Market Newsdesk

November 26, 2025 7:18 am

Token Cat Limited Appoints Renowned Blockchain Expert Sav Persico as Chief Operating Officer to Accelerate the Company’s Cryptocurrency and crypto Asset Transformation Strategy

PR Newswire

BEIJING
, Nov. 26, 2025/PRNewswire/ — Token Cat Limited (Nasdaq: TC, the “Company”) today announced the appointment of Sav Persico as Chief Operating Officer, effective immediately.

Sav Persico has more than three decades of leadership experience in crypto assets, cryptocurrency investment, blockchain systems, and technology operations management. He has been responsible for building several key blockchain infrastructure projects and data platforms. His strengths include cross-team collaboration, organizational management, and driving the implementation of complex systems. He plays a central role in driving the Company’s crypto asset strategy, forging key industry partnerships, and building collaborative synergies across the blockchain ecosystem.

As Chief Operating Officer, Sav will be responsible for advancing the Company’s operational development and strategic execution in the crypto asset and cryptocurrency sectors, further strengthening Token Cat’s competitiveness in enterprise-level crypto asset management. His core responsibilities include:

building a crypto asset operations framework centered around major cryptocurrencies such as Bitcoin and Ethereum;
establishing a crypto asset management structure encompassing risk control, asset allocation, and yield optimization;
evaluating and driving strategic synergies across crypto ecosystems, blockchain infrastructure, and related business models.

Guangsheng Liu, Chief Executive Officer of Token Cat Limited, stated
“Sav’s appointment marks another important step in upgrading our crypto asset strategy. His extensive experience in technology management, system architecture, and value creation will provide strong support for building a more resilient and diversified crypto asset portfolio. We believe his leadership will enhance our strategic execution and drive continued innovation for the Company.”

Sav Persico commented: “The crypto asset industry is entering a critical stage of enterprise adoption and infrastructure expansion. I look forward to working with the team to advance Token Cat’s crypto asset strategy and to create long-term growth potential through technology-driven and prudent asset management.”

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. These statements, including those regarding the Company’s plans and outlook, are identified by terms such as “may,” “will,” “expect,” “anticipate,” “believe,” and similar expressions. They are based on current expectations and market conditions and involve risks and uncertainties beyond the Company’s control. More information on these risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements except as required by law.

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SOURCE Token Cat Limited

November 26, 2025 7:18 am

Merck to Participate in the Citi 2025 Global Healthcare Conference

Merck to Participate in the Citi 2025 Global Healthcare Conference

RAHWAY, N.J.–(BUSINESS WIRE)–
Merck (NYSE: MRK), known as MSD outside of the United States and Canada, announced today that Chirfi Guindo, chief marketing officer, Human Health, and Dr. Eliav Barr, senior vice president, head of global clinical development and chief medical officer, Merck Research Laboratories, are scheduled to participate in a fireside chat at the Citi 2025 Global Healthcare Conference on Wednesday, Dec. 3, 2025, at 1:00 p.m. ET.

Investors, analysts, members of the media and the general public are invited to listen to a live audio webcast of the presentation at this weblink.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

View source version on businesswire.com: https://www.businesswire.com/news/home/20251126929019/en/

Media Contacts:

John Cummins

[email protected]

Michael Levey

[email protected]

Investor Contacts:

Peter Dannenbaum

(732) 594-1579

Steven Graziano

(732) 594-1583

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

MEDIA:

Logo

November 26, 2025 7:13 am

Amber International Holding Limited Reports Third Quarter 2025 Unaudited Financial Results and Announces Share Repurchase Program

PR Newswire

– Enhanced operational profitability with continuous substantial growth in revenue and gross profit –

– US$50 million share repurchase program reflects Company’s confidence in Amber International’s business momentum and long-term growth trajectory –

SINGAPORE
, Nov. 26, 2025 /PRNewswire/ — Amber International Holding Limited (Nasdaq: AMBR) (“Amber International”, “we,” “us,” or the “Company”), a global leading digital wealth management platform, today announced unaudited financial results for the third quarter ended September 30, 2025, and approval from its board of directors of a share repurchase program with an aggregate value of up to US$50.0 million.

Michael Wu, Chairman of the Board and CEO of Amber International, commented, “We delivered another profitable quarter, as we intensified our focus on high-quality, higher-margin revenue streams and achieved a significant enhancement in operating profit margin from continuing operations—from –4% in the previous quarter to +8% in Q3. These results are a testament to our disciplined execution and strengthened operating leverage, which together underpin our trajectory toward sustainable and profitable growth. This progress is further evidenced by quarterly revenue of US$16.3 million, net income from continuing operations of US$2.2 million, and Adjusted EBITDA of US$2.9 million.

We also continued to build for long-term scalability—advancing AI integration across our internal processes, enhancing productivity, and accelerating the development of our standardized Real World Asset (“RWA”) platform to meet rising institutional demand. With our disciplined focus, we are well positioned to extend our profitability and capture new opportunities across digital wealth, tokenization, and AI-driven financial infrastructure.

Following our strong results, we are pleased to authorize a share repurchase program, reflecting our confidence in the strength and scalability of Amber’s core digital wealth management business and ability to generate sustainable cash flows.”

Vicky Wang, President of Amber International, added, “This quarter, we further deepened our focus on high-net-worth, ultra-high-net-worth, and institutional clients, while accelerating initiatives in infrastructure, product innovation, and operational discipline. We intentionally focused on improving revenue quality and expanding higher-margin product offerings, which contributed meaningfully to margin expansion. Client assets on our platform grew 69.8% year-over-year to US$1.84 billion, accompanied by significant growth in trading volumes—clear indicators of enhanced client engagement and the durability of our diversified revenue streams. Looking ahead, we remain committed to delivering private banking-grade services and product sophistication to elevate revenue quality, scalability, and long-term defensibility, positioning us for continued sustainable growth.”

Third Quarter 2025 Highlights

Total Revenue: Reached US$16.3 million in the third quarter of 2025.
Wealth Management Solutions Revenue: Reached US$7.5 million in the third quarter of 2025.
Gross Profit: Reached US$11.8 million in the third quarter of 2025.
Adjusted EBITDA from continuing operations:
US$2.9 million in the third quarter of 2025, versus a US$1.8 million loss in the same period of 2024.
Client Assets on Platform^{^[1]}: Increased to US$1,842.4 million as of September 30, 2025, up 69.8% from September 30, 2024.
Cumulative KYC’ed Users^{^[2]}: Reached 5,116 as of September 30, 2025, up 20.4% from September 30, 2024.

^[1] Client Assets on Platform is defined as the total U.S. dollar equivalent value of client assets as of a specific date.

^[2] Cumulative KYC’ed Users is defined as the total number of clients that completed the Company’s Know Your Customer identity verification as of a specific date. The Company does not offer or provide any services to registered users who have not successfully completed the Know Your Customer identity verification process.

Business Developments and Strategic Updates

In the third quarter of 2025, Amber International delivered strong operational and financial performance while executing on key strategic initiatives to expand its addressable market.

High-Quality Revenue Mix and Margin Expansion: During the quarter, management continued its deliberate focus on high-quality and high-margin revenue streams. The Company allocated resources to more profitable product lines, leading to a meaningful improvement in operating profit margin from continuing operations from –4% in Q2 2025 to +8% in Q3 2025. Growth was broad-based across execution solutions and payment solutions, reflecting both improved revenue quality and deepening client demand for our integrated platform. The Company will enhance execution capabilities and expand product offerings to meet diverse client profiles. This includes broadening the structured product suite, developing digital-asset inheritance solutions for family offices and UHNW clients, and optimizing pricing models and OTC workflows for competitive execution and timely market access.

