Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q25 Overview. Bit Digital’s first quarter results were affected by mark-to-market losses on digital assets and lower bitcoin mining revenue, both of which reflected industry-wide headwinds and the strategic rebalancing of the business. The Company continued to make meaningful progress in scaling the infrastructure platform and diversifying revenue streams.
1Q25 Results. Revenue of $25.1 million was down 17% y-o-y as digital asset mining revenue fell 64%, while cloud services revenue jumped 84%. We were at $24.8 million. Driven by $49.3 million of mark-to-market losses on digital assets, Bit Digital reported a net loss of $57.7 million, or $0.32/sh, compared to a loss of $11.9 million, or $0.09/sh, last year. We projected a loss of $13.1 million, or $0.07/sh.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – Moody’s downgrades U.S. credit rating from Aaa to Aa1, citing unsustainable debt and fiscal inaction. – 30-year Treasury yield briefly rises above 5%, pressuring markets and borrowing costs. – Investors question long-term safety of U.S. Treasurys as safe-haven assets.
The U.S. bond market was jolted Monday as yields on long-term Treasurys spiked following a downgrade of the nation’s credit rating by Moody’s Investors Service. The 30-year Treasury yield briefly topped 5.03% in early trading—levels not seen since late 2023—before retreating slightly as bond-buying resumed later in the session. The 10-year yield also climbed, reaching 4.497%, while the 2-year note edged close to 4%.
The market reaction came swiftly after Moody’s downgraded the U.S. credit rating from the top-tier Aaa to Aa1 on Friday, citing structural fiscal weaknesses and rising debt-servicing costs. The downgrade brings Moody’s in line with other major agencies like Fitch and S&P, which had already lowered their U.S. ratings in recent years.
“This one-notch downgrade reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,” Moody’s said in its statement.
The move raised alarm bells on Wall Street and in Washington, as investors weighed the implications of higher yields on financial markets, consumer loans, and global confidence in U.S. fiscal management. Long-term Treasury yields directly influence rates on mortgages, auto loans, and credit cards—potentially tightening financial conditions for households and businesses.
Markets had already been uneasy following policy uncertainty in Washington. The latest trigger: a sweeping tax and spending bill backed by House Republicans and the Trump administration is advancing through Congress, raising concerns it will further balloon the deficit. Analysts estimate the legislation could add trillions to the debt over the next decade, worsening the very conditions that prompted Moody’s downgrade.
“This is a major symbolic move as Moody’s was the last of the big three rating agencies to keep the U.S. at the top rating,” Deutsche Bank analysts noted in a client memo. “It reinforces the narrative of long-term fiscal erosion.”
Moody’s also warned that neither party in Congress has offered a realistic plan to reverse the U.S.’s deficit trajectory, with high interest payments now compounding the debt burden. “We do not believe that material multi-year reductions in mandatory spending and deficits will result from current fiscal proposals,” the agency stated bluntly.
Meanwhile, investors are beginning to reevaluate the role of U.S. Treasurys as the world’s go-to safe-haven asset. The combination of mounting debt, political dysfunction, and now credit downgrades raises new questions about their long-term reliability.
While yields retreated slightly by midday as bargain hunters stepped in, the message from the market was clear: America’s fiscal credibility is under scrutiny, and investors are demanding higher compensation to lend long-term.
For small-cap and individual investors, rising yields can translate into greater borrowing costs, tighter capital access, and increased market volatility—all of which could ripple through equities in the weeks ahead.
Key Points: IPO Market Rebounds: eToro and CoreWeave spark renewed tech IPO momentum. Startups Move Ahead: Chime and Hinge Health revive public debut plans. AI & Fintech Lead: These sectors drive the IPO resurgence despite market uncertainty.
After several years of stagnation, the tech IPO market is finally showing signs of revival. Recent successful listings from high-profile companies like eToro and CoreWeave, coupled with a growing pipeline of IPO-ready startups, have rekindled optimism among venture capitalists and retail investors alike.
Earlier this week, eToro, the social trading and brokerage platform based in Israel, made a striking debut on the Nasdaq. Its stock surged nearly 29% after pricing above the expected range—a strong signal that investor appetite for new tech listings may be returning. The timing was crucial. Just weeks ago, uncertainty stemming from President Trump’s abrupt tariff policy had cast a shadow over the broader market and cooled IPO ambitions.
Adding further momentum, CoreWeave, an AI infrastructure company, posted a remarkable 420% revenue increase in its first earnings report since going public in March. The company’s stock has more than doubled in value since its IPO, reflecting sustained investor enthusiasm for artificial intelligence and cloud infrastructure plays. According to PitchBook and the National Venture Capital Association, nearly 40% of Q1 venture capital exit value came from CoreWeave’s listing alone.
