IVT platform combines DNA IVT templates manufacturing via the Linea DNA platform with a proprietary Linea™ RNAP to enable mRNA and sa-mRNA manufacturers to produce what Applied DNA believes to be better mRNA faster, with advantages over conventional mRNA production, including: 1) the elimination of plasmid DNA as a starting material; 2) the prevention or reduction of double-stranded DNA (dsRNA) contamination; and 3) simplified mRNA production workflows.

About Applied DNA Sciences

Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid (“DNA”). Using the polymerase chain reaction (“PCR”) to enable both the production and detection of DNA, we operate in two business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase (“RNAP”) for use in the production of mRNA therapeutics; and (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services.

Visit adnas.com for more information. Follow us on X and LinkedIn. Join our mailing list.

Forward-Looking Statements

The statements made by Applied DNA in this press release may be “forward-looking” in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Applied DNA’s future plans, projections, strategies, and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. These forward-looking statements are based largely on the Company’s expectations and projections about future events and future trends affecting our business and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements, including statements regarding its goal to position the Company for long-term growth and value creation and the potential to achieve that goal, including the future success of its Linea DNA and Linea IVT platforms. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, unknown future ability to remain compliant with all Nasdaq listing standards, unknown future demand for its biotherapeutics products and services, the unknown amount of revenues and profits that will result from its Linea IVT and/or Linea DNA platforms, the fact that there has never been clinical trial material and/or a commercial drug product produced utilizing the LineaDNA and/or Linea IVT platforms, the unknown amount of revenues and profits that will result from its current and planned future ADCL testing services, whether its restructuring will position the Company for future growth potential, as well as various other factors detailed from time to time in Applied DNA’s SEC reports and filings, including its Annual Report on Form 10-K filed on December 17, 2024, Forms 10-Q filed on February 13, 2025 and May 15, 2025, and other reports it files with the SEC, which are available at www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.

Investor Relations contact: Sanjay M. Hurry, 917-733-5573, sanjay.hurry@adnas.com

Web: www.adnas.com

X: APDN

– Financial Tables Follow –

APPLIED DNA SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			September 30,
	2025			2024
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	6,823,260		$	6,431,095
Accounts receivable, net of allowance for credit losses of $82,723 and $75,000 at March 31, 2025 and September 30, 2024, respectively		689,887			362,013
Inventories		348,866			438,592
Prepaid expenses and other current assets		568,398			815,970
Total current assets		8,430,411			8,047,670

Property and equipment, net		683,887			553,233
Other assets:
Restricted cash		750,000			750,000
Intangible assets		2,698,975			2,698,975
Operating right of use asset		472,390			739,162
Total assets	$	13,035,663		$	12,789,040

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable and accrued liabilities	$	1,409,628		$	1,793,427
Operating lease liability, current		472,390			545,912
Deferred revenue		12,285			58,785
Total current liabilities		1,894,303			2,398,124

Long term accrued liabilities		31,467			31,467
Deferred revenue, long term		194,000			194,000
Operating lease liability, long term		–			193,249
Deferred tax liability, net		684,115			684,115
Warrants classified as a liability		7,570			320,000
Total liabilities		2,811,455			3,820,955

Commitments and contingencies (Note G)

Applied DNA Sciences, Inc. stockholders’ equity:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of March 31, 2025 and September 30, 2024		–			–
Series A Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- issued and outstanding as of March 31, 2025 and September 30, 2024		–			–
Series B Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- issued and outstanding as of March 31, 2025 and September 30, 2024		–			–

Common stock, par value $0.001 per share; 200,000,000 shares authorized as of March 31, 2025 and September 30, 2024; 6,331,410 and 206,324 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively		6,331			206
Additional paid in capital		364,896,649			318,815,166
Accumulated deficit		(354,442,994	)		(309,672,755	)
Applied DNA Sciences, Inc. stockholders’ equity		10,459,986			9,142,617
Noncontrolling interest		(235,778	)		(174,532	)
Total equity		10,224,208			8,968,085

Total liabilities and equity	$	13,035,663		$	12,789,040

APPLIED DNA SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	Three months Ended March 31,						Six months Ended March 31,
	2025			2024			2025			2024
Revenues
Product revenues	$	548,638		$	393,125		$	1,044,485		$	700,442
Service revenues		214,184			205,486			588,628			452,633
Clinical laboratory service revenues		220,552			331,020			546,878			667,720
Total revenues		983,374			929,631			2,179,991			1,820,795

Cost of product revenues		367,304			340,301			631,356			622,846
Cost of clinical laboratory service revenues		245,223			293,679			493,681			671,201
Total cost of revenues		612,527			633,980			1,125,037			1,294,047

Gross profit		370,847			295,651			1,054,954			526,748

Operating expenses:
Selling, general and administrative		2,983,284			3,000,208			5,616,382			6,084,557
Research and development		849,358			913,194			1,864,368			1,849,009
Total operating expenses		3,832,642			3,913,402			7,480,750			7,933,566