Strengthening Client Metrics: Client assets on platform reached US$1.84 billion, up 69.8% year-over-year, reflecting accelerating institutional adoption. Cumulative KYC’ed users grew to 5,116 (+20.4% YoY), active clients increased to 1,045 (+11.8% YoY), and trading volumes expanded significantly with execution trading volume up 36.1% YoY and payment trading volume up 69.9% YoY. Strong net new asset inflows and stronger client allocations, together with a significant increase in trading volumes clearly demonstrates that clients are not only remaining with the Company, but are also deepening their engagement across multiple product lines, even amidst ongoing market volatility.

AI Integration to Drive Efficiency and Scalable Growth: The Company continues to advance its AI roadmap, deepening the integration of AI-driven tools across internal workflows and client-facing platforms. Work With MIA and Perplexity-powered automation improved operational efficiency and decision-support capability, laying the foundation for enhanced scalability and long-term margin expansion.

RWA Solution Launch: In September 2025, Amber Premium launched its full-stack Real World Asset (RWA) Solution—a comprehensive, turnkey platform designed to bring traditional assets onto the blockchain with institutional regulatory alignment. The solution encompasses structuring, regulatory-compliant custody, smart contract automation, cross-chain interoperability, and bank-grade security, supporting the entire lifecycle of tokenized assets from distribution to liquidity management and yield farming.

Expansion of Digital Assets Treasury Services: The Company expanded its Digital Assets Treasury services to better serve publicly listed companies and corporations seeking institutional-grade digital-asset management. The Company offers a one-stop platform for RWA including consulting, trade execution, financing, custody, and compliance support, addressing the critical gap between corporate digital asset acquisition and effective treasury management.

Share Repurchase Program

Following the Company’s achievement of operating profitability and in recognition of its strong financial position, the Board of Directors has authorized a share repurchase program of up to US$50 million of the Company’s ADSs over the next 12 months, starting from December 1, 2025. Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. The Company will effect repurchase transactions in compliance with Rule 10b-18 and Rule 10b5-1 as applicable under the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with the Company’s working capital requirements and general business conditions. The Company’s Board of Directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from a combination of its cash balance and cash generated from its operations, and does not expect the repurchase program to adversely affect its existing business strategies.

Third Quarter 2025 Financial Results Summary

On March 12, 2025, iClick Interactive Asia Group Limited (“iClick”) completed its merger (the “Merger”) with Amber DWM Holding Limited (“Amber DWM”)^{^[3]}. The Merger is accounted for as a reverse acquisition for accounting purposes. Accordingly, the Merger is treated as the equivalent of Amber DWM issuing shares for the acquisition of iClick, accompanied by a recapitalization, for accounting purposes. The financial results of iClick have been included in our consolidated financial results since March 12, 2025.

^[3] In connection with the Merger, we entered into intercompany services agreements with certain wholly owned subsidiaries of our parent, Amber Group. These agreements would afford us with substantially the same economic benefits as the transactions contemplated under the merger agreement signed in connection with the Merger, pending certain regulatory approvals for DWM Asset Restructuring contemplated under the merger agreement. This includes our entitlement to 100% of the consolidated net income generated from certain contracts associated with WhaleFin Technologies Limited (“WFTL”) (the “WFTL Assigned Contracts”) effective from January 1, 2025. Therefore, our results for the three months and nine months ended September 30, 2025 have included the net income from WFTL Assigned Contracts, which was not reflected in our results for the corresponding periods in 2024.

The Company optimizes our business to drive returns to the shareholders through proactive monitoring our operations and market trends. As of the end of third quarter of 2025, certain operations under iClick were classified as held-for-sale, and we completed one of the disposals in October 2025.

On October 28, 2025, the WFTL Assigned Contracts were assumed by AG Global Technology Limited Inc., which is also a wholly owned subsidiary of Amber Group and an affiliate of the Company, and Amber Match Limited, one of our wholly owned subsidiaries, entered into intercompany services agreement with AG Global Technology Limited Inc. to replace its previous agreement with WFTL on substantially the same terms.

The following table sets forth the key financial metrics of the Company for the periods indicated.

	Three Months Ended September 30,
(US$ in thousands, except per share data; unaudited)			Percentage
	2025	2024	change
Financial Metrics:
Revenue
Wealth Management Solutions	7,512	549	1268.3 %
Execution Solutions	3,168	110	2780.0 %
Payment Solutions	1,200	142	745.1 %
Sub-total of Amber Premium Business^[4]	11,880	801	1383.1 %
Marketing and Enterprise Solutions	4,417	—	N/M
Total revenue	16,297	801	1934.6 %
Gross profit	11,777	358	3189.7 %
Operating income/(loss)	1,375	(1,788)	N/M
Net income/(loss) from continuing operations	2,151	(833)	N/M
Diluted net income/(loss) from continuing operations per
American Depositary Shares (“ADS”)	0.02	(0.01)	N/M
Adjusted EBITDA from continuing operations^[5]	2,887	(1,763)	N/M
Adjusted net income/(loss) from continuing operations^[5]	2,739	(1,824)	N/M
Diluted adjusted net income/(loss) per ADS from continuing
operations^[5]	0.03	(0.03)	N/M

^[4] Amber Premium business comprises our Wealth Management Solutions, Execution Solutions, and Payment Solutions.

^[5] For more details on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Revenue for the third quarter of 2025 was US$16.3 million, a 1,934.6% increase year-over-year, primarily driven by WFTL Assigned Contracts which was assigned to us starting from January 1, 2025, and to a lesser extent, due to the significant growth in Amber Premium Business, along with contributions from Marketing and Enterprise Solutions following the Merger:

1) Revenue from Wealth Management Solutions was US$7.5 million in the third quarter of 2025, a significant increase from US$0.5 million in the same period of 2024. It was achieved by stronger adoption of wealth management offerings, which were supported by the WFTL Assigned Contracts, as well as increased demand on our diverse investment products and services such as new accumulator/decumulator products launched in the fourth quarter of 2024.

2) Revenue from Execution Solutions grew to US$3.2 million in the third quarter of 2025, compared to US$0.1 million in the same period of 2024. The growth was driven by revenue generated from the WFTL Assigned Contracts, together with higher average fee rate and spread in this quarter.

3) Revenue from Payment Solutions was US$1.2 million in the third quarter of 2025, increased from US$0.1 million for the same period of 2024, mainly contributed by the WFTL Assigned Contracts.

4) Marketing and Enterprise Solutions revenue was US$4.4 million in the third quarter of 2025, generated from online marketing, SaaS products and services under iClick’s operations after the Merger.

Gross profit for the third quarter of 2025 reached US$11.8 million, compared to US$0.4 million in the same period of 2024. Gross profit margin demonstrated an upward trend to 72.3% in the third quarter of 2025, from 44.7% in the third quarter of 2024. These changes were mainly fueled by the WFTL Assigned Contracts starting from January 1, 2025, as well as accelerated growth of our core Amber Premium business, and higher margin of marketing and enterprise solutions.

Total operating expenses were US$10.4 million in the third quarter of 2025, increased from US$2.1 million in the third quarter of 2024. The change was primarily due to the increase of personnel expenses, technology and development expenses, and legal and other professional service fees to support our ongoing business expansion.

Operating income was US$1.4 million in the third quarter of 2025, achieved a turnaround from US$1.8 million operating loss in the third quarter of 2024, driven by the significant increase in gross profit and strengthened operating leverage.

Other gains, net was US$0.5 million in the third quarter of 2025, compared to US$0.9 million in the third quarter of 2024. Other gains, net in the third quarter of 2024 were mainly driven by unrealized gain in fair value of digital assets in connection with a related party’s loan, which was subsequently waived prior to the Merger.

Net income from continuing operations was US$2.2 million in the third quarter of 2025, compared to net loss from continuing operations of US$0.8 million in the third quarter of 2024, as a result of the foregoing.