This rebound, however, comes after a long dry spell. Since early 2022, startups across fintech, health tech, and enterprise software have largely stayed private, waiting for more favorable conditions. The brief optimism earlier this year was quickly dampened when the Trump administration’s surprise tariff announcement in April rattled the markets. In response, companies like Klarna and StubHub shelved their IPO plans.
But with the administration now pausing its most aggressive tariff measures for 90 days, confidence is starting to return. Fintech company Chime filed its IPO prospectus this week, having delayed its plans due to the earlier tariff-driven volatility. Similarly, digital health firm Omada Health submitted its filing last week.
Next week, all eyes will be on Hinge Health, a virtual physical therapy platform. The company updated its IPO filing with a pricing range of $28–$32, potentially valuing it at $2.4 billion. This offering will be an important litmus test for investor sentiment toward the digital health sector, which boomed during the pandemic but has since seen growth slow.
Meanwhile, Cerebras, a chipmaker focused on AI hardware, has finally cleared regulatory hurdles and is preparing to go public later this year. The move reflects strong demand in the AI space, even as regulatory and geopolitical risks linger.
There are also notable shifts in the digital asset space. Galaxy Digital, originally listed in Canada due to U.S. regulatory hesitance toward crypto, has now moved its shares to the Nasdaq in a bid to access a broader investor base.
Despite these encouraging signs, experts remain cautious. Ernst & Young’s Rachel Gerring believes the IPO market is “trending in the right direction,” but warns that volatility and geopolitical risks could still stall momentum. Many startups are being advised to focus on readiness rather than timing, ensuring they can launch when conditions are ideal.
For now, the market is showing signs of life. But whether this marks the start of a sustained comeback or another false dawn remains to be seen.
Jamie Dimon’s run as CEO of JPMorgan Chase is nearing its conclusion, but the financial world is far from ready to say goodbye. At 69, Dimon is arguably more powerful than ever—commanding both respect on Wall Street and influence in Washington—and investors are beginning to confront the reality of his eventual departure with concern.
“He has more public clout than he’s ever had before in his life,” said Wells Fargo analyst Mike Mayo, reflecting the broad sentiment that Dimon’s role as JPMorgan’s leader is a stabilizing force in a volatile financial landscape. “And that clout comes hand in hand with his position at JPMorgan.”
That position, which Dimon has held since 2006, has led JPMorgan to unparalleled success. Under his leadership, the bank has delivered a median 20% annual return to shareholders—eclipsing both the S&P 500 and its banking peers. The firm is also operating with greater efficiency than its rivals, spending just $0.51 for every $1 of revenue compared to $0.63 or more for competitors like Goldman Sachs and Citigroup.
As JPMorgan prepares for its annual Investor Day on Monday, speculation around Dimon’s retirement will be front and center. Though he hinted last year that his retirement was within five years, and more recently confirmed that the “base case” is just a few years away, there has been no formal timeline announced. The ambiguity has only deepened investor anxiety.
The succession question is now the “single biggest idiosyncratic risk factor” for JPMorgan’s stock, according to Bank of America analyst Ebrahim Poonawala. Among the top internal contenders are consumer banking chief Marianne Lake and CFO Jeremy Barnum, but few expect any successor to fill Dimon’s shoes easily.
What makes Dimon’s potential exit especially consequential is his influence beyond finance. In 2025, his public comments on recession risks and trade policy made headlines and—according to media reports—even influenced President Trump’s decision to pause tariffs on Chinese goods. Trump referred to Dimon as “very smart” and acknowledged watching his interviews.
Despite Dimon’s downplaying of his sway in Washington, it’s clear his voice carries weight. He has urged more diplomacy with China and advocated for giving Treasury Secretary Scott Bessent space to lead trade talks. His words, in some cases, have moved markets.
And JPMorgan’s strategic position remains strong. The firm has invested over $17 billion in technology and maintains over $50 billion in excess capital, giving it ample room for growth through lending, acquisitions, or shareholder returns.
Shareholders like Mindee Wasserman, who holds over 1,000 JPM shares, are hoping he stays at least until the next election. “If he stays as long as he wants, that would be fine,” she said. “I would certainly hope he doesn’t leave before the next election.”
For now, Wall Street waits—and hopes Dimon isn’t going anywhere just yet.
Total revenue was €54.3 mm in Q1 2025, while net gaming revenue1 was €57.0 mm in the period, 8% above Q1 2024 (17% in constant currency terms).
Mexico revenue was €27.6 mm in Q1 2025, while net gaming revenue was €30.5 mm in the period, 15% above Q1 2024 (34% in constant currency terms).
