Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment.
MCLEAN, VA / ACCESS Newswire / August 6, 2025 / Gladstone Commercial Corporation (Nasdaq:GOOD) (“Gladstone Commercial” or the “Company”) today reported financial results for the second quarter ended June 30, 2025. A description of funds from operations, or FFO, and Core FFO, both non-GAAP (generally accepted accounting principles in the United States) financial measures, are located at the end of this press release. All per share references are to fully-diluted weighted average shares of common stock and Non-controlling OP Units, unless otherwise noted. For further detail, please also refer to both the quarterly financial supplement and the Company’s Quarterly Report on Form 10-Q, which can be retrieved from the Investors section of our website at www.gladstonecommercial.com.
Summary Information (dollars in thousands, except share and per share data):
As of and for the three months ended
June 30, 2025
March 31, 2025
$ Change
% Change
Operating Data:
Total operating revenue
$
39,533
$
37,501
$
2,032
5.4
%
Total operating expenses
(25,146
)
(1)
(23,858
)
(1,288
)
5.4
%
Other expense, net
(9,753
)
(2)
(8,507
)
(1,246
)
14.6
%
Net income
$
4,634
$
5,136
$
(502
)
(9.8)
%
Less: Dividends attributable to preferred stock
(3,085
)
(3,108
)
23
(0.7)
%
Less: Dividends attributable to senior common stock
(101
)
(101
)
–
–
%
Add/Less: Gain (loss) on extinguishment of Series F preferred stock, net
9
(10
)
19
(190.0)
%
Net income available to common stockholders and Non-controlling OP Unitholders
$
1,457
$
1,917
$
(460
)
(24.0)
%
Add: Real estate depreciation and amortization
14,249
13,243
1,006
7.6
%
Add: Impairment charge
9
–
9
100.0
%
Less: Gain on sale of real estate, net
(377
)
–
(377
)
100.0
%
Funds from operations available to common stockholders and Non-controlling OP Unitholders – basic
$
15,338
$
15,160
$
178
1.2
%
Add: Convertible senior common distributions
101
101
–
–
%
Funds from operations available to common stockholders and Non-controlling OP Unitholders – diluted
$
15,439
$
15,261
$
178
1.2
%
Funds from operations available to common stockholders and Non-controlling OP Unitholders – basic
$
15,338
$
15,160
$
178
1.2
%
Add: Write off prepaid offering costs
305
–
305
100.0
%
Add: Asset retirement obligation expense
34
34
–
–
%
Add: Closing costs on sale
336
–
336
100.0
%
Core funds from operations available to common stockholders and Non-controlling OP Unitholders – basic
$
16,013
$
15,194
$
819
5.4
%
Add: Convertible senior common distributions
101
101
–
–
%
Core funds from operations available to common stockholders and Non-controlling OP Unitholders – diluted
$
16,114
$
15,295
$
819
5.4
%
Share and Per Share Data:
Net income available to common stockholders and Non-controlling OP Unitholders – basic and diluted
$
0.03
$
0.04
$
(0.01
)
(25.0)
%
FFO available to common stockholders and Non-controlling OP Unitholders – basic
$
0.33
$
0.34
$
(0.01
)
(2.9)
%
FFO available to common stockholders and Non-controlling OP Unitholders – diluted
$
0.33
$
0.34
$
(0.01
)
(2.9)
%
Core FFO available to common stockholders and Non-controlling OP Unitholders – basic
$
0.35
$
0.34
$
0.01
2.9
%
Core FFO available to common stockholders and Non-controlling OP Unitholders – diluted
$
0.35
$
0.34
$
0.01
2.9
%
Weighted average shares of common stock and Non-controlling OP Units outstanding – basic
46,259,137
44,646,486
1,612,651
3.6
%
Weighted average shares of common stock and Non-controlling OP Units outstanding – diluted
46,587,696
44,975,890
1,611,806
3.6
%
Cash dividends declared per common share and Non-controlling OP Unit
$
0.30
$
0.30
$
–
–
%
Financial Position
Real estate, before accumulated depreciation
$
1,350,523
(3)
$
1,287,663
(4)
$
62,860
4.9
%
Total assets
$
1,209,993
$
1,160,443
$
49,550
4.3
%
Mortgage notes payable, net, borrowings under revolver, borrowings under term loan, net, borrowings under unsecured term loan, net, and senior unsecured notes, net
$
794,391
$
740,746
$
53,645
7.2
%
Total equity and mezzanine equity
$
347,362
$
353,393
$
(6,031
)
(1.7)
%
Properties owned
143
(3)
141
(4)
2
1.4
%
Square feet owned
17,038,727
(3)
17,255,665
(4)
(216,938
)
(1.3)
%
Square feet leased
98.7
%
98.4
%
0.3
%
0.3
%
(1) Includes a $0.01 million impairment charge recognized on one property during the three months ended June 30, 2025. (2) Includes a $0.4 million gain on sale, net, from the sale of one property during the three months ended June 30, 2025. (3) Includes one property classified as held for sale of $3.4 million and 56,000 square feet. (4) Includes two properties classified as held for sale of $8.1 million and 736,031 square feet, in the aggregate.
Second Quarter Activity:
Collected 100% of cash rents: Collected 100% of cash rents due during April, May, and June;
Acquired properties: Purchased two fully-occupied facilities, with an aggregate of 519,093 square feet of rental space, for $79.3 million, at a weighted average cap rate of 8.88%;
Sold properties: Sold one non-core office property as part of our capital recycling strategy for $5.1 million and completed the sale transaction on one non-core industrial property for $18.5 million;
Renewed space: Renewed 55,308 square feet with a remaining lease term of 0.8 years at one of our properties;
Issued common stock under ATM Program: Issued 750,426 shares of common stock under our at-the-market (“ATM”) program for net proceeds of $10.4 million;
Issued Series F Preferred Stock: Issued 2,200 shares of our Series F Preferred Stock for net proceeds of $0.1 million;
Repaid debt: Repaid $7.2 million in variable rate mortgage debt at an interest rate of SOFR + 2.25%; and
Paid distributions: Paid monthly cash distributions for the quarter totaling $0.30 per share on our common stock and Non-controlling OP Units, $0.414063 per share on our Series E Preferred Stock, $0.375 per share on our Series F Preferred Stock, $0.375 per share on our Series G Preferred Stock, and $0.2625 per share on our senior common stock.
Second Quarter 2025 Results: Core FFO available to common shareholders and Non-controlling OP Unitholders for the three months ended June 30, 2025 was $16.1 million, a 5.4% increase when compared to the three months ended March 31, 2025, equaling $0.35 per share. Core FFO increased primarily due to higher revenues from year to date acquisitions and a lower net incentive fee, partially offset by an increase in interest expense from higher outstanding variable rate debt and higher general and administrative expenses.
Net income available to common stockholders and Non-controlling OP Unitholders for the three months ended June 30, 2025 was $1.5 million, or $0.03 per share, compared to net income available to common stockholders and Non-controlling OP Unitholders for the three months ended March 31, 2025 of $1.9 million, or $0.04 per share. In the Summary Information table above, we provide a reconciliation of Core FFO to net income (which we believe is the most directly comparable GAAP measure to Core FFO) for the three months ended June 30, 2025 and March 31, 2025, a computation of basic and diluted Core FFO per weighted average share of common stock and Non-controlling OP Unit, and basic and diluted net income per weighted average share of common stock and Non-controlling OP Unit.
Subsequent to the end of the quarter:
Collected 100% of July cash rents: Collected 100% of cash rents due in July;
Leased or renewed space: Leased or renewed 143,844 square feet with remaining lease terms ranging from 5.3 to 11.4 years at two of our properties;
Issued common stock under ATM Program: Issued 50,540 shares of common stock under our ATM program for net proceeds of $0.7 million; and
Declared distributions: Declared monthly cash distributions for July, August, and September 2025, totaling $0.30 per share on our common stock and Non-controlling OP Units, $0.414063 per share on our Series E Preferred Stock, $0.375 per share on our Series F Preferred Stock, $0.375 per share on our Series G Preferred Stock, and $0.2625 per share on our senior common stock.