LOSS FROM OPERATIONS		(3,461,795	)		(3,617,751	)		(6,425,796	)		(7,406,818	)

Interest income		60,340			15,352			131,780			48,676
Transaction costs allocated to warrant liabilities		–			(633,198	)		–			(633,198	)
Unrealized gain on change in fair value of warrants classified as a liability		68,430			1,765,000			312,430			4,404,000
Unrealized loss on change in fair value of warrants classified as a liability – warrant modification		–			(394,000	)		–			(394,000	)
Loss on issuance of warrants		–			(1,633,767	)		–			(1,633,767	)
Other (expense) income, net		(3,095	)		4,581			(23,247	)		(8,957	)

Loss before provision for income taxes		(3,336,120	)		(4,493,783	)		(6,004,833	)		(5,624,064	)

Provision for income taxes		–			–			–			–

NET LOSS	$	(3,336,120	)	$	(4,493,783	)	$	(6,004,833	)	$	(5,624,064	)

Less: Net loss attributable to noncontrolling interest		31,945			23,309			61,246			48,490
NET LOSS attributable to Applied DNA Sciences, Inc.	$	(3,304,175	)	$	(4,470,474	)	$	(5,943,587	)	$	(5,575,574	)
Deemed dividend related to warrant modifications		(23,919,429	)		(155,330	)		(38,826,652	)		(233,087	)
NET LOSS attributable to common stockholders	$	(27,223,604	)	$	(4,625,804	)	$	(44,770,239	)	$	(5,808,661	)
Net loss per share attributable to common stockholders-basic and diluted	$	(15.35	)	$	(265.45	)	$	(33.82	)	$	(373.55	)

Weighted average shares outstanding- basic and diluted		1,773,086			17,426			1,323,913			15,550

APPLIED DNA SCIENCES, INC.
CALCULATION AND RECONCILIATION OF ADJUSTED EBITDA
(unaudited)

	Three Month Period Ended March 31,
	2025			2024

Net loss	$	(3,336,120	)	$	(4,493,783	)
Interest income		(60,340	)		(15,352	)
Depreciation and amortization		118,675			186,326
Provision for bad debt		(2,300	)		–
Stock-based compensation expense		26,511			171,004
Unrealized gain on change in fair value of warrants classified as a liability		(68,430	)		(1,765,000	)
Unrealized (loss)on change in fair value of warrants classified as a liability – warrant modification		–			394,000
Transaction costs allocated to warrant liabilities		–			633,198
Loss on issuance of warrants		–			1,633,767
Total non-cash items		14,116			1,237,943
Consolidated Adjusted EBITDA (loss)	$	(3,322,004	)	$	(3,255,840	)

SOURCE: Applied DNA Sciences, Inc.

View the original press release on ACCESS Newswire

May 15, 2025

TruMerit Hails Release of WHO’s State of the World’s Nursing Report
PHILADELPHIA, PENNSYLVANIA / ACCESS Newswire / May 15, 2025 / TruMerit™ (formerly CGFNS International) welcomed the release this week of the World Health Organization’s State of the World’s Nursing Report, which provides the first comprehensive assessment of global nursing since the COVID-19 pandemic.

TruMerit

The report highlights a critical imperative to strengthen global nursing capacity in the wake of the pandemic and amid economic uncertainty, climate change impacts, and persistent health inequities. It warns that the global health workforce shortage will continue to widen, reaching 11 million by 2030, thereby requiring a fundamental shift in how countries approach healthcare workforce planning and investment.

While emphasizing the urgent need to address this challenge, TruMerit President and CEO Dr. Peter Preziosi, who served on the WHO steering committee that helped guide the report’s preparation, pointed to opportunities to leverage the power of nursing to resolve inequities and shore up healthcare delivery and quality around the world.

“In response to this report, non-governmental organizations in the healthcare sector must adopt collaboration as their watchword and work with each other and with professional societies and patient-centered organizations in pursuing genuine social impact,” said Preziosi. “We need to support next-generation approaches that recognize the critical role of nurses – who make up the largest segment of the global healthcare workforce – in advancing primary care, resilient health systems, and universal health coverage solutions to optimize population health in every country.”

“As the report points out, nearly 80% of the world’s nurses are working in countries that cover only half the world’s population. This is a critical imbalance in the global nursing workforce that must be addressed. We can help do that with a greater focus on scaling up high-quality nursing education and career development that expands across borders to enable nurses everywhere to deliver on their potential,” he added.