Net loss was €0.7 mm in Q1 2025 versus a net income of €3.4 mm in Q1 2024.
Total cash position of €41.8 mm as of March 31, 2025.
Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA2 outlook of €10-15 million.
Repurchased $0.5 million of the Company’s shares under the Company’s $5.0 million share buyback plan through May 15, 2025.
Madrid, Spain and Tel Aviv, Israel, May 16, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter ended March 31, 2025.
Below are the main financial and operating metrics of the period.
Quarter ended March 31
2024
2025
Chg. %
Net Gaming Revenue (EUR mm)1
Spain
22.3
21.9
(2%)
Mexico
26.6
30.5
15%
Other
4.1
4.5
10%
Total
53.0
57.0
8%
Avg. Monthly Active Players (000s)4
Spain
50.0
52.0
4%
Mexico
62.5
82.0
31%
Other
30.6
27.2
(11%)
Total
143.2
161.3
13%
Aviv Sher, CEO of Codere Online, stated, “We are off to a good start in 2025, with net gaming revenue reaching €57.0 million in the first quarter, an 8% increase compared to the same period last year. In Mexico, net gaming revenue grew 15% to €30.5 million, despite the 16% devaluation of the Mexican peso. Meanwhile, net gaming revenue in Spain was slightly below last year’s at €21.9 million.”
Oscar Iglesias, CFO of Codere Online, commented, “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter which is quite encouraging”.
Mr. Iglesias added, “Based on these results, we believe that we are on track to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we provided to investors earlier this year.”
Recent Events
Compliance with Nasdaq Listing Requirements
On May 1, 2025, the Company filed its 2023 annual report (ahead of the May 12th deadline) and on May 15th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
The Company is actively working to complete the audit of its 2024 financial accounts and expects to file the 2024 annual report by the end of this month. However, as we did not file by May 15th (i.e. within the 15-day grace period provided for), we expect that a delisting notice from Nasdaq is forthcoming.
Upon receipt of said delisting notice, the Company will promptly request a hearing with the Nasdaq Hearings Panel and seek a stay of any trading suspension; however, the Company expects to file the 2024 annual report and regain compliance with Nasdaq requirements ahead of any hearing.
Repurchases under the Share Buyback Plan
At a general meeting held on March 3, 2025, Codere Online shareholders authorized the repurchase of up to 1 million of the Company’s ordinary shares over a one-year period (for a total investment of up to $5.0 million, as approved by the Company’s Board of Directors).
The Company repurchased 68,384 shares at an average price of $6.63 under the authorized share buyback plan through May 15, 2025.
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, May 16, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Quarter ended March 31
Figures in EUR mm
2024
2025
Chg. %
Total
Revenue
50.4
54.3
4%
(+) Accounting Adjustments5
2.6
2.6
69%
Net Gaming Revenue
53.0
57.0
8%
Spain
Revenue
22.3
21.9
(2%)
(+) Accounting Adjustments5
–
–
n.m.
Net Gaming Revenue
22.3
21.9
(2%)
Mexico
Revenue
23.8
27.6
16%
(+) Accounting Adjustments5
2.7
2.9
7%
Net Gaming Revenue
26.6
30.5
15%
Other
Revenue
4.3
4.8
(30%)
(+) Accounting Adjustments5
(0.2)
(0.3)
n.m.
Net Gaming Revenue
4.1
4.5
10%
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)6
Quarter ended March 31
Figures in EUR mm
2024
2025
Chg.
Net Income (Loss)
3.4
(0.7)
(3.4)
(+/-) Provision for Corporate Income Tax
0.5
0.2
(0.1)
(+/-) Interest Expense / (Income)
(4.8)
1.1
5.8
(+/-) Var. In Fair Value of Public Warrants
1.9
0.5
(1.4)
(+) D&A
0.0
0.2
0.2
EBITDA
0.9
1.3
1.1
(+) Employee LTIP Expense
0.6
0.5
(0.6)
(+/-) Other Accounting Adjustments
0.2
0.0
(0.4)
Adj. EBITDA (Pre Non-Recurring Items)
1.7
1.8
0.1
(+) Non-Recurring Items
0.0
0.0
0.0
Adj. EBITDA
1.7
1.8
0.1
About Codere Online
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.
Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “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 in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans as well as he Company’s expectations about the timing of completion and filing of the Form 20-F for the year ended December 31, 2024 (the “2024 Annual Report”), and statements related to the Company’s plan, timing and actions taken to regain compliance with the Listing Rule 5250(c)(1).
These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Financial Information and Non-GAAP Financial Measures Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).
This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.
Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.
This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
Use of Projections This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.
For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.
Preliminary Information This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.