Adjusted EBITDA and adjusted net income from continuing operations were US$2.9 million and US$2.7 million, respectively in the third quarter of 2025, compared to adjusted EBITDA, a loss at US$1.8 million and adjusted net loss at US$1.8 million in the third quarter of 2024.

Net loss from discontinued operations was US$1.7 million in the third quarter of 2025, related to the financial results of certain operations under iClick that were held-for-sale as of quarter end.

Balance Sheet Highlights

As of September 30, 2025, the Company had cash and cash equivalents, time deposits and restricted cash of US$39.9 million, compared to US$9.3 million as of December 31, 2024.

Third Quarter 2025 Operating Data

In addition to the measures presented in our consolidated financial statements, we use the operating metrics listed below to evaluate our business, measure our performance, identify trends and make strategic decisions:

	As of September 30,
(US$ in thousands, unless specified)			Percentage
	2025	2024	change
Operating Metrics^[ ^6] :
Cumulative KYC’ed users (in number)	5,116	4,249	20.4 %
Active clients^[7] (in number)	1,045	935	11.8 %
Client assets on platform	1,842,420	1,085,267	69.8 %
	For the three months ended September 30,
			Percentage
	2025	2024	change
New onboarded KYC’ed users^[8] (in number)	229	182	25.8 %
Execution trading volume^[9]	2,686,591	1,973,728	36.1 %
Payment trading volume^[10]	439,747	258,788	69.9 %

^[6] The operating metrics presented in this press release include operating data from Sparrow business and the WFTL Assigned Contracts. While the relevant entities were not consolidated subsidiaries of the Company throughout the relevant periods, their operating data have been included on a pro forma basis for illustrative purposes assuming the completion of DWM Asset Restructuring contemplated in the Merger. As of the date of this earnings release, other than the consolidation of Sparrow business following the relevant regulatory approval in April 2025, the DWM Asset Restructuring has not been completed.

^[7] An active client is defined as a client who has conducted at least one transaction during any consecutive three months ended as of a specific date, or whose assets under management with the Company greater than US$10 thousand as of a specific date.

^[8] New onboarded KYC’ed user is defined as the number of clients that completed the Company’s Know Your Customer onboarding procedures during the period.

^[9] Execution trading volume is defined as the total U.S. dollar equivalent value of two-side spot matched trades transacted of crypto assets between a buyer and seller through the Company, and excluding the deposit or withdrawal of crypto assets during the period.

^[10] Payment trading volume is defined as the total U.S. dollar equivalent value of one-side on/off-ramp through the Company during the period.

Outlook

Based on the information available as of the date of this press release, the Company provides the following revenue outlook of Amber Premium business:

Full Year 2025:

Revenue of Amber Premium business is estimated to be between US$50.0 million and US$52.5 million.

The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, expected foreign exchange fluctuation, and customer demand, which are all subject to change. Please also refer to the factors set out under the section titled “Safe Harbor Statement.”

Conference Call

The Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 26, 2025 (9:00 PM Singapore time on November 26, 2025). Participants are asked to use one of the following teleconferencing numbers to participate in the call and reference the Access ID number 13757293. The Company requests that participants dial in 10 minutes before the conference call begins.

Participant Dial-in Numbers:
Toll Free: 1-844-539-3703
Toll/International: 1-412-652-1273

The conference call will also be available via a live webcast at https://viavid.webcasts.com/starthere.jsp?ei=1743886&tp_key=bebae2bd4a

Replay Dial-in Numbers:
Toll Free: 1-844-512-2921
Toll/International:1-412-317-6671
Replay Pin Number: 13757293

A replay of the call will be available on Wednesday, November 26, 2025, after 12:00 PM ET through Wednesday, December 10, 2025 at 11:59 PM ET.

The Company’s earnings release and investor presentation will be available shortly after issuance in the Investor Relations section of Amber International’s website at https://ir.ambr.io.

About Amber International Holding Limited

Amber International Holding Limited (Nasdaq: AMBR), operating under the brand name “Amber Premium,” is a global leading digital wealth management platform. As a private banking grade expert in digital wealth management and a subsidiary of Amber Group, Amber Premium is a trusted partner to high-net-worth individuals and leading institutions, delivering institutional-grade market access, execution infrastructure, and investment solutions. The firm is set to redefine the digital wealth management landscape, serving as a proven Nasdaq-listed gateway to digital assets. Learn more at www.ambr.io.

Non-GAAP Financial Measures

The Company uses adjusted EBITDA from continuing operations, adjusted net income/(loss) from continuing operations, and diluted adjusted net income/(loss) from continuing operations per ADS, each a non-GAAP financial measure, in evaluating the Company’s operating results and for financial and operational decision-making purposes. The Company believes that adjusted EBITDA from continuing operations, adjusted net income/(loss) from continuing operations, and diluted adjusted net income/(loss) from continuing operations per ADS help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in net income/(loss). The Company believes that adjusted EBITDA from continuing operations and adjusted net income/(loss) from continuing operations provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects, assess operating performance on a consistent basis, and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Adjusted EBITDA from continuing operations, adjusted net income/(loss) from continuing operations, and diluted adjusted net income/(loss) from continuing operations per ADS should not be considered in isolation or construed as an alternative to net income/(loss) or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA from continuing operations, adjusted net income/(loss) from continuing operations, and diluted adjusted net income/(loss) from continuing operations per ADS presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

These non-GAAP financial measures were presented with the most directly comparable GAAP financial measures together for facilitating a more comprehensive understanding of operating performance between periods.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other filings with the SEC. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Media & Investor Contacts

In Asia:

Amber International Holding Limited

Media Relations Team
Phone: +65 6022 0228
E-mail: [email protected] | [email protected] | [email protected]

In the United States:

International Elite Capital Inc.

Annabelle Zhang

Tel: +1 (646) 866-7928
E-mail: [email protected]

(financial tables follow)

AMBER INTERNATIONAL HOLDING LIMITED
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)
(US$’000, except share data and per share data, or otherwise noted)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Continuing operations
Revenue	16,297	801	49,752	2,679
Cost of revenue	(4,520)	(443)	(12,444)	(1,571)
Gross profit	11,777	358	37,308	1,108

Operating expenses
Research and development expenses	(1,643)	(165)	(9,611)	(323)
Sales and marketing expenses	(2,636)	(49)	(5,859)	(54)
General and administrative expenses	(6,123)	(1,932)	(20,402)	(4,982)
Total operating expenses	(10,402)	(2,146)	(35,872)	(5,359)
Operating income/(loss)	1,375	(1,788)	1,436	(4,251)
Finance income, net	260	33	310	85
Other gains/(losses), net	517	922	2,121	(7,008)
Income/(loss) from continuing operations before share of	2,152	(833)	3,867	(11,174)
losses from an equity investee and income tax credit
Share of losses from an equity investee	(14)	—	(38)	—
Income/(loss) from continuing operations before income tax	2,138	(833)	3,829	(11,174)
credit
Income tax credit	13	—	9	—
Net income/(loss) from continuing operations	2,151	(833)	3,838	(11,174)
Net income attributable to non-controlling interests	—	—	—	—
Net income/(loss) from continuing operations	2,151	(833)	3,838	(11,174)
attributable to the Company’s ordinary shareholders

Discontinued operations
Loss from operations of discontinued operations	(2,045)	—	(2,088)	—
Income tax credit	311	—	311	—
Net loss from discontinued operations	(1,734)	—	(1,777)	—
Net loss attributable to non-controlling interests	1,092	—	1,120	—
Net loss from discontinued operations attributable to the	(642)	—	(657)	—
Company’s ordinary shareholders

Net income/(loss)	417	(833)	2,061	(11,174)
Net income/(loss) attributable to the Company’s ordinary	1,509	(833)	3,181	(11,174)
shareholders