Comments from Gladstone Commercial’s President, Buzz Cooper: “Our financial results reflect consistent performance and stabilized revenues from our tremendous same store property occupancy, rent collection and growth, accretive real estate investments made during 2024 and 2025, our ability to renew tenants, and our deleveraging. We have continued our capital recycling program, whereby we have sold non-core assets and used the proceeds to de-lever our portfolio, as well as acquire properties in our target growth markets. We have successfully exited two non-core assets thus far in 2025, and we have additional non-core assets we anticipate selling over the next one to two years that we believe will result in capital gains. We will continue to opportunistically sell non-core assets and redeploy the proceeds into stronger target growth markets with a focus on industrial investment opportunities. While we expect to face challenges due to the lingering effects of the pandemic, significant inflation with a corresponding increase in interest rates, and the geo-political and economic issues arising from international wars, we feel strongly about the depth of our tenant credit underwriting. We have collected 100% of the first two quarters’ cash rents and 100% of July cash rents. We anticipate our tenants will successfully navigate the current economic climate and will be able to continue operating successfully when economic normalcy returns fully. Despite economic uncertainty, so far during 2025, we renewed or newly leased 266,861 square feet of property with six tenants. We are actively marketing our remaining vacant space and currently anticipate positive outcomes. We expect to continue to have access to the debt and equity markets, as necessary, for added liquidity. We believe our same store rents, which have increased by 2% annually in recent years, should continue to rise as we grow, and we will continue to primarily focus on investing in our target markets, with an emphasis on industrial properties and actively managing our portfolio.”
Conference Call: Gladstone Commercial will hold a conference call on Thursday, August 7, 2025, at 8:30 a.m. Eastern Time to discuss its earnings results. Please call (877) 407-9045 to enter the conference call. An operator will monitor the call and set a queue for questions. A conference call replay will be available beginning one hour after the call and will be accessible through August 14, 2025. To hear the replay, please dial (877) 660-6853 and use playback conference number 13754186. The live audio broadcast of the Company’s quarterly conference call will also be available on the investors section of our website, www.gladstonecommercial.com.
About Gladstone Commercial: Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Further information can be found at www.gladstonecommercial.com.
About the Gladstone Companies: Information on the business activities of the Gladstone family of funds can be found at www.gladstonecompanies.com.
Investor Relations: For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstonecompanies.com.
Non-GAAP Financial Measures:
FFO: The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP supplemental measure of operating performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairment losses on property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. FFO does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of its performance or to cash flow from operations as a measure of liquidity or ability to make distributions. The Company believes that FFO per share provides investors with an additional context for evaluating its financial performance and as a supplemental measure to compare it to other REITs; however, comparisons of its FFO to the FFO of other REITs may not necessarily be meaningful due to potential differences in the application of the NAREIT definition used by such other REITs.
Core FFO: Core FFO is FFO adjusted for certain items that are not indicative of the results provided by the Company’s operating portfolio and affect the comparability of the Company’s period-over-period performance. These items include the adjustment for acquisition related expenses, gains or losses from early extinguishment of debt and any other non-recurring expense adjustments. Although the Company’s calculation of Core FFO differs from NAREIT’s definition of FFO and may not be comparable to that of other REITs, the Company believes it is a meaningful supplemental measure of its operating performance. Accordingly, Core FFO should be considered a supplement to net income computed in accordance with GAAP as a measure of our performance.
The Company’s presentation of FFO, as defined by NAREIT, or presentation of Core FFO, does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of its performance or to cash flow from operations as a measure of liquidity or ability to make distributions.
The statements in this press release regarding the forecasted stability of Gladstone Commercial’s income, its ability, plans or prospects to re-lease its unoccupied properties, and grow its portfolio are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on Gladstone Commercial’s current plans that are believed to be reasonable as of the date of this press release. Factors that may cause actual results to differ materially from these forward-looking statementsinclude, but are not limited to, Gladstone Commercial’s ability to raise additional capital; availability and terms of capital and financing, both to fund its operations and to refinance its indebtedness as it matures; downturns in the current economic environment; the performance of its tenants; the impact of competition on its efforts to renew existing leases or re-lease space; and significant changes in interest rates.Additional factors that could cause actual results to differ materially from those stated or implied by its forward-looking statements are disclosed under the caption “Risk Factors” of its Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on February 18, 2025, and other reports filed with the SEC.Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.Gladstone Commercial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
JACKSONVILLE, FL / ACCESS Newswire / August 6, 2025 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial Development, Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2025.
Second Quarter Highlights and Recent Developments
72% decrease in Net Income ($0.6 million vs $2.0 million) due largely to legal expenses related to due diligence for a potential investment the company is evaluating, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures
5% increase in pro rata NOI ($9.7 million vs $9.2 million)
1% increase in the Multifamily segment’s pro rata NOI primarily due to improved occupancy of The Verge and Dock 79. This comparison includes the results for The Verge from the same period last year (when the Verge was still in our Development segment).
15% decrease in Industrial and Commercial segment NOI primarily due to an eviction of one tenant and lease expirations.
21% increase in NOI for Mining Royalty Lands segment
Effective July 21, 2025, the Company entered into a 2025 Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated December 22, 2023. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment.
On July 23, 2025, subsequent to quarters end, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.
Executive Summary and Analysis
Results this quarter and for the first six months are consistent with both our expectations as well as what we cautioned investors to expect for the last two quarters. As stated previously, our primary aim for 2025 is to set the stage for future growth. We will accomplish this first by leasing up our current vacancies, but mostly by putting money to work in new projects. We have started construction on both our JVs with Altman Logistics in Lakeland and Broward County, FL which will add 384,193 square feet of class A industrial space to our portfolio. We expect substantial completion on these projects in the second quarter of 2026. Work continues on the entitlements for our industrial pipeline in Maryland in order to be shovel ready in 2026. Finally, as mentioned in our highlights, subsequent to the end of the quarter, the Company entered into a joint venture agreement to develop 377,892 square feet in two warehouses in Lake County, FL. The site is located off the Florida Turnpike, in the City of Minneola, outside of Orlando. The lack of available land in the broader Orlando market has driven industrial users to expand into the Lake County submarket, attracting both institutional owners and users. Notably, there remains a meaningful shortage of shallow bay industrial buildings in the size range of the buildings we are developing for this market. We expect to begin construction on this project this month and FRP will have a 95% interest in this joint venture, with options for future development of just under 1 million SF of industrial product on adjacent property. This agreement supports our shift in focus and investment toward our industrial business segment and the Company remains on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment by 2030.
Comparative Results of Operations for the three months ended June 30, 2025 and 2024
Consolidated Results
(dollars in thousands)
Three Months Ended June 30,
2025
2024
Change
%
Revenues:
Lease revenue
$
7,241
7,246
$
(5
)
-.1
%
Mining royalty and rents
3,609
3,231
378
11.7
%
Total revenues
10,850
10,477
373
3.6
%
Cost of operations:
Depreciation, depletion and amortization
2,726
2,543
183
7.2
%
Operating expenses
2,580
1,702
878
51.6
%
Property taxes
1,002
860
142
16.5
%
General and administrative
2,885
2,552
333
13.0
%
Total cost of operations
9,193
7,657
1,536
20.1
%
Total operating profit
1,657
2,820
(1,163
)
-41.2
%
Net investment income
2,348
3,708
(1,360
)
-36.7
%
Interest expense
(824
)
(829
)
5
-.6
%
Equity in loss of joint ventures
(2,379
)
(2,724
)
345
-12.7
%
Income before income taxes
802
2,975
(2,173
)
-73.0
%
Provision for income taxes
178
916
(738
)
-80.6
%
Net income
624
2,059
(1,435
)
-69.7
%
Income (loss) attributable to noncontrolling interest
46
15
31
206.7
%
Net income attributable to the Company
$
578
2,044
$
(1,466
)
-71.7
%
Net income for the second quarter of 2025 was $578,000 or $.03 per share versus $2,044,000 or $.11 per share in the same period last year. Pro rata NOI for the second quarter of 2025 was $9,688,000 versus $9,230,000 in the same period last year. The second quarter of 2025 was impacted by the following items:
Operating profit decreased $1,163,000 primarily as a result of higher Development segment professional fees ($831,000) and higher General and administrative expense ($333,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating along with other expensed acquisition and development costs. General and administrative expense increased primarily because of overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $387,000 due to $211,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $355,000 primarily due to the prior year including a $277,000 overpayment deduction.