No Offer or Solicitation This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Industry and Market Data In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codere.com (+34) 628.928.152
1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.
2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report. 3 See “Preliminary Information” below.
4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.
5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
6 Please refer to page 26 of our Q1 2025 Earnings Presentation for further details regarding this reconciliation.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q25 Showed Expected Year-Over-Year Growth. Zomedica reported 1Q25 loss of $63.9 million or $(0.07) per share, including an Impairment Expense of $55.8 million related to the company’s lower market capitalization and stock price. Excluding this charge, Net Loss would have been about $8.0 million. Revenues of $6.5 million showed an annual increase of 3.8% over 1Q24. As expected, there was a seasonal decline from 4Q24 due to the year-end effect on equipment spending. Cash and equivalents on March 31, 2025 were $64.6 million.
Product Mix Reflects Growing User Base. During the quarter, Consumables increased to 70% of sales with Capital Equipment at 30% of sales. This shifting product mix reflects an increasing total number of instruments in use and more assay offerings to increase utilization of each instrument. We expect the consumable segment to continue its growth as additional capital equipment sales add to the user base and introduction of new assays increases the number of tests run on each instrument.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q1 results. The company reported 18.5% revenue growth in Q1 to $164.2 million, better than our estimate of $151.0 million. Adj. EBITDA was $20.3 million, significantly better than our estimate of $12.8 million, on the back of strong 20% gross margins (our estimate was 17%).
Ramping in Internationally. Management highlighted that the company deployed roughly 150 kiosks in Australia to date, with approximately 150 additional kiosks ready for deployment. Moreover, the company is evaluating at least 2 additional countries for potential expansion later in 2025.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – China lifts some trade curbs on 28 U.S. firms, but keeps rare earth metals off the table – Export ban on 7 critical rare earth elements remains intact – Dual-use export restrictions paused for 90 days amid renewed U.S.-China diplomacy – Defense, energy, and EV sectors in U.S. remain exposed to supply risks
In a carefully calculated move, China announced on Thursday a temporary suspension of some trade restrictions targeting 28 American firms—but stopped short of lifting its export ban on seven critical rare earth elements, underscoring its ongoing strategic leverage over the United States.
The easing of some non-tariff measures comes just days after high-level trade talks in Geneva, where U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng appeared together in a rare public show of diplomatic engagement. But while China’s Commerce Ministry agreed to suspend dual-use export curbs and temporarily removed 17 companies from its “unreliable entity list,” it retained export controls on key minerals like dysprosium, terbium, and yttrium—materials vital for U.S. defense and clean energy production.
The seven rare earths still restricted—samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium—are central to everything from guided missiles to EV motors. According to analysts, this deliberate exclusion signals Beijing’s intent to maintain strategic pressure even as it opens the door to limited cooperation.
“This is China drawing a line in the sand,” said one Asia-based commodities analyst. “They’re signaling flexibility on diplomacy, but the core leverage—rare earth dominance—is not being sacrificed.”
The freeze on rare earth exports was initially introduced in early April as part of China’s retaliation against President Trump’s sweeping “Liberation Day” tariffs. That package included export licensing controls for the seven elements and the addition of several U.S. defense-adjacent companies to blacklists. While some of those companies, including Teledyne Brown Engineering and Kratos Unmanned Aerial Systems, received a 90-day reprieve, the rare earths ban remains firmly in place.
Notably, China’s Commerce Ministry released a parallel statement this week emphasizing the need for stronger national security oversight of its rare earth industry, including measures to combat smuggling and tighten internal supply chain controls. This was reinforced by state-linked social media accounts hinting at the metals’ impact on U.S. military readiness.
The U.S. currently sources over 70% of its rare earth imports from China, a vulnerability that has become more politically charged amid renewed trade hostilities. American efforts to diversify rare earth supply chains—such as investing in Australian mining firms or restarting domestic refining—remain years from full-scale viability.
For investors, the bifurcated approach by China suggests that while the broader trade environment may be softening temporarily, core strategic resources like rare earths are unlikely to be freely accessible in the near term. Defense contractors, energy manufacturers, and EV suppliers will continue to face uncertainty, potentially pushing up costs and driving supply chain shifts.
Until rare earth independence becomes a reality, this remains a pressure point Beijing is unlikely to relinquish.
VIRGINIA CITY, NEVADA, May 15, 2025 – Comstock Inc. (the “Company”) today announced that the Board of Directors has approved the appointment of Mr. Judd B. Merrill, as Chief Financial Officer of the Company and President of the Company’s wholly-owned mining subsidiary, Comstock Mining LLC, that, together with the Company’s other affiliated mining activities, controls all of the Company’s mineral exploration and mining assets. Mr. Merrill will assume his new role starting May 19, 2025.