Preziosi also noted these opportunities highlighted in the report:
- Progress in the expansion of nurse-led care models, with more than 60% of countries now having introduced Advanced Practice Nursing. By enhancing localized, specialized care, these models are proven to deliver cost-effective care and offer a way forward in expanding health coverage and healthcare equity.
- The nursing profession globally is becoming more skilled and prepared, with 80% of the world’s nurses now at the “professional” level. The challenge ahead, said Preziosi, is to ensure they have opportunities to work at the full extent of their education, which requires regulatory frameworks to be strengthened and modernized to reflect updated scopes of practice and relevant continuing professional development.
- The wider use of digital health tools is bringing expert consultations to remote areas, including those powered by telehealth and artificial intelligence. These are showing great promise in enhancing accessibility and bridging gaps in care delivery, invigorating nursing education, and improving efficiency, accessibility, and outcomes.
Seizing on these and other opportunities highlighted in the report, Preziosi expressed optimism that the grave challenges posed by the nursing shortage and other factors can be addressed.

“When the people who deliver the care are empowered with the knowledge, tools, and inspiration to achieve excellence in their profession, they can lead the way to resolving the healthcare challenges of today and tomorrow,” he said.

Click here to access the WHO State of the World’s Nursing report.

About TruMerit
TruMerit is a worldwide leader in healthcare workforce development. Formerly known as CGFNS International, the organization has a nearly 50-year history supporting the career mobility of nurses and other healthcare workers – and those who license and hire them – by validating their education, skills, and experience as they seek authorization to practice in the United States and other countries. As TruMerit, this mission has been expanded to building workforce capacity that meets the needs of people in a rapidly evolving global health landscape. Through its Global Health Workforce Development Institute, the organization is advancing evidence-based research, thought leadership, and advocacy in support of healthcare workforce development solutions, including globally recognized practice standards and certifications that will enhance career pathways for healthcare workers.

Contact Information

David St. John
dstjohn@trumerit.org

SOURCE: TruMerit

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View the original press release on ACCESS Newswire
May 15, 2025

Jaguar Health Reports First Quarter 2025 Financials

The combined net Q1 2025 revenue of approximately $2.2 million for prescription and non-prescription products, including license revenue, decreased approximately 6% versus net Q1 2024 revenue of $2.4 million and 37% versus net Q4 2024 revenue of $3.5 million

Mytesi prescription volume increased by approximately 1.8% in Q1 2025 over Q1 2024 and decreased by approximately 13.5% in Q1 2025 over Q4 2024

REMINDER: Today Jaguar to host investor webcast at 4:15 p.m. Eastern regarding Q1 2025 financials and company updates; Click here to register

Proof-of-concept (POC) results show crofelemer reduced total parenteral nutrition in patients with rare orphan diseases microvillus inclusion disease (MVID) and short bowel syndrome with intestinal failure (SBS-IF) by up to 27% and 12.5% – potential to modify disease progression in intestinal failure patients; Click here to access replay of April 30, 2025 investor webcast about results; additional POC results expected throughout 2025 for MVID and SBS-IF

FDA meeting in Q2 2025 on statistically significant results of Phase 3 OnTarget trial of crofelemer in prespecified subgroup of patients with breast cancer

SAN FRANCISCO, CALIFORNIA / ACCESS Newswire / May 15, 2025 / Jaguar Health, Inc.(NASDAQ:JAGX) (“Jaguar” or the “Company”) today reported its consolidated first-quarter 2025 financial results.

2025 FIRST QUARTER COMPANY FINANCIAL RESULTS:

Net Prescription Products Revenue: The combined net revenue for the Company’s prescription products (Mytesi^®, Gelclair^®, and Canalevia^®-CA1) was approximately $2.2 million in the first quarter of 2025, representing a decrease of approximately 37% over the combined net revenue in the fourth quarter of 2024, which totaled approximately $3.5 million, and a decrease of approximately 6% over the combined net revenue for the first quarter of 2024, which totaled approximately $2.4 million.
Mytesi Prescription Volume: Mytesi prescription volume increased by approximately 1.8% in the first quarter of 2025 over the first quarter of 2024 and decreased by approximately 13.5% in the first quarter of 2025 over the fourth quarter of 2024. Prescription volume differs from invoiced sales volume, which reflects, among other factors, varying buying patterns among specialty pharmacies in the closed network as they manage their inventory levels.

License Revenue: For the first quarter of 2025, the Company recognized license fees of $42,500 from a securities purchase agreement with a European partner, which was supported by a binding term sheet. This amount was consistently recorded in the fourth quarter of 2024 and none in the first quarter of 2024. As of March 31, 2025, the total deferred revenue associated with this contract amounts to approximately $0.7 million.

Neonorm^™: Revenues for the non-prescription Neonorm products were minimal for the first quarters of 2025 and 2024.

	Three Months Ending
Financial Highlights	March 31,
(in thousands, except per share amounts)	2025			2024			$ change			% change
Net product revenue	$	2,214		$	2,351			(137	)		-6	%
Loss from operations	$	(9,421	)	$	(8,215	)		(1,206	)		15	%
Net loss attributable to common stockholders	$	(10,465	)	$	(9,226	)		(1,239	)		13	%
Net loss per share, basic and diluted	$	(16.70	)	$	(87.12	)		70			-81	%

Cost of Product Revenue: Total cost of product revenue increased by approximately $0.1 million, from $0.4 million for the quarter ended March 31, 2024 compared to $0.5 million for the quarter ended March 31, 2025.
Research and Development: The R&D expense decreased by $0.6 million, from $4.3 million for the quarter ended March 31, 2024 compared to $3.7 million for the quarter ended March 31, 2025, primarily due to the conclusion of the Phase 3 OnTarget clinical trial, which reduced trial-related contract manufacturing services and regulatory activities.