Net income/(loss) from continuing operations	2,151	(833)	3,838	(11,174)
Other comprehensive loss:
Foreign currency translation adjustment, net of US$nil tax	114	—	(1)	—
Comprehensive income/(loss) from continuing operations	2,265	(833)	3,837	(11,174)
Comprehensive income from continuing operations
attributable to noncontrolling interests	—	—	—	—
Comprehensive income/(loss) from continuing operations	2,265	(833)	3,837	(11,174)
attributable to the Company’s ordinary shareholders

Net loss from discontinued operations	(1,734)	—	(1,777)	—
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of US$nil tax	—	—	—	—
Comprehensive loss from discontinued operations	(1,734)	—	(1,777)	—
Comprehensive income/(loss) from discontinued operations
attributable to noncontrolling interests	9	—	(15)	—
Comprehensive loss from discontinued operations	(1,725)	—	(1,792)	—
attributable to the Company’s ordinary shareholders

Comprehensive income/(loss) attributable to the	540	(833)	2,045	(11,174)
Company’s ordinary shareholders

Net income/(loss) from continuing operations per ADS
attributable to the Company’s ordinary shareholders
— Basic	0.02	(0.01)	0.05	(0.18)
— Diluted	0.02	(0.01)	0.05	(0.18)

Weighted average number of ADS used in per share
calculation:
— Basic	93,562,823	61,966,949	84,234,780	61,966,949
— Diluted	93,610,599	61,966,949	84,269,237	61,966,949

Net loss from discontinued operations per ADS attributable
to the Company’s ordinary shareholders
— Basic	(0.01)	—	(0.01)	—
— Diluted	(0.01)	—	(0.01)	—

Weighted average number of ADS used in per share
calculation:
— Basic	93,562,823	61,966,949	84,234,780	61,966,949
— Diluted	93,562,823	61,966,949	84,234,780	61,966,949

Net income/(loss) per ADS attributable to the Company’s
ordinary shareholders
— Basic	0.02	(0.01)	0.04	(0.18)
— Diluted	0.02	(0.01)	0.04	(0.18)

Weighted average number of ADS used in per share
calculation:
— Basic	93,562,823	61,966,949	84,234,780	61,966,949
— Diluted	93,610,599	61,966,949	84,269,237	61,966,949

AMBER INTERNATIONAL HOLDING LIMITED
Unaudited Condensed Consolidated Statements of Financial Position
(US$’000)
	As of September 30, 2025	As of December 31, 2024
Assets
Current assets
Cash and cash equivalents, time deposits and restricted cash	39,923	9,326
Accounts receivable, net of allowance for credit losses of US$1,884 and
US$nil as of September 30, 2025 and December 31, 2024 respectively	16,461	12
Derivative contracts	90,479	69,934
Digital assets	35,762	4,832
Amounts due from related parties	24,915	11,533
Collateral receivables	19,623	14,414
Other current assets, net of allowance for credit losses of US$nil and
US$nil as of September 30, 2025 and December 31, 2024, respectively	19,756	2,184
Assets held for sale	6,565	—
Total current assets	253,484	112,235

Non-current assets
Goodwill	65,922	16,735
Intangible assets	3,051	160
Other assets	3,303	704
Total non-current assets	72,276	17,599

Total assets	325,760	129,834

Liabilities and equity
Current liabilities
Accounts payable	3,648	763
Collateral payables	29,254	14,414
Liabilities due to customers	111,446	71,523
Payable to related parties	30,002	9,980
Bank borrowings	2	—
Other current liabilities	18,052	2,884
Liabilities held for sale	8,339	—
Total current liabilities	200,743	99,564

Non-current liabilities
Other liabilities	965	485
Total non-current liabilities	965	485

Total liabilities	201,708	100,049

Equity
Share capital	79,714	13,500
Accumulated losses	(33,709)	(36,890)
Reserve	79,151	53,175
Total equity attributable to equity holders of the Company	125,156	29,785
Non-controlling interests	(1,104)	—
Total equity	124,052	29,785

Total equity and liabilities	325,760	129,834

AMBER INTERNATIONAL HOLDING LIMITED

Unaudited Reconciliations of GAAP and Non-GAAP Results

(US$’000, except share data and per share data, or otherwise noted)

Adjusted EBITDA from continuing operations represents net income/(loss) from continuing operations before (i) depreciation and amortization, (ii) finance income, net, (iii) income tax credit, (iv) share-based compensation, (v) other losses/(gains), net, (vi) unrealized (gain)/loss in fair value of digital assets, and (vii) cost related to merger.

The table below sets forth a reconciliation of the Company’s adjusted EBITDA from continuing operations from net income/(loss) from continuing operations for the periods indicated:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Net income/(loss) from continuing operations	2,151	(833)	3,838	(11,174)
Add/(less):
Depreciation and amortization	421	94	1,042	290
Finance income, net	(260)	(33)	(310)	(85)
Income tax credit	(13)	—	(9)	—
EBITDA from continuing operations	2,299	(772)	4,561	(10,969)
Add/(less):
Share-based compensation	6	—	811	—
Other losses/(gains), net	582	(48)	(1,172)	(86)
Unrealized (gain)/loss in fair value of digital assets	—	(943)	—	7,456
Cost related to merger^[11]	—	—	444	—
Adjusted EBITDA from continuing operations	2,887	(1,763)	4,644	(3,599)

^[11] Cost related to the merger relates to legal and professional fees.

Adjusted net income/(loss) from continuing operations represents net income/(loss) from continuing operations before (i) share-based compensation, (ii) other losses/(gains), net, (iii) unrealized (gain)/loss in fair value of digital assets, and (iv) cost related to merger. There is no material tax effects on these non-GAAP adjustments.

The table below sets forth a reconciliation of the Company’s adjusted net income/(loss) from continuing operations from net income/(loss) from continuing operations for the periods indicated:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Net income/(loss) from continuing operations	2,151	(833)	3,838	(11,174)
Add/(less):
Share-based compensation	6	—	811	—
Other losses/(gains), net	582	(48)	(1,172)	(86)
Unrealized (gain)/loss in fair value of digital assets	—	(943)	—	7,456
Cost related to merger^[11]	—	—	444	—
Adjusted net income/(loss) from continuing operations	2,739	(1,824)	3,921	(3,804)


The diluted adjusted net income /(loss) from continuing operations per ADS for the periods indicated are calculated as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Net income/(loss) from continuing operations	2,151	(833)	3,838	(11,174)
Add: Non-GAAP adjustments	588	(991)	83	7,370
Adjusted net income/(loss) from continuing operations	2,739	(1,824)	3,921	(3,804)

Denominator for diluted net income/(loss) from
continuing operations per ADS – Weighted average
ADS outstanding	93,610,599	61,966,949	84,269,237	61,966,949

Denominator for diluted adjusted net income/(loss)
from continuing operations per ADS – Weighted
average ADS outstanding	93,610,599	61,966,949	84,269,237	61,966,949

Diluted net income/(loss) from continuing operations	0.02	(0.01)	0.05	(0.18)
per ADS
Add: Non-GAAP adjustments	0.01	(0.02)	—	0.12
Diluted adjusted net income/(loss) from continuing
operations per ADS	0.03	(0.03)	0.05	(0.06)

View original content to download multimedia:https://www.prnewswire.com/news-releases/amber-international-holding-limited-reports-third-quarter-2025-unaudited-financial-results-and-announces-share-repurchase-program-302626679.html

SOURCE Amber International Holding Limited

November 26, 2025 7:13 am

Celcuity To Present at Upcoming 8th Annual Evercore Healthcare Conference

MINNEAPOLIS, Nov. 26, 2025 (GLOBE NEWSWIRE) — Celcuity Inc. (Nasdaq: CELC), a clinical-stage biotechnology company pursuing development of targeted therapies for oncology, today announced its participation in the 8th Annual Evercore Healthcare Conference to be held in Miami, Florida on December 2-4, 2025.