Mr. Merrill brings extensive public company mining and clean mineral technology industry experience to Comstock. Mr. Merrill, age 54, most recently served as Chief Financial Officer of Aqua Metals, Inc., (NASDAQ: AQMS), a Nevada-based metal recycling company, from November 2018 to May 2025. Prior to joining Aqua Metals, Mr. Merrill was the Chief Financial Officer and the Director of Finance & Accounting at Klondex Mines Ltd., a North American based, publicly traded gold and silver mining company, listed on both the Toronto and New York Stock Exchanges. Mr. Merrill previously held financial management positions at Fronteer Gold Inc. and Newmont Mining Corporation and started his career as an auditor, working for the independent accounting firm of Deloitte and Touche LLP.
Mr. Corrado De Gasperis, Executive Chairman and CEO, said, “We are thrilled to welcome Judd back to the Comstock. Judd is the ultimate systems-based, team-oriented professional, whose extensive Nevada-based mining, both explorational and transactional, with innovative clean technology, metal recycling and public company financial experience makes him an ideal member of our executive team. His inclusion is especially significant as we capitalize, accelerate and expand our metal recycling business and prepare our teams to separate our renewable fuels business into a stand-alone, independent company.”
Mr. Merrill was previously employed by the Company (then known as, Comstock Mining Inc.) for over six years, in positions of increasing responsibility, including Chief Financial Officer and Corporate Secretary and subsequently, as a director of our board.
Mr. Merrill holds a Bachelor of Science in Accounting from Central Washington University and he received an M.B.A. from the University of Nevada, Reno and is a licensed Certified Public Accountant (“CPA”).
Mr. Walter “Del” Marting, Chairman of the Audit Committee, commented, “Judd adds strong capacity and competency to every salient aspect of our financial organization, including liquidity and capital resource management, public company financial accounting and reporting, internal financial controls and regulatory compliance and his experience in metal-based business development makes a strong addition to the business teams.”
About Comstock Inc.
Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. To learn more, please visit www.comstock.inc.
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries: William McCarthy, Chief Operating Officer Tel (775) 413-6222 ir@comstockinc.com
For media inquiries: Tracy Saville, Director of Marketing Tel (775) 847-7573 media@comstockinc.com
Forward-Looking Statements
This press release and any related calls or discussions may include 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. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
NEW YORK, May 15, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City, today announced its financial results for the First Quarter of 2025. The Company will host a conference call on May 16, 2025, at 10:00 AM ET to discuss results (click here for registration information).
Financial Highlights for First Quarter of 2025
Total revenue for the First Quarter of 2025 was $25.1 million, a 17% decrease compared to the prior year’s results. The decrease was driven by a decline in Digital asset mining revenue following the April 2024 halving and partially offset by continued growth in Cloud services revenue and the addition of Colocation services revenue.
Revenue from bitcoin mining was $7.8 million for the quarter, a 64% decrease compared to the prior year’s quarter. Cloud services revenue was $14.8 million, an 84% increase from the prior year’s quarter. Colocation services revenue was $1.6 million for the quarter as compared to none in the prior year’s quarter. ETH staking revenue was $0.6 million for the quarter, a 72% increase from the prior year’s quarter.
Revenue from digital asset mining comprised 31% of total revenue for the first quarter of 2025 compared to 72% for the prior year’s quarter.
The Company had cash, cash equivalents and restricted cash of $61.3 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $141.4 million, as of March 31, 2025.
Total assets were $458.2 million and Shareholders’ Equity amounted to $417.4 million as of March 31, 2025.
Adjusted EBITDA1 was $(44.5) million for the First Quarter of 2025 compared to $58.5 million for the first quarter of 2024. Adjusted EBITDA for Q1 2025 includes $49.2 million in mark-to-market losses on digital assets compared to $45.7 million of gains in Q1 2024.
GAAP loss per share was $(0.32) on a fully diluted basis for the First Quarter of 2025 compared to earnings per share of $0.43 for the first quarter of 2024.
Operational Highlights for First Quarter of 2025
The Company earned 83.3 bitcoins during the First Quarter of 2025, an 80% decrease from the prior year. The decline was driven by a reduction in block rewards following the halving event in April 2024, an increase in network difficulty, and a decrease in the Company’s average operational hash rate following a fleet deployment in connection with the Company’s exit from Coinmint facilities.
The Company earned 211.0 ETH in native staking for the three months ended March 31, 2025.
Treasury holdings of BTC and ETH were 417.6 and 24,434.2, respectively, with a fair market value of approximately $34.5 million and $44.5 million on March 31, 2025, respectively.