Net investment income decreased $1,360,000 because of reduced earnings on cash equivalents ($456,000) primarily due to lower interest rates and lower income from our lending ventures ($904,000) primarily due to 27 residential lots sold compared to 54 residential lots sold in the same quarter last year.
Equity in loss of Joint Ventures improved $345,000 due to improved results of our unconsolidated joint ventures. Results improved at The Verge ($90,000) due to improved occupancy and at Bryant Street ($212,000) and BC Realty ($115,000) both due to higher revenues and lower variable rate interest expense.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
For ease of comparison all the figures in the tables below include the results for The Verge from the same period last year (when this project was still in our Development segment).
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
8,467
100.0
%
8,113
100.0
%
354
4.4
%
Depreciation and amortization
3,386
40.0
%
3,384
41.7
%
2
.1
%
Operating expenses
2,691
31.8
%
2,553
31.5
%
138
5.4
%
Property taxes
1,008
11.9
%
912
11.2
%
96
10.5
%
Cost of operations
7,085
83.7
%
6,849
84.4
%
236
3.4
%
Operating profit before G&A
$
1,382
16.3
%
1,264
15.6
%
118
9.3
%
Depreciation and amortization
3,386
3,384
2
Unrealized rents & other
(31
)
32
(63
)
Net operating income
$
4,737
55.9
%
4,680
57.7
%
57
1.2
%
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,737,000, up $57,000 or 1% compared to $4,680,000 in the same quarter last year. Most of this increase was from the improved occupancy of The Verge. This project contributed $733,000 of pro rata NOI to this segment compared to $710,000 in the Development segment in the same quarter last year, an increase of $23,000. Same store NOI increased $34,000 as favorable revenues at Dock 79 were partially offset by lower revenues at the Maren and higher property taxes.
Apartment Building
Units
Pro rata NOI
Q2 2025
Pro rata NOI
Q2 2024
Avg. Occupancy Q2 2025
Avg. Occupancy Q2 2024
Renewal Success Rate Q2 2025
Renewal % increase Q2 2025
Dock 79 Anacostia DC
305
$
995,000
$
932,000
95.5
%
93.6
%
74.6
%
5.9
%
Maren Anacostia DC
264
$
890,000
$
923,000
93.6
%
94.8
%
55.3
%
3.2
%
Riverside Greenville
200
$
215,000
$
215,000
92.9
%
93.0
%
65.8
%
6.3
%
Bryant Street DC
487
$
1,542,000
$
1,555,000
94.6
%
91.2
%
56.3
%
2.1
%
.408 Jackson Greenville
227
$
362,000
$
345,000
94.3
%
96.2
%
52.2
%
4.7
%
Verge Anacostia DC
344
$
733,000
$
710,000
93.3
%
91.3
%
63.3
%
2.0
%
Multifamily Segment
1,827
$
4,737,000
$
4,680,000
94.1
%
93.0
%
Multifamily Segment (Consolidated – Dock 79 & The Maren)
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
5,567
100.0
%
5,496
100.0
%
71
1.3
%
Depreciation and amortization
1,935
34.8
%
1,981
36.1
%
(46
)
-2.3
%
Operating expenses
1,527
27.4
%
1,519
27.6
%
8
.5
%
Property taxes
648
11.6
%
576
10.5
%
72
12.5
%
Cost of operations
4,110
73.8
%
4,076
74.2
%
34
.8
%
Operating profit before G&A
$
1,457
26.2
%
1,420
25.8
%
37
2.6
%
Total revenues for our two consolidated joint ventures were $5,567,000, an increase of $71,000 versus $5,496,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,457,000, an increase of $37,000, or 3% versus $1,420,000 in the same period last year primarily due to lower depreciation.
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
5,436
100.0
%
5,118
100.0
%
318
6.2
%
Depreciation and amortization
2,325
42.8
%
2,299
44.9
%
26
1.1
%
Operating expenses
1,886
34.7
%
1,724
33.7
%
162
9.4
%
Property taxes
654
12.0
%
599
11.7
%
55
9.2
%
Cost of operations
4,865
89.5
%
4,622
90.3
%
243
5.3
%
Operating profit before G&A
$
571
10.5
%
496
9.7
%
75
15.1
%
For our four unconsolidated joint ventures, pro rata revenues were $5,436,000, an increase of $318,000 or 6% compared to $5,118,000 in the same period last year. Pro rata operating profit before G&A was $571,000, an increase of $75,000 or 15% versus $496,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.
Industrial and Commercial Segment
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
1,374
100.0
%
1,445
100.0
%
(71
)
(4.9
%)
Depreciation and amortization
571
41.6
%
360
25.0
%
211
58.6
%
Operating expenses
230
16.7
%
191
13.2
%
39
20.4
%
Property taxes
130
9.5
%
64
4.4
%
66
103.1
%
Cost of operations
931
67.8
%
615
42.6
%
316
51.4
%
Operating profit before G&A
$
443
32.2
%
830
57.4
%
(387
)
(46.6
%)
Depreciation and amortization
571
360
211
Unrealized revenues
(4
)
(3
)
(1
)
Net operating income
$
1,010
73.5
%
$
1,187
82.1
%
$
(177
)
(14.9
%)
Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 50.3% was leased and occupied at June 30, 2025. Excluding Chelsea these assets were 74.0% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,374,000, down $71,000 or 5%, over the same period last year. Operating profit before G&A was $443,000, down $387,000 or 47% over the same quarter last year due to $216,000 of depreciation and $30,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $1,010,000, down $177,000 or 15% compared to the same quarter last year.
Mining Royalty Lands Segment Results
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Mining royalty and rent revenue
$
3,609
100.0
%
3,231
100.0
%
378
11.7
%
Depreciation, depletion and amortization
177
5.0
%
159
4.9
%
18
11.3
%
Operating expenses
16
0.4
%
16
0.5
%
–
–
%
Property taxes
76
2.1
%
71
2.2
%
5
7.0
%
Cost of operations
269
7.5
%
246
7.6
%
23
9.3
%
Operating profit before G&A
$
3,340
92.5
%
2,985
92.4
%
355
11.9
%
Depreciation and amortization
177
159
18
Unrealized revenues
148
(116
)
264
Net operating income
$
3,665
101.6
%
$
3,028
93.7
%
$
637
21.0
%
Total revenues in this segment were $3,609,000, an increase of $378,000 or 12% versus $3,231,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of $277,000 of royalties to resolve an overpayment which we referenced previously. Royalty tons were down 3% primarily due to a decrease at one location that experienced a project specific spike in demand in the prior year. Royalty revenue per ton increased 7% over the same period last year excluding the prior year overpayment deduction. Total operating profit before G&A in this segment was $3,340,000, an increase of $355,000 versus $2,985,000 in the same period last year. Net operating income was $3,665,000, up $637,000 or 21% compared to the same quarter last year due to the higher revenues and a $264,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the temporarily higher minimum royalty payments we are currently receiving at one location which are straight-lined across the life of the lease for GAAP revenue purposes.
Development Segment Results
Three months ended June 30
(dollars in thousands)
2025
2024
Change
Lease revenue
$
300
305
(5
)
Depreciation, depletion and amortization
43
43
–
Operating expenses
807
(24
)
831
Property taxes
148
149
(1
)
Cost of operations
998
168
830
Operating profit before G&A
$
(698
)
137
(835
)
With respect to ongoing Development Segment projects:
We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.0 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 160 lots have been sold and $22.2 million has been returned to the company of which $5.5 million was booked as profit to the Company.
We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025.
On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years.