Brian Sullivan, Chief Executive Officer and Co-founder of Celcuity, is scheduled for a fireside chat at 7:30 a.m. ET on Wednesday, December 3, 2025. A live webcast of the event will be available using this weblink https://wsw.com/webcast/evercore52/celc/2320846. Alternatively, the live webcast will be accessible from the Investors section of the company’s website at https://ir.celcuity.com/events-presentations/ with a replay available shortly after.

About Celcuity

Celcuity is a clinical-stage biotechnology company pursuing development of targeted therapies for treatment of multiple solid tumor indications. The company’s lead therapeutic candidate is gedatolisib, a potent, pan-PI3K and mTORC1/2 inhibitor that comprehensively blockades the PI3K/AKT/mTor (“PAM”) pathway. Its mechanism of action and pharmacokinetic properties are differentiated from other currently approved and investigational therapies that target PI3Kα, AKT, or mTORC1 alone or together. A Phase 3 clinical trial, VIKTORIA-1, evaluating gedatolisib in combination with fulvestrant with or without palbociclib in patients with HR+/HER2- ABC has completed enrollment and the company has reported detailed results for the PIK3CA wild-type cohort, and has completed enrollment of patients for the PIK3CA mutant cohort. A Phase 3 clinical trial, VIKTORIA-2, evaluating gedatolisib plus a CDK4/6 inhibitor and fulvestrant as first-line treatment for patients with HR+/HER2- ABC is currently enrolling patients. A Phase 1/2 clinical trial, CELC-G-201, evaluating gedatolisib in combination with darolutamide in patients with metastatic castration resistant prostate cancer, is ongoing. More detailed information about Celcuity’s active clinical trials can be found at ClinicalTrials.gov. Celcuity is headquartered in Minneapolis. Further information about Celcuity can be found at www.celcuity.com. Follow us on LinkedIn and X.

View source version of release on GlobeNewswire.com

Contacts:

Celcuity Inc.
Brian Sullivan, [email protected]
Vicky Hahne, [email protected]
(763) 392-0123

ICR Healthcare
Patti Bank, [email protected]
(415) 513-1284

November 26, 2025 7:12 am

USA Rare Earth Announces Preliminary Inclusion in the Russell 2000® Index

STILLWATER, Okla., Nov. 26, 2025 (GLOBE NEWSWIRE) — USA Rare Earth, Inc. (Nasdaq: USAR) (USAR or the Company), today announced that it has been included on the preliminary list for addition to the Russell 2000^® Index as published in the FTSE Russell Preliminary List of IPO Additions and is expected to become effective December 22, 2025. Final inclusion is subject to FTSE Russell’s standard review process.

Membership in the Russell 2000^® Index means automatic inclusion in the broad-market Russell 3000^® Index and in applicable growth and value style indexes. Russell indexes are widely used by investment managers and institutional investors as benchmarks and as the basis for index-linked investment products.

About USA Rare Earth

USA Rare Earth, Inc. (Nasdaq: USAR) is developing a rare earth sintered neo magnet (NdFeB or neo) manufacturing plant in Stillwater, Oklahoma, and intends to establish domestic rare earth and critical minerals supply, extraction, and processing capabilities to both supply its magnet manufacturing plant and market surplus materials to third parties. Rare earth magnets are critical to various business sectors and industries, including the defense, automotive, aviation, industrial, AI Robotics, medical, and consumer electronics industries, among others. USAR is planning to take a broad approach to the industries it serves with the intention of providing high quality neo magnets to a variety of industries and customers. USAR’s focus on developing domestic rare earth production aligns with national priorities, offering the potential of a sustainable and secure domestic supply of materials critical to key industries.

About FTSE Russell, an LSEG Business

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit FTSE Russell.

Forward-looking Statements

Certain matters discussed in this press release are or contain “forward-looking statements” 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. These statements, which involve risks and uncertainties include statements relating to the benefits of the proposed transaction involving USAR and LCM, including without limitation expectations for future development, operations, business strategies, financial performance, sales and customers, and the expected timing and likelihood of completion of the proposed transaction. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: (1) the risk that an event, change or other circumstance could give rise to the termination of the proposed transaction; (2) the risk that a condition to closing of the proposed transaction may not be satisfied; (3) the risk of delays in completing the proposed transaction; (4) the risk that the businesses will not be integrated successfully or that the integration will be more costly or difficult than expected; (5) the risk that the synergies from the proposed transaction may not be fully realized or may take longer to realize than expected; (6) the risk that any announcement relating to the proposed transaction could have an adverse effect on the market price of USAR’s common stock; (7) the risk of litigation related to the proposed transaction; (8) the diversion of management time from ongoing business operations and opportunities as a result of the proposed transaction; (9) the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (10) LCM’s ability to retain its customers and suppliers and the combined company’s ability to build or maintain relationships with customers and suppliers; (11) the Company’s ability to successfully develop its magnet production facility and the timing of expected production milestones; (12) competition in the magnet manufacturing industry; (13) the ability to grow and manage growth profitably; (14) the Company’s ability to build or maintain relationships with customers and suppliers; (15) the ability to attract and retain management and key employees; (16) the overall supply and demand for rare earth minerals; (17) the timing and amount of future production; (18) the costs of production, capital expenditures and requirements for additional capital, including the need to raise additional capital to implement the Company’s strategic plan; (19) substantial doubt regarding the Company’s ability to continue as a going concern for the twelve months following the issuance of its third quarter 2025 Condensed Consolidated Financial Statements; (20) the timing of future cash flow provided by operating activities, if any; (21) the risk that the Round Top Deposit might not be able to be commercially mined and the Company’s ongoing exploration programs may not result in the development of profitable commercial mining operations; (22) the uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions; and (23) transportation risks. Detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s periodic filings with the SEC, including the Company’s Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company’s latest Quarterly Reports on Form 10-Q filed with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements speak only as of their date, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after their date or to reflect the occurrence of unanticipated events.

Investor Relations Contact:

Lionel McBee
VP, Investor Relations
[email protected]

Media Relations Contacts:

Tucker Elcock
Teneo
[email protected]

November 26, 2025 7:12 am

CIBC Asset Management Inc. announces a new strategic alliance with Avantis Investors by American Century Investments

Canada NewsWire

TORONTO
, Nov. 26, 2025 /CNW/ – CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. (“CAMI”) today announced a new strategic alliance with Avantis Investors (“Avantis”) by American Century Investments Inc. for the launch of eight (8) new Avantis CIBC ETFs, bringing ETF solutions from Avantis Investors to the Canadian market. A receipt for the preliminary prospectus of the Avantis CIBC ETFs was issued on November 25, 2025.

The name of each Avantis CIBC ETF is indicated below:

Avantis CIBC Canadian Equity ETF
Avantis CIBC U.S. All-Cap Equity ETF
Avantis CIBC U.S. Large Cap Value ETF
Avantis CIBC U.S. Small Cap Value ETF
Avantis CIBC All-Equity Asset Allocation ETF
Avantis CIBC Global Small Cap Value ETF
Avantis CIBC International Equity ETF
Avantis CIBC Emerging Markets Equity ETF

“We are excited to announce this alliance with Avantis Investors’ innovative solutions to help investors further build strong and resilient portfolios tailored to their own unique goals,” said Greg Gipson, Managing Director and Head, ETFs, CIBC Asset Management Inc. (CAMI). “We’re thrilled to be able to partner with CAMI to bring these ETF solutions to the Canadian market,” added Philip McInnis, Chief Investment Strategist of Avantis Investors.

A copy of the preliminary prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of the sale of securities. Information contained in the preliminary prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the prospectus is obtained from the securities regulatory authorities. Copies of the preliminary prospectus may be obtained from by calling 1-888-888-3863, sending an email to [email protected] or by contacting your dealer, your advisor or visiting

www.cibc.com/etfs

.

CIBC ETFs are managed by CIBC Asset Management Inc., a subsidiary of Canadian Imperial Bank of Commerce. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs). ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. CIBC ETFs are offered by registered dealers.