As of March 31, 2025, we had 20,854 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.4 EH/s. The Company’s active hash rate of its bitcoin mining fleet was approximately 1.5 EH/s as of March 31, 2025.
The Company had approximately 21,568 ETH actively staked in native staking protocols as of March 31, 2025.
As of January 1, 2025, Bit Digital officially transitioned to domestic issuer status under U.S. securities law.
In January 2025, the Company entered into a new agreement to supply its first customer for an additional 464 B200 GPUs for a period of eighteen months. This new agreement replaced the prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15 million of annualized revenue and features a two-month prepayment from the customer. The customer has elected to defer the commencement date until August 20th, 2025, which is the latest allowable date under the agreement.
In addition to the above, the Company signed multiple new cloud services agreements during the first quarter totaling more than 200 NVIDIA H200 GPUs, with contract durations ranging from one to twelve months. These deployments supported training and inference workloads and reflect continued momentum and customer diversification across the Company’s GPU cloud platform.
In February, the Company officially rebranded its HPC business as WhiteFiber, Inc., encompassing its GPU cloud services and HPC data center platform, Enovum Data Centers.
In February, the Company, through its high-performance computing platform WhiteFiber, secured a five-year, 5MW colocation agreement with Cerebras Systems (“Cerebras”), a leader in generative AI. In April, Bit Digital announced the selection of a new data center site in Saint-Jérôme, Québec (“MTL-3“) to fulfill the contract. The facility, being developed by Enovum under a lease-to-own structure, is expected to commence operations in July 2025, with total development costs estimated at approximately CAD $55 million (approximately $40 million USD). Cerebras holds a right of first refusal for additional capacity at the site.
In March, the Company announced a strategic partnership between WhiteFiber and Shadeform, a leading multi-cloud GPU marketplace, to deliver on-demand access to NVIDIA B200 GPUs. Bit Digital received its first shipment of B200s during the quarter, comprising 64 servers (512 GPUs), and began phased deployment in April. Through the Shadeform integration, WhiteFiber’s GPU cloud became globally accessible across more than 100 regions, enabling developers and enterprises to access high-performance AI infrastructure without long-term commitments
In March 2025, the Company executed two new service orders under its existing agreement with Boosteroid, a global cloud gaming provider. The orders total 701 GPU servers under five-year terms, with deployments scheduled to commence in May and June 2025. These new contracts represent approximately $2.1 million in annualized contract value, bringing total contract value from Boosteroid to approximately $3.6 million annually and over $18 million in total contract value.
Subsequent Events
In April 2025, the Company entered into a definitive agreement to acquire a data center property in Madison, North Carolina. Closing of the transaction is subject to customary closing conditions, including receipt of an energy study verifying utility capacity. An earnest money deposit of $2.25 million was deposited in escrow pursuant to the terms of the Purchase Agreement, of which $1.25 million is non-refundable to us.
In April 2025, the Company signed two additional cloud services agreements with DNA Fund. The first agreement, commencing in early May 2025, includes 104 NVIDIA H200 GPUs under a 25-month term. The second, expected to commence in May 2025, includes 512 H200 GPUs under a 23-month term. With these additions, DNA Fund’s total contracted deployment increased to 1,192 GPUs. Combined, the agreements represent approximately $20.9 million of annualized revenue.
Management Commentary
“Our first quarter results were affected by mark-to-market losses on digital assets and lower bitcoin mining revenue, both of which reflect industry-wide headwinds and the strategic rebalancing of our business. We continued to make meaningful progress in scaling our infrastructure platform and diversifying our revenue streams.
Cloud services revenue increased 84% compared to the year-ago period and accounted for the majority of total revenue. Demand was driven by both long-term enterprise contracts and short-term workloads from AI-native developers. Our strategic investments in next-generation hardware and distribution partnerships, including B200 deployments and our integration with Shadeform, helped expand platform reach and customer access.
Colocation services contributed a full quarter of revenue following our acquisition of Enovum in late 2024. We expect this business line to become a major growth engine as we expand our development pipeline to meet growing customer demand.
Bitcoin mining accounted for 31% of total revenue in the quarter, down from 40% in Q4 and 72% a year ago. The decline reflects both the halving event and the ongoing redeployment of miners from Coinmint facilities, which we used as an opportunity to retire less efficient assets and reposition our fleet. While mining remains a component of our platform, we expect its contribution to continue declining over time as our infrastructure businesses grow.
Gross margins improved both sequentially and year-over-year, driven by stronger contribution from Cloud and Colocation segments and ongoing cost discipline. We ended the quarter with approximately $140 million in total liquidity and no debt, giving us the flexibility to invest in high-return initiatives.