On June 16, 2025, our BC Realty partnership refinanced our FRP provided floating rate construction loans on our two (2) office buildings with Symetra Life Insurance Company. This is a 10-year, fully amortizing $10.5M permanent loan, at a fixed interest rate of 6.40%.
Six Month Highlights
32% decrease in Net Income ($2.3 million vs $3.3 million)
7% increase in pro rata NOI ($19.1 million vs $17.8 million)
2% increase in the Multifamily segment’s pro rata NOI primarily due to lease up of The Verge. This comparison includes the results for this project from the same period last year (when this project was still in our Development segment).
6% decrease in Industrial and Commercial revenue and 8% decrease in that segment’s NOI
20.1% increase in the Mining Royalty Lands’ segment’s NOI
Comparative Results of Operations for the Six months ended June 30, 2025 and 2024
Consolidated Results
(dollars in thousands)
Six Months Ended June 30,
2025
2024
Change
%
Revenues:
Lease revenue
$
14,313
14,416
$
(103
)
-.7
%
Mining royalty and rents
6,843
6,194
649
10.5
%
Total revenues
21,156
20,610
546
2.6
%
Cost of operations:
Depreciation/depletion/amortization
5,333
5,078
255
5.0
%
Operating expenses
4,439
3,569
870
24.4
%
Property taxes
1,940
1,667
273
16.4
%
General and administrative
5,462
4,594
868
18.9
%
Total cost of operations
17,174
14,908
2,266
15.2
%
Total operating profit
3,982
5,702
(1,720
)
-30.2
%
Net investment income
4,909
6,491
(1,582
)
-24.4
%
Interest expense
(1,519
)
(1,740
)
221
-12.7
%
Equity in loss of joint ventures
(4,410
)
(5,743
)
1,333
-23.2
%
Income before income taxes
2,962
4,710
(1,748
)
-37.1
%
Provision for income taxes
704
1,316
(612
)
-46.5
%
Net income
2,258
3,394
(1,136
)
-33.5
%
Income (loss) attributable to noncontrolling interest
(30
)
49
(79
)
-161.2
%
Net income attributable to the Company
$
2,288
$
3,345
$
(1,057
)
-31.6
%
Net income for the first six months of 2025 was $2,288,000 or $.12 per share versus $3,345,000 or $.18 per share in the same period last year. Pro rata NOI for the first six months of 2025 was $19,052,000 versus $17,764,000 in the same period last year. The first six months of 2025 were impacted by the following items:
Operating profit decreased $1,720,000 primarily due to higher Development segment professional fees ($682,000) and higher General and administrative expense ($868,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating. General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $556,000 because of a $211,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $596,000 primarily because of the prior year’s overpayment deduction of $566,000.
Net investment income decreased $1,582,000 from reduced earnings on cash equivalents ($904,000) and reduced income from our lending ventures ($678,000) primarily due to fewer residential lot sales.
Interest expense decreased $221,000 compared to the same period last year as we capitalized $209,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.
Equity in loss of Joint Ventures improved $1,333,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($499,000) due to lease up, and also at Bryant Street ($656,000) and BC Realty ($222,000) because of higher revenues and lower variable rate interest expense.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
16,772
100.0
%
15,996
100.0
%
776
4.9
%
Depreciation and amortization
6,673
39.8
%
6,689
41.8
%
(16
)
-.2
%
Operating expenses
5,316
31.7
%
5,072
31.7
%
244
4.8
%
Property taxes
1,978
11.8
%
1,801
11.3
%
177
9.8
%
Cost of operations
13,967
83.3
%
13,562
84.8
%
405
3.0
%
Operating profit before G&A
$
2,805
16.7
%
2,434
15.2
%
371
15.2
%
Depreciation and amortization
6,673
6,689
(16
)
Unrealized rents & other
(111
)
46
(157
)
Net operating income
$
9,367
55.8
%
9,169
57.3
%
198
2.2
%
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $9,367,000, up $198,000 or 2% compared to $9,169,000 in the same period last year. Most of this increase was from the lease up of The Verge which contributed $1,486,000 of pro rata NOI to this segment compared to $1,316,000 in the Development segment in the same period last year, an increase of $170,000. Same store NOI increased $28,000.
Apartment Building
Units
Pro rata NOI
YTD 2025
Pro rata NOI
YTD 2024
Avg. Occupancy YTD 2025
Avg. Occupancy YTD 2024
Renewal Success Rate YTD 2025
Renewal % increase YTD 2025
Dock 79 Anacostia DC
305
$
1,900,000
$
1,878,000
95.6
%
94.2
%
70.4
%
4.8
%
Maren Anacostia DC
264
$
1,745,000
$
1,847,000
93.7
%
94.3
%
54.0
%
4.9
%
Riverside Greenville
200
$
437,000
$
439,000
92.9
%
93.3
%
56.8
%
5.0
%
Bryant Street DC
487
$
3,081,000
$
3,051,000
93.5
%
92.0
%
51.8
%
2.1
%
.408 Jackson Greenville
227
$
718,000
$
638,000
96.1
%
94.6
%
58.8
%
4.6
%
Verge Anacostia DC
344
$
1,486,000
$
1,316,000
93.4
%
89.5
%
69.1
%
2.8
%
Multifamily Segment
1,827
$
9,367,000
$
9,169,000
94.1
%
92.7
%
Multifamily Segment (Consolidated – Dock 79 and The Maren)
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
10,991
100.0
%
10,910
100.0
%
81
.7
%
Depreciation and amortization
3,930
35.7
%
3,962
36.3
%
(32
)
-.8
%
Operating expenses
3,112
28.3
%
2,980
27.3
%
132
4.4
%
Property taxes
1,283
11.7
%
1,100
10.1
%
183
16.6
%
Cost of operations
8,325
75.7
%
8,042
73.7
%
283
3.5
%
Operating profit before G&A
$
2,666
24.3
%
2,868
26.3
%
(202
)
-7.0
%
Total revenues for our two consolidated joint ventures were $10,991,000, an increase of $81,000 versus $10,910,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $2,666,000, a decrease of $202,000, or 7% versus $2,868,000 in the same period last year primarily due to higher operating expenses ($132,000) and property taxes ($183,000).
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
10,785
100.0
%
10,051
100.0
%
734
7.3
%
Depreciation and amortization
4,518
41.9
%
4,518
45.0
%
–
–
%
Operating expenses
3,666
34.0
%
3,452
34.3
%
214
6.2
%
Property taxes
1,279
11.9
%
1,204
12.0
%
75
6.2
%
Cost of operations
9,463
87.7
%
9,174
91.3
%
289
3.2
%
Operating profit
$
1,322
12.3
%
877
8.7
%
445
50.7
%
For our four unconsolidated joint ventures, pro rata revenues were $10,785,000, an increase of $734,000 or 7% compared to $10,051,000 in the same period last year. Pro rata operating profit before G&A was $1,322,000, an increase of $445,000, or 51% versus $877,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.
Industrial and Commercial Segment
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
2,721
100.0
%
2,898
100.0
%
(177
)
(6.1
%)
Depreciation and amortization
962
35.4
%
723
24.9
%
239
33.1
%
Operating expenses
463
17.0
%
406
14.0
%
57
14.0
%
Property taxes
210
7.7
%
127
4.4
%
83
65.4
%
Cost of operations
1,635
60.1
%
1,256
43.3
%
379
30.2
%
Operating profit before G&A
$
1,086
39.9
%
1,642
56.7
%
(556
)
(33.9
%)
Depreciation and amortization
962
723
239
Unrealized revenues
101
(19
)
120
Net operating income
$
2,149
79.0
%
$
2,346
81.0
%
$
(197
)
(8.4
%)
Total revenues in this segment were $2,721,000, down $177,000 or 6%, over the same period last year. Operating profit before G&A was $1,086,000, down $556,000 or 34% from $1,642,000 in the same period last year due to $216,000 of depreciation and $30,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $2,149,000, down $197,000 or 8% compared to the same period last year.