Sales and Marketing: The Sales and Marketing expense increased by approximately $1.1 million, from $1.4 million for the quarter ended March 31, 2024 to $2.5 million during the same quarter in 2025. The increase in this expense was mostly due to expanded market access activities and the commercial launch of Gelclair.
General and Administrative: The G&A expense increased by approximately $0.5 million, from $4.4 million for the quarter ended March 31, 2024 to $4.9 million during the same quarter in 2025, largely due to increased legal expenses.
Loss from Operations: Loss from operations increased by $1.2 million, from $8.2 million in the quarter ended March 31, 2024 to $9.4 million during the same period in 2025.
Net Loss: Net loss attributable to common shareholders increased by approximately $1.2 million, from $9.2 million in the quarter ended March 31, 2024 to $10.4 million in the same period in 2025. In addition to the loss from operations:

Interest expense decreased by approximately $0.7 million, from $0.6 million for the quarter ended March 31, 2024, to approximately $56,000 income for the same period in 2025, primarily due to changing the accounting of certain debt instruments designated at Fair Value Option (FVO).

Non-GAAP Recurring EBITDA: Non-GAAP recurring EBITDA for the first quarters of 2025 and 2024 were a net loss of $9.6 million and $7.5 million, respectively.

	Three Months Ending
	March 31,
(in thousands)	2025			2024			$ change			% change
	(unaudited)
Net loss attributable to common stockholders	$	(10,465	)	$	(9,226	)		1,239			-13	%
Adjustments:
Interest expense		(56	)		611			667			109	%
Property and equipment depreciation		17			17			–			0	%
Amortization of intangible assets		463			484			21			4	%
Share-based compensation expense		301			581			280			48	%
Income taxes		–			–
Non-GAAP EBITDA		(9,740	)		(7,533	)		2,207			-29	%
Gain on extinguishment of debt					(1,245	)		(1,245	)		100	%
Non-GAAP Recurring EBITDA	$	(9,740	)	$	(8,778	)		962			-11	%

Note Regarding Use of Non-GAAP Measures

The Company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA, which are considered non-GAAP under applicable SEC rules. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which Company management assesses and operates the business. These non-GAAP financial measures are not in accordance with GAAP and should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss and are not substitutes for, or superior to, measures of financial performance in conformity with GAAP.

The Company defines non-GAAP EBITDA as net loss before interest expense and other expense, depreciation of property and equipment, amortization of intangible assets, share-based compensation expense and provision for or benefit from income taxes. The Company defines non-GAAP Recurring EBITDA as non-GAAP EBITDA adjusted for certain non-recurring revenues and expenses. Company management believes that non-GAAP EBITDA and non-GAAP Recurring EBITDA are meaningful indicators of Jaguar’s performance and provide useful information to investors regarding the Company’s results of operations and financial condition.

Participation Instructions for Webcast
When: Thursday, May 15, 2025 at 4:15 p.m. Eastern
Participant Registration & Access Link: Click Here

Replay Instructions for Webcast
Replay of the webcast on the investor relations section of Jaguar’s website: (click here)

About Crofelemer

Crofelemer is the only oral FDA-approved prescription drug under botanical guidance. It is plant-based, extracted and purified from the red bark sap of the Croton lechleri tree in the Amazon Rainforest. Napo Pharmaceuticals, a Jaguar family company, has established a sustainable harvesting program, under fair trade practices, for crofelemer to ensure a high degree of quality, ecological integrity, and support for Indigenous communities.

About the Jaguar Health Family of Companies

Jaguar Health, Inc. (Jaguar) is a commercial stage pharmaceuticals company focused on developing novel proprietary prescription medicines sustainably derived from plants from rainforest areas for people and animals with gastrointestinal distress, specifically associated with overactive bowel, which includes symptoms such as chronic debilitating diarrhea, urgency, bowel incontinence, and cramping pain. Jaguar family company Napo Pharmaceuticals (Napo) focuses on developing and commercializing human prescription pharmaceuticals for essential supportive care and management of neglected gastrointestinal symptoms across multiple complicated disease states. Napo’s crofelemer is FDA-approved under the brand name Mytesi^® for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar family company Napo Therapeutics is an Italian corporation Jaguar established in Milan, Italy in 2021 focused on expanding crofelemer access in Europe and specifically for orphan and/or rare diseases. Jaguar Animal Health is a Jaguar tradename. Magdalena Biosciences, a joint venture formed by Jaguar and Filament Health Corp. that emerged from Jaguar’s Entheogen Therapeutics Initiative (ETI), is focused on developing novel prescription medicines derived from plants for mental health indications.