We advanced our platform on several fronts, deploying NVIDIA B200 GPUs, expanding key customer relationships, and progressing our datacenter expansion strategy. These milestones support our roadmap and reflect our growing relevance in the AI infrastructure landscape. As we scale our platform, we remain focused on disciplined execution and long-term value creation.”
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. The risk factor in the Form 10-K titled “If we are classified as a passive foreign investment company (“PFIC”) U.S. taxpayers who own our ordinary shares may have adverse United States federal income tax consequences” has been modified to the extent that Management has obtained a third party analysis for 2024 and does not believe that Bit Digital should be classified as a PFIC for 2024. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
PHOENIX, May 15, 2025 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended March 31, 2025.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.
Highlights for Q1 2025 include the following:
Quarterly revenue increased by $145,156 (3%) to $4,824,356 in Q1 2025 from $4,679,200 in Q1 2024.
On an FX-neutral basis (FXN), revenue growth for Q1 2025 vs Q1 2024 was 5% (1) .
Adjusted EBITDA (1) for Q1 2025 was $368,269 compared to $676,886 in Q1 2024, a reduction of $308,617.
Our net loss for Q1 2025 was $499,811 compared to a net loss of $28,176 in Q1 2024, a decrease in profitability of $471,635.
“This was a successful quarter for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “As previously forecast, our quarterly revenue was the highest in company history, despite the challenges we faced in 2024. We expect to see continued growth throughout the year, culminating in our highest ever annual revenue.
“And, while we had a significant loss for the quarter and decreased Adjusted EBITDA, this was largely attributable to capitalizing a lower proportion of development costs than were capitalized in previous quarters. While this had no impact on cashflow, it increased development costs expensed in the quarter. This treatment of development costs will continue moving forward, however, we expect to see improvements in profitability in future quarters.
“This has been a good start to 2025, and we are excited about the opportunities ahead.”
QuoteMedia will host a conference call Friday, May 16, 2025, at 2:00 PM Eastern Time to discuss the Q1 2025 financial results and provide a business update.
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Below are the specific forward-looking statements included in this press release:
We expect to see continued growth throughout the year, culminating in our highest ever annual revenue.
This treatment of development costs will continue moving forward, however, we expect to see improvements in profitability in future quarters.
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income:
Three-months ended March 31,
2025
2024
Net loss
$
(499,811
)
$
(28,176
)
Depreciation and amortization
805,504
728,678
Stock-based compensation
–
–
Interest expense
2,387
953
Foreign exchange loss
(5,962
)
(25,307
)
Income tax expense
66,151
738
Adjusted EBITDA
$
368,269
$
676,886
In addition to the non-GAAP measures discussed above, we also analyze certain measures, including net revenues and operating expenses, on an FX-neutral basis to better measure the comparability of operating results between periods. Management believes that changes in foreign currency exchange rates are not indicative of the company’s operations and evaluating growth in net revenues and operating expenses on an FX-neutral basis provides an additional meaningful and comparable assessment of these measures to both management and investors. FX-neutral results are calculated by translating the current period’s local currency results with the prior period’s exchange rate. FX-neutral growth rates are calculated by comparing the current period’s FX-neutral results by the prior period’s results.
MCLEAN, Va., May 15, 2025 /PRNewswire/ — V2X, Inc. (NYSE: VVX) (“V2X”), a leading provider of global mission solutions, announced today the sale of 2 million shares of its common stock on an underwritten basis by Vertex Aerospace Holdco LLC (“Vertex Aerospace”). In addition, the underwriter will have an option to purchase up to 300,000 additional shares from Vertex Aerospace. V2X is not selling any shares of common stock in the offering, and V2X will not receive any proceeds from the offering by Vertex Aerospace. The offering is expected to close on or about May 19, 2025, subject to customary closing conditions.
RBC Capital Markets is acting as the sole underwriter for the offering. RBC Capital Markets proposes to offer the shares of common stock from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
Following the offering, Vertex Aerospace will continue to beneficially own 12,167,286 shares, or approximately 38.4%, of V2X’s outstanding common stock after giving effect to the offering (or 11,867,286 shares, or approximately 37.4%, if the underwriter fully exercises its option to purchase additional shares).
A registration statement on Form S-3 (File No. 333-267223) relating to the shares of common stock of V2X to be sold in the offering was declared effective by the Securities and Exchange Commission (the “SEC”) on September 12, 2022 and the offering may only be made by means of the written prospectus contained therein. Before you invest, you should read the prospectus in that registration statement and the other documents V2X has filed with the SEC for more complete information about V2X and this offering. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, RBC Capital Markets will arrange to send you the prospectus if you request it by writing RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Equity Capital Markets, Facsimile: (212) 428-6260.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statements included in this press release, other than statements that are purely historical, are forward-looking statements. Forward-looking statements include statements about the offering and generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements.