Mining Royalty Lands Segment Results
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Mining royalty and rent revenue
$
6,843
100.0
%
6,194
100.0
%
649
10.5
%
Depreciation, depletion and amortization
355
5.2
%
308
5.0
%
47
15.3
%
Operating expenses
32
0.5
%
33
0.5
%
(1
)
-3.0
Property taxes
151
2.2
%
144
2.3
%
7
4.9
%
Cost of operations
538
7.9
%
485
7.8
%
53
10.9
%
Operating profit before G&A
$
6,305
92.1
%
5,709
92.2
%
596
10.4
%
Depreciation and amortization
355
308
47
Unrealized revenues
289
(229
)
518
Net operating income
$
6,949
101.5
%
$
5,788
93.4
%
$
1,161
20.1
%
Total revenues in this segment were $6,843,000, an increase of $649,000 or 10% versus $6,194,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the six months of last year, the tenant withheld $566,000 in royalties otherwise due to the Company. Royalty tons were down 7% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 8.5% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $6,305,000, an increase of $596,000 versus $5,709,000 in the same period last year. Net operating income in this segment was $6,949,000, up $1,161,000 or 20% compared to the same period last year due to higher revenues and a $518,000 increase in unrealized revenues due to temporarily higher minimum royalty payments at one location which are straight-lined across the life of the lease for GAAP revenue purposes.
Development Segment Results
Six months ended June 30
(dollars in thousands)
2025
2024
Change
Lease revenue
$
601
608
(7
)
Depreciation, depletion and amortization
86
85
1
Operating expenses
832
150
682
Property taxes
296
296
–
Cost of operations
1,214
531
683
Operating profit before G&A
$
(613
)
77
(690
)
FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
Assets:
June 30 2025
December 31 2024
Real estate investments at cost:
Land
$
168,927
168,943
Buildings and improvements
308,561
283,421
Projects under construction
16,167
32,770
Total investments in properties
493,655
485,134
Less accumulated depreciation and depletion
82,916
77,695
Net investments in properties
410,739
407,439
Real estate held for investment, at cost
12,312
11,722
Investments in joint ventures
139,098
153,899
Net real estate investments
562,149
573,060
Cash and cash equivalents
153,167
148,620
Cash held in escrow
1,266
1,315
Accounts receivable, net
1,586
1,352
Federal and state income taxes receivable
778
–
Unrealized rents
1,264
1,380
Deferred costs
1,942
2,136
Other assets
630
622
Total assets
$
722,782
728,485
Liabilities:
Secured notes payable
$
180,371
178,853
Accounts payable and accrued liabilities
6,739
6,026
Other liabilities
1,487
1,487
Federal and state income taxes payable
–
611
Deferred revenue
2,842
2,437
Deferred income taxes
67,655
67,688
Deferred compensation
1,494
1,465
Tenant security deposits
780
805
Total liabilities
261,368
259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,234 and 19,046,894 shares issued and outstanding, respectively
1,911
1,905
Capital in excess of par value
70,196
68,876
Retained earnings
354,555
352,267
Accumulated other comprehensive income, net
40
55
Total shareholders’ equity
426,702
423,103
Noncontrolling interests
34,712
46,010
Total equity
461,414
469,113
Total liabilities and equity
$
722,782
728,485
Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.
Pro rata Net Operating Income Reconciliation Six months ending 6/30/25 (in thousands)
Industrial and
Commercial
Segment
Development
Segment
Multifamily
Segment
Mining
Royalties
Segment
Unallocated
Corporate
Expenses
FRP
Holdings
Totals
Net income (loss)
$
831
1,086
(2,531
)
4,806
(1,934
)
2,258
Income tax allocation
255
333
(788
)
1,476
(572
)
704
Income (loss) before income taxes
1,086
1,419
(3,319
)
6,282
(2,506
)
2,962
Less:
Unrealized rents
–
–
–
–
Interest income
1,876
1
3,032
4,909
Plus:
Unrealized rents
101
–
14
289
–
404
Professional fees
734
87
821
Equity in loss of joint ventures
–
(156
)
4,543
23
4,410
Interest expense
–
–
1,443
–
76
1,519
Depreciation/amortization
962
86
3,930
355
5,333
General and administrative
–
–
–
–
5,462
5,462
Net operating income (loss)
2,149
207
6,697
6,949
–
16,002
NOI of noncontrolling interest
(3,052
)
(3,052
)
Pro rata NOI from unconsolidated joint ventures
380
5,722
6,102
Pro rata net operating income
$
2,149
587
9,367
6,949
–
19,052
Pro-rata Net Operating Income Reconciliation Six months ended 06/30/24 (in thousands)
Industrial and
Commercial
Segment
Development
Segment
Multifamily
Segment
Mining
Royalties
Segment
Unallocated
Corporate
Expenses
FRP
Holdings
Totals
Net income (loss)
$
805
(1,115
)
(2,477
)
3,876
2,305
3,394
Income tax allocation
247
(343
)
(772
)
1,191
993
1,316
Income (loss) before income taxes
1,052
(1,458
)
(3,249
)
5,067
3,298
4,710
Less:
Unrealized rents
19
9
229
257
Interest income
2,554
3,937
6,491
Plus:
–
Professional fees
15
15
Equity in loss of joint ventures
–
1,782
3,939
22
5,743
Interest expense
–
–
1,652
–
88
1,740
Depreciation/amortization
723
85
3,962
308
5,078
General and administrative
590
2,307
526
620
551
4,594
–
Net operating income (loss)
2,346
162
6,836
5,788
–
15,132
NOI of noncontrolling interest
(3,111
)
(3,111
)
Pro-rata NOI from unconsolidated joint ventures
299
5,444
5,743
Pro-rata net operating income
$
2,346
461
9,169
5,788
–
17,764
Conference Call
The Company will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 83364) within the United States. International callers may dial 1-203-518-9848 (passcode 83364). Audio replay will be available until August 21, 2025 by dialing 1-800-839-2385 within the United States. International callers may dial 1-402-220-7203. No passcode needed. An audio replay will also be available on the Company’s website under investors, financials, quarterly results (https://investors.frpdev.com/quarterly-reports) following the call.
Additional Information
Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, which may contain material information about us, and you may subscribe to Email Alerts to be notified of new information posted to this site.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the MidAtlantic and Florida; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as the impact of tariffs on our industrial tenants and construction costs; well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.
Contact:
Matthew C. McNulty Chief Financial Officer (904) 858-9100
NDA for icotrokinra for the treatment of adults and adolescents 12 years of age and older with moderate to severe plaque psoriasis (PsO) submitted to U.S. FDA in July
ANTHEM Phase 2b trial data of icotrokinra in ulcerative colitis scheduled for an oral presentation at the 33rd United European Gastroenterology Week (UEGW) on October 7th
Phase 3 VERIFY trial data set of rusfertide in polycythemia vera (PV) presented during plenary session at ASCO; U.S. NDA filing on track for Q4
Cash, cash equivalents and marketable securities of $673.0 million as of June 30, 2025, anticipated to provide cash runway through at least end of 2028
NEWARK, CA / ACCESS Newswire / August 6, 2025 / Protagonist Therapeutics (Nasdaq:PTGX) (“Protagonist” or “the Company”) today reported financial results for the second quarter ended June 30, 2025, and provided a corporate update.
“Thus far, 2025 has been a year of breakthrough accomplishments for Protagonist, as we saw rusfertide the topic of the prestigious ASCO Plenary Session in May, the announcement of an oral and injectable triple agonist anti-obesity peptide development candidate in June, and most recently the first ever NDA filing of icotrokinra for psoriasis last month,” said Dinesh V. Patel, Ph.D., the Company’s President and CEO. “Over the coming months, we look forward to the NDA filing of rusfertide for polycythemia vera, and advancing our wholly owned early-stage assets PN-881 and PN-477 into clinical and IND-enabling studies respectively.”
Second Quarter 2025 Recent Developments and Upcoming Milestones
Rusfertide: Subcutaneous Injectable Hepcidin Mimetic for Polycythemia Vera (PV) and Other Blood Disorders
The full data set from the positive Phase 3 VERIFY trial of rusfertide in PV was presented during the prestigious plenary session at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting on Sunday, June 1st.