This material is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to.

The material and/or its contents may not be reproduced without the express written consent of CIBC Asset Management Inc.

^® The CIBC logo is a registered trademark of CIBC, used under license.

American Century Investments^®, Avantis™ and Avantis Investors^™ are trademarks of American Century Proprietary Holdings Inc., used under license.

About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

About CIBC Asset Management
CIBC Asset Management Inc. (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM’s offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada’s largest asset management firms, with over C$268* billion in assets under administration as of September 30, 2025.

^*
Assets under management (AUM) as of September 30, 2025. This figure includes $50 billion in multi-asset and notional currency overlay mandates and $45 billion in 3rd party sub-advised assets. All figures expressed are in CAD.

SOURCE CIBC

November 26, 2025 7:12 am

Beyond the Buzzword: HP Uncovers What Really Drives Productivity in Canadian Businesses

Canada NewsWire

News Highlights

Productive but not fulfilled: 94% of Canadian business leaders say their companies are productive, yet only 54% describe them as very productive
Talk vs. action: 49% of business leaders say productivity feels like just a buzzword with more than half (52%) of leaders admitting it is often discussed but not backed by meaningful change
AI advantage: 72% of leaders believe productivity would rise with more role-relevant AI tools

MISSISSAUGA, ON , Nov. 26, 2025 /CNW/ – HP Canada Co., a subsidiary of HP Inc., conducted a survey of 501 Canadian business leaders to examine measures of productivity. The findings, which come just as many Canadians are relocating back to the office, indicate a shift from measuring desk time to focusing on outcomes, with an increased interest in secure AI‑enabled technology to help Canadians work smarter, faster and more creatively, wherever work happens.

Rebuilding productivity for the hybrid era

As Canadian organizations increase in-office days, business leaders are rethinking what successful productivity should look like in a hybrid world. The survey found that while 94% consider their organizations productive, only 54% say they are very productive. This gap prompts many to redefine how success is measured, as just 38% of executives measure productivity by traditional activity‑based metrics such as hours logged. A growing majority now prioritize metrics about customer satisfaction (52%), efficiency (47%) and employee satisfaction (45%) as the new tier of indicators of performance and impact.

Yet the findings suggest that hybrid work models still face friction. While 9 in 10 (94%) of Canadian business leaders consider their companies to be productive, 49% of business leaders say productivity feels like just a buzzword. More than half (52%) say that productivity is often discussed but seldom supported by real change and 46% feel burned out by the constant pressure to be more productive – signaling a significant opportunity for solutions that helps employees refocus their time and energy on higher-value, creative work as they readjust to new routines.

“With more Canadian workplaces transitioning back to the office, they are at a turning point to ensure the shift translates into measurable progress,” said Michelle Biase, President and Managing Director of HP Canada. “There’s a big difference between being busy and being productive and having access to appropriate technology empowers teams to achieve more with increased efficiency. Our research shows 72% of leaders believe that productivity would improve with the adoption of more role-relevant AI tools underscoring the untapped opportunity for organizations to enable meaningful work and outcomes critical to employee and business success.”

AI and the future of work

While most companies see technology as a productivity enabler, not all are using it to its full potential with 55% saying their company is behind when it comes to adopting modern technology and innovation. Although 89% of leaders say their company provides the tools employees need to be productive, over half (54%) remain uncertain about its impact revealing an opportunity to build both confidence and capability. Among organizations already leveraging AI, 92% say it helps save time – time that when redirected effectively, can fuel collaboration, innovation and growth across hybrid teams.

Equipping teams to be future ready

As hybrid work stabilizes and office attendance increases, Canadian business leaders face a crucial choice: rebuild productivity through policy alone, or pair it with the technology that helps people thrive. For leaders, that starts with small practical steps including:

Elevate performance and optimize workflow: Power productivity by leveraging AI to streamline daily tasks and operations. HP’s Next Gen AI PCs are designed to help teams automate routine work, discover new information, summarize data and analyze insights whether on the cloud or locally on device transforming everyday work into impactful results.
Personalize technology to roles: Equip teams with devices and solutions that align to their day-to-day needs in order to maximize time and output.
Enhance connection and collaboration from anywhere: Integrate AI-enhanced visual and audio to improve hybrid meetings, ensuring employees can participate effectively with fewer distractions including in a full and amplified office environment.
Strengthen security and trust: Partner with trusted brands to securely integrate technology or streamline IT management in the workplace, prioritizing tools and solutions with built-in protection to safeguard data and maintain confidence among teams and clients.

To learn more about how HP’s Next‑Gen AI PCs and its ecosystem of powerful hybrid solutions can help transform your team’s productivity, visit hp.ca.

About HP

HP Inc. (NYSE:HPQ) is a global technology leader redefining the Future of Work. Operating in more than 180 countries, HP delivers innovative and AI-powered devices, software, services and subscriptions that drive business growth and professional fulfillment. For more information, please visit: HP.com.

SOURCE HP Canada

November 26, 2025 7:11 am

Nasdaq Halts Charming Medical Limited

NEW YORK, Nov. 26, 2025 (GLOBE NEWSWIRE) — The Nasdaq Stock Market® (Nasdaq: NDAQ) announced that trading is halted in Charming Medical Limited (Nasdaq: MCTA) for additional information requested from the company. Previously, the Securities and Exchange Commission effected a trading suspension in MCTA from 04:00:00 on November 12, 2025 to 23:59:00 on November 25, 2025. The last sale price of the company’s ordinary shares was $29.355.

More information about the SEC’s order can be found at https://www.sec.gov/files/litigation/suspensions/2025/34-104176.pdf.

Trading will remain halted until Charming Medical Limited has fully satisfied Nasdaq’s request for additional information.

For news and additional information about the company, please contact the company directly or check under the company’s symbol using InfoQuotes^SM on the Nasdaq^® Web site.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com.

Nasdaq Contact:

Nasdaq MarketWatch
[email protected]

NDAQO

November 26, 2025 7:11 am

Lee Enterprises Reports Fourth Quarter and Full Year FY25 results

Q4 Adjusted EBITDA⁽¹⁾ growth of $2M YOY on a comparable basis⁽²⁾
Balance sheet derisking continues with pension plan termination
Total Digital Revenue⁽³⁾ was 53% of revenue in the quarter, representing $74M
Digital-Only subscription revenue increased 16% YOY⁽⁴⁾ in the quarter

DAVENPORT, Iowa, Nov. 26, 2025 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 72 markets, today reported preliminary fourth quarter fiscal 2025 financial results⁽⁵⁾ for the period ended September 28, 2025.

“We are pleased with our fourth quarter results as we continued to outperform the industry,” said Kevin Mowbray, Lee’s President and Chief Executive Officer. “Digital subscription revenue increased 16% on a same-store basis⁽⁴⁾, marking five consecutive years of industry-leading performance. This consistent strength reflects the effectiveness of our Three Pillar Digital Growth Strategy and the exceptional execution of our team.”

“Lee also delivered its second consecutive quarter of Adjusted EBITDA growth⁽²⁾, underscoring the sustainability of our transformation. Solid top-line performance combined with disciplined cost actions drove our profitability gains. Two consecutive quarters of Adjusted EBITDA growth, coupled with our continued leadership in digital subscriptions and Amplified Digital^® Agency’s strong track record, demonstrate the strong momentum we’re building across the company. We expect the momentum to continue, delivering strong Adjusted EBITDA growth in fiscal 2026.”

“This progress strengthens our position as a growing, sustainable, and digitally focused organization—one that is well positioned to capture long-term value and lead the next chapter of our digital transformation,” Mowbray added.