These risks and uncertainties include, but are not limited to: V2X’s ability to submit proposals for and/or win all potential opportunities in their pipeline; V2X’s ability to retain and renew existing contracts; the V2X’s ability to compete with other companies in their market; security breaches, cyber-attacks or cyber intrusions, and other disruptions to their information technology and operation; their mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining their reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which they conduct their businesses; changes in U.S. or international government defense budgets, including potential changes from the U.S. president and administration; government regulations and compliance therewith, including changes to the Department of Defense’s procurement process; changes in technology; V2X’s ability to protect their intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination, claims and concerns; delays in completion of the U.S. government budget; V2X’s success in extending, deepening, and enhancing their technical capabilities; V2X’s success in expanding their geographic footprint or broadening their customer base; V2X’s ability to realize the full amounts reflected in their backlog; impairment of goodwill; misconduct of V2X’s employees, subcontractors, agents, prime contractors and business partners; V2X’s ability to control costs; the V2X’s level of indebtedness; terms of the V2X’s credit agreements; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities and tariffs; the V2X’s subcontractors’ performance; economic and capital markets conditions; the V2X’s ability to maintain safe work sites and equipment; V2X’s ability to retain and recruit qualified personnel; V2X’s ability to maintain good relationships with their workforce and unions; V2X’s teaming relationships with other contractors; changes in V2X’s accounting estimates; the adequacy of V2X’s insurance coverage; volatility in V2X’s stock price; changes in V2X’s tax provisions or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems, including enterprise resource planning and business systems, post-merger; changes in generally accepted accounting principles; and other factors, including those described under the heading “Risk Factors” in V2X’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and in the prospectus related to the offering that V2X will file with the SEC. V2X undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
V2X, Inc. Mike Smith Vice President, Treasury, Corporate Development and Investor Relations 1-719-637-5773 IR@goV2X.com
PONTE VEDRA, Fla. – Cadrenal Therapeutics, Inc. (Nasdaq: CVKD), a biopharmaceutical company developing therapeutics for patients with cardiovascular disease, today announced manufacturing and supply chain milestones for its lead drug candidate, tecarfarin, a novel oral vitamin K antagonist (VKA) anticoagulant that is designed to address unmet needs in anticoagulation therapy.
Cadrenal completed the technical transfer and manufacturing of its tecarfarin drug substance in accordance with current good manufacturing practices (cGMP) earlier this year at a U.S. site of a leading global Contract Development and Manufacturing Organization (CDMO). Manufacturing of the tecarfarin drug product candidate is currently underway.
“We are pleased with the important progress we have made with the supply chain and cGMP manufacturing process for tecafarin,” said Quang X. Pham, Chairman & CEO. “This is a key milestone as we support our clinical development strategy and tecarfarin’s potential to provide clinical benefits for patients with cardiovascular disease who require chronic VKA anticoagulation.”
About Cadrenal Therapeutics, Inc.
Cadrenal Therapeutics, Inc. is a biopharmaceutical company developing therapeutics for patients with cardiovascular disease. Cadrenal’s lead investigational product is tecarfarin, a novel oral vitamin K antagonist anticoagulant that addresses unmet needs in anticoagulation therapy. Tecarfarin is a reversible anticoagulant (blood thinner) designed to prevent heart attacks, strokes, and deaths due to blood clots in patients requiring chronic anticoagulation. Although warfarin is widely used off-label for several indications, extensive clinical and real-world data have shown it can have significant, serious side effects.
Cadrenal is pursuing a pipeline-in-a-product approach with tecarfarin. Tecarfarin received Orphan Drug designation (ODD) for advanced heart failure patients with implanted mechanical circulatory support devices, including Left Ventricular Assisted Devices (LVADs). The Company also received ODD and fast-track status for tecarfarin in end-stage kidney disease and atrial fibrillation (ESKD+AFib).
Cadrenal is opportunistically pursuing business development initiatives with a longer-term focus on creating a pipeline of cardiovascular therapeutics. For more information, visit https://www.cadrenal.com/ and connect with us on LinkedIn.
Safe Harbor
Any statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include statements regarding tecarfarin’s potential to provide clinical benefits for patients with cardiovascular disease who require chronic VKA anticoagulation and pursuing business development initiatives with a longer-term focus on creating a pipeline of cardiovascular therapeutics. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the ability of tecarfarin to provide clinical benefits for patients with cardiovascular disease who require chronic VKA anticoagulation, the ability of Cadrenal to build a pipeline of specialized cardiovascular therapeutics and other assets and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s subsequent filings with the Securities and Exchange Commission, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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