The Company hosted an investor conference call on Monday, June 2nd discussing data shared during the plenary presentation. A replay of the call and accompanying presentation is available on the Company’s Investor Relations Events and Presentations webpage here.
Rusfertide U.S. NDA filing for treatment of patients with PV, by partner Takeda Pharmaceuticals, expected in Q4 of this year.
On July 21st, the Company and its partner Johnson and Johnson announced the first icotrokinra NDA filing for the treatment of adults and adolescents 12 years of age and older with moderate to severe plaque psoriasis (PsO). The application included data from four pivotal Phase 3 studies conducted as part of the ICONIC clinical development program, including ICONIC-LEAD, ICONIC-TOTAL and ICONIC-ADVANCE 1 & ICONIC-ADVANCE 2.
On May 9th, data from the Phase 3 ICONIC-TOTAL study in difficult-to-treat scalp and genital psoriasis was presented at the Society for Investigative Dermatology Annual Meeting held in San Diego from May 7-10th.
On April 10th, data from the adolescent cohort of the Phase 3 ICONIC-LEAD study in moderate-to-severe plaque psoriasis was presented as a late-breaking abstract at the 2025 World Congress of Pediatric Dermatology (WCPD).
On March 10th, positive top line results from the Phase 2b ANTHEM trial in moderately to severely active ulcerative colitis (UC) were announced. The full data set is scheduled for an oral presentation at the 33rd United European Gastroenterology Week (UEGW) on October 7th.
On June 30th, the Company hosted an investor call announcing the selection of PN-477, a potential best-in-class GLP-1, GIP, GCG receptor triple agonist peptide with oral and subcutaneous routes of administration, as a development candidate for the treatment of obesity. A replay of the call and accompanying presentation is available on the Company’s Investor Relations Events and Presentations webpage here.
On May 9th, preclinical data on PN-881 was presented at the Society for Investigative Dermatology (SID) Annual Meeting held in San Diego from May 7-10th. Key takeaways from the pre-clinical characterization of the IL-17 oral peptide antagonist PN-881:
Potently and selectively binds IL-17A and -17F, blocking the three dimeric forms of the cytokine.
Nanomolar to picomolar in vitro potency comparable to bimekizumab and superior (70-fold) to secukinumab.
Metabolic stability in several matrices across several species, making it a suitable candidate for oral delivery.
Pharmocodynamic-based target engagement in a mouse IL-17 challenge model after oral dosing.
Dose-dependent efficacy with significant reduction in skin thickness in a 5-day rat IL-23 induced skin inflammation model after oral dosing.
Second Quarter 2025 Financial Results
Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities as of June 30, 2025, were $673.0 million as compared to $559.2 million as of December 31, 2024.
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share amounts)
2025
2024
2025
2024
(Unaudited)
License and collaboration revenue
$
5,546
$
4,167
$
33,867
$
259,120
Research and development expense
$
37,036
$
33,520
$
72,929
$
67,254
General and administrative expense
$
10,551
$
9,440
$
22,289
$
24,350
Net (loss) income
$
(34,771
)
$
(30,616
)
$
(46,426
)
$
176,724
Basic (loss) earnings per share
$
(0.55)
$
(0.50)
$
(0.73)
$
2.89
Diluted (loss) earnings per share
$
(0.55)
$
(0.50)
$
(0.73)
$
2.77
License and Collaboration Revenue:
License and collaboration revenue of $5.5 million and $4.2 million for the second quarter of 2025 and 2024, respectively, was comprised of development services we provided under the Takeda collaboration agreement.
License and collaboration revenue of $33.9 million for the six months ended June 30, 2025 was comprised of (i) proportional recognition of a $25 million milestone earned from Takeda in Q1 25, and (ii) development services we provided during the period. License and collaboration revenue of $259.1 million for the six months ended June 30, 2024 included (i) $254.1 million of the $300.0 million initial transaction price for the Takeda collaboration agreement allocated to the rusfertide license upon effectiveness of the agreement, and (ii) development services we provided during the period.
Research and Development (“R&D”) Expense: The increases in R&D expense from the prior year periods were primarily due to increases in pre-clinical and drug discovery research expenses, including costs related to our new product candidates, IL-17 oral peptide antagonist PN-881 and obesity triple agonist peptide PN-477, partially offset by decreases in rusfertide expenses related to the Phase 3 VERIFY clinical trial.
General and Administrative (“G&A”) Expense: The increase in G&A expense for the second quarter of 2025 from the prior year period was primarily due to increases in stock-based compensation and other personnel-related expenses. The decrease in G&A expense for the six months ended June 30, 2025 from the prior year period was primarily due to $4.6 million in advisory and legal fees recognized in 2024 related to the Takeda collaboration, partially offset by increases in stock-based compensation expense and other personnel-related expenses.
Net (Loss) Income: Net loss was $34.8 million, or $0.55 per basic and diluted share, for the second quarter of 2025 as compared to net loss of $30.6 million, or $0.50 per basic and diluted share, for the second quarter of 2024. Net loss was $46.4 million, or $0.73 per basic and diluted share, for the six months ended June 30, 2025 as compared to net income of $176.7 million, or $2.89 per basic share and $2.77 per diluted share, for the six months ended June 30, 2024, which included recognition of $259.1 million revenue related to the Takeda collaboration agreement upfront payment of $300.0 million.
About Protagonist
Protagonist Therapeutics is a discovery through late-stage development biopharmaceutical company. Two novel peptides derived from Protagonist’s proprietary discovery platform are currently in advanced Phase 3 clinical development, with a New Drug Application (NDA) for icotrokinra submitted to the FDA in July and an NDA submission for rusfertide expected by end of 2025. Icotrokinra (formerly, JNJ-2113), a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor (“IL-23R”) is licensed to J&J Innovative Medicines (“JNJ”), formerly Janssen Biotech, Inc. Following icotrokinra’s joint discovery by Protagonist and JNJ scientists pursuant to the companies’ IL-23R collaboration, Protagonist was primarily responsible for development of icotrokinra through Phase 1, with JNJ assuming responsibility for development in Phase 2 and beyond. Rusfertide, a mimetic of the natural hormone hepcidin, is currently in Phase 3 development for the rare blood disorder polycythemia vera (PV). Rusfertide is being co-developed and will be co-commercialized with Takeda Pharmaceuticals pursuant to a worldwide collaboration and license agreement entered in 2024 under which the Company remains primarily responsible for development through NDA filing. The Company also has a number of pre-clinical stage drug discovery programs addressing biologically and commercially validated targets, including IL-17 oral peptide antagonist PN-881, obesity triple agonist peptide PN-477, and the oral hepcidin program.
More information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company’s website at https://www.protagonist-inc.com/.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the potential benefits of icotrokinra and rusfertide, the timing of icotrokinra and rusfertide clinical trials, and timing of developments and announcements in our discovery programs. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “may,” “will,” “expect,” or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our ability to develop and commercialize our product candidates, our ability to earn milestone payments under our collaboration agreements with Janssen and Takeda, our ability to use and expand our programs to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, and our ability to obtain and adequately protect intellectual property rights for our product candidates. Additional information concerning these and other risk factors affecting our business can be found in our periodic filings with the Securities and Exchange Commission, including under the heading “Risk Factors” contained in our most recently filed periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
90+ medical professionals gather in Sioux Falls for hands-on training, real-time telemedicine support, and continuing education through AVELearn
SIOUX FALLS, SD / ACCESS Newswire / August 6, 2025 / Over 90 medical professionals from across the country gathered in Sioux Falls for the 2025 Avel eCare Emergency Airway Training Program, powered by The Difficult Airway Course™. This immersive, two-day program combined classroom instruction with high-impact, hands-on practice to help clinicians build confidence and precision in one of the most critical emergency procedures-intubation.
A standout feature of the course was the use of over 100 porcine tracheas, allowing participants to practice surgical and video-guided airway techniques on a wide variety of anatomies. These real tracheas replicate the diverse challenges clinicians face in real-world airway emergencies, helping providers build muscle memory and quick-response capability.