For more information about:

Jaguar Health, visit https://jaguar.health

Napo Pharmaceuticals, visit www.napopharma.com

Napo Therapeutics, visit napotherapeutics.com

Magdalena Biosciences, visit magdalenabiosciences.com

Visit the Make Cancer Less Shitty patient advocacy program on Bluesky, X, Facebook & Instagram

About Mytesi^®

Mytesi (crofelemer) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (5.7%), bronchitis (3.9%), cough (3.5%), flatulence (3.1%), and increased bilirubin (3.1%).

See full Prescribing Information at Mytesi.com. Crofelemer, the active ingredient in Mytesi, is a botanical (plant-based) drug extracted and purified from the red bark sap of the medicinal Croton lechleri tree in the Amazon rainforest. Napo has established a sustainable harvesting program for crofelemer to ensure a high degree of quality and ecological integrity.

About Gelclair^®

INDICATIONS

GELCLAIR^® has a mechanical action indicated for the management of pain and relief of pain by adhering to the mucosal surface of the mouth, soothing oral lesions of various etiologies, including oral mucositis/stomatitis (may be caused by chemotherapy or radiation therapy), irritation due to oral surgery, traumatic ulcers caused by braces or ill-fitting dentures, or disease. Also, indicated for diffuse aphthous ulcers.

IMPORTANT SAFETY INFORMATION

Do not use GELCLAIR if there is a known or suspected hypersensitivity to any of its ingredients.
No adverse effects have been reported in clinical trials, although postmarketing reports have included infrequent complaints of burning sensation in the mouth.
If GELCLAIR is swallowed accidentally, no adverse effects are anticipated.
If no improvement is seen within 7 days, a physician should be consulted.

You are encouraged to report negative side effects of prescription medical products to the FDA.

Visit www.fda.gov/safety/medwatch, call 1-855-273-0468 or fill-in the form at this link.

Please see full Prescribing Information at:

https://gelclair.com/assets/Gelclair_PI_Decemeber_2021.pdf

Important Safety Information About Canalevia^®-CA1

For oral use in dogs only. Not for use in humans. Keep Canalevia-CA1 (crofelemer delayed-release tablets) in a secure location out of reach of children and other animals. Consult a physician in case of accidental ingestion by humans. Do not use in dogs that have a known hypersensitivity to crofelemer. Prior to using Canalevia-CA1, rule out infectious etiologies of diarrhea. Canalevia-CA1 is a conditionally approved drug indicated for the treatment of chemotherapy-induced diarrhea in dogs. The most common adverse reactions included decreased appetite, decreased activity, dehydration, abdominal pain, and vomiting.

Caution: Federal law restricts this drug to use by or on the order of a licensed veterinarian. Use only as directed. It is a violation of Federal law to use this product other than as directed in the labeling.Conditionally approved by FDA pending a full demonstration of effectiveness under application number 141-552.

See full Prescribing Information at Canalevia.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements.” These include statements regarding Jaguar’s expectation that crofelemer has the potential to modify disease progression in patients with intestinal failure due to MVID or short bowel syndrome, Jaguar’s expectation that the Company will meet with the U.S. Food and Drug Administration (FDA) in the second quarter of 2025 regarding the statistically significant results of the OnTarget trial in the prespecified subgroup of patients with breast cancer, Jaguar’s expectation that it will host an investor webcast on May 15, 2025, and the Company’s expectation that additional POC results may be available throughout 2025. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to several risks, uncertainties, and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar’s control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contact:

hello@jaguar.health
Jaguar-JAGX

SOURCE: Jaguar Health, Inc.

View the original press release on ACCESS Newswire

May 15, 2025

D. Boral Capital Acted as Exclusive Placement Agent to ADS-TEC Energy (Nasdaq: ADSE) in connection with its up to $50.0 Million Registered Direct Offering
Transaction Highlights:
- Secured aggregate gross proceeds of up to $50 million from leading institutional investors, consisting of $50 million senior secured convertible note due 2028 to be provided in two tranches of $15 million and $35 million.
- New capital to drive growth in Europe and North America, supporting long-term revenue-generating infrastructure
- Expansion into full-service provider model, enabling multi-revenue streams including ultra-fast charging, energy trading, and advertising
- Exclusive projects secured at over 300 locations across Germany, with international rollout underway
- Company expects significant recurring revenue starting late 2025 into 2026
- The transaction was fully subscribed, and the subscription period has concluded. The offering closed on May 2, 2025.
NEW YORK CITY, NY / ACCESS Newswire / May 15, 2025 / On May 1, 2025, ADS-TEC Energy (NASDAQ:ADSE), a global leader in battery-based energy storage and ultra-fast EV charging solutions, announced it has secured up to $50 million in growth capital from well-recognized institutional investors. The proceeds from the offering will be disbursed in two tranches – $15 million in immediate proceeds available to the company and $35 million to become available upon the setup of a controlled account – and will fuel the company’s strategic expansion across Europe and North America. The transaction was fully subscribed, and the subscription period has concluded. The offering closed on May 2, 2025.