For the fourth quarter ended September 28, 2025:

Total operating revenue was $139 million.
Total Digital Revenue was $74 million and represented 53% of our total operating revenue.
Revenue from digital-only subscribers totaled $25 million, up 6% over the prior year, or up 16% on a same-store basis⁽⁴⁾. Digital-only subscription revenue increased 32% annually over the past three years. Digital-only subscribers totaled 633,000 at the end of the quarter.
Digital advertising and marketing services revenue represented 74% of our total advertising revenue and totaled $44 million. Amplified Digital^® Agency revenue totaled more than $100 million in the fiscal year, growing 5% for the year⁽⁴⁾.
Digital services revenue, which is predominantly from BLOX Digital, totaled $5 million.
Total Print Revenue was $65 million.
Operating expenses totaled $142 million and Cash Costs⁽¹⁾ totaled $126 million, a 13% and 12% decrease compared to the prior year, respectively.
Net loss totaled $6 million and Adjusted EBITDA totaled $15 million. Adjusted EBITDA decreased by $2 million in the fourth quarter of fiscal 2025, or increased by $2 million on a comparable basis⁽²⁾.

For the fiscal year ended September 28, 2025:

Total operating revenue was $562 million.
Total Digital Revenue was $298 million, flat to the prior year, or an increase of 2% on a same-store basis⁽⁴⁾.
Total Print Revenue was $264 million, down 15% to the prior year, or down 13% to the prior year on a same-store basis⁽⁴⁾, representing an improvement of 9 percentage points over the prior year’s decline of 21%.
Operating expenses totaled $571 million and Cash Costs totaled $524 million, a 7% and 5% decrease compared to the prior year, respectively. Operating expenses in FY25 included $4 million of cyber restoration expenses, which are included in the line Restructuring costs and other.
Net loss totaled $36 million.

2026 Fiscal Year Outlook:

Adjusted EBITDA	YOY growth in the mid-single digits

Debt and Free Cash Flow:

The Company has $455 million of debt outstanding under our Credit Agreement⁽⁶⁾with BH Finance. The financing has favorable terms including a 25-year maturity, a fixed annual interest rate of 9.0%, no fixed principal payments, and no financial performance covenants.

As of and for the period ended September 28, 2025:

The principal amount of debt totaled $455 million.
As a result of the cyber event and in an effort to provide short-term liquidity, the Company’s sole lender, BH Finance, waived payment of the Company’s March 2025, April 2025 and May 2025 interest and basic rent payments. Waived interest and basic rent payments were added to the principal amount due under the Credit Agreement.
Since May 2025, the Company has satisfied all principal and interest payments through organic free cash flow generation.
Cash on the balance sheet totaled $10 million. Debt, net of cash on the balance sheet, totaled $445 million.
Capital expenditures totaled $1 million for the quarter and $4 million for the year. We expect up to $10 million of capital expenditures in FY26.
For fiscal year 2025, cash paid for income taxes totaled $3 million. We expect cash paid for income taxes to total between $1 million and $6 million in FY26.
We made no pension contributions in the fiscal year.
The Company is executing a strategic termination of our fully funded benefit pension plan, eliminating the long-term volatility tied to interest rate movement, mortality assumptions and asset performance, while preserving participant benefits and improving balance sheet flexibility.

Conference Call Information:

As previously announced, we will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. The live webcast will be accessible at www.lee.net and will be available for replay 24 hours later. Analysts have been invited to ask questions on the call. Questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.

About Lee:

Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 72 markets in 25 states. Lee’s markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.

FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:

We may be required to indemnify the previous owners of BH Media or The Buffalo News for unknown legal and other matters that may arise;
Our ability to manage declining print revenue and circulation subscribers;
The impact and duration of adverse conditions in certain aspects of the economy affecting our business;
Changes in advertising and subscription demand;
Changes in technology that impact our ability to deliver digital advertising;
Potential changes in newsprint, other commodities and energy costs;
Interest rates;
Labor costs;
Significant cyber security breaches or failure of our information technology systems;
Our ability to achieve planned expense reductions and realize the expected benefit of our acquisitions;
Our ability to maintain employee and customer relationships;
Our ability to manage increased capital costs;
Our ability to maintain our listing status on NASDAQ;
Competition; and
Other risks detailed from time to time in our publicly filed documents.

Any statements that are not statements of historical fact (including statements containing the words “may”, “will”, “would”, “could”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “projects”, “considers” and similar expressions) generally should be considered forward-looking statements. Statements regarding our plans, strategies, prospects and expectations regarding our business and industry and our responses thereto may have on our future operations, are forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this report. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.

Contact:
[email protected]
(563) 383-2100

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three months ended				Twelve months ended
(Thousands of Dollars, Except Per Share Data)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024

Operating revenue:
Print Advertising revenue	15,301		19,370		69,168		81,488
Digital Advertising revenue and marketing services revenue	44,057		52,466		183,823		194,213
Advertising and marketing services revenue	59,358		71,836		252,991		275,701
Print Subscription revenue	41,585		49,141		164,172		197,584
Digital Subscription revenue	25,406		23,902		94,242		84,331
Subscription revenue	66,990		73,043		258,414		281,915
Print Other revenue	7,924		8,418		30,861		33,257
Digital Other revenue	4,833		5,276		20,075		20,507
Other revenue	12,757		13,694		50,936		53,764
Total operating revenue	139,105		158,573		562,341		611,380
Operating expenses:
Compensation	51,667		58,824		216,017		234,581
Newsprint and ink	2,965		3,712		12,961		16,813
Other operating expenses	71,255		80,704		294,642		301,950
Depreciation and amortization	3,625		6,178		18,843		27,616
Assets loss (gain) on sales, impairments and other, net	5,321		6,466		2,956		11,193
Restructuring costs and other	7,045		7,054		25,850		19,253
Operating expenses	141,879		162,938		571,269		611,406
Equity in earnings of associated companies	1,315		703		4,278		4,572
Operating income	(1,459	)	(3,662	)	(4,650	)	4,546
Non-operating (expense) income:
Interest expense	(10,140	)	(10,805	)	(40,505	)	(41,232	)
Pension withdrawal cost	—		—		—		—
Pension and OPEB related benefit (cost) and other, net	145		814		2,506		1,910
Curtailment/Settlement gain	—		—		—		3,593
Non-operating expenses, net	(9,995	)	(9,991	)	(37,999	)	(35,729	)
Income (loss) before income taxes	(11,454	)	(13,653	)	(42,649	)	(31,183	)
Income tax (benefit) expense	(5,622	)	(4,172	)	(6,903	)	(7,610	)
Net (loss) income	(5,832	)	(9,481	)	(35,746	)	(23,573	)
Net income attributable to non-controlling interests	(583	)	(609	)	(1,847	)	(2,272	)
Loss attributable to Lee Enterprises, Incorporated	(6,414	)	(10,090	)	(37,593	)	(25,845	)

Loss per common share:
Basic	(1.06	)	(1.69	)	(6.20	)	(4.35	)
Diluted	(1.06	)	(1.69	)	(6.20	)	(4.35	)

DIGITAL / PRINT REVENUE COMPOSITION
(UNAUDITED)

	Three months ended		Twelve months ended
(Thousands of Dollars)	September 28, 2025	September 29, 2024	September 28, 2025	September 29, 2024

Digital Advertising and Marketing Services Revenue	44,057	52,466	183,823	194,213
Digital Only Subscription Revenue	25,406	23,902	94,242	84,331
Digital Services Revenue	4,833	5,276	20,075	20,507
Total Digital Revenue	74,296	81,644	298,140	299,051
Print Advertising Revenue	15,301	19,370	69,168	81,488
Print Subscription Revenue	41,585	49,141	164,172	197,584
Other Print Revenue	7,924	8,418	30,861	33,257
Total Print Revenue	64,809	76,929	264,201	312,329
Total Operating Revenue	139,105	158,573	562,341	611,380

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

The tables below reconcile the non-GAAP financial performance measure of Adjusted EBITDA to Net loss, its most directly comparable U.S. GAAP measure:

	Three months ended				Twelve months ended
(Thousands of Dollars)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024

Net loss	(5,832	)	(9,481	)	(35,746	)	(23,573	)
Adjusted to exclude
Income tax benefit	(5,622	)	(4,172	)	(6,903	)	(7,610	)
Non-operating expenses, net	9,995		9,991		37,999		35,729
Equity in earnings of TNI and MNI⁽⁶⁾	(1,315	)	(703	)	(4,278	)	(4,572	)
Assets loss on sales, impairments and other, net	5,321		6,466		2,956		11,193
Depreciation and amortization	3,625		6,178		18,843		27,616
Restructuring costs and other	7,045		7,054		25,850		19,253
Stock compensation	429		553		1,757		1,751
Add:
Ownership share of TNI and MNI EBITDA (50%)	1,413		874		4,901		5,519
Adjusted EBITDA⁽⁸⁾	15,060		16,760		45,379		65,306
Adjusted EBITDA associated with the 53rd week	—		3,553		—		3,553
Comparable Adjusted EBITDA	15,060		13,207		45,379		61,753

The table below reconciles the non-GAAP financial performance measure of Cash Costs to Operating expenses, the most directly comparable U.S. GAAP measure:

	Three months ended		Twelve months ended
(Thousands of Dollars)	September 28, 2025	September 29, 2024	September 28, 2025	September 29, 2024

Operating expenses	141,879	162,938	571,269	611,406
Adjustments
Depreciation and amortization	3,625	6,178	18,843	27,616
Assets loss (gain) on sales, impairments and other, net	5,321	6,466	2,956	11,193
Restructuring costs and other	7,045	7,054	25,850	19,253
Cash Costs	125,888	143,240	523,620	553,344

The table below reconciles the non-GAAP financial performance measure of Same-store Revenues to Operating Revenues, its most directly comparable U.S. GAAP measure:

	Three months ended				Twelve months ended
(Thousands of Dollars)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024

Print Advertising Revenue	15,301		19,370		69,168		81,488
Exited operations and the extra week in the prior year	(79	)	(2,173	)	(715	)	(4,696	)
Same-store, Print Advertising Revenue	15,222		17,197		68,453		76,792
Digital Advertising Revenue	44,057		52,466		183,823		194,213
Exited operations and the extra week in the prior year	—		(2,987	)	(13	)	(4,130	)
Same-store, Digital Advertising Revenue	44,057		49,479		183,810		190,083
Total Advertising Revenue	59,358		71,836		252,991		275,701
Exited operations and the extra week in the prior year	(79	)	(5,160	)	(728	)	(8,826	)
Same-store, Total Advertising Revenue	59,279		66,676		252,263		266,875
Print Subscription Revenue	41,585		49,141		164,172		197,584
Exited operations and the extra week in the prior year	(3	)	(3,742	)	(60	)	(4,793	)
Same-store, Print Subscription Revenue	41,582		45,399		164,112		192,791
Digital Subscription Revenue	25,406		23,902		94,242		84,331
Exited operations and the extra week in the prior year	—		(2,067	)	(2	)	(3,301	)
Same-store, Digital Subscription Revenue	25,406		21,835		94,240		81,030
Total Subscription Revenue	66,990		73,043		258,414		281,915
Exited operations and the extra week in the prior year	(2	)	(5,809	)	(62	)	(8,094	)
Same-store, Total Subscription Revenue	66,988		67,234		258,352		273,821
Print Other Revenue	7,924		8,418		30,861		33,257
Exited operations and the extra week in the prior year	(16	)	(503	)	(15	)	(538	)
Same-store, Print Other Revenue	7,908		7,915		30,846		32,719
Digital Other Revenue	4,833		5,276		20,075		20,507
Exited operations and the extra week in the prior year	—		(109	)	—		(109	)
Same-store, Digital Other Revenue	4,833		5,167		20,075		20,398
Total Other Revenue	12,757		13,694		50,936		53,764
Exited operations and the extra week in the prior year	(16	)	(612	)	(15	)	(647	)
Same-store, Total Other Revenue	12,741		13,082		50,921		53,117
Total Operating Revenue	139,105		158,573		562,341		611,380
Exited operations and the extra week in the prior year	(97	)	(11,581	)	(805	)	(17,568	)
Same-store, Total Operating Revenue	139,008		146,992		561,536		593,812

NOTES

(1)	The following are non-GAAP (Generally Accepted Accounting Principles) financial measures for which reconciliations to relevant U.S GAAP measures are included in tables accompanying this release: Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non-cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one-time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI. Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company’s ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non-cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash.
(2)	Comparable basis is a non-GAAP performance measure based on U.S. GAAP trends for Lee for the current period, excluding the extra week in the prior year. The fourth quarter and full year of fiscal 2025 consisted of 13 weeks and 52 weeks, respectively. The fourth quarter and full year of fiscal 2024 consisted of 14 weeks and 53 weeks, respectively.
(3)	Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified Digital^®), digital-only subscription revenue and digital services revenue.
(4)	Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations and the extra week in the prior year. Exited operations include (1) business divestitures and (2) the elimination of stand-alone print products discontinued within our markets.
(5)	This earnings release is a preliminary report of results for the periods included. The reader should refer to the Company’s most recent reports on Form 10-Q and on Form 10-K for definitive information.
(6)	The Company’s debt is the $576 million term loan under a credit agreement with BH Finance LLC dated January 29, 2020 (the “Credit Agreement”). Excess Cash Flow is defined under the Credit Agreement as any cash greater than $20,000,000 on the balance sheet in accordance with U.S. GAAP at the end of each fiscal quarter, beginning with the quarter ending June 28, 2020.
(7)	TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI.
(8)	FY25 revenue and Adjusted EBITDA were materially impacted by a cyber incident in February 2025. The FY25 impact on revenue and Adjusted EBITDA was approximately $12M and $8M, respectively. These metrics exclude any potential reimbursement from cyber insurance carrier in FY25.

November 26, 2025 7:11 am

The Lovesac Company Announces Third Quarter Conference Call Date

STAMFORD, Conn., Nov. 26, 2025 (GLOBE NEWSWIRE) — The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the Designed for Life home and technology brand, today announced that its third quarter financial results will be released before market open on Thursday, December 11, 2025. The Company will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results.

Investors and analysts interested in participating in the call are invited to dial 877-407-3982 (international callers please dial 201-493-6780) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.lovesac.com.

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed online at investor.lovesac.com for 90 days.

About The Lovesac Company

Based in Stamford, Connecticut, The Lovesac Company (NASDAQ: LOVE) is a technology driven company that designs, manufactures and sells unique, high-quality furniture derived through its proprietary Designed for Life approach which results in products that are built to last a lifetime and designed to evolve as customers’ lives do. The current product offering is comprised of modular couches called Sactionals, the Sactionals Reclining seat, premium foam beanbag chairs called Sacs, the PillowSac Chair, an immersive surround sound home theater system called StealthTech, and an innovative sofa seating solution called Snugg™. As a recipient of Repreve’s 8th Annual Champions of Sustainability Award and Edison Awards’ 38th Annual Best New Product Awards for Sustainable Consumer Products, responsible production and innovation are at the center of the brand’s design philosophy with products protected by a robust portfolio of utility and design patents. Products are marketed and sold primarily online directly at www.lovesac.com, supported by a physical retail presence in the form of Lovesac branded showrooms, as well as through shop-in-shops and pop-up-shops with third party retailers. LOVESAC, DESIGNED FOR LIFE, PILLOWSAC, SACTIONALS, SAC, STEALTHTECH, and THE WORLD’S MOST ADAPTABLE COUCH are trademarks of The Lovesac Company and are Registered in the U.S. Patent and Trademark Office.

Investor Relations Contacts:

Caitlin Churchill, ICR
(203) 682-8200
[email protected]