“Every airway is different, and every second matters,” said Dr. Kelly Rhone, Chief Medical Officer at Avel eCare. “This course gives physicians the repetition and exposure they need to act decisively and safely when it counts.”
The training also highlighted Avel’s real-time telemedicine support, including the use of video laryngoscopes-specialized tools with mounted cameras. These allow remote Avel physicians to see exactly what on-site providers see during a live intubation and verbally guide them step-by-step.
“It’s not just about teaching intubation,” added Dr. Rhone. “It’s about being there-virtually-during the most critical seconds, helping physicians feel confident, supported, and prepared.”
For some, the impact of the course has already been felt in the field.
“I had to perform a surgical cricothyrotomy for the first time in the ER. I definitely would not have felt comfortable even attempting it before I had taken this course,” said Bryon Bellinger, ARNP, of Guttenberg Municipal Hospital. “I was also fortunate to have an Avel physician on camera helping me with it as well. I recommend [the course] to everyone.”
Course highlights included:
Pediatric Airway Case Discussions
Surgical Airway Techniques
Bag-Valve Mask and Laryngoscopy Workshops
Code Airway Simulations
Video Laryngoscopy Skill Stations
But training doesn’t stop at the end of the workshop. Avel eCare is committed to continuing education through its AVELearn platform, which provides ongoing access to clinical webinars, simulated learning, and accredited courses.
“Beyond airway training, Avel eCare’s AVELearn platform provides a wide range of education opportunities tailored to the unique needs of our partners. Whether it’s accessing credit hours online, participating in live webinars, or engaging in simulated education, Avel eCare ensures that continuing education is accessible, practical, and integrated into our partnership” said Dr. Luke Van Oeveren, Avel eEmergency Physician.
For Avel, this event reflects a broader mission: to empower clinicians with the tools, training, and telemedicine technology they need-whether they’re in a metro trauma center or a rural ER.
About Avel eCare Avel eCare is one of the nation’s leading telemedicine providers, delivering 24/7 virtual clinical support across emergency care, ICU, behavioral health, pharmacy, hospitalist, and specialty services. Through innovative programs like AVELearn, Avel supports continuous education and skill development for healthcare teams, helping them deliver consistent, high-quality care-anytime, anywhere. Learn more at avelecare.com/education.
Indiana company says new drone regulations will speed improvements to package delivery security for Americans
INDIANAPOLIS, IN / ACCESS Newswire / August 6, 2025 / Arrive AI (NASDAQ:ARAI), an autonomous delivery network anchored by patented AI-powered Arrive Points™, celebrated the Trump administration’s proposed new rule regarding drones flying Beyond Visual Line of Sight (BVLOS), that it said would unleash American innovation and safely integrate unmanned aircraft systems (UAS) into the national airspace system.
The proposed rule would eliminate individual flight waivers and introduce key safety roles like Operations Supervisor and Flight Coordinator, helping commercial drone flights take off nationwide. U.S. Transportation Secretary Sean P. Duffy said the move would “unleash American drone dominance.”
The announcement, made late yesterday, comes as Arrive AI is poised to roll out its solution for longstanding issues of security within the package delivery industry, a $191 billion market in the U.S. alone. Arrive AI’s patented Arrive Points anchor the company’s connected delivery network and proprietary technology, which enables secure, verifiable, and contactless delivery for drone, ground robot, or traditional human driver. The platform provides a secure chain-of-custody, ensuring every delivery is tracked and authenticated from the moment it enters an Arrive Point until it is retrieved.
“This is a watershed moment,” said Dan O’Toole, founder and CEO of Arrive AI. “The proposed BVLOS rule brings us significantly closer to a future where drones, robots and AI-powered, smart delivery points work together to move goods securely, efficiently, and autonomously, particularly in healthcare, public safety, and rural last-mile logistics.”
Arrive AI officials have long sought to loosen federal restrictions in the industry. “Other countries are ahead of us in using drones for delivery, and in the few cases in the U.S. where it’s been allowed, consumers love it,” O’Toole said.
Arrive AI is already working with Skye Air Mobility, India’s dominant and rapidly expanding hyperlocal drone delivery platform. Skye Air currently makes about 6,000 deliveries per day in suburban New Delhi. The companies expect to have 500 Arrive Points across Skye Air’s service areas in the future, serving a population exceeding 33 million.
FAA Administrator Bryan Bedford said normalizing drone flights “is key to realizing drones’ societal and economic benefits” for package delivery” and other uses.
O’Toole said he is eager to see the rule approved and for Americans to have the same fast, convenient, more sustainable form of delivery.
“This is the way of the future,” he said. “Arrive AI will make that last inch of the delivery process so much better for the delivery industry as well as users, who’ll be able to receive and return items with the touch of a button. They’re ready for this, and so are we.”
-30-
About Arrive AI
Arrive AI’s patented Autonomous Last Mile (ALM) platform enables secure, efficient delivery to and from a smart, AI-powered mailbox, whether by drone, ground robot or human courier. The platform provides real-time tracking, smart logistics alerts and advanced chain of custody controls to support shippers, delivery services and autonomous networks. By combining artificial intelligence with autonomous technology, Arrive AI makes the exchange of goods between people, robots and drones frictionless and convenient. Its system integrates with smart home devices such as doorbells, lighting and security systems to streamline the entire last-mile delivery experience. Learn more at www.arriveai.com and via the company’s press kit.
This news release and statements of Arrive AI’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the closing, and the anticipated benefits to the Company, of the private placement described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would”, “optimistic” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors which may be beyond our control. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Potential investors should review Arrive AI’s Registration Statement for more complete information, including the risk factors that may affect future results, which are available for review at www.sec.gov. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
OAKVILLE, ONTARIO / ACCESS Newswire / August 6, 2025 / Consumer Choice Award is pleased to announce the 2025 award recipients in the Halton Region. These businesses have been meticulously selected through independent market research, reflecting their commitment to excellence and unparalleled service in their city. Consumer Choice Award celebrates those who have consistently set the benchmark for quality and customer satisfaction. Congratulations to the 2025 Halton Region Consumer Choice Award Winners.
Learn more about 2025 Halton Region Consumer Choice Award Winners HERE.
About Consumer Choice Award: Consumer Choice Award has been recognizing and promoting business excellence in North America since 1987. Its rigorous selection process ensures that only the most outstanding service providers in each category earn this prestigious recognition. Visit www.ccaward.com to learn more.
Expanding Nexscient’s Global Portfolio of AI-Powered Platforms and Services
LOS ANGELES, CA / ACCESS Newswire / August 6, 2025 / Nexscient, Inc. (OTCQB:NXNT), a leading innovator in artificial intelligence (“AI”) applications and intelligent enterprise solutions, announced today that it has executed a non-binding Letter of Intent (LOI) to acquire substantially all of the assets of Flipside Digital Content Company, Inc., a Philippines-based provider of high-quality data labeling, annotation, and digital transformation services (“Flipside AI”). This acquisition marks a significant step in Nexscient’s strategy to build a global portfolio of AI-powered platforms and services.
Under the terms of the LOI, Nexscient will acquire substantially all of Flipside AI’s operating assets for a total consideration of approximately $5.94 million, consisting of a combination of cash, a convertible debenture, and Nexscient restricted common stock. In addition to assuming key operating liabilities, Nexscient will also make a capital investment over subsequent years to support Flipside AI’s continued growth and expansion. As part of the transaction, Flipside President and CEO Anthony De Luna will enter into a five-year executive employment agreement and continue leading the newly formed subsidiary. He will also be appointed to the Board of Directors of Nexscient, Inc.
“We are thrilled to welcome Flipside AI into the Nexscient family,” said Fred E. Tannous, President and CEO of Nexscient, Inc. “This acquisition enhances our capabilities in data labeling and annotation – key components of the AI data training pipeline. Generating over $9.2 million in revenues over the last four years from clients all around the world, Flipside AI’s proven expertise and scalable operations in Southeast Asia will accelerate our global expansion while deepening our commitment to supporting enterprise AI across industries including healthcare, agriculture, automotive, and robotics.”