“We believe this funding is a strong validation of our long-term vision,” said Thomas Speidel, CEO of ADS-TEC Energy. “We expect to deploy these proceeds in a manner that will allows us to take a significant step forward in transforming our business into a vertically integrated, full-service provider. Not only expanding our physical footprint-but building a sustainable, recurring revenue model with long-term value for our customers and shareholders.”

ADS-TEC Energy has established itself as a provider of high-performance, decentralized, battery-based platform solutions tailored for B2B customers. Its offerings span hardware, proprietary software, service-level agreements (SLAs), and smart features-all developed and manufactured in-house. These SLAs are intended to ensure uninterrupted infrastructure performance over decades, providing reliability for customers and consistent revenue streams for the company.

With the new capital, ADS-TEC Energy plans to evolve its business model to include full project delivery-covering financing, installation, commissioning, and long-term operation of charging assets, energy optimization and trading software, and digital advertising platforms. This 360-degree solution is being deployed across exclusive locations such as supermarkets, convenience stores, DIY retailers, and gas stations.

“Until now, ADS-TEC focused on supplying our proprietary ultra-fast charging technology to B2B customers like oil and gas companies, retail chains, and fleet operators,” said Stefan Berndt-von Bülow, CFO of ADS-TEC Energy. “Our expanded model introduces an opportunity to achieve a robust, multi-year recurring revenue structure that enhances visibility, predictability, and overall financial strength. We already have multiple international projects in motion.”

Among those projects is a pipeline of more than 300 sites in Germany where ADS-TEC is expected to have exclusive deployment rights for its ChargePost platform. Revenue from these sites is expected to ramp up beginning in late 2025 and into early 2026. Monetization is expected to stem from energy trading, super-fast charging, and advertising, all managed directly by ADS-TEC.

The expected net proceeds of up to $47.2 from this offering will be used for general corporate purposes. Such purposes may include working capital, capital expenditures, repayment and refinancing of debt, the acquisition of companies, businesses, technology or other assets.

D. Boral Capital LLC acted as the Placement Agent for the offering.

Reed Smith LLP and Arthur Cox LLP acted as counsel to the Company, and Paul Hastings LLP acted as counsel to the Placement Agent in connection with the offering.

A registration statement on Form F-3 (File No. 333-284850) relating to these Securities was filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on March 26, 2025. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. The offering was made only by means of a prospectus supplement and an accompanying prospectus. A prospectus supplement and the accompanying prospectus related to the offering were filed with the SEC on May 1, 2025 and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under applicable securities laws.

Further details, including full terms of the financing, can be found in the Company’s Form 6-K filed with the U.S. Securities and Exchange Commission.

About ADS-TEC Energy

Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and produces battery storage solutions and fast charging systems including their energy management systems. Its battery-based fast-charging technology enables electric vehicles to charge ultra-fast even with weak power grids and is characterized by a very compact design. The company, based in Nürtingen, Baden-Württemberg, was nominated for the German Future Prize by the Federal President and was included in the “Circle of Excellence” in 2022. The high quality and functionality of the battery systems is due to a particularly high level of in-depth development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for car manufacturers, energy supply companies and charging station operators.

More information at: www.ads-tec-energy.com

About D. Boral Capital

D. Boral Capital LLC is a premier, relationship-driven global investment bank headquartered in New York. The firm is dedicated to delivering exceptional strategic advisory and tailored financial solutions to middle-market and emerging growth companies. With a proven track record, D. Boral Capital provides expert guidance to clients across diverse sectors worldwide, leveraging access to capital from key markets, including the United States, Asia, Europe, the Middle East, and Latin America.

A recognized leader on Wall Street, D. Boral Capital has successfully aggregated approximately $30 billion in capital since its inception in 2020, executing ~350 transactions across a broad range of investment banking products.

Cautionary Note Regarding Forward-looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding the delivery and installation of the PowerBoosters, our expectations with respect to future performance and the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales to a limited number of customers for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; changes to battery energy storage standards; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under “Item 3. Key Information – 3.D. Risk Factors” in our annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on May 12, 2025, which is available on our website at https://www.ads-tec-energy.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

For more information, please contact:

D. Boral Capital LLC
Email: info@dboralcapital.com
Telephone: +1(212)-970-5150

SOURCE: D. Boral Capital

View the original press release on ACCESS Newswire
May 15, 2025
Bay Cities Paving’s Sustainable Asphalt Project Set to Transform Anaheim’s Roads

Bay Cities Paving Anaheim has announced a new project aimed at improving transportation routes in the area. Their focus is on delivering efficient and sustainable solutions for Anaheim asphalt paving. This initiative is set to enhance road safety and contribute positively to local infrastructure.

The company is well-regarded for its quality work in road construction and maintenance. Bay Cities Paving Anaheim has years of experience in the paving industry, placing a strong emphasis on environmentally-friendly methods and long-lasting outcomes. They prioritize using sustainable materials, aiming to meet both current needs and future community development. The comprehensive services they offer, including asphalt paving, concrete flatwork, seal coating & striping, and sign installation services, are key to their contribution to infrastructure advancement in Anaheim.

In a statement, Alan Santana of Bay Cities Paving Anaheim underscored the company’s dedication to quality and sustainability. “Our approach to paving goes beyond just laying down asphalt,” Martinez shared. “We focus on creating long-lasting roads that benefit both the community and the environment. It’s about using innovative methods that save costs in the long run while supporting societal growth.”

The company’s project in Anaheim is designed to tackle infrastructure needs by upgrading existing roads, establishing new pathways, and ensuring proper maintenance throughout construction. Their team intends to minimize disruption while enhancing the transportation network’s efficiency and safety. With expertise in both asphalt paving and concrete flatwork, Bay Cities Paving ensures precision and craftsmanship in every project component.

The sustainable efforts are set to fit smoothly into urban areas, lowering the carbon footprint linked with traditional paving techniques. The project aims to set a new standard for future infrastructure projects by integrating functionality with eco-friendly practices. Services like seal coating & striping are integral to the maintenance and visual appeal of these developments.

Alan Santana spoke about the potential impact of these initiatives. “Our work isn’t just about roads; it’s about enhancing how people experience transportation in their daily lives,” Santana explained. “By adopting sustainable methods and using quality materials, we’re contributing to a future where infrastructure meets the growing needs without compromising the environment.”

The project will be conducted in phases to ensure minimal disturbance to traffic and local communities. Throughout this period, Bay Cities Paving Anaheim will engage with local stakeholders to address concerns and incorporate feedback. This collaborative approach showcases the company’s commitment to customer satisfaction while improving infrastructure. Their offering of sign installation services ensures that the infrastructure is not only durable but also safe and informative for all users.

For Anaheim residents and businesses, this project marks a significant step towards a more reliable transportation network. Bay Cities Paving Anaheim aims to finish the work efficiently, without lowering their performance standards. Their use of innovative technology and techniques supports their goal of meaningful and lasting improvements.

By promoting such developments, the company hopes to encourage other contractors and businesses to consider sustainable options. Initiatives like this highlight the potential for eco-friendly construction practices to change how infrastructure projects are carried out.

This focus on sustainability sets a new direction in the paving industry. Bay Cities Paving Anaheim remains dedicated to maintaining its principles of quality, innovation, and environmental stewardship as they work on this project. It symbolizes an important contribution not only to Anaheim’s roads but also to goals of environmentally-conscious urban development.

With an eye on fostering a more connected community, this project from Bay Cities Paving Anaheim addresses modern transportation challenges. The company is optimistic about the long-term benefits their sustainable paving methods will deliver, and their efforts to advocate for eco-friendly infrastructure are making a real difference, inspiring similar projects in other areas. Their established reputation for unparalleled service and environmentally responsible practices, which has earned them an A+ rating from the Better Business Bureau®, underlines their commitment to excellence.

Through projects like these, Bay Cities Paving Anaheim reaffirms its commitment to positively shaping both road systems and the overall living environment. The emphasis stays on innovation and sustainability, with a firm belief that progress and environmental care can advance together. As the project moves forward, the company will continue updating the community, keeping residents informed and involved throughout the process. To learn more about their services and commitments, visit their official website.

May 15, 2025
GameSquare to Develop Games for SpongeBob SquarePants through License Agreement with Paramount Game Studios

FRISCO, CO / ACCESS Newswire / May 15, 2025 / Zoned, a GameSquare (Nasdaq:GAME) company, today announced that it has signed a license agreement with Paramount Game Studios to develop SpongeBob SquarePants-themed games in Fortnite.

“After an initial campaign in December 2024 that brought Bikini Bottom to thousands of fans and gamers, we are excited to expand our relationship with Zoned and GameSquare,” said Doug Rosen, Senior Vice President, Games and Emerging Media, Paramount. “We are excited to see what GameSquare and the team at Zoned can create and help more of our fans engage with their favorite SpongeBob SquarePants characters.”

“We are thrilled to deepen our relationship with Paramount, which is a testament to the success of our initial campaigns,” said Carlos Tovar, President of Zoned. “We’re excited to bring fun and creative SpongeBob SquarePants-themed games to global fans and gamers alike. We have an ambitious development plan, and we are looking forward to creating immersive games that highlight the very best of Bikini Bottom.”

This announcement follows a series of strategic partnerships secured by Zoned, a full-service marketing agency under GameSquare Holdings that specializes in bridging the gap between gaming and pop culture with the most recent launch of the Topgolf Universe on Fortnite’s UEFN platform.