“Joining Nexscient represents an exciting new chapter for Flipside,” added Anthony De Luna, President and CEO of Flipside AI. “This partnership provides the strategic capital, international platform, and executive leadership to take our AI data services business to new heights. Together, we aim to become a global force in providing transformative data solutions.”
The global AI data training market is projected to grow substantially, rising from an estimated $12.7 billion in 2024 to $92.4 billion by 2034, reflecting a compound annual growth rate (CAGR) of 22%1. This surge closely mirrors the anticipated increase in AI system spending worldwide, which is expected to reach $632 billion by 2028, representing a 29% CAGR over the 2024-2028 forecast period2. In parallel, the global data annotation tools market, valued at $2.02 billion in 2023, is forecasted to expand at a CAGR of 31.1%, reaching $23.11 billion by 20323. These trends underscore the critical role of high-quality data in scaling AI capabilities across industries.
1 Data Labeling Solution and Services Market, FactMR (Apr. 2024)
2 Worldwide Artificial Intelligence Systems Spending Guide, IDC (Aug. 2024)
3 Data Annotation Tools Market, Astute Analytica, (Nov. 2024)
About Nexscient, Inc.
Nexscient [OTCQB: NXNT] is an emerging-growth company that’s building a global collaborative network of intelligent enterprise applications and technologies through internal development, synergistic acquisitions, and capital investments in companies involved in machine learning, artificial intelligence, and the Industrial Internet of Things technologies. As part of our growth strategy, we also seek to acquire and integrate synergistic AI and machine learning companies and technologies into our collaborative network, further expanding our service offerings while enhancing shareholder value. For more information, please visit https://nexscient.ai.
About Flipside Digital Content Company, Inc.
Flipside AI is a premier data engineering company that blends top-tier human expertise with advanced technologies to deliver high-quality data annotation and transformation services. We empower global enterprises across diverse industries to unlock the full potential of their data, enabling them to develop fast, accurate, and scalable AI applications. For more information, please contact us at flipside@nexscient.com
Forward-Looking Statements
This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Nexscient, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy; and (iv) performance of our products and services. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Nexscient’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, Forms 10-Q and 8-K, and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Relations section of our website at https://nexscient.ai. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
New Jersey commercial solar provider recognized by Solar Power World for seventh consecutive year
MAHWAH, NJ / ACCESS Newswire / August 6, 2025 / Core Development Group, a nationally ranked, independent, trusted clean energy provider, has ranked number 16 as the commercial contractor in the nation on Solar Power World‘s prestigious 2025 Top Solar Contractors List. Based on 2024 installed capacity (in kWDC), Core Development Group was at the top of the lists in 6 states, including ranked 16th overall in New Jersey, 44th in New York, and 7th in Connecticut. This marks the seventh consecutive year that Core Development Group has made the rankings.
Solar Power World chooses its annual list of Top Solar Contractors based on the total number of solar kilowatts installed, geographic reach, and market influence. Receiving this prestigious accolade for the seventh consecutive year underscores Core Development Group’s dedication to excellence, innovation, and sustainability in the clean energy sector. The Top Solar Contractors List is the most recognized annual listing of solar firms in the utility, commercial, community, and residential markets.
“Since our inception, we’ve been committed to helping businesses and organizations adopt cleaner and more affordable solar power solutions,” said Henry Cortes, founder and CEO of Core Development Group. “Solar Power World’s ranking of Core Development Group as a top commercial solar contractor reinforces our strong position in the solar industry and reflects our relentless drive to put our customers first and deliver operational excellence. As we continue to grow, we remain committed to our customers and stabilizing their energy budgets, reducing long-term energy costs and lowering their carbon footprint at the same time.”
Core Development Group has multiple commercial solar and battery energy storage system (BESS) projects in the pipeline. Solar power generation and battery storage add flexibility to any sustainable energy solution and are key to clean energy deployment across the USA.
“From the smallest residential projects to the largest utility-scale solar farms, these installations are keeping the lights on and keeping power affordable. We’re thrilled to recognize another outstanding class of Top Solar Contractors,” said Kelsey Misbrener, managing editor of Solar Power World.
As a full-service commercial solar company, Core Development Group manages the entire solar energy process. The past year was a banner year for the company, marked by a comprehensive portfolio of successful solar and battery projects. These installations not only enhance energy efficiency and lower carbon emissions but also deliver budget stability or cost savings to clients.
About Core Development Group Core Development Group is a trusted and agile independent U.S. renewable energy developer, contractor, and consultant. The company helps organizations transition to clean, renewable energy and provides solar energy systems, battery storage, microgrids, and EV charging infrastructure to companies in the U.S. and abroad. Core Development Group also provides world-class engineering, design, construction, quality assurance, and construction management consulting services for renewable energy projects. Founded in 2012, Core Development Group is headquartered in Mahwah, New Jersey. Learn more at coredevusa.com.
About Solar Power World Solar Power World is the leading online and print resource for news and information regarding solar installation, development and technology. Since 2011, SPW has helped U.S. solar contractors – including installers, developers, and EPCs in all markets – grow their businesses and do their jobs better.
About the Top Solar Contractors List The Top Solar Contractors List is the most recognized annual listing of solar contractors in the United States. It is compiled annually by industry magazine Solar Power World to recognize the work of solar installers to decarbonize the grid and support home-grown, local energy. Companies on the Top Solar Contractors List are grouped and listed by specific service, market (commercial, community solar, residential, utility), and state by 2024 installed capacity (in kWDC). See all the 2025 winners.
MISSISSAUGA, ONTARIO / ACCESS Newswire / August 6, 2025 / Consumer Choice Award is pleased to announce the 2025 award recipients in the Peel Region. These businesses have been meticulously selected through independent market research, reflecting their commitment to excellence and unparalleled service in their city. Consumer Choice Award celebrates those who have consistently set the benchmark for quality and customer satisfaction. Congratulations to the 2025 Peel Region Consumer Choice Award Winners.
PEEL REGION AWARD RECIPIENTS
A R Business Brokers Inc., Brokerage. Business Brokers www.aldrin.ca
Learn more about 2025 Peel Region Consumer Choice Award Winners HERE.
About Consumer Choice Award:
Consumer Choice Award has been recognizing and promoting business excellence in North America since 1987. Its rigorous selection process ensures that only the most outstanding service providers in each category earn this prestigious recognition. Visit www.ccaward.com to learn more.
ATLANTIC CITY, NJ / ACCESS Newswire / August 6, 2025 / DealFlow Events today announced the launch of the DealFlow Discovery Conference, an expanded version of its flagship event formerly known as The Microcap Conference. Set to take place at the Borgata Hotel & Casino in Atlantic City, January 28-29, 2026, the newly branded conference reflects a broader focus on capital formation – now welcoming both public and private high-growth companies to connect with investors, strategic partners, and capital markets professionals.
While the name has changed, the mission remains the same: to connect emerging companies with institutional and retail investors in an investment-focused environment. The 2026 event will be the largest yet, offering unlimited one-on-one meetings, expert-led discussions, and unmatched networking.
“The DealFlow Discovery Conference is where high-growth companies come to be discovered,” said Steven Dresner, Founder of DealFlow Events. “This evolution of the Microcap Conference was driven by what investors want – more access to pre-IPO and late-stage private companies.”
What’s New for 2026
This conference opens the door to a wider range of investment opportunities, expanding beyond public microcap companies to feature:
Venture-Backed Companies – early-stage innovators raising capital and seeking strategic relationships
Private Equity-Backed (Pre-IPO) Companies – growth-stage businesses preparing for the public markets
Public Companies – U.S.-listed issuers focused on investor engagement and capital raising
Foreign Companies – international firms seeking U.S.-based capital and exposure
This expansion responds to a growing trend: institutional interest in private market opportunities. By including private and pre-IPO companies, the DealFlow Discovery Conference is now even more valuable for investors – and for companies looking to raise capital.
Attendees can still expect the high standards, streamlined format, and energy that have defined the event since its inception. For those who’ve attended in the past, it’s a bigger, broader version of the conference they already trust. For new participants – especially private companies – it’s a chance to connect directly with serious investors in a format built for fundraising.