**This is not sponsored, endorsed, or administered by Epic Games, Inc.

About Paramount Consumer Products

Paramount Consumer Products oversees all licensing and merchandising for Paramount (Nasdaq: PARA, PARAA), a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by a diverse slate of consumer brands, Paramount Consumer Products’ portfolio is based on content from platforms including Paramount+, CBS (including CBS Television Studios and CBS Television Distribution), cable networks (including MTV, Nickelodeon and Showtime), and Paramount Pictures. Additionally, the division operates Paramount Game Studios. With properties spanning animation, live-action, preschool, youth and adult, Paramount Consumer Products is committed to creating the highest quality product for some of the world’s most beloved, iconic franchises. To view our range of consumer products and Paramount branded apparel, visit ParamountShop.com.

About GameSquare Holdings, Inc.

GameSquare’s (NASDAQ: GAME) mission is to revolutionize the way brands and game publishers connect with hard-to-reach Gen Z, Gen Alpha, and Millennial audiences. Our next-generation media, entertainment, and technology capabilities drive compelling outcomes for creators and maximize our brand partners’ return on investment. Through our purpose-built platform, we provide award-winning marketing and creative services, offer leading data and analytics solutions, and amplify awareness through FaZe Clan, one of the most prominent and influential gaming organizations in the world. With one of the largest gaming media networks in North America, as verified by Comscore, we are reshaping the landscape of digital media and immersive entertainment. GameSquare’s largest investors are Dallas Cowboys owner Jerry Jones and the Goff family.

To learn more, visit www.gamesquare.com.

Forward-Looking Information

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

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

SOURCE: GameSquare Holdings, Inc.

View the original press release on ACCESS Newswire

May 15, 2025
Philadelphia’s Top Demolition Contractor Expands with New City Office to Boost Eco-Friendly Services

All Around Removal Philadelphia has set up a new office right in the middle of the city to better serve folks as both a demolition contractor and a junk removal service. This new spot aims to meet the growing demand for their varied services, which include removing junk, handling demolition projects, and providing eco-friendly waste solutions across Philadelphia. The company is dedicated to helping out both homeowners and businesses with easy scheduling, fair pricing, and a focus on being good to the environment.

Now, with this Philadelphia office, locals and businesses have direct access to plenty of junk removal options. Whether it’s getting rid of old furniture, outdated electronics, or unwanted construction debris, they’ve got it covered. The team also handles outdoor cleanups, keeping properties in tip-top shape. More details can be found on their Residential Junk Removal page for all household cleanout needs. For business solutions, their Commercial Junk Removal page offers comprehensive information on office upgrades and relocations.

“Our Philadelphia location lets us bring our services right to the area and local neighborhoods,” said Dante, owner of All Around Removal Philadelphia. “We’re thrilled to be part of the community, offering dependable junk removal and demolition services to local businesses and residents.”

Opening a spot in the city, All Around Removal Philadelphia wants to boost its presence as a key demolition contractor in Philadelphia, setting this office apart from the one in Bensalem. This move is all about making their services more accessible, promising quick responses and a personal touch for every job.

Known in the community as a reliable demolition contractor Philadelphia, they offer essential services like taking away office furniture, disposing of electronics, and cleaning up construction debris. These services are available for homes and businesses, showing how versatile they are with managing different kinds of waste efficiently.

The company focuses on responsible waste disposal, with a strong effort to recycle and donate as much as possible. This approach not only caters to their customers’ needs but also supports their mission to make a positive impact on the environment. By working to decrease landfill waste, All Around Removal Philadelphia underscores its commitment to eco-friendly practices. For more about their eco-conscious strategies, visit the Eco-Friendly Solutions page.

“We’re not just about offering great service; we’re also about pushing for sustainable practices,” Dante added. “We aim to reduce landfill waste and recycle or donate items whenever possible. Sustainability is at the heart of what we do.”

With the new branch, the focus is on making sure every customer is satisfied, guaranteeing straightforward and convenient service. They offer flexible schedules, same-day availability, and competitive prices, helping folks in Philadelphia get the service they need without any hassle. Information on these convenient options can be found under Flexible Scheduling.

All Around Removal Philadelphia stands out with a satisfaction guarantee. This promise backs their commitment to quality service, boosting customer confidence in their ability to meet expectations. Open communication and quick responses are key to their high service standards.

For anyone needing demolition or junk removal services, the new location is ready to help out. Whether cleaning out a packed attic or managing debris from a building project, the team has the skills to tackle jobs of any size while sticking to their sustainable practices.

For more information, All Around Removal Philadelphia is accessible via their Google Business Profile and recognized on Facebook as a dedicated demolition contractor Philadelphia. These resources offer more details and make it easy for potential clients to get in touch with the team for service inquiries.

By expanding into Philadelphia, All Around Removal Philadelphia solidifies its role in the market, offering crucial services designed for a lively community. Their focus on green practices, efficient work, and customer happiness make them a trustworthy choice for anyone needing removal and demolition services for both homes and businesses.

May 14, 2025